SDI’s 2d-qtr. earnings slide in weak market

Jul 18, 2013 | 10:05 AM | Catherine Ngai

Tags  Steel Dynamics, SDI, OmniSource, steel, sheet, structural steel, Catherine Ngai

NEW YORK — Steel Dynamics Inc.’s (SDI’s) net income plunged 34.9 percent year on year in the second quarter due to a challenging finished steel sector coupled with international weakness and lean inventories by the steel producer’s customer base.

Net income attributable to SDI shareholders totaled nearly $29 million in the three months ended June 30, down from nearly $44.5 million in the second quarter of 2012. That figure was also lower than the $48.2 million in net income recorded in the first quarter, the Fort Wayne, Ind.-based steel producer said late July 17.

Net sales fell slightly to $1.8 billion from $1.9 billion in the year-ago period and were flat against the first quarter’s $1.8 billion.....

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