FORT WAYNE, Ind., Oct. 16, 2019 /PRNewswire/ -- Steel Dynamics,
Inc. (NASDAQ/GS: STLD) today announced third quarter 2019 financial
results. The company reported third quarter 2019 net sales of
$2.5 billion and net income of
$151 million, or $0.69 per diluted share. Comparatively, prior
year third quarter net sales were $3.2
billion, with net income of $398
million, or $1.69 per diluted
share, which included charges related to fair value purchase
accounting adjustments of $0.04 per
diluted share and a tax benefit of $0.04 per diluted share. Sequential second
quarter 2019 net sales were $2.8
billion, with net income of $194
million, or $0.87 per diluted
share.
"Our third quarter 2019 consolidated operating income was
$228 million and adjusted EBITDA
$315 million," said Mark D. Millett, President and Chief Executive
Officer. "The team delivered a solid third quarter performance in a
challenging steel pricing environment, as average steel pricing
declined in the quarter more than offsetting the benefit of lower
scrap costs. Steel customer inventory destocking has subsided, and
underlying domestic steel demand remains principally intact for the
primary steel consuming sectors, with particular strength in
construction, as supported by our continued seasonally strong steel
fabrication backlog."
The company generated strong cash flow from operations of
$444 million during the third quarter
2019 and increased liquidity to a record high $2.4 billion. The company paid cash dividends of
$53 million and repurchased
$115 million of its common stock
during the third quarter 2019.
"We are pleased by the recent rating upgrades to an investment
grade credit by all three credit rating agencies," stated
Theresa E. Wagler, Executive Vice
President and Chief Financial Officer. "This is a natural
progression of our growth, and recognition of our strong balance
sheet profile and through-cycle free cash flow generation
capability. Due to the strength of our liquidity profile, capital
structure and free cash flow generating business model, we have the
flexibility for continued growth and responsible shareholder
distributions, while also being committed to maintaining investment
grade credit metrics."
Third Quarter 2019 Comments
Third quarter 2019 operating income for the company's steel
operations was $240 million, or 19
percent lower than sequential second quarter 2019 results. The
sequential earnings decline was driven by lower realized product
pricing and decreased shipments in the company's sheet steel
operations, which more than offset the benefit of lower scrap costs
in the quarter. The third quarter 2019 average external product
selling price for the company's overall steel operations decreased
$70 sequentially to $809 per ton. The average ferrous scrap cost per
ton melted at the company's steel mills decreased $41 to $275 per
ton.
The company's steel processing locations represented 17 percent
of the shipment mix in the third quarter 2019, compared to 16
percent in the sequential quarter and 12 percent in the prior year
third quarter. These locations use steel products as their primary
raw material, and the associated steel procurement costs
represented 17 percent of the steel operations cost of goods sold
in the third quarter 2019, 18 percent in the sequential quarter,
and 9 percent in the prior year third quarter.
Third quarter 2019 operating income from the company's metals
recycling operations decreased to $3
million, compared to $11
million in the sequential second quarter, primarily as a
result of the continued decline in aluminum demand and associated
selling values. London Metal Exchange aluminum prices have declined
more than 10 percent in 2019. Ferrous shipments and selling values
also declined in the quarter, with prime scrap indices falling
almost $30 per gross ton from July to
September 2019.
Third quarter 2019 operating income from the company's steel
fabrication operations was a strong $35
million, or 15 percent higher than sequential second quarter
results. Earnings improved as higher shipments and lower raw
material steel input costs resulted in expanded profit margins. The
steel fabrication platform's order backlog remains strong, and
customers remain optimistic concerning non-residential construction
projects.
Year-to-Date September 30, 2019
Comparison
For the nine months ended September 30,
2019, net income was $550
million, or $2.47 per diluted
share, with net sales of $8.1
billion, as compared to net income of $988 million, or $4.17 per diluted share, with net sales of
$8.9 billion for the same period in
2018. Net sales decreased nine percent, while operating income of
$805 million decreased 41 percent
from record high 2018 year-to-date results of $1.4 billion. The decline in earnings was driven
by decreased sheet steel product pricing, as hot roll coil price
indices fell approximately $185 per
ton, or 25 percent, since December
2018.
Compared to prior year results, the average year-to-date
external product selling price for the company's overall steel
operations decreased $53 to
$863 per ton. The average
year-to-date ferrous scrap cost per ton melted at the company's
steel mills decreased $31 to
$309 per ton.
