Company Quick10K Filing
Steel Dynamics
Price29.38 EPS4
Shares222 P/E8
MCap6,528 P/FCF7
Net Debt1,348 EBIT1,114
TEV7,877 TEV/EBIT7
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-02-27
10-Q 2019-09-30 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-02-27
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-02-27
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-07
10-Q 2017-03-31 Filed 2017-05-08
10-K 2016-12-31 Filed 2017-02-28
10-Q 2016-09-30 Filed 2016-11-09
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-10
10-Q 2015-03-31 Filed 2015-05-11
10-K 2014-12-31 Filed 2015-03-02
10-Q 2014-09-30 Filed 2014-11-10
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-08
10-K 2013-12-31 Filed 2014-03-03
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-07
10-Q 2013-03-31 Filed 2013-05-09
10-K 2012-12-31 Filed 2013-02-27
10-Q 2012-09-30 Filed 2012-11-07
10-Q 2012-06-30 Filed 2012-08-07
10-Q 2012-03-31 Filed 2012-05-09
10-K 2011-12-31 Filed 2012-02-27
10-Q 2011-09-30 Filed 2011-11-08
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-02-23
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-04
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-02-22
8-K 2020-08-21 Other Events, Exhibits
8-K 2020-08-03 Other Events, Exhibits
8-K 2020-07-20 Earnings, Exhibits
8-K 2020-06-29 Leave Agreement
8-K 2020-06-18
8-K 2020-06-03
8-K 2020-05-22
8-K 2020-05-08
8-K 2020-04-20
8-K 2020-03-18
8-K 2020-03-02
8-K 2020-02-20
8-K 2020-01-22
8-K 2019-12-30
8-K 2019-12-16
8-K 2019-12-09
8-K 2019-12-03
8-K 2019-11-22
8-K 2019-10-16
8-K 2019-09-17
8-K 2019-08-26
8-K 2019-07-22
8-K 2019-07-22
8-K 2019-06-17
8-K 2019-05-17
8-K 2019-05-16
8-K 2019-04-22
8-K 2019-03-18
8-K 2019-03-01
8-K 2019-02-14
8-K 2019-02-01
8-K 2019-01-22
8-K 2019-01-14
8-K 2018-12-18
8-K 2018-11-26
8-K 2018-11-19
8-K 2018-10-17
8-K 2018-10-17
8-K 2018-09-18
8-K 2018-09-17
8-K 2018-09-04
8-K 2018-08-20
8-K 2018-07-23
8-K 2018-06-29
8-K 2018-06-28
8-K 2018-06-26
8-K 2018-06-15
8-K 2018-06-12
8-K 2018-05-17
8-K 2018-05-14
8-K 2018-04-18
8-K 2018-03-16
8-K 2018-02-20
8-K 2018-01-22

STLD 10Q Quarterly Report

Note 1. Description of The Business and Significant Accounting Policies
Note 2. Earnings per Share
Note 3. Inventories
Note 4. Debt
Note 5. Changes in Equity
Note 6. Derivative Financial Instruments
Note 7. Fair Value Measurements
Note 8. Commitments and Contingencies
Note 9. Segment Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 stld-20200630xex31d1.htm
EX-31.2 stld-20200630xex31d2.htm
EX-32.1 stld-20200630xex32d1.htm
EX-32.2 stld-20200630xex32d2.htm
EX-95 stld-20200630xex95.htm

Steel Dynamics Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
3.93.12.21.40.5-0.32012201420172020
Rev, G Profit, Net Income
1.30.70.1-0.5-1.1-1.72012201420172020
Ops, Inv, Fin

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

     Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the period

      ended June 30, 2020

OR

       Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File Number 0-21719

Steel Dynamics, Inc.

(Exact name of registrant as specified in its charter)

Indiana

    

35-1929476

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

7575 West Jefferson Blvd, Fort Wayne, IN

46804

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (260) 969-3500

Securities registered pursuant to Section 12(b) of the Act.

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock voting, $0.0025 par value

STLD

NASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes    No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes    No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company (see definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act).

