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Steel Dynamics' Q3'19 income drops 62.1% YOY on lower prices

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Steel Dynamics' Q3'19 income drops 62.1% YOY on lower prices

Steel Dynamics Inc.'s attributable net profit in the third quarter fell 62.1% year over year to US$151 million, or 69 U.S. cents per share, from US$398.4 million, or US$1.69 per share, it reported Oct. 16.

Lower steel prices and shipments for the company's sheet steel operations weighed on the quarterly results.

The company declared a dividend of 24 cents per share, up from 18.8 cents per share for the prior-year period.

Steel Dynamics recorded US$2.53 billion in net sales during the quarter, decreasing 21.6% year over year from US$3.22 billion. Operating income dropped 57.1% to US$228 million from US$531.6 million.

For the first nine months of 2019, the company booked attributable net income of US$549.7 million, falling 44.4% from US$988.4 million in the prior-year period.

The company posted US$8.11 billion in net sales for the nine-month period, down 9.0% from US$8.92 billion a year earlier, while operating profit dropped to US$804.9 million from US$1.36 billion.