SDI Flat Rolled Shipments Drop by 20% in Q1

Steel Dynamics Inc. reported high levels of steel import and customer inventory reduced shipments for first quarter resulting in a 44 percent drop in consolidated operating income compared to fourth quarter.

SDI adjusted net income was $40 million for first quarter 2015 with $2 billion in net sales. The adjusted income excludes $17 million in finance charges associated with the March 2015 senior note repayment. In comparison, Q1 2014 net income was $39 million on $1.8 billion in sales. Compared to the previous quarter, sales were down from $2.5 billion with adjusted net income of $31 million.