SDI Steel Shipments Reached Fresh Record in Q3 This Year

SEATTLE (Scrap Monster): Fort Wayne, Indiana-based Steel Dynamics, Inc. (SDI) announced financial results for third quarter 2022.

The company reported net income of $914 million, or $5.03 per diluted share during the quarter. This compares with sequential second quarter 2022 earnings of $6.44 per diluted share. Excluding the impact of the newly started Sinton Texas Flat Roll Steel Mill, the company reported adjusted net income of $992 million, or $5.46 per diluted share in Q3 2022, compared with $6.73 per diluted share during the prior quarter. The net sales stood at $5.7 billion.

ALSO READ:

SDI Concluded Acquisition of Mexican Metals Recycling Company

SDI Steel Operations to Witness Historically Strong Profitability

SDI reported record steel shipments of 3.2 million tons in Q3 this year. However, the operating income from steel operations witnessed a decline to $658 million, significantly down by 51% from the sequential quarter, despite record high volumes. The operating income from metals recycling operations declined to $10 million, whereas the steel fabrication operations reported higher operating income of $677 million during Q3 2022, the company press release said.

In the first nine months of the current year, the company reported net income of $3.2 billion, or $17.21 per diluted share and net sales of $17.4 billion.