HUNTINGTON ÃÛÁÄÖ±²¥” Steel Dynamics, the parent company of Steel of West Virginia, last week reported net income in the third quarter of $318 million, down from $428 million in the second quarter and $577 million in the third quarter of 2023.
In the first nine months of the year, the company earned $1.3 billion compared with $2.0 billion last year.
ÃÛÁÄÖ±²¥œBased on domestic steel demand fundamentals, we are constructive regarding the outlook for 2025 metal market dynamics,ÃÛÁÄÖ±²¥ Mark D. Millett, Steel Dynamics co-founder, chairman and CEO, said in the quarterly earnings report.
ÃÛÁÄÖ±²¥œWe expect steel pricing to recover with an anticipated lower domestic interest rate environment, coupled with continuing onshoring of manufacturing businesses, and the expectation of significant fixed asset investment to be derived from public funding related to the U.S. Infrastructure, Inflation Reduction Act, and Department of Energy programs. We believe current trade actions could also reduce volumes of unfairly traded steel imports into the United States, especially for coated flat rolled steel, which could have a significant positive impact for us, as we are the largest non-automotive flat rolled steel coater in the United States. We believe these dynamics collectively could benefit all of our operating platforms, especially our steel and steel fabrication businesses.ÃÛÁÄÖ±²¥
Steel Dynamics is one of the largest domestic steel producers and metals recyclers in North America, based on estimated annual steelmaking and metals recycling capability, with facilities located throughout the United States, and in Mexico.
