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Steel Dynamics Reports Record Fourth Quarter and Record Annual 2021 Results

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Steel Dynamics reported record financial results for 2021, with net sales of $18.4 billion and net income of $3.2 billion. Highlights include record shipments of 11.2 million tons and operating income of $4.3 billion. The fourth quarter saw net sales reach $5.3 billion and earnings per diluted share of $5.49. The company maintained strong liquidity of over $2.4 billion and executed a share repurchase program amounting to $1.1 billion.

Looking ahead, Steel Dynamics expects domestic steel demand to grow in 2022, driven by construction and automotive sectors.

Positive
  • Record net sales of $18.4 billion in 2021, a 92% increase from 2020.
  • Record net income of $3.2 billion or $15.56 per diluted share.
  • Operational cash flow of $2.2 billion and adjusted EBITDA of $4.6 billion.
  • Strong liquidity position with over $2.4 billion available at year's end.
  • Successful share repurchase of $1.1 billion, representing 8% of outstanding shares.
Negative
  • Costs associated with the Texas steel mill construction impacted earnings by $0.43 per diluted share.
  • Sequential decline in adjusted earnings per diluted share from $4.96 in Q3 2021 to $5.78 in Q4 2021 after adjustments.

FORT WAYNE, Ind., Jan. 24, 2022 /PRNewswire/ --

Annual 2021 Performance Highlights:

  • Record steel and steel fabrication shipments of 11.2 million tons and 789,000 tons, respectively
  • Record net sales of $18.4 billion
  • Record operating income of $4.3 billion and net income of $3.2 billion
  • Record steel, steel fabrication, and metals recycling segment earnings
  • Record cash flow from operations of $2.2 billion and adjusted EBITDA of $4.6 billion
  • Share repurchases of $1.1 billion of the company's common stock, representing eight percent of its outstanding shares
  • Contributions to the company's charitable foundation of $10 million

Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced fourth quarter and annual 2021 financial results. The company reported record fourth quarter 2021 net sales of $5.3 billion and net income of $1.1 billion, or $5.49 per diluted share. Excluding the impact from the following items, the company's fourth quarter adjusted net income was $1.1 billion, or $5.78 per diluted share:

  • Additional performance-based companywide special compensation of approximately $21 million, or $0.08 per diluted share, awarded to all non-executive, eligible team members in recognition of the company's exceptional annual performance,
  • A fourth quarter contribution to the company's charitable foundation of $10 million, or $0.04 per diluted share, and
  • Costs of approximately $52 million, or $0.18 per diluted share (net of capitalized interest), associated with construction and startup of the company's Sinton Texas Flat Roll Steel Mill growth investment.

Comparatively, the company's sequential third quarter 2021 earnings were $4.85 per diluted share, and adjusted earnings were $4.96 per diluted share, excluding the impact of construction and startup costs related to the Texas steel mill of $0.11 per diluted share. Prior year fourth quarter earnings were $0.89 per diluted share and adjusted earnings were $0.97 per diluted share, excluding additional financing costs of $0.04 per diluted share, costs related to the construction of the company's Texas steel mill of $0.05 per diluted share, non-cash asset impairment charges of $0.06 per diluted share related to certain noncore oil and gas investments, and a tax benefit of $0.06 per diluted share, related to a valuation allowance reduction.

"The team delivered a tremendous operational and financial performance during 2021, achieving record net sales of $18.4 billion, operating income of $4.3 billion, and adjusted EBITDA of $4.6 billion," said Mark D. Millett, Chairman and Chief Executive Officer. "Numerous individual operating and financial records were attained during the year. Across the company, our teams achieved best-in-class performance, while keeping each other healthy and safe. I am proud to work alongside each of them. Based on their performance, we achieved record annual cash flow from operations of $2.2 billion and ended the year with strong liquidity of over $2.4 billion, while at the same time meaningfully growing our business through significant organic 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.

