Steel Dynamics, Inc. announced its financial results for the fourth quarter and full year of 2024, reporting Q4 net sales of USD 3.9 bln and net income of USD 207 mln. This marks a decline from Q3 2024 net income of USD 318 mln and Q4 2023 net income of USD 424 mln.
“Domestic steel demand remained stable throughout 2024, supported by the construction, automotive, industrial, and energy sectors,” said Mark D. Millett, Co-founder, Chairman, and CEO. However, a significant rise in steel imports, particularly coated flat-rolled products, disrupted the supply-demand balance and put pressure on flat-rolled steel prices.
Looking ahead, Millett expressed optimism for 2025, citing anticipated declines in unfairly traded steel imports due to a CORE trade case filed in late 2024. Combined with steady or increasing North American steel demand, these factors create a positive outlook for the year. “We’ve seen strong order activity and stabilized prices in early 2025, with continued positive customer sentiment,” he added.
Despite challenges in 2024, Steel Dynamics achieved near-record annual shipments of 12.7 mln tons and strong operating income of USD 1.6 bln. Steel Dynamics is one of the largest steel producers and metals recyclers in North America, with operations across the U.S. and Mexico. Its diverse product portfolio includes hot-rolled, cold-rolled, and coated sheet steel, structural beams, rail, specialty steels, and scrap processing.
