For the quarter ending 31 December 2020, the company reported net sales of US$2.6 billion and earnings of 89 cents per diluted share. In the same quarter in the prior year, it recorded net income of US$121.4 million, or 56 cents per diluted share, on net sales of approximately US$2.4 billion.

Mill shipments were up during the quarter, rising to 2.67 million tons. Shipments stood at 2.65 million tons in the final quarter of 2019.  

Steel Dynamics chief executive Mark Millett said that as COVID-19 restrictions were lifted and the broader manufacturing base restarted at the mid-point of last year, steel demand quickly recovered. 

“As demand improved in the second half of 2020, some domestic steel production remained idled. When coupled with extremely low steel inventory levels throughout the supply chain, flat roll steel index prices increased over US$500 per ton from August through the end of the year,” he said. 

Despite the pandemic-related lockdowns and ensuing demand shock, the company reported near-record mill shipments in 2020. Shipments stood at 10.7 million tons, off 1% from the record 10.8 million tons set in 2019. 

Looking ahead, Millett said the economy is still recovering, but SDI sees strong steel demand ahead. 

"The automotive sector has experienced the strongest recovery, and the construction sector remains resilient. Customers are positive concerning the business outlook for 2021. We are seeing pent-up demand, as steel service center and end-user inventories are still extremely low compared to historical norms,” he said. 

“We also believe U.S. trade agreements and existing steel trade cases will continue to moderate steel imports. Based on strong domestic steel fundamentals, we are optimistic regarding the North American steel market dynamics and believe steel consumption will experience growth this year. We expect to see continued steel price strength and strong customer demand in 2021."