"Domestic steel demand was strong throughout the year supported most significantly by the construction, automotive, and industrial sectors," continued Millett. "Customer steel inventories also remained historically low, as steel supply was not sufficient to meet robust demand requirements during much of the year. This strong market environment drove significantly higher realized steel selling values, resulting in meaningful steel metal spread expansion. In combination with the symbiotic relationships among our three primary operating platforms, we achieved record annual financial and operational performance. Our steel operations achieved record annual 2021 shipments of 11.2 million tons and record operating income of $4.4 billion. Our metals recycling and steel fabrication operations also achieved record 2021 annual operating income of $195 million and $365 million, respectively."

Fourth Quarter 2021 Comments

Fourth quarter 2021 operating income for the company's steel operations was a record $1.4 billion, aligned with sequential third quarter results, due to meaningful metal spread expansion across the entire steel platform. Coupled with flat scrap input costs, record flat roll and strong long product steel selling values more than offset seasonally lower steel shipments. The fourth quarter 2021 average external product selling price for the company's steel operations increased $112 sequentially to $1,662 per ton. The average ferrous scrap cost per ton melted at the company's steel mills remained static at $490 per ton. 

Fourth quarter operating income from the company's metals recycling operations remained strong at $44 million based on improved metal margins offsetting lower ferrous shipments. Many domestic steel mills had planned maintenance outages throughout the fourth quarter 2021, which lowered ferrous scrap demand. Ferrous scrap prices moderated in September and October, recovering to an extent in the later half of the fourth quarter resulting in modestly lower average realized selling values. 

The company's steel fabrication operations reported record operating income of $238 million in the fourth quarter 2021, more than 2½ times higher than sequential third quarter results. Supported by strong shipments, earnings meaningfully increased as realized pricing increased $986 per ton, more than offsetting the continued increased in average steel input costs. Sustained strong demand for steel joist and deck has resulted in a record backlog for the company's steel fabrication platform in terms of both forward-product pricing and volume. The company anticipates this momentum to continue through 2022 based on these dynamics.

Annual 2021 Comparison

Annual 2021 net income was a record $3.2 billion, or $15.56 per diluted share, with record net sales of $18.4 billion, as compared to net income of $551 million, or $2.59 per diluted share, with net sales of $9.6 billion in 2020. Excluding the impact from the following items, the company's 2021 adjusted net income was $3.3 billion, or $16.09 per diluted share:

  • Additional performance-based companywide special compensation of approximately $21 million, or $0.07 per diluted share, awarded to all non-executive, eligible team members in recognition of the company's exceptional record annual performance,
  • A contribution to the company's charitable foundation of $10 million, or $0.03 per diluted share, and
  • Costs of approximately $125 million, or $0.43 per diluted share (net of capitalized interest), associated with construction and startup of the company's Sinton Texas Flat Roll Steel Mill growth investment.

Similarly, adjusting for the company's Texas steel mill construction costs, refinancing activities, non-cash impairment charges and a valuation allowance tax benefit, annual 2020 net income would have been $603 million, or $2.84 per diluted share.

Annual 2021 record net sales increased 92 percent and operating income increased more than four times to a record $4.3 billion, when compared to 2020. Higher earnings were primarily the result of steel metal spread expansion, as significantly higher average steel selling values, more than offset higher average ferrous scrap costs across the steel platform, especially within the company's flat roll operations. Compared to 2020, the average 2021 external product selling price for the company's steel operations increased $611 to $1,381 per ton. The average 2021 ferrous scrap cost per ton melted at the company's steel mills increased $179 to $447 per ton. 

Based on the company's differentiated business model and highly variable cost structure, the company generated record cash flow from operations of $2.2 billion during 2021. The company also invested $1.0 billion in growth capital investments, contributed $10 million to the company's charitable foundation, paid cash dividends of $213 million to shareholders, and repurchased $1.1 billion of its outstanding common stock representing eight percent of its outstanding stock, while maintaining strong liquidity of over $2.4 billion as of December 31, 2021.  

