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STLD · Steel Dynamics

50 filings

10-Q

STLD 10-Q Quarterly Reports

Steel Dynamics - 50 quarterly reports

Filing record · 2016–202610-K1110-Q348-K207

STLD filed 11 annual reports (10-K), 34 quarterly reports (10-Q) and 207 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Dec ’16Dec ’16
  2. FY2018 annual report10-K · Feb ’19Feb ’19
  3. Leadership change8-K · Nov ’21Nov ’21
  4. Material agreement8-K · Dec ’25Dec ’25
  1. 2026-Q3

    Steel Dynamics Quarterly Report for Q3 Ended Sep 30, 2026

    Steel Dynamics, Inc. (STLD) reported a sharply higher third quarter of 2026, with net sales of $6.51 billion, up from $4.83 billion in the third quarter of 2025, and operating income of $1.01 billion, compared with $507.8 million a year earlier. Net income attributable to Steel Dynamics, Inc. was $756.0 million, or $5.26 per diluted share, versus $403.7 million, or $2.74 per diluted share, in the prior-year quarter. The filing attributes the improvement primarily to steel operations, where average selling prices rose 25% (about $282 per ton) while scrap costs rose less, widening metal spreads. The company also cited record quarterly total steel shipments of 3.8 million tons. Not all segments improved. Steel fabrication operating income fell 15% to $90.6 million on rising steel input costs, and profit sharing expense rose to $81.3 million for the quarter. Interest expense increased to $39.3 million, reflecting lower capitalized interest as construction of the aluminum flat rolled products mill was substantially completed in 2025. The aluminum operations segment, which is still commissioning, shipped 55,000 metric tons of finished product in the quarter and continued to post an operating loss of $26.2 million. Balance sheet and cash flow remained solid. Cash and equivalents were $928.6 million and total liquidity was $2.37 billion at September 30, 2026, including $1.19 billion of Revolver availability with no borrowings outstanding. Total outstanding debt of $4.2 billion was unchanged from December 31, 2025, and the company stated it was in compliance with its financial covenants. Nine-month operating cash flow was $1.42 billion, and the company repurchased $590.9 million of stock and paid $225.1 million in dividends during the period.

    Oct 23, 2026
  2. 2026-Q2

    Steel Dynamics Quarterly Report for Q2 Ended Jun 30, 2026

    Steel Dynamics, Inc. (SDI) reported a sharp year-over-year improvement in its second quarter ended June 30, 2026. Net sales rose to $6.09 billion from $4.57 billion, and operating income increased to $700.5 million from $382.9 million, an increase of 83%. Net income attributable to Steel Dynamics, Inc. was $534.1 million, or $3.69 diluted earnings per share, compared with $298.7 million, or $2.01 per diluted share, in the second quarter of 2025. For the first half of 2026, net sales were $11.30 billion and net income attributable to Steel Dynamics, Inc. was $937.5 million, or $6.47 per diluted share. The filing attributes the gains primarily to expanded metal spreads in the steel operations, with steel segment average selling prices up 14% and shipments up 7% in the quarter. The steel operations segment generated operating income of $719.8 million in the quarter, up 89%, while the metals recycling segment's operating income rose 125% to $47.8 million. The steel fabrication segment's operating income declined 9%, reflecting rising steel input costs, and the aluminum operations segment posted an operating loss of $49.8 million as its flat-rolled mill continued commissioning and startup. Management reports record quarterly steel shipments of 3.7 million tons and states that the aluminum mill shipped 53,000 metric tons of finished product in the quarter. Balance-sheet and cash-flow items were mixed. Cash and equivalents were $567.7 million, total liquidity was $2.01 billion, and total debt was $4.2 billion, unchanged from December 31, 2025. Operating cash flow for the first half was $576.3 million, and capital expenditures were $261.8 million, down from $593.8 million a year earlier. Share repurchases totaled $315.4 million in the first half, with $488.7 million remaining under the February 2025 program. Quarterly dividends were increased 6% to $0.53 per share.

    Jul 28, 2026
  3. 2026-Q1

    Steel Dynamics Quarterly Report for Q1 Ended Mar 31, 2026

    Steel Dynamics, Inc. (STLD) reported a sharp improvement in first-quarter 2026 results. Net sales rose to $5.20 billion from $4.37 billion in the first quarter of 2025, and operating income increased to $538.0 million from $275.1 million. Net income attributable to Steel Dynamics, Inc. was $403.4 million, or $2.78 per diluted share, versus $217.2 million, or $1.44 per diluted share, a year earlier. Management attributes the gains mainly to expanded metal spreads in the steel and metals recycling operations, and states that steel shipments reached a record 3.6 million tons with underlying domestic demand strengthening and backlogs increasing. The steel operations segment drove most of the improvement, with operating income of $555.5 million compared with $228.9 million in the prior-year quarter. Steel fabrication operating income declined to $89.5 million from $116.7 million as metal spreads contracted. The aluminum operations segment, which is still ramping up its recycled aluminum flat rolled mill, posted an operating loss of $64.6 million, and management says operations were temporarily paused to resolve startup issues. The balance sheet and liquidity remain solid. Cash and equivalents were $556.5 million, total liquidity was $2.0 billion including $1.19 billion of Revolver availability, and total outstanding debt was $4.2 billion, unchanged from year-end 2025. Operating cash flow was $148.3 million, reflecting a $373.8 million increase in accounts receivable and a $169.6 million increase in inventories. The company repurchased $115.1 million of stock and paid $72.5 million in dividends, and it raised its quarterly dividend to $0.53 per share.

    Apr 27, 2026
  4. 2025-Q3

    Steel Dynamics Quarterly Report for Q3 Ended Sep 30, 2025

    Steel Dynamics, Inc. (STLD) reported record third-quarter 2025 steel shipments of 3.6 million tons. Net sales for the quarter rose to $4.83 billion from $4.34 billion, and operating income increased to $507.8 million from $395.4 million, as steel and metals recycling metal spreads expanded. Net income attributable to Steel Dynamics, Inc. was $403.7 million, or $2.74 per diluted share, compared with $317.8 million, or $2.05 per diluted share, a year earlier. For the first nine months of 2025, operating income fell to $1.17 billion from $1.71 billion, and net income attributable to Steel Dynamics, Inc. declined to $919.6 million from $1,329.8 million. The steel operations segment's nine-month operating income decreased 22% on a 7% decrease in metal spread, while the steel fabrication segment's operating income fell 40% as average selling prices and volumes declined. The aluminum operations segment posted an operating loss of $125.9 million for the nine months as it continued commissioning its aluminum flat rolled products mill in Columbus, Mississippi. Balance sheet leverage increased. Total debt reached $3.8 billion after the company issued $1.0 billion of senior unsecured notes in March 2025 and repaid $400.0 million of notes at maturity. The long-term debt to capitalization ratio rose to 29.7% from 26.5%. Liquidity was $2.2 billion at September 30, 2025, including $1.2 billion of Revolver availability, and the company remained in compliance with its financial covenants. The company repurchased $660.6 million of stock in the first nine months and had $1.0 billion remaining under its February 2025 program.

    Oct 24, 2025
  5. 2025-Q2

    Steel Dynamics Quarterly Report for Q2 Ended Jun 30, 2025

    Steel Dynamics, Inc. (STLD) reported second-quarter 2025 net sales of $4.57 billion, down from $4.63 billion in the second quarter of 2024, and net income attributable to Steel Dynamics, Inc. of $298.7 million, compared with $428.0 million a year earlier. Diluted earnings per share were $2.01, versus $2.72. Consolidated operating income fell to $382.9 million from $559.1 million, which the filing attributes to contracted steel and steel fabrication metal spreads, along with a $32.3 million noncash write-off of consumable assets in Steel Operations. For the first half of 2025, operating income was $658.0 million and net income attributable to the company was $515.9 million, both down roughly half from the prior year period. Segment results were mixed. Metals recycling operations and aluminum-related volume grew, with record quarterly ferrous scrap shipments, while steel fabrication operating income fell 48% in the quarter and aluminum operations posted an operating loss of $40.6 million as start-up costs rose. The company reported first aluminum coils sold late in the second quarter, and it expects volume to increase over the coming months. Steel shipments rose 5% to 3.3 million tons in the quarter. Balance sheet leverage increased. Total debt reached $3.8 billion after the March 2025 issuance of $1.0 billion of senior unsecured notes, which included repayment of $400.0 million of 2.400% notes at maturity. Cash and equivalents were $458.0 million, and total liquidity was $1.93 billion, including $1.19 billion of Revolver availability. Operating cash flow was $454.2 million for the first half, compared with $737.8 million a year earlier, and the company repurchased $450.2 million of stock in the first half. The long-term debt to capitalization ratio rose to 29.9% from 26.5%.

    Aug 11, 2025
  6. 2025-Q1

    Steel Dynamics Quarterly Report for Q1 Ended Mar 31, 2025

    Steel Dynamics, Inc. (STLD) reported a sharp decline in profitability for the first quarter of 2025 ended March 31, 2025. Total net sales were $4.37 billion, down from $4.69 billion in the first quarter of 2024, while operating income fell $475.8 million, or 63%, to $275.1 million. Net income attributable to Steel Dynamics, Inc. decreased to $217.2 million, or diluted earnings per share of $1.44, versus $3.67 a year earlier. The company attributes the decline to steel and fabrication metal spreads contracting, with steel operations average selling prices down 17%, or $204 per ton, even as steel shipments reached a record 3.5 million tons. Balance sheet and liquidity changed meaningfully during the quarter. The company issued $600.0 million of 5.250% notes due 2035 and $400.0 million of 5.750% notes due 2055 in March 2025, raising total debt to $4.2 billion, an increase of $965.1 million from December 31, 2024. Cash and equivalents rose to $1.19 billion, and total liquidity was $2.64 billion including $1.19 billion of Revolver availability. Operating cash flow fell to $152.6 million from $355.2 million, and capital expenditures were $305.5 million, primarily for the aluminum and steel operations segments. Shareholder returns continued during the quarter. The quarterly dividend was raised 9% to $0.50 per share, and the company repurchased $250.1 million of stock under its programs, with $1.4 billion remaining available under the February 2025 authorization. The aluminum flat rolled products mill in Columbus, Mississippi, is nearing completion, with commercial coil shipments expected in mid-2025, and the aluminum segment posted an operating loss of $28.7 million.

