Steel Dynamics Earnings 2019-06-30

STLD 10Q Quarterly Report

Balance Sheet	Income Statement	Cash Flow

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, 2019

☐ 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, $0.025 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).

(Check one):	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 August 1, 2019, Registrant had 219,613,147 outstanding shares of common stock.

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STEEL DYNAMICS, INC.

Table of Contents

PART I. Financial Information

Item 1.	Financial Statements:	Page

	Consolidated Balance Sheets as of June 30, 2019 (unaudited) and December 31, 2018	3

	Consolidated Statements of Income for the three and six-month periods ended June 30, 2019 and 2018 (unaudited)	4

	Consolidated Statements of Comprehensive Income for the three and six-month periods ended June 30, 2019 and 2018 (unaudited)	5

	Consolidated Statements of Cash Flows for the three and six-month periods ended June 30, 2019 and 2018 (unaudited)	6

	Notes to Consolidated Financial Statements (unaudited)	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	29

Item 4.	Controls and Procedures	29



	PART II. Other Information	30

Item 1.	Legal Proceedings	30

Item 1A.	Risk Factors	30

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	30

Item 3.	Defaults Upon Senior Securities	30

Item 4.	Mine Safety Disclosures	30

Item 5.	Other Information	30

Item 6.	Exhibits	31

Exhibit Index		31

Signature		32

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STEEL DYNAMICS, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)



	June 30,		December 31,
	2019		2018
Assets	(unaudited)
Current assets
Cash and equivalents	$	972,561	$	828,220
Short-term investments		114,154		228,783
Accounts receivable, net		1,069,061		1,040,220
Accounts receivable-related parties		3,818		3,536
Inventories		1,802,759		1,859,168
Other current assets		61,248		72,730
Total current assets		4,023,601		4,032,657

Property, plant and equipment, net		2,947,243		2,945,767

Intangible assets, net		256,302		270,328
Goodwill		526,462		429,645
Other assets		104,306		25,166
Total assets	$	7,857,914	$	7,703,563
Liabilities and Equity
Current liabilities
Accounts payable	$	516,109	$	536,743
Accounts payable-related parties		9,047		14,011
Income taxes payable		3,032		7,468
Accrued payroll and benefits		148,747		264,542
Accrued interest		25,509		25,526
Accrued expenses		151,161		146,613
Current maturities of long-term debt		72,131		24,234
Total current liabilities		925,736		1,019,137

Long-term debt		2,355,917		2,352,489
Deferred income taxes		457,784		435,838
Other liabilities		70,196		8,870
Total liabilities		3,809,633		3,816,334

Commitments and contingencies

Redeemable noncontrolling interests		139,930		111,240

Equity
Common stock voting, $.0025 par value; 900,000,000 shares authorized;
265,553,499 and 265,822,402 shares issued; and 219,797,547 and 225,272,174
shares outstanding, as of June 30, 2019 and December 31, 2018, respectively		645		645
Treasury stock, at cost; 45,755,952 and 40,550,228 shares,
as of June 30, 2019 and December 31, 2018, respectively		(1,354,157)		(1,184,243)
Additional paid-in capital		1,167,505		1,160,048
Retained earnings		4,250,419		3,958,320
Accumulated other comprehensive income		78		301
Total Steel Dynamics, Inc. equity		4,064,490		3,935,071
Noncontrolling interests		(156,139)		(159,082)
Total equity		3,908,351		3,775,989
Total liabilities and equity	$	7,857,914	$	7,703,563

See notes to consolidated financial statements.

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STEEL DYNAMICS, INC.

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(in thousands, except per share data)



	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2019		2018		2019		2018

Net sales
Unrelated parties	$	2,766,364	$	3,083,822	$	5,580,850	$	5,681,134
Related parties		4,151		6,703		7,100		13,266
Total net sales		2,770,515		3,090,525		5,587,950		5,694,400

Costs of goods sold		2,349,349		2,438,443		4,733,214		4,578,902
Gross profit		421,166		652,082		854,736		1,115,498

Selling, general and administrative expenses		106,250		101,031		217,288		207,462
Profit sharing		22,871		42,335		46,548		68,997
Amortization of intangible assets		7,013		6,829		14,026		13,755
Operating income		285,032		501,887		576,874		825,284

