For the quarter ending 30 June 2023, Steel Dynamics reported net income of US$4.81 per diluted share on net sales of nearly US$5.1 billion. In the same quarter last year, the company reported a net income of US$1.2 billion, or US$6.44 per diluted share, on net sales of US$6.2 billion.  

“The team executed well and delivered a strong second-quarter performance across our operating platforms,” said Mark D. Millett, SDI chairman and chief executive officer. “Steel order activity remains solid from the automotive, construction, industrial, and energy sectors. Recent positive data from the steel service center sector points to continued low customer inventory levels, which we believe has abated destocking and will support steel pricing.”

The company said moderately higher scrap costs were more than offset by significantly higher realized pricing, which widened metal spreads. Looking forward, the company said it remains optimistic.

“Order entry activity continues to be strong across all of our businesses,” Millett said.

“We believe North American steel consumption will increase in the coming years and that demand for lower-carbon-emissions, U.S.-produced steel products, coupled with lower imports, will support steel pricing. The continued onshoring of manufacturing businesses, combined with the expectation of significant fixed asset investment to be derived from public funding related to the U.S. Infrastructure, Inflation Reduction Act, and Department of Energy programs, will competitively position the domestic steel industry,” he added.