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OFFON

STEEL DYNAMICS, INC.

(STLD)
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STEEL DYNAMICS : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-Q)

07/26/2021 | 03:39pm EDT

Forward-Looking Statements


This report 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 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)
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, we refer you to our more detailed explanation of these and
other factors and risks that may cause such predictive statements to turn out
differently, as set forth in our most recent Annual Report on Form 10-K under
the headings Special Note Regarding Forward-Looking Statements and Risk Factors
for the year ended December 31, 2020, 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 reports are available publicly on the Securities and
Exchange Commission website, www.sec.gov, and on our website,
www.steeldynamics.com under "Investors - SEC Filings."

Description of the Business


We are one of the largest domestic steel producers and metal recyclers in the
United States, based on estimated current steelmaking and coating capacity of
approximately 13 million tons and actual metals recycling volumes, with one of
the most diversified product and end-market portfolios in the domestic steel
industry. Our primary sources of revenue are from the manufacture and sale of
steel products, the processing and sale of recycled ferrous and nonferrous
metals, and the fabrication and sale of steel joists and deck products. We have
three reportable segments: steel operations, metals recycling operations, and
steel fabrication operations.

Operating Statement Classifications


Net Sales. Net sales from our operations are a factor of volumes shipped,
product mix and related pricing. We charge premium prices for certain grades of
steel, product dimensions, certain smaller volumes, and for value-added
processing or coating of our steel products. Except for the steel fabrication
operations, we recognize revenues from sales and the allowance for estimated
returns and claims from these sales at the point in time control of the product
transfers to the customer, upon shipment or delivery. Our steel fabrication
operations recognize revenues over time based on completed fabricated tons to
date as a percentage of total tons required for each contract.



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Costs of Goods Sold. Our costs of goods sold represent all direct and indirect
costs associated with the manufacture of our products. The principal elements of
these costs are scrap and scrap substitutes (which represent the most
significant single component of our consolidated costs of goods sold), steel
substrate, direct and indirect labor and related benefits, alloys, zinc,
transportation and freight, repairs and maintenance, utilities such as
electricity and natural gas, and depreciation.

Selling, General and Administrative Expenses. Selling, general and
administrative expenses consist of all costs associated with our sales, finance
and accounting, and administrative departments. These costs include, among other
items, labor and related benefits, professional services, insurance premiums,
and property taxes. Company-wide profit sharing and amortization of intangible
assets are each separately presented in the statement of income.

Interest Expense, net of Capitalized Interest. Interest expense consists of interest associated with our senior credit facilities and other debt net of interest costs that are required to be capitalized during the construction period of certain capital investment projects.


Other (Income) Expense, net. Other income consists of interest income earned on
our temporary cash deposits and short-term investments; any other non-operating
income activity, including income from non-consolidated investments accounted
for under the equity method. Other expense consists of any non-operating costs,
such as certain acquisition and financing expenses.

Results Overview

Our consolidated results for the second quarter of 2021 were highlighted by
record net sales of $4.5 billion, record operating income of $955.7 million,
record net income of $702.3 million, and record cash flow from operations of
$587.2 million. Our steel operations and steel fabrication segments both
achieved record quarterly shipments. Domestic steel demand remained strong
during the second quarter 2021, particularly within the automotive, construction
and industrial sectors, driving robust shipments and scrap demand, as well as
significantly higher average selling prices across our entire operations, with
increased metal spread in each of our reportable segments. Operating results for
the second quarter and first half of 2021 were significantly improved over the
same periods in 2020, which was negatively impacted by the global COVID-19
pandemic, most notably in the second quarter 2020. Volumes and selling values
strengthened during the second half of 2020 and through the first half of 2021.

Consolidated operating income increased $796.9 million, or 502%, to $955.7
million for the second quarter 2021, compared to the second quarter 2020. Second
quarter 2021 net income attributable to Steel Dynamics, Inc. increased $626.8
million, or 830%, to $702.3 million, compared to the second quarter 2020,
consistent with the increased operating income.

