Fort Wayne, Indiana-based Steel Dynamics, Inc. (SDI) announced Monday that Q1 2011 net sales in its Metals Recycling and Ferrous Resources segment, which includes OmniSource Corporation, Iron Dynamics and its start-up iron nugget manufacturing facility Mesabi Nugget, totaled $1.1 billion in Q1 2011, compared to $756 million in Q1 2010, and $770 million in Q4 2010.
OmniSource Q1 2011 ferrous shipments were 1.5 million gross tons compared to shipments of 1.2 million gross tons and for Q1 2010 and shipments of 1.2 million gross tons for Q4 2010.
SDI also reported that 44 percent and 42 percent of OmniSource's ferrous scrap shipments were to SDI's steel mills during Q1 2011 and Q4 2010, respectively. During Q1, OmniSource supplied 670,000 gross tons of ferrous scrap to SDI's steel operations, or approximately 54 percent of the tonnage of ferrous scrap purchased by the mills. Operating income for OmniSource was $49 million during Q1 2011 as compared to $43 million during Q1 2010 and $9 million during the Q4 2010.
As SteelOrbis previously reported, SDI announced Q1 2011 net income of $106 million on net sales of $2 billion.