FORT WAYNE, Indiana (Inside Indiana Business) – Fort Wayne-based Steel Dynamics Inc. (Nasdaq: STLD) reports net income of $1.1 billion for the first quarter, up from $430 million for the same period of the previous year. The steelmaker also reports record steel shipments and record sales.
Chief Executive Officer Mark Millett says the company’s performance is due to its diversified circular manufacturing model.
“The strength of our steelmaking operations more than offset the slowdown in our flat steel business as realized sales values of hot strip coils declined during the quarter from the 2021 peak,” Millett said in written comments. “Flat rolled steel prices have recently strengthened on the back of extended lead times associated with strong demand dynamics coupled with higher input costs and global flat rolled steel supply disruptions. The automotive, construction and industrial sectors continue to lead steel demand. We are also seeing a significant increase in steel demand from the energy sector.”
During the quarter, Steel Dynamics presented detailed plans to create 200 jobs at multiple locations in Northeast Indiana. The company employs a total of around 10,000 people.
First quarter results continue a growing trend for Steel Dynamics, which reported record full-year 2021 net income of $3.2 billion.
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