Interest expense, net of capitalized interest		32,321		31,512		63,443		63,408
Other income, net		(4,249)		(5,035)		(10,592)		(9,498)
Income before income taxes		256,960		475,410		524,023		771,374

Income tax expense		60,214		112,838		122,450		183,327
Net income		196,746		362,572		401,573		588,047

Net (income) loss attributable to noncontrolling interests		(2,444)		(123)		(2,943)		1,953
Net income attributable to Steel Dynamics, Inc.	$	194,302	$	362,449	$	398,630	$	590,000



Basic earnings per share attributable to Steel Dynamics,
Inc. stockholders	$	0.88	$	1.54	$	1.79	$	2.50

Weighted average common shares outstanding		221,505		235,617		222,781		236,120

Diluted earnings per share attributable to Steel Dynamics, Inc.
stockholders, including the effect of assumed conversions
when dilutive	$	0.87	$	1.53	$	1.78	$	2.49

Weighted average common shares and share equivalents outstanding		222,519		236,945		223,741		237,334

Dividends declared per share	$	0.2400	$	0.1875	$	0.4800	$	0.3750

See notes to consolidated financial statements.

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STEEL DYNAMICS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(in thousands)



	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2019		2018		2019		2018

Net income	$	196,746	$	362,572	$	401,573	$	588,047
Other comprehensive loss - net unrealized loss on cash flow
hedging derivatives, net of income tax benefit		(52)		(105)		(223)		(105)
Comprehensive income		196,694		362,467		401,350		587,942

Comprehensive (income) loss attributable to noncontrolling interests		(2,444)		(123)		(2,943)		1,953
Comprehensive income attributable to Steel Dynamics, Inc.	$	194,250	$	362,344	$	398,407	$	589,895

See notes to consolidated financial statements.

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STEEL DYNAMICS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands)



	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2019		2018		2019		2018

Operating activities:
Net income	$	196,746	$	362,572	$	401,573	$	588,047

Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization		80,911		79,120		161,085		155,255
Equity-based compensation		9,080		8,041		24,388		20,882
Deferred income taxes		11,550		11,993		23,641		21,538
Other adjustments		(564)		(145)		164		(115)
Changes in certain assets and liabilities:
Accounts receivable		70,624		(163,465)		9,562		(282,283)
Inventories		64,941		(90,312)		104,410		(171,023)
Other assets		7,292		(630)		7,593		(735)
Accounts payable		(58,484)		48,919		(55,278)		115,251
Income taxes receivable/payable		(36,428)		22,579		13,422		86,541
Accrued expenses		15,805		47,361		(147,534)		(29,390)
Net cash provided by operating activities		361,473		326,033		543,026		503,968

Investing activities:
Purchases of property, plant and equipment		(85,120)		(55,203)		(139,556)		(105,809)
Purchases of short-term investments		(49,465)		(50,000)		(99,142)		(90,000)
Proceeds from maturities of short-term investments		109,034		-		213,771		-
Acquisition of business, net of cash and restricted cash acquired		-		(396,409)		(93,412)		(396,409)
Other investing activities		913		657		1,277		886
Net cash used in investing activities		(24,638)		(500,955)		(117,062)		(591,332)

Financing activities:
Issuance of current and long-term debt		125,222		124,571		246,456		217,629
Repayment of current and long-term debt		(133,875)		(118,089)		(249,146)		(231,123)
Dividends paid		(53,503)		(44,268)		(95,742)		(81,065)
Purchases of treasury stock		(93,136)		(49,145)		(177,444)		(118,414)
Other financing activities		(12)		(3,144)		(5,732)		(8,324)
Net cash used in financing activities		(155,304)		(90,075)		(281,608)		(221,297)

Increase (decrease) in cash, cash equivalents, and restricted cash		181,531		(264,997)		144,356		(308,661)
Cash, cash equivalents, and restricted cash at beginning of period		797,248		991,421		834,423		1,035,085

Cash, cash equivalents, and restricted cash at end of period	$	978,779	$	726,424	$	978,779	$	726,424


Supplemental disclosure information:
Cash paid for interest	$	53,981	$	53,226	$	62,587	$	61,855
Cash paid for income taxes, net	$	84,516	$	79,995	$	86,355	$	78,950

See notes to consolidated financial statements.

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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 (acquired 75% equity interest March 1, 2019), 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 downstream coating and bar processing lines. Steel operations accounted for 76% and 75% of the company’s consolidated external net sales during the three and six-month periods ended June 30, 2019 and 2018, respectively.

