For the year ending 31 December, the steelmaker reported net income of US$812.7 million on record net sales of US$9.5 billion. In 2016, the company recorded US$382.1 million in profits on sales of US$7.8 billion.

The company said the results were due in part to increased steel prices and improved demand. Its mills shipped 9.7 million tons of steel in 2017 compared to 9.2 million tons in 2016. And average steel prices rose US$107 per ton to US$765 per ton. 

Looking ahead, the company said it believes 2018 should be profitable as well. 

“We remain confident that current and anticipated macroeconomic and market conditions are in place to benefit domestic steel consumption in 2018," said chief executive Mark Millett.  

"Domestic steel inventory levels have moderated. World steel demand and pricing have structurally improved and domestic steel demand remains healthy. We believe North American automotive steel consumption will be steady, and we continue to gain momentum in that sector,” he said. 

In terms of safety, Millett said Steel Dynamics improved on its safety performance for the seventh consecutive year. He said recordable accidents fell 18% and two-thirds of its facilities had none whatsoever. 

Also, Millett said the company has begun commissioning new equipment installed as part of a US$28 million expansion project at its Roanoke, Va., bar mill. Under the project, the company installed a new reheat furnace and a new bar finishing area, intended to enable a 20% increase in capacity. 

The new equipment will allow the mill to roll billets into light sections and No. 4 through No. 11 rebar and round bar.