FORT WAYNE, Ind., Oct. 18, 2017 /PRNewswire/ -- Steel
Dynamics, Inc. (NASDAQ/GS: STLD) today announced third quarter 2017
financial results. The company reported third quarter 2017
net sales of $2.4 billion and net
income of $153 million, or
$0.64 per diluted share, which
includes debt refinancing and repayment charges of $0.02 per diluted share. Excluding these
items, the company's third quarter 2017 adjusted net income was
$158 million, or $0.66 per diluted share.
Comparatively, prior year third quarter net sales were
$2.1 billion, with net income of
$157 million, or $0.64 per diluted share, which includes a
litigation settlement charge of approximately $5 million (pretax). Excluding this item,
prior year third quarter adjusted net income was $160 million, or $0.65 per diluted share. Sequential second
quarter 2017 net sales were $2.4
billion, with net income of $154
million, or $0.63 per diluted
share.
"The team delivered a solid performance for the third quarter
2017 despite the continued high levels of steel imports," said
Mark D. Millett, President and Chief
Executive Officer. "Our third quarter 2017 income from operations
was $271 million, a sequential
increase of $6 million, and trailing
twelve month adjusted EBITDA remained strong at $1.4 billion.
"Elevated levels of steel imports persisted during the quarter,
hindering the ability for domestic steel prices to keep pace with
raw material costs. Despite reported low levels of steel
service center inventory, we believe steel traders built inventory
at the ports ahead of potential domestic trade actions, which
resulted in an overhang position for flat roll steel during recent
months. This oversupply resulted in periods of weaker
customer orders. The increase in our sequential earnings was
principally the result of improved engineered bar, structural and
merchant steel shipments. Underlying demand from the
construction sector appeared to remain strong, and the energy
sector was stable. Conversely, demand from the domestic
automotive sector softened, but our steel operations continue to
gain market share somewhat mitigating the impact.
"Third quarter 2017 operating income from our metals recycling
platform aligned with the strong first half 2017 performance,
derived from steady shipments and ferrous metal spread expansion as
increased scrap exports supported higher average quarterly selling
values. Earnings from our fabrication operations also improved in
the quarter. The fabrication group achieved another quarter
of record shipments, and maintains a strong order backlog. We
believe this is a solid indicator that the non-residential
construction market is continuing a positive growth profile,"
concluded Millett.
Additional Third Quarter 2017 Comments
Third quarter 2017 operating income for the company's steel
operations increased two percent, or $6
million, to $280 million
sequentially, based on higher shipments from our long products
divisions outpacing metal spread compression. The third
quarter 2017 average external selling price for the company's steel
operations decreased $1 to
$778 per ton. The average
ferrous scrap cost per ton melted increased $2 to $305 per
ton.
Third quarter 2017 operating income attributable to the
company's flat roll products decreased three percent when compared
to the sequential second quarter, based on slightly lower shipments
and metal spread compression, as average scrap costs increased more
than average selling values. Operating income from long
products increased 34 percent as a result of a six percent increase
in shipments, notably for engineered bar, structural and merchant
steel products. However, structural and merchant steel
volumes still remain under pressure from excess domestic production
capability, coupled with elevated import levels. The
company's steel production utilization rate was 92 percent in the
third quarter 2017, compared to 91 percent in the sequential second
quarter and compared to the estimated third quarter domestic
industry utilization rate of 75 percent.
Third quarter 2017 operating income from the company's metals
recycling operations was $21 million,
compared to $20 million in the
sequential second quarter, as a result of improved average
quarterly ferrous sales price and somewhat steady
shipments.
The company's fabrication operations recorded third quarter 2017
operating income of $22 million,
compared to sequential second quarter results of $20 million. The platform achieved a third
consecutive quarter of record shipments and average product pricing
remained steady.
During the third quarter 2017, the company issued $350
million of new 4.125% senior notes due 2025 to repay $350
million of its existing 6.375% senior notes due 2022.
At September 30, 2017, the company had repaid $183
million of the existing senior notes, and repaid the remaining
amount of $167 million on October 13, 2017.
After giving effect to the October repayment, total debt of
$2.4 billion remained consistent with
the sequential second quarter and liquidity remained strong at
$2.1 billion, with $935 million
in cash and $1.2 billion of available
funding under the revolving credit facility. These transactions
extended the company's overall debt maturity profile, and will
provide an estimated annual interest savings of
approximately $8 million.
