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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 quarterly period

      ended September 30, 2022

OR

       Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from _______ to _______

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

Not Applicable

(Former name, former address and former fiscal year, if changed since last report.)

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 the 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 October 21, 2022, Registrant had 175,571,409 outstanding shares of common stock.

STEEL DYNAMICS, INC.

Table of Contents

PART I. Financial Information

Item 1.

Financial Statements:

Page

Consolidated Balance Sheets as of September 30, 2022 (unaudited) and December 31, 2021

1

Consolidated Statements of Income for the three and nine-month periods ended September 30, 2022 and 2021 (unaudited)

2

Consolidated Statements of Comprehensive Income for the three and nine-month periods ended September 30, 2022 and 2021 (unaudited)

3

Consolidated Statements of Cash Flows for the three and nine-month periods ended September 30, 2022 and 2021 (unaudited)

4

Notes to Consolidated Financial Statements (unaudited)

5

Item 2.

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

16

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

25

Item 4.

Controls and Procedures

25

PART II. Other Information

Item 1.

Legal Proceedings

26

Item 1A.

Risk Factors

26

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

26

Item 3.

Defaults Upon Senior Securities

26

Item 4.

Mine Safety Disclosures

26

Item 5.

Other Information

26

Item 6.

Exhibits

27

Exhibit Index

27

Signature

28

STEEL DYNAMICS, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

September 30,

December 31,

2022

2021

Assets

(unaudited)

Current assets

Cash and equivalents

$

1,420,497

$

1,243,868

Short-term investments

583,211

-

Accounts receivable, net

2,255,206

1,911,385

Accounts receivable-related parties

78,788

5,049

Inventories

3,376,532

3,531,130

Other current assets

99,210

209,591

Total current assets

7,813,444

6,901,023

Property, plant and equipment, net

5,146,606

4,751,430

Intangible assets, net

276,586

295,345

Goodwill

451,594

453,835

Other assets

359,468

129,601

Total assets

$

14,047,698

$

12,531,234

Liabilities and Equity

Current liabilities

Accounts payable

$

1,153,299

$

1,266,833

Accounts payable-related parties

11,848

13,722

Income taxes payable

41,121

13,746

Accrued payroll and benefits

545,311

539,812

Accrued interest

33,535

17,533

Accrued expenses

323,331

278,549

Current maturities of long-term debt

22,951

97,174

Total current liabilities

2,131,396

2,227,369

Long-term debt

3,012,120

3,008,702

Deferred income taxes

856,650

854,905

Other liabilities

112,327

120,087

Total liabilities

6,112,493

6,211,063

Commitments and contingencies

Redeemable noncontrolling interests

172,403

211,414

Equity

Common stock voting, $0.0025 par value; 900,000,000 shares authorized;

267,228,549 and 267,224,622 shares issued; and 176,563,632 and 194,997,922

shares outstanding, as of September 30, 2022 and December 31, 2021, respectively

649

649

Treasury stock, at cost; 90,664,917 and 72,226,700 shares,

as of September 30, 2022 and December 31, 2021, respectively

(4,046,555)

(2,674,267)

Additional paid-in capital

1,219,947

1,218,933

Retained earnings

10,799,863

7,761,417

Accumulated other comprehensive income (loss)

(2,748)

(2,091)

Total Steel Dynamics, Inc. equity

7,971,156

6,304,641

Noncontrolling interests

(208,354)

(195,884)

Total equity

7,762,802

6,108,757

Total liabilities and equity

$

14,047,698

$

12,531,234

See notes to consolidated financial statements.

1

STEEL DYNAMICS, INC.

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(in thousands, except per share data)

Three-Month Periods Ended

Nine-Month Periods Ended

September 30,

September 30,

2022

2021

2022

2021

Net sales

Unrelated parties

$

5,438,747

$

5,081,476

$

16,814,051

$

13,072,657

Related parties

212,960

6,812

620,436

25,536

Total net sales

5,651,707

5,088,288

17,434,487

13,098,193

Costs of goods sold

4,187,278

3,487,659

12,304,203

9,497,606

Gross profit

1,464,429

1,600,629

5,130,284

3,600,587

Selling, general and administrative expenses

132,627

157,526

403,019

461,686

Profit sharing

105,122

113,880

373,333

244,868

Amortization of intangible assets

6,836

7,178

21,158

22,054

Operating income

1,219,844

1,322,045

4,332,774

2,871,979

Interest expense, net of capitalized interest

25,347

12,704

67,683

44,871

Other (income) expense, net

(13,975)

