Fort Wayne-based Steel Dynamics Inc. (Nasdaq: STLD) is reporting second quarter net income of $362 million, up from $154 million during the same period last year. Chief Executive Officer Mark Millett says improved demand and product pricing led to record steel shipments for the quarter.
The company is also reporting $3.1 billion in net sales, compared to $2.4 billion in the second quarter of 2017.
"While we saw improvement from each of our steel divisions, the increase in earnings was principally driven by our flat roll operations, as continued strong demand supported meaningful volume and margin expansion," said Millett. "Domestic steel demand remained strong from the automotive, construction, and energy sectors, while general industrial demand continued to grow."
Millett also touted the completion of the company’s $400 million acquisition of Heartland Steel Processing in Terre Haute. He says the deal "levers our core strengths and further increases our value-added product and market diversification."
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