SDI Reported Net Income of $100 Million in Q3 This Year

SEATTLE (Scrap Monster): Fort Wayne, Indiana-headquartered Steel Dynamics, Inc. (SDI) announced financial results for third quarter 2020. The company reported net sales of $2.3 billion and net income of $100 million during the quarter. The consolidated operating income was $156 million and adjusted EBITDA $238 million.

The Q3 2020 operating income from SDI’s steel operations registered 17% decline from the prior quarter to total $144 million. The average external product selling price for steel operations declined to $734 per ton.

The rise in domestic steel production led to meaningful increase in metal recycling volumes and earnings. The operating income from metal recycling operations during Q3 2020 was $15 million. This compares with an operating loss of $6 million in Q2 this year. Meantime, the company’s steel fabrication operations touched record quarterly operating income of $39 million.

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The company reported net income of $363 million, or $1.71 per diluted share and net sales of $7.0 billion in the initial nine-month period of 2020, as compared with net income of $550 million, or $2.47 per diluted share and net sales of $8.1 billion during the corresponding period last year.

Mark D. Millett, President and Chief Executive Officer stated that the company delivered solid performance despite the continued challenges created by the coronavirus pandemic.