Steel Dynamics still bullish on steel as shipments hit quarterly record high

|About: Steel Dynamics, Inc. (STLD)|By:, SA News Editor

Steel Dynamics (STLD +1.9%) says it remains bullish on domestic steel consumption going into 2019 after Q3 steel shipments jumped to a record level on increases across flat and long products.

STLD says it shipped 2.5M tons of steel to external customers in Q3, up from 2.3M tons in the year-ago quarter, as flat-roll shipments rose 1.9M tons from 1.7M on higher output related to the company's acquisition of its Indiana-based Heartland cold mill, and long product shipments jumped 24% to nearly 900K tons on stronger volumes across its long product mills amid reduced import levels following U.S. tariffs on foreign steel that took effect in March.

Q3 average selling prices across STLD's steel products rose by $210/ton to $988/ton from a year earlier, while the average ferrous input cost increased by just $47/ton by comparison to $352/ton melted.

STLD closed +1.9% in today's trade, while most steel names posted sharp declines.

Subscribe for full text news in your inbox