Inside INdiana Business

Steel Dynamics hits record quarterly profit

A look inside the Steel Dynamics facility in Terre Haute. (photo courtesy of Steel Dynamics)

FORT WAYNE, Ind. (Inside INdiana Business) — Fort Wayne-based Steel Dynamics Inc. (Nasdaq: STLD) is reporting record fiscal third quarter net income of $991 million, up from $100 million during the same period last year. The manufacturer says it also it hit record marks for net sales, steel fabrication shipments and operating income.

Chief Executive Officer Mark Millett says steel demand remained strong during the quarter as product pricing continue its upward trajectory across the company’s entire platform.

“Higher realized steel selling values drove significant metal spread expansion and were again most prominent within our flat roll steel operations, as continued demand strength and low customer inventories persisted throughout the supply chain and supported prices,” Millett said in a news release. “Domestic steel consumption was strong from the automotive, construction, and industrial sectors, while the energy sector continued to show signs of recovery.”

Millett says current market conditions are expect to support “solid” domestic steel demand for the fourth quarter and into 2022. 

“We continue to see strong steel demand coupled with moderating, but still historically low customer inventories throughout the supply chain,” he said. “These dynamics support continued elevated steel selling values. Domestic steel demand remains solid in our automotive, construction, and industrial end markets. We believe this momentum will continue and that our fourth quarter consolidated earnings could represent another record performance. Based on strong domestic steel fundamentals and customer confidence, we continue to be positive regarding North American steel market dynamics. This constructive environment coupled with our strategic growth initiatives provide firm drivers for our further growth in the coming years.”

Millett says the company is moving forward with a $231 million expansion at its facility in the Vigo County Industrial Park in Terre Haute. The manufacturer is adding nearly 400,000-square-feet of space and approximately 80 jobs by mid-2023.

You can connect to the full earnings report by clicking here.