SDI Earnings Reflect Strong Construction Demand

“The SDI team shines in moments of challenge,” said Steel Dynamics President and CEO Mark Millett. First-quarter results support that confidence as the company reported strong earnings for January-March despite the coronavirus pandemic.

First-quarter net sales totaled $2.6 billion and net income $187 million, an improvement from Q4 2019 for both metrics. Selling price per ton for steel operations increased $10 from Q4 to $774 per ton. During the first quarter Steel Dynamics shipped 891,000 tons of hot-rolled coil and pickled in oil steel, 151,000 tons of cold rolled, and 948,000 tons of coated steel, for a total of 1,990,000 tons. Ferrous scrap cost per ton melted at SDI’s steel mills increased $24 sequentially to $267 per ton.