Fort Wayne, Indiana-based steelmaker and metals recycling company Steel Dynamics, Inc. (SDI) announced Monday Q3 net income of $43 million on net sales of $2.0 million. Despite similar sales of $2.1 billion, Q3 net income was still substantially lower than Q2 net income of $99 million but was more than double earnings in the same period last year. Average-per-ton steel selling prices fell $50/net ton in Q3 from the previous quarter, but were up $115/net ton from Q3 2010.
Based on the tons of scrap melted at SDI's five steel mills, Q3's average ferrous scrap cost-per-ton-melted increased $79 compared to the third quarter of 2010, and increased $5 compared to the second quarter of 2011.
SDI's scrap division OmniSource's ferrous shipments in Q3 were 1.5 million gross tons, 9 percent higher than Q3 2010, but 5 percent lower than Q2 2011. OmniSource provided 53 percent of the ferrous scrap purchased by SDI's steel mills during Q3.