FORT WAYNE, Ind.,
Oct. 18,
2023 /PRNewswire/ --
Third Quarter 2023 Performance Highlights:
- Steel shipments of 3.1 million tons
- Net sales of $4.6 billion,
operating income of $734 million, net
income of $577 million, and adjusted
EBITDA of $876 million
- Strong cash flow from operations of $1.1
billion and record liquidity of $3.7
billion
- Share repurchases of $331 million
of the company's common stock, representing 1.8 percent of its
outstanding shares
Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced third
quarter 2023 financial results. The company reported third quarter
2023 net sales of $4.6 billion and
net income of $577 million, or
$3.47 per diluted share.
Comparatively, the company's sequential second quarter 2023 net
income was $812 million, or
$4.81 per diluted share, and prior
year third quarter net income was $914
million, or $5.03 per diluted
share.
"The teams executed well and delivered a solid third quarter
performance across our operating platforms," said Mark D. Millett, Chairman and Chief Executive
Officer. "Our third quarter 2023 operating income was $734 million, with adjusted EBITDA of
$876 million. The sequential decline
in earnings was the result of lower realized flat rolled steel and
steel fabrication pricing. The strength of our cash generation was
once again demonstrated with cash flow from operations of
$1.1 billion. We achieved record
liquidity of $3.7 billion, while at
the same time continuing to invest in our growth and providing
strong shareholder distributions.
"Customer order activity and steel demand were steady during the
third quarter, with our steel shipments remaining consistent
excluding the lost volume from Sinton's unplanned July outage of
approximately 90,000 tons. The caster shear issues were
successfully addressed, and we expect the team to reach about 65 to
70 percent production utilization before the end of the year.
Continuing low customer steel inventories combined with steady
order activity, stabilized flat rolled steel pricing in
mid-September. Recently, there have also been additional price
increases related to customer concerns over potential lack of flat
rolled steel availability in the fourth quarter, as backlogs have
extended."
Third Quarter 2023 Comments
Third quarter 2023 operating income for the company's steel
operations was $474 million,
representing a 33 percent sequential decline based on metal spread
compression within the company's flat rolled steel operations as
steel prices decreased more than scrap costs. The third quarter
2023 average external product selling price for the company's steel
operations decreased $66 per ton
sequentially to $1,191 per ton. The
average ferrous scrap cost per ton melted at the company's steel
mills decreased $39 per ton
sequentially to $405 per ton.
Third quarter operating income from the company's metals
recycling operations decreased 54 percent to $19 million, as ferrous scrap shipments declined
combined with metal spread compression related to lower realized
ferrous and nonferrous scrap pricing. Domestic ferrous scrap demand
was impacted due to numerous steel mill maintenance outages during
the quarter.
The company's steel fabrication operations achieved historically
strong operating income of $330
million in the third quarter 2023, but below second quarter
results, based on lower shipments and metal spread compression as
lower realized selling values were combined with steady steel
substrate costs. The order backlog extends through the first
quarter 2024, with strong forward-pricing. In addition, the company
believes that the continued onshoring of manufacturing, coupled
with the robust U.S. infrastructure and Inflation Reduction Act
programs, combined with industrial construction, supports strong
demand in the coming years.
Based on the company's differentiated business model and highly
variable cost structure, the company generated cash flow from
operations of $1.1 billion during the
third quarter 2023. The company also invested $558 million in capital investments, paid cash
dividends of $71 million, and
repurchased $331 million of its
outstanding common stock, representing 1.8 percent of its
outstanding shares, while achieving record liquidity of
$3.7 billion as of September 30, 2023.
Year-to-Date September 30, 2023
Comparison
For the nine months ended September 30,
2023, net income was $2.0
billion, or $11.98 per diluted
share, with net sales of $14.6
billion, as compared to net income of $3.2 billion, or $17.21 per diluted share, with net sales of
$17.4 billion for the same period in
2022.
For the first nine months of 2023, net sales decreased 16
percent to $14.6 billion and
operating income declined 39 percent to $2.6
billion, when compared to the same period of 2022. Lower
earnings were driven by metal spread contraction within the
company's steel operations, as lower realized product pricing
outpaced lower ferrous scrap costs. Operating income from the
company's steel operations for the same period was $1.5 billion, compared to $2.9 billion achieved in the first nine months of
2022. The average nine-month 2023 external selling price for the
company's steel operations decreased $316 per ton to $1,175 per ton compared to the same period of
2022, and the average ferrous scrap cost per ton melted at the
company's steel mills decreased $74
per ton to $421 per ton. Operating
income for the company's steel fabrication operations was
$1.3 billion for the first nine
months of 2023, compared to record results of $1.7 billion achieved for the same period in
2022.
