Steel Dynamics Posted Record Q1 2022 Results

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

The company reported Q1 2022 net sales of $5.6 billion and net income of $1.1 billion, or $5.71 per diluted share. Excluding the cost of nearly $84 million in connection with the continued startup of the company’s Sinton Texas Flat Roll Steel Mill growth investment, SDI reported adjusted net income of $1.2 billion, or $6.02 per diluted share. This compares with the company’s sequential fourth quarter 2021 earnings of $5.49 per diluted share and adjusted earnings of $5.78 per diluted share.

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The Q1 2022 operating income from steel and metals recycling operations remained very strong at $1.2 billion and $48 million, respectively. Earnings from our steel fabrication operations soared to $467 million, almost double than the sequential fourth quarter earnings. Also, SDI achieved record cash flow from operations of $819 million in the first quarter 2022.

Commenting on the results, Mark D. Millett, Chairman, President, and Chief Executive Officer said that the team delivered another tremendous performance. The automotive, construction, and industrial sectors continued to lead steel demand. Also, significant increase in steel demand was seen from energy sector, he added.