Steel Dynamics Swings to 2016 Profit
Steel Dynamics is reporting fourth quarter net income of $20 million
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowFort Wayne-based Steel Dynamics Inc. (Nasdaq: STLD) is reporting 2016 net income of $382 million, compared to a net loss of $130 million in 2015. The company says steel shipments and production hit record levels last year.
Steel Dynamics is also reporting fourth quarter net income of $20 million, slightly down from $22 million during the same period the previous year. The company says fourth quarter sales were $1.9 billion, up from $1.6 billion for the same quarter last year. Sales for 2016 totaled $7.8 billion, compared to $7.6 billion in 2015.
Chief Executive Officer Mark Millett says the company continues "to perform at the top of our industry, both operationally and financially," saying customer demand remains strong "with an expectation for continued strength into 2017."
Millet says he believes North American automotive steel consumption will be steady and predicts potential growth in the construction and energy sectors this year.,
"We continue to strengthen our financial position through strong cash flow generation and the execution of our long-term strategy," said Millett in a release from Steel Dynamics. "We are well-positioned for growth, and remain focused on delivering shareholder value through organic and strategic growth opportunities."