The company generated cash flow from operations of $2.7 billion during the first nine months of
2023. The company also invested $1.1
billion in capital investments, paid cash dividends of
$202 million, and repurchased
$1.1 billion of its outstanding
common stock, representing 5.7 percent of its outstanding shares,
while achieving record liquidity.
Outlook
"Based on domestic steel fundamentals, we are constructive
regarding North American steel market dynamics," said Millett.
"Customer order entry activity continues to be solid across our
steel operations, as demand continues to be steady and customer
inventories remain at low historical levels. We believe North
American steel consumption will increase in the coming years, and
that demand for lower-carbon emission, U.S. produced steel products
coupled with lower imports will support steel pricing. The
continued onshoring of manufacturing businesses, combined with the
expectation of significant fixed asset investment to be derived
from public funding related to the U.S. Infrastructure, Inflation
Reduction Act, and Department of Energy programs, will
competitively position the domestic steel industry. We believe this
will benefit all of our operating platforms, especially our steel
and steel fabrication businesses.
"This environment, in combination with our ongoing expansion
initiatives, are firm drivers for our continued growth. The team
continues to make great progress on our aluminum flat rolled
products mill and related investments. We remain incredibly excited
about this meaningful growth opportunity, which is aligned with our
existing businesses and operational expertise," said Millett. "The
team has placed orders for all critical equipment, and the
Columbus, Mississippi rolling mill
site is exceptional. We have intentionally grown with our
customers' needs, providing efficient sustainable supply-chain
solutions for the highest quality products. Thus far, this has
primarily been achieved within the steel industry – however, a
significant number of our flat rolled steel customers are also
consumers and processors of aluminum flat rolled products. We are
pleased to further diversify our end markets with plans to supply
aluminum flat rolled products with high recycled content to the
countercyclical sustainable beverage can and packaging industry, in
addition to the automotive and industrial sectors. We believe our
unique performance-based operating culture, coupled with our
considerable experience in successfully constructing and operating
cost-effective, highly profitable flat rolled steel mills,
positions us exceptionally well to execute this strategic
opportunity and to deliver strong long-term value creation.
"Our commitment is to the health and safety of our teams,
families, and communities, while meeting the current and future
needs of our customers. Our culture and business model continue to
positively differentiate our performance compared to others. We
continue to strengthen our financial position through strong cash
flow generation and the execution of our long-term strategy,"
concluded Millett.
Conference Call and Webcast
Steel Dynamics, Inc. will hold a conference call to discuss
third quarter 2023 operating and financial results on Thursday,
October 19, 2023, at 11:00 a.m. Eastern Daylight Time.
You may access the call and find dial-in information on the
Investors section of the company's website at
www.steeldynamics.com. A replay of the call will be available
on our website until 11:59 p.m. Eastern
Daylight Time on October 26,
2023.
About Steel Dynamics, Inc.
Steel Dynamics is one of the largest domestic steel producers
and metals recyclers in North
America, based on estimated annual steelmaking and metals
recycling capability, with facilities located throughout
the United States, and in
Mexico. Steel Dynamics produces
steel products, including hot roll, cold roll, and coated sheet
steel, structural steel beams and shapes, rail, engineered
special-bar-quality steel, cold finished steel, merchant bar
products, specialty steel sections, and steel joists and deck. In
addition, the company produces liquid pig iron and processes and
sells ferrous and nonferrous scrap.
Note Regarding Non-GAAP Financial Measures
The company reports its financial results in accordance with
U.S. generally accepted accounting principles (GAAP). Management
believes that the non-GAAP financial measures EBITDA and Adjusted
EBITDA provide additional meaningful information regarding the
company's performance and financial strength. Non-GAAP financial
measures should be viewed in addition to and not as an alternative
for the company's reported results prepared in accordance with
GAAP. In addition, not all companies use identical calculations for
EBITDA or Adjusted EBITDA; therefore, EBITDA and Adjusted EBITDA
included in this release may not be comparable to similarly titled
measures of other companies.
