Our overall performance was commendable in what remains a challenging environment. In the second quarter, we achieved stable sequential financial results from our steel and fabrication operations, although earnings in our metals recycling operations deteriorated as margins and volume compressed.We reported net income of $44 million or $0.20 per diluted share on net sales of $1.9 billion for the second quarter of 2012. This matches the $0.20 reported in the first quarter this year, but is substantially lower than last year's second quarter results of $0.43 a share. It should be pointed out, I think, that the first half of 2011 was a time frame in which historically high margins and flat growth were achieved. This past quarter, the combination of increased domestic flat roll capacity and increased imports have stripped the demand of a slow U.S. economy that did not allow for that level of margin to be repeated.
Steel Dynamics Management Discusses Q2 2012 Results - Earnings Call Transcript
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