Steel Dynamics Inc. on Monday reported second-quarter net income of $44 million, or 20 cents per share, less than half of the $99 million, or 43 cents per share, in the same three months a year ago.
Net sales for the second quarter were $1.9 billion against $2.1 billion in the same three months last year, the Fort Wayne company said in a statement issued after financial markets closed.
Mark Millett, chief executive officer of SDI, said in a statement overall steel demand remained steady in the second quarter with volume increasing about 5 percent.
The company saw stability in demand from the automotive, energy, construction equipment and agricultural sectors. But Millett said decreases in flat-roll pricing related to both increased supply-side imports and increased domestic capacity resulted in somewhat decreased margins.
Government selling stakes in 12 banks
The government is selling its stakes in 12 small U.S. banks bailed out during the 2008 financial crisis.
The Treasury Department said the auctions of preferred stock started Monday and would continue through Thursday.
The government lent $415 billion to financial institutions and automakers under the Troubled Asset Relief Program, or TARP. Roughly $245 billion went to 707 small banks. The 12 banks received a total $324 million.
The government has received about $344 billion so far from bailed-out institutions. It still owns stakes in 325 banks.
DreamWorks buys Classic Media
Shrek movie studio DreamWorks Animation SKG Inc. said Monday that it is buying Classic Media, custodian of a library of movies and TV series that includes Casper the Friendly Ghost, Lassie, Rocky & Bullwinkle, and The Lone Ranger.
DreamWorks Animation is paying $155 million in cash to Classic Medias owner, Boomerang Media Holdings. Boomerang was formed by private-equity firm GTCR and Eric Ellenbogen and John Engelman, who founded Classic Media in 2000.
Classic Media has about 80 employees and is based in New York.
It had an operating profit of $19.2 million on $82.2 million in revenue in the year that ended Feb. 29.
Ex-Yahoo CEO lands post at ShopRunner
Recently ousted Yahoo CEO Scott Thompson has landed a new job leading ShopRunner, an online service that provides two-day shipping from a variety of Internet retailers.
Mondays announcement of Thompsons appointment as ShopRunners new CEO comes two months after his short-lived tenure at Yahoo Inc. came to a mortifying end.
Yahoo shoved aside Thompson, 54, after a dissident shareholder uncovered misinformation in his official biography filed with the Securities and Exchange Commission.
The bio listed a bachelors degree in computer science that he never received.