    May 12, 2025
  7. 2024-Q3

    Steel Dynamics Quarterly Report for Q3 Ended Sep 30, 2024

    Steel Dynamics, Inc. (STLD) reported a sharp earnings decline in its third-quarter 2024 Form 10-Q. Net sales for the three months ended September 30, 2024 were $4.34 billion, down from $4.59 billion a year earlier, while operating income fell to $395.4 million from $733.6 million and net income attributable to Steel Dynamics was $317.8 million versus $577.2 million. The filing attributes the decline to metal spread contraction across all operating platforms, with steel operations' average selling prices down 11% and steel fabrication average selling prices down 28% in the quarter. For the nine months, operating income was $1.71 billion versus $2.63 billion and net income attributable was $1.33 billion versus $2.03 billion. Cash generation and liquidity remained substantial. Operating cash flow was $1.50 billion for the first nine months of 2024, compared with $2.66 billion a year earlier, and the company invested $1.41 billion in property, plant and equipment, primarily in its aluminum and steel operations. Total liquidity was $3.09 billion at September 30, 2024, including $1.02 billion of cash and equivalents and $1.19 billion of Revolver availability. Total debt rose to $3.7 billion after the July 2024 issuance of $600.0 million of 5.375% senior notes due 2034, and the long-term debt to capitalization ratio increased to 28.9% from 25.8%. The company continued to return capital to shareholders, paying $212.2 million in dividends and repurchasing $917.0 million of common stock in the first nine months of 2024, with $486.4 million remaining under the November 2023 $1.5 billion program. The company stated it was in compliance with its financial covenants, with an interest coverage ratio of 25.88:1.00 against a 2.50:1.00 minimum. The aluminum operations segment, including the flat rolled mill in Columbus, Mississippi, remains under construction with operations expected to begin in mid-2025.

    Nov 8, 2024
  8. 2024-Q2

    Steel Dynamics Quarterly Report for Q2 Ended Jun 30, 2024

    Steel Dynamics, Inc. (STLD) reported a sharp earnings decline in the second quarter of 2024 as metal spreads contracted across its operating platforms. Net sales for the three months ended June 30, 2024 were $4.63 billion, down from $5.08 billion a year earlier, and operating income fell to $559.1 million from $1.06 billion. Net income attributable to Steel Dynamics was $428.0 million, or $2.72 diluted EPS, compared with $812.1 million, or $4.81 diluted EPS, in the second quarter of 2023. For the first half of 2024, net income attributable to the company was $1.01 billion, or $6.39 diluted EPS, versus $1.45 billion, or $8.49 diluted EPS, in the prior-year period. By segment, steel operations generated $438.6 million of operating income in the quarter, down 37%, as average selling prices fell faster than scrap costs. Steel fabrication operating income dropped 61% to $180.7 million on lower volume and selling prices, though management cited a historically strong order backlog extending through the fourth quarter of 2024. The aluminum operations segment, which is building a recycled aluminum flat rolled products mill in Columbus, Mississippi, recorded an operating loss of $19.2 million in the quarter as construction and start-up costs were incurred. Liquidity remained solid, with total liquidity of $2.67 billion at June 30, 2024, including $829.98 million of cash and equivalents and $1.19 billion of Revolver availability. Cash flow from operations was $737.8 million in the first half of 2024, down from $1.54 billion a year earlier, while the company repurchased $607.1 million of common stock and paid $140.6 million in dividends. In July 2024, the company issued $600.0 million of 5.375% notes due 2034, with proceeds intended in part to repay its 2.800% senior notes due December 2024.

    Aug 8, 2024
  9. 2024-Q1

    Steel Dynamics Quarterly Report for Q1 Ended Mar 31, 2024

    Steel Dynamics, Inc. (SDI), together with its subsidiaries, reported first-quarter 2024 net sales of $4.69 billion, down from $4.89 billion in the first quarter of 2023, and net income attributable to Steel Dynamics, Inc. of $584.0 million, compared with $637.3 million a year earlier. Consolidated operating income was $751.0 million versus $835.4 million, which the company attributes to metal spread contraction in its metals recycling and steel fabrication operations, partly offset by metal spread expansion in its steel operations. Steel operations operating income rose to $670.9 million from $341.9 million, while steel fabrication operating income fell to $178.3 million from $551.3 million. Cash flow from operations was $355.2 million versus $733.8 million in the prior-year quarter, and capital expenditures rose to $374.3 million from $226.3 million, driven by construction of the planned recycled aluminum flat rolled products mill and related slab centers. The company repurchased $298.1 million of common stock and paid $68.0 million in dividends. Liquidity totaled $3.12 billion at March 31, 2024, including $1.04 billion in cash and equivalents, $886.4 million in short-term and other investments, and $1.19 billion of revolver availability, and the company stated it was in compliance with its credit facility covenants. Total debt was $3.1 billion, consistent with December 31, 2023, and the long-term debt to capitalization ratio was 25.1% at March 31, 2024, versus 25.8% at December 31, 2023. Management stated that liquidity and anticipated operating cash flow are sufficient for planned 2024 capital requirements.

    May 10, 2024
  10. 2023-Q3

    Steel Dynamics Quarterly Report for Q3 Ended Sep 30, 2023

    Steel Dynamics, Inc. (SDI) reported a sharp earnings decline for the third quarter and first nine months of 2023 as metal spreads contracted in its steel operations and volumes and pricing fell in its steel fabrication segment. Net sales for the quarter were $4.59 billion, down 19% from $5.65 billion, and operating income fell to $733.6 million from $1.22 billion. Net income attributable to Steel Dynamics was $577.2 million, or $3.47 diluted EPS, versus $914.3 million a year earlier. For the nine months, net sales were $14.56 billion and net income attributable to the company was $2.03 billion, or $11.98 diluted EPS, compared with $3.23 billion and $17.21 in the prior-year period. Liquidity remained strong. At September 30, 2023, the company held $1.77 billion in cash and equivalents, $729.0 million in short-term and other investments, and $1.19 billion of Revolver availability, for total liquidity of $3.69 billion. Total debt was $3.1 billion, and the long-term debt to capitalization ratio was 25.9%. In July 2023 the company entered into a new $1.2 billion unsecured revolving credit facility maturing in 2028, with no borrowings outstanding at quarter end. Cash flow from operations was $2.66 billion for the nine months, while capital expenditures reached $1.14 billion, largely tied to the planned aluminum flat roll mill. The company also repurchased $1.07 billion of stock in the nine months and raised its quarterly dividend to $0.425 per share. After quarter end, on October 31, 2023, the board authorized an additional share repurchase program of up to $1.5 billion. At September 30, 2023, $277.7 million remained under the November 2022 program.

    Nov 9, 2023
  11. 2023-Q2

    Steel Dynamics Quarterly Report for Q2 Ended Jun 30, 2023

    Steel Dynamics, Inc. (STLD) reported a sharp earnings decline in the second quarter of 2023 as steel selling prices fell faster than scrap costs. Net sales for the three months ended June 30, 2023 were $5.08 billion, down from $6.21 billion a year earlier, and operating income fell to $1.06 billion from $1.62 billion. Net income attributable to Steel Dynamics was $812.1 million, or $4.81 diluted earnings per share, compared with $1.21 billion and $6.44 a year earlier. For the first half of 2023, net sales were $9.97 billion and operating income was $1.90 billion, compared with $11.78 billion and $3.11 billion in the first half of 2022. The Steel Operations segment's metal spread decreased 19% in the second quarter, and average steel selling prices fell 19%, or $289 per ton. Liquidity remained strong, with total liquidity of $3.50 billion at June 30, 2023, including cash and equivalents of $1.48 billion, short-term and other investments of $837.3 million, and $1.19 billion of Revolver availability. Total debt was $3.1 billion, and the long-term debt to capitalization ratio was 26.1%. Cash flow from operations was $1.54 billion in the first half of 2023, versus $1.82 billion a year earlier. The company spent $584.6 million on capital expenditures in the first half, and it repurchased $734.2 million of treasury stock. It also raised its quarterly dividend 25% to $0.425 per share. Subsequent to quarter-end, on July 19, 2023, the company entered into a new $1.2 billion unsecured revolving credit facility maturing in July 2028. The company is investing in a planned $2.5 billion low-carbon aluminum flat roll mill, with expenditures expected to continue through 2025 and to be funded from available cash and operating cash flow. Management states the company is in compliance with its financial covenants, with an interest coverage ratio of 43.08:1.00 against a minimum of 2.50:1.00.

    Aug 8, 2023
  12. 2023-Q1

    Steel Dynamics Quarterly Report for Q1 Ended Mar 31, 2023

    Steel Dynamics, Inc. (STLD) reported a sharp year-over-year decline in profitability for the first quarter of 2023, even as shipments reached a record. Net sales were $4.89 billion, down 12% from $5.57 billion, while operating income fell 44% to $835.4 million from $1.49 billion. Net income attributable to Steel Dynamics, Inc. was $637.3 million, down 42% from $1.10 billion, and diluted earnings per share were $3.70 versus $5.71. Management attributed the decline to lower average steel selling prices, which fell 32% per ton, and compressed metal spreads, partly offset by record steel shipments of 3.3 million tons and a strong steel fabrication segment. Segment results were mixed. Steel operations, which generated 63% of consolidated net sales, saw operating income drop 71% to $341.8 million as metal spread compressed and Sinton start-up costs weighed on results. Steel fabrication operating income rose 18% to $551.3 million on higher selling prices and a wider metal spread, while metals recycling operating income fell 12% to $39.7 million. The balance sheet remained strong, with cash and equivalents of $1.60 billion, short-term investments of $714.8 million, $1.2 billion of revolver availability, and total liquidity of $3.51 billion. The company repurchased $354.0 million of stock and raised its quarterly dividend 25% to $0.425 per share. The filing also notes ongoing capital commitments, including a planned $2.5 billion low-carbon aluminum flat roll mill with expenditures expected through 2025. Capital expenditures for the quarter were $226.3 million. Management stated that operating cash flow and available sources should be adequate for the next twelve months, and the company was in compliance with its financial covenants at March 31, 2023.

    May 5, 2023
  13. 2022-Q3

    Steel Dynamics Quarterly Report for Q3 Ended Sep 30, 2022

    Steel Dynamics, Inc. (SDI, ticker STLD) reported record steel fabrication performance and strong cash generation for the third quarter and first nine months of 2022. Net sales for the third quarter were $5.65 billion, up from $5.09 billion a year earlier, while net income attributable to Steel Dynamics, Inc. was $914.3 million, down from $990.8 million. For the nine months ended September 30, 2022, net sales rose to $17.43 billion from $13.10 billion, and net income attributable to Steel Dynamics, Inc. increased to $3.23 billion from $2.12 billion. The company cited record steel shipments of 3.2 million tons and record cash flow from operations of $1.5 billion in the quarter. The quarter's profit mix shifted sharply across segments. Steel fabrication operating income reached a record $676.7 million in the third quarter, while steel operations operating income fell 51% to $654.7 million, as sheet steel selling prices declined and start-up costs at the Sinton mill weighed on results. Metals recycling operating income dropped 85% to $6.7 million amid sharply lower scrap prices and lower shipments. Nine-month operating income rose 51% to $4.33 billion. Balance sheet and capital allocation remained strong. Total liquidity was $3.19 billion at September 30, 2022, including $1.42 billion of cash and $1.19 billion of revolver availability, and the long-term debt to capitalization ratio fell to 27.7% from 32.9%. The company repurchased $1.4 billion of stock in the first nine months, paid dividends of $0.34 per share quarterly, and announced a $2.2 billion low-carbon aluminum flat rolled mill project. It also acquired ROCA ACERO, S.A. de C.V., a Mexican scrap business, on October 1, 2022.