The company generated strong cash flow from operations of
$987 million, paid cash dividends of
$148 million, and repurchased
$292 million of its common stock
during the first nine months of 2019.
Outlook
"Based on domestic steel demand fundamentals, we are
constructive regarding 2020 North American steel market dynamics,"
said Millett. "We believe North American steel consumption will
experience modest growth and will be supported by further steel
import reductions and the end of steel inventory destocking. We
believe current trade actions could have a positive impact in
further reducing unfairly traded steel imports into the United States, including coated flat roll
steel, which could have a significant positive impact for Steel
Dynamics, as we are the largest non-automotive flat roll steel
coater in the United States.
"In combination with our existing and newly announced expansion
initiatives, there are firm drivers in place for our continued
growth. We are excited about our Sinton,
Texas flat roll steel mill project, and the associated
long-term value creation it will bring through geographic and
value-added product diversification. This facility is designed to
have product size and quality capabilities beyond that of existing
electric-arc-furnace flat roll steel producers, competing even more
effectively with the integrated steel model and foreign
competition. We have targeted regional markets that represent over
27 million tons of relevant flat roll steel consumption, which
includes the growing Mexican flat roll steel market. This facility
is located and designed to have a meaningful competitive advantage
in those regions.
"We are competitively positioned and remain focused on
delivering long-term shareholder value creation through organic and
transactional growth opportunities," concluded Millett.
Conference Call and Webcast
Steel Dynamics, Inc. will hold a conference call to discuss
third quarter 2019 operating and financial results on Thursday, October 17, 2019, at 10:00 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. For the call, a
quarterly slide presentation will be available on 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 23,
2019.
About Steel Dynamics, Inc.
Steel Dynamics 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 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 EBITDA and Adjusted EBITDA, non-GAAP financial
measures, 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, because not all companies use identical
calculations, EBITDA and Adjusted EBITDA included in this release
may not be comparable to similarly titled measures of other
companies.
Forward-Looking Statements
This press release contains some predictive statements about
future events, including statements related to conditions in
domestic or global economies, conditions in steel 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)
the effects of uncertain economic conditions; (2) cyclical and
changing industrial demand; (3) changes in conditions in any of the
steel or scrap-consuming sectors of the economy which affect demand
for our products, including the strength of the non-residential and
residential construction, automotive, manufacturing, appliance,
pipe and tube, and other steel-consuming industries; (4)
fluctuations in the cost of key raw materials and supplies
(including steel scrap, iron units, zinc, graphite electrodes, and
energy costs) and our ability to pass on any cost increases; (5)
the impact of domestic and foreign imports, including trade policy,
restrictions, or agreements; (6) unanticipated difficulties in
integrating or starting up new, acquired or planned businesses or
assets; (7) risks and uncertainties involving product and/or
technology development; and (8) occurrences of unexpected plant
outages or equipment failures.
More specifically, we refer you to Steel Dynamics' 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
from time to time file with the Securities and Exchange Commission.
These are available publicly on the SEC website, www.sec.gov, and
on the Steel Dynamics website, www.steeldynamics.com: 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
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
June 30,
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
$
|
2,526,845
|
|
$
|
3,223,547
|
|
$
|
8,114,795
|
|
$
|
8,917,947
|
|
$
|
2,770,515
|
Costs of goods
sold
|
|
2,167,006
|
|
|
2,537,466
|
|
|
6,900,220
|
|
|
7,116,368
|
|
|
2,349,349
|
Gross
profit
|
|
359,839
|
|
|
686,081
|
|
|
1,214,575
|
|
|
1,801,579
|
|
|
421,166
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
107,242
|
|
|
102,614
|
|
|
324,530
|
|
|
310,076
|
|
|
106,250
|
Profit
sharing
|
|
17,848
|
|
|
45,304
|
|
|
64,396
|
|
|
114,301
|
|
|
22,871
|
Amortization of
intangible assets
|
|
6,704
|
|
|
6,591
|
|
|
20,730
|
|
|
20,346
|
|
|
7,013
|
Operating
income
|
|
228,045
|
|
|
531,572
|
|
|
804,919
|
|
|
1,356,856
|
|
|
285,032
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
of capitalized interest
|
|
31,339
|
|
|
31,560
|
|
|
94,782
|
|
|
94,968
|
|
|
32,321
|
Other expense
(income), net
|
|
(4,545)
|
|
|
(7,103)
|
|
|
(15,137)
|
|
|
(16,601)
|
|
|
(4,249)
|
Income before
income taxes
|
|
201,251
|
|
|
507,115
|
|
|
725,274
|
|
|
1,278,489
|
|
|
256,960
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
48,643
|
|
|
109,209
|
|
|
171,093
|
|
|
292,536
|
|
|
60,214
|
Net
income
|
|
152,608
|
|
|
397,906
|
|
|
554,181
|
|
|
985,953
|
|
|
196,746
|
Net (income) loss
attributable to noncontrolling interests
|
|
(1,560)
|
|
|
469
|
|
|
(4,503)
|
|
|
2,422
|
|
|
(2,444)
|
Net income
attributable to Steel Dynamics, Inc.
