Steel Dynamics (NASDAQ: STLD) reported Q2 EPS of $0.58, $0.02 better than the analyst estimate of $0.56. Revenue for the quarter came in at $2.02 billion versus the consensus estimate of $2.04 billion.

"During the second quarter 2016, continued positive momentum in the flat roll steel supply environment resulted in significantly improved sequential consolidated operating earnings, which increased over 94 percent to $256 million, " said Mark D. Millett, President and Chief Executive Officer. "Year-over-year first half flat roll steel import levels have declined approximately 25 percent and customer inventory levels are balanced with current demand requirements, supporting higher domestic flat roll steel mill utilization. The domestic steel demand outlook is relatively unchanged and steady, with the heavy equipment, agricultural and energy markets remaining weak, while automotive and construction continues to be strong.

"We also saw improved volumes and profitability in our metals recycling platform for the second quarter 2016," continued Millett. "Ferrous scrap demand improved, resulting in both higher volumes and expanded metal spread through price increases. Earnings from our fabrication operations declined in the quarter, due to increased steel costs and lower selling values. However, we continue to experience steady demand from the non-residential construction sector. Our cash generation continues to be strong, resulting in record liquidity of over $2.2 billion at the end of June 2016, providing a firm foundation for growth."

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