For the quarter ending 30 September, Steel Dynamics recorded net income of US$153 million on sales of US$2.4 billion. In the same quarter last year, the company reported a profit of US$157 million on sales of US$2.1 billion. 

"The team delivered a solid performance for the third quarter 2017 despite the continued high levels of steel imports," said president and chief executive officer Mark D. Millett. 

"Elevated levels of steel imports persisted during the quarter, hindering the ability for domestic steel prices to keep pace with raw material costs. Despite reported low levels of steel service center inventory, we believe steel traders built inventory at the ports ahead of potential domestic trade actions, which resulted in an overhang position for flat roll steel during recent months. This oversupply resulted in periods of weaker customer orders,” he said. 

Nevertheless, the company’s overall steel shipments rose nearly 9% to about 2.46 million tons, up from 2.26 million tons in the same quarter last year. 

Millett said that in spite of import levels, the company is optimistic about the steel market in the year ahead.

"Although U.S. automotive production has peaked, we believe North American automotive steel consumption will be steady, and that there will be continued additional growth in the energy and construction sectors, especially for larger, public sector infrastructure projects," he said.