Consolidated operating income increased $1.1 billion, or 258%, to $1.5 billion
for the first half of 2021, compared to the first half of 2020. First half 2021
net income attributable to Steel Dynamics, Inc. increased $870.0 million, or
331%, to $1.1 billion, compared to the first half of 2020, consistent with
the
increased operating income.



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Segment Operating Results 2021 vs. 2020 (dollars in thousands)




                                         Three Months Ended June 30,              Six Months Ended June 30,
                                        2021       % Change       2020          2021        % Change      2020
Net sales:
Steel Operations Segment             $ 3,394,442     100%     $ 1,699,398$   6,037,289     62%      $ 3,715,550
Metals Recycling Operations Segment    1,151,106     176%         416,688       2,231,018     113%       1,045,427
Steel Fabrication Operations Segment     331,715     52%          218,428  
      590,735     34%          439,869
Other                                    325,350     244%          94,445         632,831     194%         215,135
                                       5,202,613                2,428,959       9,491,873                5,415,981
Intra-company                          (737,305)                (334,654)     (1,481,968)                (746,576)
                                     $ 4,465,308     113%     $ 2,094,305$   8,009,905     72%      $ 4,669,405

Operating income (loss):
Steel Operations Segment             $ 1,012,997     503%     $   168,043$   1,650,408     262%     $   456,437
Metals Recycling Operations Segment       47,596     646%         (8,715)          98,159    3180%         (3,187)
Steel Fabrication Operations Segment      28,409      5%           27,155  
       38,263    (32)%          56,318
Other                                  (127,694)    (298)%       (32,089)       (218,607)    (179)%       (78,444)
                                         961,308                  154,394       1,568,223                  431,124
Intra-company                            (5,573)                    4,456        (18,289)                    1,412
                                     $   955,735     502%     $   158,850$   1,549,934     258%     $   432,536




Steel Operations Segment




Steel operations consist of our six operating EAF steel mills and our
under-construction Southwest-Sinton Flat Roll Steel Division, producing steel
from ferrous scrap and scrap substitutes, utilizing continuous casting,
automated rolling mills, and numerous value-added downstream steel coating and
processing operations. Our steel operations sell directly to end-users, steel
fabricators, and service centers. These products are used in numerous industry
sectors, including the construction, automotive, manufacturing, transportation,
heavy and agriculture equipment, and pipe and tube (including OCTG) markets.
Steel operations accounted for 72% and 78% of our consolidated net sales during
the three months ended June 30, 2021 and 2020, respectively, and 72% and 76% of
our consolidated net sales during the six months ended June 30, 2021 and 2020,
respectively.

Steel Operations Segment Shipments (tons):



                                     Three Months Ended June 30,         Six Months Ended June 30,
                                     2021      % Change     2020        2021      % Change     2020

Total shipments                    2,891,276     15%      2,518,019   5,713,550      6%      5,365,201
Intra-segment shipments            (263,579)              (257,219)   (549,875)              (510,696)
Steel Operations Segment shipments 2,627,697     16%      2,260,800   5,163,675      6%      4,854,505

External shipments                 2,504,007     16%      2,152,856   4,914,824      6%      4,648,020




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                           [[Image Removed: Graphic]]

Steel Operations Segment Results 2021 vs. 2020

During the second quarter of 2021, steel demand remained robust and product
pricing continued its positive momentum across our entire steel operations
segment. Historically low customer inventories persisted throughout the supply
chain, supporting further increased steel selling prices. Domestic steel
consumption remained strong from the automotive, construction, and industrial
sectors. Second quarter 2021 average selling prices increased 72%, or $542 per
ton, compared to second quarter 2020. Steel operations segment shipments
increased 16% in the second quarter 2021, as compared to the same period in
2020. Net sales for the steel operations were double in the second quarter 2021
when compared to the same period in 2020, due to the increase in average steel
selling prices and volumes. Net sales for the steel operations increased 62% in
the first half of 2021 when compared to the same period in 2020, due to the 6%
increase in steel shipments and 53% increase in average selling prices.

