SDI Posted Record Steel Shipments in Second Quarter 2021

SEATTLE (Scrap Monster): Fort Wayne, Indiana-based Steel Dynamics Inc. (SDI) reported robust financial results for second quarter 2021.

The company reported Q2 net sales of $4.5 billion and net income of $702 million or $3.32 per diluted share. This compares with Q2 2020 net sales of $2.1 billion and net income of $75 million or $0.36 per diluted share. The result was impacted by capitalized interest of nearly $23 million or $0.08 per share in connection with the construction of the company’s Sinton Texas Flat Roll Steel Mill. Excluding this, the company reported adjusted net income of $719 million or $3.40 per diluted share.

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SDI reported record cash flow from operations of $587 million during the quarter and record adjusted EBITDA of over $1.0 billion.

Commenting on the results, Mark D. Millet, Chairman and CEO, SDI noted that the company continued to achieve several individual operating and financial records during the quarter. The company maintained strong liquidity, despite significant allocation of funds to meet working capital needs. These organic growth investments have resulted in significant growth in business. The metals recycling as well as steel division operations posted exceptional results, he added.