SDI Reports Fourth-Best Year

Article by KPC Media | KPC News | January 29, 2021

FORT WAYNE — Steel Dynamics Inc. achieved near-record steel shipments of 10.7 million tons in 2020, along with record steel fabrication shipments of 666,000 tons.

The company reported its annual and fourth-quarter results late Monday afternoon.

Operating income of $847 million and net income of $551 million represented the company’s fourth-best year. SDI reported net sales of $9.6 billion.

“The team delivered a tremendous operational and financial performance during 2020 within an unprecedented health and economic crisis,” said Mark D. Millett of Auburn, president and chief executive officer.

“Numerous individual operating and financial records were also attained during the year — an amazing achievement during a period in which many steel-consuming businesses were temporarily idled or severely impacted by the social and economic effects of the coronavirus pandemic,” Millett added.

He said SDI’s “is truly a testament to the passion and commitment of our teams.”

For the fourth-quarter of October through December, the company net sales of $2.6 billion and net income of $188 million, or $0.89 per diluted share. Excluding the impact from certain items, the company’s fourth-quarter adjusted net income was $205 million, or $0.97 per diluted share.

The fourth-quarter results improved on third quarter 2020 earnings of $0.51 per diluted share and 2019 fourth-quarter earnings of $0.62 per diluted share.

“While the domestic economy is still recovering from the shock of COVID-19, we are seeing a strong steel demand environment,” Millett said about the outlook for 2021.

Article source: https://www.kpcnews.com/thestar/article_2b5e5c58-ef2d-5be9-a796-16ff3a8ac718.html