Financial Performance - Q4 2024 net sales were $3.9 billion with net income of $207 million, or $1.36 per diluted share, compared to Q3 2024 net income of $318 million and Q4 2023 net income of $424 million[2] - Annual 2024 net sales were $17.5 billion, operating income was $1.9 billion, and net income was $1.5 billion, or $9.84 per diluted share, compared to 2023 net income of $2.5 billion[10] - Net sales for Q4 2024 decreased to $3.87 billion, down 8.5% from $4.23 billion in Q4 2023[23] - Gross profit for Q4 2024 dropped to $441.7 million, a 39.6% decline from $730.9 million in Q4 2023[23] - Net income for Q4 2024 fell to $209.9 million, a 50.8% decrease from $427.0 million in Q4 2023[23] - Basic earnings per share for Q4 2024 decreased to $1.36, a 48.3% decline from $2.63 in Q4 2023[23] - Consolidated Net Sales for 2024 were $17,540,390, down from $18,795,316 in 2023[29] - Adjusted EBITDA for 2024 was $2,493,758, a decrease from $3,662,975 in 2023[29] Steel Operations - Annual 2024 steel shipments reached 12.7 million tons, with steel operations achieving operating income of $1.6 billion and steel fabrication operations achieving operating income of $667 million[5] - Q4 2024 steel operations operating income was $165 million, a 46% sequential decline due to lower shipments and metal spread compression, with an unplanned outage reducing volume by 50,000 tons[6] - External Net Sales for Steel in Q4 2024 were $2,645,994, a decrease from $2,915,325 in Q4 2023[29] - Operating Income for Steel in Q4 2024 was $164,989, compared to $364,829 in Q4 2023[29] - Average external sales price for Steel in Q4 2024 was $1,011 per ton, down from $1,090 in Q4 2023[29] - Flat Roll shipments in 2024 totaled 7,702,731 tons, up from 7,459,023 tons in 2023[29] - Total Shipments for 2024 were 12,660,487 tons, slightly down from 12,821,753 tons in 2023[29] - Ferrous shipments in 2024 were 5,850,544 gross tons, up from 5,792,484 gross tons in 2023[29] Metals Recycling Operations - Q4 2024 metals recycling operations operating income was $23 million, a $13 million increase from Q3 2024, driven by metal spread improvement and cost efficiencies[8] - Nonferrous shipments in 2024 were 965,491 thousand pounds, compared to 970,445 thousand pounds in 2023[29] Steel Fabrication Operations - Q4 2024 steel fabrication operations operating income was $142 million, with a strong order backlog extending into H1 2025 at attractive pricing levels[9] - Steel Fabrication shipments in 2024 were 607,407 tons, down from 662,539 tons in 2023[29] Cash Flow and Investments - Annual 2024 cash flow from operations was $1.8 billion, with $1.9 billion invested in organic growth, $283 million in dividends, and $1.2 billion in share repurchases, representing 6% of outstanding shares[12] - Cash and equivalents decreased to $589.5 million at the end of 2024, down 57.9% from $1.40 billion at the end of 2023[25] - Net cash provided by operating activities for Q4 2024 was $346.9 million, a 59.9% decrease from $864.6 million in Q4 2023[27] - Purchases of property, plant and equipment totaled $1.87 billion for the full year 2024, a 12.7% increase from $1.66 billion in 2023[27] - Dividends declared per share increased to $0.46 in Q4 2024, up 8.2% from $0.425 in Q4 2023[23] Future Outlook and Strategic Initiatives - The company expects increased demand in 2025 due to stabilized steel pricing, lower-carbon emission steel demand, and reduced unfairly traded steel imports, particularly for coated flat rolled steel[13] - Four new flat rolled steel coating lines began operations in H1 2024, with full run-rate earnings potential expected in 2025, contributing to over 65% of steel revenues from higher-margin products[14] - The aluminum team successfully cast the first industrial and beverage can ingots on January 12, 2025, with commercial production expected by mid-2025, targeting the sustainable beverage can and packaging industry[15] Balance Sheet and Liabilities - Total assets remained stable at $14.94 billion at the end of 2024, compared to $14.91 billion at the end of 2023[25] - Total current liabilities decreased to $2.15 billion at the end of 2024, down 7.8% from $2.33 billion at the end of 2023[25]

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, 2024 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from _______ to _______ Commission File Number 0-21719 Steel Dynamics, Inc. (Exact name of registrant as specified in its charter) 35-1929476 (I.R.S. Em ...

