The Journal Gazette
Tuesday, July 20, 2021 1:00 am


SDI earnings set quarterly record

Staff, news services

Steel Dynamics Inc. on Monday reported record second-quarter earnings of $702 million, or $3.32 per diluted common share, almost 10 times the $75 million, or 36 cents a share, reported for the same three months of last year.

The Fort Wayne steelmaker also reported net sales of almost $4.47 billion, which was more than twice the $2.09 billion posted for the period ended June 30, 2020. Last year's results were affected by the COVID-19 pandemic and resulting factory shutdowns.

Mark Millet, chairman and CEO, credited employee dedication for the company setting numerous operating and financial records during the quarter. Also, he said in a statement, steel demand was robust.

“Domestic steel consumption was strong from the automotive, construction and industrial sectors, while the energy sector continued to show signs of rebounding,” he said.

Online broker to go public

Robinhood, the online brokerage that found itself embroiled in this year's meme stock phenomenon, will go public seeking a market valuation of up to $35 billion.

The company said in a regulatory filing on Monday that it hopes to price 55 million shares in its initial public offering in a range of $38 to $42 per share. It could raise nearly $2.3 billion if shares are sold at the high end of the range.

The California company will list on the Nasdaq under the “HOOD” ticker symbol.

Ghosn US helpers sentenced

A Tokyo court handed down prison terms for the American father and son accused of helping Nissan's former chairman, Carlos Ghosn, escape to Lebanon while awaiting trial in Japan. Michael Taylor was sentenced Monday to two years in prison, while his son Peter was sentenced to 20 months.

They were charged with helping a criminal in the December 2019 escape of Ghosn, who hid in a big box that was flown on a private jet via Turkey to Lebanon.

The maximum penalty in Japan for helping a criminal is three years in prison.

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