|
$
|
151,048
|
|
$
|
398,375
|
|
$
|
549,678
|
|
$
|
988,375
|
|
$
|
194,302
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steel
Dynamics, Inc. stockholders
|
$
|
0.69
|
|
$
|
1.70
|
|
$
|
2.49
|
|
$
|
4.20
|
|
$
|
0.88
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding
|
|
217,873
|
|
|
234,208
|
|
|
221,145
|
|
|
235,483
|
|
|
221,505
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
per share attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steel Dynamics,
Inc. stockholders, including the
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
effect of assumed
conversions when dilutive
|
$
|
0.69
|
|
$
|
1.69
|
|
$
|
2.47
|
|
$
|
4.17
|
|
$
|
0.87
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and share
equivalents outstanding
|
|
219,109
|
|
|
235,649
|
|
|
222,197
|
|
|
236,772
|
|
|
222,519
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared
per share
|
$
|
0.2400
|
|
$
|
0.1875
|
|
$
|
0.7200
|
|
$
|
0.5625
|
|
$
|
0.2400
|
Steel Dynamics,
Inc.
CONSOLIDATED
BALANCE SHEETS
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
|
December
31,
|
Assets
|
2019
|
|
|
2018
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
|
|
Cash and
equivalents
|
|
|
|
|
$
|
1,146,007
|
|
|
$
|
828,220
|
Short term
investments
|
|
|
|
|
|
69,529
|
|
|
|
228,783
|
Accounts receivable,
net
|
|
|
|
|
|
986,946
|
|
|
|
1,043,756
|
Inventories
|
|
|
|
|
|
1,767,020
|
|
|
|
1,859,168
|
Other current
assets
|
|
|
|
|
|
50,818
|
|
|
|
72,730
|
Total current
assets
|
|
|
|
|
|
4,020,320
|
|
|
|
4,032,657
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant
and equipment, net
|
|
|
|
|
|
3,031,731
|
|
|
|
2,945,767
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets,
net
|
|
|
|
|
|
249,598
|
|
|
|
270,328
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
|
|
|
540,913
|
|
|
|
429,645
|
|
|
|
|
|
|
|
|
|
|
|
Other
assets
|
|
|
|
|
|
100,685
|
|
|
|
25,166
|
Total
assets
|
|
|
|
|
$
|
7,943,247
|
|
|
$
|
7,703,563
|
Liabilities and
Equity
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
|
|
$
|
528,629
|
|
|
$
|
550,754
|
Income taxes
payable
|
|
|
|
|
|
2,074
|
|
|
|
7,468
|
Accrued
expenses
|
|
|
|
|
|
392,422
|
|
|
|
436,681
|
Current maturities of
long-term debt
|
|
|
|
|
|
82,150
|
|
|
|
24,234
|
Total current
liabilities
|
|
|
|
|
|
1,005,275
|
|
|
|
1,019,137
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
debt
|
|
|
|
|
|
2,355,243
|
|
|
|
2,352,489
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income
taxes
|
|
|
|
|
|
468,248
|
|
|
|
435,838
|
|
|
|
|
|
|
|
|
|
|
|
Other
liabilities
|
|
|
|
|
|
70,126
|
|
|
|
8,870
|
Total
liabilities
|
|
|
|
|
|
3,898,892
|
|
|
|
3,816,334
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interests
|
|
|
|
|
|
143,614
|
|
|
|
111,240
|
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
|
|
|
|
Common
stock
|
|
|
|
|
|
645
|
|
|
|
645
|
Treasury stock, at
cost
|
|
|
|
|
|
(1,469,078)
|
|
|
|
(1,184,243)
|
Additional paid-in
capital
|
|
|
|
|
|
1,175,512
|
|
|
|
1,160,048
|
Retained
earnings
|
|
|
|
|
|
4,349,523
|
|
|
|
3,958,320
|
Accumulated other
comprehensive income
|
|
|
|
|
|
39
|
|
|
|
301
|
Total Steel Dynamics,
Inc. equity
|
|
|
|
|
|
4,056,641
|
|
|
|
3,935,071
|
Noncontrolling
interests
|
|
|
|
|
|
(155,900)
|
|
|
|
(159,082)
|
Total
equity
|
|
|
|
|
|
3,900,741
|
|
|
|
3,775,989
|
Total liabilities
and equity
|
|
|
|
|
$
|
7,943,247
|
|
|
$
|
7,703,563
|
Steel Dynamics,
Inc.