    

Large accelerated filer

    

Accelerated filer

    

Non-accelerated filer

Smaller reporting company  

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No

As of July 31, 2020, Registrant had 210,364,813 outstanding shares of common stock.

Table of Contents

STEEL DYNAMICS, INC.

Table of Contents

PART I. Financial Information

Item 1.

Financial Statements:

Page

Consolidated Balance Sheets as of June 30, 2020 (unaudited) and December 31, 2019

1

Consolidated Statements of Income for the three and six-month periods ended June 30, 2020 and 2019 (unaudited)

2

Consolidated Statements of Comprehensive Income for the three and six-month periods ended June 30, 2020 and 2019 (unaudited)

3

Consolidated Statements of Cash Flows for the three and six-month periods ended June 30, 2020 and 2019 (unaudited)

4

Notes to Consolidated Financial Statements (unaudited)

5

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

15

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

22

Item 4.

Controls and Procedures

23

PART II. Other Information

Item 1.

Legal Proceedings

24

Item 1A.

Risk Factors

24

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

25

Item 3.

Defaults Upon Senior Securities

25

Item 4.

Mine Safety Disclosures

25

Item 5.

Other Information

25

Item 6.

Exhibits

26

Exhibit Index

26

Signature

28

Table of Contents

STEEL DYNAMICS, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

June 30,

December 31,

2020

2019

Assets

(unaudited)

Current assets

Cash and equivalents

$

1,496,458

$

1,381,460

Short-term investments

69,546

262,174

Accounts receivable, net

841,593

841,378

Accounts receivable-related parties

2,463

2,958

Inventories

1,567,017

1,689,043

Other current assets

39,043

76,012

Total current assets

4,016,120

4,253,025

Property, plant and equipment, net

3,587,450

3,135,886

Intangible assets, net

313,520

327,901

Goodwill

451,220

452,915

Other assets

100,031

106,038

Total assets

$

8,468,341

$

8,275,765

Liabilities and Equity

Current liabilities

Accounts payable

$

696,845

$

509,687

Accounts payable-related parties

5,087

3,657

Income taxes payable

25,411

2,014

Accrued payroll and benefits

148,055

208,287

Accrued interest

11,859

18,292

Accrued expenses

154,243

175,405

Current maturities of long-term debt

73,926

89,356

Total current liabilities

1,115,426

1,006,698

Long-term debt

2,636,722

2,644,988

Deferred income taxes

503,034

484,169

Other liabilities

73,237

75,055

Total liabilities

4,328,419

4,210,910

Commitments and contingencies

Redeemable noncontrolling interests

152,414

143,614

Equity

Common stock voting, $.0025 par value; 900,000,000 shares authorized;

266,072,787 and 266,072,787 shares issued; and 210,364,813 and 214,502,639

shares outstanding, as of June 30, 2020 and December 31, 2019, respectively

646

646

Treasury stock, at cost; 55,707,974 and 51,570,148 shares,

as of June 30, 2020 and December 31, 2019, respectively

(1,623,855)

(1,525,113)

Additional paid-in capital

1,191,614

1,181,012

Retained earnings

4,576,629

4,419,296

Accumulated other comprehensive income (loss)

216

(7)

Total Steel Dynamics, Inc. equity

4,145,250

4,075,834

Noncontrolling interests

(157,742)

(154,593)

Total equity

3,987,508

3,921,241

Total liabilities and equity

$

8,468,341

$

8,275,765

See notes to consolidated financial statements.

1

Table of Contents

STEEL DYNAMICS, INC.