Metallic raw materials used in our electric arc furnaces represent our single
most significant steel manufacturing cost, generally comprising approximately
55% to 65% of our steel mill operations' manufacturing costs. Our metallic raw
material cost per net ton consumed in our steel operations increased $173, or
65%, in the second quarter 2021, compared to the same period in 2020, consistent
with overall increased domestic scrap pricing noted below. In the first half of
2021, our metallic raw material cost per net ton increased $140, or 52%,
compared to the same period in 2020.

As a result of average selling prices increasing more than scrap costs, metal
spread (which we define as the difference between average steel mill selling
prices and the cost of ferrous scrap consumed in our steel mills) increased 53%
in the second quarter 2021 compared to the second quarter 2020. Consistent with
the metal spread expansion, operating income for the steel operations increased
503%, to a record $1.0 billion, in the second quarter 2021, compared to the same
period in 2020. First half 2021 operating income increased 262%, to $1.7
billion, compared to the first half of 2020, due primarily to increased metal
spread and to a lesser extent steel shipping volumes, which increased 6%.



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Metals Recycling Operations Segment





Metals recycling operations includes both ferrous and nonferrous scrap metal
processing, transportation, marketing, brokerage, and scrap management services.
Our steel mills utilize a large portion of the ferrous scrap sold by our metals
recycling operations as raw material in our steelmaking operations, and the
remainder is sold to other consumers, such as other steel manufacturers and
foundries. In the second quarter 2021, 63% of the metals recycling operations
ferrous scrap was sold to our own steel mills (75% in second quarter 2020), as
our steel mills utilization increased to 91% in the second quarter of 2021
compared to 79% in the same 2020 period. Our metals recycling operations
accounted for 13% and 7% of our consolidated net sales during the three months
ended June 30, 2021 and 2020, and 13% and 10% of our consolidated net sales
during the six months ended June 30, 2021 and 2020, respectively.

Metals Recycling Operations Segment Shipments:



                                          Three Months Ended June 30,           Six Months Ended June 30,
                                          2021      % Change     2020         2021       % Change      2020
Ferrous metal (gross tons)
Total                                   1,400,447     75%        802,070     2,796,290     40%        1,994,214
Inter-company                           (879,721)     46%      (604,100)   (1,838,382)     31%      (1,402,593)
External shipments                        520,726     163%       197,970       957,908     62%          591,621

Nonferrous metals (thousands of pounds)
Total                                     266,859     60%        166,914       547,668     25%          438,992
Inter-company                            (27,932)               (39,540)      (71,484)                 (80,218)
External shipments                        238,927     88%        127,374       476,184     33%          358,774



Metals Recycling Operations Segment Results 2021 vs. 2020


Our metals recycling operations continued to benefit from strong steel market
demand, driving increased domestic steel mill utilization and continued strong
ferrous scrap shipments in the second quarter of 2021. Domestic steel mill
utilization rates increased to approximately 81% in the second quarter 2021 from
77% in the sequential first quarter, significantly higher than the COVID-19
impacted utilization rates of mid-2020. Net sales increased 176% during the
second quarter of 2021 compared to the same period in 2020, driven by increased
shipments, including those from the Mexican scrap company acquired in August
2020, and higher average selling prices. Ferrous scrap average selling prices
increased 82% during the second quarter 2021 compared to the same period in
2020, while average nonferrous scrap prices increased 42%. Ferrous metal spread
(which we define as the difference between average selling prices and the cost
of purchased scrap) increased 30%, while nonferrous metal spread increased 80%
during the second quarter 2021 compared to the same period in 2020. This
resulted in metals recycling operations operating income improving significantly
to $47.6 million in the second quarter 2021 compared to the second quarter 2020
operating loss of $8.7 million.

Net sales for our metals recycling operations increased 113% in the first half
of 2021 as compared to the same period in 2020, driven by increased shipments
and pricing. Ferrous scrap average selling prices increased 70% during the first
half of 2021 compared to the same period in 2020, while nonferrous average
selling prices increased 46%. Ferrous metal spread increased 42%, while
nonferrous metal spread increased 75% in the first half of 2021 compared to the
first half of 2020. Metals recycling operations operating income in the first
half of 2021 of $98.2 million improved $101.3 million from the first half of
2020 operating loss of $3.2 million, due primarily to increased ferrous and
nonferrous shipments and metal spread.

