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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) July 17, 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 July 17, 2024, Steel Dynamics, Inc.
issued a press release titled “Steel Dynamics Reports Second Quarter 2024 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 |
| 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. |
|
|
|
|
By: |
/s/ Theresa E. Wagler |
Date: July 18, 2024 |
|
Theresa
E. Wagler |
|
Title: |
Executive
Vice President and Chief Financial
Officer |
|
|
|
Exhibit 99.1
Press
Release
July 17, 2024 |
![](https://www.sec.gov/Archives/edgar/data/1022671/000110465924080714/tm2419718d1_ex99-1img001.jpg) |
|
7575 W. Jefferson Blvd.
Fort Wayne, IN 46804 |
|
|
Steel Dynamics Reports Second Quarter 2024 Results
FORT WAYNE, INDIANA, July 17, 2024 / PRNewswire /
Second Quarter 2024 Performance Highlights:
| § | Steel shipments of 3.2 million tons |
| § | Net sales of $4.6 billion, operating income of $559 million, net income of $428 million, and adjusted EBITDA of $686 million |
| § | Cash flow from operations of $383 million |
| § | Strong liquidity of $2.7 billion as of June 30, 2024 |
| § | Share repurchases of $309 million of the company’s common stock, representing 1.5 percent of its outstanding shares |
Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced second
quarter 2024 financial results. The company reported second quarter 2024 net sales of $4.6 billion and net income of $428 million, or
$2.72 per diluted share. Comparatively, the company’s sequential first quarter 2024 net income was $584 million, or $3.67 per diluted
share and prior year second quarter net income was $812 million, or $4.81 per diluted share.
“The teams delivered a solid performance, achieving second quarter
2024 operating income of $559 million and adjusted EBITDA of $686 million,” said Mark D. Millett, Chairman and Chief Executive Officer.
“Given our proven through-cycle cash generation, we also maintained strong liquidity of $2.7 billion, while also investing $419
million in our organic growth projects and distributing $382 million to our shareholders through cash dividends and share repurchases.
Across the company, our teams performed well, while keeping each other safe.
“Underlying steel demand was stable in the second quarter,”
continued Millett. “However, earnings declined sequentially due to lower realized selling values in our steel operations which more
than offset our improved earnings from metals recycling and steady earnings from our steel fabrication business. During the quarter, we
experienced customer order inconsistency within the steel platform despite the steady underlying demand dynamics, as scrap prices further
declined and customers continued to manage to very low inventory levels. Additionally, the U.S. also experienced a significant increase
in steel imports, especially within coated flat rolled steel products.
“As fundamental steel demand remains constructive, customer inventories
remain incredibly low, and scrap prices have steadied, we believe steel pricing has reached a pivot point to the upside. In support, we
have seen a positive trend in steel order activity in recent weeks, especially for our flat rolled steel coated products.”
Second Quarter 2024 Comments
Second quarter 2024 operating income for the company’s steel
operations was $442 million, lower than sequential results, as realized selling values declined more than scrap costs in the quarter.
The second quarter 2024 average external product selling price for the company’s steel operations decreased $63 per ton sequentially
to $1,138 per ton. The average ferrous scrap cost per ton melted at the company’s steel mills decreased $29 sequentially to $388
per ton. The company’s Sinton Texas Flat Roll Steel Mill team completed needed changes to gain full access to its melting capacity
this week. The company believes Sinton’s production utilization rate will increase from 60 percent for the first half of the year
to approximately 75 percent for the second half of 2024, with full availability in 2025.
Compared to the sequential
first quarter, second quarter 2024 operating income from the company’s metals recycling operations increased 42 percent to
$32 million, based on increased demand supporting higher volume and expanded metal spread. Domestic steel production utilization remained
steady compared to the sequential first quarter of 2024. The metals recycling team did an excellent job executing in a challenging scrap
price environment during the first half of 2024.
The company’s steel fabrication operations achieved strong operating
income of $181 million in the second quarter 2024 aligned with sequential first quarter results of $178 million, based on increased volume.
The steel fabrication order backlog extends through the fourth quarter 2024, at historically strong pricing levels. In addition, the continued
onshoring of manufacturing, coupled with the robust U.S. infrastructure program and industrial buildouts, supports a strong future demand
environment.
Year-to-Date June 30, 2024 Comparison
For the six months ended June 30, 2024, net income was $1.0 billion,
or $6.39 per diluted share, with net sales of $9.3 billion, as compared to net income of $1.4 billion, or $8.49 per diluted share, with
net sales of $10.0 billion for the same period in 2023.