    Oct 26, 2022
  14. 2022-Q2

    Steel Dynamics Quarterly Report for Q2 Ended Jun 30, 2022

    Steel Dynamics, Inc. (STLD) reported record second-quarter 2022 results in this Form 10-Q, with net sales of $6.21 billion, operating income of $1.62 billion, net income attributable to Steel Dynamics, Inc. of $1.21 billion, and cash flow from operations of $1.00 billion. For the first half of 2022, net sales were $11.78 billion, operating income was $3.11 billion, and net income attributable to Steel Dynamics, Inc. was $2.31 billion. Steel fabrication operations delivered record operating income of $599.2 million in the quarter, and steel operations and metals recycling operations also improved year over year on higher selling prices and metal spreads. Capital returns were significant. The company paid $906.2 million in share repurchases in the first half of 2022 and had $727.2 million remaining under the 2022 repurchase program as of June 30, 2022. Quarterly dividends were raised to $0.34 per share from $0.26 per share. Liquidity at June 30, 2022 totaled $2.54 billion, including $1.01 billion of cash and equivalents, $351.0 million of short-term investments and $1.18 billion of revolver availability, and the company stated it was in compliance with its financial covenants. Total debt was $3.0 billion, and the filing stated no significant principal payments were due until 2024. The filing also reports that the company announced on July 19, 2022 plans to invest $2.2 billion in a new low-carbon aluminum flat rolled mill with two supporting satellite recycled aluminum slab centers, to be funded from cash and operating cash flow over 2022 through 2026. Management described steel demand as strong in automotive, construction and industrial sectors, while noting that sheet steel pricing trended downward from the first quarter.

    Aug 2, 2022
  15. 2022-Q1

    Steel Dynamics Quarterly Report for Q1 Ended Mar 31, 2022

    Steel Dynamics, Inc. reported record first-quarter 2022 results, with net sales of $5.57 billion (up from $3.54 billion), operating income of $1.49 billion (up from $594.2 million), and net income attributable to Steel Dynamics, Inc. of $1.10 billion (up from $430.5 million). Diluted earnings per share were $5.71 versus $2.03 a year earlier. The steel operations segment drove the gain, with net sales of $3.93 billion and operating income of $1.16 billion, reflected in average selling prices that rose $525 per ton, or 50%, year over year. Steel fabrication operations also posted record operating income of $466.9 million, and the metals recycling segment's operating income declined 11% to $45.0 million on lower shipments. Cash flow from operations was a record $819.0 million, compared with $262.2 million in the prior-year period. The company spent $159.3 million on capital expenditures and $222.5 million on investments in unconsolidated affiliates, including a 45% interest in New Process Steel, L.P. It repurchased $389.2 million of common stock and paid $50.7 million in dividends. Liquidity at March 31, 2022 totaled $2.38 billion, including $1.19 billion of cash and $1.19 billion of revolver availability, and total debt was about $3.1 billion. The quarterly dividend was raised 31% to $0.34 per share. The filing reports that no material changes have occurred to the risk factors in the 2021 Form 10-K, and that routine litigation is not expected to have a material impact. Redeemable noncontrolling interests in USS increased to $116.7 million, and USS's noncontrolling members exercised a put option to raise SDI's ownership to 87.5% effective April 1, 2022.

    Apr 29, 2022
  16. 2021-Q3

    Steel Dynamics Quarterly Report for Q3 Ended Sep 30, 2021

    Steel Dynamics, Inc. (STLD) reported a sharp year-over-year improvement in its third quarter ended September 30, 2021. Net sales were $5.09 billion versus $2.33 billion in the third quarter of 2020, operating income was $1.32 billion versus $155.9 million, and net income attributable to Steel Dynamics, Inc. was $990.8 million, or $4.85 diluted earnings per share, compared with $100.1 million, or $0.47 diluted, a year earlier. Management attributes the results to higher realized steel selling prices, which expanded metal spreads, particularly in flat roll steel, along with strong demand from the automotive, construction, and industrial sectors. The steel operations segment delivered a record quarterly operating income of $1.35 billion, and the steel fabrication segment reported record quarterly shipments and operating income. For the first nine months of 2021, net sales were $13.10 billion and operating income was $2.87 billion, compared with $7.00 billion and $588.4 million in the prior-year period. Operating cash flow was $1.48 billion for the nine months, versus $849.1 million a year earlier, while capital expenditures totaled $801.7 million, including $666.2 million for the new Southwest-Sinton Flat Roll Division. Cash and equivalents were $1.10 billion at September 30, 2021, with $1.19 billion of revolver availability and total liquidity of $2.28 billion. The long-term debt to capitalization ratio fell to 35.4% from 41.6% at year-end 2020. Shareholder returns were significant. The company repurchased $730.8 million of stock in the first nine months of 2021, exhausted a $500.0 million program in July 2021, and authorized a new $1.0 billion program, with $713.2 million remaining at quarter end. Quarterly dividends were increased to $0.26 per share. Subsequent to quarter end, on October 14, 2021, the company agreed to acquire a 45% minority equity interest in New Process Steel, L.P., subject to customary closing conditions and regulatory approvals.

    Nov 2, 2021
  17. 2021-Q2

    Steel Dynamics Quarterly Report for Q2 Ended Jun 30, 2021

    Steel Dynamics, Inc. reported record second-quarter 2021 results, with net sales of $4.47 billion (total net sales $4,465,308 thousand), record operating income of $955.7 million, record net income attributable to Steel Dynamics, Inc. of $702.3 million, and record cash flow from operations of $587.2 million. Consolidated operating income rose $796.9 million, or 502%, versus the second quarter of 2020, and diluted earnings per share were $3.32 compared with $0.36 a year earlier. Steel operations, which accounted for 72% of consolidated net sales in the quarter, drove results through higher average selling prices and increased metal spread, while the metals recycling and steel fabrication segments also posted higher sales. For the first half of 2021, net sales were $8.01 billion and operating income was $1.55 billion, up 258%, with net income attributable to Steel Dynamics of $1.1 billion. Liquidity at June 30, 2021 totaled $2.30 billion, including $1.11 billion of cash and equivalents and $1.19 billion of revolver availability, and the company stated it was in compliance with its financial covenants. Total long-term debt to capitalization was 38.2% at June 30, 2021, compared with 41.6% at December 31, 2020. Capital allocation remained active: the company repurchased $393.2 million of stock in the first half of 2021, exhausted its $500.0 million 2020 repurchase program in July 2021, and authorized a new program of up to $1.0 billion in July 2021. Capital expenditures were $587.1 million in the first half, including $488.5 million for the new Southwest-Sinton Flat Roll Division, and the company estimated roughly $350 to $400 million of capital investment for the second half of 2021.

    Jul 26, 2021
  18. 2021-Q1

    Steel Dynamics Quarterly Report for Q1 Ended Mar 31, 2021

    Steel Dynamics, Inc. (SDI) reported record first-quarter 2021 results, with net sales of $3.54 billion (up from $2.58 billion), operating income of $594.2 million (up from $273.7 million), and net income attributable to Steel Dynamics, Inc. of $430.5 million, or $2.03 diluted earnings per share (compared with $187.3 million, or $0.88, a year earlier). Management attributes the gains to strong domestic steel demand from the automotive, construction and industrial sectors, significantly higher average selling prices across the company, and wider metal spreads in steel and metals recycling operations. The steel operations segment was the largest contributor, with operating income of $637.4 million, while the metals recycling segment's operating income rose to $50.6 million and the steel fabrication segment's fell to $9.9 million. Balance sheet and cash flow highlights show total assets of $10.13 billion at March 31, 2021, with cash and equivalents of $1.25 billion and total liquidity of $2.43 billion including $1.19 billion of Revolver availability and no borrowings outstanding under the Revolver. Operating cash flow was $262.2 million, but working capital absorbed capital as inventories rose to $2.22 billion and accounts receivable to $1.36 billion. Capital expenditures were $309.9 million, largely for the Southwest-Sinton Flat Roll Division under construction in Texas, and the company plans roughly $650 to $700 million of capital investment for the remainder of 2021. The company declared a quarterly dividend of $0.26 per share, up from $0.25, and made no share repurchases in the quarter, leaving $444.0 million available under its repurchase program. The filing reports that the company was in compliance with its credit facility covenants, with an interest coverage ratio of 13.90:1.00 against a required minimum of 2.50:1.00, and that it expects to remain compliant over the next twelve months. Management also states that it believes cash flows and Revolver availability will be adequate for the next twelve months. The filing notes no material changes to risk factors from the 2020 Form 10-K and says pending litigation is not expected to be material.

    Apr 29, 2021
  19. 2020-Q3

    Steel Dynamics Quarterly Report for Q3 Ended Sep 30, 2020

    Steel Dynamics, Inc. reported third-quarter 2020 results with net sales of $2.33 billion, down from $2.53 billion a year earlier, and net income attributable to Steel Dynamics, Inc. of $100.1 million, compared with $151.0 million in the third quarter of 2019. Consolidated operating income was $155.9 million, versus $228.0 million a year earlier. For the first nine months of 2020, net sales were $7.00 billion and net income attributable to the company was $363.0 million. The filing attributes the decline mainly to lower average steel selling prices and the COVID-19 pandemic, which significantly reduced scrap supply and steel demand in the second quarter, with lingering effects on pricing in the third quarter. Metals recycling operations returned to a small operating profit of $12.7 million in the quarter, and the steel fabrication segment reported a record quarterly operating income of $39.2 million. Liquidity remained strong at $2.46 billion at September 30, 2020, comprising $1.27 billion of cash and equivalents and $1.19 billion of Revolver availability, with no borrowings outstanding under the revolver. Nine-month cash flow from operations was $849.1 million, while capital expenditures rose to $854.9 million, driven by the flat roll steel mill under construction in Sinton, Texas, which is expected to begin operations mid-year 2021. The company also refinanced debt in June and October 2020 and acquired Zimmer S.A. de C.V. (now Omni Mexico) on August 3, 2020, for $59.0 million to support scrap procurement for the Texas mill. The company remained in compliance with its financial covenants, with an interest coverage ratio of 9.22:1.00 against a minimum of 2.50:1.00, and a debt to capitalization ratio of 0.39:1.00 against a maximum of 0.60:1.00. The filing states that the company's quarterly dividend was $0.25 per share and that the board approved an additional share repurchase program of up to $500 million in February 2020, with $444.0 million remaining available.

