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December 02, 2008


SDI Q2 net sales up by 164% YoY

Steel Dynamics, Inc announced Q2 2008 net income of USD 210 million up by 48% QoQ from USD 143 million from Q1 of 2008. Net sales for the Q2 increased by 26% QoQ to USD 2.4 billion as compared to Q1 of 2008 compared to the second quarter of 2007, net sales increased by 164% YoY from USD 911 million to USD 2.4 billion and net income increased by 124% from USD 94 million to USD 210 million.

For the first half of 2008, both net sales of USD 4.3 billion and net income of USD 353 million nearly matched full year 2007 sales and net income of USD 4.4 billion and USD 395 million. First half 2008 results benefited from the acquisitions of The Techs, OmniSource Corporation and Recycle South.

Steel Dynamics said that earnings from steel operations continued to improve as a result of strong shipments and higher selling values. Second quarter net steel shipments of 1.5 million tons were slightly stronger than the first quarter and, excluding The Techs, were 10% higher than second quarter 2007. The Flat Roll Division showed the largest increase, up 22 percent from second quarter 2007 and up 3% from the first quarter of 2008.

It added that the steel scrap and scrap substitutes segment also provided a strong margin contribution. Demand for recycled ferrous scrap has remained strong, both from Steel Dynamics mills and from other mini mills, integrated steel mills, and foundries. Compared to the first quarter of 2008, second quarter ferrous shipments of 1.5 million net tons were up 8% and non ferrous shipments of 254 million pounds were up 6%.

Mr Keith Buss chairman & CEO of Steel Dyanamic said that "SDI's second quarter results of USD 1.05 per diluted share exceeded our June 12 earnings guidance of USD 0.90 to USD 0.95 due to the stronger than anticipated performance by both our steel and metals recycling operations. Steel Dynamics made a USD 15 million contribution to the Steel Dynamics Foundation Inc. This contribution reduced second quarter earnings per diluted share by approximately USD 0.04. The foundation will support local communities served by the company.”