The company reported third-quarter 2022 adjusted net income of US$5.46 per diluted share, down from US$6.73 in the second quarter of 2022, but up from US$4.96 per diluted share in the third quarter of 2021.
 
“The team delivered a strong performance during the quarter,” said Mark D. Millett, chairman, president, and chief executive officer. “Our third-quarter 2022 consolidated operating income was US$1.2 billion, with adjusted EBITDA of US$1.3 billion and record cash flow from operations of US$1.5 billion. These results continue to display the power of our highly diversified, value-added, circular manufacturing model — as the strength in our steel fabrication operations meaningfully offset lower earnings in our flat-rolled steel businesses, with realized flat-rolled steel selling values declining almost 15% during the quarter.”
 
Millett attributed the record shipments to steady steel demand, led by the construction industry.
 
Read more here.