SDI Delivered Record Steel Shipments in 2023

SEATTLE (Scrap Monster): Fort Wayne, Indiana-based Steel Dynamics, Inc. (SDI) reported financial results for Q4 and full year 2023.

The company reported net sales of $4.2 billion in Q4 2023. The net income for the quarter stood at $424 million, or $2.61 per diluted share. This compares with $577 million, or $3.47 per diluted share during the sequential third quarter of the year and $635 million, or $3.61 per diluted share during the prior year fourth quarter.

The Q4 operating income for the company’s steel operations was $365 million, down significantly by 24% from Q3. The operating income from the company’s metals recycling operations declined to $6 million during the quarter. Meantime, the steel fabrication operations achieved historically strong operating income of $250 million during the quarter, said the company press release.

During full year 2023, the company reported record steel shipments of 12.8 million tons. SDI’s net sales for the year totalled $18.8 billion. It reported operating income of $3.2 billion and net income of $2.5 billion in 2023. The adjusted EBITDA was $3.7 billion. SDI reported strong cash flow from operations of $3.5 billion and strong liquidity of $3.5 billion as of December 31, 2023.

SDI delivered solid operational and financial performance across our operating platforms during 2023, said Mark D. Millett, Chairman and Chief Executive Officer.

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