Steel Dynamics Posts 60% Gain In Q3 Net

third-quarter net income grew nearly 60 percent on strong demand from end markets. The Fort Wayne, Indiana, steel company didn't offer an outlook but said it's "optimistic" that continued gains for the U.S. economy will help demand "despite broader global concerns." In the recent quarter, operating income from steel operations increased 28 percent to $202 million on strong demand from the automotive, manufacturing and energy sectors. Recycling operations operating income fell to $13 million from $18 million in the second quarter on lower margins, which more than offset increased shipments. Total net income grew to $91 million, or $0.38 a share, from $57 million, or $0.25 a share last year. Sales grew to $2.3 billion from $1.9 billion a year earlier. Excluding charges related to the September acquisition of Severstal Columbus, earnings were $0.47 a share. Analysts expected $0.43 a share on sales of $2.14 billion. In after-hours trading, Steel Dynamics was unchanged recently at $21.10 a share.