Steel Dynamics Reports Fourth Quarter and Annual 2020 Results
Steel Dynamics reported strong fourth quarter and annual 2020 results, achieving nearly record steel shipments of 10.7 million tons and record steel fabrication shipments of 666,000 tons.
Net sales reached $9.6 billion with an operating income of $847 million, marking the company's fourth best year. Fourth quarter net income stood at $188 million, or $0.89 per diluted share. The firm maintained strong liquidity of over $2.5 billion and generated cash flow from operations of $987 million, despite a challenging economic environment due to the pandemic.
- Near-record steel shipments of 10.7 million tons and record fabrication shipments of 666,000 tons.
- Net sales of $9.6 billion with strong operating income of $847 million.
- Robust cash flow from operations of $987 million and adjusted EBITDA of $1.2 billion.
- Strong liquidity position with over $2.5 billion at year-end.
- Annual net sales declined by 8% compared to 2019.
- Operating income decreased by 14% to $847 million from $1.0 billion in 2019.
- Fourth quarter net income declined compared to the prior year, from $0.56 to $0.89 per diluted share.
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
- 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
"The team delivered a tremendous operational and financial performance during 2020 within an unprecedented health and economic crisis, achieving strong net sales of
"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
"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
Fourth Quarter 2020 Comments
Fourth quarter 2020 operating income for the company's steel operations was
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
The company's steel fabrication operations reported operating income of
In October, the company executed its third investment grade notes offering, issuing
Annual 2020 Comparison
Annual 2020 net income was
- 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
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
"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 | ||||||||||||||||||||||
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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