[PART I. Financial Information](index=3&type=section&id=PART%20I.%20Financial%20Information) [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements of Steel Dynamics, Inc. for the three-month periods ended March 31, 2024, and 2023, including balance sheets, income statements, comprehensive income statements, cash flow statements, and accompanying notes detailing business description, significant accounting policies, and segment information [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) This section provides a snapshot of the company's financial position, detailing assets, liabilities, and equity at March 31, 2024, and December 31, 2023 | Metric | March 31, 2024 (in millions, unaudited) | December 31, 2023 (in millions) | | :-------------------------------- | :------------------------- | :------------------ | | **Assets** | | | | Cash and equivalents | $1,039.4 | $1,400.9 | | Short-term investments | $653.3 | $721.2 | | Accounts receivable, net | $1,665.4 | $1,535.1 | | Inventories | $3,027.1 | $2,894.6 | | Total current assets | $6,597.4 | $6,787.8 | | Property, plant and equipment, net | $7,064.0 | $6,734.2 | | Total assets | $15,026.8 | $14,908.4 | | **Liabilities & Equity** | | | | Accounts payable | $1,174.1 | $1,078.6 | | Income taxes payable | $150.1 | $5.5 | | Accrued payroll and benefits | $209.8 | $469.1 | | Current maturities of long-term debt | $425.7 | $460.0 | | Total current liabilities | $2,298.7 | $2,332.3 | | Long-term debt | $2,612.2 | $2,611.1 | | Total liabilities | $5,979.0 | $6,068.9 | | Total equity | $8,876.5 | $8,668.3 | [Consolidated Statements of Income](index=6&type=section&id=Consolidated%20Statements%20of%20Income) This section outlines the company's financial performance, presenting net sales, costs, gross profit, operating income, and net income for the three-month periods ended March 31, 2024, and 2023 | Metric | Three-Month Period Ended March 31, 2024 (in millions) | Three-Month Period Ended March 31, 2023 (in millions) | | :------------------------------------------ | :-------------------------------------- | :-------------------------------------- | | Total net sales | $4,694.0 | $4,893.2 | | Costs of goods sold | $3,713.2 | $3,837.1 | | Gross profit | $980.8 | $1,056.1 | | Operating income | $751.0 | $835.4 | | Income before income taxes | $765.8 | $847.8 | | Net income | $587.5 | $644.3 | | Net income attributable to Steel Dynamics, Inc. | $584.0 | $637.3 | | Basic earnings per share | $3.68 | $3.71 | | Diluted earnings per share | $3.67 | $3.70 | | Dividends declared per share | $0.46 | $0.425 | [Consolidated Statements of Comprehensive Income](index=7&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) This section details the company's comprehensive income, including net income and other comprehensive income components, for the three-month periods ended March 31, 2024, and 2023 | Metric | Three-Month Period Ended March 31, 2024 (in millions) | Three-Month Period Ended March 31, 2023 (in millions) | | :------------------------------------------ | :-------------------------------------- | :-------------------------------------- | | Net income | $587.5 | $644.3 | | Other comprehensive income - net unrealized (loss) gain on cash flow hedging derivatives, net of income tax | ($0.4) | $0.9 | | Comprehensive income | $587.1 | $645.2 | | Comprehensive income attributable to Steel Dynamics, Inc. | $583.6 | $638.2 | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) This section presents the cash inflows and outflows from operating, investing, and financing activities for the three-month periods ended March 31, 2024, and 2023 | Metric | Three-Month Period Ended March 31, 2024 (in millions) | Three-Month Period Ended March 31, 2023 (in millions) | | :------------------------------------------ | :-------------------------------------- | :-------------------------------------- | | Net cash provided by operating activities | $355.2 | $733.8 | | Net cash used in investing activities | ($292.9) | ($309.6) | | Net cash used in financing activities | ($423.8) | ($447.6) | | Decrease in cash, cash equivalents, and restricted cash | ($361.6) | ($23.5) | | Cash, cash equivalents, and restricted cash at end of period | $1,044.9 | $1,610.4 | | Cash paid for interest | $9.3 | $9.6 | | Cash paid for income taxes, net | $28.4 | $4.7 | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures supporting the consolidated financial statements [Note 1. Description of the Business and Significant Accounting Policies](index=9&type=section&id=Note%201.%20Description%20of%20the%20Business%20and%20Significant%20Accounting%20Policies) This note describes Steel Dynamics, Inc.'s business operations, including its segments and new aluminum operations, along with significant accounting policies and the evaluation of new FASB ASUs - Steel Dynamics, Inc. (SDI) is a diversified domestic steel producer and metals recycler, with a steel fabrication manufacturing platform, and effective **Q4 2023**, the company changed its reportable segments[17](index=17&type=chunk) - The Aluminum Operations Segment includes a recycled aluminum flat rolled products mill under construction, and SDI holds a **94.4% equity interest** in the flat rolled products mill joint venture[21](index=21&type=chunk) - The company is evaluating the potential impact of new **FASB ASUs 2023-07 (Segment Reporting) and 2023-09 (Income Taxes)** on its financial statements and disclosures[33](index=33&type=chunk)[34](index=34&type=chunk) [Note 2. Earnings Per Share](index=14&type=section&id=Note%202.