Outlook   

"We believe the market dynamics are in place for domestic steel consumption to further increase in 2022 when compared to 2021," said Millett. "Based on domestic steel demand fundamentals and customer confidence, we believe North American steel consumption will experience steady growth, supported by the construction, automotive, and industrial sectors. Our Structural and Rail Division and steel fabrication operations provide us with more specific insight into the non-residential construction sector, which is the single largest domestic steel consuming sector. Based on our record steel fabrication order backlog extending through most of 2022, combined with the continued strength of order activity and broad customer optimism, we believe construction will remain strong in the coming year. In addition, we believe the more severe supply chain challenges within the North American automotive sector will abate during 2022, supporting stronger production for vehicles that are in high demand and short supply.  

"Steel Dynamics is in a position of strength as we enter 2022. We are ramping up operations at our new state-of-the art electric-arc-furnace flat roll steel mill located in Texas.  We had planned to be further along with commissioning the hot side of the steel mill, but supply-chain and COVID challenges delayed the project by several weeks. The team has done a great job with commissioning and operating other aspects of the steel mill, including the rolling mill and two value-added finishing lines, ahead of the melting and casting operations in preparation of full operations commencing before the end of February 2022. Based on our current forecast, we expect shipments to be around 2.0 million tons in 2022.

"We are also investing approximately $500 million to build four additional value-added flat roll steel coating lines comprised of two paint lines and two galvanizing lines with Galvalume® coating capability, a set of which will be located onsite at our new Texas steel mill, providing our new Texas steel mill with the same diversification and higher-margin product capabilities as our two existing flat roll steel divisions. The other two lines will be placed at our Heartland Flat Roll Division located in Terre Haute, Indiana to support growing coated flat roll steel demand in the region and to further increase the diversification and cash generation capacity of our existing Midwest operations. Based on current plans, we believe these four lines will begin operating mid-2023.

"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. 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 2021 operating and financial results on Tuesday, January 25, 2022, at 10:00 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 30, 2022.

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 marketplaces, 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) domestic and global economic factors; (2) global steelmaking overcapacity and steel imports, together with increased scrap prices; (3) pandemics, epidemics, widespread illness or other health issues, such as the COVID-19 pandemic; (4) the cyclical nature of the steel industry and the industries we serve; (5) volatility and major fluctuations in prices and availability of scrap metal, scrap substitutes, and our potential inability to pass higher costs on to our customers; (6) cost and availability of electricity, natural gas, oil, or other resources are subject to volatile market conditions; (7) compliance with and changes in environmental and remediation requirements; (8) increased regulation associated with the environment, climate change, greenhouse gas emissions and sustainability; (9) significant price and other forms of competition from other steel producers, scrap processors and alternative materials; (10) availability of an adequate source of supply for our metals recycling operations; (11) cybersecurity threats and risks to the security of our sensitive data and information technology; (12) the implementation of our growth strategy; (13) litigation and legal compliance, (14) unexpected equipment downtime or shutdowns; (15) governmental agencies may refuse to grant or renew some of our licenses and permits; (16) our senior unsecured credit facility contains, and any future financing agreements may contain, restrictive covenants that may limit our flexibility; and (17) the impacts of impairment.

More specifically, refer 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 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



2021


2020


2021


2020


Sept. 30, 2021

















Net sales


$

5,310,657


$

2,601,245


$

18,408,850


$

9,601,482


$

5,088,288

Costs of goods sold



3,548,820



2,158,992



13,046,426



8,166,754



3,487,659

      Gross profit



1,761,837



442,253



5,362,424



1,434,728



1,600,629

















Selling, general and administrative expenses



182,290



137,018



643,976



477,450



157,526

Profit sharing



143,243



19,404



388,111



61,728



113,880

Amortization of intangible assets



7,178



7,672



29,232



28,999



7,178

Asset impairment charges



-



19,409



-



19,409



-

      Operating income



1,429,126



258,750



4,301,105



847,142



1,322,045

















Interest expense, net of capitalized interest



12,338



20,206



57,209



94,877



12,704

Other expense (income), net



7,940



17,727



34,826



46,787



6,776

      Income before income taxes



1,408,848



220,817



4,209,070



705,478



1,302,565

















Income tax expense



313,151



23,867



962,256



134,650



302,406

      Net income



1,095,697



196,950



3,246,814



570,828



1,000,159

Net income attributable to noncontrolling interests



(5,192)



(9,107)



(32,748)



(20,006)



(9,396)

      Net income attributable to Steel Dynamics, Inc.


