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FORT WAYNE, INDIANA (Scrap Monster): Steel Dynamics, Inc. (NASDAQ/GS: STLD) has  announced fourth quarter net income of $30 million, or $0.14 per diluted share, on net sales of $1.9 billion. By comparison, prior year fourth quarter net income was $8 million, or $0.04 per diluted share, on net sales of $1.5 billion. Full-year 2011 net income increased 98% to $278 million, or $1.22 per diluted share, on net sales of $8.0 billion, compared to prior year net income of $141 million, or $0.64 per diluted share, on net sales of $6.3 billion.

President and Chief Executive Officer, Mark Millett said : We are pleased with the strong revenue and bottom-line performance in both the quarter and for the year in comparison to prior year results. “We achieved both quarterly and annual organic sales growth of over 20 percent, and nearly doubled our annual pretax earnings in a challenging environment. 

Many of the  notable milestones in 2011:

- Flat Roll and Engineered Bar Products divisions achieved record annual production and shipping volumes individually, as did  steel operations in total,

Engineered Bar Products and Steel of West Virginia steel divisions achieved record annual operating income,

The company  significantly increased its market share of railroad rail business, shipping 117,000 tons in 2011 (more than double the 55,000 tons shipped during 2010),

The metals recycling operations achieved record annual ferrous and nonferrous shipping volumes, as we leveraged improved market dynamics through additional retail yards and increased shredder capacity,

It achieved record production of iron units at our Iron Dynamics facility, with the lowest cost structure achieved to date, and

Steel Dynamics began operations at three fabrication facilities located strategically in the South and Southwest, providing market expansion.

Mark Millet said :This solid performance in a difficult economy is driven by our ongoing commitment to provide exceptional value to our customers, while sustaining our innovative, low-cost operating culture.