Fort Wayne Indiana headquartered US’s leading steel maker Steel Dynamics Inc has reported record April-June 2022 quarter net sales of USD 6.2 billion and record net income of USD 1.2 billion. Steel Dynamics Chairman, President & Chief Executive Officer Mr Mark D. Millett said “The team delivered another strong performance, achieving record quarterly operating and financial performance, including record sales, operating income, cash flow from operations, and adjusted EBITDA. Despite softening hot roll coil steel pricing, we achieved record quarterly steel shipments of 3.1 million tons based on solid steel demand, led by the automotive, construction, and industrial sectors, with energy continuing to improve. The teams achieved strong operating and financial results across all of our operating platforms.”For the six months ended 30 June 2022, net income was USD 2.3 billion with net sales of USD 11.8 billion, as compared to net income of USD 1.1 billion with net sales of USD 8.0 billion for the same period in 2021. The average first half 2022 external selling price for the company's steel operations increased USD 380 to USD 1,549 per ton compared prior year's same period, and the average ferrous scrap cost per ton melted at the company's steel mills increased USD 101 to USD 507 per ton.Outlook – “Customer order entry activity continues to be healthy across all of our businesses, conflicting with the more pessimistic emotion in the marketplace. Despite softening flat roll steel pricing, our steel order activity remains solid from the automotive, construction, and industrial sectors, with energy continuing to improve. We believe there are strong drivers for our continued growth and remain in a position of strength.”Founded in 1993, Steel Dynamics is one of the largest and most diversified domestic steel producers and metals recyclers in the United States, with facilities located throughout the United States and in Mexico. It operates using a circular manufacturing model, producing lower-carbon-emission, quality steel using electric arc furnace technology with recycled ferrous scrap as the primary input.
Fort Wayne Indiana headquartered US’s leading steel maker Steel Dynamics Inc has reported record April-June 2022 quarter net sales of USD 6.2 billion and record net income of USD 1.2 billion. Steel Dynamics Chairman, President & Chief Executive Officer Mr Mark D. Millett said “The team delivered another strong performance, achieving record quarterly operating and financial performance, including record sales, operating income, cash flow from operations, and adjusted EBITDA. Despite softening hot roll coil steel pricing, we achieved record quarterly steel shipments of 3.1 million tons based on solid steel demand, led by the automotive, construction, and industrial sectors, with energy continuing to improve. The teams achieved strong operating and financial results across all of our operating platforms.”For the six months ended 30 June 2022, net income was USD 2.3 billion with net sales of USD 11.8 billion, as compared to net income of USD 1.1 billion with net sales of USD 8.0 billion for the same period in 2021. The average first half 2022 external selling price for the company's steel operations increased USD 380 to USD 1,549 per ton compared prior year's same period, and the average ferrous scrap cost per ton melted at the company's steel mills increased USD 101 to USD 507 per ton.Outlook – “Customer order entry activity continues to be healthy across all of our businesses, conflicting with the more pessimistic emotion in the marketplace. Despite softening flat roll steel pricing, our steel order activity remains solid from the automotive, construction, and industrial sectors, with energy continuing to improve. We believe there are strong drivers for our continued growth and remain in a position of strength.”Founded in 1993, Steel Dynamics is one of the largest and most diversified domestic steel producers and metals recyclers in the United States, with facilities located throughout the United States and in Mexico. It operates using a circular manufacturing model, producing lower-carbon-emission, quality steel using electric arc furnace technology with recycled ferrous scrap as the primary input.