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(in thousands, except per share data)

Three Months Ended

Six Months Ended

June 30,

June 30,

2020

2019

2020

2019

Net sales

Unrelated parties

$

2,092,964

$

2,766,364

$

4,664,508

$

5,580,850

Related parties

1,341

4,151

4,897

7,100

Total net sales

2,094,305

2,770,515

4,669,405

5,587,950

Costs of goods sold

1,809,874

2,349,349

3,969,745

4,733,214

Gross profit

284,431

421,166

699,660

854,736

Selling, general and administrative expenses

109,299

106,250

222,197

217,288

Profit sharing

9,092

22,871

30,546

46,548

Amortization of intangible assets

7,190

7,013

14,381

14,026

Operating income

158,850

285,032

432,536

576,874

Interest expense, net of capitalized interest

27,702

32,321

55,721

63,443

Other (income) expense, net

28,103

(4,249)

25,514

(10,592)

Income before income taxes

103,045

256,960

351,301

524,023

Income tax expense

24,280

60,214

81,700

122,450

Net income

78,765

196,746

269,601

401,573

Net income attributable to noncontrolling interests

(3,269)

(2,444)

(6,765)

(2,943)

Net income attributable to Steel Dynamics, Inc.

$

75,496

$

194,302

$

262,836

$

398,630

Basic earnings per share attributable to Steel Dynamics,

Inc. stockholders

$

0.36

$

0.88

$

1.24

$

1.79

Weighted average common shares outstanding

210,343

221,505

211,798

222,781

Diluted earnings per share attributable to Steel Dynamics, Inc.

stockholders, including the effect of assumed conversions

when dilutive

$

0.36

$

0.87

$

1.24

$

1.78

Weighted average common shares and share equivalents outstanding

211,378

222,519

212,701

223,741

Dividends declared per share

$

0.25

$

0.24

$

0.50

$

0.48

See notes to consolidated financial statements.

2

Table of Contents

STEEL DYNAMICS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(in thousands)

Three Months Ended

Six Months Ended

June 30,

June 30,

2020

2019

2020

2019

Net income

$

78,765

$

196,746

$

269,601

$

401,573

Other comprehensive income (loss) - net unrealized gain (loss) on

cash flow hedging derivatives, net of income tax

186

(52)

223

(223)

Comprehensive income

78,951

196,694

269,824

401,350

Comprehensive income attributable to noncontrolling interests

(3,269)

(2,444)

(6,765)

(2,943)

Comprehensive income attributable to Steel Dynamics, Inc.

$

75,682

$

194,250

$

263,059

$

398,407

See notes to consolidated financial statements.

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Table of Contents

STEEL DYNAMICS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands)

Three Months Ended

Six Months Ended

June 30,

June 30,

2020

2019

2020

2019

Operating activities:

Net income

$

78,765

$

196,746

$

269,601

$

401,573

Adjustments to reconcile net income to net cash provided by

operating activities:

Depreciation and amortization

78,721

80,911

158,980

161,085

Equity-based compensation

9,520

9,080

27,364

24,388

Deferred income taxes

14,634

11,550

20,561

23,641

Other adjustments

4,728

(564)

4,464

164

Changes in certain assets and liabilities:

Accounts receivable

154,352

70,624

280

9,562

Inventories

77,521

64,941

122,026

104,410

Other assets

11,137

7,292

9,596

7,593

Accounts payable

69,523

(58,484)

121,119

(55,278)

Income taxes receivable/payable

7,993

(36,428)

60,378

13,422

Accrued expenses

(20,884)

15,805

(97,078)

(147,534)

Net cash provided by operating activities

486,010

361,473

697,291

543,026

Investing activities:

Purchases of property, plant and equipment

(309,716)

(85,120)

(527,251)

(139,556)

Purchases of short-term investments

-

(49,465)

(149,359)

(99,142)

Proceeds from maturities of short-term investments

149,648

109,034

341,988

213,771

Acquisition of business, net of cash and restricted cash acquired

-

-

-

(93,412)

Other investing activities

803

913

1,321

1,277

Net cash used in investing activities

(159,265)

(24,638)

(333,301)

(117,062)

Financing activities:

Issuance of current and long-term debt

1,099,774

125,222

1,316,035

246,456

Repayment of current and long-term debt

(1,103,814)

(133,875)

(1,339,571)

(249,146)

Dividends paid

(52,584)

(53,503)

(104,065)

(95,742)

Purchases of treasury stock

-

(93,136)

(106,529)

(177,444)

Other financing activities

(8,763)

(12)

(14,915)

(5,732)

Net cash used in financing activities

(65,387)

(155,304)

(249,045)

(281,608)

Increase in cash, cash equivalents, and restricted cash

261,358

181,531

114,945

144,356

Cash, cash equivalents, and restricted cash at beginning of period

1,240,984

797,248

1,387,397

834,423

Cash, cash equivalents, and restricted cash at end of period

$

1,502,342

$

978,779

$

1,502,342

$

978,779

Supplemental disclosure information:

Cash paid for interest

$

59,668

$

53,981

$

68,453

$

62,587

Cash paid for income taxes, net

$

1,430

$

84,516

$

1,948

$

86,355

See notes to consolidated financial statements.