    Nov 9, 2020
  20. 2020-Q2-A

    Steel Dynamics Quarterly Report (Amendment) for Q2 Ended Jun 30, 2020

    Steel Dynamics, Inc. filed this Amendment No. 1 on Form 10-Q/A to amend its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020, originally filed on August 10, 2020. The amendment was filed solely to remove Exhibit 95 (Mine Safety Disclosures) that was inadvertently attached to the original filing. Exhibit 95 belonged to the Form 10-Q for the period ended March 31, 2020, filed May 11, 2020. Apart from that removal, the filing states that it does not modify or update any disclosures in the Original Form 10-Q, which continues to speak as of its original filing date. The filing reports 210,364,813 shares of common stock outstanding as of July 31, 2020, and identifies the registrant as a large accelerated filer and not a shell company. The amendment includes new Rule 13a-14(a) certifications from the chief executive officer and chief financial officer, but no financial statements are included, and it does not provide new Section 1350 certifications. The exhibit index also lists the June 5, 2020 Second Supplemental Indenture relating to the issuance of $400 million 2.400% Notes due 2025 and $500 million 3.250% Notes due 2031, incorporated by reference from a Form 8-K filed that day. Investors should read this amendment together with the Original Form 10-Q and the company's other filings.

    Aug 11, 2020
  21. 2020-Q2

    Steel Dynamics Quarterly Report for Q2 Ended Jun 30, 2020

    Steel Dynamics, Inc. reported a sharply weaker second quarter 2020 as the COVID-19 pandemic reduced domestic steel demand and scrap supply. Net sales for the three months ended June 30, 2020 were $2.09 billion, down from $2.77 billion a year earlier, and operating income fell to $158.9 million from $285.0 million. Net income attributable to Steel Dynamics was $75.5 million, or $0.36 per diluted share, compared with $194.3 million, or $0.87, in the second quarter of 2019. For the first half of 2020, net sales were $4.67 billion and operating income was $432.5 million, with net income attributable to the company of $262.8 million. The company stated that all of its locations remained open as essential critical infrastructure businesses. Liquidity remained substantial at $2.75 billion at June 30, 2020, consisting of $1.50 billion in cash and equivalents, $69.5 million in short-term investments, and $1.19 billion of Revolver availability. Operating cash flow improved to $697.3 million in the first half of 2020 from $543.0 million in the prior-year period, aided by a decrease in operational working capital. Capital spending rose to $527.3 million in the first half, driven by the flat roll steel mill under construction in Sinton, Texas, and management expects remaining 2020 capital investments of roughly $800 million to $850 million. In June 2020 the company issued $400.0 million of 2.400% notes due 2025 and $500.0 million of 3.250% notes due 2031 and used the proceeds to redeem its 2023 and 2024 senior notes, recording about $22.8 million of related expenses. The company remained in compliance with its credit facility covenants, with an interest coverage ratio of 9.45:1.00 against a 2.50:1.00 minimum. The company also declared a quarterly dividend of $0.25 per share.

    Aug 10, 2020
  22. 2020-Q1

    Steel Dynamics Quarterly Report for Q1 Ended Mar 31, 2020

    Steel Dynamics, Inc. reported first-quarter 2020 total net sales of $2.58 billion, down from $2.82 billion in the first quarter of 2019, and net income attributable to Steel Dynamics, Inc. of $187.3 million, compared with $204.3 million a year earlier. Operating income was $273.7 million versus $291.8 million. The filing attributes the decline mainly to lower average selling prices in the steel and metals recycling segments, partly offset by record steel segment shipments and production. Steel operations shipments rose 6%, while steel operations operating income fell 7% to $288.4 million as metal spread contracted. Metals recycling operating income fell 67% to $5.5 million. Liquidity remained strong at $2.64 billion at March 31, 2020, consisting of $1.24 billion in cash and equivalents, $219.2 million in short-term investments and $1.19 billion of Revolver availability, with no borrowings outstanding under the $1.2 billion unsecured Revolver. Operating cash flow was $211.3 million, and capital expenditures rose to $217.5 million, primarily for the flat roll steel mill under construction in Sinton, Texas, which management expects to start up in mid-2021. The company repurchased 4.4 million shares for $106.5 million and increased its quarterly dividend to $0.2500 per share. Management states that all facilities continued to operate as critical infrastructure during the COVID-19 pandemic and that COVID-19 had a limited impact on first-quarter results. It cautions, however, that the ultimate impact cannot be predicted and that a prolonged pandemic could reduce scrap supply and product demand, and could delay Sinton-related equipment deliveries.

    May 11, 2020
  23. 2019-Q3

    Steel Dynamics Quarterly Report for Q3 Ended Sep 30, 2019

    Steel Dynamics, Inc. reported a sharp decline in profitability for the third quarter and first nine months of 2019 as steel selling prices and scrap prices fell. Net sales for the quarter were $2.53 billion versus $3.22 billion in the third quarter of 2018, and operating income was $228.0 million versus $531.6 million. Net income attributable to Steel Dynamics was $151.0 million, or $0.69 per diluted share, compared with $398.4 million, or $1.69 per diluted share, a year earlier. For the nine months, net sales were $8.11 billion and operating income was $804.9 million, down from $1.36 billion. The company attributed the weakness to a challenging steel pricing environment, customer destocking, and falling scrap prices, which compressed metal spreads in the steel operations and metals recycling segments. The steel fabrication segment was a bright spot, with operating income rising to $35.3 million in the quarter. Balance sheet and liquidity remained strong. At September 30, 2019, cash and equivalents were $1.15 billion, short-term investments were $69.5 million, and total liquidity was $2.37 billion including $1.16 billion of Revolver availability with no borrowings outstanding. Operating cash flow for the first nine months was $987.2 million, and the company repurchased $292.4 million of stock during that period. The total long-term debt to capitalization ratio was 37.6%. In October 2019, all three credit rating agencies upgraded the company to investment grade, which will result in the release of guarantees and collateral securing the senior credit facility. The company also completed the 75% acquisition of United Steel Supply, LLC on March 1, 2019, for $93.4 million in cash, adding a painted Galvalume flat roll steel distribution channel. Capital expenditures rose to $293.7 million for the nine months, primarily for the new Sinton, Texas flat roll steel mill project. Quarterly dividends were increased to $0.2400 per share.

    Oct 31, 2019
  24. 2019-Q2

    Steel Dynamics Quarterly Report for Q2 Ended Jun 30, 2019

    Steel Dynamics, Inc. reported a sharp decline in profitability for the second quarter and first half of 2019 compared with record 2018 levels. Net sales for the quarter were $2.77 billion, versus $3.09 billion in the second quarter of 2018, and operating income fell to $285.0 million from $501.9 million. Net income attributable to Steel Dynamics, Inc. was $194.3 million for the quarter and $398.6 million for the first half. Management attributed the weakness to a challenging steel pricing environment, customer inventory destocking, and sharply falling scrap prices, which compressed metal spreads, especially in steel operations and metals recycling. Steel fabrication was a bright spot, with operating income rising to $30.7 million in the quarter. The balance sheet remained solid. Cash and equivalents were $972.6 million at June 30, 2019, and total liquidity was $2.27 billion, including $1.19 billion of Revolver availability. The long-term debt to capitalization ratio was 37.5%, and the company stated it was in compliance with its financial covenants. Cash flow from operations was $543.0 million in the first half of 2019. The company acquired a 75% equity interest in United Steel Supply, LLC on March 1, 2019, for $93.4 million in cash, which added goodwill of $98.5 million, and it continued repurchasing shares under a $750 million program, with $221.7 million remaining at quarter end. Quarterly dividends were raised to $0.2400 per share. Management stated that the company expects liquidity from operations and its Revolver to be adequate for the next twelve months. The filing identifies no material changes to risk factors from the 2018 Form 10-K.

    Aug 9, 2019
  25. 2019-Q1

    Steel Dynamics Quarterly Report for Q1 Ended Mar 31, 2019

    Steel Dynamics, Inc. reported first-quarter 2019 net sales of $2.82 billion, up from $2.60 billion in the first quarter of 2018, but consolidated operating income fell to $291.8 million from $323.4 million, and net income attributable to Steel Dynamics, Inc. decreased to $204.3 million from $227.6 million. The filing attributes the decline to a challenging market for the Butler and Columbus Flat Roll Divisions, where sheet steel shipments fell and steel segment operating income declined, along with lower metals recycling operating income. Diluted earnings per share were $0.91 versus $0.96 a year earlier. Steel operating income fell 8% to $309.1 million, despite steel selling prices rising 10% to $899 per ton, and the company cited rising sheet steel imports as a headwind. The balance sheet and cash flow remained solid. Total liquidity at March 31, 2019 was $2.15 billion, including $791.4 million in cash and equivalents, $173.7 million in short-term investments and $1.19 billion of Revolver availability, with no borrowings outstanding under the Revolver. Operating cash flow was $181.6 million, capital expenditures were $54.4 million, and the company repurchased 2.3 million shares for $84.3 million. The quarterly dividend was raised 28% to $0.2400 per share. During the quarter the company acquired a 75% equity interest in United Steel Supply, LLC for $93.4 million, which added $101.9 million of goodwill on a preliminary basis. The filing reports that the company was in compliance with its financial covenants, with an interest coverage ratio of 16.81:1.00 against a required minimum of 2.50:1.00 and a net debt leverage ratio of 0.87:1.00 against a maximum of 5.00:1.00. Total long-term debt to capitalization was 37.9%. The company adopted the new lease standard ASC 842 on January 1, 2019, recognizing right-of-use assets and lease liabilities of $76.3 million.

    May 10, 2019
  26. 2018-Q3

    Steel Dynamics Quarterly Report for Q3 Ended Sep 30, 2018

    Steel Dynamics, Inc. reported strong third-quarter and first-nine-months 2018 results, driven by record steel operations shipments and higher selling prices. Net sales for the third quarter were $3.22 billion, up from $2.44 billion a year earlier, and operating income rose to $531.6 million from $271.0 million. Net income attributable to Steel Dynamics was $398.4 million for the quarter, compared with $153.3 million in the prior-year quarter. The lower effective tax rate of 21.5% in the quarter, versus 35.6% a year earlier, reflects the Tax Cuts and Jobs Act. For the nine months, net sales were $8.92 billion and net income attributable to the company was $988.4 million. The company completed the acquisition of Heartland Flat Roll Division (Heartland Steel Processing, LLC) on June 29, 2018, for an initial cash price of $396.4 million plus a $37.6 million working capital adjustment. Heartland, located in Terre Haute, Indiana, produces higher-margin flat roll steel, and its results are included in the steel operations segment. The acquisition contributed $118.6 million of goodwill on a preliminary basis, and the purchase price allocation has not yet been finalized. Total goodwill rose to $502.9 million at September 30, 2018. Liquidity remained substantial, with cash and equivalents of $884.3 million, short-term investments of $115.0 million and Revolver availability of $1.19 billion, for total liquidity of $2.19 billion. The company's interest coverage ratio was 15.54:1.00 and its net debt leverage ratio was 0.92:1.00, both within covenant requirements. The company repurchased $193.4 million of common stock in the first nine months of 2018 and authorized a new $750.0 million repurchase program in September 2018.

