Press release
Steel Dynamics Reports Record Third Quarter 2021 Results
FORT WAYNE, Ind., Oct. 18, 2021 /PRNewswire/ -- Third Quarter 2021 Highlights: Record steel fabrication shipments of 211,000 tons Record net sales of $5.1
About this update from Steel Dynamics, Inc.
[{"type":"text","content":"FORT WAYNE, Ind., Oct. 18, 2021 /PRNewswire/ --\nThird Quarter 2021 Highlights:\nRecord steel fabrication shipments of 211,000 tons Record net sales of $5.1 billion Record operating income of $1.3 billion and record net income of $991 million Record steel and steel fabrication operating income of $1.4 billion and $89 million, respectively. Record cash flow from operations of $631 million and record adjusted EBITDA of $1.4 billion Share repurchases of $338 million of the company's common stock, representing 3 percent of its outstanding sharesSteel Dynamics, Inc. (NASDAQ/GS: STLD) today announced third quarter 2021 financial results. The company reported record third quarter 2021 net sales of $5.1 billion and net income of $991 million, or $4.85 per diluted share. Excluding the impact from the following item, the company's third quarter 2021 adjusted net income was $1.0 billion, or $4.96 per diluted share:\nCosts of approximately $30 million, or $0.11 per diluted share (net of capitalized interest), associated with construction of the company's Sinton Texas Flat Roll Steel Mill growth investment. Comparatively, prior year third quarter net sales were $2.3 billion, with net income of $100 million, or $0.47 per diluted share, and adjusted earnings were $0.51 per diluted share, excluding the impact of the costs associated with the construction of the company's Texas steel mill of $0.04 per diluted share. The company's sequential second quarter 2021 earnings were $3.32 per diluted share, and adjusted earnings were $3.40 per diluted share, also excluding the impact of construction costs related to the Texas steel mill of $0.08 per diluted share.\n\"The team continued to perform extraordinarily well, achieving record quarterly financial results, including record sales, operating income, cash flow from operations, and adjusted EBITDA,\" said Mark D. Millett, Chairman and Chief Executive Officer. \"Our third quarter 2021 operating income increased 38 percent sequentially to $1.3 billion, while adjusted EBITDA increased 36 percent to $1.4 billion. This is truly an incredible achievement and a testament to the passion and commitment of our team. We generated record quarterly cash flow from operations of $631 million and maintained strong liquidity, while supporting our working capital needs, growing our business through organic growth inves...