STEEL DYNAMICS INC [STLD] Filings

10-Q 1 stld-20240930x10q.htm 10-Q

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, 2024

☐ 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 November 6, 2024, Registrant had 152,244,995 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 September 30, 2024 (unaudited) and December 31, 2023	1

	Consolidated Statements of Income for the three and nine-month periods ended September 30, 2024 and 2023 (unaudited)	2

	Consolidated Statements of Comprehensive Income for the three and nine-month periods ended September 30, 2024 and 2023 (unaudited)	3

	Consolidated Statements of Cash Flows for the three and nine-month periods ended September 30, 2024 and 2023 (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	24

Item 4.	Controls and Procedures	24



	PART II. Other Information

Item 1.	Legal Proceedings	25

Item 1A.	Risk Factors	25

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		27

Signature		28

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STEEL DYNAMICS, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)


	September 30,		December 31,
	2024		2023
Assets	(unaudited)
Current assets
Cash and equivalents	$	1,015,210	$	1,400,887
Short-term investments		645,343		721,210
Accounts receivable, net		1,500,685		1,535,062
Accounts receivable-related parties		64,272		73,245
Inventories		3,044,887		2,894,632
Other current assets		173,179		162,790
Total current assets		6,443,576		6,787,826

Property, plant and equipment, net		7,825,869		6,734,218

Intangible assets, net		234,806		257,759
Goodwill		477,471		477,471
Other assets		678,099		651,146
Total assets	$	15,659,821	$	14,908,420
Liabilities and Equity
Current liabilities
Accounts payable	$	1,074,501	$	1,078,645
Accounts payable-related parties		5,315		9,685
Income taxes payable		6,248		5,524
Accrued payroll and benefits		334,859		469,143
Accrued expenses		389,360		309,312
Current maturities of long-term debt		882,013		459,987
Total current liabilities		2,692,296		2,332,296

Long-term debt		2,801,871		2,611,069
Deferred income taxes		943,154		944,768
Other liabilities		143,200		180,760
Total liabilities		6,580,521		6,068,893

Commitments and contingencies

Redeemable noncontrolling interests		171,212		171,212

Equity
Common stock voting, $0.0025 par value; 900,000,000 shares authorized;
268,142,204 and 268,112,991 shares issued; and 153,042,184 and 160,018,100
shares outstanding, as of September 30, 2024 and December 31, 2023, respectively		651		651
Treasury stock, at cost; 115,100,020 and 108,094,891 shares,
as of September 30, 2024 and December 31, 2023, respectively		(6,799,219)		(5,897,606)
Additional paid-in capital		1,220,089		1,217,610
Retained earnings		14,660,426		13,545,590
Accumulated other comprehensive income (loss)		(445)		421
Total Steel Dynamics, Inc. equity		9,081,502		8,866,666
Noncontrolling interests		(173,414)		(198,351)
Total equity		8,908,088		8,668,315
Total liabilities and equity	$	15,659,821	$	14,908,420

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-Month Periods Ended				Nine-Month Periods Ended
	September 30,				September 30,
	2024		2023		2024		2023

Net sales
Unrelated parties	$	4,162,651	$	4,408,861	$	13,103,464	$	14,061,569
Related parties		178,964		178,196		564,788		500,324
Total net sales		4,341,615		4,587,057		13,668,252		14,561,893

Costs of goods sold		3,736,398		3,635,038		11,307,400		11,246,894
Gross profit		605,217		952,019		2,360,852		3,314,999

Selling, general and administrative expenses		167,692		145,896		487,215		431,414
Profit sharing		34,444		64,413		145,149		224,978
Amortization of intangible assets		7,644		8,160		22,953		25,962
Operating income		395,437		733,550		1,705,535		2,632,645

Interest expense, net of capitalized interest		17,071		18,415		41,768		61,689
Other (income) expense, net		(29,659)		(39,464)		(75,151)		(105,748)
Income before income taxes		408,025		754,599		1,738,918		2,676,704

Income tax expense		87,131		174,817		398,834		636,412
Net income		320,894		579,782		1,340,084		2,040,292

Net income attributable to noncontrolling interests		(3,092)		(2,587)		(10,243)		(13,680)
Net income attributable to Steel Dynamics, Inc.	$	317,802	$	577,195	$	1,329,841	$	2,026,612



