Steel Dynamics Reports Second Quarter 2024 Results
Second Quarter 2024 Performance Highlights:
- Steel shipments of 3.2 million tons
- Net sales of
$4.6 billion , operating income of$559 million , net income of$428 million , and adjusted EBITDA of$686 million - Cash flow from operations of
$383 million - Strong liquidity of
$2.7 billion as ofJune 30, 2024 - Share repurchases of
$309 million of the company's common stock, representing 1.5 percent of its outstanding shares
"The teams delivered a solid performance, achieving second quarter 2024 operating income of
"Underlying steel demand was stable in the second quarter," continued Millett. "However, earnings declined sequentially due to lower realized selling values in our steel operations which more than offset our improved earnings from metals recycling and steady earnings from our steel fabrication business. During the quarter, we experienced customer order inconsistency within the steel platform despite the steady underlying demand dynamics, as scrap prices further declined and customers continued to manage to very low inventory levels. Additionally, the
"As fundamental steel demand remains constructive, customer inventories remain incredibly low, and scrap prices have steadied, we believe steel pricing has reached a pivot point to the upside. In support, we have seen a positive trend in steel order activity in recent weeks, especially for our flat rolled steel coated products."
Second Quarter 2024 Comments
Second quarter 2024 operating income for the company's steel operations was
Compared to the sequential first quarter, second quarter 2024 operating income from the company's metals recycling operations increased 42 percent to
The company's steel fabrication operations achieved strong operating income of
Year-to-Date
For the six months ended
First half 2024 net sales decreased six percent to
Based on the company's differentiated business model and highly variable cost structure, the company achieved cash flow from operations of
Outlook
"We remain confident that market conditions are in place for domestic steel consumption to be solid in the second half of 2024," said Millett. "Order entry has improved in many of our businesses, and we expect steel pricing to firm. We believe the automotive, non-residential construction, and industrial sectors will remain steady this year. The continued onshoring of manufacturing businesses, combined with the expectation of significant fixed asset investment to be derived from public funding related to the
"We continue to ramp up our four new value-added flat rolled steel coating lines that began operating earlier this year. The teams have produced prime quality galvanized and painted products on all four lines in record time. We will be benefitting from this additional 1.1 million tons of value-added steel products in the second half of this year and fully in 2025. These projects enhance our differentiated supply-chain capabilities, while also increasing our higher-margin steel product offerings which already represent upwards of 65 percent of our steel revenues.
"We are also quickly progressing on our aluminum flat rolled products mill construction and are incredibly excited about this meaningful growth opportunity, which is aligned with our existing business and operational expertise," said Millett. "We plan to begin operating the aluminum flat rolled mill mid-2025. We have intentionally grown with our customers' needs, providing efficient sustainable supply chain solutions for the highest quality products. We are pleased to further diversify our end markets with plans to supply aluminum flat rolled products with high recycled content to the countercyclical sustainable beverage can and packaging industry, in addition to the automotive, industrial, and construction sectors. Our customers and our people are incredibly excited for this growth opportunity.
"Our commitment is to the health and safety of our teams, families, and communities, while meeting the current and future needs of our customers. Our culture and business model continue to positively differentiate our performance from the rest of the industry. We are competitively positioned and focused to generate long-term sustainable value," concluded Millett.
