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Business

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SDI reports first-quarter earnings

Steel Dynamics Inc. Wednesday reported first-quarter earnings of $38.6 million, or 17 cents per diluted share, a 20 percent decline from the $48.2 million, or 21 cents a share, posted for the same three months of 2013.

Net sales were flat at $1.8 billion for both periods.

CEO Mark Millett said SDI’s Midwest steel operations were hit particularly hard by unusually severe winter weather in the quarter ended March 31. Financial results reflected “increased energy costs, reduced production, diminished availability of transportation and lower shipments,” he said in a statement.

The Fort Wayne-based steelmaker achieved two firsts during the quarter: The first shipments of premium rail and smaller-diameter engineered steel bars.

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