For the quarter, the company posted net income of US$75 million on sales of US$2.1 billion. While sales and profits were down from the same quarter last year, executives said they couldn’t have asked for better results in current circumstances. 

"I am incredibly proud of the 8,400 individuals that I am fortunate to work alongside at Steel Dynamics," said SDI president and chief executive Mark D. Millett. "The operating, commercial and financial teams achieved best-in-class performance within the current unprecedented health and economic environment. We are operating safely, providing ongoing customer support and taking advantage of longer-term financing opportunities.” 

Millett said SDI’s steel mills operated at nearly 80% of capacity at a time when industrywide capacity utilization stands at about 55%. In fact, Millet said SDI estimates that about 15 million tons of domestic of flat-rolled sheet capacity has been idled, equivalent to approximately 20% of annual domestic production capacity.

He said demand was supported by steady construction activity and internal shipments to its fabrication shops and processing plants. He also said automotive demand has begun to notch up.
 
"As states continue to determine their reopening guidelines and many steel-consuming businesses have resumed operations, we anticipate steel and metals recycling demand will improve in the second half of the year compared to second quarter 2020 trough results,” Millett said.  

All in all, he said the company believes that for now demand is moving in the right direction, although the pandemic will continue to cause significant uncertainty.  

"It is still not possible to determine the full scope of the negative impact COVID-19 will cause to global economies and the related impact to domestic steel demand," he said.