Basic earnings per share attributable to Steel
Dynamics, Inc. stockholders	$	2.06	$	3.49	$	8.50	$	12.04

Weighted average common shares outstanding		154,061		165,170		156,528		168,259

Diluted earnings per share attributable to Steel
Dynamics, Inc. stockholders, including the effect
of assumed conversions when dilutive	$	2.05	$	3.47	$	8.46	$	11.98

Weighted average common shares and share equivalents outstanding		154,810		166,105		157,248		169,150

Dividends declared per share	$	0.46	$	0.425	$	1.38	$	1.275

See notes to consolidated financial statements.

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STEEL DYNAMICS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(in thousands)



	Three-Month Periods Ended				Nine-Month Periods Ended
	September 30,				September 30,
	2024		2023		2024		2023

Net income	$	320,894	$	579,782	$	1,340,084	$	2,040,292
Other comprehensive income (loss) - net unrealized gain (loss) on cash
flow hedging derivatives, net of income tax expense (benefit) of
$314 and ($485) for the three months ended, and ($276) and ($441)
for the nine months ended September 30, 2024 and 2023, respectively		983		(1,521)		(866)		(1,383)
Comprehensive income		321,877		578,261		1,339,218		2,038,909

Comprehensive income attributable to noncontrolling interests		(3,092)		(2,587)		(10,243)		(13,680)
Comprehensive income attributable to Steel Dynamics, Inc.	$	318,785	$	575,674	$	1,328,975	$	2,025,229

See notes to consolidated financial statements.

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STEEL DYNAMICS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands)



	Three-Month Periods Ended				Nine-Month Periods Ended
	September 30,				September 30,
	2024		2023		2024		2023

Operating activities:
Net income	$	320,894	$	579,782	$	1,340,084	$	2,040,292

Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization		121,052		107,418		353,357		326,082
Equity-based compensation		12,828		12,044		41,453		39,800
Deferred income taxes		14,832		19,625		(1,615)		72,013
Other adjustments		(10,523)		(12,163)		1,779		(20,628)
Changes in certain assets and liabilities:
Accounts receivable		210,435		260,915		43,350		173,022
Inventories		28,169		102,376		(151,501)		188,330
Other assets		(11,851)		(13,423)		(22,054)		(10,504)
Accounts payable		(13,852)		(57,532)		(11,604)		(54,233)
Income taxes receivable/payable		(12,971)		(7,105)		7,017		96,656
Accrued expenses		100,840		121,762		(102,635)		(195,542)
Net cash provided by operating activities		759,853		1,113,699		1,497,631		2,655,288

Investing activities:
Purchases of property, plant and equipment		(621,355)		(558,361)		(1,414,831)		(1,142,960)
Purchases of short-term investments		(430,826)		(170,887)		(699,879)		(692,716)
Proceeds from maturities of short-term investments		204,543		282,592		775,851		821,668
Other investing activities		(4,357)		(5,891)		(15,656)		(221,453)
Net cash used in investing activities		(851,995)		(452,547)		(1,354,515)		(1,235,461)

Financing activities:
Issuance of current and long-term debt		1,185,657		345,563		2,145,538		1,066,605
Repayment of current and long-term debt		(527,977)		(316,511)		(1,531,969)		(1,042,933)
Dividends paid		(71,584)		(70,713)		(212,216)		(201,834)
Purchases of treasury stock		(309,901)		(331,318)		(917,024)		(1,065,521)
Other financing activities		1,177		1,953		(13,153)		(39,075)
Net cash provided by (used in) financing activities		277,372		(371,026)		(528,824)		(1,282,758)

Increase (decrease) in cash, cash equivalents, and restricted cash		185,230		290,126		(385,708)		137,069
Cash, cash equivalents, and restricted cash at beginning of period		835,526		1,480,862		1,406,464		1,633,919

Cash, cash equivalents, and restricted cash at end of period	$	1,020,756	$	1,770,988	$	1,020,756	$	1,770,988


Supplemental disclosure information:
Cash paid for interest	$	9,102	$	9,848	$	59,466	$	61,225
Cash paid for income taxes, net	$	81,742	$	160,178	$	383,455	$	472,936

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 one of the largest and most diversified domestic steel producers and metals recycler, combined with a meaningful steel fabrication manufacturing platform. Effective the fourth quarter 2023, the company changed its reportable segments, consistent with how it currently manages the business, representing four reporting segments: steel operations, metals recycling operations, steel fabrication operations, and aluminum operations. Segment information provided within this Form 10-Q, including within Note 8. Segment Information, has been recast for all prior periods consistent with the current reportable segment presentation.

