SDI's Income from Steel Operations Dipped in Third Quarter

According to the company's news release, cash flow from operations totalled $760 million for the quarter.

SEATTLE (Scrap Monster): Fort Wayne, Indiana-based Steel Dynamics, Inc. (SDI) reported third quarter 2024 results.

The company reported net income of $318 million, or $2.05 per diluted share during the quarter. This compares with the company’s sequential second quarter 2024 net income of $428 million, or $2.72 per diluted share and prior year third quarter net income of $577 million, or $3.47 per diluted share. Also, the Q4 net sales and adjusted EBITDA stood at $4.3 billion and $557 million respectively.

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According to the company's news release, cash flow from operations totalled $760 million for the quarter. As of September 30, 2024, SDI reported $3.1 billion in liquid assets. The company's steel activities generated $305 million in operating income, which was lower than the previous year's performance, owing mostly to a significant decrease in realized selling prices. The company's operational income from metal recycling operations fell to $12 million, while that from steel manufacturing operations fell slightly to $166 million over the previous quarter.

Mark D. Millett, Co-Founder, Chairman, and CEO, indicated that underlying steel demand remained constant during the quarter.

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