This morning in metals news: Steel Dynamics Inc. released its second-quarter results, during which it tallied $4.5 billion in net sales; Nucor Corporation also released its Q2 results; and, lastly, miner Rio Tinto signed a renewable energy agreement in Madagascar.
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Steel Dynamics records Q2 net income of $702M
Steel Dynamics reported Q2 net income of $702 million, up from $75 million in Q2 2020.
“During the second quarter, steel demand remained robust as shipments and product pricing continued their positive momentum across our entire steel platform,” said Mark Millett, chairman and CEO. “Higher steel selling values drove significant metal spread expansion across the entire platform and were most prominent within the flat roll steel operations, as continued demand strength and historically low customer inventories persisted throughout the supply chain and supported prices. Domestic steel consumption was strong from the automotive, construction, and industrial sectors, while the energy sector continued to show signs of rebounding.”
The company recorded Q2 2021 net sales of $4.5 billion, up from $2.1 billion in Q2 2020.