4/20/2012 11:19:00 AM Steel Dynamics shows lower profits for 1Q 2012
FORT WAYNE — Steel Dynamics Inc. has reported first-quarter net income of $46 million, or 20 cents per share, less than half of the $106 million, or 46 cents per share, reported in the first quarter of 2011.
Sales of $2 billion in the first quarter were consistent with those achieved in the prior-year first quarter, but operating income decreased 42 percent as margins declined within the company’s flat-roll steel and metal recyling operations.
The average selling price per ton shipped for the company’s steel operations in the first quarter was $875, a decrease of $15 per ton compared to the prior year. The average quarterly ferrous scrap cost per ton melted increased $18 for the same period.
The company said its liquidity position remains strong with $1.5 billion in unrestricted cash, short-term commercial paper and available funding.