Stock Quote

Steel Dynamics Reports Fourth Quarter and Annual 2020 Results

FORT WAYNE, Ind., Jan. 25, 2021 /PRNewswire/ --

Annual 2020 Performance Highlights:

  • Near-record steel shipments of 10.7 million tons and record steel fabrication shipments of 666,000 tons
  • Net sales of $9.6 billion
  • Operating income of $847 million and net income of $551 million, representing the company's fourth best year
  • Cash flow from operations of $987 million and adjusted EBITDA of $1.2 billion  

Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced fourth quarter and annual 2020 financial results. The company reported fourth quarter 2020 net sales of $2.6 billion and net income of $188 million, or $0.89 per diluted share. Excluding the impact from the following items, the company's fourth quarter adjusted net income was $205 million, or $0.97 per diluted share:

  • Additional financing costs of $11 million, or $0.04 per diluted share, related to the company's October 2020 refinancing activities,
  • Costs of approximately $14 million, or $0.05 per diluted share (net of capitalized interest), associated with construction of the company's Sinton Texas Flat Roll Steel Mill growth investment,
  • Non-cash asset impairment charges of $17 million (net of non-controlling interest), or $0.06 per diluted share related to certain noncore oil and gas investments, and
  • A tax benefit of $13 million (net of non-controlling interest), or $0.06 per diluted share, related to the reduction of a valuation allowance.

Comparatively, the company's sequential third quarter 2020 earnings were $0.47 per diluted share, and adjusted earnings were $0.51 per diluted share, excluding the impact of construction costs related to the Texas steel mill of $0.04 per diluted share. Prior year fourth quarter earnings were $0.56 per diluted share, and adjusted earnings were $0.62 per diluted share, excluding refinancing costs of $0.01 per diluted share and lower earnings of approximately $0.05 per diluted share associated with planned maintenance outages at the company's two flat roll steel mills.

"The team delivered a tremendous operational and financial performance during 2020 within an unprecedented health and economic crisis, achieving strong net sales of $9.6 billion, operating income of $847 million, and adjusted EBITDA of $1.2 billion," said Mark D. Millett, President and Chief Executive Officer. "Numerous individual operating and financial records were also attained during the year — an amazing achievement during a period in which many steel consuming businesses were temporarily idled or severely impacted by the social and economic effects of the coronavirus pandemic. Their performance is truly a testament to the passion and commitment of our teams. Our operating, commercial, and financial groups achieved best-in-class performance, while keeping each other healthy and safe. I am humbled and proud to work alongside each of them. Based on their performance, we achieved cash flow from operations of $987 million in 2020, and ended the year with historically strong liquidity of over $2.5 billion, while at the same time meaningfully growing our business through significant organic and transactional growth investments, maintaining a positive cash dividend profile, and executing on our share repurchase program. We have a firm foundation for our continued long-term, strategic growth, and ongoing value creation.

"2020 was a period of shifting steel and raw material supply and demand dynamics," continued Millett. "While domestic steel demand and raw material supply were robust early in the year, the pandemic significantly reduced steel consumption and scrap generation during the second quarter 2020, as the automotive sector and its supply chain temporarily closed. As a result, a significant amount of higher-cost domestic steel production was idled. As many U.S. states lifted shelter-in-place restrictions and the broader manufacturing base restarted operations mid-year, steel demand quickly recovered.  As demand improved in the second half of 2020, some domestic steel production remained idled.  When coupled with extremely low steel inventory levels throughout the supply chain, flat roll steel index prices increased over $500 per ton from August through the end of the year.

"Despite the challenges of 2020, as a result of our market share gains and the symbiotic relationships between our three operating platforms, we achieved strong companywide performance," stated Millett. "Operating income from our steel operations was $906 million in 2020, compared to $1.0 billion in 2019. We were able to achieve annual steel shipments that were only one percent below our record high attained in 2019. Operating income from our metals recycling platform increased to $45 million in 2020, compared to $28 million in 2019. Finally, our steel fabrication operations achieved record operating income of $121 million and record shipments, as the construction market remained strong throughout the year," stated Millett.

