Steel Dynamics reports massive profit jump

(Photo Supplied / Steel Dynamics)

Things are going well for one Fort Wayne company, who saw its income more than double from 2016.

Steel Dynamics Inc. is reporting a full-year net income of $806-million from 2017, up from $360 million in 2016. CEO Mark Millett tells Inside Indiana Business that’s thanks to record steel and fabrication shipments.

Net sales for the year also jumped almost $2-billion, and the company is “confident” that market conditions will help benefit steel consumption for this year.

If that wasn’t enough, the company’s reporting a fourth quarter net income of $305-million… compared to just $3.8-million for the same time period in 2016.