The company reported record second-quarter 2022 net sales of US$6.2 billion and record net income of US$1.2 billion, or $6.44 per diluted share. This is compared to US$5.71 per diluted share in the first quarter of 2022. 
 
“The team delivered another strong performance, achieving record quarterly operating and financial performance, including record sales, operating income, cash flow from operations and adjusted EBITDA,” said Mark D. Millett, chairman, president, and chief executive officer of Steel Dynamics Inc.
 
Operating income for the company’s steel operations was “historically strong” at US$1.1 billion, it said. Steel Dynamics’ first-half net income in 2022 was US$2.3 billion, up from US$1.1 billion for the same period in 2021. Its first-half 2022 net sales increased 47% and operating income doubled to $3.1 billion, when compared to the same period in 2021.
 
Millett said the company saw record quarterly steel shipments of 3.1 million tons due to “solid steel demand, led by the automotive, construction and industrial sectors, with energy continuing to improve.” Customer order entry activity continues to be “healthy across all of our businesses, conflicting with the more pessimistic emotion in the marketplace,” he said.
 
“We believe there are strong drivers for our continued growth and remain in a position of strength. Our recently announced planned investment in a new state-of-the-art low-carbon aluminum flat-rolled mill continues our strategic growth, is aligned with our core steelmaking and recycling platforms, benefits many of our existing customers, and provides for future value creation,” Millett added.