    Nov 7, 2018
  27. 2018-Q2

    Steel Dynamics Quarterly Report for Q2 Ended Jun 30, 2018

    Steel Dynamics, Inc. (SDI, together with its subsidiaries) reported strong second-quarter 2018 results, with net sales of $3.09 billion, up from $2.39 billion in the second quarter of 2017, and net income attributable to Steel Dynamics, Inc. of $362.4 million, or $1.53 diluted earnings per share, compared with $153.9 million, or $0.63 per share, a year earlier. Operating income rose to $501.9 million from $265.3 million. The company attributed the improvement to record steel shipments, higher average selling prices, expanded metal spreads at the steel operations, and strong demand in the metals recycling segment, partly offset by a decline in operating income at the steel fabrication segment. The effective income tax rate fell to 23.7% from 35.0% a year earlier, reflecting the Tax Cuts and Jobs Act. For the first half of 2018, net income attributable to Steel Dynamics, Inc. was $590.0 million on net sales of $5.69 billion. The balance sheet expanded during the period, largely due to the June 29, 2018 acquisition of Heartland Steel Processing, LLC (Heartland), a Terre Haute, Indiana flat roll processor, for an initial cash purchase price of $396.4 million. Goodwill increased to $508.3 million from $386.9 million at year-end 2017, and property, plant and equipment rose to $2.91 billion. Cash and equivalents were $720.4 million at June 30, 2018, and total liquidity was $1.998 billion including $1.188 billion of Revolver availability. Long-term debt totaled $2.35 billion, and the company's long-term debt to capitalization ratio decreased to 39.0% from 41.9%. The company also renewed and extended its senior secured credit facility, including a $1.2 billion Revolver, to June 2023. Capital returns continued during the first half of 2018. The quarterly dividend was increased 21% to $0.1875 per share, and the company acquired 2.6 million shares for $118.4 million under its share repurchase program. Operational working capital rose $354.0 million, excluding acquired Heartland working capital, to $2.0 billion. The company remained in compliance with its financial covenants, with an interest coverage ratio of 13.14:1.00 and a net debt leverage ratio of 1.07:1.00 at June 30, 2018.

    Aug 9, 2018
  28. 2018-Q1

    Steel Dynamics Quarterly Report for Q1 Ended Mar 31, 2018

    Steel Dynamics, Inc. reported first-quarter 2018 net income attributable to Steel Dynamics, Inc. of $227.6 million, compared with $200.8 million in the first quarter of 2017, on net sales of $2.60 billion versus $2.37 billion a year earlier. Operating income was $323.4 million, down from $334.6 million, as the steel and steel fabrication segments saw slight declines in operating income from higher operating expenses, while metals recycling operating income rose to $24.7 million from $17.8 million. Steel operations net sales increased 12% on a $74 per ton rise in average selling prices, and the effective income tax rate fell to 23.8% from 34.7%, reflecting the Tax Cuts and Jobs Act of 2017. Cash flow from operations was $177.9 million, compared with $240.430 million in the prior-year quarter, and the company invested $50.6 million in property, plant and equipment. Operational working capital increased $199.0 million to $1.7 billion. The company repurchased 1.5 million shares for $69.3 million under its share repurchase program and declared dividends of $0.1875 per share, up from $0.155. Total liquidity was $2.21 billion at March 31, 2018, including $985.8 million of cash, $40.0 million of short-term investments and $1.19 billion of Revolver availability, with no Revolver borrowings outstanding. Covenant ratios were 10.76:1.00 for interest coverage and 1.36:1.00 for net debt leverage, both within the facility limits. Management states that the company expects its cash flows, together with available sources of funds including Revolver borrowings, to be adequate for the next twelve months for debt service, working capital and capital expenditures. Management also reports that routine litigation is not expected to have a material impact, and that there were no material changes to the risk factors in the 2017 Form 10-K.

    May 9, 2018
  29. 2017-Q3

    Steel Dynamics Quarterly Report for Q3 Ended Sep 30, 2017

    Steel Dynamics, Inc. (SDI) reported a strong third quarter and first nine months of 2017. Net sales for the third quarter were $2.44 billion versus $2.10 billion a year earlier, and operating income was $271.0 million compared with $283.9 million, a decline the filing attributes to margin pressure in steel operations. For the first nine months, net sales rose to $7.20 billion from $5.87 billion, operating income rose to $870.9 million from $671.9 million, and net income attributable to Steel Dynamics, Inc. reached $508.0 million, or $2.09 diluted earnings per share, versus $362.1 million and $1.48 a year earlier. Management cites continued strong demand for sheet and special-bar-quality steel, low customer inventory levels, and improved metals recycling pricing, while noting that elevated imports kept domestic steel prices from keeping pace with raw material costs. Balance sheet and liquidity remained solid. Cash and equivalents were $1.10 billion at September 30, 2017, and the company had $1.19 billion of Revolver availability, with no borrowings outstanding. In September 2017 the company issued $350.0 million of 4.125% senior notes due 2025 and used the proceeds, along with cash, to tender for $182.9 million of its 6.375% senior notes due 2022, with the remaining $167.1 million called in October 2017. The adjusted long-term debt to capitalization ratio was 43.9%, and the company was in compliance with its covenants, with an interest coverage ratio of 10.22:1.00 and a net debt leverage ratio of 1.49:1.00. During the first nine months, the company repurchased 7.0 million shares for $237.2 million and paid $108.8 million in dividends, and it raised its quarterly dividend to $0.155 per share. The filing also reports that the company is adopting ASC 606 on January 1, 2018 using the modified retrospective approach and does not expect significant changes in the amount or timing of revenue recognized. Management concluded that disclosure controls were effective as of September 30, 2017, and reported no material changes to risk factors from its 2016 Form 10-K.

    Nov 9, 2017
  30. 2017-Q2

    Steel Dynamics Quarterly Report for Q2 Ended Jun 30, 2017

    Steel Dynamics, Inc. reported strong second-quarter and first-half 2017 results in this Form 10-Q. Net sales for the three months ended June 30, 2017 were $2.39 billion, versus $2.02 billion a year earlier, and operating income rose $9.2 million to $265.4 million. Net income attributable to Steel Dynamics was $153.9 million for the quarter, compared with $142.0 million in the second quarter of 2016. For the first half of 2017, net sales were $4.76 billion and operating income was $599.9 million, up $211.8 million from $388.1 million, with net income attributable to the company of $354.8 million. Management attributed the results to continued strong demand for sheet and special-bar-quality products and historically low customer inventory levels, partly offset by import pressure, a planned outage, and a new product start-up at two steel mills. Segment performance was mixed. Steel operations operating income fell 1% in the second quarter to $269.9 million on lower shipments, while metals recycling operating income rose 49% to $16.5 million on improved metal spreads and lower operating costs. Steel fabrication operating income declined 14% to $20.1 million as steel input costs rose faster than selling prices, even though the segment posted record quarterly shipments. Liquidity at June 30, 2017 totaled $2.10 billion, including $908.8 million of cash and $1.19 billion of Revolver availability. Total debt was about $2.4 billion, the long-term debt to capitalization ratio was 43.9%, and the company was in compliance with its financial covenants. During the first half of 2017, the company repurchased 4.1 million shares for $138.1 million under its share repurchase program, paid $71.7 million in dividends, and raised its quarterly dividend 11% to $0.155 per share. Management stated that operating cash flow of $321.5 million, along with its Revolver, should be adequate for the next twelve months.

    Aug 7, 2017
  31. 2017-Q1

    Steel Dynamics Quarterly Report for Q1 Ended Mar 31, 2017

    Steel Dynamics, Inc. reported a sharp improvement in first-quarter 2017 results. Net sales rose to $2.37 billion from $1.74 billion in the first quarter of 2016, and operating income increased to $334.6 million from $132.0 million. Net income attributable to Steel Dynamics, Inc. was $200.8 million, or $0.82 diluted earnings per share, compared with $62.7 million, or $0.26 per diluted share, a year earlier. The filing attributes the results to strong demand for sheet steel, historically low customer inventory levels, and higher steel mill utilization, which averaged 95% in the quarter versus 88% a year earlier. The steel operations segment drove most of the gain, with operating income of $348.5 million, while metal spreads contracted in the steel fabrication segment, where operating income fell 26% to $23.7 million despite record quarterly shipments. Metals recycling operating income rose to $17.8 million. Cash flow from operations was $240.4 million, capital expenditures were $41.7 million, and cash and equivalents stood at $966.8 million at March 31, 2017. Liquidity totaled $2.15 billion, including $1.19 billion of Revolver availability and no borrowings outstanding under the Revolver. The company's interest coverage ratio was 9.92:1.00 and its net debt leverage ratio was 1.35:1.00, both within covenant limits. The board raised the quarterly dividend to $0.155 per share, and the company repurchased 1.8 million shares for $61.3 million under a $450 million authorization.

    May 8, 2017
  32. 2016-Q3

    Steel Dynamics Quarterly Report for Q3 Ended Sep 30, 2016

    Steel Dynamics, Inc. reported a sharp earnings improvement for the third quarter and first nine months of 2016. Net sales for the quarter were $2.10 billion, up from $1.95 billion a year earlier, and operating income rose to $283.9 million from $131.0 million. Net income attributable to Steel Dynamics, Inc. was $157.4 million, or $0.64 per diluted share, compared with $60.6 million, or $0.25 per diluted share, in the third quarter of 2015. For the nine months, net income attributable to the company was $362.1 million, or $1.48 per diluted share, versus $122.9 million, or $0.51 per diluted share, a year earlier, while net sales declined to $5.87 billion from $6.00 billion. The filing attributes the improvement mainly to stronger sheet steel metal spreads, a 10% increase in steel operations shipments for the nine months, and lower metals recycling costs, with sheet steel import levels down approximately 20% over the nine-month period. Balance sheet and liquidity remained strong. Cash and equivalents rose to $1.05 billion at September 30, 2016, from $727.0 million at December 31, 2015, and the company had $1.2 billion of Revolver availability and no borrowings outstanding under it, for total liquidity of $2.24 billion. Total long-term debt to capitalization was 46.7%, down from 49.3%, and the company was in compliance with its covenants, with an interest coverage ratio of 7.36:1.00 against a 2.50:1.00 minimum. Cash provided by operations was $643.2 million for the first nine months of 2016. The company made the $113.0 million acquisition of Vulcan Threaded Products on August 1, 2016, and in October 2016 its board authorized a share repurchase program of up to $450 million of common stock. The filing also discloses a tentative settlement of a direct purchaser antitrust class action for $4.6 million, which the company stated is not expected to be material apart from that amount.

