Steel Dynamics Inc. Clocked In Near-Record Steel Shipments

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

The company reported net income of $431 million, or $2.03 per diluted share on net sales of $3.5 billion. The adjusted net income was $445 million, or $2.10 per diluted share during the quarter. This compares with prior year first quarter net sales of $2.6 billion and net income of $187 million, or $0.88 per diluted share.

SDI reported record operating income of $641 million for its steel operations, said company press release. This is 115% higher than the prior quarter results, mainly due to metal spread expansion and near-record steel shipments. The average ferrous scrap cost per ton stood at $372 per ton. Meantime, the steel fabrication operations reported operating income of $10 million in the first quarter 2021, down by 60% compared with sequential fourth quarter, said the company press release.

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Mark D. Millett, President and Chief Executive Officer noted that the team delivered a tremendous first quarter performance, achieving record quarterly net sales, operating income and adjusted EBITDA. The company is confident that market conditions are in place to benefit the domestic steel industry in 2021 and beyond. The second quarter 2021 earnings will be even higher than its record first quarter 2021 results, he added.