Steel Dynamics made a profit in the third quarter

Steel Dynamics Inc. said this week its profits improved in the third quarter as demand for steel remained strong and prices rose.

Indiana-based steelmaker and metal recycler Fort Wayne said net income rose to $991 million from $100.1 million a year earlier. Net income per share increased from 47 cents to $4.85, and adjusted net income per share reached $4.96. The company posted record net sales of $5.1 billion, down from $2.3 billion in the third quarter of last year.

Chief Executive Officer Mark D. Millett said the company's operating income from its steel operations reached $1.4 billion and the earnings of its metal recycling operation remained strong at $47 million despite the decline in ferrous scrap prices in August and September. He said the company expects ferrous scrap price indices to increase slightly in the last months of this year after falling in October.

Steel Dynamics said current market conditions should support strong domestic demand for steel for the remainder of this year and next. The company said new orders continue to be strong in the company's business amid moderate but still low customer inventories.

Steel Dynamics said the company could deliver another record performance in the fourth quarter as steel demand remains strong in the automotive, industrial, construction and industrial end markets.