Steel Dynamics announce second quarter earnings
Steel Dynamics Inc., an Indiana-based carbon steel products manufacturer, reported its second quarter 2005 net earnings declined 24 percent from the same period in 2004 due to weak demand for flat rolled steel. Net sales for the second quarter 2005 were reported to be $546 million which marked a slight four percent year-on-year increase. Year-to-date 2005 net sales were $1116.7 million, an increase from 2004s year-to-date net sales of $909.8 million. Second quarter 2005 net income was $51 million, or $1.00 per diluted share, compared to $67 million, or $1.20 per diluted share, for second quarter 2004. Year-to-date net income was $111.4 million, an increase over 2004s $99.3 million. Keith Busse, President and CEO of Steel Dynamics said, Demand for flat-rolled steel in the second quarter was much weaker than initially expected, particularly toward the end of the quarter," later adding, While the Company and the industry experienced reduced order entry rates in the second quarter, Steel Dynamics performed very well operationally and continues to operate at historically high levels of profitability. Steel Dynamics produces a broad array of high-quality flat rolled, structural and bar steels at its three Indiana steel mini-mills and steel-processing operations.