“Underlying domestic steel demand was stable throughout 2024 supported by the construction, automotive, industrial and energy sectors,” said SDI chairman and chief executive officer Mark Millett.

“However, steel imports of certain products, most notably coated flat-rolled steels, increased significantly in 2024, negatively impacting the supply-demand balance, causing pricing pressure for flat-rolled steel products. We do expect to see unfairly traded steel imports decline in 2025, based on the recent corrosion-resistant trade case we initiated in late 2024,” he added. 

For the quarter, the company reported net income of US$207 million on net sales of US$3.9 billion. In the same quarter last year, SDI recorded a profit of US$424.3 million, or US$2.61 per diluted share, on net sales of US$4.2 billion. 

During 2024, the company shipped 12.7 million tons of steel, a near record, it said. 

“We believe the market dynamics are in place to support increased demand across our operating platforms in 2025,” said Millett. “Steel pricing has stabilized, and customer optimism continues to be solid across our steel operations, as demand continues to be steady. In addition, we believe demand for lower-carbon emission, U.S.-produced steel products will also support future domestic steel pricing.” 

On another front, the company said it has begun commissioning its new aluminum production facility in Columbus, Miss., USA. The first industrial and beverage can ingots were cast in the No. 1 cast complex on 12 January, the company said, and commissioning of the facility will continue into the months ahead. 

“We plan … to produce commercially viable products before mid-year 2025. This represents a meaningful growth opportunity for us, which is aligned with our existing business and operational expertise,” Millett said.