%20Earnings%20Per%20Share) This note details the basic and diluted earnings per share calculations and the weighted average common shares outstanding for the reported periods | Metric | Three-Month Period Ended March 31, 2024 | Three-Month Period Ended March 31, 2023 | | :------------------------------------------ | :-------------------------------------- | :-------------------------------------- | | Basic earnings per share | $3.68 | $3.71 | | Diluted earnings per share | $3.67 | $3.70 | | Weighted average common shares outstanding (Basic) | 158,666 | 171,597 | | Weighted average common shares and share equivalents outstanding (Diluted) | 159,354 | 172,479 | [Note 3. Inventories](index=14&type=section&id=Note%203.%20Inventories) This note provides a breakdown of inventory components, including raw materials, supplies, work in progress, and finished goods, at March 31, 2024, and December 31, 2023 | Inventory Type | March 31, 2024 (in millions) | December 31, 2023 (in millions) | | :--------------- | :------------- | :---------------- | | Raw materials | $1,277.7 | $1,226.3 | | Supplies | $730.2 | $711.7 | | Work in progress | $330.2 | $296.9 | | Finished goods | $689.0 | $659.8 | | Total inventories | $3,027.1 | $2,894.6 | [Note 4. Changes in Equity](index=15&type=section&id=Note%204.%20Changes%20in%20Equity) This note outlines the changes in stockholders' equity, including dividends, share repurchases, net income, and other comprehensive income, for the reported periods Changes in Equity (Three-Month Period Ended March 31, 2024): | Item | Stockholders of Steel Dynamics, Inc. (in millions) | | :-------------------------------- | :------------------------------------------------ | | Balances at December 31, 2023 | $8,866.7 | | Dividends declared | ($72.6) | | Share repurchases | ($298.1) | | Net income | $584.0 | | Other comprehensive income, net of tax | ($0.4) | | Balances at March 31, 2024 | $9,072.4 | Changes in Equity (Three-Month Period Ended March 31, 2023): | Item | Stockholders of Steel Dynamics, Inc. (in millions) | | :-------------------------------- | :------------------------------------------------ | | Balances at December 31, 2022 | $7,914.3 | | Dividends declared | ($72.3) | | Share repurchases | ($354.0) | | Net income | $637.3 | | Other comprehensive income, net of tax | $0.9 | | Balances at March 31, 2023 | $8,120.2 | [Note 5. Fair Value Measurements](index=15&type=section&id=Note%205.%20Fair%20Value%20Measurements) This note presents fair value measurements for financial instruments, including short-term investments and commodity futures, categorized by valuation levels Fair Value Measurements (March 31, 2024): | Financial Instrument | Total (in millions) | Level 1 | Level 2 | Level 3 | | :----------------------- | :------------------- | :------ | :------ | :------ | | Short-term investments | $653.3 | $- | $653.3 | $- | | Commodity futures – financial assets | $3.6 | $- | $3.6 | $- | | Commodity futures – financial liabilities | $6.0 | $- | $6.0 | $- | Fair Value Measurements (December 31, 2023): | Financial Instrument | Total (in millions) | Level 1 | Level 2 | Level 3 | | :----------------------- | :------------------- | :------ | :------ | :------ | | Short-term investments | $721.2 | $- | $721.2 | $- | | Commodity futures – financial assets | $2.5 | $- | $2.5 | $- | | Commodity futures – financial liabilities | $9.3 | $- | $9.3 | $- | - The fair value of long-term debt (Level 2) was approximately **$2.8 billion** at March 31, 2024, and December 31, 2023, with a corresponding carrying amount of **$3.1 billion** [Note 6. Commitments and Contingencies](index=16&type=section&id=Note%206.%20Commitments%20and%20Contingencies) This note discloses the company's involvement in various litigation, administrative, and environmental matters, none of which are expected to have a material financial impact - The company is involved in various routine litigation and disputes, none of which are expected to have a **material impact** on its financial condition, results of operations, or liquidity[42](index=42&type=chunk) [Note 7. Segment Information](index=17&type=section&id=Note%207.%20Segment%20Information) This note provides detailed financial information by segment, including net sales and operating income for steel, metals recycling, steel fabrication, and aluminum operations Segment Net Sales (in millions): | Segment | Q1 2024 | Q1 2023 | % Change | | :-------------------------- | :-------- | :-------- | :------- | | Steel Operations | $3,514.5 | $3,171.7 | 11% | | Metals Recycling Operations | $1,094.0 | $1,161.9 | (6)% | | Steel Fabrication Operations | $451.8 | $868.8 | (48)% | | Aluminum Operations | $- | $- | - | | Other | $311.1 | $352.5 | (12)% | | Total Net Sales | $4,694.0 | $4,893.2 | (4)% | Segment Operating Income (Loss) (in millions): | Segment | Q1 2024 | Q1 2023 | % Change | | :-------------------------- | :-------- | :-------- | :------- | | Steel Operations | $670.9 | $341.9 | 96% | | Metals Recycling Operations | $18.7 | $39.7 | (53)% | | Steel Fabrication Operations | $178.3 | $551.3 | (68)% | | Aluminum Operations | ($13.5) | ($2.4) | (459)% | | Other | ($97.9) | ($96.7) | (1)% | | Total Operating Income | $751.0 | $835.4 | (10)% | - Steel operations accounted for **72% of consolidated net sales** in Q1 2024, up from 63% in Q1 2023[62](index=62&type=chunk) - Metals recycling operations accounted for **12% of consolidated net sales** in both Q1 2024 and Q1 2023[69](index=69&type=chunk) - Steel fabrication operations' contribution to consolidated net sales decreased from **18% in Q1 2023 to 10% in Q1 2024**[74](index=74&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's financial condition and results of operations for the first quarter of 2024 compared to 2023, including an overview of business segments, key financial metrics, and liquidity and capital resources - Consolidated operating income decreased by **$84.4 million (10%) to $751.0 million** in Q1 2024, primarily due to metal spread contraction in metals recycling and steel fabrication operations[58](index=58&type=chunk) - Net income attributable to Steel Dynamics, Inc. decreased by **$53.3 million (8%) to $584.0 million** in Q1 2024, consistent with the decrease in operating income[58](index=58&type=chunk) [Forward-Looking Statements](index=19&type=section&id=Forward-Looking%20Statements) This section highlights that the report contains forward-looking statements subject to various risks and uncertainties, as detailed in the company's Form 10-K - The report contains **forward-looking statements** regarding future events, subject to various risks and uncertainties outlined in the company's Form 10-K[48](index=48&type=chunk)[49](index=49&type=chunk) [Description of the Business](index=19&type=section&id=Description%20of%20the%20Business) This section describes Steel Dynamics as a major domestic steel producer and metal recycler with diversified products and end-markets - Steel Dynamics is one of the **largest domestic steel producers and metal recyclers** in the U.S., with a diversified product and end-market portfolio[50](index=50&type=chunk) [Operating Statement Classifications](index=19&type=section&id=Operating%20Statement%20Classifications) This section explains the components of net sales, costs of goods sold, and other income/expense, net, and their recognition criteria - **Net sales** are driven by volumes, product mix, and pricing, with revenues recognized upon transfer of control[51](index=51&type=chunk) - **Costs of goods sold** primarily consist of scrap and scrap substitutes, representing **55-65% of steel mill manufacturing costs**[53](index=53&type=chunk)[66](index=66&type=chunk) - **Other (income) expense, net**, includes interest income from temporary cash deposits and investments, and income from unconsolidated affiliates, offset by non-operating costs[56](index=56&type=chunk) [Results Overview](index=21&type=section&id=Results%20Overview) This section provides a high-level summary of the company's performance in Q1 2024, noting near-record steel shipments and strong segment contributions - In Q1 2024, the company achieved near-record quarterly steel shipments of **3.3 million tons**, with steady steel demand and strong results from steel fabrication[57](index=57&type=chunk) [Segment Operating Results 2024 vs. 2023](index=22&type=section&id=Segment%20Operating%20Results%202024%20vs.%202023) This section analyzes the operating performance of each business segment, comparing results for Q1 2024 against Q1 2023 [Steel Operations Segment](index=22&type=section&id=Steel%20Operations%20Segment) This section details the performance of the steel operations segment, including shipments, pricing, costs, metal spread, and operating income Steel Operations Segment Shipments (tons): | Metric | Q1 2024 | Q1 2023 | % Change | | :-------------------------- | :-------- | :-------- | :------- | | Total shipments | 3,255,594 | 3,345,148 | (3)% | | Steel Operations Segment shipments (excluding intra-segment) | 2,922,961 | 2,953,768 | (1)% | | External shipments | 2,803,569 | 2,869,321 | (2)% | - Sheet steel pricing was **19% higher** in Q1 2024 compared to Q1 2023[63](index=63&type=chunk) - Total steel segment average selling prices increased **12% ($128 per ton)** in Q1 2024 YoY[65](index=65&type=chunk) - Metallic raw material cost per net ton consumed was consistent, increasing **$3 per ton** YoY[66](index=66&type=chunk) - Metal spread increased **18%** in Q1 2024 compared to Q1 2023[67](index=67&type=chunk) - Operating income for steel operations increased **96% to $670.9 million** in Q1 2024 YoY[67](index=67&type=chunk) [Metals Recycling Operations Segment](index=24&type=section&id=Metals%20Recycling%20Operations%20Segment) This section analyzes the performance of the metals recycling segment, focusing on ferrous and nonferrous shipments, pricing, metal spreads, and operating income Metals Recycling Operations Segment Shipments: | Metric | Q1 2024 | Q1 2023 | % Change | | :-------------------------------- | :-------- | :-------- | :------- | | Ferrous metal (gross tons) - Total | 1,453,619 | 1,452,821 | 0% | | Ferrous metal (gross tons) - External | 536,973 | 567,403 | (5)% | | Nonferrous