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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (date of earliest event reported) January 23, 2024

 

STEEL DYNAMICS, INC.

(Exact name of registrant as specified in its charter)

 

Indiana   0-21719   35-1929476
(State or other jurisdiction
of incorporation)
  (Commission File Number)   (IRS Employer
Identification No.)

 

7575 West Jefferson Blvd, Fort WayneIndiana 46804

(Address of principal executive offices) (Zip Code)

 

Registrant’s telephone number, including area code:  260-969-3500

 

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Trading Symbol Name of each exchange on which registered
Common Stock voting, $0.0025 par value STLD NASDAQ Global Select Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

 

Item 2.02. Results of Operations and Financial Condition

 

On January 23, 2024, Steel Dynamics, Inc. issued a press release titled “Steel Dynamics Reports Fourth Quarter and Annual 2023 Results.”  A copy of that press release is attached hereto as Exhibit 99.1.

 

The information contained in Exhibit 99.1 is furnished under this Item 2.02 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or incorporated by reference in any filing thereunder or under the Securities Act of 1933, as amended, except as may be expressly set forth by specific reference in any such filing.

 

Item 9.01. Financial Statements and Exhibits

 

(d )          Exhibits.

 

The following exhibit is furnished with this report:

 

Exhibit Number                     Description

 

99.1A press release dated January 23, 2024, titled “Steel Dynamics Reports Fourth Quarter and Annual 2023 Results.”

 

104Cover Page Interactive Data File – the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereto duly authorized.

 

  STEEL DYNAMICS, INC.
   
  /s/ Theresa E. Wagler
Date: January 24, 2024 By: Theresa E. Wagler
  Title: Executive Vice President and
  Chief Financial Officer

 

 

 

 

Exhibit 99.1

 

Press Release
January 23, 2024
 

7575 W. Jefferson Blvd.

Fort Wayne, IN 46804

 

 

Steel Dynamics Reports Fourth Quarter and Annual 2023 Results

 

FORT WAYNE, INDIANA, January 23, 2024 / PRNewswire /

 

Annual 2023 Performance Highlights:

 

§Record steel shipments of 12.8 million tons
§Net sales of $18.8 billion, operating income of $3.2 billion, and net income of $2.5 billion
§Adjusted EBITDA of $3.7 billion and strong cash flow from operations of $3.5 billion
§Strong liquidity of $3.5 billion as of December 31, 2023
§Share repurchases of $1.5 billion of the company’s common stock, representing 8 percent of its outstanding shares
§Strong after-tax return-on-invested-capital of 32 percent for the three-year period ended December 31, 2023

 

Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced fourth quarter and annual 2023 financial results. The company reported fourth quarter 2023 net sales of $4.2 billion and net income of $424 million, or $2.61 per diluted share. Comparatively, the company’s sequential third quarter 2023 net income was $577 million, or $3.47 per diluted share, and prior year fourth quarter net income was $635 million, or $3.61 per diluted share.

 

“The teams executed well and delivered a solid operational and financial performance across our operating platforms during 2023, resulting in our second highest annual net sales of $18.8 billion, as well as, annual operating income of $3.2 billion, and adjusted EBITDA of $3.7 billion,” said Mark D. Millett, Chairman and Chief Executive Officer. “The strength of our cash generation was once again demonstrated with annual cash flow from operations of $3.5 billion. We maintained strong liquidity of $3.5 billion, while at the same time meaningfully growing our business through significant organic growth investments, coupled with strong shareholder distributions through a positive dividend growth profile and meaningful share repurchases. We have a firm foundation for our continued long-term growth and ongoing value creation strategy.

