SDI’s net income surges to $72.3M in 2d qtr.

Jul 22, 2014 | 11:40 AM | Michael Cowden

Tags  Steel Dynamics, SDI, Mark Millett, earnings report, steel, steel prices, ferrous scrap, nonferrous scrap Mesabi Nugget

CHICAGO — Steel Dynamics Inc.’s (SDI’s) profits skyrocketed in the second quarter, with the company remaining bullish for the second half of the year.

The Fort Wayne, Ind.-based steelmaker recorded net income of $72.3 million for the three months ended June 30, more than double the nearly $29 million logged in the same year-ago period, on sales that jumped 14.9 percent to nearly $2.07 billion.

The results mark a rebound from a first quarter that had been was plagued by bad weather. This is due in part to continued strong automotive and manufacturing markets, as well as strengthening demand from the energy sector and modest growth in construction, the company said in commentary released with earnings data late July 21.....

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