Steel Dynamics posts improved results for Q1

Steel Dynamics posts improved results for Q1

According to statement released from US based steel mill Steel Dynamics, the company achieved improved results in the first quarter of current fiscal. The company reported its earnings as $32 million in the first quarter of 2004, which indicates an increase of 103% when compared with $15.8 million recorded in the first quarter of 2003. Net sales of the first quarter are recorded as $384 million, which is 63% higher than $236 million recorded in the corresponding period of 2003. Moreover, this figure indicates an increase of 38% when compared with $279 million recorded in the fourth quarter of 2003. These improved results are attributed to the increase in shipments and rising prices. Shipments by Flat Roll Division, Structural and Rail Division and Bar Products Division all increased remarkably. In the first quarter of 2004, consolidated shipments amounted to 799'000 tons, up by 23% against same period of previous fiscal, up by 3% against fourth quarter of previous year. Shipments by Flat Roll Division, Structural and Rail Division and Bar Products Division are recorded as 570'000 tons, 198'000 tons and 19'000 tons respectively.