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Press Release October 18 , 2021 Steel Dynamics Reports Record Third Quarter 2021 Results FORT WAYNE , INDIANA , October 18 , 2021 / PRNewswire / Third Quarter 2021 Highlights : § Record steel fabrication shipments of 211,000 tons § Record net sales of $ 5.1 billion § Record operating income of $ 1.3 billion and record net income of $ 991 million § Record steel and steel fabrication operating income of $ 1.4 billion and $ 89 million , respectively . § Record cash flow from operations of $ 631 million and record adjusted EBITDA of $ 1.4 billion § Share repurchases of $ 338 million of the company's common stock , representing 3 percent of its outstanding shares SDI Exhibit 99.1 Steel Dynamics , Inc : 7575 W. Jefferson Blvd. Fort Wayne , IN 46804 Steel Dynamics , Inc. ( NASDAQ / GS : STLD ) today announced third quarter 2021 financial results . The company reported record third quarter 2021 net sales of $ 5.1 billion and net income of $ 991 million , or $ 4.85 per diluted share . Excluding the impact from the following item , the company's third quarter 2021 adjusted net income was $ 1.0 billion , or $ 4.96 per diluted share : § Costs of approximately $ 30 million , or $ 0.11 per diluted share ( net of capitalized interest ) , associated with construction of the company's Sinton Texas Flat Roll Steel Mill growth investment . Comparatively , prior year third quarter net sales were $ 2.3 billion , with net income of $ 100 million , or $ 0.47 per diluted share , and adjusted earnings were $ 0.51 per diluted share , excluding the impact of the costs associated with the construction of the company's Texas steel mill of $ 0.04 per diluted share . The company's sequential second quarter 2021 earnings were $ 3.32 per diluted share , and adjusted earnings were $ 3.40 per diluted share , also excluding the impact of construction costs related to the Texas steel mill of $ 0.08 per diluted share . " The team continued to perform extraordinarily well , achieving record quarterly financial results , including record sales , operating income , cash flow from operations , and adjusted EBITDA , ” said Mark D. Millett , Chairman and Chief Executive Officer . " Our third quarter 2021 operating income increased 38 percent sequentially to $ 1.3 billion , while adjusted EBITDA increased 36 percent to $ 1.4 billion . This is truly an incredible achievement and a testament to the passion and commitment of our team . We generated record quarterly cash flow from operations of $ 631 million and maintained strong liquidity , while supporting our working capital needs , growing our business through organic growth investments , and returning capital to our shareholders . " During the third quarter , steel demand remained strong as product pricing continued its positive trajectory across our entire steel platform . Higher realized steel selling values drove significant metal spread expansion and were again most prominent within our flat roll steel operations , as continued demand strength and low customer inventories persisted throughout the supply chain and supported prices . Domestic steel consumption was strong from the automotive , construction , and industrial sectors , while the energy sector continued to show signs of recovery . " Our segment operating results continue to be outstanding , ” continued Millett . " Third quarter operating income from our steel operations was a record $ 1.4 billion , and our metals recycling operations sustained strong earnings , even as scrap prices declined in August and September . Our steel fabrication operations achieved record operating income over three times sequential second quarter results and once again achieved record quarterly shipments . Our steel fabrication backlog continues grow , remaining at record volumes and forward - pricing . ” Third Quarter 2021 Comments Third quarter 2021 operating income for the company's steel operations was a record $ 1.4 billion , or 33 percent higher than sequential second quarter results , due to significant metal spread expansion . Record flat roll and strong long product steel realized selling values , more than offset higher scrap input costs . The third quarter 2021 average external product selling price for the company's steel operations increased $ 258 sequentially to $ 1,550 per ton . The average ferrous scrap cost per ton melted at the company's steel mills increased $ 50 sequentially to $ 489 per ton .