01—Abstract
Summary
Summary of the 10-K filed February 28, 2025. Cited figures are marked; the original filing is the authoritative source.
Steel Dynamics, Inc. reported consolidated net sales of $17.54 billiona for 2024, down from $18.80 billion in 2023, and operating income of $1.94 billion versus $3.15 billion a year earlier.
Net income attributable to Steel Dynamics, Inc. was $1.54 billionb, or $9.84 diluted earnings per share, compared with $14.64 in 2023. The filing attributes the earnings decline mainly to metal spread compression in the steel and steel fabrication segments, with steel fabrication operating income falling to $666.98 million from $1.59 billion. Steel operations remained the largest segment at $12.53 billion of net sales and $1.58 billion of operating income.
Cash flow from operations was $1.84 billionc in 2024, compared with $3.52 billion in 2023, while capital expenditures were $1.87 billion, mainly for the aluminum and steel operations. Cash and equivalents plus short-term investments and unsecured revolver availability totaled $2.17 billion at year-end. Total debt was $3.2 billion, and the company issued $600.0 million of 5.375% senior notes due 2034 in July 2024.
The company repurchased $1.2 billiond of common stock during 2024 and dividends declared rose to $1.84 per share from $1.70. In February 2025 the board authorized an additional $1.5 billion share repurchase program. The filing highlights the ongoing construction of a 650,000-metric-ton recycled aluminum flat rolled products mill in Columbus, Mississippi, a project the company describes as a $2.7 billion investment, with shipments planned to begin in mid-2025.
Management states that its liquidity is sufficient to fund planned 2025 capital requirements. Ernst & Young LLP issued unqualified opinions on the financial statements and on internal control over financial reporting, which management concluded was effective as of December 31, 2024.
02—Key points
Key Highlights
- Net sales of $17.54 billion in 2024, down from $18.80 billion in 2023, with steel operations contributing $12.53 billion.
- Operating income fell to $1.94 billion from $3.15 billion, with the filing citing metal spread compression in the steel and steel fabrication segments.
- Diluted earnings per share were $9.84 for 2024, compared with $14.64 for 2023.
- Steel fabrication operating income dropped to $666.98 million from $1.59 billion, as average selling prices fell 31% and volumes fell 8%.
- Cash flow from operations was $1.84 billion, versus $3.52 billion in 2023, while capital expenditures were $1.87 billion.
- The company repurchased $1.2 billion of stock in 2024 and authorized an additional $1.5 billion repurchase program in February 2025; quarterly dividend was raised to $0.46 per share.
- The 650,000-metric-ton recycled aluminum flat rolled mill in Columbus, Mississippi is nearing completion, with shipments planned to begin mid-2025.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2024, Steel Dynamics kept $0.09.
- Revenue$17.54B100.0%
- Cost of revenue−$14.74B84.0%
- Gross profit$2.80B16.0%
- Operating costs−$859.5M4.9%
- Operating income$1.94B11.1%
- Interest, other & tax−$393.1M2.2%
- Net income$1.55B8.8%
Where FY2024 revenue went
$17.54B- Cost of revenue: $14.74B, 84% of revenue
- Net income: $1.55B, 8.8% of revenue
- SG&A: $664.1M, 3.8% of revenue
- Other operating costs: $195.4M, 1.1% of revenue
- Interest, other & tax: $393.1M, 2.2% of revenue
Kept 8.8% as net incomeNet income $1.55B · 8.8%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2024filed February 28, 2025Financial Statements
FY2024 against FY2023
| Line item | FY2024FY2023 | Change |
|---|---|---|
| Revenue | $17.54B$18.80B | −6.7% |
| Cost of Revenue | $14.74B$14.75B | −0.1% |
| Gross Profit | $2.80B$4.05B | −30.7% |
| SG&A Expenses | $664.12M$588.62M | +12.8% |
| Operating Income | $1.94B$3.15B | −38.3% |
| Net Income | $1.55B$2.47B | −37.2% |
| EPS (Basic) | $9.89$14.72 | −32.8% |
| EPS (Diluted) | $9.84$14.64 | −32.8% |
| Shares Outstanding (Basic) | 155.42M166.55M | −6.7% |
| Shares Outstanding (Diluted) | 156.14M167.43M | −6.7% |
05—Questions
Frequently Asked Questions
Why did Steel Dynamics' profitability decline in 2024?
The filing attributes the decline primarily to metal spread compression in the steel and steel fabrication segments. Average steel selling prices fell 4% while scrap costs decreased less, and steel fabrication average selling prices fell 31% with volumes down 8%. Consolidated operating income fell to $1.94 billion from $3.15 billion.
How much cash does the company have and how is it funding its aluminum investment?
At December 31, 2024, the company reported cash and equivalents of $589.5 million, short-term investments of $388.6 million, and $1.19 billion of unsecured revolver availability, for total liquidity of $2.17 billion. The filing states that the aluminum investment, planned at $2.7 billion, is being funded by available cash and operating cash flow.
What is the status of the recycled aluminum flat rolled mill?
The mill in Columbus, Mississippi, with an anticipated annual capacity of 650,000 metric tons, is described as nearing completion. The company plans to begin shipments in mid-2025, and one customer has committed to co-locating on site.
What is the company's capital return policy?
The company declared dividends of $1.84 per share in 2024, up from $1.70 in 2023, and repurchased $1.2 billion of common stock during the year. In February 2025 the board authorized an additional share repurchase program of up to $1.5 billion, and $193.5 million remained under the November 2023 program at year-end.
How much debt does the company carry and when does it mature?
Total debt was $3.2 billion at December 31, 2024, up $160.0 million from 2023, after issuing $600.0 million of 5.375% notes due 2034. The filing lists $400.0 million of 2.400% senior notes due June 2025, and the company's $1.2 billion unsecured revolver matures in July 2028 with no borrowings outstanding.
06—Continue