Inside INdiana Business

Steel Dynamics Q1 profit jumps

(photo courtesy of Steel Dynamics)

FORT WAYNE, Ind. (Inside INdiana Business) — Fort Wayne-based Steel Dynamics Inc. (Nasdaq: STLD) is reporting first quarter net income of $1.1 billion, up from $430 million during the same period last year. The steelmaker is also reporting record steel shipments and record sales.

Chief Executive Officer Mark Millett says the company’s performance can be attributed to its diversified circular manufacturing model.

“The strength in our steel fabrication operations more than offset moderation in our flat roll steel business, as realized hot roll coil selling values declined from peak 2021 levels during the quarter,” Millett said in written remarks. “Flat roll steel prices have recently firmed with extending delivery lead-times, related to strong demand dynamics, coupled with higher input costs and global flat roll steel supply disruptions. The automotive, construction, and industrial sectors continue to lead steel demand. We are also starting to see a significant increase in steel demand from the energy sector.”

During the quarter, Steel Dynamics detailed plans to add 200 jobs at multiple facilities in northeast Indiana. The company employs a total of about 10,000 workers.

The Q1 results continue a growing trend for Steel Dynamics, which reported record full-year net income of $3.2 billion for 2021.

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