Fort Wayne-based Steel Dynamics Inc. (Nasdaq: STLD) is reporting third quarter net income of $153 million, down from $157 million during the same period last year. Chief Executive Officer Mark Millett says the "strong performance" comes despite continued high levels of steel imports.
The company is also reporting net sales of $2.4 billion for the third quarter, up from $2.1 billion during the same quarter in 2016.
"Despite a somewhat noisy market environment related to continued high levels of steel imports, we remain optimistic that macroeconomic and market conditions are in place to benefit domestic steel consumption in 2018," said Millett. "Although U.S. automotive production has peaked, we believe North American automotive steel consumption will be steady, and that there will be continued additional growth in the energy and construction sectors, especially for larger, public sector infrastructure projects."
Millett says the company will continue to reinvest in its existing facilities in the fourth quarter, including the completion of a $29 million replacement and upgrade of two ladle furnace cranes at its Butler Flat Roll Division and a $10 million upgrade at its Columbus Flat Roll Division.
You can view Steel Dynamics’ full third quarter earnings report by clicking here.