6,776

2,472

26,886

Income before income taxes

1,208,472

1,302,565

4,262,619

2,800,222

Income tax expense

289,997

302,406

1,022,138

649,105

Net income

918,475

1,000,159

3,240,481

2,151,117

Net income attributable to noncontrolling interests

(4,150)

(9,396)

(12,671)

(27,556)

Net income attributable to Steel Dynamics, Inc.

$

914,325

$

990,763

$

3,227,810

$

2,123,561

Basic earnings per share attributable to Steel

Dynamics, Inc. stockholders

$

5.07

$

4.89

$

17.33

$

10.22

Weighted average common shares outstanding

180,264

202,450

186,288

207,704

Diluted earnings per share attributable to Steel

Dynamics, Inc. stockholders, including the effect

of assumed conversions when dilutive

$

5.03

$

4.85

$

17.21

$

10.15

Weighted average common shares and share equivalents outstanding

181,613

204,167

187,531

209,222

Dividends declared per share

$

0.34

$

0.26

$

1.02

$

0.78

See notes to consolidated financial statements.

2

STEEL DYNAMICS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(in thousands)

Three-Month Periods Ended

Nine-Month Periods Ended

September 30,

September 30,

2022

2021

2022

2021

Net income

$

918,475

$

1,000,159

$

3,240,481

$

2,151,117

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

flow hedging derivatives, net of income tax (benefit) of $703,

($6,797), ($205), and $2,711 for the three and nine-month periods

ended September 30, 2022 and 2021, respectively

2,251

(21,761)

(657)

8,681

Comprehensive income

920,726

978,398

3,239,824

2,159,798

Comprehensive income attributable to noncontrolling interests

(4,150)

(9,396)

(12,671)

(27,556)

Comprehensive income attributable to Steel Dynamics, Inc.

$

916,576

$

969,002

$

3,227,153

$

2,132,242

See notes to consolidated financial statements.

3

STEEL DYNAMICS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands)

Three-Month Periods Ended

Nine-Month Periods Ended

September 30,

September 30,

2022

2021

2022

2021

Operating activities:

Net income

$

918,475

$

1,000,159

$

3,240,481

$

2,151,117

Adjustments to reconcile net income to net cash provided by

operating activities:

Depreciation and amortization

98,714

87,407

281,961

261,373

Equity-based compensation

12,093

9,917

39,681

36,765

Deferred income taxes

3,990

71,008

3,986

188,474

Other adjustments

(12,409)

(781)

(1,892)

(2,915)

Changes in certain assets and liabilities:

Accounts receivable

326,731

(321,771)

(417,550)

(920,877)

Inventories

270,628

(412,952)

154,391

(1,052,475)

Other assets

(15,789)

(20,361)

(9,274)

(18,818)

Accounts payable

(264,313)

48,726

(152,763)

472,562

Income taxes receivable/payable

8,269

(353)

146,822

86,791

Accrued expenses

149,766

169,817

31,132

278,240

Net cash provided by operating activities

1,496,155

630,816

3,316,975

1,480,237

Investing activities:

Purchases of property, plant and equipment

(241,229)

(214,629)

(564,701)

(801,698)

Purchases of short-term investments

(283,188)

-

(634,698)

-

Proceeds from maturities of short-term investments

49,794

-

49,794

-

Business combination

(47,638)

-

(47,638)

-

Investments in unconsolidated affiliates

-

-

(222,480)

-

Other investing activities

4,113

1,024

9,340

3,273

Net cash used in investing activities

(518,148)

(213,605)

(1,410,383)

(798,425)

Financing activities:

Issuance of current and long-term debt

348,286

343,007

1,050,933

1,059,912

Repayment of current and long-term debt

(363,060)

(382,489)

(1,127,051)

(1,095,338)

Dividends paid

(62,088)

(53,380)

(177,131)

(161,025)

Purchases of treasury stock

(481,676)

(337,616)

(1,387,890)

(730,814)