CONSOLIDATED
STATEMENTS OF CASH FLOWS (UNAUDITED)
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
152,608
|
|
$
|
397,906
|
|
$
|
554,181
|
|
$
|
985,953
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to
reconcile net income to net cash provided by
|
|
|
|
|
|
|
|
|
|
|
|
operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
79,470
|
|
|
81,383
|
|
|
240,555
|
|
|
236,638
|
Equity-based
compensation
|
|
8,841
|
|
|
7,978
|
|
|
33,229
|
|
|
28,860
|
Deferred income
taxes
|
|
11,311
|
|
|
23,899
|
|
|
34,952
|
|
|
45,437
|
Other
adjustments
|
|
(1,116)
|
|
|
312
|
|
|
(952)
|
|
|
197
|
Changes in certain
assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
85,633
|
|
|
(48,024)
|
|
|
95,195
|
|
|
(330,307)
|
Inventories
|
|
35,479
|
|
|
(69,885)
|
|
|
139,889
|
|
|
(240,908)
|
Other
assets
|
|
39
|
|
|
(6,429)
|
|
|
7,632
|
|
|
(7,164)
|
Accounts
payable
|
|
1,111
|
|
|
(14,883)
|
|
|
(54,167)
|
|
|
100,368
|
Income taxes
receivable/payable
|
|
6,293
|
|
|
(31,127)
|
|
|
19,715
|
|
|
55,414
|
Accrued
expenses
|
|
64,533
|
|
|
79,310
|
|
|
(83,001)
|
|
|
49,920
|
Net cash provided by
operating activities
|
|
444,202
|
|
|
420,440
|
|
|
987,228
|
|
|
924,408
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing
activities:
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property,
plant and equipment
|
|
(154,131)
|
|
|
(70,668)
|
|
|
(293,687)
|
|
|
(176,477)
|
Purchases of short
term investments
|
|
(34,884)
|
|
|
(35,000)
|
|
|
(134,026)
|
|
|
(125,000)
|
Proceeds from
maturities of short term investments
|
|
79,508
|
|
|
10,000
|
|
|
293,279
|
|
|
10,000
|
Acquisition of
business, net of cash and restricted cash acquired
|
|
(3,694)
|
|
|
(37,589)
|
|
|
(97,106)
|
|
|
(433,998)
|
Other investing
activities
|
|
2,746
|
|
|
576
|
|
|
4,023
|
|
|
1,462
|
Net cash used in
investing activities
|
|
(110,455)
|
|
|
(132,681)
|
|
|
(227,517)
|
|
|
(724,013)
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing
activities:
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of current
and long-term debt
|
|
128,230
|
|
|
110,041
|
|
|
374,686
|
|
|
327,670
|
Repayment of current
and long-term debt
|
|
(119,988)
|
|
|
(115,039)
|
|
|
(369,134)
|
|
|
(346,162)
|
Dividends
paid
|
|
(52,751)
|
|
|
(44,081)
|
|
|
(148,493)
|
|
|
(125,146)
|
Purchase of treasury
stock
|
|
(114,950)
|
|
|
(74,965)
|
|
|
(292,394)
|
|
|
(193,379)
|
Other financing
activities
|
|
(1,527)
|
|
|
-
|
|
|
(7,259)
|
|
|
(8,324)
|
Net cash used in
financing activities
|
|
(160,986)
|
|
|
(124,044)
|
|
|
(442,594)
|
|
|
(345,341)
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease)
in cash, cash equivalents, and restricted cash
|
|
172,761
|
|
|
163,715
|
|
|
317,117
|
|
|
(144,946)
|
Cash, cash
equivalents, and restricted cash at beginning of period
|
|
978,779
|
|
|
726,424
|
|
|
834,423
|
|
|
1,035,085
|
Cash, cash
equivalents, and restricted cash at end of period
|
$
|
1,151,540
|
|
$
|
890,139
|
|
$
|
1,151,540
|
|
$
|
890,139
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure information:
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for
interest
|
$
|
9,115
|
|
$
|
8,643
|
|
$
|
71,702
|
|
$
|
70,498
|
Cash paid for income
taxes, net
|
$
|
29,794
|
|
$
|
119,802
|
|
$
|
116,149
|
|
$
|
198,752
|
Steel Dynamics,
Inc.