metals (thousands of pounds) - Total | 289,436 | 285,837 | 1% | | Nonferrous metals (thousands of pounds) - External | 259,956 | 240,731 | 8% | - Ferrous scrap average selling prices were **flat** in Q1 2024 YoY[70](index=70&type=chunk) - Nonferrous scrap prices decreased **15%** in Q1 2024 YoY[70](index=70&type=chunk) - Ferrous metal spreads decreased **9%** in Q1 2024 YoY[71](index=71&type=chunk) - Nonferrous metal spreads decreased **3%** in Q1 2024 YoY[71](index=71&type=chunk) - Operating income decreased **53% to $18.7 million** in Q1 2024 YoY[71](index=71&type=chunk) [Steel Fabrication Operations Segment](index=25&type=section&id=Steel%20Fabrication%20Operations%20Segment) This section reviews the steel fabrication segment's performance, highlighting changes in net sales, average selling prices, metal spread, and operating income - Net sales for steel fabrication operations decreased **48%** in Q1 2024 YoY, driven by a **37% decrease in average selling prices ($1,880 per ton)** and a **17% decrease in volume**[75](index=75&type=chunk) - The average cost per ton of steel consumed was flat in Q1 2024 YoY, but metal spread contracted **49%** due to decreased selling prices[76](index=76&type=chunk) - Operating income decreased **68% to $178.3 million** in Q1 2024 YoY, impacted by metal spread compression and decreased volume, despite a historically strong order backlog[75](index=75&type=chunk)[76](index=76&type=chunk) [Aluminum Operations Segment](index=26&type=section&id=Aluminum%20Operations%20Segment) This section describes the status of the aluminum operations segment, which is currently in the construction phase, with results primarily reflecting construction and start-up costs - The **Aluminum Operations Segment** is currently in the construction phase for a recycled aluminum flat rolled products mill and two satellite slab centers, with results primarily consisting of construction and start-up costs[78](index=78&type=chunk) [Other Consolidated Results](index=26&type=section&id=Other%20Consolidated%20Results) This section covers other consolidated financial items, including selling, general and administrative expenses, profit sharing, interest expense, net other income, and income tax expense - Selling, General and Administrative Expenses increased **11% to $159.5 million** in Q1 2024, primarily due to a 9% increase in payroll and benefits related to growth strategy execution[80](index=80&type=chunk) - Profit sharing expense decreased **10% to $62.7 million** in Q1 2024, consistent with decreased pretax earnings[81](index=81&type=chunk) - Interest expense decreased by **$10.5 million** in Q1 2024, primarily due to higher capitalized interest related to construction at Sinton, Heartland, and aluminum operations[82](index=82&type=chunk) - Net other income decreased to **$26.8 million** in Q1 2024 from **$34.9 million** in Q1 2023, mainly due to a decrease in net earnings from equity investments[83](index=83&type=chunk) - Income tax expense decreased **12% to $178.3 million** in Q1 2024, with an effective tax rate of **23.3%**, consistent with decreased pretax earnings[83](index=83&type=chunk) [Liquidity and Capital Resources](index=26&type=section&id=Liquidity%20and%20Capital%20Resources) This section discusses the company's financial flexibility, including cash, investments, debt, credit facilities, cash flow from operations, capital investments, and shareholder returns Liquidity at March 31, 2024 (in millions): | Metric | Amount | | :-------------------------- | :------- | | Cash and equivalents | $1,039.4 | | Short-term and other investments | $886.4 | | Revolver availability | $1,190.7 | | Total liquidity | $3,116.6 | - Total outstanding debt of **$3.1 billion** remained consistent with December 31, 2023[85](index=85&type=chunk) - The long-term debt to capitalization ratio was **25.1%** at March 31, 2024, down from 25.8% at December 31, 2023[85](index=85&type=chunk) - The company maintains a **$1.2 billion** senior unsecured revolving credit facility, with **$1.2 billion** availability and no outstanding borrowings at March 31, 2024[86](index=86&type=chunk)[87](index=87&type=chunk) - Cash flow from operations decreased to **$355.2 million** in Q1 2024 from **$733.8 million** in Q1 2023[88](index=88&type=chunk) - Working capital decreased by **$1.4 billion (25%) to $4.3 billion** at March 31, 2024, primarily due to decreases in cash and receivables and an increase in current maturities of long-term debt[88](index=88&type=chunk) - Capital investments in property, plant and equipment increased to **$374.3 million** in Q1 2024 from **$226.3 million** in Q1 2023, primarily in steel and aluminum operations[89](index=89&type=chunk) - The company plans to invest **$2.7 billion** in a new aluminum mill and slab centers, funded by available cash and operating cash flow[89](index=89&type=chunk) - Quarterly cash dividend increased by **8% to $0.46 per share** in Q1 2024, resulting in **$72.6 million** declared dividends[90](index=90&type=chunk) - Share repurchases totaled **$298.1 million** in Q1 2024, with **$1.1 billion** remaining under the November 2023 program[92](index=92&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=31&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section discusses the company's exposure to market risks, particularly commodity price fluctuations for products and raw materials, and outlines mitigation strategies - The company is exposed to **market risk** from price fluctuations in product sales and raw material purchases[95](index=95&type=chunk) - Risk mitigation strategies include obtaining competitive prices for products, entering into 'take or pay' commitments for raw materials (up to **5-28 years**), and using base metal financial contracts to protect profit margins[96](index=96&type=chunk)[97](index=97&type=chunk) [Item 4. Controls and Procedures](index=31&type=section&id=Item%204.