Steel Dynamics profit slides as customers sit out: Millett
Oct 18, 2012 | 10:32 AM
| 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 steelmakers 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."....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.