Steel Dynamics, Inc. (NASDAQ: STLD), a company engaged in steel production and metal recycling in North America, reported lower earnings and net sales for the second quarter of 2023.
- Total steel shipments edged up to 3.2 million tons in the June quarter from 3.1 billion in the same period of last year
- At $5.08 billion, net sales were lower than the $6.21 billion sales recorded in the prior-year period
- The company reported strong cash flow from operations of $808 million for the quarter
- Steel Dynamics repurchased $380 million of its stock in Q2, representing 2.2% of its outstanding shares
- Net income attributable to shareholders was $812.1 million vs. $1.21 billion in the year-ago period
- On a per-share basis, earnings decreased to $4.81 in the latest quarter from $6.44 in Q2 2022