First half 2024 net sales decreased six percent to $9.3 billion and
operating income declined 31 percent to $1.3 billion, when compared to the same period in 2023. Decreased earnings were the result of
lower volume and pricing from the company’s steel fabrication operations during the period. First half 2024 operating income from
the company’s steel fabrication operations was $359 million, compared to $1.0 billion in the same prior year period. First half
2024 operating income from the company’s steel operations was $1.1 billion, compared to $1.0 billion for the same prior year period.
The average first half 2024 external selling price for the company's steel operations increased $7 per ton to $1,169 per ton compared
to the first half 2023, and the average ferrous scrap cost per ton melted at the company’s steel mills decreased $25 per ton to
$403 per ton.
Based on the company’s differentiated business model and highly
variable cost structure, the company achieved cash flow from operations of $738 million in the first half 2024, representing a strong
first half performance. The company also invested $793 million in capital investments, paid cash dividends of $141 million, and repurchased
$607 million of its outstanding common stock, representing three percent of its outstanding shares, while maintaining strong liquidity
of $2.7 billion.
Outlook
“We remain confident that market conditions are in place for
domestic steel consumption to be solid in the second half of 2024,” said Millett. “Order entry has improved in many of our
businesses, and we expect steel pricing to firm. We believe the automotive, non-residential construction, and industrial sectors will
remain steady this year. 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.
“We continue to ramp up our four new value-added flat rolled
steel coating lines that began operating earlier this year. The teams have produced prime quality galvanized and painted products on all
four lines in record time. We will be benefitting from this additional 1.1 million tons of value-added steel products in the second half
of this year and fully in 2025. These projects enhance our differentiated supply-chain capabilities, while also increasing our higher-margin
steel product offerings which already represent upwards of 65 percent of our steel revenues.
“We are also quickly progressing on our aluminum flat rolled
products mill construction and are incredibly excited about this meaningful growth opportunity, which is aligned with our existing business
and operational expertise,” said Millett. “We plan to begin operating the aluminum flat rolled mill mid-2025. We have intentionally
grown with our customers’ needs, providing efficient sustainable supply chain solutions for the highest quality 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. Our customers and
our people are incredibly excited for this growth opportunity.
“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 from the rest of the industry. We are competitively positioned and focused to generate long-term sustainable value,”
concluded Millett.
Conference Call and Webcast
Steel Dynamics, Inc. will hold a conference call to discuss second
quarter 2024 operating and financial results on Thursday, July 18, 2024, at 11:00 a.m. Eastern Daylight 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 July 25, 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 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 press release 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; (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, and other energy resources are subject to volatile market conditions; (7) increased environmental,
greenhouse gas emissions and sustainability considerations from our customers or related 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 | | |
Six Months Ended | | |
Three Months | |
| |
June 30, | | |
June 30, | | |
Ended | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | | |
March 31, 2024 | |
Net sales | |
$ | 4,632,634 | | |
$ | 5,081,630 | | |
$ | 9,326,637 | | |
$ | 9,974,836 | | |
$ | 4,694,003 | |
Costs of goods sold | |
| 3,857,797 | | |
| 3,774,772 | | |
| 7,571,002 | | |
| 7,611,856 | | |
| 3,713,205 | |
Gross profit | |
| 774,837 | | |
| 1,306,858 | | |
| 1,755,635 | | |
| 2,362,980 | | |
| 980,798 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Selling, general and administrative expenses | |
| 160,016 | | |
| 141,209 | | |
| 319,523 | | |
| 285,518 | | |
| 159,507 | |
Profit sharing | |