Conference Call and Webcast
Steel Dynamics, Inc. will hold a conference call to discuss second quarter 2024 operating and financial results on
About
Note Regarding Non-GAAP Financial Measures
The company reports its financial results in accordance with
Forward-Looking Statements
This press release contains some predictive statements about future events, including statements related to conditions in domestic or global economies, conditions in steel, aluminum, and recycled metals market places,
More specifically, we refer you to our more detailed explanation of these and other factors and risks that may cause such predictive statements to turn out differently, as set forth in our most recent Annual Report on Form 10-K under the headings Special Note Regarding Forward-Looking Statements and Risk Factors, in our Quarterly Reports on Form 10-Q, or in other reports which we file with the
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (in thousands, except per share data) |
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Three Months Ended |
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Six Months Ended |
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Three Months |
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Ended |
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2024 |
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2023 |
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2024 |
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2023 |
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Net sales |
|
$ |
4,632,634 |
|
$ |
5,081,630 |
|
$ |
9,326,637 |
|
$ |
9,974,836 |
|
$ |
4,694,003 |
Costs of goods sold |
|
|
3,857,797 |
|
|
3,774,772 |
|
|
7,571,002 |
|
|
7,611,856 |
|
|
3,713,205 |
Gross profit |
|
|
774,837 |
|
|
1,306,858 |
|
|
1,755,635 |
|
|
2,362,980 |
|
|
980,798 |
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|
|
Selling, general and administrative expenses |
|
|
160,016 |
|
|
141,209 |
|
|
319,523 |
|
|
285,518 |
|
|
159,507 |
Profit sharing |
|
|
48,053 |
|
|
90,990 |
|
|
110,705 |
|
|
160,565 |
|
|
62,652 |
Amortization of intangible assets |
|
|
7,645 |
|
|
10,924 |
|
|
15,309 |
|
|
17,802 |
|
|
7,664 |
Operating income |
|
|
559,123 |
|
|
1,063,735 |
|
|
1,310,098 |
|
|
1,899,095 |
|
|
750,975 |
|
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|
|
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|
|
|
|
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|
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|
|
Interest expense, net of capitalized interest |
|
|
12,719 |
|
|
20,767 |
|
|
24,697 |
|
|
43,274 |
|
|
11,978 |
Other (income) expense, net |
|
|
(18,708) |
|
|
(31,348) |
|
|
(45,492) |
|
|
(66,284) |
|
|
(26,784) |
Income before income taxes |
|
|
565,112 |
|
|
1,074,316 |
|
|
1,330,893 |
|
|
1,922,105 |
|
|
765,781 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
133,422 |
|
|
258,139 |
|
|
311,703 |
|
|
461,595 |
|
|
178,281 |
Net income |
|
|
431,690 |
|
|
816,177 |
|
|
1,019,190 |
|
|
1,460,510 |
|
|
587,500 |
Net income attributable to noncontrolling interests |
|
|
(3,692) |
|
|
(4,070) |
|
|
(7,151) |
|
|
(11,093) |
|
|
(3,459) |
Net income attributable to |
|
$ |
427,998 |
|
$ |
812,107 |
|
$ |
1,012,039 |
|
$ |
1,449,417 |
|
$ |
584,041 |
|
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Basic earnings per share attributable to |
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|
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|
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|
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|
|
|
|
|
|
$ |
2.73 |
|
$ |
4.83 |
|
$ |
6.42 |
|
$ |
8.54 |
|
$ |
3.68 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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Weighted average common shares outstanding |
|
|
156,856 |
|
|
168,009 |
|
|
157,761 |
|
|
169,803 |
|
|
158,666 |
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Diluted earnings per share attributable to |
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|
effect of assumed conversions when dilutive |
|
$ |
2.72 |
|
$ |
4.81 |
|
$ |
6.39 |
|
$ |
8.49 |
|
$ |
3.67 |
|
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|
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Weighted average common shares |
