Steel Dynamics, Inc. reported a consolidated net sales figure of $17.5 billion for the fiscal year ending December 31, 2024, a decrease from $18.8 billion in 2023. The company's operating income also fell significantly, dropping 38% to $1.9 billion compared to $3.2 billion in the previous year. Net income attributable to Steel Dynamics decreased by 37% to $1.5 billion, resulting in diluted earnings per share of $9.84, down from $14.64 in 2023. The decline in profitability was attributed to metal spread compression in the steel and steel fabrication segments, which was exacerbated by a challenging pricing environment and increased competition from imports.
In terms of operational performance, Steel Dynamics achieved steel shipments of 12.7 million tons in 2024, slightly below the record 12.8 million tons shipped in 2023. The company noted stable underlying domestic steel demand, particularly from the construction, automotive, and industrial sectors. However, average selling prices for steel products decreased by 4% year-over-year, contributing to the overall decline in revenue. The metals recycling operations segment maintained consistent volumes, while the steel fabrication operations benefited from a strong non-residential construction market, achieving historically high volumes and average selling prices.
Strategically, Steel Dynamics is advancing its growth initiatives, including the construction of a new lower-carbon recycled aluminum flat rolled products mill in Columbus, Mississippi, which is expected to begin operations in mid to late 2025. This facility will have an annual production capacity of 650,000 metric tons and aims to serve various markets, including automotive and sustainable beverage packaging. The company is also investing in its existing steel operations, with capital expenditures totaling $1.9 billion in 2024, primarily focused on aluminum and steel operations.
The company’s workforce comprised approximately 13,000 full-time employees as of December 31, 2024, reflecting a commitment to maintaining a skilled labor force amid ongoing operational expansions. Steel Dynamics continues to prioritize safety, with a focus on achieving zero injuries in the workplace. The company’s employee retention rate was approximately 79% in 2024, indicating a stable workforce environment.
Looking ahead, Steel Dynamics anticipates continued challenges in the steel market due to global overcapacity and fluctuating scrap prices. The company remains focused on executing its growth strategy while navigating these market conditions. Management expressed optimism about the long-term prospects of the aluminum operations and the potential for improved profitability as new facilities come online and operational efficiencies are realized.
About STEEL DYNAMICS INC
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