2022 17 October 2024 Investor Investor Call Presentation Third Quarter 2024 Presentation Health and Safety Health and Safety Entrepreneurial Culture Entrepreneurial Culture Customer Commitment Customer Commitment Financial Strength z z Strategic Growth Strategic Sustainable Growth Innovation Innovation Financial Strength Forward-looking statements and Non-GAAP financial measures Forward-Looking Statements This presentation contains some predictive statements about future events, including statements related ...

Financial Data and Key Metrics Changes - The third quarter 2024 net income was $318 million, or $2.05 per diluted share, with adjusted EBITDA of $557 million [11] - Third quarter 2024 revenue was $4.3 billion, which was lower than the sequential second quarter results due to lower realized flat-rolled steel pricing [11][12] - Operating income for the third quarter was $395 million, a 29% decrease from the sequential second quarter results [11] Business Line Data and Key Metrics Changes - Steel operations generated operating income of $305 million in the third quarter, lower than sequential results due to a decline in average realized pricing [12] - Metals recycling operating income was $12 million, lower than the previous quarter due to lower realized pricing and volume, along with a noncash copper hedging loss of $10 million [13] - Steel fabrication achieved strong operating income of $166 million, although it was lower than the second quarter results due to a 5% decrease in realized pricing [14] Market Data and Key Metrics Changes - The domestic steel industry operated at an estimated production utilization rate of 78%, while the company's steel mills operated at a rate of 86% [23] - The average flat-rolled steel price declined due to contract lags, but prices stabilized and improved during the quarter [24] - Underlying steel demand remains steady, but a surge in steel imports has put pressure on supply dynamics in certain product areas [26] Company Strategy and Development Direction - The company is focused on high-return strategic growth and maintaining a positive dividend profile while preserving investment-grade credit [17] - The construction of aluminum facilities is expected to be EBITDA positive in the second half of 2025, with plans to operate the rolling mill at approximately 75% capacity in 2026 [15][36] - The company is committed to sustainability and has set greenhouse gas emissions intensity targets aligned with the Paris Agreement [19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding steel demand and pricing dynamics as they approach 2025, driven by moderating interest rates and increased fixed asset investment [27][41] - The company anticipates that the aluminum growth strategy will leverage core competencies and address the significant deficit in aluminum in North America [30][32] - Management highlighted the importance of a performance-driven culture and diversified business model in driving superior financial metrics [28] Other Important Information - The company generated cash from operations of $760 million in the third quarter and ended the quarter with strong liquidity of $3.1 billion [16] - Capital investments for the fourth quarter of 2024 are expected to be in the range of $500 million to $550 million, with preliminary estimates for 2025 capital investments between $700 million to $800 million [17] - The company has repurchased $970 million of its common stock year-to-date 2024, representing 4.5% of outstanding shares [17] Q&A Session Summary Question: Are there any key personnel additions needed for the aluminum project? - Management stated that the team is well built out with a solid blend of seasoned aluminum professionals and SDI leaders, making talent acquisition easier compared to previous challenges [45][46] Question: Are there any pricing strengths in steel fabrication? - Management indicated that while normal seasonality is expected in the fourth quarter, they foresee opportunities for price appreciation in 2025 due to increased demand from public funding [48] Question: Will the percentage of contractual business change with further ramp-up? - Management expects the contractual relationships to remain in the 70% to 80% range as they grow their new lines [50][51] Question: What is the path to optimal utilization at Sinton? - Management highlighted the importance of reducing unplanned downtime and improving equipment reliability to achieve higher utilization rates [72][74] Question: Will Sinton be EBITDA positive in the fourth quarter? - Management confirmed that Sinton was not EBITDA positive in the third quarter but expects it to be in the fourth quarter and next year [86]

Exhibit 99.1 Press Release October 16, 2024 7575 W. Jefferson Blvd. Fort Wayne, IN 46804 Steel Dynamics Reports Third Quarter 2024 Results FORT WAYNE, INDIANA, October 16, 2024 / PRNewswire / Third Quarter 2024 Performance Highlights: § Steel shipments of 3.2 million tons § Net sales of $4.3 billion, operating income of $395 million, net income of $318 million, and adjusted EBITDA of $557 million § Cash flow from operations of $760 million § Strong liquidity of $3.1 billion, as of September 30, 2024 § Share ...