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Table of Contents

STEEL DYNAMICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 1. Description of the Business and Significant Accounting Policies

Description of the Business

Steel Dynamics, Inc. (SDI), together with its subsidiaries (the company), is a domestic manufacturer of steel products and metals recycler. The company has three reportable segments: steel operations, metals recycling operations, and steel fabrication operations.

Steel Operations Segment. Steel operations include the company’s Butler Flat Roll Division, Columbus Flat Roll Division, The Techs galvanizing lines, Heartland Flat Roll Division, United Steel Supply, Structural and Rail Division, Engineered Bar Products Division, Vulcan Threaded Products, Inc., Roanoke Bar Division, Steel of West Virginia, and Iron Dynamics, a liquid pig iron (scrap substitute) production facility that supplies solely the Butler Flat Roll Division. These operations include electric arc furnace steel mills, producing steel from ferrous scrap and scrap substitutes, utilizing continuous casting, automated rolling mills, with several coating and processing lines. Steel operations accounted for 78% and 76% of the company’s consolidated external net sales during the three months ended June 30, 2020 and 2019, and 76% of the company's consolidated external net sales during the six months ended June 30, 2020 and 2019.

Metals Recycling Operations Segment. Metals recycling operations consists solely of OmniSource, LLC (OmniSource), and includes both ferrous and nonferrous processing, transportation, marketing, brokerage, and scrap management services. Metals recycling operations accounted for 7% and 12% of the company’s consolidated external net sales during the three months ended June 30, 2020 and 2019, respectively, and 10% and 12% of the company’s consolidated external net sales during the six months ended June 30, 2020 and 2019, respectively.

Steel Fabrication Operations Segment. Steel fabrication operations include the company’s New Millennium Building Systems’ joist and deck plants located throughout the United States, and in Northern Mexico. Revenues from these plants are generated from the fabrication of trusses, girders, steel joists and steel deck used within the non-residential construction industry. Steel fabrication operations accounted for 10% and 9% of the company’s consolidated external net sales during the three months ended June 30, 2020 and 2019, respectively and 9% and 8% of the company’s consolidated external net sales during the six months ended June 30, 2020 and 2019, respectively.

Other. Other operations consists of subsidiary operations that are below the quantitative thresholds required for reportable segments and primarily consist of smaller joint ventures, and the idle Minnesota ironmaking operations. Also included in “Other” are certain unallocated corporate accounts, such as the company’s senior unsecured credit facility, senior notes, certain other investments and certain profit sharing expenses.

Significant Accounting Policies

Principles of Consolidation. The consolidated financial statements include the accounts of SDI, together with its wholly- and majority-owned or controlled subsidiaries, after elimination of intercompany accounts and transactions. Noncontrolling and redeemable noncontrolling interests represent the noncontrolling owner’s proportionate share in the equity, income, or losses of the company’s majority-owned or controlled consolidated subsidiaries.

Use of Estimates. These consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States, and accordingly, include amounts that require management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and in the notes thereto. Significant items subject to such estimates and assumptions include the carrying value of property, plant and equipment, intangible assets, and goodwill; allowances for credit losses for trade receivables, inventories and deferred income tax assets; unrecognized tax benefits; potential environmental liabilities; and litigation claims and settlements. Actual results may differ from these estimates and assumptions.

In the opinion of management, these financial statements reflect all normal recurring adjustments necessary for a fair presentation of the interim period results. These consolidated financial statements and notes should be read in conjunction with the audited financial statements and notes thereto included in the company’s Annual Report on Form 10-K for the year ended December 31, 2019.

