Steel Dynamics Inc. Annual Results Hit Record in 2022

SEATTLE (Scrap Monster): Fort Wayne, Indiana-based Steel Dynamics, Inc. (SDI) reported Q4 and record annual 2022 results.

The company reported Q4 2022 net sales of $4.8 billion and net income of $635 million, or $3.61 per diluted share. The adjusted net income was $769 million, or $4.37 per diluted share during the quarter. The operating income from the company’s steel operations was $178 million, while the metals recycling operations operating income improved to $14 million. The operating income from company’s steel fabrication business touched a record of $682 million.

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In 2022, SDI reported record sales of $22.3 billion. The company posted record operating income of $5.1 billion and net income of $3.9 billion. The cash flow from operations and adjusted EBITDA hit $4.5 billion and $5.5 billion respectively. The steel fabrication segment witnessed record earnings of $2.4 billion in 2022. The year also saw record steel and steel fabrication shipments of 12.2 million tons and 856,000 tons, respectively.

Mark D. Millett, Chairman, President, and Chief Executive Officer, SDI noted that the team delivered a tremendous operational and financial performance during 2022. The company is in a position of strength as it enters 2023. The North American consumption is expected to improve further, he noted.