Steel Dynamics Inc announced last week that its first quarter profit rose as a result of higher prices for its products and a 24% boost in steel shipments. Net earnings were $76 million as compared with $61 million in the same quarter of 2005.Net sales rose by 17% to $666 million. The average consolidated selling price per ton shipped increased to $631 in the first quarter from $619 in the fourth quarter, largely due to better prices and a favorable mix of products sold. It said the cost of steel scrap per net ton charged increased by $5 from the fourth quarter.

First quarter consolidated shipments of 1.1 million tons were 24% higher than the first quarter of 2005 and 15% higher than the fourth quarter.

"Steel Dynamics had a very strong first quarter which was our second best quarter to date" said President and CEO Mr Keith Busse. "Revenue and net income exceeded our preliminary views principally due to a record volume of steel shipments. Our mills were able to take advantage of the continuing strong market demand for flat-rolled steel and wide-flange beams, increasing production rates and enjoying record shipping volumes" he said.