SDI Steel Shipments Hit Fresh Peak in Second Quarter 2022

SEATTLE (Scrap Monster): Steel Dynamics, Inc. announced second quarter 2022 financial results. The company reported record steel shipments during the quarter.

The company reported record net income of $1.2 billion, or $6.44 per diluted share during the quarter. Excluding the impact of costs of approximately $77 million in connection with the continued startup of the company’s Sinton Texas Flat Roll Steel Mill growth investment, the Q2 adjusted net income was $1.3 billion, or $6.73 per diluted share. Also, SDI reported Q2 2022 net sales of $6.2 billion.

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The company’s sequential first quarter 2022 earnings were $5.71 per diluted share, whereas the adjusted earnings were $6.02 per diluted share.

For the initial half-yearly period ended June 30, 2022, net income was $2.3 billion, or $12.14 per diluted share, while net sales stood at $11.8 billion. This compares with net income of $1.1 billion, or $5.35 per diluted share, and net sales of $8.0 billion for the corresponding six-month period in 2021. The Jan-June ’22 net sales surged higher by 47%. Also, the operating income doubled year-on-year.

The press release noted that the company achieved cash flow from operations of $1.8 billion in the first half 2022. It invested $323 million in capital investments and repurchased $906 million of its common stock. The cash dividend payments amounted to $115 million during the half-yearly period.