Year-to-Date September 30, 2017
Comparison
For the nine months ended September 30,
2017, net income was $508
million, or $2.09 per diluted
share, on net sales of $7.2 billion,
as compared to net income of $362
million, or $1.48 per diluted
share, on net sales of $5.9 billion
for the same period in 2016. Year-to-date 2017 net sales
increased 23 percent. Although all platforms experienced
increased revenues, the overall improvement was driven by higher
average steel product pricing and shipments. Year-to-date
2017 operating income increased $199
million, or 30 percent, to $871
million, based on improved earnings of $183 million from the company's steel operations
and $32 million from its metals
recycling platform. The average year-to-date selling price for the
company's steel operations increased $116 to $767 per
ton. The average year-to-date ferrous scrap cost per ton
melted increased $71 to $291 per ton. Additionally, the metals
recycling operations continued to optimize administrative and
operating costs, more than doubling operating income year-to-date
2017 compared to the same period in the prior year.
During the nine months ended September
30, 2017, the company generated strong cash flow from
operations of $548 million and
repurchased $237 million of its
common stock.
Outlook
"Despite a somewhat noisy market environment related to
continued high levels of steel imports, we remain optimistic that
macroeconomic and market conditions are in place to benefit
domestic steel consumption in 2018," said Millett. "Although
U.S. automotive production has peaked, we believe North American
automotive steel consumption will be steady, and that there will be
continued additional growth in the energy and construction sectors,
especially for larger, public sector infrastructure projects.
"We continue to reinvest in our existing facilities through
equipment upgrades and further product diversification.
During the fourth quarter 2017, we plan to complete a $29 million replacement and upgrade of two ladle
furnace cranes at our Butler Flat Roll Division, including a
facility expansion to improve logistics. We also plan to
complete a $10 million upgrade of the
hot strip mill at our Columbus Flat Roll Division, further
diversifying our value-added flat roll steel product
capabilities. The planned upgrades require longer than
typical outages, which will result in higher costs and lower
shipments, reducing potential fourth quarter 2017 pretax earnings
by an estimated $25 million.
"Our financial position continues to strengthen through strong
cash flow generation and the execution of our long-term strategy.
We are well-positioned for growth, and remain focused on delivering
shareholder value through organic and strategic growth
opportunities," concluded Millett.
Conference Call and Webcast
Steel Dynamics, Inc. will hold a conference call to discuss
third quarter 2017 operating and financial results on Thursday, October 19, 2017, at 10:00
a.m. Eastern 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 Time on
October 24, 2017.
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 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 Adjusted Operating Income, Adjusted Net Income,
Adjusted Diluted Earnings Per Share, 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 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 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, 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, appliance, pipe and tube, and other steel-consuming
industries; (4) 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; (5) the impact of domestic
and foreign import price competition; (6) unanticipated
difficulties in integrating or starting up new or acquired
businesses; (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
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
June 30,
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
$
|
2,443,382
|
|
$
|
2,101,310
|
|
$
|
7,202,318
|
|
$
|
5,866,513
|
|
$
|
2,390,720
|
Costs of goods
sold
|
|
2,046,864
|
|
|
1,692,807
|
|
|
5,941,128
|
|
|
4,841,591
|
|
|
1,998,202
|
Gross
profit
|
|
396,518
|
|
|
408,503
|
|
|
1,261,190
|
|
|
1,024,922
|
|
|
392,518
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
97,056
|
|
|
95,185
|
|
|
298,422
|
|
|
279,899
|
|
|
98,433
|
Profit
sharing
|
|
21,175
|
|
|
22,255
|
|
|
69,714
|
|
|
51,722
|
|
|
21,308
|
Amortization of
intangible assets
|
|
7,272
|
|
|
7,208
|
|
|
22,120
|
|
|
21,359
|
|
|
7,424
|
Operating
income
|
|
271,015
|
|
|
283,855
|
|
|
870,934
|
|
|
671,942
|
|
|
265,353
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
of capitalized interest
|
|
34,177
|
|
|
36,199
|
|
|
102,019
|
|
|
109,888
|
|
|
33,869
|
Other expense
(income), net
|
|
2,526
|
|
|
4,351
|
|
|
(4,968)
|
|
|
741
|
|
|
(3,835)
|
Income before
income taxes
|
|
234,312
|
|
|
243,305
|
|
|
773,883
|
|
|
561,313
|
|
|
235,319
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
83,300
|
|
|
88,892
|
|
|
271,258
|
|
|
205,139
|
|
|
82,372
|
Net
income
|
|
151,012
|
|
|
154,413
|
|
|
502,625
|
|
|
356,174
|
|
|
152,947
|
Net loss attributable
to noncontrolling interests
|
|
2,246
|
|
|
2,984
|
|
|
5,383
|
|
|
5,929
|
|
|
986
|
Net income
attributable to Steel Dynamics, Inc.
