The company noted the impact of the start-up of its Sinton, Texas, USA, plant, which was US$0.31 per diluted share, or US$84 million.
 
According to an official press release, Steel Dynamics said the first quarter broke records in steel shipments, net sales, cash flow, operating and net income, as well as steel fabrication operating income.
 
“The team delivered another tremendous performance, achieving record quarterly operating and financial performance, including record sales, operating income, cash flow from operations, and adjusted EBITDA,” said Mark D. Millett, chairman, president, and chief executive officer.
 
“This record performance displays the power of our highly diversified, value-added, circular manufacturing model – as the strength in our steel fabrication operations more than offset moderation in our flat roll steel business, as realized hot roll coil selling values declined from peak 2021 levels during the quarter,” Millett added.
 
Millett said the company remains confident that “market conditions are in place for domestic steel consumption to continue to be strong this year and into 2023.”
 
Operations continue to ramp up at the company’s new Sinton mill, and Steel Dynamics is also investing US$500 million to build four flat roll steel coating lines, which will comprise two paint lines and two galvanizing lines.
 
Read the full press release here.