Steel Dynamics is the second major steel producer to more than double second-quarter profit as demand for metals produced in the U.S. increases after President Trump’s tariffs on imports.
“We saw improved demand and product pricing across the entire steel platform, resulting in record quarterly steel shipments and significant margin expansion,” the company said in a statement.
Tariffs are the greatest! Either a country which has treated the United States unfairly on Trade negotiates a fair deal, or it gets hit with Tariffs. It’s as simple as that – and everybody’s talking! Remember, we are the “piggy bank” that’s being robbed. All will be Great!
— Donald J. Trump (@realDonaldTrump) July 24, 2018
The Fort Wayne, Ind.-based firm reported earnings of $1.53 per share, beating analysts’ expectations of $1.49, and rising from 63 cents the previous year. Net income of $362 million compared with $154 million during the same period in 2017.