|
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|
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|
|
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and share equivalents outstanding |
|
|
157,579 |
|
|
168,865 |
|
|
158,467 |
|
|
170,672 |
|
|
159,354 |
|
|
|
|
|
|
|
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|
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|
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Dividends declared per share |
|
$ |
0.46 |
|
$ |
0.425 |
|
$ |
0.92 |
|
$ |
0.85 |
|
$ |
0.46 |
CONSOLIDATED BALANCE SHEETS (in thousands) |
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Assets |
2024 |
|
|
2023 |
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(unaudited) |
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Current assets |
|
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|
|
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Cash and equivalents |
$ |
829,980 |
|
|
$ |
1,400,887 |
Short-term investments |
|
418,367 |
|
|
|
721,210 |
Accounts receivable, net |
|
1,775,392 |
|
|
|
1,608,307 |
Inventories |
|
3,073,637 |
|
|
|
2,894,632 |
Other current assets |
|
141,635 |
|
|
|
162,790 |
Total current assets |
|
6,239,011 |
|
|
|
6,787,826 |
|
|
|
|
|
|
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Property, plant and equipment, net |
|
7,433,564 |
|
|
|
6,734,218 |
|
|
|
|
|
|
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Intangible assets, net |
|
242,450 |
|
|
|
257,759 |
|
|
|
|
|
|
|
|
|
477,471 |
|
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|
477,471 |
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Other assets |
|
668,761 |
|
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|
651,146 |
Total assets |
$ |
15,061,257 |
|
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$ |
14,908,420 |
Liabilities and Equity |
|
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Current liabilities |
|
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Accounts payable |
$ |
1,213,408 |
|
|
$ |
1,088,330 |
Income taxes payable |
|
6,070 |
|
|
|
5,524 |
Accrued expenses |
|
620,832 |
|
|
|
778,455 |
Current maturities of long-term debt |
|
815,642 |
|
|
|
459,987 |
Total current liabilities |
|
2,655,952 |
|
|
|
2,332,296 |
|
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Long-term debt |
|
2,212,802 |
|
|
|
2,611,069 |
|
|
|
|
|
|
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Deferred income taxes |
|
928,321 |
|
|
|
944,768 |
|
|
|
|
|
|
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Other liabilities |
|
143,968 |
|
|
|
180,760 |
Total liabilities |
|
5,941,043 |
|
|
|
6,068,893 |
|
|
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|
|
Commitments and contingencies |
|
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Redeemable noncontrolling interests |
|
171,212 |
|
|
|
171,212 |
|
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Equity |
|
|
|
|
|
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Common stock |
|
651 |
|
|
|
651 |
|
|
(6,489,369) |
|
|
|
(5,897,606) |
Additional paid-in capital |
|
1,207,771 |
|
|
|
1,217,610 |
Retained earnings |
|
14,413,148 |
|
|
|
13,545,590 |
Accumulated other comprehensive income (loss) |
|
(1,428) |
|
|
|
421 |
|
|
9,130,773 |
|
|
|
8,866,666 |
Noncontrolling interests |
|
(181,771) |
|
|
|
(198,351) |
Total equity |
|
8,949,002 |
|
|
|
8,668,315 |
Total liabilities and equity |
$ |
15,061,257 |
|
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$ |
14,908,420 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) ( in thousands ) |
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Three Months Ended |
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Six Months Ended |
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|
2024 |
|
2023 |
|
2024 |
|
2023 |
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Operating activities: |
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
431,690 |
|
$ |
816,177 |
|
$ |
1,019,190 |
|
$ |
1,460,510 |
|
|
|
|
|
|
|
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|
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Adjustments to reconcile net income to net cash provided by |
|
|
|
|
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|