|
$
|
153,258
|
|
$
|
157,397
|
|
$
|
508,008
|
|
$
|
362,103
|
|
$
|
153,933
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steel
Dynamics, Inc. stockholders
|
$
|
0.64
|
|
$
|
0.65
|
|
$
|
2.11
|
|
$
|
1.49
|
|
$
|
0.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding
|
|
239,066
|
|
|
243,761
|
|
|
241,117
|
|
|
243,539
|
|
|
241,343
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
per share attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steel
Dynamics, Inc. stockholders, including the effect
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of
assumed conversions when dilutive
|
$
|
0.64
|
|
$
|
0.64
|
|
$
|
2.09
|
|
$
|
1.48
|
|
$
|
0.63
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and
share equivalents outstanding
|
|
240,880
|
|
|
245,682
|
|
|
242,816
|
|
|
245,227
|
|
|
243,021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared
per share
|
$
|
0.155
|
|
$
|
0.1400
|
|
$
|
0.465
|
|
$
|
0.4200
|
|
$
|
0.155
|
Steel Dynamics,
Inc.
|
CONSOLIDATED
BALANCE SHEETS
|
(in
thousands)
|
|
|
|
|
|
|
|
|
September
30,
|
|
|
December
31,
|
Assets
|
2017
|
|
|
2016
|
|
(unaudited)
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Cash and
equivalents
|
$
|
1,101,964
|
|
|
$
|
841,483
|
Accounts
receivable, net
|
|
923,017
|
|
|
|
729,784
|
Inventories
|
|
1,487,516
|
|
|
|
1,275,211
|
Other
current assets
|
|
59,648
|
|
|
|
83,197
|
Total current
assets
|
|
3,572,145
|
|
|
|
2,929,675
|
|
|
|
|
|
|
|
Property, plant
and equipment, net
|
|
2,708,777
|
|
|
|
2,787,215
|
|
|
|
|
|
|
|
Restricted
cash
|
|
17,092
|
|
|
|
18,060
|
|
|
|
|
|
|
|
Intangible assets,
net
|
|
263,357
|
|
|
|
283,977
|
|
|
|
|
|
|
|
Goodwill
|
|
388,518
|
|
|
|
393,351
|
|
|
|
|
|
|
|
Other
assets
|
|
10,848
|
|
|
|
11,454
|
Total
assets
|
$
|
6,960,737
|
|
|
$
|
6,423,732
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
Accounts
payable
|
$
|
528,683
|
|
|
$
|
395,196
|
Income
taxes payable
|
|
5,596
|
|
|
|
5,593
|
Accrued
expenses
|
|
349,589
|
|
|
|
308,394
|
Current
maturities of long-term debt
|
|
182,661
|
|
|
|
3,632
|
Total current
liabilities
|
|
1,066,529
|
|
|
|
712,815
|
|
|
|
|
|
|
|
Long-term
debt
|
|
2,351,483
|
|
|
|
2,353,194
|
|
|
|
|
|
|
|
Deferred income
taxes
|
|
461,399
|
|
|
|
448,375
|
|
|
|
|
|
|
|
Other
liabilities
|
|
20,305
|
|
|
|
20,649
|
Total
liabilities
|
|
3,899,716
|
|
|
|
3,535,033
|
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interests
|
|
111,240
|
|
|
|
111,240
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
Common
stock
|
|
641
|
|
|
|
641
|
Treasury
stock, at cost
|
|
(650,210)
|
|
|
|
(416,829)
|
Additional paid-in capital
|
|
1,147,463
|
|
|
|
1,132,749
|
Retained
earnings
|
|
2,606,831
|
|
|
|
2,210,459
|
Total Steel Dynamics,
Inc. equity
|
|
3,104,725
|
|
|
|
2,927,020
|
Noncontrolling interests
|
|
(154,944)
|
|
|
|
(149,561)
|
Total
equity
|
|
2,949,781
|
|
|
|
2,777,459
|
Total liabilities
and equity
|
$
|
6,960,737
|
|
|
$
|
6,423,732
|
Steel Dynamics,
Inc.
