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Year Ended
December 31, |
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Three Months Ended
March 31, |
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2022
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2023
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2023
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2024
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(unaudited)
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(unaudited)
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(dollars in thousands)
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Operating data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net sales
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| | | $ | 22,260,774 | | | | | $ | 18,795,316 | | | | | $ | 4,893,206 | | | | | $ | 4,694,003 | | |
Costs of goods sold
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| | | | 16,142,943 | | | | | | 14,749,433 | | | | | | 3,837,084 | | | | | | 3,713,205 | | |
Gross profit
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| | | | 6,117,831 | | | | | | 4,045,883 | | | | | | 1,056,122 | | | | | | 980,798 | | |
Selling, general and administrative expenses
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| | | | 1,026,009 | | | | | | 894,702 | | | | | | 220,762 | | | | | | 229,823 | | |
Operating income
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| | | | 5,091,822 | | | | | | 3,151,181 | | | | | | 835,360 | | | | | | 750,975 | | |
Interest expense, net of capitalized interest
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| | | | 91,538 | | | | | | 76,484 | | | | | | 22,507 | | | | | | 11,978 | | |
Other (income), net
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| | | | (20,785) | | | | | | (144,246) | | | | | | (34,936) | | | | | | (26,784) | | |
Income before income taxes
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| | | | 5,021,069 | | | | | | 3,218,943 | | | | | | 847,789 | | | | | | 765,781 | | |
Income tax expense
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| | | | 1,141,577 | | | | | | 751,611 | | | | | | 203,456 | | | | | | 178,281 | | |
Net income
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| | | | 3,879,492 | | | | | | 2,467,332 | | | | | | 644,333 | | | | | | 587,500 | | |
Net (income) attributable to non-controlling
interests |
| | | | (16,818) | | | | | | (16,450) | | | | | | (7,023) | | | | | | (3,459) | | |
Net income attributable to Steel Dynamics, Inc.
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| | | $ | 3,862,674 | | | | | $ | 2,450,882 | | | | | $ | 637,310 | | | | | $ | 584,041 | | |
Other financial data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital expenditures
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| | | $ | 908,902 | | | | | $ | 1,657,905 | | | | | $ | 226,319 | | | | | $ | 374,310 | | |
Aggregate amount of cash dividends paid
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| | | | 237,163 | | | | | | 271,317 | | | | | | 58,798 | | | | | | 68,008 | | |
Net cash provided by operating activities
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| | | | 4,460,403 | | | | | | 3,519,928 | | | | | | 733,783 | | | | | | 355,217 | | |
Net cash used in investing activities
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| | | | (1,879,269) | | | | | | (1,970,249) | | | | | | (309,646) | | | | | | (292,934) | | |
Net cash used in financing activities
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| | | | (2,196,584) | | | | | | (1,777,134) | | | | | | (447,613) | | | | | | (423,846) | | |
Balance sheet data (as of period end): | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and equivalents and short-term investments
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| | | $ | 2,256,632 | | | | | $ | 2,122,097 | | | | | $ | 2,319,712 | | | | | $ | 1,692,676 | | |
Net property, plant and equipment
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| | | | 5,373,665 | | | | | | 6,734,218 | | | | | | 5,491,201 | | | | | | 7,063,990 | | |
Total assets
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| | | | 14,159,984 | | | | | | 14,908,420 | | | | | | 14,219,760 | | | | | | 15,026,750 | | |
Long-term debt (including current maturities)
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| | | | 3,070,575 | | | | | | 3,071,056 | | | | | | 3,060,810 | | | | | | 3,037,942 | | |
Other data (unaudited): | | | | | | | | | | | | | | | | | | | | | | | | | |
Shipments: | | | | | | | | | | | | | | | | | | | | | | | | | |
Steel operations (net tons)
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| | | | 12,159,189 | | | | | | 12,821,753 | | | | | | 3,345,148 | | | | | | 3,255,594 | | |
Ferrous metals (gross tons)
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| | | | 5,301,774 | | | | | | 5,779,114 | | | | | | 1,452,821 | | | | | | 1,453,619 | | |
Nonferrous metals (thousands of pounds)
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| | | | 1,053,852 | | | | | | 1,108,211 | | | | | | 285,837 | | | | | | 289,436 | | |
Steel fabrication (net tons)
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| | | | 855,641 | | | | | | 662,539 | | | | | | 173,021 | | | | | | 143,842 | | |
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As of March 31,
2024 |
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Actual
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As Adjusted
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(Dollars in millions)
(unaudited) |
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Cash and equivalents
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| | | $ | 1,039.4 | | | | | $ | | | |
Short-term investments
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| | | $ | 653.3 | | | | | $ | | | |
Other secured obligations(1)
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| | | $ | 28.8 | | | | | $ | | | |
Total secured debts(1)
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Senior Credit Facility(2)
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| | | | — | | | | | | — | | |
2.800% Notes due 2024
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| | | | 400.0 | | | | | | 400.0 | | |
2.400% Notes due 2025
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| | | | 400.0 | | | | | | 400.0 | | |
5.000% Notes due 2026
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| | | | 400.0 | | | | | | 400.0 | | |
1.650% Notes due 2027
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| | | | 350.0 | | | | | | 350.0 | | |
3.450% Notes due 2030
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| | | | 600.0 | | | | | | 600.0 | | |
3.250% Notes due 2031
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| | | | 500.0 | | | | | | 500.0 | | |
3.250% Notes due 2050
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| | | | 400.0 | | | | | | 400.0 | | |
Notes offered hereby
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| | | | — | | | | | | | | |
Total Debt
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| | | | 3,078.8 | | | | | | | | |
Redeemable non-controlling interest
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| | | | 171.2 | | | | | | | | |
Total equity
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| | | | 8,876.5 | | | | | | | | |
Total Capitalization
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| | | $ | 12,126.5 | | | | | $ | | | |
Underwriter
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Principal
Amount of the Notes |
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J.P. Morgan Securities LLC
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| | | $ | | | |
Morgan Stanley & Co. LLC
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BofA Securities, Inc.
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Wells Fargo Securities, LLC
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Total
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| | | $ | | | |
Investor Relations Department
7575 West Jefferson Blvd.
Fort Wayne, Indiana 46804
(260) 969-3500
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Investor Relations Department
7575 West Jefferson Blvd.
Fort Wayne, Indiana 46804
(260) 969-3500
Morgan Stanley
BofA Securities
Wells Fargo Securities