Steel Dynamics Inc. on Wednesday reported first-quarter earnings of $46 million, or 20 cents per diluted share, on net sales of $2 billion. That represents a 57 percent drop from 2011’s first-quarter earnings of $106 million, or 46 cents a share, on net sales of $2 billion.
The Fort Wayne-based steelmaker and metals recycler refinanced debt in January, resulting in $14 million in financing costs, which was partially offset by $3 million in interest savings. Profits were also decreased by a $15-per-ton drop in the selling price of steel.
Mark Millett, president and CEO, noted that the company’s quarterly earnings were a 53 percent increase from last year’s fourth quarter, the three months that immediately preceded the reporting period.
The announcement was made after markets closed.