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS (UNAUDITED)
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
$
|
151,012
|
|
$
|
154,413
|
|
$
|
502,625
|
|
$
|
356,174
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to reconcile net income to net cash provided
by
|
|
|
|
|
|
|
|
|
|
|
|
operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
75,210
|
|
|
74,190
|
|
|
224,068
|
|
|
222,970
|
Equity-based
compensation
|
|
6,875
|
|
|
5,946
|
|
|
24,558
|
|
|
23,716
|
Deferred income
taxes
|
|
3,284
|
|
|
18,478
|
|
|
17,849
|
|
|
53,879
|
Other
adjustments
|
|
8,202
|
|
|
161
|
|
|
8,055
|
|
|
1,376
|
Changes in certain
assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
(36,123)
|
|
|
29,384
|
|
|
(193,233)
|
|
|
(149,810)
|
Inventories
|
|
(67,285)
|
|
|
(76,013)
|
|
|
(211,726)
|
|
|
(102,339)
|
Other assets
|
|
(9,234)
|
|
|
694
|
|
|
(1,703)
|
|
|
11,855
|
Accounts payable
|
|
44,887
|
|
|
(49,171)
|
|
|
133,251
|
|
|
117,220
|
Income taxes receivable/payable
|
|
(12,929)
|
|
|
(7,421)
|
|
|
5,803
|
|
|
40,960
|
Accrued expenses
|
|
62,249
|
|
|
45,701
|
|
|
38,058
|
|
|
69,361
|
Net cash provided by
operating activities
|
|
226,148
|
|
|
196,362
|
|
|
547,605
|
|
|
645,362
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing
activities:
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment
|
|
(42,795)
|
|
|
(59,774)
|
|
|
(127,746)
|
|
|
(123,168)
|
Acquisition of businesses, net of cash acquired
|
|
(5,518)
|
|
|
(109,065)
|
|
|
(5,518)
|
|
|
(109,065)
|
Other
investing activities
|
|
1,081
|
|
|
1,507
|
|
|
30,386
|
|
|
5,767
|
Net cash used in
investing activities
|
|
(47,232)
|
|
|
(167,332)
|
|
|
(102,878)
|
|
|
(226,466)
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing
activities:
|
|
|
|
|
|
|
|
|
|
|
|
Issuance
of current and long-term debt
|
|
450,215
|
|
|
12,911
|
|
|
501,448
|
|
|
97,018
|
Repayment of current and long-term debt
|
|
(294,913)
|
|
|
(9,999)
|
|
|
(331,339)
|
|
|
(95,253)
|
Dividends paid
|
|
(37,180)
|
|
|
(34,124)
|
|
|
(108,837)
|
|
|
(101,639)
|
Purchase
of treasury stock
|
|
(99,085)
|
|
|
-
|
|
|
(237,154)
|
|
|
-
|
Other
financing activities
|
|
(4,832)
|
|
|
1,005
|
|
|
(8,364)
|
|
|
5,435
|
Net cash provided by
(used in) financing activities
|
|
14,205
|
|
|
(30,207)
|
|
|
(184,246)
|
|
|
(94,439)
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease)
in cash and equivalents
|
|
193,121
|
|
|
(1,177)
|
|
|
260,481
|
|
|
324,457
|
Cash and equivalents
at beginning of period
|
|
908,843
|
|
|
1,052,666
|
|
|
841,483
|
|
|
727,032
|
Cash and
equivalents at end of period
|
$
|
1,101,964
|
|
$
|
1,051,489
|
|
$
|
1,101,964
|
|
$
|
1,051,489
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure information:
|
|
|
|
|
|
|
|
|
|
|
|
Cash
paid for interest
|
$
|
13,530
|
|
$
|
26,225
|
|
$
|
80,155
|
|
$
|
97,605
|
Cash
paid for income taxes, net
|
$
|
93,123
|
|
$
|
75,860
|
|
$
|
246,793
|
|
$
|
104,124
|
Steel Dynamics,
Inc.
