STLD Steel Dynamics Inc

 

 

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 Wayne, Indiana 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

 

99.1

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

 

104

Cover 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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