Forward-Looking Statements
This report contains some predictive statements about future
events, including statements related to conditions in domestic or
global economies, conditions in steel, aluminum, and recycled
metals market places, Steel Dynamics' revenues, costs of purchased
materials, future profitability and earnings, and the operation of
new, existing or planned facilities. These statements, which we
generally precede or accompany by such typical conditional words as
"anticipate", "intend", "believe", "estimate", "plan", "seek",
"project", or "expect", or by the words "may", "will", or "should",
are intended to be made as "forward-looking", subject to many risks
and uncertainties, within the safe harbor protections of the
Private Securities Litigation Reform Act of 1995. These statements
speak only as of this date and are based upon information and
assumptions, which we consider reasonable as of this date,
concerning our businesses and the environments in which they
operate. Such predictive statements are not guarantees of future
performance, and we undertake no duty to update or revise any such
statements. Some factors that could cause such forward-looking
statements to turn out differently than anticipated include: (1)
domestic and global economic factors; (2) global steelmaking
overcapacity and imports of steel, together with increased scrap
prices; (3) pandemics, epidemics, widespread illness or other
health issues, such as COVID-19 or its variants; (4) the cyclical
nature of the steel industry and the industries we serve; (5)
volatility and major fluctuations in prices and availability of
scrap metal, scrap substitutes and supplies, and our potential
inability to pass higher costs on to our customers; (6) cost and
availability of electricity, natural gas, oil, or other energy
resources are subject to volatile market conditions; (7) increased
environmental, greenhouse gas emissions and sustainability
considerations or regulations; (8) compliance with and changes in
environmental and remediation requirements; (9) significant price
and other forms of competition from other steel and aluminum
producers, scrap processors and alternative materials; (10)
availability of an adequate source of supply of scrap for our
metals recycling operations; (11) cybersecurity threats and risks
to the security of our sensitive data and information technology;
(12) the implementation of our growth strategy; (13) litigation and
legal compliance; (14) unexpected equipment downtime or shutdowns;
(15) governmental agencies may refuse to grant or renew some of our
licenses and permits; (16) our senior unsecured credit facility
contains, and any future financing agreements may contain,
restrictive covenants that may limit our flexibility; and (17) the
impacts of impairment charges.
More specifically, we refer you to our more detailed explanation
of these and other factors and risks that may cause such predictive
statements to turn out differently, as set forth in our most recent
Annual Report on Form 10-K under the headings Special
Note Regarding Forward-Looking Statements and Risk Factors, in
our Quarterly Reports on Form 10-Q, or in other reports which we
file with the Securities and Exchange Commission. These reports are
available publicly on the Securities and Exchange Commission
website, www.sec.gov, and on our website, www.steeldynamics.com
under "Investors – SEC Filings."
Steel Dynamics,
Inc.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Three
Months
|
|
|
September
30,
|
|
September
30,
|
|
Ended
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
June 30,
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
4,587,057
|
|
$
|
5,651,707
|
|
$
|
14,561,893
|
|
$
|
17,434,487
|
|
$
|
5,081,630
|
Costs of goods
sold
|
|
|
3,635,038
|
|
|
4,187,278
|
|
|
11,246,894
|
|
|
12,304,203
|
|
|
3,774,772
|
Gross
profit
|
|
|
952,019
|
|
|
1,464,429
|
|
|
3,314,999
|
|
|
5,130,284
|
|
|
1,306,858
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
|
145,896
|
|
|
132,627
|
|
|
431,414
|
|
|
403,019
|
|
|
141,209
|
Profit
sharing
|
|
|
64,413
|
|
|
105,122
|
|
|
224,978
|
|
|
373,333
|
|
|
90,990
|
Amortization of
intangible assets
|
|
|
8,160
|
|
|
6,836
|
|
|
25,962
|
|
|
21,158
|
|
|
10,924
|
Operating
income
|
|
|
733,550
|
|
|
1,219,844
|
|
|
2,632,645
|
|
|
4,332,774
|
|
|
1,063,735
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
of capitalized interest
|
|
|
18,415
|
|
|
25,347
|
|
|
61,689
|
|
|
67,683
|
|
|
20,767
|
Other (income) expense,
net
|
|
|
(39,464)
|
|
|
(13,975)
|
|
|
(105,748)
|
|
|
2,472
|
|
|
(31,348)
|
Income before
income taxes
|
|
|
754,599
|
|
|
1,208,472
|
|
|
2,676,704
|
|
|
4,262,619
|
|
|
1,074,316
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
|
174,817
|
|
|
289,997
|
|
|
636,412
|
|
|
1,022,138
|
|
|
258,139
|
Net
income
|
|
|
579,782
|
|
|
918,475
|
|
|
2,040,292
|
|
|
3,240,481
|
|
|
816,177
|
Net income attributable
to noncontrolling interests
|
|
|
(2,587)
|
|
|
(4,150)
|
|
|
(13,680)
|
|
|
(12,671)
|
|
|
(4,070)
|
Net income
attributable to Steel Dynamics, Inc.
