FORT WAYNE, Ind., April 16, 2014 /PRNewswire/ -- Steel
Dynamics, Inc. (NASDAQ/GS: STLD) today announced first quarter net
income of $39 million, or
$0.17 per diluted share, on net sales
of $1.8 billion. By comparison, prior
year first quarter net income was $48
million, or $0.21 per diluted
share, on net sales of $1.8 billion,
and sequential fourth quarter 2013 net income was $55 million, or $0.24 per diluted share, on net sales of
$1.9 billion.
First quarter 2014 earnings include a benefit of approximately
$0.01 per diluted share related to a
recent change in Indiana's
corporate income tax rate which resulted in the reduction of the
company's deferred income tax liability.
"The first quarter 2014 was one of the most severe winter
periods in recent history across much of the United States, especially in the Midwest
where a majority of our operations are located," said Chief
Executive Officer, Mark
Millett. "The uncharacteristically severe and
prolonged winter weather conditions resulted in increased energy
costs, reduced production, diminished availability of
transportation and lower shipments. This environment was a
major driver of the 25 percent decline in our consolidated
operating income for the first quarter 2014, as compared to the
sequential fourth quarter of 2013.
"Essentially all of our businesses were negatively impacted in
some way; however, our Midwest steel operations were especially
impacted. Operating income for our steel operations
declined $47 million for the first
quarter 2014, as compared to the sequential quarter. Most
impactful, sheet steel volumes decreased 12 percent and metal
spread also declined, as transportation issues delayed shipments;
meaningfully higher energy costs were incurred; and the average
quarterly product price improvement did not outpace the higher cost
of scrap that was consumed earlier in the quarter. As weather
conditions improved, demand also strengthened with increased order
activity throughout our steel operations.
"We achieved two important goals during the quarter," stated
Millett. "We shipped our first premium rail and the first
product from our new smaller-diameter engineered bar rolling mill.
We anticipate continued growth in demand for these
products throughout 2014 and into 2015."
The company's fabrication business continues to improve, based
on increased market share, and more importantly, increased
construction demand. Both order inquiries and bookings are
strong, supporting the premise of a nonresidential construction
market recovery. While first quarter 2014 shipments were
seasonally lower on a sequential basis, operating income improved
meaningfully compared to both the sequential and prior year
quarter.
First Quarter Review
First quarter shipments across the company's operating platforms
were generally lower, when compared to the fourth quarter
2013. As a result of higher energy costs at our Midwest steel
operations resulting from the severe weather and reduced metal
spread at the Flat Roll Division, first quarter 2014 operating
income for the company's steel operations decreased 31 percent to
$108 million, as compared to the
fourth quarter 2013, despite only a 3 percent decline in net
sales. Although overall steel metal margin increased in the
first quarter 2014, metal margin for steel sheet decreased as
improved product pricing was more than offset by early-quarter
scrap costs. The average selling price per ton
for the company's total steel operations increased $30 sequentially to $835 in the first quarter 2014, while the average
ferrous scrap cost per ton melted increased $24 per ton.
First quarter 2014 operating income attributable to the
company's sheet steel operations decreased 28 percent when compared
to the sequential quarter, and operating income from long product
operations decreased 34 percent. The company's steel mill
production utilization rate decreased slightly to 86 percent in the
first quarter 2014, compared to 88 percent in the fourth quarter
2013, unrelated to demand dynamics but rather due to production
interruptions related to power company curtailments.
Operating income from the company's metals recycling operations
was $10 million for the first quarter
2014, compared to $12 million for the
fourth quarter 2013. The $2
million reduction in profitability was directly related to
costs associated with building damage related to excessive snow
accumulation. Operationally, external ferrous volumes and
overall metal spreads were somewhat lower as transportation was
hindered, while nonferrous volumes and metal spreads were somewhat
improved.
