Steel Dynamics, Inc. announced Monday third quarter 2014 net sales of $2.3 billion and net income of $91 million, or $0.38 per diluted share, which includes the negative impact of approximately $0.09 per diluted share related to acquisition costs, financing fees, and the effect of purchase accounting adjustments for the Severstal Columbus, LLC acquisition that occurred mid-September.
Comparatively, prior year third quarter net income was $57 million on net sales of $1.9 billion; and sequential second quarter 2014 net income was $72 million on net sales of $2.1 billion.
“During the third quarter, we achieved record volumes in fabrication and steel, even before including the results from our recent acquisition,” said Chief Executive Officer, Mark Millett. “Despite recent broader global concerns, the US economy is continuing to improve, inflation remains low and borrowing rates remain at historically attractive levels. We continue to be the beneficiaries of strong end markets, such as automotive, manufacturing, transportation and energy. We also believe growth in the construction market will continue as evidenced by the increased demand for our construction-related steel products. With the Columbus acquisition, we gain geographic and product diversification in higher-growth markets in the southern US and Mexico. “