|
|
$
|
577,195
|
|
$
|
914,325
|
|
$
|
2,026,612
|
|
$
|
3,227,810
|
|
$
|
812,107
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steel
Dynamics, Inc. stockholders
|
|
$
|
3.49
|
|
$
|
5.07
|
|
$
|
12.04
|
|
$
|
17.33
|
|
$
|
4.83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common
shares outstanding
|
|
|
165,170
|
|
|
180,264
|
|
|
168,259
|
|
|
186,288
|
|
|
168,009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steel
Dynamics, Inc. stockholders, including the
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
effect
of assumed conversions when dilutive
|
|
$
|
3.47
|
|
$
|
5.03
|
|
$
|
11.98
|
|
$
|
17.21
|
|
$
|
4.81
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common
shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and share
equivalents outstanding
|
|
|
166,105
|
|
|
181,613
|
|
|
169,150
|
|
|
187,531
|
|
|
168,865
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared
per share
|
|
$
|
0.425
|
|
$
|
0.34
|
|
$
|
1.275
|
|
$
|
1.02
|
|
$
|
0.425
|
Steel Dynamics,
Inc. CONSOLIDATED BALANCE SHEETS (in
thousands)
|
|
|
|
|
|
|
|
|
September
30,
|
|
|
December
31,
|
Assets
|
2023
|
|
|
2022
|
|
(unaudited)
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Cash and
equivalents
|
$
|
1,765,467
|
|
|
$
|
1,628,417
|
Short-term
investments
|
|
500,844
|
|
|
|
628,215
|
Accounts
receivable, net
|
|
1,882,049
|
|
|
|
2,056,051
|
Inventories
|
|
2,941,634
|
|
|
|
3,129,964
|
Other
current assets
|
|
138,605
|
|
|
|
195,371
|
Total current
assets
|
|
7,228,599
|
|
|
|
7,638,018
|
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
6,313,366
|
|
|
|
5,373,665
|
|
|
|
|
|
|
|
Intangible assets,
net
|
|
265,845
|
|
|
|
267,507
|
|
|
|
|
|
|
|
Goodwill
|
|
477,471
|
|
|
|
502,067
|
|
|
|
|
|
|
|
Other
assets
|
|
643,675
|
|
|
|
378,727
|
Total
assets
|
$
|
14,928,956
|
|
|
$
|
14,159,984
|
Liabilities and
Equity
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
Accounts
payable
|
$
|
1,060,175
|
|
|
$
|
1,017,238
|
Income
taxes payable
|
|
30,343
|
|
|
|
6,520
|
Accrued
expenses
|
|
741,798
|
|
|
|
951,204
|
Current
maturities of long-term debt
|
|
86,061
|
|
|
|
57,334
|
Total current
liabilities
|
|
1,918,377
|
|
|
|
2,032,296
|
|
|
|
|
|
|
|
Long-term
debt
|
|
3,009,010
|
|
|
|
3,013,241
|
|
|
|
|
|
|
|
Deferred income
taxes
|
|
961,117
|
|
|
|
889,103
|
|
|
|
|
|
|
|
Other
liabilities
|
|
182,161
|
|
|
|
129,539
|
Total
liabilities
|
|
6,070,665
|
|
|
|
6,064,179
|
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interests
|
|
171,212
|
|
|
|
181,503
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
Common
stock
|
|
650
|
|
|
|
650
|
Treasury
stock, at cost
|
|
(5,510,983)
|
|
|
|
(4,459,513)
|
Additional
paid-in capital
|
|
1,214,894
|
|
|
|
1,212,566
|
Retained
earnings
|
|
13,189,468
|
|
|
|
11,375,765
|
Accumulated other comprehensive income (loss)
|
|
(494)
|
|
|
|
889
|
Total Steel Dynamics,
Inc. equity
|
|
8,893,535
|
|
|
|
8,130,357
|
Noncontrolling interests
|
|
(206,456)
|
|
|
|
(216,055)
|
Total
equity
|
|
8,687,079
|
|
|
|
7,914,302
|
Total liabilities
and equity
|
$
|
14,928,956
|
|
|
$
|
14,159,984
|
Steel Dynamics,