$

1,090,505


$

187,843


$

3,214,066


$

550,822


$

990,763

































Basic earnings per share attributable to
















   Steel Dynamics, Inc. stockholders


$

5.53


$

0.89


$

15.67


$

2.61


$

4.89

















Weighted average common shares outstanding



197,346



210,599



205,115



211,140



202,450

















Diluted earnings per share attributable to
















   Steel Dynamics, Inc. stockholders, including the
















   effect of assumed conversions when dilutive


$

5.49


$

0.89


$

15.56


$

2.59


$

4.85

















Weighted average common shares
















   and share equivalents outstanding



198,794



212,052



206,615



212,345



204,167

































Dividends declared per share


$

0.26


$

0.25


$

1.04


$

1.00


$

0.26

 

Steel Dynamics, Inc.

CONSOLIDATED BALANCE SHEETS

(in thousands)









December 31,



December 31,

Assets

2021



2020


(unaudited)





Current assets







   Cash and equivalents

$

1,243,868



$

1,368,618

   Accounts receivable, net


1,916,434




971,918

   Inventories


3,531,130




1,843,548

   Other current assets


209,591




74,363

      Total current assets


6,901,023




4,258,447








Property, plant and equipment, net


4,751,430




4,105,569








Intangible assets, net


295,345




324,577








Goodwill


453,835




457,226








Other assets


129,601




119,743

      Total assets

$

12,531,234



$

9,265,562

Liabilities and Equity







Current liabilities







   Accounts payable

$

1,280,555



$

769,455

   Income taxes payable


13,746




2,386

   Accrued expenses


835,894




400,052

   Current maturities of long-term debt


97,174




86,894

      Total current liabilities


2,227,369




1,258,787








Long-term debt


3,008,702




3,015,782








Deferred income taxes


854,905




536,288








Other liabilities


120,087




106,479

      Total liabilities


6,211,063




4,917,336








Commitments and contingencies














Redeemable noncontrolling interests


211,414




158,614








Equity







   Common stock


649




648

   Treasury stock, at cost


(2,674,267)




(1,623,747)

   Additional paid-in capital


1,218,933




1,207,392

   Retained earnings


7,761,417




4,758,969

   Accumulated other comprehensive income (loss)


(2,091)




1,902

      Total Steel Dynamics, Inc. equity


6,304,641




4,345,164

   Noncontrolling interests


(195,884)




(155,552)

      Total equity


6,108,757




4,189,612

      Total liabilities and equity

$

12,531,234



$

9,265,562


 

Steel Dynamics, Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands)














Three Months Ended


Year Ended


December 31,


December 31,


2021


2020


2021


2020













Operating activities:












   Net income

$

1,095,697


$

196,950


$

3,246,814


$

570,828













   Adjustments to reconcile net income to net cash provided by












      operating activities:












      Depreciation and amortization


86,280



85,057



347,653



325,789

      Impairment charges


-



19,409



-



19,409

      Equity-based compensation


20,950



18,748



57,715



55,598

      Deferred income taxes


133,533



16,859



322,007



47,808

      Other adjustments


(325)



9,273



(3,240)



30,974

      Changes in certain assets and liabilities:












         Accounts receivable


(23,639)



(53,929)



(944,516)



(111,920)

         Inventories


(633,359)



(234,386)



(1,685,834)



(150,596)

         Other assets


16,327



(7,249)



(2,491)



(1,547)

         Accounts payable


85,173



60,745



557,735



182,509

         Income taxes receivable/payable


(192,712)



(700)



(105,921)



32,551

         Accrued expenses


135,974



27,174



414,214



(14,371)

      Net cash provided by operating activities


723,899



137,951



2,204,136



987,032













Investing activities:












   Purchases of property, plant and equipment


(204,541)



(343,157)



(1,006,239)



(1,198,055)

   Purchases of short-term investments


-



-



-



(149,359)