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 12% and 14% of the company’s consolidated external net sales during the three and six-month periods ended June 30, 2019 and 2018, 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 9% and 7% of the company’s consolidated external net sales during the three-month periods ended June 30, 2019 and 2018, respectively, and 8% and 7% of the company’s consolidated external net sales during the six-month periods ended June 30, 2019 and 2018, 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 secured 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/controlled subsidiaries, after elimination of intercompany accounts and transactions. Noncontrolling interests represent the noncontrolling owner’s proportionate share in the equity, income, or losses of the company’s majority-owned/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; 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, 2018.

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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 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 $6.2 million, $5.8 million, $6.2 million, $6.0 million, $5.6 million, and $6.4 million at June 30, 2019, March 31, 2019, December 31, 2018, June 30, 2018, March 31, 2018 and December 31, 2017, respectively, which are recorded in Other Assets (noncurrent) in the company’s consolidated balance sheets.

Goodwill

The company’s goodwill consisted of the following reporting units at June 30, 2019, and December 31, 2018, (in thousands):



	June 30,		December 31,
	2019		2018
Steel Operations Segment
Columbus Flat Roll Division	$	19,682	$	19,682
The Techs		142,783		142,783
Heartland Flat Roll Division		46,143		46,143
United Steel Supply		98,512		-
Vulcan Threaded Products		7,824		7,824
Roanoke Bar Division		29,041		29,041
Metals Recycling Operations Segment – OmniSource		180,552		182,247
Steel Fabrication Operations Segment – New Millennium Building Systems		1,925		1,925
	$	526,462	$	429,645

The company acquired a 75% equity interest in United Steel Supply on March 1, 2019 (refer to Note 2 Acquisition – United Steel Supply, LLC), resulting in a preliminary purchase price allocation in which $98.5 million of goodwill has been recorded. OmniSource goodwill decreased $1.7 million from December 31, 2018 to June 30, 2019, in recognition of the 2019 tax benefit related to the normal amortization of the component of OmniSource tax-deductible goodwill in excess of book goodwill.

Recently Issued Accounting Standards

In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: which requires an entity to use a forward-looking expected loss model versus the current incurred loss model for most financial instruments, including accounts receivable. This new guidance is effective for annual and interim periods beginning after December 15, 2019, but can be early adopted. The company is currently evaluating the impact ASU 2016-13 will have in its consolidated financial statements and related disclosure.

Note 2. Acquisition – United Steel Supply, LLC

On March 1, 2019, the company purchased 75% of the equity interest of United Steel Supply, LLC (USS) for cash consideration of $93.4 million, subject to customary actual working capital purchase price adjustments. Additionally, the company has an option to purchase, and the sellers have the option to require the company to purchase, the remaining 25% equity interest of USS in the future. Headquartered in Austin, Texas, USS is a leading distributor of painted Galvalume^® flat roll steel used for roofing and siding applications, with distribution centers strategically located in Mississippi, Indiana, Arkansas, and Oregon. USS provides the company a new, complementary distribution channel and connects it to a rapidly growing industry segment with customers that do not traditionally purchase steel directly from a steel producer. USS’s operating results from and after March 1, 2019, are reflected in the company’s financial statements in the steel operations reporting segment.

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STEEL DYNAMICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 2. Acquisition – United Steel Supply, LLC (Continued)

The aggregate purchase price was preliminarily allocated to the opening balance sheet of USS as of March 1, 2019. The following initial allocation of the purchase price (in thousands) is preliminary based on the information available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed. The accounting for the acquisition has not yet been completed because the company has not finalized the working capital purchase price adjustment or valuations of the acquired assets, assumed liabilities and identifiable intangible assets, if any, including goodwill.

p
	Current assets, net of cash acquired	$	94,156
	Property, plant & equipment		7,388
	Intangible assets and goodwill		98,512
	Total assets acquired		200,056
	Liabilities assumed		77,954
	Redeemable noncontrolling interest		28,690
	Net cash consideration	$	93,412

