SDI's Steel Shipments Hit Near-Record in 2020

SEATTLE (Scrap Monster): Fort Wayne, Indiana-based Steel Dynamics Inc. reported fourth quarter and full-year 2020 financial results.

The company announced Q4 2020 net sales of $2.6 billion and net income of $188 million or $0.89 per diluted share. Excluding the impacts of certain items, the company’s Q4 adjusted net income was $205 million or $0.97 per diluted share. It must be noted that the company had reported earnings of $0.47 per diluted share of earnings and $0.51 per diluted share of adjusted earnings during the sequential third quarter of the previous year.

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During the final quarter of 2020, the company incurred additional financing costs of $11 million related to refinancing activities and costs of approximately $14 million in connection with the construction of Sinton Texas Flat Roll Steel Mill. It also reported non-cash asset impairment charges of $17 million and a tax benefit of $13 million.

During the full year 2020, Steel Dynamics Inc, reported near-record steel shipments of 10.7 million tons and record steel fabrication shipments of 666,000 tons. The yearly net sales totalled $9.6 billion. The company’s operating income and net income stood at $847 million and $551 million respectively. Steel Dynamics’ adjusted EBITDA during the year was $1.2 billion, whereas the cash flow from operations totalled $987 million.