   Proceeds from maturities of short-term investments


-



-



-



411,533

   Acquisition of business, net of cash and restricted cash acquired


-



(1,000)



-



(60,012)

   Other investing activities


3,546



933



6,819



2,634

      Net cash used in investing activities


(200,995)



(343,224)



(999,420)



(993,259)













Financing activities:












   Issuance of current and long-term debt


456,644



911,507



1,516,556



2,523,356

   Repayment of current and long-term debt


(426,664)



(532,045)



(1,522,002)



(2,177,527)

   Dividends paid


(51,943)



(52,591)



(212,968)



(209,248)

   Purchase of treasury stock


(329,818)



-



(1,060,632)



(106,529)

   Other financing activities


(22,955)



(20,598)



(50,423)



(37,100)

      Net cash provided by (used in) financing activities


(374,736)



306,273



(1,329,469)



(7,048)













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


148,168



101,000



(124,753)



(13,275)

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


1,101,201



1,273,122



1,374,122



1,387,397

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

$

1,249,369


$

1,374,122


$

1,249,369


$

1,374,122

























Supplemental disclosure information:












   Cash paid for interest

$

41,158


$

34,541


$

103,374


$

111,591

   Cash paid for income taxes, net

$

366,322


$

4,569


$

737,157


$

50,417


 

Steel Dynamics, Inc.

SUPPLEMENTAL INFORMATION

(dollars in thousands)



Fourth Quarter


Year to Date













2021



2020



2021



2020



1Q 2021



2Q 2021



3Q 2021

External Net Sales






















   Steel


$

3,786,221


$

1,870,841


$

13,199,142


$

7,137,104


$

2,510,684


$

3,234,519


$

3,667,718

   Steel Fabrication



680,006



217,977



1,761,647



895,701



256,985



330,852



493,804

   Metals Recycling



550,674



347,022



2,183,472



1,067,924



470,007



575,700



587,091

   Other



293,756



165,405



1,264,589



500,753



306,921



324,237



339,675

                                       Consolidated Net Sales


$

5,310,657


$

2,601,245


$

18,408,850


$

9,601,482


$

3,544,597


$

4,465,308


$

5,088,288

Operating Income






















   Steel


$

1,366,880


$

297,682


$

4,376,079


$

906,396


$

641,439


$

1,017,024


$

1,350,736

   Steel Fabrication



237,639



25,067



365,414



120,739



9,895



28,450



89,430

   Metals Recycling



43,581



27,035



195,464



44,910



53,933



50,965



46,985




1,648,100



349,784



4,936,957



1,072,045



705,267



1,096,439



1,487,151























   Non-cash amortization of intangible assets



(7,178)



(7,672)



(29,232)



(28,999)



(7,438)



(7,438)



(7,178)

   Profit sharing expense



(143,243)



(19,404)



(388,111)



(61,728)



(48,848)



(82,140)



(113,880)

   Non-segment operations



(68,553)



(44,549)



(218,509)



(114,767)



(54,782)



(51,126)



(44,048)

   Non-cash asset impairment charges



-



(19,409)



-



(19,409)



-



-



-

                         Consolidated Operating Income


$

1,429,126


$

258,750


$

4,301,105


$

847,142


$

594,199


$

955,735


$

1,322,045

Adjusted EBITDA






















      Net income


$

1,095,697


$

196,950


$

3,246,814


$

570,828


$

438,755


$

712,203


$

1,000,159

      Income taxes



313,151



23,867



962,256



134,650



128,104



218,595



302,406

      Net interest expense



11,999



19,853



55,852



85,893



16,815



14,604



12,434

      Depreciation



77,438



75,787



311,972



291,000



77,888



78,015



78,631

      Amortization of intangible assets



7,178



7,672



29,232



28,999



7,438



7,438



7,178

      Noncontrolling interest (a)



(5,242)



(2,352)



(33,257)



(13,251)



(8,422)



(9,665)



(9,928)

                                                             EBITDA



1,500,221



321,777



4,572,869



1,098,119



660,578



1,021,190



1,390,880

      Non-cash adjustments






















         Unrealized (gains) losses



(2,856)