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|
|
operating activities: |
|
|
|
|
|
|
|
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|
|
|
Depreciation and amortization |
|
117,053 |
|
|
110,970 |
|
|
232,305 |
|
|
218,664 |
Equity-based compensation |
|
13,013 |
|
|
11,678 |
|
|
28,625 |
|
|
27,756 |
Deferred income taxes |
|
4,577 |
|
|
43,380 |
|
|
(16,447) |
|
|
52,388 |
Other adjustments |
|
(6,403) |
|
|
1,541 |
|
|
12,302 |
|
|
(8,465) |
Changes in certain assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
(36,332) |
|
|
(16,971) |
|
|
(167,085) |
|
|
(87,893) |
Inventories |
|
(46,645) |
|
|
(55,158) |
|
|
(179,670) |
|
|
85,954 |
Other assets |
|
1,973 |
|
|
(4,923) |
|
|
(10,203) |
|
|
2,919 |
Accounts payable |
|
(27,251) |
|
|
(114,013) |
|
|
2,248 |
|
|
3,299 |
Income taxes receivable/payable |
|
(145,676) |
|
|
(85,486) |
|
|
19,988 |
|
|
103,761 |
Accrued expenses |
|
76,562 |
|
|
100,611 |
|
|
(203,475) |
|
|
(317,304) |
Net cash provided by operating activities |
|
382,561 |
|
|
807,806 |
|
|
737,778 |
|
|
1,541,589 |
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities: |
|
|
|
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment |
|
(419,166) |
|
|
(358,280) |
|
|
(793,476) |
|
|
(584,599) |
Purchases of short-term investments |
|
(63,180) |
|
|
(165,052) |
|
|
(269,053) |
|
|
(521,829) |
Proceeds from maturities of short-term investments |
|
298,314 |
|
|
267,969 |
|
|
571,308 |
|
|
539,076 |
Other investing activities |
|
(25,554) |
|
|
(217,905) |
|
|
(11,299) |
|
|
(215,562) |
Net cash used in investing activities |
|
(209,586) |
|
|
(473,268) |
|
|
(502,520) |
|
|
(782,914) |
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities: |
|
|
|
|
|
|
|
|
|
|
|
Issuance of current and long-term debt |
|
580,613 |
|
|
327,132 |
|
|
959,881 |
|
|
721,042 |
Repayment of current and long-term debt |
|
(590,053) |
|
|
(321,143) |
|
|
(1,003,992) |
|
|
(726,422) |
Dividends paid |
|
(72,624) |
|
|
(72,323) |
|
|
(140,632) |
|
|
(131,121) |
Purchase of treasury stock |
|
(309,064) |
|
|
(380,206) |
|
|
(607,123) |
|
|
(734,203) |
Other financing activities |
|
8,778 |
|
|
(17,579) |
|
|
(14,330) |
|
|
(41,028) |
Net cash used in financing activities |
|
(382,350) |
|
|
(464,119) |
|
|
(806,196) |
|
|
(911,732) |
|
|
|
|
|
|
|
|
|
|
|
|
Decrease in cash, cash equivalents, and restricted cash |
|
(209,375) |
|
|
(129,581) |
|
|
(570,938) |
|
|
(153,057) |
Cash, cash equivalents, and restricted cash at beginning of period |
|
1,044,901 |
|
|
1,610,443 |
|
|
1,406,464 |
|
|
1,633,919 |
Cash, cash equivalents, and restricted cash at end of period |
$ |
835,526 |
|
$ |
1,480,862 |
|
$ |
835,526 |
|
$ |
1,480,862 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure information: |
|
|
|
|
|
|
|
|
|
|
|
Cash paid for interest |
$ |
41,037 |
|
$ |
41,781 |
|
$ |
50,364 |
|
$ |
51,377 |
Cash paid for income taxes, net |
$ |
273,323 |
|
$ |
308,055 |
|
$ |
301,713 |
|
$ |
312,758 |
SUPPLEMENTAL INFORMATION (UNAUDITED) ( dollars in thousands ) |
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Second Quarter |
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Year to Date |
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|
2024 |
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|
2023 |
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|
2024 |
|
|
2023 |
|
|
1Q 2024 |
External |
|
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|
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|
|
Steel |
|
$ |
3,132,232 |
|
$ |
3,449,555 |
|
$ |
6,498,469 |
|
$ |
6,538,045 |
|
$ |
3,366,237 |
Steel Fabrication |
|
|
472,832 |
|
|
779,409 |
|
|
920,011 |
|
|
1,648,177 |
|
|
447,179 |
|
|
|
586,432 |
|
|
592,373 |
|
|
1,155,905 |
|
|
1,175,841 |
|
|
569,473 |
Other |
|
|
441,138 |
|
|
260,293 |
|
|
752,252 |
|
|
612,773 |
|
|
311,114 |
Consolidated |
|
$ |
4,632,634 |
|
$ |
5,081,630 |
|
$ |
9,326,637 |
|
$ |
9,974,836 |
|
$ |
4,694,003 |
Operating Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steel |
|
$ |
442,317 |
|
$ |
702,340 |
|
$ |
1,116,965 |
|
$ |
1,048,818 |
|
$ |
674,648 |
Steel Fabrication |
|
|
180,780 |
|
|
462,121 |
|
|
359,161 |
|
|
1,013,434 |
|
|
178,381 |
|
|
|
32,132 |
|
|
40,292 |
|
|
54,767 |
|
|
