Steel Dynamics profit slides as customers sit out: Millett
Oct 18, 2012 | 10:32 AM
| Chris Prentice
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Chris Prentice
NEW YORK — Steel Dynamics Inc. (SDI) posted third-quarter net income of $12.83 million, slightly exceeding its earlier forecast despite what the company described as a "tepid" U.S. marketplace.
The Fort Wayne, Ind.-based steelmaker’s net income was down 70.4 percent from $43.3 million in the same period last year on lower sales by both its steel operations and metals recycling units, SDI said.
"The U.S. market in general remains tepid as uncertainty surrounding the strength of Europe, growth in China and the near-term U.S. economic and political environment continues to weigh heavily on customers’ purchasing decisions," president and chief executive officer Mark Millett said in a statement. "Aside from our fabrication operations, this reluctance in customer buying resulted in reduced selling volumes across our major operating platforms."....
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