 

“Underlying domestic steel demand was firm throughout 2023 supported by the construction, automotive, industrial, and energy sectors,” continued Millett. “Customer steel inventories also remained below historical averages, in combination resulting in generally steady order patterns. Our steel operations achieved record 2023 annual shipments of 12.8 million tons and historically strong operating income of $1.9 billion. Our steel fabrication business achieved its second highest annual earnings with operating income of $1.6 billion. Despite a challenging pricing environment throughout much of the year, our metals recycling teams meaningfully increased volume and achieved operating income of $108 million. The strength of our diversified, value-added circular manufacturing model was certainly evidenced in 2023.”

 

Fourth Quarter 2023 Comments

 

Fourth quarter 2023 operating income for the company’s steel operations was $365 million, representing a 24 percent sequential decline, based on seasonally lower long product steel shipments and flat rolled steel metal spread compression, as average realized flat rolled steel selling values declined more than scrap costs. The fourth quarter 2023 average external product selling price for the company’s steel operations decreased $101 per ton sequentially to $1,090 per ton. The average ferrous scrap cost per ton melted at the company’s steel mills decreased $12 per ton sequentially to $393 per ton.

 

Fourth quarter 2023 operating income from the company’s metals recycling operations decreased to $6 million, due to seasonally lower shipments and lower nonferrous scrap realized selling values.

 

 

The company’s steel fabrication operations achieved historically strong operating income of $250 million in the fourth quarter 2023, but below sequential third quarter results, based on lower shipments and metal spread compression, as realized selling values declined more than steel substrate costs. Monthly order activity improved in the fourth quarter 2023, resulting in a well-priced order backlog that extends through the first half of 2024. The company believes that the continued onshoring of manufacturing, coupled with the robust U.S. infrastructure and Inflation Reduction Act programs which will drive industrial construction activity, provide an environment for strong steel joist and deck demand, as well as flat rolled and long product steel demand.

 

Annual 2023 Comparison

 

Annual 2023 net income was $2.5 billion, or $14.64 per diluted share, with net sales of $18.8 billion, as compared to net income of $3.9 billion, or $20.92 per diluted share, with net sales of $22.3 billion for the same period in 2022.

 

Annual 2023, net sales decreased 16 percent to $18.8 billion and operating income declined 38 percent to $3.2 billion, when compared to the same period of 2022. Lower earnings were driven by metal spread contraction within the company’s steel and steel fabrication operations, as lower realized product pricing outpaced lower primary raw material costs. Annual 2023 operating income from the company’s steel operations declined $1.2 billion and steel fabrication operations declined $831 million, when compared to prior year’s earnings. The average 2023 external selling price for the company’s steel operations decreased $247 per ton to $1,152 per ton compared to the same period of 2022, and the average ferrous scrap cost per ton melted at the company’s steel mills decreased $61 per ton to $414 per ton.

 

Based on the company’s differentiated circular business model and highly, variable cost structure, the company generated strong cash flow from operations of $3.5 billion during 2023. The company also invested $1.7 billion in capital investments, paid cash dividends of $271 million, and repurchased $1.5 billion of its outstanding common stock, representing 8 percent of its outstanding shares, while maintaining strong liquidity of over $3.5 billion as of December 31, 2023.

 

Outlook

 

“We believe the market dynamics are in place to support increased demand across our operating platforms in 2024,” said Millett. “Steel pricing has firmed, and customer order entry activity continues to be solid across our steel operations, as demand continues to be steady and customer inventories remain at historically low levels.

 

In addition, we believe demand for lower-carbon emission, U.S. produced steel products will also support future domestic steel pricing. The continued onshoring of manufacturing businesses, combined with the expectation of significant fixed asset investment to be derived from public funding related to the U.S. Infrastructure, Inflation Reduction Act, and Department of Energy programs, will competitively position the domestic steel industry. We believe this will benefit all of our operating platforms, especially our steel and steel fabrication businesses.

 

“Steel Dynamics continues to be in a position of strength as we enter 2024. We are ramping up operations at our new state-of-the-art electric arc furnace flat rolled steel mill located in Texas, and just recently completed construction of four additional value-added flat rolled steel coating lines comprised of two paint lines and two galvanizing lines with Galvalume® coating capability. These lines will increase our value-added flat rolled steel annual capacity by 1.1 million tons. We plan to commission these lines during the first quarter of 2024.