Note 3. Leases

In February 2016, the FASB issued ASU 2016-02, Leases (ASC 842) and its subsequent corresponding updates; which established a new lease accounting model that requires lessees to recognize a right-of-use asset and related lease liability for most leases having lease terms of more than 12 months. The company adopted ASC 842 effective January 1, 2019, using the optional transition method, thereby applying the new guidance at the effective date, without retrospective application to prior periods. The company elected practical expedients permitted under the transition guidance which allowed the company to not reassess under the new standard its prior conclusions regarding lease identification and classification. The company elected to use hindsight when determining the lease term. The company also elected the short-term lease exemption, and did not recognize right-of-use assets and lease liabilities for short-term leases, those with lease commencement date terms of 12 months or less. The company recognized right-of-use assets and lease liabilities of $76.3 million, with no impact on retained earnings, in the consolidated balance sheet on January 1, 2019, and the standard did not have a significant impact on the company’s operating results or cash flows for the three and six-month periods ended June 30, 2019.

The company has operating leases relating principally to transportation and other equipment, and some real estate. The company determines if an arrangement contains a lease at inception, which generally occurs when the arrangement identifies a specific asset that the company has the right to direct the use of and obtain substantially all of the economic benefit from use of the identified asset. Certain of our lease agreements contain rent escalation clauses (including fixed and index-based escalations), and options to extend or terminate the lease. For purposes of calculating operating lease obligations under the standard, the company’s lease terms include options to extend the lease when it is reasonably certain that the company will exercise such option. The company uses its incremental borrowing rate at lease commencement to determine the present value of lease payments. The incremental borrowing rate is the rate of interest the company could borrow on a collateralized basis over a similar term with similar payments. Operating lease expense is recognized on a straight-line basis over the lease term.

Operating lease right-of-use assets and lease obligations included in the consolidated balance sheet at June 30, 2019, are as follows (in thousands):


Right of use assets under operating leases:
Other assets - noncurrent	$	77,868
Lease obligations under operating leases:
Accrued liabilities	$	17,405
Other liabilities - noncurrent		60,751
	$	78,156

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STEEL DYNAMICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 3. Leases (Continued)

The weighted average remaining lease term for our operating leases is 6.4 years and the weighted-average discount rate is 4.0% as of June 30, 2019. Future operating lease liabilities as of June 30, 2019, for the next five years and thereafter are as follows (in thousands):


2019 - for the remaining six months	$	10,285
2020		18,986
2021		16,086
2022		12,551
2023		9,494
Thereafter		21,809
Total undiscounted cash flows		89,211
Less imputed interest		(11,055)
Lease obligations under operating leases	$	78,156

Operating lease expense included in the consolidated statements of income was $5.1 million and $9.8 million for the three and six-month periods ended June 30, 2019, respectively. Cash paid related to operating lease obligations was $5.1 million and $9.9 million for the three and six-month periods ended June 30, 2019, respectively. Variable lease costs were not material for the three and six-month periods ended June 30, 2019. Short-term lease expense included in the consolidated statements of income was $5.4 million and $9.8 million for the three and six-month periods ended June 30, 2019, respectively. Right-of-use assets obtained in exchange for new operating lease liabilities during the three and six-month periods ended June 30, 2019 were $9.9 million.

Note 4. 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, 2019 and 2018.



	Three Months Ended June 30,
	2019						2018
			Weighted						Weighted
			Average						Average
	Net Income		Shares		Per Share		Net Income		Shares		Per Share
	(Numerator)		(Denominator)		Amount		(Numerator)		(Denominator)		Amount
Basic earnings per share	$	194,302		221,505	$	0.88	$	362,449		235,617	$	1.54
Dilutive common share equivalents		-		1,014				-		1,328
Diluted earnings per share	$	194,302		222,519	$	0.87	$	362,449		236,945	$	1.53

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STEEL DYNAMICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 4. Earnings Per Share (Continued)



	Six Months Ended June 30,
	2019						2018
			Weighted						Weighted
			Average						Average
	Net Income		Shares		Per Share		Net Income		Shares		Per Share
	(Numerator)		(Denominator)		Amount		(Numerator)		(Denominator)		Amount
Basic earnings per share	$	398,630		222,781	$	1.79	$	590,000		236,120	$	2.50
Dilutive common share equivalents		-		960				-		1,214
Diluted earnings per share	$	398,630		223,741	$	1.78	$	590,000		237,334	$	2.49

Note 5. 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):


	June 30,		December 31,
	2019		2018
Raw materials	$	784,415	$	810,766
Supplies		471,957		436,828
Work in progress		149,580		195,224
Finished goods		396,807		416,350
Total inventories	$	1,802,759	$	1,859,168

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STEEL DYNAMICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 6. 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 the three and six-month periods ended June 30, 2019 and 2018:

Stockholders of Steel Dynamics, Inc.