During the first quarter 2014, the company initiated a two week
outage at the nugget production facility in February, due to
significantly higher natural gas prices related to weather
conditions. The impact of losses from the company's
Minnesota operations for first
quarter 2014 consolidated net income was $8.9 million, or $0.04 per diluted share, as compared to
$8.1 million, or $0.03 per diluted share in the fourth quarter
2013. Despite the outage, the increased loss was directly
related to the higher natural gas costs. As referenced in the
company's fourth quarter 2013 earnings release, certain meaningful
adjunct trials related to product yield and the cost of production
were scheduled to be completed during the first quarter 2014. Due
to the unanticipated severe weather, not all of the trials were
able to be completed; however, meaningful progress was made.
The remaining trials are expected to be completed before the end of
the second quarter 2014. Given the increased cost of
production while testing continues, current expectations concerning
losses associated with the Minnesota operations for the second quarter of
2014 are anticipated to be similar to those recorded in the first
quarter.
Outlook
"We are optimistic," said Millett. "Rather than a structural
change in growth during the first quarter, we believe weather
conditions impacted the economy. We have confidence that the
broader U.S. economy will continue to improve and that the
non-service sector portion of domestic GDP has the ability to grow
at a higher rate than overall GDP, driven by strengthened asset
values, domestic energy investment and increased infrastructure
spending. Steel consuming industries, such as manufacturing,
automotive, heavy machinery and the construction market continue to
grow, indicative of underlying strength in steel demand. We
are poised to be the beneficiaries. We believe our broad
range of quality products, our differentiated customer value,
combined with the strength of our exceptional employees and
historically low-cost operating platforms, uniquely position us to
capitalize on the imminent opportunities."
Summary Operating Information
The following tables highlight operating results for each of the
company's primary operating platforms. References to operating
income in the following paragraphs exclude profit-sharing expenses
and amortization pertaining to intangible assets. Dollar
amounts are in thousands, except for per ton data.
Steel Operations
This segment includes five electric-arc-furnace steel mills and
related steel finishing and processing facilities, including The
Techs. The company's steel operations produce flat-rolled steel,
structural steel, merchant bars, special-bar-quality steel, rebar,
rail, and specialty shapes.
|
|
First
Quarter
|
|
|
Sequential
|
|
|
2014
|
|
2013
|
|
|
4Q 2013
|
Total
Sales
|
|
$1,189,933
|
|
$1,142,075
|
|
|
$1,222,907
|
External
Sales
|
|
1,117,599
|
|
1,061,312
|
|
|
1,146,701
|
Operating
Income
|
|
107,776
|
|
121,589
|
|
|
155,107
|
|
|
|
|
|
|
|
|
Total Shipments
(tons)
|
|
1,450,732
|
|
1,469,802
|
|
|
1,542,289
|
External Shipments
(tons)
|
|
1,338,573
|
|
1,344,432
|
|
|
1,423,953
|
|
|
|
|
|
|
|
|
Production
(tons)
|
|
1,519,566
|
|
1,565,067
|
|
|
1,588,394
|
|
|
|
|
|
|
|
|
Average External
Sales Price Per Ton
|
|
$835
|
|
$789
|
|
|
$805
|
Average Ferrous Scrap
Cost Per Ton
|
|
$380
|
|
$351
|
|
|
$356
|
Metals Recycling and Ferrous Resources
Operations
This segment principally includes the company's metals recycling
operations (OmniSource Corporation), a liquid pig iron production
facility (Iron Dynamics), and the company's Minnesota operations.
|
|
First
Quarter
|
|
Sequential
|
|
|
2014
|
|
2013
|
|
4Q 2013
|
Metals Recycling
& Ferrous Resources
|
|
|
|
|
|
|
Total
Sales
|
|
$ 993,505
|
|
$ 914,568
|
|
$ 907,668
|
External Sales
|
|
575,774
|
|
621,128
|
|
572,840
|
Operating Income
(Loss)
|
|
(10,981)
|
|
(4,309)
|
|
(13,020)
|
Unrealized Hedging
Gain (Loss), Net
|
|
4,066
|
|
2,354
|
|
(2,626)
|
|
|
|
|
|
|
|
|
|
|
OmniSource
Standalone
|
|
|
|
|
Total
Sales
|
|
$ 880,618
|
|
$
835,039
|
|
$
797,034
|
External
Sales
|
|
523,124
|
|
609,918
|
|
535,549
|
Operating
Income
|
|
9,549
|
|
24,965
|
|
11,667
|
Unrealized Hedging
Gain (Loss), Net
|
|
2,730
|
|
691
|
|
(1,707)
|
|
|
|
|
|
|
|
Ferrous Shipments
(gross tons)
|
|
1,364,533
|
|
1,342,929
|
|
1,356,258
|
% Shipments to SDI
Steel Mills
|
|
52%
|
|
43%
|
|
47%
|
Nonferrous Shipments
(pounds 000's)
|
|
270,978
|
|
279,656
|
|
254,876
|
Steel Fabrication Operations
Steel fabrication operations include New Millennium Building
Systems, which fabricates steel joists, trusses, and decking used
in the construction of non-residential buildings.