 

“This demand environment, in combination with our ongoing expansion initiatives, provide firm drivers for our continued growth. The team continues to make great progress on our aluminum flat rolled products mill and related investments. We still plan to begin commissioning of the aluminum flat rolled mill mid-2025. We remain incredibly excited about this meaningful growth opportunity, which is aligned with our existing businesses and operational expertise,” said Millett. “We have intentionally grown with our customers’ needs, providing efficient sustainable supply-chain solutions for the highest quality products. Thus far, this has primarily been achieved within the steel industry – however, a significant number of our flat rolled steel customers are also consumers and processors of aluminum flat rolled products. We are pleased to further diversify our end markets with plans to supply aluminum flat rolled products with high recycled content to the countercyclical sustainable beverage can and packaging industry, in addition to the automotive, industrial, and construction sectors. We believe our unique performance-based operating culture, coupled with our considerable experience in successfully constructing and operating cost-effective, highly profitable flat rolled steel mills, positions us exceptionally well to execute this strategic opportunity and to deliver strong long-term value creation.

 

 

“Our planned biocarbon production facility is also progressing well, and the team plans to begin operating the plant before the end of 2024,” said Millett. “This project is a key to our further decarbonization strategy for our already low-carbon emissions steel offerings. In combination, with our renewable product purchase agreement with NextEra, these two initiatives will help us achieve our stated Scope 1 and Scope 2 emissions reduction goals.

 

Our commitment is to the health and safety of our teams, families, and communities, while meeting the current and future needs of our customers. Our culture and business model continue to positively differentiate our performance compared to others. We continue to strengthen our financial position through strong cash flow generation and the execution of our long-term strategy,” concluded Millett.

 

Conference Call and Webcast

 

Steel Dynamics, Inc. will hold a conference call to discuss fourth quarter and annual 2023 operating and financial results on Wednesday, January 24, 2024, at 11:00 a.m. Eastern Standard Time. You may access the call and find dial-in information on the Investors section of the company’s website at www.steeldynamics.com.  A replay of the call will be available on our website until 11:59 p.m. Eastern Daylight Time on January 30, 2024.

 

About Steel Dynamics, Inc.

 

Steel Dynamics is one of the largest domestic steel producers and metals recyclers in North America, based on estimated annual steelmaking and metals recycling capability, with facilities located throughout the United States, and in Mexico. Steel Dynamics produces steel products, including hot roll, cold roll, and coated sheet steel, structural steel beams and shapes, rail, engineered special-bar-quality steel, cold finished steel, merchant bar products, specialty steel sections, and steel joists and deck. In addition, the company produces liquid pig iron and processes and sells ferrous and nonferrous scrap.

 

Note Regarding Financial Metrics

 

The company believes that after-tax return-on-invested capital (After-tax ROIC) provides an indication of the effectiveness of the company’s invested capital and is calculated as follows:

 

After-tax
ROIC =
Net Income Attributable to Steel Dynamics, Inc.
(Quarterly Average Current Maturities of Long-term Debt + Long-term Debt + Total Equity)

 

Note Regarding Non-GAAP Financial Measures

 

The company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). Management believes that the non-GAAP financial measures EBITDA and Adjusted EBITDA provide additional meaningful information regarding the company’s performance and financial strength. Non-GAAP financial measures should be viewed in addition to and not as an alternative for the company’s reported results prepared in accordance with GAAP. In addition, not all companies use identical calculations for EBITDA or Adjusted EBITDA; therefore, EBITDA and Adjusted EBITDA included in this release may not be comparable to similarly titled measures of other companies.