%20Controls%20and%20Procedures) This section confirms the effectiveness of the company's disclosure controls and procedures as of March 31, 2024, ensuring timely and accurate reporting. It also states that no material changes occurred in internal controls over financial reporting during the quarter - The principal executive and financial officers concluded that disclosure controls and procedures were **effective** as of March 31, 2024[98](index=98&type=chunk) - **No material changes** in internal control over financial reporting occurred during the fiscal quarter ended March 31, 2024[99](index=99&type=chunk) [PART II. Other Information](index=33&type=section&id=PART%20II.%20Other%20Information) [Item 1. Legal Proceedings](index=33&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various routine litigation and administrative matters, including environmental proceedings, none of which are currently expected to have a material impact on its financial condition, results of operations, or liquidity - The company is involved in various routine litigation and disputes, none of which are expected to **materially impact** financial condition, results, or liquidity[100](index=100&type=chunk) - Fines or penalties from environmental investigations and proceedings did not exceed **$1 million** in aggregate as of March 31, 2024[101](index=101&type=chunk) [Item 1A. Risk Factors](index=33&type=section&id=Item%201A.%20Risk%20Factors) This section states that no material changes have occurred to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2023 - **No material changes** have occurred to the risk factors as disclosed in the Annual Report on Form 10-K for the year ended December 31, 2023[102](index=102&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=33&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's share repurchase activities during the first quarter of 2024 under its $1.5 billion program authorized in November 2023 Issuer Purchases of Equity Securities (Quarter ended March 31, 2024): | Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Programs | Maximum Dollar Value of Shares That May Yet be Purchased Under the Programs (in millions) | | :---------------- | :------------------------------- | :--------------------------- | :-------------------------------------------------------------------- | :--------------------------------------------------------------------------------------- | | January 1 - 31 | 1,148,345 | $116.56 | 1,148,345 | $1,261.7 | | February 1 - 29 | 908,005 | $124.65 | 908,005 | $1,149.7 | | March 1 - 31 | 374,453 | $136.26 | 374,453 | $1,099.2 | | **Total** | **2,430,803** | | **2,430,803** | | - The share repurchases were conducted under a **$1.5 billion program** authorized in November 2023[104](index=104&type=chunk) [Item 3. Defaults Upon Senior Securities](index=33&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This section states that there were no defaults upon senior securities during the reported period - **No defaults** upon senior securities occurred[105](index=105&type=chunk) [Item 4. Mine Safety Disclosures](index=33&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section indicates that there are no mine safety disclosures to report - **No mine safety disclosures** are reported[106](index=106&type=chunk) [Item 5. Other Information](index=35&type=section&id=Item%205.%20Other%20Information) This section confirms that none of the company's directors or executive officers adopted, modified, or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the first quarter of 2024 - **No Rule 10b5-1 or non-Rule 10b5-1 trading arrangements** were adopted, modified, or terminated by directors or executive officers during Q1 2024[107](index=107&type=chunk) [Item 6. Exhibits](index=36&type=section&id=Item%206.%20Exhibits) This section provides an index of exhibits filed with the Form 10-Q, including articles of incorporation, executive officer certifications, and XBRL documents, along with the signature page [Exhibit Index](index=37&type=section&id=Exhibit%20Index) This section lists the various exhibits accompanying the filing, including corporate documents, certifications, and XBRL data files - The exhibit index includes Amended and Restated Articles of Incorporation and Bylaws, Executive Officer Certifications (**31.1, 31.2, 32.1, 32.2**), and various XBRL documents[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk) [Signature](index=38&type=section&id=Signature) This section contains the official signature confirming the submission of the report by the company's principal financial and accounting officer - The report was signed on **May 10, 2024**, by Theresa E. Wagler, Executive Vice President and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) of Steel Dynamics, Inc.[117](index=117&type=chunk)[118](index=118&type=chunk)