    Nov 9, 2016
  33. 2016-Q2

    Steel Dynamics Quarterly Report for Q2 Ended Jun 30, 2016

    Steel Dynamics, Inc. reported a sharp improvement in profitability for the second quarter and first half of 2016. Consolidated operating income for the second quarter rose to $256.1 million from $77.6 million, and net income attributable to Steel Dynamics, Inc. increased to $142.0 million, or $0.58 per diluted share, from $31.6 million, or $0.13 per share, in the second quarter of 2015. For the first half, operating income was $388.1 million versus $177.3 million, and net income attributable to the company was $204.7 million, or $0.84 per diluted share, versus $62.3 million, or $0.26 per share. Management attributed the results to continued positive momentum in the sheet steel supply environment, with sheet steel import levels declining approximately 25% in the first half of 2016 amid recently filed trade cases, along with higher steel fabrication volumes and lower operating costs in metals recycling. Net sales were largely flat in the second quarter at $2.02 billion, while first-half net sales fell to $3.77 billion from $4.05 billion, reflecting lower average selling prices in steel operations and lower scrap pricing in metals recycling. Steel operations shipments rose 10% in the second quarter, and the steel mill utilization rate was 95% versus 87% a year earlier. Cash flow from operations was $446.9 million in the first half of 2016, and cash and equivalents stood at $1.05 billion at June 30, 2016, giving total liquidity of $2.24 billion including $1.19 billion of Revolver availability. The company reported compliance with its credit facility covenants, with an interest coverage ratio of 6.34:1.00 against a 2.50:1.00 minimum and a net debt leverage ratio of 2.33:1.00 against a 5.00:1.00 maximum. Subsequent to the quarter, the company closed its acquisition of Vulcan Threaded Products, Inc. on August 1, 2016, for $114.0 million in cash, which includes $30.0 million of working capital. Vulcan is described as the nation's largest manufacturer and supplier of threaded rod products. The company also disclosed a pending class action antitrust suit in Chicago related to steel price conduct between 2005 and 2007; management stated it did not presently consider a loss reasonably possible of a material impact.

    Aug 5, 2016
  34. 2016-Q1

    Steel Dynamics Quarterly Report for Q1 Ended Mar 31, 2016

    Steel Dynamics, Inc. (STLD) reported first-quarter 2016 net income attributable to Steel Dynamics, Inc. of $62.7 million, or $0.26 per diluted share, up from $30.8 million, or $0.13 per share, in the first quarter of 2015. Net sales fell to $1.74 billion from $2.05 billion, reflecting lower average selling prices across all operating platforms following commodity price declines during 2015, while shipments rose. Operating income increased to $132.0 million from $99.8 million, driven by significantly improved sheet steel shipments and higher volumes in metals recycling and steel fabrication, and by lower interest expense of $37.0 million versus $43.1 million a year earlier. The balance sheet strengthened over the quarter. Cash and equivalents rose to $976.9 million from $727.0 million at December 31, 2015, and operating cash flow was $288.9 million. Total liquidity was $2.16 billion, including $1.19 billion of Revolver availability, and the company reported no borrowings outstanding under its revolver. Total outstanding debt was about $2.6 billion, and the long-term debt to capitalization ratio was 49.0%, versus 49.3% at year-end 2015. The company was in compliance with its financial covenants, reporting an interest coverage ratio of 5.21:1.00 against a 2.50:1.00 minimum and a net debt leverage ratio of 2.85:1.00 against a 5.00:1.00 maximum. Management noted that steel import levels declined and domestic mill utilization rose to 88% from 73%, although the steel operations segment's net sales fell 12% as average selling prices dropped $189 per ton, or 25%. The company continues to face a pending class action antitrust suit in Chicago, which management does not currently expect to have a material impact on its financial condition.

    May 6, 2016
  35. 2015-Q3

    Steel Dynamics Quarterly Report for Q3 Ended Sep 30, 2015

    Steel Dynamics, Inc. (STLD) reported a weaker third quarter and first nine months of 2015 compared with 2014, driven primarily by elevated steel imports that compressed selling prices and steel mill utilization. Third-quarter 2015 net sales were $1.95 billion versus $2.34 billion in the prior-year quarter, operating income was $131.0 million versus $188.6 million, and net income attributable to Steel Dynamics was $60.6 million versus $91.2 million. For the nine months, net sales were $6.00 billion, operating income was $308.4 million, and net income attributable to the company was $122.9 million. The Steel segment's operating income fell 38% in the quarter, the Metals Recycling segment posted an operating loss of $3.6 million, and the Steel Fabrication segment improved, with operating income of $36.7 million in the quarter. The balance sheet strengthened over the period. Cash and equivalents rose to $473.8 million from $361.4 million at December 31, 2014, and total debt declined by $376.8 million during the first nine months to $2.6 billion, mainly due to the March 2015 redemption of $350.0 million of 7 5/8% Senior Notes. Operating cash flow for the nine months was $708.3 million, compared with $298.0 million a year earlier. Liquidity totaled $1.66 billion, including $1.19 billion of Revolver availability, and the company was in compliance with its credit facility covenants at September 30, 2015. The quarterly dividend was raised to $0.1375 per share in early 2015. Other items for investors include a $21.0 million inventory lower-of-cost-or-market charge tied to the idling of the Minnesota ironmaking operations in May 2015, and the September 2015 purchase of steel decking facilities from Consolidated Systems, Inc. for $45 million in cash. The company also disclosed that, following a September 9, 2015 class certification ruling in a steel antitrust class action, it does not presently consider a material loss a reasonable possibility.

    Nov 6, 2015
  36. 2015-Q2

    Steel Dynamics Quarterly Report for Q2 Ended Jun 30, 2015

    Steel Dynamics, Inc. reported a sharply weaker second quarter 2015 versus 2014. Net sales for the quarter were $2.01 billion, down from $2.07 billion, while operating income fell 41% to $77.6 million from $131.9 million, and net income attributable to Steel Dynamics was $31.6 million, down from $72.3 million. For the first half of 2015, operating income was $177.3 million and net income attributable to the company was $62.3 million. The filing attributes the pressure to decreased steel shipments and selling prices driven by historically high levels of steel imports, lower metal margins, and reduced ferrous scrap volumes in the metals recycling segment. Results also include a $21.0 million lower-of-cost-or-market inventory charge tied to the indefinite idling of the Minnesota ironmaking operations in May 2015. The balance sheet and cash flow improved. Total debt fell after the March 2015 call of $350.0 million of 7 5/8% Senior Notes, and the company's long-term debt to capitalization ratio decreased to 47.6% from 50.9%. Cash and equivalents rose to $419.4 million, operating cash flow for the first half was $543.9 million, and liquidity totaled $1.61 billion including $1.19 billion of Revolver availability. The company was in compliance with its credit facility covenants at June 30, 2015, with an interest coverage ratio of 5.71:1.00 and a net debt leverage ratio of 2.40:1.00. Management stated that cash flows and available borrowings should be adequate for the next twelve months. The Columbus Flat Roll acquisition, completed September 16, 2014 for $1.625 billion, added to net sales and steel segment shipments, while the steel fabrication segment grew strongly. The filing also discloses ongoing class action antitrust litigation over alleged steel price-fixing in 2005-2007, with management stating that no reasonable possibility of a material impact exists at this time.

    Aug 10, 2015
  37. 2015-Q1

    Steel Dynamics Quarterly Report for Q1 Ended Mar 31, 2015

    Steel Dynamics, Inc. (STLD) reported first-quarter 2015 net sales of $2.05 billion, up from $1.83 billion a year earlier, with consolidated operating income of $99.8 million compared to $80.9 million. Net income attributable to Steel Dynamics fell to $30.8 million, or $0.13 per diluted share, from $38.6 million, or $0.17 per diluted share, a decline the company attributes largely to $16.7 million of pretax expenses tied to the March 2015 redemption of $350.0 million of 7 5/8% senior notes and $16.4 million of additional interest expense from funding the Columbus acquisition. The results included the Severstal Columbus flat roll mill, acquired September 16, 2014 for $1.625 billion. Management said domestic steel pricing fell to more globally competitive levels amid elevated imports and customer inventory buildup, with steel selling prices down $68 per ton, or 8%, and mill utilization at 73% versus 86% a year earlier. Ferrous scrap prices declined 28%, which reduced metal spreads at OmniSource. The balance sheet strengthened on a debt-reduction basis. Total outstanding debt decreased $370.0 million during the quarter to $2.65 billion, and the total long-term debt to capitalization ratio fell to 47.6% from 50.9%. Cash and equivalents declined to $161.0 million, and total liquidity was $1.35 billion, including $1.19 billion of Revolver availability. Operating cash flow was $234.7 million, helped by a reduction in operational working capital. The company was in compliance with its credit facility covenants, with an interest coverage ratio of 5.96:1.00 and a net debt leverage ratio of 2.41:1.00. The quarterly dividend was raised 20% to $0.1375 per share. The metals recycling and ferrous resources segment posted an operating loss of $17.1 million, and the Minnesota ironmaking operations remained idle, as pig iron prices fell below the expected cash cost to produce iron nuggets. Fabrication operating income rose to $21.4 million. The company also disclosed a pending antitrust class action in Chicago related to 2005 to 2007 steel pricing, for which management stated there was not presently a reasonable possibility of a material impact.

    May 11, 2015
  38. 2014-Q3

    Steel Dynamics Quarterly Report for Q3 Ended Sep 30, 2014

    Steel Dynamics, Inc. (STLD) reported record third-quarter 2014 volumes and strong earnings growth in its 10-Q for the period ended September 30, 2014. Net sales for the three months rose to $2,339.0 million from $1,911.7 million a year earlier, and operating income increased to $188.6 million from $113.3 million. Net income attributable to Steel Dynamics was $91.2 million, or $0.38 per diluted share, versus $57.5 million, or $0.25 per diluted share, in the third quarter of 2013. For the first nine months, net income attributable to the company was $202.1 million, or $0.85 per diluted share. The steel operations segment and steel fabrication segment reported increased shipments of 18% and 37%, respectively, for the quarter, with the steel fabrication shipment figure as stated in the filing. The most significant event in the period was the September 16, 2014 acquisition of Severstal Columbus, LLC for a purchase price of $1.625 billion, plus $35.3 million in working capital adjustments. The company funded the deal with $1.2 billion of new senior notes (5.125% due 2021 and 5.500% due 2024), borrowings under its secured revolver, and cash on hand. Total long-term debt rose to $2.93 billion at September 30, 2014 from $1.77 billion at December 31, 2013, and the long-term debt to capitalization ratio increased to 50.2% from 44.7%. Columbus contributed $126.5 million of revenue and $13.5 million of pretax income from September 16 to September 30, 2014, before $14.5 million of purchase accounting cost of goods sold, and the company recognized $25.0 million of acquisition and related costs. Liquidity at September 30, 2014 totaled $1.18 billion, consisting of $159.6 million in cash and $1.02 billion of revolver availability. The company stated it was in compliance with its financial covenants, reporting an interest coverage ratio of 5.71:1.00 against a required minimum of 2.50:1.00, and a net debt leverage ratio of 2.79:1.00 against a maximum of 5.00:1.00. Operating cash flow for the nine months was $298.0 million, and the quarterly dividend was increased to $0.115 per share.