 

 

Forward-Looking Statements

 

This report contains some predictive statements about future events, including statements related to conditions in domestic or global economies, conditions in steel, aluminum, and recycled metals market places, Steel Dynamics' revenues, costs of purchased materials, future profitability and earnings, and the operation of new, existing or planned facilities. These statements, which we generally precede or accompany by such typical conditional words as "anticipate", "intend", "believe", "estimate", "plan", "seek", "project", or "expect", or by the words "may", "will", or "should", are intended to be made as "forward-looking", subject to many risks and uncertainties, within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. These statements speak only as of this date and are based upon information and assumptions, which we consider reasonable as of this date, concerning our businesses and the environments in which they operate. Such predictive statements are not guarantees of future performance, and we undertake no duty to update or revise any such statements. Some factors that could cause such forward-looking statements to turn out differently than anticipated include: (1) domestic and global economic factors; (2) global steelmaking overcapacity and imports of steel, together with increased scrap prices; (3) pandemics, epidemics, widespread illness or other health issues, such as COVID-19 or its variants; (4) the cyclical nature of the steel industry and the industries we serve; (5) volatility and major fluctuations in prices and availability of scrap metal, scrap substitutes and supplies, and our potential inability to pass higher costs on to our customers; (6) cost and availability of electricity, natural gas, oil, or other energy resources are subject to volatile market conditions; (7) increased environmental, greenhouse gas emissions and sustainability considerations or regulations; (8) compliance with and changes in environmental and remediation requirements; (9) significant price and other forms of competition from other steel and aluminum producers, scrap processors and alternative materials; (10) availability of an adequate source of supply of scrap for our metals recycling operations; (11) cybersecurity threats and risks to the security of our sensitive data and information technology; (12) the implementation of our growth strategy; (13) litigation and legal compliance; (14) unexpected equipment downtime or shutdowns; (15) governmental agencies may refuse to grant or renew some of our licenses and permits; (16) our senior unsecured credit facility contains, and any future financing agreements may contain, restrictive covenants that may limit our flexibility; and (17) the impacts of impairment charges.

 

More specifically, we refer you to our more detailed explanation of these and other factors and risks that may cause such predictive statements to turn out differently, as set forth in our most recent Annual Report on Form 10-K under the headings Special Note Regarding Forward-Looking Statements and Risk Factors, in our Quarterly Reports on Form 10-Q, or in other reports which we file with the Securities and Exchange Commission. These reports are available publicly on the Securities and Exchange Commission website, www.sec.gov, and on our website, www.steeldynamics.com under “Investors – SEC Filings.”

 

Contact:  Investor Relations — +1.260.969.3500

 

 

Steel Dynamics, Inc.

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(in thousands, except per share data)

 

   Three Months Ended   Year Ended   Three Months 
   December 31,   December 31,   Ended 
   2023   2022   2023   2022   Sept. 30, 2023 
Net sales  $4,233,423   $4,826,287   $18,795,316   $22,260,774   $4,587,057 
Costs of goods sold   3,502,539    3,838,740    14,749,433    16,142,943    3,635,038 
Gross profit   730,884    987,547    4,045,883    6,117,831    952,019 
                          
Selling, general and administrative expenses   157,207    142,602    588,621    545,621    145,896 
Profit sharing   47,055    79,218    272,033    452,551    64,413 
Amortization of intangible assets   8,086    6,679    34,048    27,837    8,160 
Operating income   518,536    759,048    3,151,181    5,091,822    733,550 
                          
Interest expense, net of capitalized interest   14,795    23,855    76,484    91,538    18,415 
Other (income) expense, net   (38,498)   (23,257)   (144,246)   (20,785)   (39,464)
Income before income taxes   542,239    758,450    3,218,943    5,021,069    754,599 
                          
Income tax expense   115,199    119,439    751,611    1,141,577    174,817 
Net income   427,040    639,011    2,467,332    3,879,492    579,782 
Net income attributable to noncontrolling interests   (2,770)   (4,147)   (16,450)   (16,818)   (2,587)
Net income attributable to Steel Dynamics, Inc.  $424,270   $634,864   $2,450,882   $3,862,674   $577,195 
                          
