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Steel Dynamics reported net income of $671 million in 2018, well short of the company’s record $1.3 billion in income in 2018. Net sales for the year declined 11 percent to $10.5 billion.
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The steel industry has struggled to keep pace with other sectors when it comes to adopting new technologies, but that is finally starting to change.
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One of the recurring topics at the recent Steel Summit from Steel Market Update was U.S. Steel Corporation’s recent announcement it would stop offering index-based pricing to its contract customers in 2020.
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One of the recurring topics at the recent Steel Summit from Steel Market Update was U.S. Steel Corporation’s recent announcement it would stop offering index-based pricing to its contract customers in 2020.
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Following a robust 2018, tariffs and other concerns have led to a more muted performance for prepainted steel, while coated aluminum has fared better.
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Steel Dynamics has selected a Sinton, Texas, site for its new $1.7 million flat-rolled steel mill. The facility will be located in the Corpus Christi region. SDI had previously narrowed its site selection to five locations in Texas and Louisiana.
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Steel Market Update, in conjunction with Steel Manufacturers Association, will celebrate young emerging leaders in the steel and manufacturing industries by honoring a deserving individual with the inaugural SMU NexGen Leadership Award. SMU is currently accepting nominations for the recognition, which will be awarded during SMU’s 2019 Steel Summit Conference, set for Aug. 26-28 in Atlanta.
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Steel Dynamics, Inc., Fort Wayne, Ind., reported first-quarter net sales of $2.8 billion, a 7.7 percent increase compared with the same quarter in 2018. Net income declined 10.5 percent to $204 million.
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Steel Dynamics, Fort Wayne, Ind., has made a move downstream with the acquisition of 75 percent of the equity interest in United Steel Supply, Austin, Texas. United Steel Supply is a distributor of painted Galvalume flat-roll steel for roofing and siding applications.
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While the market should remain strong for galvanized steel, 2019 is not likely to be as profitable for producers.
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The market for special bar quality metal rebounded last year after underperforming the previous two years. Strong end markets and favorable market conditions carried those gains into 2018, and producers and distributors of SBQ products don’t see the bar lowering anytime soon.
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Steel Dynamics, Fort Wayne, Ind., had created and filled two new leadership positions, and made two other leadership changes.
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Steel Dynamics will build a new 3-million ton capacity flat-roll steel mill in the Southwestern United States. The board of directors for the Fort Wayne, Ind.-based company authorized the move this week.
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Steel Dynamics Inc. reported net income of $398 million, compared with net income of $153 million in the prior-year quarter.
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Liberty Steel Products Holdings, North Jackson, Ohio, has acquired a majority interest in Mississippi Steel Processing, LLC. MSP is a toll processor located on the campus of Steel Dynamics’ Columbus, Miss., flat-roll mill.
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Peter Marcus of World Steel Dynamics projected domestic price for hot-rolled coil will decline precipitously this fall at June’s Steel Success Strategies Meeting in New York.
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Steel Dynamics President and CEO Mark Millett confirmed reports the producer is pursuing an acquisition of the idled Kentucky Electric Steel during SDI’s quarterly conference call. Millett said he would describe the deal as in the “planned acquisition” stage, though that the completion of the transaction was looking favorable.
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World Steel Dynamics is projecting a significant decline in the hot-rolled coil price over the course of the third quarter. Peter Marcus, managing partner of the firm, told attendees at last week’s Steel Success Strategies meeting the price of HRC could fall to about $750 per ton by October, compared with the $980 figure where it was sitting at June’s end.
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