Fourth Quarter 2020 Comments

Fourth quarter 2020 operating income for the company's steel operations was $298 million, more than double sequential third quarter results, based on significant flat roll steel metal spread expansion, as strong demand and tight supply dynamics propelled selling values. The fourth quarter 2020 average external product selling price for the company's total steel operations increased $80 sequentially to $814 per ton. The average ferrous scrap cost per ton melted at the company's steel mills only increased $20 sequentially to $279 per ton. 

As domestic steel production continued to rise during the quarter, demand for recycled ferrous scrap and scrap selling values also increased.  As a result, fourth quarter operating income from the company's metals recycling operations increased 75 percent to $27 million, compared to sequential third quarter. 

The company's steel fabrication operations reported operating income of $25 million in the fourth quarter 2020, compared to the record high $39 million in the sequential third quarter. Earnings declined due to seasonally lower shipments and metal spread compression, as product pricing declined, while steel input costs increased. The steel fabrication platform's order backlog remains strong, and customers remain optimistic concerning construction activity.

In October, the company executed its third investment grade notes offering, issuing $350 million of 1.650% notes due 2027 and $400 million of 3.250% notes due 2050. These proceeds were used to repay $350 million of the company's 4.125% senior notes due 2025, and for other general corporate purposes. Since becoming investment grade rated in October 2019, the company's refinancing activities have reduced its effective interest rate from 5.4% to 3.5%.

Annual 2020 Comparison

Annual 2020 net income was $551 million, or $2.59 per diluted share, with net sales of $9.6 billion, as compared to 2019 net income of $671 million, or $3.04 per diluted share, with net sales of $10.5 billon. Excluding the impact from the following items, the company's 2020 adjusted net income was $603 million, or $2.84 per diluted share:

  • Additional financing costs of $36 million, or $0.12 per diluted share, related to the company's 2020 refinancing activities,
  • Costs of approximately $40 million, or $0.13 per diluted share (net of capitalized interest), associated with construction of the company's Sinton Texas Flat Roll Steel Mill growth investment,
  • Non-cash asset impairment charges of $17 million (net of non-controlling interest), or $0.06 per diluted share, related to certain noncore oil and gas investments, and
  • A tax benefit of $13 million (net of non-controlling interest), or $0.06 per diluted share, related to the reduction of a valuation allowance.

Annual 2020 net sales declined eight percent and operating income declined 14 percent to $847 million, when compared to 2019. Lower earnings were primarily the result of steel metal spread compression, as lower steel prices in the first half of 2020 caused overall average annual steel selling values to decline more than average ferrous scrap costs. Compared to 2019, the average 2020 external product selling price for the company's steel operations decreased $67 to $770 per ton. The average 2020 ferrous scrap cost per ton melted at the company's steel mills decreased $25 to $268 per ton. Based on the company's differentiated business model and highly variable cost structure, the company generated strong cash flow from operations of $987 million during 2020 and invested $1.2 billion in capital investments, most of which are growth oriented.  The new Sinton Texas steel mill growth project alone represented $928 million.  During 2020, the company also paid cash dividends of $209 million and repurchased $107 million of its outstanding common stock, while maintaining strong liquidity of over $2.5 billion as of December 31, 2020.  

Outlook   

"We entered 2020 in a position of strength with ample cash and available liquidity, and we remain in a position of strength as we head into 2021," stated Millett. "No one could have predicted the advent of the pandemic and its global social and economic impact. Our team's health and safety remain at the forefront of everything we do — each decision we make. I thank and applaud them for their support of our company, our customers, and our communities.  Our differentiated business model and performance-driven culture allows us to generate strong cash flows during the most challenging environments, as evidenced in 2020. This model supported the continued construction of our new state-of-the art, electric-arc-furnace (EAF) flat roll steel mill during the year. We are excited about this transformational strategic project, and the associated long-term value creation it will bring through geographic and value-added product diversification. This facility is designed to have product size and quality capabilities beyond that of existing EAF flat roll steel producers, competing even more effectively with the integrated steel model and foreign competition, as well as providing a much more environmentally friendly steel production alternative for our customers. Construction is going well and remains within our expected project cost of $1.9 billion, with plans still in place to commence operations mid-year 2021.