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, 2024 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from _______ to _______ Commission File Number 0-21719 Steel Dynamics, Inc. (Exact name of registrant as specified in its charter) | Indiana | 35-1929476 | | ...

Financial Data and Key Metrics Changes - In Q2 2024, the company reported net income of $428 million or $2.72 per diluted share, with adjusted EBITDA of $686 million and revenues of $4.6 billion, slightly below the previous quarter due to lower realized steel pricing [10][18] - Operating income decreased by 26% sequentially to $559 million, primarily due to steel metal spread contraction as pricing declined more than scrap raw material costs [10][11] - Cash flow from operations was strong at $383 million, with liquidity ending at $2.7 billion, including $1.5 billion in cash and short-term investments [17][19] Business Line Data and Key Metrics Changes - Steel operations generated operating income of $442 million, a 34% decrease sequentially, attributed to a decline in average realized pricing [11] - The steel fabrication team achieved operating income of $181 million, slightly higher than the first quarter, supported by an 11% increase in shipments [12] - Operating income from metals recycling operations was $32 million, significantly higher than the previous quarter, driven by increased volumes and operational efficiencies [12][22] Market Data and Key Metrics Changes - The domestic steel industry operated at an estimated production utilization rate of 78%, while the company's steel mills operated at 81% [24] - Realized steel pricing declined across product portfolios, but value-added flat rolled steel pricing spreads remained resilient [25] - North American automotive production estimates for 2024 were revised to a strong 16 million units, with continued growth expected in 2025 and 2026 [27] Company Strategy and Development Direction - The company is focused on expanding its aluminum growth strategy, with a $2.7 billion investment in aluminum flat rolled facilities expected to be EBITDA positive in the second half of 2025 [14][34] - The construction of new value-added flat rolled steel coating lines is expected to increase volume and profitability [29] - Sustainability is a key part of the long-term value creation strategy, with initiatives aimed at reducing greenhouse gas emissions [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding steel demand and pricing dynamics for 2024, citing onshoring and infrastructure spending as supportive factors [28][39] - The company anticipates a significant step-up in profitability from the Sinton facility in the second half of the year [55] - Management highlighted the importance of maintaining a strong balance sheet while pursuing growth opportunities [66] Other Important Information - The company repurchased $607 million of its common stock in 2024, representing 3% of outstanding shares, and increased its quarterly cash dividend by 8% [18][19] - The total project costs for aluminum investments are reaffirmed at $2.7 billion, with $1.5 billion already invested through June 2024 [16][34] Q&A Session Summary Question: What is the expected recycled content in the aluminum project? - The target for UBC is around 90% to 95%, while for can sheet it is aimed at 90% to 95% [43] Question: Can you provide an update on processing capacity for low copper shredded scrap? - The company is expanding processing capabilities at shredding operations and is confident in creating a volume that matches productivity at sheet mills [46][49] Question: Why is Sinton still guided at 75% utilization for the second half? - The company is confident in the market's ability to absorb higher volumes from Sinton, particularly due to demand in Mexico [60][59] Question: What is the margin difference between industrial products and can sheet? - Thinner margins tend to be in can sheet, while industrial products, especially those processed through paint lines, are more valuable [62] Question: What is the direction of the balance sheet moving forward? - The balance sheet has extra capacity for leverage, and the company plans to maintain strong shareholder distributions while exploring growth opportunities [66]

Steel Dynamics Reports Second Quarter 2024 Results FORT WAYNE, INDIANA, July 17, 2024 / PRNewswire / Press Release July 17, 2024 Exhibit 99.1 7575 W. Jefferson Blvd. Fort Wayne, IN 46804 Second Quarter 2024 Performance Highlights: Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced second quarter 2024 financial results. The company reported second quarter 2024 net sales of $4.6 billion and net income of $428 million, or $2.72 per diluted share. Comparatively, the company's sequential first quarter 2024 n ...

[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)

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