FORT
WAYNE, Ind., Jan. 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
Standard 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."
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,
|
Assets
|
2023
|
|
|
2022
|
|
(unaudited)
|
|
|
|
|
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
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/steel-dynamics-reports-fourth-quarter-and-annual-2023-results-302042470.html
SOURCE Steel Dynamics, Inc.