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| SDI Wins $69M Net Profit In Q3 Results |
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US electric steelmaker Steel Dynamics Inc (SDI) of Fort Wayne, Indiana won a net profit of $69,018,000 in its consolidated earnings results for the third quarter (July-September) of 2009, which contrasts with a net loss of $15,991,000 in the second quarter. As a result, the company moved into the black for the first time in four quarters. SDI announced its Q3'09 results of $1,172,196,000 in sales, down 54.3% from Q3'08; $148,448,000 in operating profit, down 55.1%; $116,095,000 in pretax profit, down 61.5%; and $69,018,000 in net profit, down 64.2%. The company's steel shipments totaled 1,200,000 tons in Q3'09, up 41% from a quarter ago, when their sales prices averaged $627/ton, up $33. Meanwhile, the metal recycling division's ferrous scrap shipments totaled 1,300,000 tons in Q3'09, up 54% from a quarter ago. For January-September 2009, the company announced its consolidated results of $2,779,004,000 in sales, down 59.5% from the same period of 2008; $41,129,000 in operating profit, down 95.6%; $64,556,000 in pretax loss, compared with a pretax profit of $872,517,000 then; and $34,835,000 in net loss, compared with a net profit of $546,059,000 then. |
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| last modified : Tue 27 Oct, 2009 [10:25] |