"We have targeted specific regional steel consuming markets. Our facility is located and designed to have a meaningful competitive advantage in these regions and in the displacement of imports. We have signed long-term agreements with several customers to co-locate on our site, and we are still in discussions with others. We plan to have over 1 million tons of annual steel consuming and processing capability from on-site customers. In August, we also completed the acquisition of Zimmer, a Mexican metals recycling company, which is an important part of our raw material procurement strategy in the southwest and Mexico.

"While the domestic economy is still recovering from the shock of COVID-19, we are seeing a strong steel demand environment," continued Millett. "The automotive sector has experienced the strongest recovery, and the construction sector remains resilient. Customers are positive concerning the business outlook for 2021. We are seeing pent up demand, as steel service center and end-user inventories are still extremely low compared to historical norms. We also believe U.S. trade agreements and existing steel trade cases will continue to moderate steel imports. Based on strong domestic steel fundamentals, we are optimistic regarding the North American steel market dynamics and believe steel consumption will experience growth this year. We expect to see continued steel price strength and strong customer demand in 2021.

"Our commitment is to the health and safety of our teams, families, communities and to meet the needs of our customers. Our culture and our business model continue to positively differentiate our performance from the rest of the industry, and we are in a place of strength. We are competitively positioned and focused to deliver long-term value creation for all of our stakeholders," concluded Millett.       

Conference Call and Webcast

Steel Dynamics, Inc. will hold a conference call to discuss fourth quarter and annual 2020 operating and financial results on Tuesday, January 26, 2021, at 8:30 a.m. Eastern Time. You may access the call and find dial-in information on the Investors section of the company's website at www.steeldynamics.com. A replay of the call will be available on our website until 11:59 p.m. Eastern Time on January 31, 2021.

About Steel Dynamics, Inc.

Steel Dynamics is one of the largest domestic steel producers and metals recyclers in the United States based on estimated annual steelmaking and metals recycling capability, with facilities located throughout the United States, and in Mexico. Steel Dynamics produces steel products, including hot roll, cold roll, and coated sheet steel, structural steel beams and shapes, rail, engineered special-bar-quality steel, cold finished steel, merchant bar products, specialty steel sections and steel joists and deck. In addition, the company produces liquid pig iron and processes and sells ferrous and nonferrous scrap.

Note Regarding Non-GAAP Financial Measures

The company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). Management believes that Adjusted Net Income, Adjusted Diluted Earnings Per Share, EBITDA and Adjusted EBITDA, non-GAAP financial measures, provide additional meaningful information regarding the company's performance and financial strength. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the company's reported results prepared in accordance with GAAP. In addition, because not all companies use identical calculations, Adjusted Net Income, Adjusted Diluted Earnings Per Share, EBITDA and Adjusted EBITDA included in this release may not be comparable to similarly titled measures of other companies.

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 and recycled metals market places, Steel Dynamics' revenues, costs of purchased materials, future profitability and earnings, and the operation of new, existing or planned facilities. These statements, which we generally precede or accompany by such typical conditional words as "anticipate", "intend", "believe", "estimate", "plan", "seek", "project", or "expect", or by the words "may", "will", or "should", are intended to be made as "forward-looking," subject to many risks and uncertainties, within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. These statements speak only as of this date and are based upon information and assumptions, which we consider reasonable as of this date, concerning our businesses and the environments in which they operate. Such predictive statements are not a guarantee of future performance, and we undertake no duty to update or revise any such statements. Some factors that could cause such forward-looking statements to turn out differently than anticipated include: (1) the effects of uncertain economic conditions; (2) the effects of pandemics or other health issues, such as the novel coronavirus outbreak (COVID-19); (3) cyclical and changing industrial demand; (4) changes in conditions in any of the steel or scrap-consuming sectors of the economy which affect demand for our products, including the strength of the non-residential and residential construction, automotive, manufacturing, appliance, energy, and other steel-consuming industries; (5) fluctuations in the cost of key raw materials and supplies (including steel scrap, iron units, zinc, graphite electrodes, and energy costs) and our ability to pass on any cost increases; (6) the impact of domestic and foreign imports, including trade policy, restrictions, or agreements; (7) unanticipated difficulties in integrating or starting up new, acquired or planned businesses or assets; (8) risks and uncertainties involving product and/or technology development; and (9) occurrences of unexpected plant outages or equipment failures.