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Table of Contents

STEEL DYNAMICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 1. Description of the Business and Significant Accounting Policies (Continued)

Cash and Equivalents, and Restricted Cash

Cash and equivalents include all highly liquid investments with a maturity of three months or less at the date of acquisition. Restricted cash and equivalents is primarily funds held in escrow as required by various insurance and government organizations. The balance of cash, cash equivalents and restricted cash in the consolidated statements of cash flows includes restricted cash of $5.9 million, $5.5 million, $5.9 million, $6.2 million, $5.8 million, and $6.2 million at June 30, 2020, March 31, 2020, December 31, 2019, June 30, 2019, March 31, 2019, and December 31, 2018, respectively, which are recorded in Other Assets (noncurrent) in the company’s consolidated balance sheets.

Goodwill

The company’s goodwill consisted of the following at June 30, 2020, and December 31, 2019, (in thousands):

June 30,

December 31,

2020

2019

Steel Operations Segment

$

272,133

$

272,133

Metals Recycling Operations Segment

177,162

178,857

Steel Fabrication Operations Segment

1,925

1,925

$

451,220

$

452,915

Metals Recycling Operations Segment goodwill decreased $1.7 million from December 31, 2019 to June 30, 2020, in recognition of the 2020 tax benefit related to the normal amortization of the component of OmniSource tax-deductible goodwill in excess of book goodwill.

Credit Losses

ASU 2016-13, Financial Instruments - Credit Losses and its subsequent corresponding updates (ASC 326), requires an entity to use a forward-looking expected loss model versus the incurred loss model for most financial instruments, including accounts receivable. The company adopted ASC 326 effective January 1, 2020, using the modified retrospective transition method, with no impact on the company’s financial position, results of operations or cash flows.

The company is exposed to credit risk in the event of nonpayment of accounts receivable by customers. The company mitigates its exposure to credit risk, which it generally extends on an unsecured basis, by performing ongoing credit evaluations and taking further action if necessary, such as requiring letters of credit or other security interests to support the customer receivable. The allowance for credit losses for accounts receivable is based on the company’s reasonable estimate of known credit risks and historical experience, adjusted for current and anticipated economic and other pertinent factors affecting the company’s customers, that may differ from historical experience. Customer accounts receivable are written off when all collection efforts have been exhausted and the amounts are deemed uncollectible.

At June 30, 2020, we reported $844.1 million of accounts receivable, net of allowances for credit losses of $7.7 million. Changes in the allowance were not material for the three and six-month periods ended June 30, 2020.

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Table of Contents

STEEL DYNAMICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 2. Earnings Per Share

Basic earnings per share is based on the weighted average shares of common stock outstanding during the period. Diluted earnings per share assumes the weighted average dilutive effect of common share equivalents outstanding during the period applied to the company’s basic earnings per share. Common share equivalents represent potentially dilutive restricted stock units, deferred stock units, restricted stock, and performance awards, and are excluded from the computation in periods in which they have an anti-dilutive effect. There were no anti-dilutive common share equivalents as of or for the three and six-month periods ended June 30, 2020 and 2019.

Three Months Ended June 30,

2020

2019

Weighted

Weighted

Average

Average

Net Income

Shares

Per Share

Net Income

Shares

Per Share

(Numerator)

(Denominator)

Amount

(Numerator)

(Denominator)

Amount

Basic earnings per share

$

75,496

210,343

$

0.36

$

194,302

221,505

$

0.88

Dilutive common share equivalents

-

1,035

-

1,014

Diluted earnings per share

$

75,496

211,378

$

0.36

$

194,302

222,519

$

0.87

Six Months Ended June 30,

2020

2019

Weighted

Weighted

Average

Average

Net Income

Shares

Per Share

Net Income

Shares

Per Share

(Numerator)

(Denominator)

Amount

(Numerator)

(Denominator)

Amount

Basic earnings per share

$

262,836

211,798

$

1.24

$

398,630

222,781

$

1.79

Dilutive common share equivalents

-

903

-