| 48,053 | | |
| 90,990 | | |
| 110,705 | | |
| 160,565 | | |
| 62,652 | |
Amortization of intangible assets | |
| 7,645 | | |
| 10,924 | | |
| 15,309 | | |
| 17,802 | | |
| 7,664 | |
Operating income | |
| 559,123 | | |
| 1,063,735 | | |
| 1,310,098 | | |
| 1,899,095 | | |
| 750,975 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Interest expense, net of capitalized interest | |
| 12,719 | | |
| 20,767 | | |
| 24,697 | | |
| 43,274 | | |
| 11,978 | |
Other (income) expense, net | |
| (18,708 | ) | |
| (31,348 | ) | |
| (45,492 | ) | |
| (66,284 | ) | |
| (26,784 | ) |
Income before income taxes | |
| 565,112 | | |
| 1,074,316 | | |
| 1,330,893 | | |
| 1,922,105 | | |
| 765,781 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Income tax expense | |
| 133,422 | | |
| 258,139 | | |
| 311,703 | | |
| 461,595 | | |
| 178,281 | |
Net income | |
| 431,690 | | |
| 816,177 | | |
| 1,019,190 | | |
| 1,460,510 | | |
| 587,500 | |
Net income attributable to noncontrolling interests | |
| (3,692 | ) | |
| (4,070 | ) | |
| (7,151 | ) | |
| (11,093 | ) | |
| (3,459 | ) |
Net income attributable to Steel Dynamics, Inc. | |
$ | 427,998 | | |
$ | 812,107 | | |
$ | 1,012,039 | | |
$ | 1,449,417 | | |
$ | 584,041 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Basic earnings per share
attributable to Steel Dynamics, Inc. stockholders | |
$ | 2.73 | | |
$ | 4.83 | | |
$ | 6.42 | | |
$ | 8.54 | | |
$ | 3.68 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Weighted average common shares outstanding | |
| 156,856 | | |
| 168,009 | | |
| 157,761 | | |
| 169,803 | | |
| 158,666 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Diluted earnings per share
attributable to Steel Dynamics, Inc. stockholders, including the effect of assumed conversions when dilutive | |
$ | 2.72 | | |
$ | 4.81 | | |
$ | 6.39 | | |
$ | 8.49 | | |
$ | 3.67 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Weighted average common shares and
share equivalents outstanding | |
| 157,579 | | |
| 168,865 | | |
| 158,467 | | |
| 170,672 | | |
| 159,354 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Dividends declared per share | |
$ | 0.46 | | |
$ | 0.425 | | |
$ | 0.92 | | |
$ | 0.85 | | |
$ | 0.46 | |
Steel Dynamics, Inc.
CONSOLIDATED BALANCE
SHEETS
(in thousands)
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
Assets | |
(unaudited) | | |
| |
Current assets | |
| | | |
| | |
Cash and equivalents | |
$ | 829,980 | | |
$ | 1,400,887 | |
Short-term investments | |
| 418,367 | | |
| 721,210 | |
Accounts receivable, net | |
| 1,775,392 | | |
| 1,608,307 | |
Inventories | |
| 3,073,637 | | |
| 2,894,632 | |
Other current assets | |
| 141,635 | | |
| 162,790 | |
Total current assets | |
| 6,239,011 | | |
| 6,787,826 | |
| |
| | | |
| | |
Property, plant and equipment, net | |
| 7,433,564 | | |
| 6,734,218 | |
| |
| | | |
| | |
Intangible assets, net | |
| 242,450 | | |
| 257,759 | |
| |
| | | |
| | |
Goodwill | |
| 477,471 | | |
| 477,471 | |
| |
| | | |
| | |
Other assets | |
| 668,761 | | |
| 651,146 | |
Total assets | |
$ | 15,061,257 | | |
$ | 14,908,420 | |
Liabilities and Equity | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accounts payable | |
$ | 1,213,408 | | |
$ | 1,088,330 | |
Income taxes payable | |
| 6,070 | | |
| 5,524 | |
Accrued expenses | |
| 620,832 | | |
| 778,455 | |
Current maturities of long-term debt | |
| 815,642 | | |
| 459,987 | |
Total current liabilities | |
| 2,655,952 | | |
| 2,332,296 | |
| |
| | | |
| | |
Long-term debt | |
| 2,212,802 | | |
| 2,611,069 | |
| |
| | | |
| | |
Deferred income taxes | |
| 928,321 | | |
| 944,768 | |
| |
| | | |
| | |
Other liabilities | |
| 143,968 | | |
| 180,760 | |
Total liabilities | |
| 5,941,043 | | |
| 6,068,893 | |
| |
| | | |
| | |
Commitments and contingencies | |
| | | |
| | |
| |
| | | |
| | |
Redeemable noncontrolling interests | |
| 171,212 | | |
| 171,212 | |
| |
| | | |
| | |
Equity | |
| | | |
| | |
Common stock | |
| 651 | | |
| 651 | |
Treasury stock, at cost | |
| (6,489,369 | ) | |
| (5,897,606 | ) |
Additional paid-in capital | |
| 1,207,771 | | |
| 1,217,610 | |
Retained earnings | |
| 14,413,148 | | |
| 13,545,590 | |
Accumulated other comprehensive income (loss) | |
| (1,428 | ) | |
| 421 | |
Total Steel Dynamics, Inc. equity | |
| 9,130,773 | | |
| 8,866,666 | |
Noncontrolling interests | |
| (181,771 | ) | |
| (198,351 | ) |
Total equity | |
| 8,949,002 | | |
| 8,668,315 | |
Total liabilities and equity | |
$ | 15,061,257 | | |
$ | 14,908,420 | |
Steel Dynamics, Inc.
