Steel Dynamics Reports Record Income in Q3

Steel Dynamics announced record financial results for third-quarter 2018. Sales for the quarter totaled $3.2 billion for a net income of $398 million compared to prior-year third-quarter sales of $2.4 billion and net income of $153 million.

“Our third-quarter 2018 income from operations of $532 million and adjusted EBITDA of $626 million were both record highs for the company,” said Mark Millett, President and CEO. “Our strong financial performance was the result of record steel shipments, average steel selling price improvement, and resulting metal spread expansion across our steel operations. Underlying domestic steel demand remained strong. There was some temporary hesitancy in flat roll order activity based on customer sentiment and increased hot roll coil import levels. However, demand from major steel consuming sectors was steady, including construction, automotive, and energy.”