Inc. CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED) (in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
$
|
579,782
|
|
$
|
918,475
|
|
$
|
2,040,292
|
|
$
|
3,240,481
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to reconcile net income to net cash provided
by
|
|
|
|
|
|
|
|
|
|
|
|
operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
107,418
|
|
|
98,714
|
|
|
326,082
|
|
|
281,961
|
Equity-based
compensation
|
|
12,044
|
|
|
12,093
|
|
|
39,800
|
|
|
39,681
|
Deferred income
taxes
|
|
19,625
|
|
|
3,990
|
|
|
72,013
|
|
|
3,986
|
Other
adjustments
|
|
(12,163)
|
|
|
(12,409)
|
|
|
(20,628)
|
|
|
(1,892)
|
Changes in certain
assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
260,915
|
|
|
326,731
|
|
|
173,022
|
|
|
(417,550)
|
Inventories
|
|
102,376
|
|
|
270,628
|
|
|
188,330
|
|
|
154,391
|
Other assets
|
|
(13,423)
|
|
|
(15,789)
|
|
|
(10,504)
|
|
|
(9,274)
|
Accounts payable
|
|
(57,532)
|
|
|
(264,313)
|
|
|
(54,233)
|
|
|
(152,763)
|
Income taxes receivable/payable
|
|
(7,105)
|
|
|
8,269
|
|
|
96,656
|
|
|
146,822
|
Accrued expenses
|
|
121,762
|
|
|
149,766
|
|
|
(195,542)
|
|
|
31,132
|
Net cash provided by
operating activities
|
|
1,113,699
|
|
|
1,496,155
|
|
|
2,655,288
|
|
|
3,316,975
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing
activities:
|
|
|
|
|
|
|
|
|
|
|
|
Purchases
of property, plant and equipment
|
|
(558,361)
|
|
|
(241,229)
|
|
|
(1,142,960)
|
|
|
(564,701)
|
Purchases
of short-term investments
|
|
(170,887)
|
|
|
(283,188)
|
|
|
(692,716)
|
|
|
(634,698)
|
Proceeds
from maturities of short-term investments
|
|
282,592
|
|
|
49,794
|
|
|
821,668
|
|
|
49,794
|
Business
combinations, net of cash acquired
|
|
-
|
|
|
(47,638)
|
|
|
-
|
|
|
(47,638)
|
Investments in unconsolidated affiliates
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(222,480)
|
Other
investing activities
|
|
(5,891)
|
|
|
4,113
|
|
|
(221,453)
|
|
|
9,340
|
Net cash used in
investing activities
|
|
(452,547)
|
|
|
(518,148)
|
|
|
(1,235,461)
|
|
|
(1,410,383)
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing
activities:
|
|
|
|
|
|
|
|
|
|
|
|
Issuance
of current and long-term debt
|
|
345,563
|
|
|
348,286
|
|
|
1,066,605
|
|
|
1,050,933
|
Repayment
of current and long-term debt
|
|
(316,511)
|
|
|
(363,060)
|
|
|
(1,042,933)
|
|
|
(1,127,051)
|
Dividends
paid
|
|
(70,713)
|
|
|
(62,088)
|
|
|
(201,834)
|
|
|
(177,131)
|
Purchase
of treasury stock
|
|
(331,318)
|
|
|
(481,676)
|
|
|
(1,065,521)
|
|
|
(1,387,890)
|
Other
financing activities
|
|
1,953
|
|
|
(6,057)
|
|
|
(39,075)
|
|
|
(88,825)
|
Net cash used in
financing activities
|
|
(371,026)
|
|
|
(564,595)
|
|
|
(1,282,758)
|
|
|
(1,729,964)
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase in cash, cash
equivalents, and restricted cash
|
|
290,126
|
|
|
413,412
|
|
|
137,069
|
|
|
176,628
|
Cash, cash equivalents,
and restricted cash at beginning of period
|
|
1,480,862
|
|
|
1,012,585
|
|
|
1,633,919
|
|
|
1,249,369
|
Cash, cash
equivalents, and restricted cash at end of period
|
$
|
1,770,988
|
|
$
|
1,425,997
|
|
$
|
1,770,988
|
|
$
|
1,425,997