CONSOLIDATED STATEMENTS
OF CASH FLOWS (UNAUDITED)
(in
thousands)
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, | | |
June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Operating activities: | |
| | | |
| | | |
| | | |
| | |
Net income | |
$ | 431,690 | | |
$ | 816,177 | | |
$ | 1,019,190 | | |
$ | 1,460,510 | |
| |
| | | |
| | | |
| | | |
| | |
Adjustments to reconcile net income to net cash provided by operating activities: | |
| | | |
| | | |
| | | |
| | |
Depreciation and amortization | |
| 117,053 | | |
| 110,970 | | |
| 232,305 | | |
| 218,664 | |
Equity-based compensation | |
| 13,013 | | |
| 11,678 | | |
| 28,625 | | |
| 27,756 | |
Deferred income taxes | |
| 4,577 | | |
| 43,380 | | |
| (16,447 | ) | |
| 52,388 | |
Other adjustments | |
| (6,403 | ) | |
| 1,541 | | |
| 12,302 | | |
| (8,465 | ) |
Changes in certain assets and liabilities: | |
| | | |
| | | |
| | | |
| | |
Accounts receivable | |
| (36,332 | ) | |
| (16,971 | ) | |
| (167,085 | ) | |
| (87,893 | ) |
Inventories | |
| (46,645 | ) | |
| (55,158 | ) | |
| (179,670 | ) | |
| 85,954 | |
Other assets | |
| 1,973 | | |
| (4,923 | ) | |
| (10,203 | ) | |
| 2,919 | |
Accounts payable | |
| (27,251 | ) | |
| (114,013 | ) | |
| 2,248 | | |
| 3,299 | |
Income taxes receivable/payable | |
| (145,676 | ) | |
| (85,486 | ) | |
| 19,988 | | |
| 103,761 | |
Accrued expenses | |
| 76,562 | | |
| 100,611 | | |
| (203,475 | ) | |
| (317,304 | ) |
Net cash provided by operating activities | |
| 382,561 | | |
| 807,806 | | |
| 737,778 | | |
| 1,541,589 | |
| |
| | | |
| | | |
| | | |
| | |
Investing activities: | |
| | | |
| | | |
| | | |
| | |
Purchases of property, plant and equipment | |
| (419,166 | ) | |
| (358,280 | ) | |
| (793,476 | ) | |
| (584,599 | ) |
Purchases of short-term investments | |
| (63,180 | ) | |
| (165,052 | ) | |
| (269,053 | ) | |
| (521,829 | ) |
Proceeds from maturities of short-term investments | |
| 298,314 | | |
| 267,969 | | |
| 571,308 | | |
| 539,076 | |
Other investing activities | |
| (25,554 | ) | |
| (217,905 | ) | |
| (11,299 | ) | |
| (215,562 | ) |
Net cash used in investing activities | |
| (209,586 | ) | |
| (473,268 | ) | |
| (502,520 | ) | |
| (782,914 | ) |
| |
| | | |
| | | |
| | | |
| | |
Financing activities: | |
| | | |
| | | |
| | | |
| | |
Issuance of current and long-term debt | |
| 580,613 | | |
| 327,132 | | |
| 959,881 | | |
| 721,042 | |
Repayment of current and long-term debt | |
| (590,053 | ) | |
| (321,143 | ) | |
| (1,003,992 | ) | |
| (726,422 | ) |
Dividends paid | |
| (72,624 | ) | |
| (72,323 | ) | |
| (140,632 | ) | |
| (131,121 | ) |
Purchase of treasury stock | |
| (309,064 | ) | |
| (380,206 | ) | |
| (607,123 | ) | |
| (734,203 | ) |
Other financing activities | |
| 8,778 | | |
| (17,579 | ) | |
| (14,330 | ) | |
| (41,028 | ) |
Net cash used in financing activities | |
| (382,350 | ) | |
| (464,119 | ) | |
| (806,196 | ) | |
| (911,732 | ) |
| |
| | | |
| | | |
| | | |
| | |
Decrease in cash, cash equivalents, and restricted cash | |
| (209,375 | ) | |
| (129,581 | ) | |
| (570,938 | ) | |
| (153,057 | ) |
Cash, cash equivalents, and restricted cash at beginning of period | |
| 1,044,901 | | |
| 1,610,443 | | |
| 1,406,464 | | |
| 1,633,919 | |
Cash, cash equivalents, and restricted cash at end of period | |
$ | 835,526 | | |
$ | 1,480,862 | | |
$ | 835,526 | | |
$ | 1,480,862 | |
| |
| | | |
| | | |
| | | |
| | |
Supplemental disclosure information: | |
| | | |
| | | |
| | | |
| | |
Cash paid for interest | |
$ | 41,037 | | |
$ | 41,781 | | |
$ | 50,364 | | |
$ | 51,377 | |
Cash paid for income taxes, net | |
$ | 273,323 | | |
$ | 308,055 | | |
$ | 301,713 | | |
$ | 312,758 | |
Steel Dynamics, Inc.
