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Last updated on April 23, 2014 at 1:22 EDT

Steel Dynamics Reports Second Quarter 2013 Diluted Earnings Per Share of $0.13

July 17, 2013

FORT WAYNE, Ind., July 17, 2013 /PRNewswire/ — Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced second quarter 2013 net income of $29 million, or $0.13 per diluted share, on net sales of $1.8 billion. By comparison, prior year second quarter net income was $44 million, or $0.20 per diluted share, on net sales of $1.9 billion; and sequential first quarter 2013 net income was $48 million, or $0.21 per diluted share, on net sales of $1.8 billion.

“Specific to product pricing, the second quarter proved most challenging for our sheet and structural steel operations,” said President and Chief Executive Officer, Mark Millett. “Slower anticipated economic growth in China coupled with suppressed economic growth in the European community influenced near-term market sentiment. The persistent uncertainty in the domestic economic environment continued to influence customer buying patterns as they maintained low inventory levels. Domestic oversupply, coupled with increased quarter-over-quarter steel imports, resulted in decreased quarterly selling values.

“Compared to the first quarter, operating income from our steel operations decreased 28 percent to $88 million, driven by metal margin compression caused by declines in average consecutive quarterly sheet and structural steel pricing, which more than offset the benefit of increased overall volume,” stated Millett. “We saw meaningful volume improvements for rail, engineered special bar quality products, and galvanized sheet steel from The Techs. Modest growth in the overall construction market continued in the quarter and supported improved shipments and backlog for our fabrication business, which achieved its fifth consecutive profitable quarter.

“We noted in our second quarter guidance that we were anticipating potential challenges in the metals recycling market. Operating income from our metals recycling operations decreased 37% to $16 million, when compared to first quarter. While ferrous volumes and metal spreads remained somewhat flat, nonferrous volume and margins contracted meaningfully in the quarter, as both copper and stainless steel market prices decreased significantly,” said Millett.

Second Quarter Review

Second quarter shipments improved in the company’s steel and fabrication operating segments when compared to the first quarter, but were lower for both metals recycling and ferrous operations. Operating income for the company’s steel operations decreased as compared to the sequential first quarter, declining 28 percent, and declined 37 percent as compared to the second quarter 2012, primarily due to lower steel metal spreads, as declining steel prices more than offset increased volume.

The company’s steel mill production utilization rate was 83 percent in the second quarter, compared to 89 percent in the first quarter of 2013. Planned maintenance downtime in April at the Flat Roll and Engineered Bar divisions was the primary reason for the decrease. The Structural and Rail Division continued a positive utilization trend as standard rail volume increased 20 percent over the sequential quarter. The average selling price for the company’s steel operations per ton shipped decreased $8 to $781 in the second quarter, and the average ferrous scrap cost per ton melted increased $3 per ton. Operating income attributable to the company’s long product operations decreased 20 percent when compared to the sequential quarter, while earnings from sheet operations decreased 34 percent.

Sequential operating income for the metals recycling operations decreased in the second quarter of 2013 to $16 million, as compared to $25 million of operating income in the first quarter, although contribution to the company’s overall operating income was higher than the second quarter 2012 of $5 million. Nonferrous shipments decreased nine percent sequentially, and when combined with generally lower pricing, the nonferrous metal spread decreased ten percent. The lower nonferrous volume is primarily attributed to a decrease in copper and stainless shipments, as lower pricing adversely impacted flow toward the end of the second quarter.

The impact of losses from the company’s Minnesota operations on second quarter 2013 consolidated net income was approximately $9 million, or $0.04 per diluted share, as compared to a loss of $14 million, or $0.06 per diluted share, in the first quarter. As previously indicated and according to plan, the installation of additional equipment and other modifications were made at the iron nugget facility in April. The facility resumed production in May and the restart has progressed well. Production is expected to increase steadily and reach a monthly rate of 30,000 metric tons before the end of the year. The company anticipates the impact of losses related to the Minnesota operations for the third quarter 2013 to be similar to somewhat improved compared to those recorded in the second quarter as expected yield and production improvements are realized.

Year to Date Comparison

A decline in average steel prices and decreased nonferrous shipments resulted in net sales of $3.6 billion for the six months ended June 30, 2013, an eight percent decline from the same period in 2012. Operating income decreased 26 percent, as margins decreased within the company’s steel operations. The average selling price per ton shipped for the company’s steel operations in the six months ended June 30, 2013 was $785, a decrease of $79 per ton compared to the same period last year. The average ferrous scrap cost per ton melted was $54 lower than the comparative period for 2012.

Outlook

“We remain optimistic as the demand for high-quality steel products has not abated,” Millett said. “The team is on track to complete the organic growth projects scheduled to start at the end of this year, including the engineered special-bar-quality capacity expansion and the premium rail product addition. The automotive market remains strong, and manufactured goods is strengthening. Housing start data continues to suggest increasingly higher potential for a sustainable recovery in residential construction. We remain cautiously optimistic about the nonresidential construction market in 2013, as the most recent key market indices showed upward improvements. We also view the increase in our engineered special-bar-quality products and fabrication shipments as positive signs of momentum. We are confident that with our exceptional team, and our superior, low-cost operating culture, we are uniquely prepared to capitalize on the opportunities ahead.”