SUPPLEMENTAL
INFORMATION
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third
Quarter
|
|
|
Year to
Date
|
|
|
|
|
|
|
|
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
1Q
2019
|
|
|
2Q
2019
|
External Net
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steel
|
|
|
$
|
1,922,528
|
|
$
|
2,475,044
|
|
$
|
6,153,448
|
|
$
|
6,722,260
|
|
$
|
2,124,570
|
|
$
|
2,106,350
|
Fabrication
|
|
|
|
246,078
|
|
|
250,625
|
|
|
715,982
|
|
|
669,556
|
|
|
228,480
|
|
|
241,424
|
Metals
Recycling
|
|
|
|
280,908
|
|
|
387,219
|
|
|
955,145
|
|
|
1,200,045
|
|
|
351,137
|
|
|
323,100
|
Other
|
|
|
|
77,331
|
|
|
110,659
|
|
|
290,220
|
|
|
326,086
|
|
|
113,248
|
|
|
99,641
|
Consolidated
|
|
$
|
2,526,845
|
|
$
|
3,223,547
|
|
$
|
8,114,795
|
|
$
|
8,917,947
|
|
$
|
2,817,435
|
|
$
|
2,770,515
|
Operating
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steel
|
|
|
$
|
239,587
|
|
$
|
577,308
|
|
$
|
846,793
|
|
$
|
1,452,857
|
|
$
|
312,437
|
|
$
|
294,769
|
Fabrication
|
|
|
|
35,321
|
|
|
13,145
|
|
|
86,690
|
|
|
47,162
|
|
|
20,663
|
|
|
30,706
|
Metals
Recycling
|
|
|
|
2,894
|
|
|
17,764
|
|
|
33,466
|
|
|
71,297
|
|
|
19,958
|
|
|
10,614
|
Operations
|
|
|
|
277,802
|
|
|
608,217
|
|
|
966,949
|
|
|
1,571,316
|
|
|
353,058
|
|
|
336,089
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash amortization
of intangible assets
|
|
|
|
(6,704)
|
|
|
(6,591)
|
|
|
(20,730)
|
|
|
(20,346)
|
|
|
(7,013)
|
|
|
(7,013)
|
Profit sharing
expense
|
|
|
|
(17,848)
|
|
|
(45,304)
|
|
|
(64,396)
|
|
|
(114,301)
|
|
|
(23,677)
|
|
|
(22,871)
|
Non-segment
operations
|
|
|
|
(25,205)
|
|
|
(24,750)
|
|
|
(76,904)
|
|
|
(79,813)
|
|
|
(30,526)
|
|
|
(21,173)
|
Consolidated Operating
Income
|
|
$
|
228,045
|
|
$
|
531,572
|
|
$
|
804,919
|
|
$
|
1,356,856
|
|
$
|
291,842
|
|
$
|
285,032
|
Adjusted
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
152,608
|
|
$
|
397,906
|
|
$
|
554,181
|
|
$
|
985,953
|
|
$
|
204,827
|
|
$
|
196,746
|
Income
taxes
|
|
|
|
48,643
|
|
|
109,209
|
|
|
171,093
|
|
|
292,536
|
|
|
62,236
|
|
|
60,214
|
Net interest
expense
|
|
|
|
24,107
|
|
|
25,894
|
|
|
73,722
|
|
|
79,304
|
|
|
24,017
|
|
|
25,598
|
Depreciation
|
|
|
|
71,456
|
|
|
73,431
|
|
|
215,887
|
|
|
212,125
|
|
|
71,846
|
|
|
72,585
|
Amortization of
intangible assets
|
|
|
|
6,704
|
|
|
6,591
|
|
|
20,730
|
|
|
20,346
|
|
|
7,013
|
|
|
7,013
|
Noncontrolling
interest
|
|
|
|
(1,560)
|
|
|
469
|
|
|
(4,503)
|
|
|
2,422
|
|
|
(499)
|
|
|
(2,444)
|
EBITDA
|
|
|
301,958
|
|
|
613,500
|
|
|
1,031,110
|
|
|
1,592,686
|
|
|
369,440
|
|
|
359,712
|
Non-cash
adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized hedging
(gain) loss
|
|
|
|
3,697
|
|
|
3,030
|
|
|
1,720
|
|
|
(4,090)
|
|
|
1,742
|
|
|
(3,719)
|
Inventory
valuation
|
|
|
278
|
|
|
1,017
|
|
|
870
|
|
|
1,482
|
|
|
241
|
|
|
351
|
Equity-based
compensation
|
|
|
|
8,842
|
|
|
7,978
|
|
|
28,541
|
|
|
25,933
|
|
|
10,619
|
|
|
