Steel Dynamics, the company that is behind bringing much needed jobs to the area announced on Wednesday the company’s fourth quarter and annual 2019 financial results–and the results look promising. Steel Dynamics said that the company brought in net sales of $2.4 billion and net income of $121 million during the fourth quarter of 2019. That is down from net income of $270 million just one year ago at that same time.
While that number is down from the previous year, industry forecasters say that the lower numbers are nothing to be concerned with. The lower numbers are a result of planned outages for maintenance.
“The team delivered a strong 2019 operational and financial performance in a challenging steel pricing environment, achieving our third-best annual earnings performance and numerous operational records, including record annual steel and fabrication shipments,” said Mark D. Millett, President and Chief Executive Officer.
Overall, the company saw an annual 2019 net income $671 million representing the company’s third-best annual performance.
“Based on domestic steel demand fundamentals, we are constructive regarding North American steel market dynamics,” said Millett. “We believe North American steel consumption will experience modest growth and will be supported by further steel import reductions and the end of steel inventory destocking. We believe recent and possible trade actions could have a positive impact in further reducing unfairly traded steel imports into the United States, including coated flat roll steel, which could have a significant positive impact for Steel Dynamics, as we are the largest non-automotive flat roll steel coater in the United States.”