Steel Dynamics' Income from Metal Recycling Segment Surged 18%
Steel Dynamics foresees notable increase in domestic steel consumption during 2019.
SEATTLE (Scrap Monster): Steel Dynamics, Inc. reported robust results for first quarter 2019. The company reported net income of $0.91 per diluted share and net sales of $2.8 billion during the quarter. This compares with net income of $0.96 per diluted share and net sales of $2.6 billion during the prior year first quarter.
According to company press release, the steel operations reported an operating income of $312 million, significantly down by 22% when matched with the sequential Q4 2018 results. The lower income was mainly on account of continuously declining flat roll steel prices. The operating income from metal recycling operations increased from $17 million in Q4 last year to $20 million in first quarter 2019, boosted by improved recycled nonferrous shipments and pricing. Meantime, the operating income from steel fabrication segment surged higher by 39% to total $21 million.
Commenting on the results, Mark D. Millett, President and Chief Executive Officer stated that the team was able to deliver strong performance during the first quarter of 2019 despite ongoing downward trend in flat roll steel prices. The jump in shipments helped to offset some of the margin compression. Further, the company has been witnessing continued strength in the automotive, energy and industrial sectors, Millett added.
Steel Dynamics foresees notable increase in domestic steel consumption during 2019. The robust domestic steel demand fundamentals and customer optimism point to steady growth in North American steel consumption, it said.
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