Steel Dynamics in 2022 received a revenue of $3.9 billion

The American steel producer Steel Dynamics announced the company’s financial results for 2022. This is reported by SteelOrbis.

The company’s annual net revenue in 2022 was a record $3.9 billion, compared to $3.2 billion in 2021. Net sales totaled $22.3 billion, compared with $18.4 billion in the prior year.

Annual net sales in 2022 increased by 21% y/y and operating profit – by 18%, to a record $5.1 billion compared to the previous year. The higher indicators were due to record prices for products and volumes of steel production of the company.

In 2022, the steel production of Steel Dynamics reached a record level of annual shipments of 12.2 million tons and the second largest annual operating profit of $3.1 billion. The steel structures sector shipped 856 thousand tons of products for the year, the operating profit was $2.4 billion.

Last year, compared to 2021, the average annual cost of steel products more than doubled to $4,976 per ton.

“Domestic demand for steel was stable throughout the year, mainly driven by the construction, automotive, industrial and energy sectors. For most of the year, customer steel inventories remained below historical averages, which allowed us to maintain a stable order structure,” said Mark D. Millett, the company’s chairman.

Steel Dynamics also reported $439 million in costs related to the construction and start-up of a steel plant in Sinton, Texas.

As GMK Center reported earlier, US steel enterprises in 2022 reduced imports of steel by 2% compared to 2021 – to 31.46 million tons. This is evidenced by the data of the American Iron and Steel Institute (AISI). The volume of finished products in the total volume of steel imports in the United States last year was 22.76 million tons. This is 10.9% more compared to the previous year.