“Numerous individual operating and financial records were attained during the year. Across the company, our teams achieved best-in-class performance, while keeping each other safe. I am proud to work alongside each of them,” said chairman and chief executive Mark Millett in announcing SDI’s Q4 and full-year results. 

For the year ending 31 December 2022, the company reported net income of US$3.9 billion, or US$20.92 per diluted share, on net sales of US$22.3 billion, both records. In the year prior, SDI recorded net income of US$3.2 billion, or US$15.56 per diluted share, on net sales of US$18.4 billion. 

The company’s steel mills also shipped more steel than they ever have, delivering a record 12.2 million tons to customers. 

“Domestic steel demand was solid throughout the year supported most significantly by the construction, automotive, industrial, and energy sectors,” Millett said. “Customer steel inventories remained at below historical averages for most of the year, allowing for steady order patterns.”

However, the year-over-year gains in sales and income were primarily driven by SDI’s steel fabrication business, the company said. 

Due to strength in the non-residential construction sector, that business saw both record product pricing and volume, SDI said, shipping a record 856,000 tons of fabricated products. 

Looking ahead, the company said it is bullish on its 2023 prospects. 

“Customer order entry activity continues to be healthy across our businesses. Steel pricing has firmed, and our order activity and backlogs remain solid,” said Millett. 

“We believe North American steel consumption will increase in 2023, and that demand for lower-carbon-emission, U.S.-produced steel products, coupled with lower imports, will support steel pricing. Our steel fabrication operation’s order backlog also remains historically strong based on volume and forward pricing levels reaching past the first half of 2023.”