Steel Dynamics Reports Fourth Quarter 2012 Diluted Earnings Per Share of $0.27

Steel Dynamics Reports Fourth Quarter 2012 Diluted Earnings Per Share of $0.27

PR Newswire

FORT WAYNE, Ind., Jan. 28, 2013

FORT WAYNE, Ind., Jan. 28, 2013 /PRNewswire/ -- Steel Dynamics, Inc.
(NASDAQ/GS: STLD) today announced fourth quarter 2012 net income of $61
million, or $0.27 per diluted share, on net sales of $1.7 billion. By
comparison, prior year fourth quarter net income was $30 million, or $0.14 per
diluted share, on net sales of $1.9 billion, and sequential third quarter 2012
net income was $13 million, or $0.06 per diluted share, on net sales of $1.7
billion. Full-year 2012 net income was $164 million, or $0.73 per diluted
share, on net sales of $7.3 billion, compared to prior year net income of $278
million, or $1.22 per diluted share, on net sales of $8.0 billion.

Fourth quarter 2012 results included certain positive tax adjustments of $16
million, or $0.07 per diluted share, which was slightly higher than the
company's previous estimate for the adjustments of $0.06 per diluted share.
Excluding these adjustments the company's fourth quarter effective tax rate
was 39.5 percent.

"Similar to the rest of 2012, the fourth quarter was challenging on a number
of fronts," said President and Chief Executive Officer, Mark Millett, "but the
team did a great job. We are pleased our fourth quarter financial performance
was stronger than originally anticipated. On a sequential quarterly basis our
operating income increased 31 percent to $95 million, primarily driven by
improvements in our metals recycling and sheet steel operations.

"In our December guidance, we suggested that metals recycling was expected to
deliver a stronger financial performance in the fourth quarter, and the team's
execution was even better than anticipated," stated Millett. "Sequential
quarterly operating income increased 56 percent to $26 million, as meaningful
improvements in both ferrous and nonferrous metal spreads more than offset
decreased volumes. Increased copper margins provided the most notable
improvement, as global copper prices increased based in part on improved
demand from China. We also took advantage of a strong December ferrous market
environment, increasing our expected shipments, as it appeared the typical
market strength of January was being challenged.

"Our steel operations also showed improvement with an increase in operating
income of seven percent to $117 million, as improvements in sheet steel
volumes more than offset weaker long product shipments and lower overall steel
metal spreads. Automotive and manufacturing provided improved sheet demand,
while nonresidential construction remained weak. Despite the challenging
construction market, we are also pleased that our fabrication business
reported its third consecutive profitable quarter, as the changes the team
implemented earlier in the year have continued to provide greater efficiencies
and improved productivity.

"The company's solid performance in a difficult market environment is driven
by our ongoing commitment to provide exceptional value to our customers, while
taking advantage of our innovative, low-cost operating culture. We remain
committed to leveraging the full complement of our competitive strengths to
sustain and grow shareholder value," Millett concluded.

Fourth Quarter Review

Fourth quarter shipments were mixed across the company's operating segments
when compared to the prior-year fourth quarter and the third quarter of 2012.
However, with the exception of fabrication, pretax earnings improved for each
business platform. The company's operating income increased 15 percent over
prior-year performance and 31 percent in comparison to the third quarter of
2012. The increase in sequential quarterly operating income was primarily the
result of increased volume coupled with reduced costs in sheet operations, and
increased nonferrous margins coupled with reduced direct costs in metals
recycling.

The company's steel mill capacity utilization improved to 80 percent in the
fourth quarter from 78 percent in the third quarter, while shipments increased
four percent. Improved overall volume and product mix more than offset
decreased steel margins, resulting in increased operating income of $8 million
in the quarter. The average selling price per ton shipped decreased $25 to
$784 in the fourth quarter, and the average ferrous scrap cost per ton melted
decreased $9 per ton. Operating income attributable to the company's sheet
operations increased 15 percent when compared to the sequential quarter, while
earnings from long product operations decreased three percent.

Despite lower volumes, profitability from the company's metals recycling
operations improved as ferrous metal spreads expanded ten percent and
nonferrous metal spreads improved 24 percent when compared to the third
quarter of 2012.

