For the quarter, the company posted net income of 63 cents per diluted share on sales of US$2.4 billion. In the same quarter last year, the company recorded net income of US$142 million, or 58 cents per diluted share, on sales of US$2 billion. 

During the quarter, average external sales prices rose nearly 22% to US$779 per ton. However, external mill shipments declined nearly 2% to 2.25 million tons during the same period. The company described its order entry as “hesitant.”  

"We believe the customer order hesitancy was related to anticipated scrap price changes rather than any underlying softness in demand Additionally, customer inventory levels continued to be positioned at historically low levels,” chief executive Mark Millett said in a statement. 

The company said its earnings were impacted by narrowing metal spreads and by downtime at its two flat-rolled mills. At its Butler, Ind., mill, a galvanizing line went down for three weeks to allow for upgrades that added 180,000 tons of capacity. 

At its Columbus, Miss., mill, production quality problems forced downtime on its new Galvalume and paint line. 

Looking ahead, the company said macroeconomic and market conditions would seem to support domestic steel consumption.  

"Although U.S. automotive production has peaked, we believe North American automotive steel consumption will be steady, and that there will be additional growth in the energy and construction sectors, especially for larger, public sector infrastructure projects,” Millett said.