In an official press release, Steel Dynamics Inc. (SDI) reported a net income of US$577 million, or US$3.47 per diluted share, compared to US$812 million, or US$4.81 per diluted share in the previous quarter.
 
“The teams executed well and delivered a solid third-quarter performance across our operating platforms,” said Mark D. Millett, chairman and chief executive officer. “Customer order activity and steel demand were steady during the third quarter, with our steel shipments remaining consistent excluding the lost volume from Sinton’s unplanned July outage of approximately 90,000 tons.”
 
Millett added that continuing low customer inventories combined with steady order activity stabilized flat-rolled steel pricing around the middle of September.
 
“We believe North American steel consumption will increase in the coming years, and that demand for lower-carbon emission, U.S.-produced steel products coupled with lower imports will support steel pricing,” Millett said. “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. We believe this will benefit all of our operating platforms, especially our steel and steel fabrication businesses.”