    Nov 10, 2014
  39. 2014-Q2

    Steel Dynamics Quarterly Report for Q2 Ended Jun 30, 2014

    Steel Dynamics, Inc. reported net income attributable to Steel Dynamics of $72.3 million, or $0.31 per diluted share, for the second quarter of 2014, compared with $29.0 million, or $0.13 per diluted share, in the second quarter of 2013. Operating income rose $62.7 million, or 91%, to $131.9 million, driven mainly by the steel operations segment, where net sales and operating income increased 17% and 82%, respectively, on higher shipments, improved metal spread and reduced conversion costs. For the first half of 2014, net income attributable to the company was $110.9 million, or $0.48 per diluted share, versus $77.2 million, or $0.34 per diluted share, a year earlier. The balance sheet strengthened during the period. Total long-term debt fell to $1.74 billion from $1.77 billion at year-end 2013, following the conversion of $271.8 million of 5.125% convertible senior notes into common stock and the cash repayment of the remaining $15.7 million at maturity in June 2014. The filing states the long-term debt to capitalization ratio decreased to 37.9% from 44.7%, and at June 30, 2014 total liquidity was $1.44 billion, including $1.09 billion of revolver availability. Covenant ratios were 5.88:1.00 for interest coverage and 2.06:1.00 for net debt leverage, both in compliance with the Facility. The most significant forward-looking item is the July 18, 2014 agreement to acquire Severstal Columbus, LLC, a northeast Mississippi mini-mill, for $1.625 billion on a cash-free, debt-free basis. The company intends to fund it with available cash and debt, including borrowings under its $1.1 billion revolver and new indebtedness, with a bank consortium having issued a commitment letter for $1.0 billion of bridge loan facilities if needed. The transaction is planned to close before December 31, 2014, subject to conditions and regulatory approvals. The filing also notes a pending antitrust class certification ruling, for which the company cannot yet determine the outcome, and states it does not expect a material impact from it at this time.

    Aug 8, 2014
  40. 2014-Q1

    Steel Dynamics Quarterly Report for Q1 Ended Mar 31, 2014

    Steel Dynamics, Inc. reported net income attributable to the company of $38.6 million, or $0.17 per diluted share, for the first quarter of 2014, down from $48.2 million, or $0.21 per diluted share, in the first quarter of 2013. Total net sales rose to $1.83 billion from $1.80 billion, but operating income fell $15.3 million, or 16%, to $80.9 million. Management attributed the decline to one of the most severe and prolonged winter periods in recent history, which disrupted production, reduced shipments and raised energy costs, mainly in the steel segment. Steel operating income fell 11% to $105.6 million despite a 4% increase in metal spread, and the metals recycling and ferrous resources segment posted an operating loss of $15.5 million. Cash flow and liquidity were weaker in the quarter. Operating activities used $27.2 million of cash, driven by higher accounts receivable and inventory, while cash and equivalents ended at $342.9 million. Total liquidity was $1.43 billion, including $1.09 billion of revolver availability. Total debt was about $2.1 billion, and the long-term debt to capitalization ratio was 44.3%, down from 44.7% at year-end 2013. The company reported compliance with its credit facility covenants, with an interest coverage ratio of 5.27:1.00 and a net debt leverage ratio of 2.76:1.00. Management also raised the quarterly cash dividend to $0.115 per share and estimated 2014 capital expenditures of $125 million to $150 million. The filing also discloses a pending steel industry antitrust class action in Chicago, where the court took class certification under advisement after a hearing in March and April 2014. Management stated it does not presently believe the outcome would have a material impact on financial condition, results of operations or liquidity, though an adverse result could have a material effect.

    May 8, 2014
  41. 2013-Q3

    Steel Dynamics Quarterly Report for Q3 Ended Sep 30, 2013

    Steel Dynamics, Inc. (SDI) reported net income attributable to Steel Dynamics of $57.5 million, or $0.25 per diluted share, for the third quarter of 2013, compared with $12.8 million, or $0.06 per diluted share, in the third quarter of 2012. Net sales rose to $1.91 billion from $1.69 billion, and operating income increased to $113.3 million from $72.7 million. For the first nine months of 2013, net income attributable to the company was $134.7 million, or $0.59 per diluted share, against $103.0 million, or $0.47 per diluted share, a year earlier, while nine-month net sales declined to $5.51 billion from $5.59 billion. The filing attributes the quarterly improvement mainly to higher steel shipments and improved gross margins in the steel operations segment, where average selling prices per ton fell $18 year over year against only a $3 per ton decrease in scrap costs. The balance sheet shows total debt reduced during the period. The company issued $400.0 million of 5 1/4% Senior Notes due 2023 in March 2013 and used the proceeds to tender for and then repay its 6 3/4% Senior Notes due 2015. Total long-term debt fell to $1.77 billion from $2.17 billion at December 31, 2012, and current maturities rose to $335.3 million, largely reflecting the April 2013 repayment schedule and the convertible senior notes now classified as current. The filing reports a long-term debt to capitalization ratio of 45.2%, down from 47.3%, and a covenant interest coverage ratio of 4.94:1.00 against a 2.50:1.00 minimum. The company had $1.1 billion of revolver availability and no outstanding borrowings at September 30, 2013. The company expects 2013 capital expenditures in the range of $200 million, has declared dividends of $0.11 per share each quarter, and reports ongoing exposure to a steel antitrust class action in which management states there is not a reasonably possible material impact. Cash and equivalents stood at $370.1 million at quarter end.

    Nov 8, 2013
  42. 2013-Q2

    Steel Dynamics Quarterly Report for Q2 Ended Jun 30, 2013

    Steel Dynamics, Inc. (SDI) reported lower results for the second quarter and first half of 2013. Net sales for the quarter were $1.80 billion, down from $1.91 billion in the second quarter of 2012, and net income attributable to Steel Dynamics was $28.96 million, or $0.13 per diluted share, compared with $44.47 million, or $0.20 per diluted share, a year earlier. Operating income fell to $69.2 million from $103.7 million. Management attributes the decline mainly to the steel segment, where average selling prices per ton fell more than raw material costs amid domestic oversupply and rising imports. Steel segment operating income was $85.5 million for the quarter, down from $136.6 million. The company's balance sheet shows total debt reduced during the first half. In March 2013 it issued $400.0 million of 5 1/4% Senior Notes due 2023 and used the proceeds, plus available cash, to tender for and then repay its 6 3/4% Senior Notes due 2015. Total outstanding debt decreased $103.8 million to $2.1 billion, and the long-term debt to capitalization ratio fell to 45.5% from 47.3%. Cash and equivalents declined to $243.8 million at June 30, 2013, and the company had $1.1 billion of revolver availability with no outstanding borrowings. The filing states the company was in compliance with its credit facility covenants, with an interest coverage ratio of 4.22:1.00 and a net debt leverage ratio of 3.21:1.00. The filing also describes an ongoing class action antitrust complaint, filed in 2008 with eight other steel manufacturers, alleging price-fixing. Management states it cannot presently determine the outcome and does not believe a material impact is reasonably possible. Management estimates 2013 capital expenditures in the range of $200 million, and the board anticipates maintaining the current quarterly dividend of $0.11 per share.

    Aug 7, 2013
  43. 2013-Q1

    Steel Dynamics Quarterly Report for Q1 Ended Mar 31, 2013

    Steel Dynamics, Inc. reported net income attributable to Steel Dynamics, Inc. of $48.2 million, or $0.21 per diluted share, for the first quarter of 2013, compared with $45.7 million, or $0.20 per diluted share, in the first quarter of 2012. Net sales fell to $1.80 billion from $1.98 billion, and operating income declined to $96.2 million from $119.8 million, primarily due to a $18.0 million decline in steel operations operating income as product pricing decreased more than raw material costs. Steel operations' average selling price fell $87 per ton, while the average ferrous scrap cost melted fell $66 per ton. The company's balance sheet shows cash and equivalents rising to $477.9 million from $375.9 million at December 31, 2012, while total debt at March 31, 2013 was $2.3 billion. On March 25, 2013, Steel Dynamics issued $400.0 million of 5 1/4% Senior Notes due 2023 and used a portion of the proceeds to tender for $301.7 million of its 6 3/4% Senior Notes due 2015, with the remaining 2015 Notes ($198.3 million) repaid on April 9, 2013. Management states that this refinancing reduced overall outstanding debt by $100.0 million, extended maturities, and lowered the overall effective interest rate. Operating cash flow was $29.7 million, compared with $21.4 million a year earlier, and capital expenditures for 2013 are estimated at $200 to $225 million. The company remained in compliance with its credit facility covenants at March 31, 2013, with an interest coverage ratio of 4.17:1.00 against a 2.50:1.00 minimum and a net debt leverage ratio of 3.13:1.00 against a 5.00:1.00 maximum. The quarterly dividend was increased to $0.11 per share from $0.10, and management anticipates maintaining that level for the rest of 2013. Management also disclosed a pending class action antitrust complaint involving steel manufacturers, but stated that a material impact is not reasonably possible.

    May 9, 2013
  44. 2012-Q3

    Steel Dynamics Quarterly Report for Q3 Ended Sep 30, 2012

    Steel Dynamics, Inc. reported third-quarter 2012 net income attributable to Steel Dynamics of $12.8 million, or $0.06 per diluted share, compared with $43.3 million, or $0.19 per diluted share, in the third quarter of 2011. Net sales were $1.69 billion, down from $2.04 billion a year earlier, and operating income fell to $72.7 million from $108.8 million. Management attributed the decline mainly to lower steel shipments and compressed steel margins, with the average steel selling price per ton down $88 year over year against a $67 per ton decrease in scrap cost. The metals recycling and ferrous resources segment posted an operating loss of $15.7 million in the quarter, and other expense of $24.0 million reflected about $26.3 million of refinancing-related charges. For the first nine months of 2012, net income attributable to Steel Dynamics was $103.0 million, or $0.47 per diluted share, versus $247.9 million, or $1.08 per diluted share, a year earlier. Net sales were $5.59 billion compared with $6.14 billion, and operating income was $296.2 million compared with $502.3 million. Steel fabrication operations, by contrast, grew volumes, with nine-month external shipments up 40%. On the balance sheet, total debt declined by $176.1 million to $2.2 billion, and the long-term debt to capitalization ratio fell to 47.5% from 50.1%. In August 2012 the company issued $400.0 million of 6 1/8% senior notes due 2019 and $350.0 million of 6 3/8% senior notes due 2022, using the proceeds to tender for and redeem higher-coupon notes. At September 30, 2012, the company had $1.1 billion of revolver availability and reported an interest coverage ratio of 3.83:1.00 against a required minimum of 2.50:1.00. The company also recorded a $7.9 million impairment charge on two small joint ventures it decided to terminate. Cash and equivalents stood at $287.1 million, and the company's dividend remained at $0.10 per share per quarter.