2022 24 April 2024 IInnvveessttoorr Call Presentation First Quarter 2024 Presentation HHeeaalltthh aanndd SSaaffeettyy EEnnttrreepprreenneeuurriiaall CCuultltuurree CCuussttoommeerr CCoommmmiittmmeenntt zz SSttrraatteeggiicc SGursotawitnhable Growth IInnnnoovvaattiioonn FFiinnaanncciiaall SStrterennggtthh Forward looking statements and Non-GAAP financial measures Forward-Looking Statements More specifically, refer to Steel Dynamics' more detailed explanation of these and other factors and risks that may ...

Financial Data and Key Metrics Changes - The first quarter 2024 net income was $584 million, or $3.67 per diluted share, with adjusted EBITDA of $879 million [11] - Revenue for Q1 2024 was $4.7 billion, an 11% increase compared to the previous quarter, driven by strong volume and higher realized selling values [11] - Operating income for Q1 2024 was $751 million, a 45% increase from the previous quarter, attributed to steel metal spread expansion [11][12] Business Line Data and Key Metrics Changes - Steel shipments reached nearly a record 3.3 million tons in Q1 2024, with flat rolled operations generating strong operating income of $675 million [8][12] - Metals recycling operations reported operating income of $23 million, significantly higher than the previous quarter due to increased domestic steel demand [13] - The steel fabrication segment achieved operating income of $178 million, lower than the previous quarter due to weather impacts and lower shipments [13] Market Data and Key Metrics Changes - The domestic steel industry operated at an estimated production utilization rate of 77%, while the company's steel mills operated at 87% [22] - North American automotive production estimates for 2024 were revised higher to just over 16 million units, with continued growth expected in 2025 and 2026 [24] - Non-residential construction remains solid, supported by increased order activity and shipments in the structural and rail division [25] Company Strategy and Development Direction - The company is focused on transformational growth initiatives, including investments in aluminum flat rolled operations and a biocarbon facility [15][17] - A joint venture with Aymium aims to reduce greenhouse gas emissions by up to 35%, aligning with sustainability goals [17] - The company is leveraging its circular manufacturing model to enhance its steel and metals recycling operations [13][21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding steel demand and pricing for 2024, supported by onshoring of manufacturing and public infrastructure spending [32] - The company anticipates continued improvements in production efficiency and capacity utilization at its Sinton facility [24][58] - Management highlighted a strong cash generation capability and a commitment to maintaining investment-grade credit metrics [16][31] Other Important Information - The company generated cash flow from operations of $355 million in Q1 2024, with strong liquidity of $3.1 billion at the end of the quarter [14] - Capital investments for 2024 are expected to be around $2 billion, with a focus on aluminum flat rolled investments [15] - The company repurchased $298 million of common stock, representing 1.5% of outstanding shares [15] Q&A Session Summary Question: Will conversion costs continue to decline with increased production at Sinton? - Management indicated that increased production at Sinton would help compress costs, but product mix also needs to be considered [35] Question: What is the timeline for the aluminum project to reach EBITDA breakeven? - Management expects to reach EBITDA breakeven by the end of the year, with operations starting mid-2025 [40] Question: How do you see the long product volumes performing in the coming quarters? - Management believes the first quarter's performance was affected by seasonality and weather, with expectations for improved volumes in the second quarter [53] Question: What is the outlook for pricing in the fabrication segment? - Management noted that pricing in the backlog and current spot pricing are converging, indicating stabilization [67] Question: How is the company addressing potential trade issues with Mexico? - Management stated that there has been no direct impact from trade issues, and they are monitoring the situation closely [73] Question: What is the expected cadence of CapEx for the remainder of the year? - Management expects the bulk of capital expenditures to occur in the second and third quarters as equipment arrives [82]

Exhibit 99.1 7575 W. Jefferson Blvd. Fort Wayne, IN 46804 Steel Dynamics Reports First Quarter 2024 Results FORT WAYNE, INDIANA, April 23, 2024 / PRNewswire / First Quarter 2024 Performance Highlights: Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced first quarter 2024 financial results. The company reported first quarter 2024 net sales of $4.7 billion and net income of $584 million, or $3.67 per diluted share. Comparatively, the company's sequential fourth quarter 2023 net income was $424 million, or ...

