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Steel Dynamics posts upbeat quarterly results

Steel Dynamics posts upbeat quarterly results

Steel Dynamics beat Wall Street expectations for revenue and profit in the first quarter, thanks to higher steel shipments.

Steel shipments were a record 3.5 million tonnes, and earnings from the company's metals recycling operations and steel fabrication operations also increased.

Mark Millett, CEO of the Steel and Steel Fabrication operations at the company, said that the underlying steel demand had improved during the first quarter. Customer orders were up and backlogs grew throughout the quarter.

The Trump administration's tariffs have seen imports decline from recent highs.

Fort Wayne, Indiana based company reported net income of $1.44 per shares for the quarter ending March 31. This is down from $584m, or $3.67 a share, one year ago.

LSEG data shows that they were ahead of analyst estimates of $1.38 a share.

Revenue dropped to $4.37 Billion from $4.20 Billion a year earlier, but was still higher than analysts' expectations of $4.20 Billion.

The company's shares were up by 2% after the market closed. Reporting by Aatreyee dasgupta in Bengaluru and Abhinav parmar; editing by Shailesh kuber

(source: Reuters)