NEW YORK Steel
Dynamics Inc. (SDI) reported significant year-to-year gains in
net income in the third quarter with improved sheet steel
margins and overall shipment volumes boosting the
The Fort Wayne,
Ind.-based steelmakers profits increased to $57 million
in the third quarter ended Sept. 30 compared with $13 million
in the same period last year. Net sales for the quarter jumped
13 percent to $1.9 billion compared with $1.7 billion in the
same period last year.
SDI attributed the
strong financial results, issued Oct. 16, to automotive demand
and an improved residential construction market.
"Stronger steel sheet
pricing combined with increased overall steel shipments,
provided significant improvement to our third quarter financial
results, as operating income from our steel operations
sequentially increased $61 million," president and chief
executive officer Mark Millett said in a statement. "We
continued to see meaningful improvement in galvanized and
painted sheet product demand. The automotive market remained
strong and the steel consuming manufacturing market, such as
HVAC and appliance, rose in concert with the improved
residential construction market."
SDI said it saw
improved margins in the third quarter over the previous
quarter, with the average external selling price per ton for
the companys steel operations increasing $13 to $794 per
ton and average ferrous scrap cost per ton melted down $5 to
$349 per ton.