SDI’s 2d-qtr. earnings slide in weak market
Jul 18, 2013 | 10:05 AM
| Catherine Ngai
NEW YORK Steel Dynamics Inc.s (SDIs) 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 producers 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 quarters $1.8 billion.....
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