|
|
First
Quarter
|
|
|
Sequential
|
|
|
2014
|
|
2013
|
|
|
4Q 2013
|
Total
Sales
|
|
$115,861
|
|
$
94,375
|
|
|
$ 121,853
|
Operating Income
(Loss)
|
|
3,126
|
|
1,530
|
|
|
(122)
|
|
|
|
|
|
|
|
|
Total Shipments
(tons)
|
|
94,667
|
|
77,583
|
|
|
101,132
|
Average Sales Price
Per Ton
|
|
$1,224
|
|
$1,214
|
|
|
$1,205
|
About Steel Dynamics, Inc.
Steel Dynamics, Inc. is one of the largest domestic steel
producers and metals recyclers in the
United States based on estimated annual steelmaking and
metals recycling capability, with annual sales of $7.4 billion in 2013, over 6,800 employees, and
manufacturing facilities primarily located throughout the United States (including five steel mills,
six steel processing facilities, two iron production facilities,
over 90 metals recycling locations and six steel fabrication
plants).
Forward-Looking Statement
This press release contains some predictive statements about
future events, including statements related to conditions in the
steel and metallic scrap markets, Steel Dynamics' revenues, costs
of purchased materials, future profitability and earnings, and the
operation of new or existing facilities. These statements 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)
the effects of a recurrent slowing economy on industrial demand;
(2) changes in economic conditions, either generally or in any of
the steel or scrap-consuming sectors which affect demand for our
products, including the strength of the non-residential and
residential construction, automotive, appliance, and other
steel-consuming industries; (3) fluctuations in the cost of key raw
materials (including steel scrap, iron units, and energy costs) and
our ability to pass-on any cost increases; (4) the impact of
domestic and foreign import price competition; (5) risks and
uncertainties involving product and/or technology development; and
(6) occurrences of unexpected plant outages or equipment
failures.
More specifically, we refer you to SDI's 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, in our quarterly
reports on Form 10-Q or in other reports which we from time to
time file with the Securities and Exchange Commission. These are
available publicly on the SEC Web site, www.sec.gov, and on the
Steel Dynamics Web site, www.steeldynamics.com.
Conference Call and Webcast
On Thursday, April 17, 2014, at
10:00 a.m. Eastern Time, Steel
Dynamics will host a conference call with investors and analysts to
discuss the company's first quarter 2014 operating and financial
results. We invite you to listen to the live audiocast of the
conference call accessible from our website
(http://www.steeldynamics.com), or via telephone (the conference
call number may also be obtained on our website). A
replay of the discussion will be available on our website until
11:59 p.m. Eastern Time on
April 24, 2014. A podcast/MP3
file of the event will also be available and can be downloaded from
our website.
Steel Dynamics,
Inc.
