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Dive Brief:
Steel Dynamics, one of the largest producers of low-carbon, recycled steel, continued to benefit from strong demand and surging steel prices during the second quarter. It also navigated losses from its aluminum operations.
The Fort Wayne, Indiana-based company reported record-high steel shipments of 3.7 million tons in the quarter, driven by steady demand from the energy, construction, automotive, industrial and agriculture sectors. Net sales increased 33% to $6.1 billion compared to last year.
Quarterly net income nearly doubled to $534.1 million over last year. This was bolstered by higher steel selling prices, which increased $105 per ton from the first quarter. At the same time, the aluminum segment saw a $33 million loss related to operational startup costs.