Steel Fabrication Operations Segment

Steel fabrication operations include seven New Millennium Building Systems joist
and deck plants located throughout the United States and in Northern Mexico.
Revenues from these plants are generated from the fabrication of steel joists,
trusses, girders and steel deck used within the non-residential construction
industry. Steel fabrication operations accounted for 7% and 10% of our
consolidated net sales during the three months ended June 30, 2021 and 2020, and
7% and 9% of our consolidated net sales during the six months ended June 30,
2021 and 2020, respectively.

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                           [[Image Removed: Graphic]]

Steel Fabrication Operations Segment Results 2021 vs. 2020


Our steel fabrication operations continue to benefit from a robust
non-residential construction market, as order activity remains strong, with
customer order backlogs at a record level at the end of the second quarter 2021.
Net sales for the steel fabrication operations increased 52% during the second
quarter 2021 compared to the same period in 2020, as average selling prices
increased 29%, or $389 per ton, while shipments increased 18% to a quarterly
record 189,000 tons. Net sales for the segment increased 34% during the first
half of 2021, compared to the same period in 2020, as shipments increased 15%,
and average selling prices increased 16%, or $222 per ton.

The purchase of various steel products is the largest single cost of production
for our steel fabrication operations, generally representing approximately
two-thirds of the total cost of manufacturing. The average cost of steel
consumed increased 56% in the second quarter 2021, as compared to the same
period in 2020, consistent with increased steel selling prices in our steel
operations. As a result of steel costs per ton increasing slightly more than
selling prices per ton, metal spread (which we define as the difference between
average selling prices and the cost of purchased steel) contracted 3% in the
second quarter 2021 compared to the same period in 2020. In spite of this metal
spread compression, operating income increased 5% to $28.4 million in the second
quarter 2021 compared to the same period in 2020 on record quarterly shipments.
For the first half of 2021, operating income decreased 32% to $38.3 million
compared to the first half of 2020, as an 11% decrease in metal spread, on
rising steel costs, more than offset the 15% increase in shipments.



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Other Operations



Second Quarter Consolidated Results 2021 vs. 2020


Selling, General and Administrative Expenses. Selling, general and
administrative expenses of $154.4 million during the second quarter 2021
increased 41% from the $109.3 million during the second quarter 2020 on
increased profitability and Southwest-Sinton Flat Roll Division start-up
expenses. Selling, general and administrative expenses represented 3.5% and 5.2%
of net sales during second quarter 2021 and 2020, respectively. Profit sharing
expense during the second quarter of 2021 of $82.1 million was up more than
eight-fold from the $9.1 million during the same period in 2020. The
company-wide profit sharing plan represents 8% of pretax earnings; therefore,
our higher second quarter 2021 earnings resulted in higher profit sharing.

Interest Expense, net of Capitalized Interest. During the second quarter 2021,
interest expense of $14.9 million decreased 46% from $27.7 million during the
second quarter of 2020, due to decreased interest rates from our June 2020 and
October 2020 refinancing of $1.6 billion of high yield senior notes with lower
rate interest senior notes, and increased capitalized interest in 2021 in
conjunction with construction of our new Southwest-Sinton Flat Roll Division.

Income Tax Expense. Second quarter 2021 income tax expense of $218.6 million, at
an effective income tax rate of 23.5%, was up 800% from the $24.3 million, at an
effective income tax rate of 23.6%, during the second quarter 2020, consistent
with increased income before income taxes.

