SDI Posted Record Steel Shipments in Q1 2023

SEATTLE (Scrap Monster): Steel Dynamics, Inc. (SDI) announced financial results of first quarter 2023.

The company reported net income of $637 million, or $3.70 per diluted share in Q1 2023. This compares with sequential fourth quarter 2022 earnings of $3.61 per diluted share and prior year first quarter earnings of $5.71 per diluted share.

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The company’s first quarter 2023 adjusted net income was $691 million, or $4.01 per diluted share. Comparatively, SDI had reported adjusted earnings of $4.37 per diluted share in the sequential quarter and $6.02 per diluted share in the corresponding quarter a year before, said the company press release.

SDI reported record steel shipments of 3.3 million tons during the quarter. Also, it achieved strong cash flow from operations.

The operating income from the company’s metal recycling operations increased significantly by 93% over the sequential quarter to total $345 million in Q1 this year. The Q1 2023 operating income from metals recycling operations too were up significantly to $43 million. Meantime, the company’s steel fabrication operations achieved historically strong operating income of $551 million during the quarter.

Mark D. Millett, Chairman and Chief Executive Officer, SDI noted that the company delivered strong first quarter performance from all of its operating platforms.