Steel Dynamics Reports Record Profit
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Fort Wayne-based Steel Dynamics Inc. (Nasdaq: STLD) is reporting record full-year net income of $3.2 billion in 2021, up from $551 million the previous year. Chief Executive Officer Mark Millett says domestic steel demand was strong throughout the year, supported by the construction, automotive, and industrial sectors.
The company is also reporting record fourth quarter net income of $1.1 billion, compared to $197 million during the same period last year.
“Customer steel inventories also remained historically low, as steel supply was not sufficient to meet robust demand requirements during much of the year,” said Millett. “This strong market environment drove significantly higher realized steel selling values, resulting in meaningful steel metal spread expansion. In combination with the symbiotic relationships among our three primary operating platforms, we achieved record annual financial and operational performance.”
The company announced a $231 million expansion at its facility in Terre Haute last year. The manufacturer says it is adding nearly 400,000 square feet and approximately 80 jobs by mid-2023.
“Our steel operations achieved record annual 2021 shipments of 11.2 million tons and record operating income of $4.4 billion,” said Millett. “Our metals recycling and steel fabrication operations also achieved record 2021 annual operating income of $195 million and $365 million, respectively.”
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