NEW YORK Steel Dynamics
Inc.s fourth-quarter net income more than doubled to
nearly $60.6 million from $30.2 million a year earlier,
primarily due to a strong performance by its metals recycling
division and improved demand for steel sheet from automotive
But sales by the Fort Wayne, Ind.-based steel
producer and metal recycler fell 8.3 percent to $1.71 billion
from $1.86 billion as a result of weak long products shipments
and lower overall steel metal spreads, the company
sheet steel volumes balanced out the overall decrease in sales,
chief executive officer Mark Millett said in a statement. "The
fourth quarter was challenging on a number of fronts, but the
team did a great job. Automotive and manufacturing provided
improved sheet demand, while nonresidential construction
Millett said the
company was optimistic for 2013 due to improvements in the
residential and nonresidential construction markets. "Recent
housing starts data suggests potential improvements in
residential construction, and there are areas across the U.S.
indicating signs of strengthening in the nonresidential
construction sector, although levels remain historically low,"
posted full-year net income of $163.6 million, down 41.2
percent from $278.1 million in 2011 on net sales that fell 8.8
percent to $7.29 billion from almost $8 billion.