SDI Steel Shipments Hit Fresh Record in Third Quarter 2021

SEATTLE (Scrap Monster): Fort Wayne, Indiana-based Steel Dynamics, Inc. announced third quarter 2021 financial results.

The company reported net income of $991 million, or $4.85 per diluted share during the quarter, compared with net income of $100 million, or $0.47 per diluted share during the prior year third quarter. The company's third quarter 2021 adjusted net income, after adjusting for costs associated with the construction of Sinton Texas Flat Roll Steel Mill, was $1.0 billion, or $4.96 per diluted share. Also, SDI posted record net sales of $5.1 billion. This compares with the net sales of $2.3 billion in the corresponding quarter a year before, said the company press release.

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The steel fabrication shipments by the company hit a new record of 211,000 tonnes. The steel fabrication operations achieved record operating income. The steel fabrication backlog continued to remain at record volumes. The Q3 operating income from steel operations was a record $1.4 billion.

Commenting on the results, Mark D. Millett, Chairman and Chief Executive Officer noted that the 3Q 2021 operating income registered 38% sequential growth, whereas the adjusted EBITDA rose by 36%. The company generated record quarterly cash flow from operations of $631 million, he added.