|
|
|
|
|
|
SUPPLEMENTAL
INFORMATION
|
|
|
|
|
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third
Quarter
|
|
|
Year to
Date
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
|
1Q 2017
|
|
|
2Q 2017
|
|
External Net
Sales
|
|
|
|
|
Steel
|
|
$
|
1,782,805
|
|
$
|
1,557,502
|
|
$
|
5,262,380
|
|
$
|
4,241,382
|
|
$
|
1,721,333
|
|
$
|
1,758,242
|
|
Fabrication
|
|
|
211,305
|
|
|
177,429
|
|
|
603,267
|
|
|
528,026
|
|
|
194,096
|
|
|
197,866
|
|
Metals
Recycling
|
|
|
348,215
|
|
|
306,092
|
|
|
1,055,580
|
|
|
886,559
|
|
|
363,836
|
|
|
343,529
|
|
Other
|
|
|
101,057
|
|
|
60,287
|
|
|
281,091
|
|
|
210,546
|
|
|
88,951
|
|
|
91,083
|
|
Consolidated
|
|
$
|
2,443,382
|
|
$
|
2,101,310
|
|
$
|
7,202,318
|
|
$
|
5,866,513
|
|
$
|
2,368,216
|
|
$
|
2,390,720
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steel
|
|
$
|
280,285
|
|
$
|
311,127
|
|
$
|
906,526
|
|
$
|
723,348
|
|
$
|
352,423
|
|
$
|
273,818
|
|
Fabrication
|
|
|
21,903
|
|
|
17,814
|
|
|
65,858
|
|
|
73,401
|
|
|
23,767
|
|
|
20,188
|
|
Metals
Recycling
|
|
|
21,118
|
|
|
9,747
|
|
|
62,447
|
|
|
30,793
|
|
|
21,341
|
|
|
19,988
|
|
Operations
|
|
|
323,306
|
|
|
338,688
|
|
|
1,034,831
|
|
|
827,542
|
|
|
397,531
|
|
|
313,994
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash Amortization
of Intangible Assets
|
|
|
(7,272)
|
|
|
(7,208)
|
|
|
(22,120)
|
|
|
(21,359)
|
|
|
(7,424)
|
|
|
(7,424)
|
|
Profit Sharing
Expense
|
|
|
(21,175)
|
|
|
(22,255)
|
|
|
(69,714)
|
|
|
(51,722)
|
|
|
(27,231)
|
|
|
(21,308)
|
|
Non-segment
Operations
|
|
|
(23,844)
|
|
|
(25,370)
|
|
|
(72,063)
|
|
|
(82,519)
|
|
|
(28,310)
|
|
|
(19,909)
|
|
Consolidated
Operating Income
|
|
$
|
271,015
|
|
$
|
283,855
|
|
$
|
870,934
|
|
$
|
671,942
|
|
$
|
334,566
|
|
|
265,353
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Before
Taxes
|
|
$
|
234,312
|
|
$
|
243,305
|
|
$
|
773,883
|
|
$
|
561,313
|
|
$
|
304,252
|
|
$
|
235,319
|
|
Net Interest
Expense
|
|
|
31,298
|
|
|
34,867
|
|
|
95,260
|
|
|
106,396
|
|
|
32,333
|
|
|
31,629
|
|
Depreciation
|
|
|
66,574
|
|
|
65,473
|
|
|
197,857
|
|
|
197,082
|
|
|
66,269
|
|
|
65,014
|
|
Amortization of
Intangible Assets
|
|
|
7,272
|
|
|
7,208
|
|
|
22,120
|
|
|
21,359
|
|
|
7,424
|
|
|
7,424
|
|
Non-controlling
Interest
|
|
|
2,246
|
|
|
2,984
|
|
|
5,383
|
|
|
5,929
|
|
|
2,152
|
|
|
985
|
|
EBITDA
|
|
|
341,702
|
|
|
353,837
|
|
|
1,094,503
|
|
|
892,079
|
|
|
412,430
|
|
|
340,371
|
|
Non-cash
Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized Hedging (Gain) Loss
|
|
|
(2,724)
|
|
|
(880)
|
|
|
(2,637)
|
|
|
627
|
|
|
(637)
|
|
|
724
|
|
Inventory Valuation
|
|
236
|
|
|
405
|
|
|
2,757
|
|
|
832
|
|
|
162
|
|
|
2,359
|
|
Equity-based Compensation
|
|
|
6,875
|
|
|
5,895
|
|
|
22,924
|
|
|
20,161
|
|
|
9,074
|
|
|
6,975
|
|
