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FORT WAYNE â€“ Steel Dynamics Inc. nearly doubled its profits during the past year.
On Tuesday, Steel Dynamics reported 2011 annual earnings of $278 million, or $1.22 per diluted share, on sales of $8.0 billion. The profit is a 98 percent increase over the $141 million, or 64 cents a share, reported on sales of $6.3 billion the prior year.
The Fort Wayne-based steel maker with its processing facility in Whitley County released its performance numbers after markets closed.
Steel Dynamics also reported strong fourth-quarter earnings of $30 million, or 14 cents per diluted share, on sales of $1.9 billion. The results more than triple 2010â€™s fourth-quarter profit of $8 million, or 4 cents a share, on sales of $1.5 billion.
Mark Millett, president and CEO, said in a written statement that company officials are pleased with the results, which marked several milestones, including record annual steel product and shipping volumes, a doubling of the companyâ€™s market share of railroad rail business, and record annual recycled metals shipping volumes,