The impact of losses from the company's Minnesota operations on fourth quarter
2012 consolidated net income was approximately $10 million, or $0.04 per
diluted share. This compares to losses of $11 million, or approximately $0.05
per diluted share in the third quarter of 2012. As previously indicated, a
six week outage of the nugget facility began in mid-September 2012 to complete
the groundwork necessary for the implementation of improvements expected to be
made in the first half of 2013. These modifications are expected to improve
both volume and product quality. As planned, operations resumed in November,
and the restart has gone well with significant improvements to product quality
already achieved.

Operations began at the company's iron concentrate facility in September 2012
and production has gone well. As the primary raw material for the company's
iron nugget facility, this is a pivotal achievement in lowering the raw
material input cost of iron nuggets, as the cost of internally-sourced iron
concentrate is less than $50 per metric ton compared to current market priced
iron concentrate in excess of $140 per metric ton. If pig iron prices remain
steady, losses associated with the Minnesota operations for the first quarter
of 2013 are anticipated to be similar to those recorded in the fourth quarter,
as the plant depletes existing higher priced third-party iron concentrate in
inventory.

The company's liquidity position remains strong with $1.5 billion in
unrestricted cash, short term commercial paper, and available funding under
the revolving credit facility at December 31, 2012. Total debt decreased $178
million during 2012, and the company's debt to equity capitalization rate
improved from 50 percent at the end of 2011 to 47 percent at December 31,
2012.

Full-Year Review

The company's 2012 net sales decreased nine percent when compared to 2011,
while operating income decreased 33 percent. Decreased operating income was
primarily driven by reduced operating margins in the company's sheet
operations during the first half of 2012, as compared to the record metal
spreads achieved in the first half of 2011. The average annual selling price
per ton shipped for the company's steel operations in 2012 was $831, a
decrease of $66 per ton compared to 2011. The 2012 average scrap cost per ton
melted decreased $32. Operating income from the company's metals recycling
operations also decreased 23 percent during 2012, as both volumes and metal
margins compressed.

Charges associated with the company's 2012 refinancing initiatives resulted in
decreased pretax earnings of approximately $38 million, or approximately $0.10
per diluted share. These initiatives significantly reduced the company's cost
of debt, while extending the company's long term debt maturity profile.

Outlook

"We remain optimistic that the organic growth projects we identified in 2012
will position us to continue to build a strong enterprise," Millett said. "We
believe there is potential for certain market sectors, such as automotive and
manufacturing, to build momentum in 2013. Recent housing start data suggests
potential improvements in residential construction, and there are areas across
the U.S. indicating signs of strengthening in the nonresidential construction
sector, although levels remain historically low. We look forward to executing
our strategic growth plans. Demand for high-quality steel products has not
abated, and we believe our current capital projects will deliver products that
exceed customers' expectations. We remain confident that with our exceptional
team, coupled with our superior, low-cost operating culture, we are uniquely
prepared to capitalize on the opportunities ahead."

Summary Fourth Quarter and Full-Year 2012 Operating Segment Information

The following tables highlight operating results for each of the company's
primary operating platforms. References to operating income in the following
paragraphs exclude profit-sharing expenses and amortization pertaining to
intangible assets. Dollar amounts are in thousands, excluding per ton data.

Steel Operations

This segment includes five electric-arc-furnace steel mills and related steel
finishing and processing facilities, including The Techs. The company's steel
operations produce flat-rolled steel, structural steel, merchant bars,
special-bar-quality steel, rebar, rail, and specialty shapes.

                    Fourth Quarter          Full Year               Sequential
                    2012        2011        2012        2011        3Q 2012
Total Sales         $1,126,438  $1,236,330  $4,782,240  $5,162,806  $1,120,571
External Sales      1,061,419   1,168,868   4,506,788   4,859,217   1,051,349
Operating Income    117,097     117,434     505,080     668,341     109,215
Total Shipments     1,457,053   1,465,962   5,832,776   5,842,694   1,405,021
(tons)
Average External
Sales Price Per     $784        $853        $831        $897        $809
Ton
Average Ferrous     $343        $407        $378        $410        $352
Scrap Cost Per Ton

Metals Recycling and Ferrous Resources Operations

This segment principally includes the company's metals recycling operations
(OmniSource Corporation), a liquid pig iron production facility (Iron
Dynamics), and the company's Minnesota operations.