Production Capacity and Operations - Steel Dynamics, Inc. has an estimated steelmaking and steel coating capacity of approximately 16 million tons and actual metals recycling volumes as of December 31, 2023[22]. - The Southwest-Sinton Flat Roll Division has an annual steel production capacity of approximately 3.0 million tons, with new coating lines expected to begin operating in early 2024[29]. - The company has an annual production capacity of approximately 9.4 million tons of flat roll steel and an additional 2.0 million tons of processing capacity[70]. - The company has a flat roll galvanizing capability of 4.8 million tons and painting capability of 1.5 million tons[70]. - The company announced a $2.7 billion project to construct a 650,000 metric ton recycled aluminum flat rolled products mill, expected to begin commissioning in mid-2025[36]. - The new aluminum mill's product mix is projected to be approximately 45% can stock, 35% automotive, and 20% common alloy and industrial use[36]. Financial Performance - Total net sales for 2023 were $18,795,316, a decrease of 15.5% from $22,260,774 in 2022[306]. - Gross profit for 2023 was $4,045,883, down 33.9% from $6,117,831 in 2022[306]. - Net income attributable to Steel Dynamics, Inc. for 2023 was $2,450,882, a decline of 36.7% compared to $3,862,674 in 2022[306]. - Basic earnings per share for 2023 were $14.72, down from $21.06 in 2022, representing a decrease of 30.8%[306]. - The company reported a comprehensive income of $2,450,414 for 2023, down from $3,865,654 in 2022, a decrease of 36.6%[307]. - Net income for 2023 was $2,467,332, a decrease of 36.4% compared to $3,879,492 in 2022[313]. - Net cash provided by operating activities decreased to $3,519,928 in 2023 from $4,460,403 in 2022, reflecting a decline of 21.1%[313]. - Total current assets decreased to $6,787,826 in 2023 from $7,638,018 in 2022, a decline of 11.2%[306]. - Total assets increased to $14,908,420 in 2023, up from $14,159,984 in 2022, reflecting a growth of 5.3%[306]. - Total liabilities remained relatively stable at $6,068,893 in 2023 compared to $6,064,179 in 2022[306]. - Retained earnings increased to $13,545,590 in 2023 from $11,375,765 in 2022, an increase of 19.2%[311]. - Dividends declared per share increased to $1.70 in 2023 from $1.36 in 2022, a rise of 25%[306]. Market and Sales Dynamics - Over 70% of the company's steel and steel fabrication sales are considered value-added, contributing to higher volume and profitability[26]. - In 2023, the company's own steel-consuming businesses purchased 1.8 million tons of steel from its steel mills, representing 14% of total steel shipments[33]. - Steel operations accounted for 67% of consolidated net sales in 2023, with a slight decrease from 72% in 2021[69]. - Exported sales represented 8% of steel segment net sales in 2023, up from 4% in 2021[69]. - Sheet steel operations represented 68%, 77%, and 73% of steel operations net sales in 2023, 2022, and 2021, respectively, with 9.2 million tons produced in 2023[76]. - The company shipped 7,459,023 tons of sheet steel products from Butler, Columbus, and Sinton in 2023, up from 6,772,162 tons in 2022[77]. - Metals recycling operations accounted for 12% of consolidated net sales in 2023, with export sales representing 18% of metals recycling segment net sales[88]. Environmental and Regulatory Compliance - The company aims for a 35% reduction in its steel mills' Scope 1 GHG emissions through a joint venture producing biocarbon, with operations planned to begin in late 2024[41]. - The company is committed to reducing its environmental footprint and has set GHG emission reduction goals for 2025, 2030, and 2050, which may increase operational costs[139]. - Compliance with environmental regulations may result in increased capital requirements and operational costs, impacting the company's financial condition[141]. - Environmental compliance costs may increase due to evolving regulations, potentially impacting operational costs[113]. Workforce and Management - The total team size was approximately 12,600 full-time members as of December 31, 2023[53]. - The overall team retention rate was approximately 80% in 2023, with U.S.