CONSOLIDATED
STATEMENTS OF INCOME (UNAUDITED)
(in thousands,
except per share data)
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
March
31,
|
|
December
31,
|
|
2014
|
|
2013
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
$
|
1,830,082
|
$
|
1,795,696
|
$
|
1,864,150
|
Costs of goods
sold
|
|
1,666,778
|
|
1,619,432
|
|
1,666,154
|
Gross
profit
|
|
163,304
|
|
176,264
|
|
197,996
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
70,042
|
|
65,262
|
|
74,606
|
Profit
sharing
|
|
5,395
|
|
6,643
|
|
7,873
|
Amortization of
intangible assets
|
|
6,935
|
|
8,127
|
|
7,695
|
Operating
income
|
|
80,932
|
|
96,232
|
|
107,822
|
|
|
|
|
|
|
|
Interest expense, net
of capitalized interest
|
|
30,569
|
|
34,629
|
|
30,664
|
Other expense
(income), net
|
|
(631)
|
|
(1,046)
|
|
111
|
Income
before income taxes
|
|
50,994
|
|
62,649
|
|
77,047
|
|
|
|
|
|
|
|
Income
taxes
|
|
17,296
|
|
21,397
|
|
29,146
|
Net
income
|
|
33,698
|
|
41,252
|
|
47,901
|
|
|
|
|
|
|
|
Net loss attributable
to noncontrolling interests
|
|
4,881
|
|
6,963
|
|
6,754
|
|
|
|
|
|
|
|
Net
income attributable to Steel
Dynamics, Inc.
|
$
|
38,579
|
$
|
48,215
|
$
|
54,655
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share attributable to
Steel
Dynamics, Inc. stockholders
|
$
|
0.17
|
$
|
0.22
|
$
|
0.25
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding
|
|
223,011
|
|
219,995
|
|
222,273
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
per share attributable
to
Steel Dynamics,
Inc. stockholders,
including the
effect of assumed
conversions when
dilutive
|
$
|
0.17
|
$
|
0.21
|
$
|
0.24
|
|
|
|
|
|
|
|
Weighted average
common shares and
equivalents outstanding
|
|
241,394
|
|
238,087
|
|
240,493
|
|
|
|
|
|
|
|
Dividends declared
per share
|
$
|
0.115
|
$
|
0.110
|
$
|
0.110
|
Steel Dynamics,
Inc. UNAUDITED SUPPLEMENTAL OPERATING
INFORMATION (dollars in thousands)
|
|
|
|
|
Quarter
Ended
|
|
Quarter
Ended
|
|
|
|
March
31,
|
|
December
31,
|
|
|
|
2014
|
|
2013
|
|
2013
|
Steel
Operations*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shipments
(tons)
|
|
|
|
|
|
|
Flat Roll
Division
|
641,520
|
|
704,290
|
|
738,998
|
|
Structural and Rail
Division
|
|
|
|
|
|
|
|
Structural
|
248,380
|
|
228,089
|
|
259,884
|
|
|
Rail
|
43,936
|
|
52,808
|
|
35,043
|
|
Engineered Bar
Products Division
|
144,303
|
|
112,821
|
|
123,865
|
|
Roanoke Bar
Division
|
143,782
|
|
139,950
|
|
150,986
|
|
Steel of West
Virginia
|
75,574
|
|
80,707
|
|
70,972
|
|
The Techs
|
153,237
|
|
151,137
|
|
162,541
|
|
|
Total
|
1,450,732
|
|
1,469,802
|
|
1,542,289
|
|
|
Intra-company
|
(112,159)
|
|
(125,370)
|
|
(118,336)
|
|
|
External
|
1,338,573
|
|
1,344,432
|
|
1,423,953
|
|
|
|
|
|
|
|
|
Steel Operations
Production (tons)
|
1,519,566
|
|
1,565,067
|
|
1,588,394
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
|
|
|
|
Total
|
$
1,189,933
|
|
$
1,142,075
|
|
$
1,222,907
|
|
Intra-company
|
(72,334)
|
|
(80,763)
|
|
(76,206)
|
|
External
|
$
1,117,599
|
|
$
1,061,312
|
|
$
1,146,701
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
before amortization of intangibles
|
$
107,776
|
|
$
121,589
|
|
$
155,107
|
|
Amortization of
intangibles
|
(2,133)
|
|
(2,288)
|
|
(2,133)
|
Operating income