Metals Recycling
& Ferrous          Fourth Quarter          Full Year                Sequential
Resources
                   2012        2011        2012         2011        3Q 2012
Total Sales        $ 798,163  $ 908,436  $ 3,658,952  $4,157,525  $ 821,357
External Sales     530,258     593,181     2,342,598    2,769,063   522,231
Operating Income   507         (6,508)     (11,690)     54,723      (9,461)
(Loss)
Metals Recycling   Fourth Quarter          Full Year                Sequential
                   2012        2011        2012         2011        3Q 2012
Total Sales        $ 741,342  $ 856,481  $3,441,348   $3,940,693  $ 766,102
External Sales     520,931     592,951     2,329,096    2,768,833   519,101
Operating Income   25,818      15,715      72,473       94,543      16,566
Unrealized
Hedging Gains      9,820       (2,659)     3,588        3,768       (9,315)
(Losses)
Ferrous Shipments  1,238,143   1,314,588   5,647,058    5,879,729   1,339,853
(gross tons)
% Shipments to     46%         44%         46%          43%         43%
Co. Steel Mills
Nonferrous
Shipments (pounds  251,080     255,137     1,051,333    1,066,648   249,685
000's)

Steel Fabrication Operations

Steel fabrication operations include New Millennium Building Systems, which
fabricates steel joists, trusses, and decking used in the construction of
non-residential buildings.

                     Fourth Quarter         Full Year               Sequential
                     2012       2011        2012        2011        3Q 2012
Total Sales          $ 98,301  $  78,684  $ 371,406  $ 276,408  $  
                                                                    102,442
Operating Income     1,448      (1,820)     2,114       (6,584)     3,141
(Loss)
Total Shipments      76,870     61,428      295,161     217,838     80,176
(tons)
Average External     $1,278     $1,281      $1,258      $1,270      $1,278
Sales Price Per Ton

About Steel Dynamics, Inc.

Steel Dynamics, Inc. 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 annual sales of $7.3 billion in 2012, over
6,600 employees, and manufacturing facilities primarily located throughout the
United States (including five steel mills, six steel processing facilities,
two iron production facilities, over 70 metals recycling locations and six
steel fabrication plants).

Forward-Looking Statement

This press release contains some predictive statements about future events,
including statements related to conditions in the steel and metallic scrap
markets, Steel Dynamics' revenues, costs of purchased materials, future
profitability and earnings, and the operation of new or existing facilities.
These statements 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 guarantees 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 a prolonged or
deepening recession on industrial demand; (2) changes in economic conditions,
either generally or in any of the steel or scrap-consuming sectors which
affect demand for our products, including the strength of the non-residential
and residential construction, automotive, appliance, and other steel-consuming
industries; (3) fluctuations in the cost of key raw materials (including steel
scrap, iron units, and energy costs) and our ability to pass-on any cost
increases; (4) the impact of domestic and foreign import price competition;
(5) risks and uncertainties involving product and/or technology development;
and (6) occurrences of unexpected plant outages or equipment failures.

More specifically, we refer you to SDI's 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 Form10-K,
in our quarterly reports on Form10-Q or in other reports which we from time
to time file with the Securities and Exchange Commission. These are available
publicly on the SEC Web site, www.sec.gov, and on the Steel Dynamics Web site,
www.steeldynamics.com.

Conference Call and Webcast

On Tuesday, January 29, 2013, at 9:30 a.m. Eastern Time, Steel Dynamics will
host a conference call with investors and analysts to discuss the company's
fourth quarter and full-year 2012 operating and financial results. We invite
you to listen to the live audiocast of the conference call accessible from our
website (http://www.steeldynamics.com/), or via telephone (the conference call
number may also be obtained on our website). A replay of the discussion will
be available on our website until midnight onFebruary 5, 2013. A podcast of
the event will also be available and can be downloaded from our website.