First Six Months Consolidated Results 2021 vs. 2020




Selling, General and Administrative Expenses. Selling, general and
administrative expenses of $304.2 million during the first half of 2021
increased 37% compared to the $222.2 million during the first half of 2020 on
increased profitability and Southwest-Sinton Flat Roll Division start-up
expenses. Selling, general and administrative expenses represented 3.8% and 4.8%
of net sales during first half of 2021 and 2020, respectively. Profit sharing
expense during the first half of 2021 of $131.0 million increased 329% from the
$30.5 million during the same period in 2020, consistent with increased
profitability.

Interest Expense, net of Capitalized Interest. During the first half of 2021,
interest expense of $32.2 million decreased 42% from $55.7 million during the
first half of 2020, due to decreased interest rates from our June 2020 and
October 2020 refinancing of $1.6 billion of high yield senior notes with lower
rate interest senior notes, and increased capitalized interest in 2021 in
conjunction with construction of our new Southwest-Sinton Flat Roll Division.



Income Tax Expense. First half 2021 income tax expense of $346.7 million, at an
effective income tax rate of 23.1%, was up 324% from the $81.7 million, at an
effective income tax rate of 23.3%, during the first half of 2020, consistent
with increased income before income taxes.

Liquidity and Capital Resources

Capital Resources and Long-term Debt. Our business is capital intensive and
requires substantial expenditures for, among other things, the purchase and
maintenance of equipment used in our steel, metals recycling, and steel
fabrication operations, and to remain in compliance with environmental laws. Our
short-term and long-term liquidity needs arise primarily from working capital
requirements, capital expenditures, currently including those related to our new
Southwest-Sinton Flat Roll Division, principal and interest payments related to
our outstanding indebtedness (no significant principal payments until 2024),
dividends to our shareholders, and potential stock repurchases and acquisitions.
We have met these liquidity requirements primarily with cash provided by
operations and long-term borrowings, and we also have availability under our
unsecured Revolver. Our liquidity at June 30, 2021, is as follows (in
thousands):



      Cash and equivalents    $ 1,113,744
      Revolver availability     1,188,019
      Total liquidity         $ 2,301,763


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Our total outstanding debt remained consistent at $3.1 billion during the first
six months of 2021. Our total long-term debt to capitalization ratio
(representing our long-term debt, including current maturities, divided by the
sum of our long-term debt, redeemable noncontrolling interests, and our total
stockholders' equity) was 38.2% and 41.6% at June 30, 2021, and December 31,
2020, respectively.

Our unsecured credit agreement has a senior unsecured revolving credit facility
(Facility), which provides a $1.2 billion unsecured Revolver, and matures in
December 2024. Subject to certain conditions, we have the opportunity to
increase the Facility size by $500.0 million. The unsecured Revolver is
available to fund working capital, capital expenditures, and other general
corporate purposes. The Facility contains financial covenants and other
covenants pertaining to our ability to incur indebtedness and permit liens on
property. Our ability to borrow funds within the terms of the unsecured Revolver
is dependent upon our continued compliance with the financial and other
covenants. At June 30, 2021, we had $1.2 billion of availability on the
Revolver, $12.0 million of outstanding letters of credit and other obligations
which reduce availability, and there were no borrowings outstanding.

The financial covenants under our Facility state that we must maintain an
interest coverage ratio of not less than 2.50:1.00. Our interest coverage ratio
is calculated by dividing our last-twelve-months (LTM) consolidated Adjusted
EBITDA (earnings before interest, taxes, depreciation, amortization, and certain
other non-cash transactions as allowed in the Facility) by our LTM gross
interest expense, less amortization of financing fees. In addition, a debt to
capitalization ratio of not more than 0.60:1.00 must be maintained. At June 30,
2021, our interest coverage ratio and debt to capitalization ratio were
22.38:1.00 and 0.38:1.00, respectively. We were, therefore, in compliance with
these covenants at June 30, 2021, and we anticipate we will continue to be in
compliance during the next twelve months.

Working Capital. We generated cash flow from operations of $849.4 million in the
first six months of 2021 compared to $697.3 million in the comparable 2020
period. Operational working capital (representing amounts invested in trade
receivables and inventories, less current liabilities other than income taxes
payable and debt) increased $729.0 million, or 44%, to $2.4 billion at June 30,
2021, due primarily to increased accounts receivable and inventory, consistent
with increased net sales and inventory costs.

