Steel Dynamics, Inc. Monday announced net income of $49 million for the second quarter of 2010, compared to a net loss of $16 million for the second quarter of 2009, and net income of $65 million, in the first quarter of 2010.
Second quarter net sales of $1.6 billion were more than double net sales of $792 million for the second quarter of 2009 and were 5 percent higher than first quarter 2010. Second quarter steel shipments of 1.3 million tons were 43 percent higher than the second quarter of 2009, but were 10 percent lower than the first quarter of 2010. In metals recycling, OmniSource's ferrous metals shipments in the second quarter were 1.4 million gross tons, up 10 percent from the first quarter, and non-ferrous shipments were 237 million pounds, down slightly from the first quarter.
"Currently, we see the markets for our steel products remaining relatively steady, with some short-term uncertainty surrounding demand for flat-rolled steels." said Keith Busse, Chairman and CEO. "Except for the continued weakness in demand for structural steel, our long-products mills remain in good shape, with an especially strong backlog for engineered bars. Structural steel volumes have seen some improvement, but our structural mill is still running at a relatively low capacity-utilization rate of less than 40 percent. Although the economy has slowly improved over the past few quarters, at this point we are cautious about the outlook for the second half. We expect to provide specific third-quarter guidance in September."