Businessweek

Steel Dynamics Inc. announced two senior level management appointments. Robert (Rob) A. Simon has been appointed to the position of Vice President and General Manager of the company's Structural and Rail Division. The position became vacant following John Nolan's assumption of the newly created position as Vice President -- Product Development. Most recently, Rob was Executive Vice President of Evraz Tubular Product Group. He will report directly to Steel Dynamics' Executive Vice President for Steelmaking, Dick Teets. Chris Graham, General Manager of New Millennium Building Systems (NMBS), has been promoted to the position of Vice President of Steel Dynamics, and President of New Millennium Building Systems. In this capacity, he will have complete responsibility for NMBS' six plants located throughout the United States and Mexico. He currently serves as President of the Steel Joist Institute. He will report directly to Mark Millett, President and Chief Executive Officer of Steel Dynamics, following the departure of Gary Heasley, Steel Dynamics' Executive Vice President and President of New Millennium Building Systems, who has left the company to pursue other opportunities.

Steel Dynamics Inc. reported unaudited consolidated earnings and production results for the first quarter ended March 31, 2013. For the quarter, the company reported net sales of $1,795,696,000 against $1,982,040,000 for the same period last year. Operating income was $96,232,000 against $119,816,000 for the same period last year. Operating income increased slightly when compared to the fourth quarter of last year, but declined 20% from prior year’s first quarter, primarily due to reduced steel metal spreads, as steel product pricing decreased more than scrap raw material costs. Income before income taxes was $62,649,000 against $68,456,000 for the same period last year. Net income was $41.25 million compared to $41.78 million a year ago. Net income attributable to company was $48,215,000 or $0.21 per diluted share, on net sales against $45,675,000 or $0.20 per diluted share, on net sales for the same period last year. Net cash provided by operating activities was $29,710,000 against $21,421,000 for the same period last year. Purchase of property, plant and equipment was $45,346,000 against $45,555,000 for the same period last year. For the quarter, the company reported production, excluding the techs of 1,407,508 tons compared to 1,351,818 tons a year ago. The company currently expect 2013 interest expense to decrease more than $45 million when compared to the full year of 2011. Current estimates for 2013 capital investments remain in the range of $200 million to $225 million for the full year.

Steel Dynamics Inc. announced that it has repaid all of its remaining outstanding 6.75% Senior Notes due 2015 at a price of 100% of the principal amount of about $198.31 million, together with accrued interest to April 9, 2013.

Steel Dynamics Inc., Q1 2013 Earnings Call, Apr 18, 2013

Steel Dynamics Inc. announced that they will report Q1, 2013 results at 5:00 PM, Eastern Standard Time on Apr 17, 2013