Steel Dynamics Reports Second Quarter 2020 Results

About this update from Steel Dynamics, Inc.

[{"type":"text","content":"FORT WAYNE, Ind., July 20, 2020 /PRNewswire/ -- Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced second quarter 2020 financial results. The company reported second quarter 2020 net sales of $2.1 billion and net income of $75 million, or $0.36 per diluted share. Excluding the impact from the following items, the company's second quarter 2020 adjusted net income was $100 million, or $0.47 per diluted share: \nAdditional financing costs related to the company's June 2020 refinancing activities of approximately $25 million, or $0.08 per diluted share, and Costs (net of capitalized interest) associated with the construction of the company's Sinton Texas Flat Roll Steel Mill of approximately $10 million, or $0.03 per diluted share. Comparatively, prior year second quarter net sales were $2.8 billion, with net income of $194 million, or $0.87 per diluted share, and sequential first quarter 2020 net sales were $2.6 billion, with net income of $187 million, or $0.88 per diluted share.\n\"I am incredibly proud of the 8,400 individuals that I am fortunate to work alongside at Steel Dynamics,\" said Mark D. Millett, President and Chief Executive Officer. \"The operating, commercial, and financial teams achieved best-in-class performance within the current unprecedented health and economic environment. We are operating safely, providing ongoing customer support, and taking advantage of longer-term financing opportunities. Our spirit of excellence was once again evidenced in our strong second quarter 2020 performance. Even though earnings were lower than robust sequential first quarter results, the team's performance was tremendous within the circumstances. Our second quarter 2020 consolidated operating income was $159 million, adjusted EBITDA was $217 million, and cash flow generation from operations increased sequentially to $486 million, resulting in near-record liquidity of $2.8 billion. \n\"Our differentiated business model, coupled with the passion of our people drove strong steel mill production utilization, allowing for cost compression benefits and market share gains. Our second quarter 2020 steel shipments were only 12 percent lower than our record high sequential first quarter volumes,\" continued Millett. \"Our steel mills operated at almost 80 percent utilization, while the rest of the domestic industry operated at an estim...

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