More specifically, we refer you to Steel Dynamics' 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 from time to time file with the Securities and Exchange Commission. These are available publicly on the Securities and Exchange Commission website, www.sec.gov, and on the Steel Dynamics website, www.steeldynamics.com under "Investors — SEC Filings".

Steel Dynamics, Inc.

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(in thousands, except per share data)



















Three Months Ended


Year Ended


Three Months



December 31,


December 31,


Ended



2020


2019


2020


2019


Sept. 30, 2020

















Net sales


$

2,601,245


$

2,350,196


$

9,601,482


$

10,464,991


$

2,330,832

Costs of goods sold



2,158,992



2,033,787



8,166,754



8,934,007



2,038,017

      Gross profit



442,253



316,409



1,434,728



1,530,984



292,815

















Selling, general and administrative expenses



137,018



111,968



477,450



436,498



118,235

Profit sharing



19,404



13,633



61,728



78,029



11,778

Amortization of intangible assets



7,672



8,847



28,999



29,577



6,946

Asset impairment charges



19,409



-



19,409



-



-

      Operating income



258,750



181,961



847,142



986,880



155,856

















Interest expense, net of capitalized interest



20,206



32,322



94,877



127,104



18,950

Other expense (income), net



17,727



(424)



46,787



(15,561)



3,546

      Income before income taxes



220,817



150,063



705,478



875,337



133,360

















Income tax expense



23,867



26,344



134,650



197,437



29,083

      Net income



196,950



123,719



570,828



677,900



104,277

Net income attributable to noncontrolling interests



(9,107)



(2,294)



(20,006)



(6,797)



(4,134)

      Net income attributable to Steel Dynamics, Inc.


$

187,843


$

121,425


$

550,822


$

671,103


$

100,143

































Basic earnings per share attributable to
















   Steel Dynamics, Inc. stockholders


$

0.89


$

0.56


$

2.61


$

3.06


$

0.48

















Weighted average common shares outstanding



210,599



215,119



211,140



219,639



210,366

















Diluted earnings per share attributable to
















   Steel Dynamics, Inc. stockholders, including the
















   effect of assumed conversions when dilutive


$

0.89


$

0.56


$

2.59


$

3.04


$

0.47

















Weighted average common shares
















   and share equivalents outstanding



212,052



216,402



212,345



220,748



211,926

































Dividends declared per share


$

0.25


$

0.24


$

1.00


$

0.96


$

0.25

 

Steel Dynamics, Inc.

CONSOLIDATED BALANCE SHEETS

(in thousands)









December 31,



December 31,

Assets

2020



2019


(unaudited)





Current assets







   Cash and equivalents

$

1,368,618



$

1,381,460

   Short-term investments


-




262,174

   Accounts receivable, net


971,918




844,336

   Inventories


1,843,548




1,689,043

   Other current assets


74,363




76,012

      Total current assets


4,258,447




4,253,025








Property, plant and equipment, net


4,105,569




3,135,886








Intangible assets, net


324,577




327,901








Goodwill


457,226




452,915








Other assets


119,743




106,038

      Total assets

$

9,265,562



$

8,275,765

Liabilities and Equity







Current liabilities







   Accounts payable

$

769,455



$

513,344

   Income taxes payable


2,386




2,014

   Accrued expenses


400,052




401,984

   Current maturities of long-term debt


86,894




89,356

      Total current liabilities


1,258,787




1,006,698








Long-term debt


3,015,782




2,644,988








Deferred income taxes


536,288




484,169








Other liabilities


106,479




75,055

      Total liabilities


4,917,336




4,210,910








Commitments and contingencies














Redeemable noncontrolling interests


158,614




143,614








Equity







   Common stock


648




646

   Treasury stock, at cost


(1,623,747)




(1,525,113)

   Additional paid-in capital


1,207,392




1,181,012

   Retained earnings


4,758,969




4,419,296

   Accumulated other comprehensive income (loss)


1,902




(7)

      Total Steel Dynamics, Inc. equity


4,345,164




4,075,834

   Noncontrolling interests


(155,552)




(154,593)

      Total equity


4,189,612




3,921,241

      Total liabilities and equity

$

9,265,562



$

8,275,765

 

Steel Dynamics, Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands)














Three Months Ended


Year Ended


December 31,


December 31,


2020


2019


2020


2019













Operating activities:












   Net income

$

196,950


$

123,719


$

570,828


$

677,900













   Adjustments to reconcile net income to net cash provided by












      operating activities:












      Depreciation and amortization


85,057



80,527



325,789



321,082

      Impairment charges


19,409



-



19,409



-

      Equity-based compensation


18,748



14,402



55,598



47,631

      Deferred income taxes


16,859



16,769



47,808



51,721

      Other adjustments


9,273



2,365



30,974



1,413

      Changes in certain assets and liabilities:












         Accounts receivable


(53,929)



142,610



(111,920)



237,805

         Inventories


(234,386)



77,977



(150,596)



217,866

         Other assets


(7,249)



6,103



(1,547)



13,735

         Accounts payable


60,745



(32,278)



182,509



(86,445)

         Income taxes receivable/payable


(700)



(31,810)



32,551



(12,095)

         Accrued expenses


27,174



8,678



(14,371)



(74,323)

      Net cash provided by operating activities


137,951



409,062



987,032



1,396,290













Investing activities:












   Purchases of property, plant and equipment


(343,157)



(158,258)



(1,198,055)



(451,945)

   Purchases of short-term investments


-



(262,133)



(149,359)



(396,159)

   Proceeds from maturities of short-term investments


-



69,489



411,533



362,768

   Acquisition of business, net of cash and restricted cash acquired


(1,000)



-



(60,012)



(97,106)

   Other investing activities


933



1,733



2,634



5,756

      Net cash used in investing activities


(343,224)



(349,169)



(993,259)



(576,686)













Financing activities:












   Issuance of current and long-term debt


911,507



1,199,276



2,523,356



1,573,962

   Repayment of current and long-term debt


(532,045)



(895,018)



(2,177,527)



(1,264,152)

   Dividends paid


(52,591)



(51,778)



(209,248)



(200,271)

   Purchase of treasury stock


-



(56,214)



(106,529)



(348,608)

   Other financing activities


(20,598)



(20,302)



(37,100)



(27,561)

      Net cash provided by (used in) financing activities


306,273



175,964



(7,048)



(266,630)













Increase (decrease) in cash, cash equivalents, and restricted cash


101,000



235,857



(13,275)



552,974

Cash, cash equivalents, and restricted cash at beginning of period


1,273,122



1,151,540



1,387,397



834,423

Cash, cash equivalents, and restricted cash at end of period

$

1,374,122


$

1,387,397


$

1,374,122


$

1,387,397

























Supplemental disclosure information:












   Cash paid for interest

$

34,541


$

62,848


$

111,591


$

134,550

   Cash paid for income taxes, net

$

4,569


$

39,376


$

50,417


$

155,525

 

Steel Dynamics, Inc.

SUPPLEMENTAL INFORMATION

(dollars in thousands)



























Fourth Quarter



Year Ended














2020



2019



2020



2019



1Q 2020



2Q 2020



3Q 2020

External Net Sales























   Steel



$

1,870,841


$

1,751,104


$

7,137,104


$

7,904,551


$

1,941,706


$

1,628,027


$

1,696,530

   Steel Fabrication




217,977



246,171



895,701



962,154



220,936



215,250



241,538

   Metals Recycling




347,022



242,862



1,067,924



1,198,007



291,856



156,583



272,463

   Other




165,405



110,059



500,753



400,279



120,602



94,445



120,301

                                       Consolidated Net Sales



$

2,601,245


$

2,350,196


$

9,601,482


$

10,464,991


$

2,575,100


$

2,094,305


$

2,330,832

Operating Income























   Steel



$

297,682


$

201,266


$

906,396


$

1,048,059


$

292,746


$

172,395


$

143,573

   Steel Fabrication




25,067



32,573



120,739



119,263



29,204



27,196



39,272

   Metals Recycling




27,035



(5,251)



44,910



28,215



8,326



(5,918)



15,467





349,784



228,588



1,072,045



1,195,537



330,276



193,673



198,312
























   Non-cash amortization of intangible assets




(7,672)



(8,847)



(28,999)



(29,577)



(7,191)



(7,190)



(6,946)

   Profit sharing expense




(19,404)



(13,633)



(61,728)



(78,029)



(21,454)



(9,092)



(11,778)

   Non-segment operations




(44,549)



(24,147)