Capital Investments. During the first six months of 2021, we invested $587.1
million in property, plant and equipment, primarily within our steel operations
segment, compared with $527.3 million invested during the same period in 2020.
We invested $488.5 million in our new Southwest-Sinton Flat Roll Steel Division
in the first half of 2021, and $371.0 million in the first half of 2020. We
entered 2021 with ample liquidity of $2.6 billion to provide for our planned
2021 capital requirements, including those necessary to finish construction of
our new steel mill. For the second half of 2021, we estimate capital investments
to be roughly $350 to $400 million, of which the new steel mill in Sinton,
Texas, represents approximately $300 million.



Cash Dividends. As a reflection of continued confidence in our current and
future cash flow generation ability and financial position, we increased our
quarterly cash dividend by 4% to $0.26 per share in the first quarter 2021 (from
$0.25 per share in 2020), resulting in declared cash dividends of $108.3 million
during the first six months of 2021, compared to $105.2 million during the same
period in 2020. We paid cash dividends of $107.6 million and $104.1 million
during the first six months of 2021 and 2020, respectively. Our board of
directors, along with executive management, approves the payment of dividends on
a quarterly basis. The determination to pay cash dividends in the future is at
the discretion of our board of directors, after taking into account various
factors, including our financial condition, results of operations, outstanding
indebtedness, current and anticipated cash needs and growth plans.

Other. In February 2020, our board of directors authorized share repurchase
programs of up to $500.0 million of our common stock. Under the share repurchase
programs, purchases take place as and when we determine in open market or
private transactions made based upon the market price of our common stock, the
nature of other investment opportunities or growth projects, our cash flows from
operations, and general economic conditions. The share repurchase programs do
not require us to acquire any specific number of shares, and may be modified,
suspended, extended or terminated by us at any time. The share repurchase
programs do not have an expiration date. There were $393.2 million

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and $106.5 million of share repurchases during the first six months of 2021 and
2020, respectively. As of June 30, 2021, we had $50.8 million remaining
available to purchase under the 2020 share repurchase program. This program was
exhausted in July 2021. In July 2021, our board of directors authorized an
additional share repurchase program of up to $1.0 billion of our common stock.

Our ability to meet our debt service obligations and reduce our total debt will
depend upon our future performance which, in turn, will depend upon general
economic, financial, business and ongoing COVID-19 conditions, along with
competition, legislation and regulatory factors that are largely beyond our
control. In addition, we cannot assure that our operating results, cash flows,
access to credit markets and capital resources will be sufficient for repayment
of our indebtedness in the future. We believe that based upon current levels of
operations and anticipated growth, cash flows from operations, together with
other available sources of funds, including borrowings under our Revolver, if
necessary, will be adequate for the next twelve months for making required
payments of principal and interest on our indebtedness, funding working capital
requirements, and anticipated capital expenditures noted above.

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Financials (USD)
Sales 2021 17 846 M - -
Net income 2021 3 313 M - -
Net Debt 2021 336 M - -
P/E ratio 2021 3,66x
Yield 2021 1,80%
Capitalization 11 788 M 11 788 M -
EV / Sales 2021 0,68x
EV / Sales 2022 0,60x
Nbr of Employees 9 625
Free-Float 73,0%
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Last Close Price 57,75 $
Average target price 84,20 $
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Managers and Directors
Mark D. Millett Chairman, President & Chief Executive Officer
Theresa E. Wagler Chief Financial Officer & Executive Vice President
Robert E. Francis Chief Information Officer & Vice President
Frank D. Byrne Independent Director
James C. Marcuccilli Lead Independent Director
Sector and Competitors
1st jan.Capi. (M$)
STEEL DYNAMICS, INC.57.63%11 788
ARCELORMITTAL30.48%29 213
NUCOR CORPORATION80.88%28 256
POSCO33.27%23 096
TATA STEEL LIMITED100.76%21 077
NIPPON STEEL CORPORATION54.86%17 332