SUPPLEMENTAL INFORMATION
(UNAUDITED)
(dollars
in thousands)
| |
Second Quarter | | |
Year to Date | | |
| |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | | |
1Q 2024 | |
External Net Sales | |
| | | |
| | | |
| | | |
| | | |
| | |
Steel | |
$ | 3,132,232 | | |
$ | 3,449,555 | | |
$ | 6,498,469 | | |
$ | 6,538,045 | | |
$ | 3,366,237 | |
Steel Fabrication | |
| 472,832 | | |
| 779,409 | | |
| 920,011 | | |
| 1,648,177 | | |
| 447,179 | |
Metals Recycling | |
| 586,432 | | |
| 592,373 | | |
| 1,155,905 | | |
| 1,175,841 | | |
| 569,473 | |
Other | |
| 441,138 | | |
| 260,293 | | |
| 752,252 | | |
| 612,773 | | |
| 311,114 | |
Consolidated Net Sales | |
$ | 4,632,634 | | |
$ | 5,081,630 | | |
$ | 9,326,637 | | |
$ | 9,974,836 | | |
$ | 4,694,003 | |
Operating Income (Loss) | |
| | | |
| | | |
| | | |
| | | |
| | |
Steel | |
$ | 442,317 | | |
$ | 702,340 | | |
$ | 1,116,965 | | |
$ | 1,048,818 | | |
$ | 674,648 | |
Steel Fabrication | |
| 180,780 | | |
| 462,121 | | |
| 359,161 | | |
| 1,013,434 | | |
| 178,381 | |
Metals Recycling | |
| 32,132 | | |
| 40,292 | | |
| 54,767 | | |
| 83,222 | | |
| 22,635 | |
Aluminum | |
| (19,248 | ) | |
| (3,411 | ) | |
| (32,779 | ) | |
| (5,833 | ) | |
| (13,531 | ) |
| |
| 635,981 | | |
| 1,201,342 | | |
| 1,498,114 | | |
| 2,139,641 | | |
| 862,133 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Non-cash amortization of intangible assets | |
| (7,645 | ) | |
| (10,924 | ) | |
| (15,309 | ) | |
| (17,802 | ) | |
| (7,664 | ) |
Profit sharing expense | |
| (48,053 | ) | |
| (90,990 | ) | |
| (110,705 | ) | |
| (160,565 | ) | |
| (62,652 | ) |
Non-segment operations | |
| (21,160 | ) | |
| (35,693 | ) | |
| (62,002 | ) | |
| (62,179 | ) | |
| (40,842 | ) |
Consolidated Operating Income | |
$ | 559,123 | | |
$ | 1,063,735 | | |
$ | 1,310,098 | | |
$ | 1,899,095 | | |
$ | 750,975 | |
Adjusted EBITDA | |
| | | |
| | | |
| | | |
| | | |
| | |
Net income | |
$ | 431,690 | | |
$ | 816,177 | | |
$ | 1,019,190 | | |
$ | 1,460,510 | | |
$ | 587,500 | |
Income taxes | |
| 133,422 | | |
| 258,139 | | |
| 311,703 | | |
| 461,595 | | |
| 178,281 | |
Net interest expense (income) | |
| (7,867 | ) | |
| (4,754 | ) | |
| (22,194 | ) | |
| (8,224 | ) | |
| (14,327 | ) |
Depreciation | |
| 107,849 | | |
| 98,438 | | |
| 213,879 | | |
| 197,648 | | |
| 106,030 | |
Amortization of intangible assets | |
| 7,645 | | |
| 10,924 | | |
| 15,309 | | |
| 17,802 | | |
| 7,664 | |
EBITDA | |
| 672,739 | | |
| 1,178,924 | | |
| 1,537,887 | | |
| 2,129,331 | | |
| 865,148 | |
Non-cash adjustments | |
| | | |
| | | |
| | | |
| | | |
| | |
Unrealized (gains) losses on derivatives and currency remeasurement | |
| 818 | | |
| (18,433 | ) | |
| (529 | ) | |
| (26,575 | ) | |
| (1,347 | ) |
Equity-based compensation | |
| 12,855 | | |
| 11,500 | | |
| 27,680 | | |
| 25,377 | | |
| 14,825 | |
Adjusted EBITDA | |
$ | 686,412 | | |
