WASHINGTON (dpa-AFX) - Steel Dynamics, Inc. (STLD) reported second quarter net income to company of $32 million, or $0.13 per share, compared to $72 million, or $0.31 per share, prior year. Adjusted net income was $53 million, or $0.22 per share, for the quarter.
On average, 16 analysts polled by Thomson Reuters expected the company to report profit per share of $0.22 for the quarter. Analysts' estimates typically exclude special items.
Net sales were $2.0 billion compared to $2.1 billion, last year. Analysts expected revenue of $1.98 billion for the quarter.
'The second quarter 2015 market environment remained extremely challenging for our steel and metals recycling operations. The ongoing flood of steel imports continued to pressure steel product pricing to a greater degree than the benefit realized from lower scrap costs, compressing second quarter steel margins,' said Mark Millett, CEO.
Based on an expected reduction in steel import volume and sustained lower scrap costs, Steel Dynamics anticipates improved financial results in the second half of 2015.
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