Closing Price ($)	Shares Out (MM)	Market Cap ($MM)
$32.42	223	$7,230

10-Q	2019-06-30	Quarter: 2019-06-30
10-Q	2019-03-31	Quarter: 2019-03-31
10-K	2018-12-31	Annual: 2018-12-31
10-Q	2018-09-30	Quarter: 2018-09-30
10-Q	2018-06-30	Quarter: 2018-06-30
10-Q	2018-03-31	Quarter: 2018-03-31
10-K	2017-12-31	Annual: 2017-12-31
10-Q	2017-09-30	Quarter: 2017-09-30
10-Q	2017-06-30	Quarter: 2017-06-30
10-Q	2017-03-31	Quarter: 2017-03-31
10-K	2016-12-31	Annual: 2016-12-31
10-Q	2016-09-30	Quarter: 2016-09-30
10-Q	2016-06-30	Quarter: 2016-06-30
10-Q	2016-03-31	Quarter: 2016-03-31
10-K	2015-12-31	Annual: 2015-12-31
10-Q	2015-09-30	Quarter: 2015-09-30
10-Q	2015-06-30	Quarter: 2015-06-30
10-Q	2015-03-31	Quarter: 2015-03-31
10-K	2014-12-31	Annual: 2014-12-31
10-Q	2014-09-30	Quarter: 2014-09-30
10-Q	2014-06-30	Quarter: 2014-06-30
10-Q	2014-03-31	Quarter: 2014-03-31
10-K	2013-12-31	Annual: 2013-12-31

8-K	2019-07-22	Other Events, Exhibits
8-K	2019-07-22	Earnings, Exhibits
8-K	2019-06-17	Other Events, Exhibits
8-K	2019-05-17	Other Events, Exhibits
8-K	2019-05-16	Shareholder Vote
8-K	2019-04-22	Earnings, Exhibits
8-K	2019-03-18	Other Events, Exhibits
8-K	2019-02-14	Other Events, Exhibits
8-K	2019-02-01	Other Events, Exhibits
8-K	2019-01-22	Other Events, Exhibits
8-K	2019-01-22	Other Events, Exhibits
8-K	2019-01-14	Other Events, Exhibits
8-K	2018-12-18	Other Events, Exhibits
8-K	2018-11-26	Other Events, Exhibits
8-K	2018-11-19	Other Events, Exhibits
8-K	2018-10-17	Earnings, Exhibits
8-K	2018-10-17	Officers, Amend Bylaw, Other Events, Exhibits
8-K	2018-09-18	Other Events, Exhibits
8-K	2018-09-17	Other Events, Exhibits
8-K	2018-09-04	Other Events, Exhibits
8-K	2018-08-20	Other Events, Exhibits
8-K	2018-07-23	Earnings, Exhibits
8-K	2018-06-29	Other Events, Exhibits
8-K	2018-06-28	Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K	2018-06-26	Other Events, Exhibits
8-K	2018-06-15	Other Events, Exhibits
8-K	2018-06-12	Other Events, Exhibits
8-K	2018-05-17	Amend Bylaw, Shareholder Vote, Exhibits
8-K	2018-05-14	Other Events, Exhibits
8-K	2018-04-18	Earnings, Exhibits
8-K	2018-03-16	Other Events, Exhibits
8-K	2018-02-20	Other Events, Exhibits
8-K	2018-01-22	Earnings, Exhibits

TFX	Teleflex	13,910
EQH	AXA Equitable Holdings	10,820
KOS	Kosmos Energy	2,650
CENT	Central Garden & Pet	1,680
KREF	KKR Real Estate Finance Trust	1,190
MLR	Miller Industries	383
PLYM	Plymouth Industrial REIT	99
SFDL	Security Federal	0
YUMM	Yummies	0
KIRY	Kiewit Royalty Trust	0

EX-31.1	stld-20190630ex311b3538f.htm
EX-31.2	stld-20190630ex3124df224.htm
EX-32.1	stld-20190630ex32158494e.htm
EX-32.2	stld-20190630ex32270f56d.htm