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure information:
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid
for interest
|
$
|
9,848
|
|
$
|
9,214
|
|
$
|
61,225
|
|
$
|
59,496
|
Cash paid
for income taxes, net
|
$
|
160,178
|
|
$
|
276,948
|
|
$
|
472,936
|
|
$
|
867,350
|
Steel Dynamics,
Inc. SUPPLEMENTAL INFORMATION (dollars
in thousands)
|
|
|
|
Third
Quarter
|
|
Year to
Date
|
|
|
|
|
|
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
1Q
2023
|
|
|
2Q
2023
|
External Net
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steel
|
|
$
|
3,136,445
|
|
$
|
3,720,826
|
|
$
|
9,594,775
|
|
$
|
11,625,343
|
|
$
|
3,060,821
|
|
$
|
3,397,509
|
Steel
Fabrication
|
|
|
630,184
|
|
|
1,140,273
|
|
|
2,278,361
|
|
|
3,156,007
|
|
|
868,768
|
|
|
779,409
|
Metals
Recycling
|
|
|
520,746
|
|
|
472,065
|
|
|
1,696,587
|
|
|
1,701,426
|
|
|
583,468
|
|
|
592,373
|
Other
|
|
|
299,682
|
|
|
318,543
|
|
|
992,170
|
|
|
951,711
|
|
|
380,149
|
|
|
312,339
|
Consolidated Net
Sales
|
|
$
|
4,587,057
|
|
$
|
5,651,707
|
|
$
|
14,561,893
|
|
$
|
17,434,487
|
|
$
|
4,893,206
|
|
$
|
5,081,630
|
Operating
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steel
|
|
$
|
473,931
|
|
$
|
658,264
|
|
$
|
1,525,528
|
|
$
|
2,931,868
|
|
$
|
345,356
|
|
$
|
706,241
|
Steel
Fabrication
|
|
|
330,061
|
|
|
676,767
|
|
|
1,343,495
|
|
|
1,742,915
|
|
|
551,313
|
|
|
462,121
|
Metals
Recycling
|
|
|
18,505
|
|
|
9,918
|
|
|
101,727
|
|
|
115,693
|
|
|
42,930
|
|
|
40,292
|
|
|
|
822,497
|
|
|
1,344,949
|
|
|
2,970,750
|
|
|
4,790,476
|
|
|
939,599
|
|
|
1,208,654
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash
amortization of intangible assets
|
|
|
(8,160)
|
|
|
(6,836)
|
|
|
(25,962)
|
|
|
(21,158)
|
|
|
(6,878)
|
|
|
(10,924)
|
Profit
sharing expense
|
|
|
(64,413)
|
|
|
(105,122)
|
|
|
(224,978)
|
|
|
(373,333)
|
|
|
(69,575)
|
|
|
(90,990)
|
Non-segment operations
|
|
|
(16,374)
|
|
|
(13,147)
|
|
|
(87,165)
|
|
|
(63,211)
|
|
|
(27,786)
|
|
|
(43,005)
|
Consolidated Operating
Income
|
|
$
|
733,550
|
|
$
|
1,219,844
|
|
$
|
2,632,645
|
|
$
|
4,332,774
|
|
$
|
835,360
|
|
$
|
1,063,735
|
Adjusted
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
579,782
|
|
$
|
918,475
|
|
$
|
2,040,292
|
|
$
|
3,240,481
|
|
$
|
644,333
|
|
$
|
816,177
|
Income
taxes
|
|
|
174,817
|
|
|
289,997
|
|
|
636,412
|
|
|
1,022,138
|
|
|
203,456
|
|
|
258,139
|
Net interest expense
(income)
|
|
|
(10,350)
|
|
|
16,902
|
|
|
(18,574)
|
|
|
57,116
|
|
|
(3,470)
|
|
|
(4,754)
|
Depreciation
|
|
|
97,707
|
|
|
90,278
|
|
|
295,355
|
|
|
256,011
|
|
|
99,210
|
|
|
98,438
|
Amortization of
intangible assets
|
|
|
8,160
|
|
|
6,836
|
|
|
25,962
|
|
|
21,158
|
|
|
6,878
|
|
|
10,924
|
EBITDA
|
|
|
850,116
|
|
|
1,322,488
|
|
|
2,979,447
|
|
|
4,596,904
|
|
|
950,407
|
|
|
1,178,924
|
Non-cash
adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized (gains) losses on derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and currency remeasurement
|
|
|
14,005
|
|
|
6,053
|
|
|
(12,570)
|
|
|
(7,648)
|
|
|
(8,142)
|
|
|
(18,433)
|
Equity-based compensation
|
|
|
11,989
|
|
|
14,518
|
|
|
37,366
|
|