2,629



(2,048)



2,074



(6,852)



1,305



6,355

         Inventory valuation



6,101



1,078



6,495



2,242



109



144



141

         Equity-based compensation



20,948



18,746



50,883



48,564



10,210



9,808



9,917

         Asset impairment charges



-



17,060



-



17,060



-



-



-

         Refinancing charges



-



3,059



-



7,966



-



-



-

                                              Adjusted EBITDA


$

1,524,414


$

364,349


$

4,628,199


$

1,176,025


$

664,045


$

1,032,447


$

1,407,293

Other Operating Information






















   Steel






















      Average external sales price (Per ton) (b)


$

1,662


$

814


$

1,381


$

770


$

1,041


$

1,292


$

1,550

      Average ferrous cost (Per ton melted) (c)


$

490


$

279


$

447


$

268


$

372


$

439


$

489























      Flat Roll shipments






















         Butler, Columbus, and Sinton



1,416,890



1,447,125



5,868,734



5,889,735



1,496,531



1,512,530



1,442,783

         Steel Processing divisions (d)



404,733



413,756



1,653,433



1,699,428



422,850



410,596



415,254

      Long Product shipments






















         Structural and Rail Division



460,651



435,364



1,933,433



1,663,915



478,687



497,079



497,016

         Engineered Bar Products Division



199,546



164,735



809,808



630,870



200,628



205,205



204,429

         Roanoke Bar Division



132,318



126,163



595,879



505,387



136,420



175,390



151,751

         Steel of West Virginia



86,381



83,303



356,353



328,998



87,158



90,476



92,338

                                      Total Shipments (Tons)



2,700,519



2,670,446



11,217,640



10,718,333



2,822,274



2,891,276



2,803,571























                           External Shipments (Tons) (b)



2,277,865



2,299,310



9,559,617



9,257,334



2,410,817



2,504,007



2,366,928























                        Steel Mill Production (Tons) (c)



2,395,437



2,273,273



9,844,170



9,260,807



2,476,939



2,443,314



2,528,480

   Metals Recycling






















      Nonferrous shipments (000's of pounds)



274,479



271,552



1,093,472



977,882



280,809



266,859



271,325

      Ferrous shipments (Gross tons)



1,275,062



1,341,316



5,442,478



4,591,881



1,395,843



1,400,447



1,371,126

         External ferrous shipments (Gross tons)



434,335



446,233



1,867,810



1,407,430



437,182



520,726



475,567

   Steel Fabrication






















      Average sales price (Per ton)


$

3,325


$

1,351


$

2,236


$

1,362


$

1,406


$

1,753


$

2,339

      Shipments (Tons)



204,497



162,825



789,118



665,679



184,243



189,180



211,197























(a)   2021 periods and fourth quarter 2020 are net of income tax expense (benefit) on noncontrolling interests.

(b)   Represents all steel operations

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

(d)   Includes Heartland, The Techs, and United Steel Supply operations

 

Cision View original content:https://www.prnewswire.com/news-releases/steel-dynamics-reports-record-fourth-quarter-and-record-annual-2021-results-301466814.html

SOURCE Steel Dynamics, Inc.

FAQ

What were Steel Dynamics' financial results for 2021?

Steel Dynamics reported record net sales of $18.4 billion and net income of $3.2 billion for 2021.

What is the earnings per diluted share for Steel Dynamics in Q4 2021?

The earnings per diluted share for Steel Dynamics in Q4 2021 was $5.49.

What significant investments did Steel Dynamics announce for 2022?

Steel Dynamics plans to invest approximately $500 million to build four additional value-added flat roll steel coating lines.

How much did Steel Dynamics spend on share repurchases in 2021?

Steel Dynamics spent $1.1 billion on share repurchases, which is 8% of its outstanding shares.

What are the projections for domestic steel demand in 2022 according to Steel Dynamics?

Steel Dynamics projects domestic steel demand to grow in 2022, supported by construction and automotive sectors.

Steel Dynamics Inc

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Steel
Steel Works, Blast Furnaces & Rolling Mills (coke Ovens)
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United States of America
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