Basic earnings per share attributable to Steel Dynamics, Inc. stockholders  $2.63   $3.63   $14.72   $21.06   $3.49 
                          
Weighted average common shares outstanding   161,434    174,706    166,552    183,393    165,170 
                          
Diluted earnings per share attributable to Steel Dynamics, Inc. stockholders, including the effect of assumed conversions when dilutive  $2.61   $3.61   $14.64   $20.92   $3.47 
                          
Weighted average common shares and share equivalents outstanding   162,276    175,892    167,431    184,622    166,105 
                          
Dividends declared per share  $0.425   $0.34   $1.70   $1.36   $0.425 

 

 

Steel Dynamics, Inc.

CONSOLIDATED BALANCE SHEETS

(in thousands)

 

   December 31,   December 31, 
   2023   2022 
   (unaudited)     
Assets          
Current assets          
Cash and equivalents  $1,400,887   $1,628,417 
Short-term investments   721,210    628,215 
Accounts receivable, net   1,608,307    2,056,051 
Inventories   2,894,632    3,129,964 
Other current assets   162,790    195,371 
Total current assets   6,787,826    7,638,018 
           
Property, plant and equipment, net   6,734,218    5,373,665 
           
Intangible assets, net   257,759    267,507 
           
Goodwill   477,471    502,067 
           
Other assets   651,146    378,727 
Total assets  $14,908,420   $14,159,984 
Liabilities and Equity          
Current liabilities          
Accounts payable  $1,088,330   $1,017,238 
Income taxes payable   5,524    6,520 
Accrued expenses   778,455    951,204 
Current maturities of long-term debt   459,987    57,334 
Total current liabilities   2,332,296    2,032,296 
           
Long-term debt   2,611,069    3,013,241 
           
Deferred income taxes   944,768    889,103 
           
Other liabilities   180,760    129,539 
Total liabilities   6,068,893    6,064,179 
           
Commitments and contingencies          
           
Redeemable noncontrolling interests   171,212    181,503 
           
Equity          
Common stock   651    650 
Treasury stock, at cost   (5,897,606)   (4,459,513)
Additional paid-in capital   1,217,610    1,212,566 
Retained earnings   13,545,590    11,375,765 
Accumulated other comprehensive income   421    889 
Total Steel Dynamics, Inc. equity   8,866,666    8,130,357 
Noncontrolling interests   (198,351)   (216,055)
Total equity   8,668,315    7,914,302 
Total liabilities and equity  $14,908,420   $14,159,984 

 

 

Steel Dynamics, Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands)

 

   Three Months Ended   Year Ended 
   December 31,   December 31, 
   2023   2022   2023   2022 
Operating activities:                    
Net income  $427,040   $639,011   $2,467,332   $3,879,492 
                     
Adjustments to reconcile net income to net cash provided by operating activities:                    
Depreciation and amortization   111,722    102,241    437,804    384,202 
Equity-based compensation   21,944    19,559    61,744    59,240 
Deferred income taxes   (16,348)   33,200    55,665    37,186 
Other adjustments   912    97    (19,716)   (1,795)
Changes in certain assets and liabilities:                    
Accounts receivable   273,743    306,990    446,765    (110,560)
Inventories   43,952    258,871    232,282    413,262 
Other assets   (13,273)   2,390    (23,777)   (6,884)
Accounts payable   24,085    (136,279)   (30,148)   (289,042)
Income taxes receivable/payable   (39,900)   (115,199)   56,756    31,623 
Accrued expenses   30,763    32,547    (164,779)   63,679 
Net cash provided by operating activities   864,640    1,143,428    3,519,928    4,460,403 
                     
