Excluding the costs associated with construction of its Sinton, Texas, flat roll steel mill investment, the company’s third-quarter adjusted net income was US$1 billion, reports the Greater Fort Wayne Business Weekly.
 
SDI’s third-quarter net sales in 2020 were US$2.3 billion, with net income of US$100 million.
 
“The team continued to perform extraordinarily well, achieving record quarterly financial results, including record sales, operating income, cash flow from operations and adjusted EBITDA,” Mark D. Millett, SDI chairman and chief executive officer, said in a news release. “Our third quarter 2021 operating income increased 38% sequentially to US$1.3 billion, while adjusted EBITDA increased 36% to US$1.4 billion. This is truly an incredible achievement and a testament to the passion and commitment of our team.”
 
Millett noted strong steel demand, higher selling prices, and increased consumption across the automotive, construction and industrial sectors.
 
“Current market conditions are in place to support solid domestic steel demand for the fourth quarter and into 2022,” Millett said.