83,222 |
|
|
22,635 |
Aluminum |
|
|
(19,248) |
|
|
(3,411) |
|
|
(32,779) |
|
|
(5,833) |
|
|
(13,531) |
|
|
|
635,981 |
|
|
1,201,342 |
|
|
1,498,114 |
|
|
2,139,641 |
|
|
862,133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash amortization of intangible assets |
|
|
(7,645) |
|
|
(10,924) |
|
|
(15,309) |
|
|
(17,802) |
|
|
(7,664) |
Profit sharing expense |
|
|
(48,053) |
|
|
(90,990) |
|
|
(110,705) |
|
|
(160,565) |
|
|
(62,652) |
Non-segment operations |
|
|
(21,160) |
|
|
(35,693) |
|
|
(62,002) |
|
|
(62,179) |
|
|
(40,842) |
Consolidated Operating Income |
|
$ |
559,123 |
|
$ |
1,063,735 |
|
$ |
1,310,098 |
|
$ |
1,899,095 |
|
$ |
750,975 |
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
431,690 |
|
$ |
816,177 |
|
$ |
1,019,190 |
|
$ |
1,460,510 |
|
$ |
587,500 |
Income taxes |
|
|
133,422 |
|
|
258,139 |
|
|
311,703 |
|
|
461,595 |
|
|
178,281 |
Net interest expense (income) |
|
|
(7,867) |
|
|
(4,754) |
|
|
(22,194) |
|
|
(8,224) |
|
|
(14,327) |
Depreciation |
|
|
107,849 |
|
|
98,438 |
|
|
213,879 |
|
|
197,648 |
|
|
106,030 |
Amortization of intangible assets |
|
|
7,645 |
|
|
10,924 |
|
|
15,309 |
|
|
17,802 |
|
|
7,664 |
EBITDA |
|
|
672,739 |
|
|
1,178,924 |
|
|
1,537,887 |
|
|
2,129,331 |
|
|
865,148 |
Non-cash adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized (gains) losses on derivatives |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and currency remeasurement |
|
|
818 |
|
|
(18,433) |
|
|
(529) |
|
|
(26,575) |
|
|
(1,347) |
Equity-based compensation |
|
|
12,855 |
|
|
11,500 |
|
|
27,680 |
|
|
25,377 |
|
|
14,825 |
Adjusted EBITDA |
|
$ |
686,412 |
|
$ |
1,171,991 |
|
$ |
1,565,038 |
|
$ |
2,128,133 |
|
|
878,626 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Operating Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average external sales price (Per ton) |
|
$ |
1,138 |
|
$ |
1,251 |
|
$ |
1,169 |
|
$ |
1,162 |
|
$ |
1,201 |
Average ferrous cost (Per ton melted) |
|
$ |
388 |
|
$ |
444 |
|
$ |
403 |
|
$ |
428 |
|
$ |
417 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Flat Roll shipments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,943,583 |
|
|
1,903,949 |
|
|
3,936,888 |
|
|
3,833,741 |
|
|
1,993,305 |
Steel Processing divisions * |
|
|
429,279 |
|
|
420,480 |
|
|
847,826 |
|
|
856,082 |
|
|
418,547 |
Long Product shipments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Structural and Rail Division |
|
|
425,295 |
|
|
478,985 |
|
|
866,216 |
|
|
974,536 |
|
|
440,921 |
Engineered Bar Products Division |
|
|
195,766 |
|
|
216,163 |
|
|
387,139 |
|
|
447,886 |
|
|
191,373 |
|
|
|
130,109 |
|
|
148,313 |
|
|
255,029 |
|
|
305,337 |
|
|
124,920 |
|
|
|
79,168 |
|
|
97,276 |
|
|
165,696 |
|
|
192,732 |
|
|
86,528 |
Total Shipments (Tons) |
|
|
3,203,200 |
|
|
3,265,166 |
|
|
6,458,794 |
|
|
6,610,314 |
|
|
3,255,594 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
External Shipments (Tons) |
|
|
2,753,117 |
|
|
2,756,922 |
|
|
5,556,686 |
|
|
5,626,243 |
|
|
2,803,569 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steel Mill Production (Tons) |
|
|
2,802,086 |
|
|
2,898,629 |
|
|
5,794,104 |
|
|
5,837,661 |
|
|
2,992,018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonferrous shipments (000's of pounds) |
|
|
304,017 |
|
|
279,763 |
|
|
593,453 |
|
|
565,600 |
|
|
289,436 |
Ferrous shipments (Gross tons) |
|
|
1,507,229 |
|
|
1,520,164 |
|
|
2,960,848 |
|
|
2,972,985 |
|
|
1,453,619 |
External ferrous shipments (Gross tons) |
|
|
591,120 |
|
|
577,979 |
|
|
1,128,093 |
|
|
1,145,382 |
|
|
536,973 |
Steel Fabrication |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average sales price (Per ton) |
|
$ |
2,978 |
|
$ |
4,384 |
|
$ |
3,055 |
|
$ |
4,698 |
|
$ |
3,141 |
Shipments (Tons) |
|
|
159,069 |
|
|
177,819 |
|
|
302,911 |
|
|
350,840 |
|
|
143,842 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective the fourth quarter 2023, we added a new reporting segment, Aluminum Operations. All prior periods presented have been recast to reflect those changes. |
|||||||||||||||
* Includes Heartland, The Techs and United Steel Supply operations |
|
|
View original content to download multimedia:https://www.prnewswire.com/news-releases/steel-dynamics-reports-second-quarter-2024-results-302199717.html
SOURCE