Steel Dynamics, Inc.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands, except per share data)
                                                                         Three
                                                                         Months
                         Three Months Ended      Year Ended              Ended
                         December 31,            December 31,            September
                                                                         30,
                         2012        2011        2012        2011        2012
Net sales              $ 1,705,001 $ 1,858,345 $ 7,290,234 $ 7,997,500 $ 1,693,390
Costs of goods           1,524,904   1,698,210   6,570,336   7,065,982   1,536,989
sold
 Gross profit     180,097     160,135     719,898     931,518     156,401
Selling, general and
administrative           69,340      61,947      257,943     263,595     62,984
expenses
Profit sharing           6,750       6,064       26,987      43,149      3,954
Amortization of          8,722       9,634       35,553      39,954      8,848
intangible assets
Impairment charges       356         -           8,250       -           7,894
 Operating        94,929      82,490      391,165     584,820     72,721
income
Interest expense, net
of capitalized           34,877      44,117      158,585     176,977     41,490
interest
Other expense            (3,852)     (2,641)     28,514      (16,476)    24,010
(income), net
 Income before    63,904      41,014      204,066     424,319     7,221
 income taxes
Income taxes   8,810       15,235      61,785      158,627     1,116
 Net income       55,094      25,779      142,281     265,692     6,105
Net loss attributable
to noncontrolling        5,477       4,424       21,270      12,428      6,728
interests
 Net income                                                
attributable             60,571                  163,551
 to Steel      $           $ 30,203    $           $ 278,120   $ 12,833
Dynamics, Inc.
Basic earnings per
share attributable     $ .28       $ .14       $ .75       $ 1.27      $ .06
toSteel Dynamics,
Inc. stockholders
Weighted average
common                   219,346     218,718     219,159     218,471     219,191
sharesoutstanding
Diluted earnings per
share attributable to
Steel Dynamics, Inc.
stockholders,          $ .27       $ .14       $ .73       $ 1.22      $ .06
including the effect
of assumed conversions
when
dilutive
Weighted average
common shares and        236,890     219,336     236,624     235,992     220,044
equivalents
outstanding
Dividends declared per $ .10       $ .10       $ .40       $ .40       $ .10
share



Steel Dynamics, Inc.
UNAUDITED SUPPLEMENTAL OPERATING INFORMATION
(dollars in thousands)
                          Quarter Ended         Year Ended                Quarter     Quarter     Quarter
                                                                          Ended       Ended       Ended
                          December 31,          December 31,              March 31,   June 30,    September
                                                                                                  30,
                          2012       2011       2012         2011         2012        2012        2012
Steel Operations*
Shipments (tons)
          Flat Roll       713,770    678,961    2,717,995    2,770,466    658,505     706,944     638,776
          Division
          Structural and
          Rail Division
           Structural     225,100    229,748    887,335      761,682      227,059     214,347     220,829
           Rail           37,341     20,854     144,169      117,463      33,947      38,177      34,704
          Engineered Bar
          Products        98,858     171,020    535,882      634,964      157,489     166,208     113,327
          Division
          Roanoke Bar     127,952    129,113    581,180      544,384      151,296     149,010     152,922
          Division
          Steel of West   73,581     74,477     301,730      297,902      77,212      74,456      76,481
          Virginia
          The Techs       180,451    161,789    664,485      715,833      144,615     171,437     167,982
           Total          1,457,053  1,465,962  5,832,776    5,842,694    1,450,123   1,520,579   1,405,021
                        (102,772)  (96,458)   (409,612)    (422,958)    (94,176)    (106,875)   (105,789)
           Intra-company
           External       1,354,281  1,369,504  5,423,164    5,419,736    1,355,947   1,413,704   1,299,232
Production, excluding     1,290,567  1,307,117  5,228,190    5,218,552    1,351,818   1,328,290   1,257,515
The Techs (tons)
Net sales
          Total           $         $         $           $           $         $         $  
                          1,126,438  1,236,330  4,782,240    5,162,806    1,254,464  1,280,767  1,120,571
                        (65,019)   (67,462)   (275,452)    (303,589)    (67,744)    (73,467)    (69,222)
          Intra-company
          External        $         $         $           $           $         $         $  
                          1,061,419  1,168,868  4,506,788    4,859,217    1,186,720  1,207,300  1,051,349
Operating income before   $        $        $          $          $       $       $    
amortization of          117,097   117,434   505,080     668,341     139,740     139,028     109,215
intangibles
          Amortization    (2,289)    (2,431)    (9,440)      (10,221)     (2,432)     (2,431)     (2,288)
          of intangibles
Operating                 $        $        $          $          $       $       $    
income                    114,808   115,003   495,640     658,120     137,308     136,597     106,927
(Note 1)
Metals Recycling and
Ferrous Resources**
OmniSource
 Ferrous metals
shipments (gross tons)
          Total           1,238,143  1,314,588  5,647,058    5,879,729    1,582,840   1,486,222   1,339,853
                        (573,293)  (585,484)  (2,586,670)  (2,564,699)  (763,767)   (666,668)   (582,942)
          Intra-company
          External        664,850    729,104    3,060,388    3,315,030    819,073     819,554     756,911
 Non-ferrous metals
shipments