-based teams retention at 89%[58]. - The leadership team emphasizes decentralized operational decision-making and performance-based incentive compensation aligned with profitability and operational performance[42]. - The performance-based compensation framework aligns employee interests with long-term growth and shareholder value[56]. Risks and Challenges - The company is significantly impacted by fluctuations in demand from cyclical industries such as construction, automotive, and manufacturing, which may lead to reduced sales and profitability[125]. - Increased competition from foreign steel producers, particularly from countries like China and Vietnam, may exert downward pressure on U.S. steel prices[128]. - The availability and prices of raw materials, especially ferrous scrap, are subject to market volatility, which can constrain operating levels and profit margins[133]. - Economic downturns and reduced consumer confidence may lead to decreased demand for the company's products, affecting overall financial performance[126]. - The company faces risks associated with the creditworthiness of its customers and suppliers, which could impact sales and increase exposure to losses[126]. - Global economic factors, including trade policies and political actions, may disrupt the company's supply chain and adversely affect its business operations[124]. - The company is exposed to cybersecurity threats that may compromise sensitive data and disrupt operations, potentially leading to financial losses[156]. Debt and Financial Management - As of December 31, 2023, total outstanding debt is $3,052,042, with a weighted-average interest rate of 3.2% for fixed-rate debt and 7.2% for variable-rate debt[271]. - The company has a cumulative unrealized loss of $6.8 million associated with financial contracts, primarily set to settle in 2024[274]. - Fixed-rate debt maturing in 2024 amounts to $400,901 with an average interest rate of 2.8%[271]. - The average interest rate for variable-rate debt maturing in 2024 is 7.2%[271]. - The fair value of total debt is reported at $2,776,826[271]. - The company has a risk strategy to protect profit margins through base metal financial contracts[274]. - The company is required to maintain certain financial covenants under its senior unsecured credit facility, which could limit its operational flexibility[171].

Steel Dynamics, Inc. (NASDAQ:STLD) Q4 2023 Results Conference Call January 24, 2024 11:00 AM ET Company Participants David Lipschitz - Director of Investor Relations Mark Millett - President & Chief Executive Officer Theresa Wagler - Executive Vice President & Chief Financial Officer Barry Schneider - President & Chief Operating Officer Conference Call Participants Martin Englert - Seaport Research Tristan Gresser - BNP Paribas Carlos De Alba - Morgan Stanley Timna Tanners - Wolfe Research Curt Woodworth - ...

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 quarterly period ended September 30, 2023 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 (Exact name of registrant as specified in its charter) | Indiana | 35-1929476 | | --- | --- | | ( ...

2022 19 October 2023 IInnvveessttoorr Call Presentation Third Quarter 2023 Presentation HHeeaalltthh aanndd SSaaffeettyy EEnnttrreepprreenneeuurriiaall CCuultltuurree CCuussttoommeerr CCoommmmiittmmeenntt zz SSttrraatteeggiicc GGrroowwtthh IInnnnoovvaattiioonn FFiinnaanncciiaall SStrterennggtthh Forward looking statements and Non-GAAP financial measures Forward-Looking Statements More specifically, refer to Steel Dynamics' more detailed explanation of ...

Steel Dynamics, Inc. (NASDAQ:STLD) Q3 2023 Earnings Conference Call October 19, 2023 11:00 AM ET Company Participants David Lipschitz - Director, Investor Relations Mark Millett - Co-founder, Chairman, and Chief Executive Officer Theresa Wagler - Executive Vice President and Chief Financial Officer Conference Call Participants Martin Englert - Seaport Research Partners Carlos de Alba - Morgan Stanley Tristan Gresser - Exane BNP Paribas Timna Tanners - Wolfe Research Bill Peterson - JP Morgan Operator Good d ...

Commission File Number 0-21719 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 quarterly period ended June 30, 2023 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from _______ to _______ Steel Dynamics, Inc. (Exact name of registrant as specified in its charter) | Indiana | 35-1929476 | | ...