|
39,794
|
|
|
13,877
|
|
|
11,500
|
Adjusted
EBITDA
|
|
$
|
876,110
|
|
$
|
1,343,059
|
|
$
|
3,004,243
|
|
$
|
4,629,050
|
|
$
|
956,142
|
|
$
|
1,171,991
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Operating
Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steel
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average external sales
price (Per ton) (a)
|
|
$
|
1,191
|
|
$
|
1,381
|
|
$
|
1,175
|
|
$
|
1,491
|
|
$
|
1,080
|
|
$
|
1,257
|
Average ferrous cost
(Per ton melted) (b)
|
|
$
|
405
|
|
$
|
472
|
|
$
|
421
|
|
$
|
495
|
|
$
|
413
|
|
$
|
444
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Flat Roll
shipments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Butler, Columbus, and Sinton
|
|
|
1,740,130
|
|
|
1,766,726
|
|
|
5,484,128
|
|
|
5,009,403
|
|
|
1,893,940
|
|
|
1,850,058
|
Steel Processing divisions (c)
|
|
|
452,139
|
|
|
425,304
|
|
|
1,308,221
|
|
|
1,269,658
|
|
|
435,602
|
|
|
420,480
|
Long Product
shipments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Structural and Rail Division
|
|
|
469,638
|
|
|
477,305
|
|
|
1,444,174
|
|
|
1,457,296
|
|
|
495,551
|
|
|
478,985
|
Engineered Bar Products Division
|
|
|
201,903
|
|
|
234,993
|
|
|
649,789
|
|
|
688,339
|
|
|
231,723
|
|
|
216,163
|
Roanoke Bar Division
|
|
|
142,195
|
|
|
161,832
|
|
|
447,532
|
|
|
463,103
|
|
|
157,024
|
|
|
148,313
|
Steel of West Virginia
|
|
|
98,246
|
|
|
88,697
|
|
|
290,978
|
|
|
276,131
|
|
|
95,456
|
|
|
97,276
|
Total Shipments (Tons)
|
|
|
3,104,251
|
|
|
3,154,857
|
|
|
9,624,822
|
|
|
9,163,930
|
|
|
3,309,296
|
|
|
3,211,275
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
External Shipments (Tons) (a)
|
|
|
2,632,617
|
|
|
2,694,709
|
|
|
8,169,117
|
|
|
7,796,390
|
|
|
2,833,469
|
|
|
2,703,031
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steel Mill Production (Tons)
|
|
|
2,782,870
|
|
|
2,793,463
|
|
|
8,620,531
|
|
|
8,039,107
|
|
|
2,939,032
|
|
|
2,898,629
|
Metals
Recycling
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonferrous shipments
(000's of pounds)
|
|
|
279,877
|
|
|
257,710
|
|
|
845,477
|
|
|
785,381
|
|
|
285,837
|
|
|
279,763
|
Ferrous shipments
(Gross tons)
|
|
|
1,442,964
|
|
|
1,320,117
|
|
|
4,415,949
|
|
|
3,944,068
|
|
|
1,452,821
|
|
|
1,520,164
|
External ferrous shipments (Gross tons)
|
|
|
547,646
|
|
|
423,184
|
|
|
1,693,028
|
|
|
1,298,413
|
|
|
567,403
|
|
|
577,979
|
Steel
Fabrication
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average sales price
(Per ton)
|
|
$
|
3,916
|
|
$
|
5,245
|
|
$
|
4,452
|
|
$
|
4,896
|
|
$
|
5,021
|
|
$
|
4,384
|
Shipments
(Tons)
|
|
|
161,697
|
|
|
218,441
|
|
|
512,537
|
|
|
646,685
|
|
|
173,021
|
|
|
177,819
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
Represents all steel operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b)
Represents ferrous cost per ton melted at our electric arc furnace
steel mills
|
(c)
Includes Heartland, The Techs, and United Steel Supply
operations
|
View original
content:https://www.prnewswire.com/news-releases/steel-dynamics-reports-third-quarter-2023-results-301961145.html
SOURCE Steel Dynamics, Inc.