Investing activities:                    
Purchases of property, plant and equipment   (514,945)   (344,201)   (1,657,905)   (908,902)
Purchases of short-term investments   (452,777)   (292,886)   (1,145,493)   (927,584)
Proceeds from maturities of short-term investments   233,074    248,156    1,054,742    297,950 
Business combinations, net of cash acquired   -    (86,452)   -    (134,090)
Investments in unconsolidated affiliates   -    -    -    (222,480)
Other investing activities   (140)   6,497    (221,593)   15,837 
Net cash used in investing activities   (734,788)   (468,886)   (1,970,249)   (1,879,269)
                     
Financing activities:                    
Issuance of current and long-term debt   299,059    414,324    1,365,664    1,465,257 
Repayment of current and long-term debt   (324,620)   (380,424)   (1,367,553)   (1,507,475)
Dividends paid   (69,483)   (60,032)   (271,317)   (237,163)
Purchase of treasury stock   (386,682)   (413,015)   (1,452,203)   (1,800,905)
Other financing activities   (12,650)   (27,473)   (51,725)   (116,298)
Net cash used in financing activities   (494,376)   (466,620)   (1,777,134)   (2,196,584)
                     
Increase (decrease) in cash, cash equivalents, and restricted cash   (364,524)   207,922    (227,455)   384,550 
Cash, cash equivalents, and restricted cash at beginning of period   1,770,988    1,425,997    1,633,919    1,249,369 
Cash, cash equivalents, and restricted cash at end of period  $1,406,464   $1,633,919   $1,406,464   $1,633,919 
                     
Supplemental disclosure information:                    
Cash paid for interest  $41,940   $41,498   $103,165   $100,994 
Cash paid for income taxes, net  $169,731   $196,494   $642,667   $1,063,844 

 

 

Steel Dynamics, Inc.

SUPPLEMENTAL INFORMATION (UNAUDITED)

(dollars in thousands)

 

   Fourth Quarter   Year to Date             
   2023   2022   2023   2022   1Q 2023   2Q 2023   3Q 2023 
External Net Sales                                   
Steel  $2,915,325   $2,937,955   $12,640,551   $14,563,349   $3,088,490   $3,449,555   $3,187,181 
Steel Fabrication   520,573    1,089,979    2,798,934    4,245,986    868,768    779,409    630,184 
Metals Recycling   488,070    463,314    2,184,657    2,164,740    583,468    592,373    520,746 
Other   309,455    335,039    1,171,174    1,286,699    352,480    260,293    248,946 
Consolidated Net Sales  $4,233,423   $4,826,287   $18,795,316   $22,260,774   $4,893,206   $5,081,630   $4,587,057 
Operating Income (Loss)                                   
Steel  $364,829   $177,720   $1,895,983   $3,107,696   $346,478   $702,340    482,336 
Steel Fabrication   249,930    681,904    1,593,425    2,424,819    551,313    462,121    330,061 
Metals Recycling   6,429    13,471    108,156    129,164    42,930    40,292    18,505 
Aluminum   (10,769)   (1,403)   (23,774)   (2,355)   (2,422)   (3,411)   (7,172)
    610,419    871,692    3,573,790    5,659,324    938,299    1,201,342    823,730 
                                    