 (thousands of pounds)
          Total           251,080    255,137    1,051,333    1,066,648    291,636     258,932     249,685
                        (3,456)    (2,230)    (18,488)     (8,273)      (1,958)     (4,598)     (8,476)
          Intra-company
          External        247,624    252,907    1,032,845    1,058,375    289,678     254,334     241,209
Mesabi Nugget shipments
                          36,481     52,943     168,633      159,641      46,230      33,840      52,082
(metric tons) -
Intra-company
Iron Dynamics (metric     57,117     47,471     226,396      229,502      56,628      59,103      53,548
tons) - Intra-company
Net sales
          Total           $        $        $           $           $         $       $    
                          798,163   908,436   3,658,952    4,157,525    1,112,340  927,092     821,357
                        (267,905)  (315,255)  (1,316,354)  (1,388,462)  (412,740)   (336,583)   (299,126)
          Intra-company
          External        $        $        $           $           $       $       $    
                          530,258   593,181   2,342,598    2,769,063    699,600     590,509     522,231
Operating income (loss)
before                    $      $       $          $         $       $       $    
                            507    (6,508)   (11,690)    54,723       10,399    (13,135)    (9,461)
amortization of
intangibles
          Amortization    (6,110)    (6,882)    (24,818)     (28,126)     (6,236)     (6,236)     (6,236)
          of intangibles
Operating
income                    $       $        $          $         $       $       $    
(loss)                    (5,603)   (13,390)  (36,508)    26,597        4,163   (19,371)   (15,697)
(Note 1)
Steel Fabrication***
Shipments (tons)
          Total           76,870     61,428     295,161      217,838      60,183      77,932      80,176
                        (187)      (11)       (242)        (632)        (2)         -           (53)
          Intra-company
          External        76,683     61,417     294,919      217,206      60,181      77,932      80,123
Net sales
          Total           $       $       $          $          $       $       $    
                          98,301    78,684    371,406     276,408      74,896     95,767    102,442
                        (277)      (13)       (322)        (625)        (4)         -           (41)
          Intra-company
          External        $       $       $          $          $       $       $    
                          98,024    78,671    371,084     275,783      74,892     95,767    102,401
Operating
income                    $      $       $        $         $       $       $    
(loss)                    1,448     (1,820)   2,114       (6,584)      (2,668)     193    3,141
(Note 1)
* Steel Operations include the company's five steelmaking divisions and The Techs three galvanizing
plants.
** Metals Recycling and Ferrous Resources Operations include OmniSource; Iron Dynamics (all shipments are
internal); and Minnesota Operations,
  including Mesabi Nugget (all shipments have been internal).
*** Steel Fabrication Operations include the company's joist and deck fabrication operations.
(Note 1) Segment operating income (loss) excludes profit sharing expense.



Steel Dynamics, Inc.
CONSOLIDATED BALANCE SHEETS
(in thousands)
                                                  December 31,    December 31,