    Nov 7, 2012
  45. 2012-Q2

    Steel Dynamics Quarterly Report for Q2 Ended Jun 30, 2012

    Steel Dynamics, Inc. (SDI) reported net income attributable to Steel Dynamics, Inc. of $44.5 million, or $0.20 per diluted share, for the second quarter of 2012, compared with $98.7 million, or $0.43 per diluted share, in the second quarter of 2011. Net sales were $1.91 billion, down from $2.08 billion a year earlier, and operating income fell to $103.7 million from $188.2 million. The filing attributes the decline to lower selling prices across all operations, with the average external selling price per ton for steel operations down $93 year over year, and to weaker metals recycling margins, particularly in ferrous scrap during the quarter. Steel shipments rose and fabrication volumes grew, but these did not offset the price pressure. For the first six months of 2012, net income attributable to Steel Dynamics was $90.1 million, or $0.40 per diluted share, versus $204.6 million, or $0.89 per diluted share, a year earlier. Liquidity remained solid, with cash and equivalents of $420.9 million at June 30, 2012 and $1.1 billion of availability on the $1.1 billion revolver with no borrowings outstanding. The company's interest coverage ratio was 4.03:1.00 and its net debt leverage ratio was 2.99:1.00, both within covenant limits. Total long-term debt was $1.93 billion at June 30, 2012. Subsequent to quarter end, on August 2, 2012, the company announced plans to sell approximately $750 million of debt securities and concurrently launch a tender offer for up to $210.0 million of its 7 3/8% Senior Notes due 2012 and any and all of its $500.0 million 7 3/4% Senior Notes due 2016, subject to market conditions. The company also disclosed it is part of a class action antitrust suit involving nine steel manufacturers, for which it cannot currently determine the outcome and does not believe is reasonably likely to be material.

    Aug 7, 2012
  46. 2012-Q1

    Steel Dynamics Quarterly Report for Q1 Ended Mar 31, 2012

    Steel Dynamics, Inc. reported first-quarter 2012 net income attributable to Steel Dynamics, Inc. of $45.7 million, or $0.20 per diluted share, down from $105.9 million, or $0.46 per diluted share, in the first quarter of 2011. Consolidated net sales were $1,982.0 million versus $2,016.0 million a year earlier, while operating income fell to $119.8 million from $205.3 million. The company attributed the decline mainly to lower gross margins in its flat roll steel and metals recycling operations, with the average external selling price per ton in steel operations down $15 year over year while the average ferrous scrap cost per ton melted rose $18. Gross profit was $201.3 million compared with $295.8 million a year earlier. The quarter also included $13.9 million of expenses tied to a partial tender for the 7 3/8% senior notes due 2012, funded in part by a new $275.0 million term loan maturing September 30, 2016. Management expects interest savings of approximately $3.6 million in each of the second and third quarters of 2012 relative to the pre-refinancing structure. Cash and equivalents declined to $357.8 million, and operating cash flow was $21.4 million. Management estimates 2012 capital expenditures of $225 to $250 million, and the company reported compliance with its financial covenants, including an interest coverage ratio of 4.51:1.00 and a net debt leverage ratio of 2.62:1.00 at March 31, 2012. The filing also discloses a pending class action antitrust complaint, filed in Chicago with eight other steel manufacturers, alleging a conspiracy to fix steel prices. The company states that it cannot presently determine the outcome and believes there is not a reasonable possibility of a material impact, though it notes that a future loss accrual could be necessary.

    May 9, 2012
  47. 2011-Q3

    Steel Dynamics Quarterly Report for Q3 Ended Sep 30, 2011

    Steel Dynamics, Inc. reported third-quarter 2011 net income attributable to Steel Dynamics, Inc. of $43.3 million, or $.19 per diluted share, compared with $18.7 million, or $.09 per diluted share, in the third quarter of 2010. Net sales rose to $2.04 billion from $1.58 billion, and operating income was $108.8 million versus $69.0 million a year earlier. Sequentially, net sales decreased $36.3 million, or 2%, from the second quarter of 2011, and operating income was $79.4 million lower than in the second quarter, driven mainly by lower selling prices for steel sheet products. For the first nine months of 2011, net income attributable to the company was $247.9 million, or $1.08 per diluted share, versus $132.9 million, or $.60 per diluted share, in the prior-year period, on net sales of $6.14 billion. The balance sheet strengthened over the period, with cash and equivalents rising to $456.7 million from $186.5 million at December 31, 2010. On September 29, 2011, the company amended and expanded its senior secured revolving credit facility to a five-year $1.1 billion facility, with no borrowings outstanding at quarter end and $1,084.0 million of funding availability. The company reported an interest coverage ratio of 4.63:1.00 and a net debt leverage ratio of 2.41:1.00 at September 30, 2011, and stated it was in compliance with its financial covenants. Total long-term debt was $2.38 billion, and the company declared dividends of $0.10 per share for the quarter. Management attributed profit growth to higher volumes and pricing in the steel segment and improved sales across all segments versus 2010, while noting margin pressure in sheet products and nonferrous metals late in the quarter. The company also disclosed a class action antitrust complaint filed in 2008 alleging price-fixing in steel products, which it is aggressively defending and which management does not currently believe is reasonably likely to have a material impact.

    Nov 8, 2011
  48. 2011-Q2

    Steel Dynamics Quarterly Report for Q2 Ended Jun 30, 2011

    Steel Dynamics, Inc. reported net income attributable to Steel Dynamics, Inc. of $98.7 million, or $.43 per diluted share, for the second quarter of 2011, compared with $49.2 million, or $.22 per diluted share, in the second quarter of 2010. For the first six months of 2011, net income attributable to the company was $204.6 million, or $.89 per diluted share, versus $114.2 million, or $.51 per diluted share, a year earlier. Net sales were $2.08 billion for the quarter and $4.10 billion for the six months, up from $1.63 billion and $3.19 billion in the prior-year periods. Gross profit was $276.4 million in the quarter and operating income was $188.2 million, compared with $116.6 million a year earlier. The filing attributes the improvement to higher sales prices and volumes across all reporting segments, with the steel operations segment's operating income rising to $214.0 million in the quarter. The balance sheet strengthened over the period. Cash and equivalents rose to $277.7 million at June 30, 2011, from $186.5 million at December 31, 2010, and total assets were $5.90 billion. Trade receivables increased $227.2 million during the first six months, and inventories rose to $1.20 billion. Total long-term debt was $2.38 billion, and the company stated it had $907.4 million of funding availability under its senior secured revolving credit agreement. The company reported a long-term debt to capitalization ratio of 50.7%, down from 52.8% at December 31, 2010, and said it was in compliance with its financial covenants. Management expects 2011 capital expenditures of approximately $200 million or less. The filing also discloses a pending class action antitrust lawsuit against the company and eight other steel manufacturers, which management believes is without merit and does not expect to have a material impact. Separately, charges against subsidiary OmniSource Corporation were dismissed on May 4, 2011, and a July 13, 2011 joint press release announced the dismissal of related counterclaims and the return of seized monies. The senior secured credit agreement expires in June 2012, and management stated it anticipates putting a new agreement in place before then.

    Aug 5, 2011
  49. 2011-Q1

    Steel Dynamics Quarterly Report for Q1 Ended Mar 31, 2011

    Steel Dynamics, Inc. reported first-quarter 2011 net income attributable to Steel Dynamics of $105.9 million, or $.46 per diluted share, compared with $65.0 million, or $.29 per diluted share, in the first quarter of 2010. Total net sales rose $460.2 million, or 30%, to $2.0 billion, with gross profit increasing to $295.8 million from $210.5 million. Operating income reached $205.3 million versus $132.3 million a year earlier. Management attributed the improvement to stronger steel selling prices, particularly in sheet products, and better metal spreads and shipping volumes in the steel and metals recycling operations. Steel operations contributed operating income of $193.0 million, and metals recycling and ferrous resources operations contributed $39.5 million, while steel fabrication remained in a small operating loss. Non-residential construction remained the notable area of weak demand. Balance sheet and cash flow results were mixed. Cash and equivalents declined to $160.8 million from $186.5 million at year-end 2010, and net cash provided by operating activities fell to $3.9 million from $72.7 million, largely due to increases in accounts receivable and inventories. Total long-term debt including current maturities was about $2.4 billion, and the long-term debt to capitalization ratio was 51.6%, compared with 52.8% at December 31, 2010. Management stated the company was in compliance with its senior secured credit agreement covenants at March 31, 2011, and that $907.5 million of revolver funding availability existed at that date. The company declared a quarterly dividend of $.10 per share, up from $.075 a year earlier. The filing also discloses ongoing litigation. The company and eight other steel manufacturers face class action antitrust complaints alleging price-fixing, and the company cannot presently predict the outcome. A subsidiary, OmniSource Indianapolis LLC, was indicted in Indiana on criminal charges; on May 4, 2011, the court dismissed all racketeering charges, leaving five minor attempted receipt of stolen property charges for trial, and the Prosecutor's related civil forfeiture counterclaim is affected by that ruling.

    May 6, 2011
  50. 2010-Q3

    Steel Dynamics Quarterly Report for Q3 Ended Sep 30, 2010

    Steel Dynamics, Inc. reported third-quarter 2010 net income attributable to Steel Dynamics of $18.7 million, or $.09 per diluted share, down from $69.0 million, or $.30 per diluted share, in the third quarter of 2009. Net sales rose $412.0 million, or 35%, to $1.6 billion year over year, but the gross profit percentage fell to 9% from 18%. Management attributed the margin compression in steel operations to lower steel selling prices, particularly in sheet products, which fell more than scrap costs. For the first nine months of 2010, net income attributable to Steel Dynamics was $132.9 million, or $.60 per diluted share, compared with a net loss of $34.8 million in the first nine months of 2009, and net sales reached $4.8 billion, up 72%. The company's balance sheet and liquidity were stable at quarter end. Cash and equivalents were $270.1 million at September 30, 2010, up from $9.0 million at December 31, 2009, and total debt was about $2.4 billion. The company issued $350.0 million of 7 5/8% senior notes due 2020 in March 2010, and its long-term debt to capitalization ratio was 53.5%. It reported compliance with its senior secured credit covenants, including an interest coverage ratio of 3.94:1.00 against a 2.50:1.00 minimum. Management expects capital expenditures for 2010 to be less than $150 million and expects to maintain its quarterly dividend of $0.075 per share. The filing also discloses legal matters. The company and eight other steel manufacturers face a class action antitrust complaint alleging price-fixing, which the company says is without merit. In October 2010, its subsidiary OmniSource Corporation was indicted on criminal charges related to the receipt of stolen property, which the company calls baseless. Management described sheet product demand as slowing and order backlogs as tepid into October, while special bar-quality and long products showed steadier demand.

    Nov 5, 2010