9,080
|
Adjusted
EBITDA
|
|
$
|
314,775
|
|
$
|
625,525
|
|
$
|
1,062,241
|
|
$
|
1,616,011
|
|
$
|
382,042
|
|
$
|
365,424
|
Other Operating
Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steel
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average external sales
price (Per ton) *
|
|
|
$
|
809
|
|
$
|
988
|
|
$
|
863
|
|
$
|
916
|
|
$
|
902
|
|
$
|
879
|
Average ferrous cost
(Per ton melted) #
|
|
|
$
|
275
|
|
$
|
352
|
|
$
|
309
|
|
$
|
340
|
|
$
|
338
|
|
$
|
316
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Flat Roll
shipments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Butler and Columbus
Flat Roll Divisions
|
|
|
|
1,527,230
|
|
|
1,562,813
|
|
|
4,628,544
|
|
|
4,713,125
|
|
|
1,526,851
|
|
|
1,574,463
|
Techs, Heartland, and
USS Divisions (processing)
|
|
|
|
427,645
|
|
|
294,559
|
|
|
1,181,269
|
|
|
711,624
|
|
|
330,775
|
|
|
422,849
|
Long Product
shipments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Structural and Rail
Division
|
|
|
|
366,306
|
|
|
431,326
|
|
|
1,094,582
|
|
|
1,241,128
|
|
|
376,263
|
|
|
352,013
|
Engineered Bar
Products Division
|
|
|
|
176,564
|
|
|
239,951
|
|
|
579,082
|
|
|
705,193
|
|
|
206,874
|
|
|
195,644
|
Roanoke Bar
Division
|
|
|
|
123,495
|
|
|
145,648
|
|
|
404,355
|
|
|
409,194
|
|
|
152,400
|
|
|
128,460
|
Steel of West
Virginia
|
|
|
|
90,669
|
|
|
82,623
|
|
|
277,846
|
|
|
245,236
|
|
|
91,248
|
|
|
95,929
|
Total shipments
(Tons)
|
|
|
2,711,909
|
|
|
2,756,920
|
|
|
8,165,678
|
|
|
8,025,500
|
|
|
2,684,411
|
|
|
2,769,358
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
External shipments
(Tons) *
|
|
|
2,362,915
|
|
|
2,489,133
|
|
|
7,096,975
|
|
|
7,296,871
|
|
|
2,347,209
|
|
|
2,386,851
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steel production
(Tons) *
|
|
|
2,736,306
|
|
|
2,852,451
|
|
|
8,251,344
|
|
|
8,222,163
|
|
|
2,745,128
|
|
|
2,769,910
|
Metals
Recycling
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonferrous shipments
(000's of pounds)
|
|
|
|
257,087
|
|
|
277,332
|
|
|
815,347
|
|
|
852,994
|
|
|
292,038
|
|
|
266,222
|
Ferrous shipments
(Gross tons)
|
|
|
|
1,169,963
|
|
|
1,304,164
|
|
|
3,531,003
|
|
|
3,908,079
|
|
|
1,171,361
|
|
|
1,189,679
|
External ferrous
shipments (Gross tons)
|
|
|
396,135
|
|
|
459,362
|
|
|
1,204,453
|
|
|
1,362,477
|
|
|
382,841
|
|
|
425,477
|
Fabrication
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average sales price
(Per ton)
|
|
|
$
|
1,464
|
|
$
|
1,461
|
|
$
|
1,523
|
|
$
|
1,398
|
|
$
|
1,575
|
|
$
|
1,538
|
Shipments
(Tons)
|
|
|
|
168,571
|
|
|
171,578
|
|
|
470,776
|
|
|
479,406
|
|
|
145,222
|
|
|
156,983
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Includes all steel
operations
|
# Includes ferrous
cost per ton melted at our steel mills
|
|
View original
content:http://www.prnewswire.com/news-releases/steel-dynamics-reports-third-quarter-2019-results-300940085.html
SOURCE Steel Dynamics, Inc.