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, Steel of West Virginia, steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply (USS), Vulcan Threaded Products, Inc., warehouse operations in Mexico, and SDI Biocarbon Solutions, LLC, a joint venture to construct and operate a biocarbon production facility.

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.

Steel Fabrication Operations Segment. Steel fabrication operations include the company’s New Millennium Building Systems’ joist and deck plants located throughout the United States (US), 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.

Aluminum Operations Segment. Aluminum operations include the recycled aluminum flat rolled products mill being constructed in Columbus, Mississippi, and two satellite recycled aluminum slab centers in the southwest United States and central Mexico. The flat rolled products mill is a joint venture concurrently formed with Unity Aluminum, Inc. of which SDI has a 94.4% equity interest. Construction is progressing on the flat rolled products mill and the recycled aluminum slab centers with the flat rolled mill operations expected to begin mid-2025 and operations at the Mexico and US recycled slab centers in 2025.

Other. Other operations consist of subsidiary operations that are below the company’s quantitative thresholds required for reportable segments and primarily consist of certain joint ventures and the company’s idled 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 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 90% by SDI) are $60.0 million at September 30, 2024 and December 31, 2023. Redeemable noncontrolling interests related to Mesabi Nugget (owned 86% by SDI) are $111.2 million at September 30, 2024 and December 31, 2023.

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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. 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, 2023.

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 at September 30, 2024, $5.6 million at June 30, 2024, $5.6 million at December 31, 2023, and $5.5 million at June 30, 2023, September 30, 2023, and December 31, 2022, which are recorded in Other Assets (noncurrent) in the company’s consolidated balance sheets.

Short-Term Investments

Short-term investments include investments with maturity dates of longer than three months but less than one year when purchased. The company’s short-term investments are classified as trading securities. Interest income from invested cash and short-term investments was $25.1 million and $28.8 million for the three-month periods ended September 30, 2024 and 2023, respectively, $72.0 million and $80.3 million for the nine-month periods ended September 30, 2024 and 2023, respectively, and is recorded in other (income) expense, net as earned.

Goodwill

The company’s goodwill consisted of the following at September 30, 2024, and December 31, 2023 (in thousands):



	September 30,		December 31,
	2024		2023

Steel Operations Segment	$	272,133	$	272,133
Metals Recycling Operations Segment		203,413		203,413
Steel Fabrication Operations Segment		1,925		1,925
	$	477,471	$	477,471

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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, 2024, the company reported $1,565.0 million of accounts receivable, net of allowances for credit losses of $11.9 million. Changes in the allowance were not material for each of the three and nine-month periods ended September 30, 2024 and 2023.

Derivative Financial Instruments

The company routinely enters into forward exchange traded futures to manage price risk associated with nonferrous metal inventory, as well as purchases and sales of nonferrous (primarily aluminum and copper) and ferrous metals, to reduce exposure to commodity related price fluctuations. The company does not enter into these derivative financial instruments for speculative purposes. The company recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. Changes in the fair value of derivatives that are designated as hedges, depending on the nature of the hedge, are recognized as either an offset against the change in fair value of the hedged balance sheet item in the case of fair value hedges or as other comprehensive income in the case of cash flow hedges, until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings for fair value hedges. The company offsets fair value amounts recognized for derivative instruments executed with the same counterparty under master netting agreements.

The fair value of the Company’s derivative instruments, along with required margin deposit amounts with the same counterparty under master netting arrangements, totaled $31.0 million at September 30, 2024 and $24.0 million at December 31, 2023, and are reflected in other current assets in the consolidated balance sheets. Total gains and losses related to derivatives in fair value hedging relationships, as well as those not designated as hedging instruments, are recognized in costs of goods sold and were not material for each of the three and nine-month periods ended September 30, 2024 and 2023. Derivatives accounted for as cash flow hedges, for which gains and losses are recognized in other comprehensive income, along with net amounts reclassified from accumulated other comprehensive income, were not material for each of the three and nine-month periods ended September 30, 2024 and 2023.