Non-cash amortization of intangible assets   (8,086)   (6,679)   (34,048)   (27,837)   (6,878)   (10,924)   (8,160)
Profit sharing expense   (47,055)   (79,218)   (272,033)   (452,551)   (69,575)   (90,990)   (64,413)
Non-segment operations   (36,742)   (26,747)   (116,528)   (87,114)   (26,486)   (35,693)   (17,607)
Consolidated Operating Income  $518,536   $759,048   $3,151,181   $5,091,822   $835,360   $1,063,735   $733,550 
Adjusted EBITDA                                   
Net income  $427,040   $639,011   $2,467,332   $3,879,492   $644,333   $816,177   $579,782 
Income taxes   115,199    119,439    751,611    1,141,577    203,456    258,139    174,817 
Net interest expense (income)   (16,830)   5,032    (35,404)   62,148    (3,470)   (4,754)   (10,350)
Depreciation   102,082    93,960    397,437    349,971    99,210    98,438    97,707 
Amortization of intangible assets   8,086    6,679    34,048    27,837    6,878    10,924    8,160 
EBITDA   635,577    864,121    3,615,024    5,461,025    950,407    1,178,924    850,116 
Non-cash adjustments                                   
Unrealized (gains) losses on derivatives and currency remeasurement   461    8,361    (12,109)   713    (8,142)   (18,433)   14,005 
Equity-based compensation   22,694    29,425    60,060    69,219    13,877    11,500    11,989 
Adjusted EBITDA  $658,732   $901,907   $3,662,975   $5,530,957   $956,142   $1,171,991   $876,110 
                                    
Other Operating Information                                   
Steel                                   
Average external sales price (Per ton)  $1,090   $1,124   $1,152   $1,399   $1,076   $1,251   $1,191 
Average ferrous cost (Per ton melted)  $393   $414   $414   $475   $413   $444   $405 
Flat Roll shipments                                   
Butler, Columbus, and Sinton   1,841,701    1,762,716    7,459,023    6,772,162    1,929,792    1,903,949    1,783,581 
Steel Processing divisions *   423,690    404,309    1,731,911    1,673,967    435,602    420,480    452,139 
Long Product shipments                                   
Structural and Rail Division   407,175    408,109    1,851,349    1,865,405    495,551    478,985    469,638 
Engineered Bar Products Division   186,390    206,035    836,179    894,374    231,723    216,163    201,903 
Roanoke Bar Division   117,244    126,346    564,776    589,449    157,024    148,313    142,195 
Steel of West Virginia   87,537    87,701    378,515    363,832    95,456    97,276    98,246 
Total Shipments (Tons)   3,063,737    2,995,216    12,821,753    12,159,189    3,345,148    3,265,166    3,147,702 
External Shipments (Tons)   2,674,396    2,615,057    10,976,707    10,411,490    2,869,321    2,756,922    2,676,068 
Steel Mill Production (Tons)   2,755,778    2,681,597    11,376,309    10,720,704    2,939,032    2,898,629    2,782,870 
Metals Recycling                                   
Nonferrous shipments (000's of pounds)   262,734    268,471    1,108,211    1,053,852    285,837    279,763    279,877 
Ferrous shipments (Gross tons)   1,363,165    1,357,706    5,779,114    5,301,774    1,452,821    1,520,164    1,442,964 
External ferrous shipments (Gross tons)   506,128    527,699    2,199,156    1,826,112    567,403    577,979    547,646 
Steel Fabrication                                   
Average sales price (Per ton)  $3,501   $5,222   $4,236   $4,976   $5,021   $4,384   $3,916 
Shipments (Tons)   150,002    208,956    662,539    855,641    173,021    177,819    161,697 

 

Effective the fourth quarter 2023, we added a new reporting segment, Aluminum Operations. All periods presented have been recast to reflect these changes.

 

*   Includes Heartland, The Techs and United Steel Supply operations

 

 

v3.23.4
Cover
Jan. 23, 2024
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Jan. 23, 2024
Entity File Number 0-21719
Entity Registrant Name STEEL DYNAMICS, INC.
Entity Central Index Key 0001022671
Entity Tax Identification Number 35-1929476
Entity Incorporation, State or Country Code IN
Entity Address, Address Line One 7575 West Jefferson Blvd
Entity Address, City or Town Fort Wayne
Entity Address, State or Province IN
Entity Address, Postal Zip Code 46804
City Area Code 260
Local Phone Number 969-3500
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock voting, $0.0025 par value
Trading Symbol STLD
Security Exchange Name NASDAQ
Entity Emerging Growth Company false

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