(Note 1)
|
$
105,643
|
|
$
119,301
|
|
$
152,974
|
|
|
|
|
|
|
|
|
Metals Recycling
and Ferrous Resources Operations**
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OmniSource
|
|
|
|
|
|
Ferrous metals
shipments (gross tons)
|
|
|
|
|
|
|
Total
|
1,364,533
|
|
1,342,929
|
|
1,356,258
|
|
Intra-company
|
(714,981)
|
|
(553,890)
|
|
(638,333)
|
|
External
|
649,552
|
|
789,039
|
|
717,925
|
|
|
|
|
|
|
|
|
Nonferrous
metals shipments (thousands of pounds)
|
|
|
|
|
|
|
Total
|
270,978
|
|
279,656
|
|
254,876
|
|
Intra-company
|
(19,390)
|
|
(3,529)
|
|
(3,738)
|
|
External
|
251,588
|
|
276,127
|
|
251,138
|
|
|
|
|
|
|
|
|
Mesabi Nugget
shipments (metric tons) - Intra-company
|
37,488
|
|
59,685
|
|
59,460
|
|
|
|
|
|
|
|
|
Iron Dynamics (metric
tons) - Intra-company
|
57,122
|
|
64,685
|
|
57,659
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
|
|
|
|
Total
|
$
993,505
|
|
$
914,568
|
|
$
907,668
|
|
Intra-company
|
(417,731)
|
|
(293,440)
|
|
(334,828)
|
|
External
|
$
575,774
|
|
$
621,128
|
|
$
572,840
|
|
|
|
|
|
|
|
|
Operating loss before
amortization of intangibles
|
$
(10,981)
|
|
$
(4,309)
|
|
$
(13,020)
|
|
Amortization of
intangibles
|
(4,538)
|
|
(5,515)
|
|
(5,238)
|
Operating loss (Note
1)
|
$
(15,519)
|
|
$
(9,824)
|
|
$
(18,258)
|
|
|
|
|
|
|
|
|
Steel Fabrication
Operations***
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shipments
(tons)
|
|
|
|
|
|
|
Total
|
94,667
|
|
77,583
|
|
101,132
|
|
Intra-company
|
-
|
|
(334)
|
|
(98)
|
|
External
|
94,667
|
|
77,249
|
|
101,034
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
|
|
|
|
Total
|
$
115,861
|
|
$
94,375
|
|
$
121,853
|
|
Intra-company
|
-
|
|
(578)
|
|
(125)
|
|
External
|
$
115,861
|
|
$
93,797
|
|
$
121,728
|
|
|
|
|
|
|
|
|
Operating income
(loss) (Note 1)
|
$
3,126
|
|
$
1,530
|
|
$
(122)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Steel
Operations include the company's five steelmaking divisions and The
Techs three galvanizing plants.
|
**
|
Metals
Recycling and Ferrous Resources Operations include OmniSource; Iron
Dynamics (all shipments are internal);
|
|
and Minnesota
Operations, including Mesabi Nugget (all shipments have been
internal).
|
***
|
Steel
Fabrication Operations include the company's joist and deck
fabrication operations.
|
(Note 1) Segment
operating income (loss) excludes profit sharing expense.
|
Steel Dynamics,
Inc.
CONSOLIDATED BALANCE SHEETS
(in thousands)
|
|
|
March
31,
2014
|
|
December
31,
2013
|
|
(unaudited)
|
|
|
Assets
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and
equivalents
|
$
|
342,919
|
|
$
|
395,156
|
Accounts
receivable, net
|
|
811,100
|
|
|
720,600
|
Inventories
|
|
1,332,101
|
|
|
1,314,747
|
Deferred
income taxes
|
|
17,871
|
|
|
17,964
|
Other
current assets
|
|
24,363
|
|
|
25,167
|
Total current
assets
|
|
2,528,354
|
|
|
2,473,634
|
|
|
|
|
|
|
Property, plant
and equipment, net
|
|
2,197,503
|
|
|
2,226,134
|
|
|
|
|
|
|
Restricted
cash
|
|
18,588
|
|
|
23,827
|
|
|
|
|
|
|
Intangible assets,
net
|
|
379,488
|
|
|
386,159
|
|
|
|
|
|
|
Goodwill
|
|
730,360
|
|
|
731,996
|
|
|
|
|
|
|
Other
assets
|
|
59,564
|
|
|
91,256
|
Total assets
|
$
|
5,913,857
|
|
$
|
5,933,006
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Accounts