Recently Issued Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The company is currently evaluating the potential impact of adopting this new guidance on the consolidated financial statements and related disclosures.

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STEEL DYNAMICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which modifies the rules on income tax disclosures to require entities to disclose specific categories in the rate reconciliation, the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 is to be applied on a prospective basis, but retrospective application is permitted. The company is currently evaluating the potential impact of adopting this new guidance on the consolidated financial statements and related disclosures.

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 nine-month periods ended September 30, 2024 and 2023.



	Three-Month Periods Ended September 30,
	2024						2023
			Weighted						Weighted
			Average						Average
	Net Income		Shares		Per Share		Net Income		Shares		Per Share
	(Numerator)		(Denominator)		Amount		(Numerator)		(Denominator)		Amount
Basic earnings per share	$	317,802		154,061	$	2.06	$	577,195		165,170	$	3.49
Dilutive common share equivalents		-		749				-		935
Diluted earnings per share	$	317,802		154,810	$	2.05	$	577,195		166,105	$	3.47



	Nine-Month Periods Ended September 30,
	2024						2023
			Weighted						Weighted
			Average						Average
	Net Income		Shares		Per Share		Net Income		Shares		Per Share
	(Numerator)		(Denominator)		Amount		(Numerator)		(Denominator)		Amount
Basic earnings per share	$	1,329,841		156,528	$	8.50	$	2,026,612		168,259	$	12.04
Dilutive common share equivalents		-		720				-		891
Diluted earnings per share	$	1,329,841		157,248	$	8.46	$	2,026,612		169,150	$	11.98

Note 3. Long Term Debt

Senior Unsecured Notes

In July 2024, the company issued $600.0 million of 5.375% notes due 2034. The net proceeds of $586 million, after expenses and the underwriting discount, from these notes are intended to be used for general corporate purposes, which may include the repayment at or prior to maturity of the company’s 2.800% senior notes due December 2024, working capital, capital expenditures, advances for or investments in the company’s subsidiaries, acquisitions, redemption and repayment of other outstanding indebtedness, and purchases of the company’s common stock.

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STEEL DYNAMICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 3. Long Term Debt (Continued)

These notes are in equal right of payment with all existing and future senior unsecured indebtedness and are senior in right of payment to all subordinated indebtedness. Early redemption is permitted any time prior to May 15, 2034, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.20%; and as of May 15, 2034, at 100.000%.

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 (including scrap and purchased steel substrate) and supplies, and on a first-in, first-out basis for other inventory. Inventory consisted of the following (in thousands):


	September 30,		December 31,
	2024		2023
Raw materials	$	1,330,982	$	1,226,272
Supplies		792,853		711,653
Work in progress		287,008		296,932
Finished goods		634,044		659,775
Total inventories	$	3,044,887	$	2,894,632

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 for each of the three and nine-month periods ended September 30, 2024 and 2023 (in thousands).



	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, 2023	$	651	$	(5,897,606)	$	1,217,610	$	13,545,590	$	421	$	(198,351)	$	8,668,315	$	171,212
Dividends declared		-		-		-		(72,624)		-		-		(72,624)		-
Noncontrolling investors, net		-		-		-		-		-		(969)		(969)		-
Share repurchases		-		(298,059)		-		-		-		-		(298,059)		-
Equity-based compensation		-		13,391		(20,434)		(139)		-		-		(7,182)		-
Net income		-		-		-		584,041		-		3,459		587,500		-
Other comprehensive loss, net of tax		-		-		-		-		(434)		-		(434)		-
Balances at March 31, 2024		651		(6,182,274)		1,197,176		14,056,868		(13)		(195,861)		8,876,547		171,212
Dividends declared		-		-		-		(71,584)		-		-		(71,584)		-
Noncontrolling investors, net		-		-		-		-		-		10,398		10,398		-
Share repurchases		-		(309,064)		-		-		-		-		(309,064)