Mark Millett, chief executive officer of the electric arc furnace (EAF), said increased consumption will help increase demand for lower carbon steel produced in the US and less imports will help support steel pricing in the region. Millett added that pricing has not changed and SDI's order efficiency and backlogs remain intact.
Production continues to increase at SDI's 3 million short tons/year flat rolled steel mill in Sinton, Texas, which has faced numerous delays in its start-up. The company estimates that SDI will be operating at a capacity of 80pc or 2.4m short tons/year in 2023, echoing the planned operating level for the plant announced by Millett in October.
SDI's flat-rolled shipments increased to 1.76 million short tons in the fourth quarter, up 24 percent from a year earlier, while steel processing shipments were flat at 404,000 tons. Structural and railway division shipments decreased by 11 percent to 408,000 short tons, while specially produced rod shipments increased by 3.3 percent to 206,000 short tons.
Fourth-quarter steel mill production increased by 12pc to 2.68m units.
The average foreign selling price decreased 32 percent to $1,124/short ton in the fourth quarter as finished steel prices decreased, with higher-priced raw materials hitting steel margins. In 2022, the average foreign selling price increased by 1.3 to $ 1,399/short ton.
Flat rolled shipments increased by 15pc to 6.77 million short tons in 2022 compared to 2021, while steel processing shipments increased by 1.2pc to 1.67 million short tons.
SDI posted a profit of $634.9 million in the fourth quarter, down 42 percent from a year earlier. The total annual profit was $ 3.86 billion, up 20 percent compared to 2021.
Fourth-quarter steel mill production increased by 12pc to 2.68m units.
The average foreign selling price decreased 32 percent to $1,124/short ton in the fourth quarter as finished steel prices decreased, with higher-priced raw materials hitting steel margins. In 2022, the average foreign selling price increased by 1.3 to $ 1,399/short ton.
Flat rolled shipments increased by 15pc to 6.77 million short tons in 2022 compared to 2021, while steel processing shipments increased by 1.2pc to 1.67 million short tons.
SDI posted a profit of $634.9 million in the fourth quarter, down 42 percent from a year earlier. The total annual profit was $ 3.86 billion, up 20 percent compared to 2021.
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