Other financing activities

(6,057)

(4,776)

(88,825)

(27,468)

Net cash used in financing activities

(564,595)

(435,254)

(1,729,964)

(954,733)

Increase (decrease) in cash, cash equivalents, and restricted cash

413,412

(18,043)

176,628

(272,921)

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

1,012,585

1,119,244

1,249,369

1,374,122

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

$

1,425,997

$

1,101,201

$

1,425,997

$

1,101,201

Supplemental disclosure information:

Cash paid for interest

$

9,214

$

9,174

$

59,496

$

62,216

Cash paid for income taxes, net

$

276,948

$

222,691

$

867,350

$

370,835

See notes to consolidated financial statements.

4

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 one of the largest and most diversified domestic steel producers and metals recycler. The company has three reporting segments: steel operations, metals recycling operations, and steel fabrication operations.

Steel Operations Segment. Steel operations include the company’s electric arc furnace (EAF) steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, and Steel of West Virginia; and steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply (USS), and Vulcan Threaded Products, Inc (Vulcan). Steel operations accounted for 66% and 72% of the company’s consolidated net sales during the three-month periods ended September 30, 2022 and 2021, respectively, and 67% and 72% of the company’s consolidated net sales during the nine-month periods ended September 30, 2022 and 2021, respectively.

Metals Recycling Operations Segment. Metals recycling operations include the company’s OmniSource ferrous and nonferrous processing, transportation, marketing, brokerage, and scrap management services primarily throughout the United States and in Central and Northern Mexico. Metals recycling operations accounted for 8% and 12% of the company’s consolidated net sales during the three-month periods ended September 30, 2022 and 2021, respectively, and 10% and 12% of the company’s consolidated net sales during the nine-month periods ended September 30, 2022 and 2021, 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 20% and 10% of the company’s consolidated net sales during the three-month periods ended September 30, 2022 and 2021, respectively, and 18% and 8% of the company’s consolidated net sales during the nine-month periods ended September 30, 2022 and 2021, respectively.

Other. Other operations consist of subsidiary operations that are below the company’s quantitative thresholds required for reportable segments and primarily consist of joint ventures, and the company’s 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 the company’s profit sharing component, representing 8% of consolidated pretax income.

Significant Accounting Policies

Principles of Consolidation

The consolidated financial statements include the accounts of SDI, together with its wholly- and majority-owned or controlled consolidated subsidiaries, after elimination of intercompany accounts and transactions. Noncontrolling and redeemable noncontrolling interests represent the noncontrolling owners’ proportionate share in the equity, income, or losses of the company’s majority-owned or controlled consolidated subsidiaries. Redeemable noncontrolling interests related to USS (owned 87.5% by SDI) are $61.2 million at September 30, 2022 and $100.2 million at December 31, 2021. Noncontrolling members of USS exercised their put option to require the company to purchase an additional 12.5% of the equity interest of USS effective April 1, 2022. Redeemable noncontrolling interests related to Mesabi Nugget (owned 85% by SDI) are $111.2 million at September 30, 2022, and December 31, 2021.

5

Table of Contents

STEEL DYNAMICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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

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; valuation allowances 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, 2021.

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 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 $5.5 million for all periods presented, which are recorded in Other Assets (noncurrent) in the company’s consolidated balance sheets.

Goodwill

The company’s goodwill consisted of the following at September 30, 2022, and December 31, 2021 (in thousands):

September 30,

December 31,

2022

2021

Steel Operations Segment

$

272,133

$

272,133

Metals Recycling Operations Segment

177,536

179,777

Steel Fabrication Operations Segment

1,925

1,925

$

451,594

$

453,835

Metals Recycling Operations Segment goodwill decreased $2.2 million from December 31, 2021 to September 30, 2022, in recognition of the 2022 tax benefit related to the normal amortization of the component of Metals Recycling Operations tax-deductible goodwill in excess of book goodwill.

6

Table of Contents

STEEL DYNAMICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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

Credit Losses

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 September 30, 2022, the company reported $2.3 billion of accounts receivable, net of allowances for credit losses of $6.3 million. Changes in the allowance were not material for each of the three and nine-month periods ended September 30, 2022 and 2021.