(114,767)



(101,051)



(27,945)



(18,541)



(23,732)

      Non-cash asset impairment charges




(19,409)



-



(19,409)



-



-



-



-

                         Consolidated Operating Income



$

258,750


$

181,961


$

847,142


$

986,880


$

273,686


$

158,850


$

155,856

Adjusted EBITDA























      Net income



$

196,950


$

123,719


$

570,828


$

677,900


$

190,836


$

78,765


$

104,277

      Income taxes




23,867



26,344



134,650



197,437



57,420



24,280



29,083

      Net interest expense




19,853



25,355



85,893



99,077



21,790



25,849



18,401

      Depreciation




75,787



70,314



291,000



286,201



71,733



70,116



73,364

      Amortization of intangible assets




7,672



8,847



28,999



29,577



7,191



7,190



6,946

      Noncontrolling interest (d)




(2,352)



(2,294)



(13,251)



(6,797)



(3,496)



(3,270)



(4,133)

                                                             EBITDA




321,777



252,285



1,098,119



1,283,395



345,474



202,930



227,938

      Non-cash adjustments























         Unrealized (gains) losses




2,629



589



2,074



2,309



(1,262)



(208)



915

         Inventory valuation



1,078



352



2,242



1,222



859



258



47

         Equity-based compensation




18,746



14,400



48,564



42,941



10,812



9,519



9,487

         Asset impairment charges




19,409



-



19,409



-



-



-



-

         Refinancing charges




3,059



2,780



7,966



2,780



-



4,907



-

                                             Adjusted EBITDA



$

366,698


$

270,406


$

1,178,374


$

1,332,647


$

355,883


$

217,406


$

238,387

Other Operating Information























   Steel























      Average external sales price (Per ton) (a)



$

814


$

763


$

770


$

837


$

774


$

755


$

734

      Average ferrous cost (Per ton melted) (b)



$

279


$

243


$

268


$

293


$

267


$

266


$

259
























      Flat Roll shipments























         Butler and Columbus Flat Roll divisions




1,447,125



1,512,003



5,889,735



6,140,547



1,584,264



1,358,473



1,499,873

         Steel Processing divisions (c)




413,756



404,388



1,699,428



1,585,657



405,981



418,837



460,854

      Long Product shipments























         Structural and Rail Division




435,364



374,774



1,663,915



1,469,356



434,882



400,150



393,519

         Engineered Bar Products Division




164,735



153,692



630,870



732,774



189,801



137,386



138,948

         Roanoke Bar Division




126,163



125,125



505,387



529,480



140,222



125,104



113,898

         Steel of West Virginia




83,303



80,981



328,998



358,827



92,032



78,069



75,594

                                      Total Shipments (Tons)




2,670,446



2,650,963



10,718,333



10,816,641



2,847,182



2,518,019



2,682,686
























                            External Shipments (Tons) (a)




2,299,310



2,305,633



9,257,334



9,402,608



2,495,164



2,152,856



2,310,004
























                              Steel Mill Production (Tons)




2,273,273



2,285,077



9,260,807



9,466,955



2,535,233



2,132,167



2,320,134

   Metals Recycling























      Nonferrous shipments (000's of pounds)




271,552



252,861



977,882



1,068,208



272,078



166,914



267,338

      Ferrous shipments (Gross tons)




1,341,316



1,096,211



4,591,881



4,627,214



1,192,144



802,070



1,256,351

            External ferrous shipments (Gross tons)



446,233



361,504



1,407,430



1,565,957



393,651



197,970



369,576

   Steel Fabrication























      Average sales price (Per ton)



$

1,351


$

1,419


$

1,362


$

1,495


$

1,356


$

1,364


$

1,375

      Shipments (Tons)




162,825



173,635



665,679



644,411



163,312



160,168



179,375
























(a)   Represents all steel operations




(b)   Represents ferrous cost per ton melted at our six electric arc furnace steel mills




(c)   Includes Heartland, The Techs, and United Steel Supply locations




(d)   Year and quarter ended December 31, 2020, net of income tax effect of $6,755




 

Cision View original content:http://www.prnewswire.com/news-releases/steel-dynamics-reports-fourth-quarter-and-annual-2020-results-301214325.html

SOURCE Steel Dynamics, Inc.

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