payable
|
$
|
417,168
|
|
$
|
414,932
|
Income
taxes payable
|
|
23,531
|
|
|
4,023
|
Accrued
expenses
|
|
167,010
|
|
|
214,679
|
Current maturities of long-term debt
|
|
343,722
|
|
|
341,544
|
Total current liabilities
|
|
951,431
|
|
|
975,178
|
|
|
|
|
|
|
Long-term
debt
|
|
|
|
|
|
Term
note
|
|
209,687
|
|
|
220,000
|
Senior
notes
|
|
1,500,000
|
|
|
1,500,000
|
Other
long-term debt
|
|
45,341
|
|
|
46,045
|
Total long-term debt
|
|
1,755,028
|
|
|
1,766,045
|
|
|
|
|
|
|
Deferred income
taxes
|
|
550,225
|
|
|
556,038
|
Other
liabilities
|
|
22,843
|
|
|
23,376
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interests
|
|
121,834
|
|
|
116,514
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
Common
stock
|
|
646
|
|
|
645
|
Treasury
stock, at cost
|
|
(716,545)
|
|
|
(718,529)
|
Additional
paid-in
capital
|
|
1,092,281
|
|
|
1,085,694
|
Retained
earnings
|
|
2,192,413
|
|
|
2,179,513
|
Total Steel Dynamics, Inc. equity
|
|
2,568,795
|
|
|
2,547,323
|
Noncontrolling interests
|
|
(56,299)
|
|
|
(51,468)
|
Total equity
|
|
2,512,496
|
|
|
2,495,855
|
Total liabilities and
equity
|
$
|
5,913,857
|
|
$
|
5,933,006
|
Steel Dynamics,
Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
|
|
|
Three Months
Ended
|
|
March
31,
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
Operating
activities:
|
|
|
|
|
Net
income
|
$
|
33,698
|
$
|
41,252
|
|
|
|
|
|
Adjustments to reconcile net income to net cash provided by
(used in) operating activities:
|
|
|
|
|
Depreciation and
amortization
|
|
57,568
|
|
57,061
|
Equity-based compensation
|
|
5,768
|
|
4,753
|
Deferred income
taxes
|
|
(4,091)
|
|
10,935
|
Changes in certain assets and liabilities:
|
|
|
|
|
Accounts
receivable
|
|
(88,950)
|
|
(110,938)
|
Inventories
|
|
(17,354)
|
|
32,348
|
Accounts
payable
|
|
5,041
|
|
38,988
|
Income taxes receivable/payable
|
|
19,393
|
|
(3,022)
|
Other assets and
liabilities
|
|
(38,320)
|
|
(41,667)
|
Net cash provided by (used in) operating
activities
|
|
(27,247)
|
|
29,710
|
Investing
activities:
|
|
|
|
|
Purchase
of property, plant and equipment
|
|
(24,841)
|
|
(45,346)
|
Other
investing activities
|
|
28,884
|
|
33,934
|
Net cash provided by (used in) investing activities
|
|
4,043
|
|
(11,412)
|
|
|
|
|
|
Financing
activities:
|
|
|
|
|
Issuance
of current and long-term
debt
|
|
-
|
|
409,261
|
Repayment
of current and long-term
debt
|
|
(12,793)
|
|
(305,691)
|
Debt
issuance costs
|
|
-
|
|
(5,997)
|
Proceeds
from exercise of stock options, including
related tax effect
|
|
2,905
|
|
7,614
|
Contributions from noncontrolling investors, net
|
|
5,370
|
|
411
|
Dividends
paid
|
|
(24,515)
|
|
(21,952)
|
Net cash provided by (used in) financing
activities
|
|
(29,033)
|
|
83,646
|
|
|
|
|
|
Increase
(decrease) in cash and equivalents
|
|
(52,237)
|
|
101,944
|
Cash and
equivalents at beginning of period
|
|
395,156
|
|
375,917
|
|
|
|
|
|
Cash and
equivalents at end of period
|
$
|
342,919
|
$
|
477,861
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure information:
|
|
|
|
|
Cash paid
for interest
|
$
|
39,663
|
$
|
49,732
|
Cash paid
for federal and state income taxes, net
|
$
|
2,143
|
$
|
11,165
|
|
|
|
|
|
SOURCE Steel Dynamics, Inc.