Financing Expenses
|
|
|
1,393
|
|
|
-
|
|
|
1,393
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Adjusted
EBITDA
|
|
$
|
347,482
|
|
$
|
359,257
|
|
$
|
1,118,940
|
|
$
|
913,699
|
|
$
|
421,029
|
|
$
|
350,429
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Operating
Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steel
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average External Sales
Price (Per ton)
|
|
$
|
778
|
|
$
|
740
|
|
$
|
767
|
|
$
|
651
|
|
$
|
743
|
|
$
|
779
|
|
Average Ferrous Cost
(Per ton melted)
|
|
$
|
305
|
|
$
|
251
|
|
$
|
291
|
|
$
|
220
|
|
$
|
264
|
|
$
|
303
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Flat Roll
Shipments
|
|
|
1,733,006
|
|
|
1,620,794
|
|
|
5,206,364
|
|
|
5,065,932
|
|
|
1,735,954
|
|
|
1,737,404
|
|
Long Product
Shipments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Structural and Rail Division
|
|
|
337,985
|
|
|
330,694
|
|
|
999,961
|
|
|
980,286
|
|
|
350,555
|
|
|
311,421
|
|
Engineered Bar Products Division
|
|
|
192,448
|
|
|
110,633
|
|
|
565,375
|
|
|
358,426
|
|
|
192,140
|
|
|
180,787
|
|
Roanoke Bar Division
|
|
|
120,652
|
|
|
119,555
|
|
|
362,752
|
|
|
384,801
|
|
|
125,869
|
|
|
116,231
|
|
Steel of West Virginia
|
|
|
74,901
|
|
|
75,080
|
|
|
228,184
|
|
|
235,882
|
|
|
77,229
|
|
|
76,054
|
|
Total Shipments
(Tons)
|
|
|
2,458,992
|
|
|
2,256,756
|
|
|
7,362,636
|
|
|
7,025,327
|
|
|
2,481,747
|
|
|
2,421,897
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
External Shipments
(Tons)
|
|
|
2,279,229
|
|
|
2,104,219
|
|
|
6,830,878
|
|
|
6,517,253
|
|
|
2,305,080
|
|
|
2,246,569
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steel Production (Tons)
|
|
|
2,536,990
|
|
|
2,341,659
|
|
|
7,557,231
|
|
|
7,266,265
|
|
|
2,544,082
|
|
|
2,476,159
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metals
Recycling
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Nonferrous
Shipments (000's of pounds)
|
|
|
261,716
|
|
|
280,107
|
|
|
815,763
|
|
|
828,715
|
|
|
283,603
|
|
|
270,444
|
|
Total Ferrous
Shipments (Gross tons)
|
|
|
1,219,582
|
|
|
1,243,277
|
|
|
3,780,958
|
|
|
3,894,755
|
|
|
1,338,599
|
|
|
1,222,777
|
|
External Ferrous
Shipments (Gross tons)
|
|
|
462,683
|
|
|
468,498
|
|
|
1,414,603
|
|
|
1,511,532
|
|
|
485,414
|
|
|
466,506
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fabrication
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average External Sales
Price (Per ton)
|
|
$
|
1,317
|
|
$
|
1,253
|
|
$
|
1,306
|
|
$
|
1,232
|
|
$
|
1,291
|
|
$
|
1,311
|
|
Total Shipments
(Tons)
|
|
|
160,482
|
|
|
142,585
|
|
|
461,936
|
|
|
430,539
|
|
|
150,402
|
|
|
151,052
|
|
View original
content:http://www.prnewswire.com/news-releases/steel-dynamics-reports-third-quarter-2017-results-300539226.html
SOURCE Steel Dynamics, Inc.