Note 2. Investments in Unconsolidated Affiliates and Business Combinations

On January 31, 2022, the company purchased a 45% minority equity interest in New Process Steel, L.P. (NPS), a metals solutions and distribution supply-chain management company headquartered in Houston, Texas, with a focus toward growing its value-added manufacturing applications. On February 28, 2022, the company also purchased a minority equity interest in Aymium, a producer of renewable biocarbon products. As the company does not have power to control these entities, the company accounts for these investments using the equity method of accounting, which are recorded in Other Assets (noncurrent) in the company’s consolidated balance sheets.

On July 29, 2022, the company attained a 94.4% equity interest in a joint venture concurrently formed with Unity Aluminum, Inc., for the construction and operation of a new state-of-the-art low-carbon aluminum flat rolled mill. Operating results from and after July 29, 2022, are reflected in the company’s consolidated financial statements, in other operations. On October 1, 2022, the company acquired 100% of ROCA ACERO, S.A. de C.V. (“ROCA”), as part of its North American raw material procurement strategy. ROCA is headquartered in Monterrey, Mexico, and operates five ferrous and nonferrous scrap facilities strategically positioned near high-volume industrial scrap sources located throughout Central and Northern Mexico. Both transactions were funded with available cash.

Note 3. 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 nine-month periods ended September 30, 2022 and 2021.

Three-Month Periods Ended September 30,

2022

2021

Weighted

Weighted

Average

Average

Net Income

Shares

Per Share

Net Income

Shares

Per Share

(Numerator)

(Denominator)

Amount

(Numerator)

(Denominator)

Amount

Basic earnings per share

$

914,325

180,264

$

5.07

$

990,763

202,450

$

4.89

Dilutive common share equivalents

-

1,349

-

1,717

Diluted earnings per share

$

914,325

181,613

$

5.03

$

990,763

204,167

$

4.85

7

Table of Contents

STEEL DYNAMICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 3. Earnings Per Share (Continued)

Nine-Month Periods Ended September 30,

2022

2021

Weighted

Weighted

Average

Average

Net Income

Shares

Per Share

Net Income

Shares

Per Share

(Numerator)

(Denominator)

Amount

(Numerator)

(Denominator)

Amount

Basic earnings per share

$

3,227,810

186,288

$

17.33

$

2,123,561

207,704

$

10.22

Dilutive common share equivalents

-

1,243

-

1,518

Diluted earnings per share

$

3,227,810

187,531

$

17.21

$

2,123,561

209,222

$

10.15

Note 4. Inventories

Inventories are stated at lower of cost or net realizable value. Cost is determined using a weighted average cost method for raw materials and supplies, and on a first-in, first-out basis for other inventory. Inventory consisted of the following (in thousands):

September 30,

December 31,

2022

2021

Raw materials

$

1,797,858

$

1,870,300

Supplies

601,480

552,616

Work in progress

314,658

402,207

Finished goods

662,536

706,007

Total inventories

$

3,376,532

$

3,531,130

8

Table of Contents

STEEL DYNAMICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 5. Changes in Equity

The following tables provide a reconciliation of the beginning and ending carrying amounts of total equity, equity attributable to stockholders of Steel Dynamics, Inc., and equity and redeemable amounts attributable to noncontrolling interests (in thousands) for each of the three and nine-month periods ended September 30, 2022 and 2021:

Stockholders of Steel Dynamics, Inc.

Accumulated

Additional

Other

Redeemable

Common

Treasury

Paid-In

Retained

Comprehensive

Noncontrolling

Total

Noncontrolling

Stock

Stock

Capital

Earnings

Income (Loss)

Interests

Equity

Interests

Balances at December 31, 2021

$

649

$

(2,674,267)

$

1,218,933

$

7,761,417

$

(2,091)

$

(195,884)

$

6,108,757

$

211,414

Dividends declared

-

-

-

(64,344)

-

-

(64,344)

-

Noncontrolling investors, net

-

-

-

-

-

(21,633)

(21,633)

16,500

Share repurchases

-

(389,190)

-

-

-

-

(389,190)

-

Equity-based compensation

-

12,960

(14,910)

(121)

-

-

(2,071)

-

Net income

-

-

-

1,103,931

-

3,423

1,107,354

-

Other comprehensive income, net of tax

-

-

-

-