Steel Dynamics Inc. (SDI) reported record fourth-quarter 2021 net income of US$1.1 billion on net sales of US$5.3 billion, amounting to US$5.49 per diluted share. Quarterly earnings were up from US$4.85 per diluted share in the third quarter, and year on year, fourth-quarter earnings were up from US$0.89 per diluted share in 2020.
 
The company reported an annual record net sales increase of 92%.
 
"Numerous individual operating and financial records were attained during the year,” Mark Millett, SDI’s chairman and chief executive, said in the press release.
 
“Across the company, our teams achieved best-in-class performance, while keeping each other healthy and safe. I am proud to work alongside each of them.”
 
SDI attributed its performance to strong domestic steel demand “supported most significantly by the construction, automotive and industrial sectors,” and “historically low” customer steel inventories.
 
The company’s steel operations saw record annual shipments of 11.2 million tons in 2021.
 
Read the full press release here.