$ | 1,171,991 | | |
$ | 1,565,038 | | |
$ | 2,128,133 | | |
| 878,626 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Other Operating Information | |
| | | |
| | | |
| | | |
| | | |
| | |
Steel | |
| | | |
| | | |
| | | |
| | | |
| | |
Average external sales price (Per ton) | |
$ | 1,138 | | |
$ | 1,251 | | |
$ | 1,169 | | |
$ | 1,162 | | |
$ | 1,201 | |
Average ferrous cost (Per ton melted) | |
$ | 388 | | |
$ | 444 | | |
$ | 403 | | |
$ | 428 | | |
$ | 417 | |
Flat Roll shipments | |
| | | |
| | | |
| | | |
| | | |
| | |
Butler, Columbus, and Sinton | |
| 1,943,583 | | |
| 1,903,949 | | |
| 3,936,888 | | |
| 3,833,741 | | |
| 1,993,305 | |
Steel Processing divisions * | |
| 429,279 | | |
| 420,480 | | |
| 847,826 | | |
| 856,082 | | |
| 418,547 | |
Long Product shipments | |
| | | |
| | | |
| | | |
| | | |
| | |
Structural and Rail Division | |
| 425,295 | | |
| 478,985 | | |
| 866,216 | | |
| 974,536 | | |
| 440,921 | |
Engineered Bar Products Division | |
| 195,766 | | |
| 216,163 | | |
| 387,139 | | |
| 447,886 | | |
| 191,373 | |
Roanoke Bar Division | |
| 130,109 | | |
| 148,313 | | |
| 255,029 | | |
| 305,337 | | |
| 124,920 | |
Steel of West Virginia | |
| 79,168 | | |
| 97,276 | | |
| 165,696 | | |
| 192,732 | | |
| 86,528 | |
Total Shipments (Tons) | |
| 3,203,200 | | |
| 3,265,166 | | |
| 6,458,794 | | |
| 6,610,314 | | |
| 3,255,594 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
External Shipments (Tons) | |
| 2,753,117 | | |
| 2,756,922 | | |
| 5,556,686 | | |
| 5,626,243 | | |
| 2,803,569 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Steel Mill Production (Tons) | |
| 2,802,086 | | |
| 2,898,629 | | |
| 5,794,104 | | |
| 5,837,661 | | |
| 2,992,018 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Metals Recycling | |
| | | |
| | | |
| | | |
| | | |
| | |
Nonferrous shipments (000's of pounds) | |
| 304,017 | | |
| 279,763 | | |
| 593,453 | | |
| 565,600 | | |
| 289,436 | |
Ferrous shipments (Gross tons) | |
| 1,507,229 | | |
| 1,520,164 | | |
| 2,960,848 | | |
| 2,972,985 | | |
| 1,453,619 | |
External ferrous shipments (Gross tons) | |
| 591,120 | | |
| 577,979 | | |
| 1,128,093 | | |
| 1,145,382 | | |
| 536,973 | |
Steel Fabrication | |
| | | |
| | | |
| | | |
| | | |
| | |
Average sales price (Per ton) | |
$ | 2,978 | | |
$ | 4,384 | | |
$ | 3,055 | | |
$ | 4,698 | | |
$ | 3,141 | |
Shipments (Tons) | |
| 159,069 | | |
| 177,819 | | |
| 302,911 | | |
| 350,840 | | |
| 143,842 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Effective the fourth quarter 2023, we added a new reporting segment, Aluminum Operations. All prior periods presented have been recast to reflect those changes.
|
* |
Includes Heartland, The Techs and United Steel Supply operations |
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Steel Dynamics (NASDAQ:STLD)
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