Steel Dynamics Inc. said it had record steel shipments of 3.2
million tons in the third quarter, on steady steel demand in the construction
industry that was complemented by the automotive, industrial, and energy
sectors.
Steel Dynamics said demand
for the company’s long product steel continued to be strong, supporting steady
to expanded metal margins.
“Despite weaker flat rolled
steel pricing, our order activity and backlogs remain solid. We believe North
American steel consumption will remain steady, and that demand for
lower-carbon, U.S. produced steel products coupled with lower imports will
support steel pricing.”
The company said its steel
fabrication operations order backlog also remains historically high based on
volume and forward pricing levels.
On outlook:
“Customer order entry
activity continues to be healthy across our businesses, with expectations for
seasonally moderated volume for our steel and metals recycling operations in
the coming months,” said CEO Mark Millett.
Steel Dynamics said it
believes its unique performance-based operating culture, coupled with
considerable experience in successfully constructing and operating
cost-effective, highly profitable flat rolled steel mills, positions the
company exceptionally well to execute strategic opportunity and deliver strong
long-term value creation.
On investments:
Steel Dynamics said planned
investments in a new state-of-the-art low-carbon aluminum flat rolled mill and
associated recycled aluminum slab centers continues strategic growth and is
aligned with the company’s core steelmaking and recycling platforms which
benefits many of existing customers, and provides for future value creation.