Steel Dynamics: Order Books Indicate Healthy Recovery

Steel Dynamics’ CEO Mark Millett was upbeat on the prospects for steel demand in the fourth quarter and beyond. “You can clearly see what is happening in the marketplace through one’s order book—ours is in pretty good shape,” said Millett.

Flat rolled demand and momentum remain strong, inventories are at historical lows, imports continue to be low and lead times are extended, said Millett. The rebound in the auto market was particularly impressive. U.S. automakers are back to a 90 percent pre-Covid run rate and some foreign producers are at 100 percent, supported by low inventory levels at dealers. An exodus from urban areas and decline in ride sharing has sparked a need for car ownership that is aided by low interest loans and cheap gas prices.