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Steel Dynamics, Inc. records drop in recycling income

United States – Steel Dynamics, Inc., one of the largest steel producers and metals recyclers in the USA, recorded a net income of US$ 91 million in the third quarter compared to US$ 57 million in the same period last year and US$ 72 million in April-June 2014.

But as regards the company’s metals recycling activities, operating income slipped to US$ 13 million in the third quarter from US$ 18 million in the previous three months. ‘Profitability was negatively impacted by lower non-ferrous metals margins, which more than offset the increase in overall shipments,’ the company explains in its latest results package.

Ferrous scrap availability and volumes improved from the second to the third quarter. ‘During the third quarter, we achieved record volumes in fabrication and steel,’ confirms ceo Mark Millett. ‘Despite the continued elevated levels of steel imports into the US, the strength of underlying demand, coupled with our market diversification and customer focus, supported record shipments, and we remain optimistic heading toward the end of the year.’

Despite recent broader global concerns, the US economy ‘is continuing to improve, inflation remains low and borrowing rates remain at historically attractive levels’, Millett adds. ‘We continue to be the beneficiaries of strong end markets, such as automotive, manufacturing, transportation and energy. We also believe growth in the construction market will continue.’

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