                                                  2012            2011
                                                  (unaudited)
Assets
Current assets
 Cash and equivalents                $  375,917     $   390,761
 Investments in short-term commercial        31,520          84,830
paper
 Accounts receivable, net                    642,363         722,791
 Inventories                            1,202,507       1,199,584
 Deferred income taxes                   23,449          25,341
 Income taxes receivable                     893             16,722
 Other current assets                 19,576          15,229
 Total current                  2,296,225       2,455,258
assets
Property, plant and equipment, net                2,231,198       2,193,745
Restricted cash                                27,749          26,528
Intangible assets, net                              416,635         450,893
Goodwill                                            738,542         745,066
Other assets                               105,067         107,736
 Total assets           $  5,815,416   $   5,979,226
Liabilities and Equity
Current liabilities
 Accounts payable               $  360,097     $   420,824
 Income taxes payable                        16,941          10,880
 Accrued expenses                  179,702         185,964
 Accrued profit sharing                   23,306          38,671
 Current maturities of long-term debt        29,631          444,078
 Total current liabilities     609,677         1,100,417
Long-term debt
 Term note                                   247,500         -
 7 ^3/[8]% senior notes, due                 -               261,250
2012
 5.125% convertible senior notes, due        287,496         287,500
2014
 6 ¾% senior notes, due 2015                 500,000         500,000
 7 ¾% senior notes, due 2016                 -               500,000
 6 ^1/[8]% senior notes, due                 400,000         -
2019
 7 ^5/[8]% senior notes, due 2020            350,000         350,000
 6 ^3/[8]% senior notes, due                 350,000         -
2022
 Other long-term debt                   37,610          37,272
 Total long-term debt           2,172,606       1,936,022
Deferred income taxes                       537,304         489,915
Other liabilities                                   19,173          82,278
Commitments and contingencies
Redeemable noncontrolling interests                 98,814          70,694
Equity
 Common stock                 637             636
 Treasury stock, at cost                   (720,479)       (722,653)
 Additional paid-in                          1,037,687       1,026,157
capital
 Retained earnings                2,087,620       2,011,801
 Total Steel Dynamics, Inc.     2,405,465       2,315,941
equity
 Noncontrolling interests                    (27,623)        (16,041)
 Total equity              2,377,842       2,299,900
 Total liabilities and       $  5,815,416   $   5,979,226
equity



Steel Dynamics, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
                                Three Months Ended     Year Ended
                                December 31,           December 31,
                                2012       2011        2012          2011
Operating activities:
 Net                   $ 55,094   $ 25,779    $ 142,281     $ 265,692
income
 Adjustments to
reconcile net income to net
cash
 provided by
 operating
activities:
 Depreciation
and                             55,189     55,642      225,216       222,607
amortization
 Equity-based    2,986      5,928       12,449        17,283
compensation
 Deferred        64         5,355       54,528        34,436
income taxes
 Impairment      356        -           8,250         -
charges
 Changes in
certain assets and
liabilities:
         70,373     93,077      85,977        (100,602)
Accounts receivable
         7,143      (40,736)    13,845        (85,523)
Inventories
         (13,578)   (35,999)    (32,593)      56,551
Accounts payable

Income taxes                    4,727      3,832       21,644        26,242
receivable/payable
 Other
assets and                      24,564     (18,921)    (85,293)      49,669
liabilities
 Net cash
provided by operating           206,918    93,957      446,304       486,355

activities
Investing activities:
 Purchase of property,   (64,839)   (75,212)    (223,525)     (167,007)
plant and equipment
 Other investing         (32,527)   (70,776)    31,924        (68,830)
activities
 Net cash used   (97,366)   (145,988)   (191,601)     (235,837)
in investing activities
Financing activities:
 Issuance of current     -          -           1,049,969     10,103
and long-term debt
 Repayment of current    (6,640)    (5,693)     (1,258,842)   (7,740)
and long-term debt
 Debt issuance           (88)       (85)        (13,901)      (6,969)
costs
 Proceeds from
exercise of stock options,      1,031      130         3,052         13,396
 including related
tax effect
 Contributions from      6,865      13,615      37,808        26,822
noncontrolling investors, net
 Dividends               (21,923)   (21,869)    (87,633)      (81,882)
paid
 Net cash used   (20,755)   (13,902)    (269,547)     (46,270)
in financing activities
 Increase (decrease)     88,797     (65,933)    (14,844)      204,248
in cash and equivalents
 Cash and equivalents    287,120    456,694     390,761       186,513
at beginning of period
 Cash and equivalents  $ 375,917  $ 390,761   $ 375,917     $ 390,761
at end of period
Supplemental disclosure
information:
 Cash paid for         $ 30,163   $ 70,720    $ 154,136     $ 171,808
interest
 Cash paid for federal
and state income              $ 2,944    $ 1,549     $ 46,920      $ 75,927
taxes, net



SOURCE Steel Dynamics, Inc.

Website: http://www.steeldynamics.com
Contact: Marlene Owen, Director Investor Relations, +1-260-969-3500
 
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