American steelmaker Steel Dynamics Inc (SDI) shipped 10.71mn mt of steel in 2020, down by 1pc over 10.86mn mt in 2019, the company reported in its earnings statement on Monday. The company said that the construction of its Sinton electric-arc furnace in Texas remains on schedule to be commissioned in mid-2021.
Ferrous shipments from its Metals Recycling division accounted for 4.59mn gt, down by 0.8pc from the prior year while non-ferrous shipments stood at 977,882lbs (443.55mt), down by 9.3pc annually. The company’s fabrication business sales tallied at 665,679mt of steel in 2020 against 644,411mt in 2019.
The steelmaker accounted for net sales of $9.6mn in 2020, down from $10.5mn in 2019. SDI posted a net income of $570,828 for the full year, compared with $677,900 in the preceding year.
Q4 2020
SDI shipped 2.67mn mt of steel in Q4 2020, compared with 2.65mn mt in the same prior-year quarter, the company reported in its earnings statement on Monday.
Steel Dynamics entered 2021 with a strong order backlog for its steel fabrication business and its customers remain optimistic about a recovery in the domestic construction industry.
Higher steel prices, due to low inventories, caused a 75pc increase in the company’s income from ferrous recycling in Q4 2020 over the prior quarter.
The steelmaker, while reporting its Q4 earnings, noted that its metals recycling business also processed more material in the last quarter with ferrous shipments up 22.3pc on annual basis to 1.34mn gt while non-ferrous shipments grew by 7.3pc to 271,552lbs. In Q4 2020, the company’s steel fabrication operations produced 162,825mt in shipments, down by 6.6pc from the same period last year.
During the quarter, SDI’s net sales amounted to $2.6mn, rising from $2.35mn in Q4 2019. The company’s net income in Q4 2020 was $196,950, up from $123,719 in the same quarter last year.