Summary Second Quarter 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, engineered special-bar-quality steel, rebar, rail, and specialty shapes.

                                               Second Quarter            Year To Date         Sequential
                                               --------------            ------------

                                                2013           2012       2013           2012    1Q 2013
                                                ----           ----       ----           ----    -------

                              Total Sales $1,165,775     $1,280,767 $2,307,850     $2,535,231         $1,142,075

                           External Sales  1,091,015      1,207,300  2,152,327      2,394,020          1,061,312

                         Operating Income     87,833        139,028    209,422        278,768            121,589

                   Total Shipments (tons)  1,522,668      1,520,579  2,992,470      2,970,702          1,469,802

     Average External Sales Price Per Ton       $781           $854       $785           $864               $789

       Average Ferrous Scrap Cost Per Ton       $354           $395       $353           $407               $351

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 iron producing operations.

    Metals Recycling & Ferrous Resources                    Second Quarter           Year To Date        Sequential
                                                            --------------           ------------

                                                            2013         2012       2013           2012    1Q 2013
                                                            ----         ----       ----           ----    -------

                                            Total Sales $893,116     $927,092 $1,807,684     $2,039,432         $914,568

                                         External Sales  585,492      590,509  1,206,620      1,290,109          621,128

                                         Operating Loss   (1,811)    (13,135)     (6,120)        (2,736)          (4,309)

    Metals Recycling                                         Second Quarter            Year To Date          Sequential
                                                             --------------            ------------

                                                              2013          2012        2013           2012      1Q 2013
                                                              ----          ----        ----           ----      -------

                                             Total Sales  $794,750      $876,731  $1,629,789     $1,933,904           $835,039

                                          External Sales   554,996       589,722   1,164,914      1,289,064            609,918

                                        Operating Income    15,774         5,085      40,739         30,089             24,965

                       Unrealized Hedging Gains (Losses)    (1,583)        1,080        (892)         3,083                691

                          Ferrous Shipments (gross tons) 1,334,390     1,486,222   2,677,319      3,069,062          1,342,929

                      % Shipments to Company Steel Mills        39%           45%         41%            46%                43%

                     Nonferrous Shipments (pounds 000's)   254,495       258,932     534,151        550,568            279,656

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.

                             Second Quarter          Year To Date     Sequential
                             --------------          ------------

                             2013         2012     2013         2012  1Q 2013
                             ----         ----     ----         ----  -------

             Total Sales $104,159      $95,767 $198,534     $170,663         $94,375

        Operating Income
                  (Loss)    2,330          193    3,860       (2,475)          1,530

         Total Shipments
                  (tons)   86,371       77,932  163,954      138,115          77,583

        Average External
     Sales Price Per Ton   $1,206       $1,229   $1,210       $1,236          $1,214

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 recurrent slowing economy 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 Form 10-K, 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 SEC Web site, www.sec.gov, and on the Steel Dynamics Web site, www.steeldynamics.com.

Conference Call and Webcast

On Thursday, July 18, 2013, at 10:00 a.m. Eastern Time, Steel Dynamics will host a conference call with investors and analysts to discuss the company’s second quarter 2013 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 on July 25, 2013. A downloadable podcast and MP3 file of the event will also be available on our website.


                                                                                           Steel Dynamics, Inc.

                                                                               CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

                                                                                   (in thousands, except per share data)

                                                                                                                                 Three Months Ended               Six Months Ended              Three Months

                                                                                                                                                                                                 Ended

                                                                                                                                     June 30,                     June 30,                    March 31,
                                                                                                                                     --------                     --------

                                                                                                                                       2013             2012             2013            2012                      2013
                                                                                                                                       ----             ----             ----            ----                      ----

    Net sales                                                                                                                    $1,801,340       $1,909,803       $3,597,036      $3,891,843                $1,795,696

    Costs of goods sold                                                                                                           1,653,648        1,727,667        3,273,080       3,508,443                 1,619,432
                                                                                                                                  ---------        ---------        ---------       ---------                 ---------

            Gross profit                                                                                                            147,692          182,136          323,956         383,400                   176,264

    Selling, general and administrative expenses                                                                                     65,356           61,235          130,618         125,619                    65,262

    Profit sharing                                                                                                                    4,779            8,211           11,422          16,283                     6,643

    Amortization of intangible assets                                                                                                 8,051            8,991           16,178          17,983                     8,127

    Impairment charges                                                                                                       308               -              308                -                        -
                                                                                                                                             ---              ---              ---                      ---

            Operating income                                                                                                         69,198          103,699          165,430         223,515                    96,232

    Interest expense, net of capitalized interest                                                                                    31,465           41,106           66,094          82,218                    34,629

    Other expense (income), net                                                                                                      (1,246)          (1,892)          (2,292)          8,356                    (1,046)
                                                                                                                                     ------           ------           ------           -----                    ------

            Income before income taxes                                                                                               38,979           64,485          101,628         132,941                    62,649

    Income taxes                                                                                                                     15,706           25,180           37,103          51,859                    21,397
                                                                                                                                     ------           ------           ------          ------                    ------

            Net income                                                                                                               23,273           39,305           64,525          81,082                    41,252

    Net loss attributable to noncontrolling interests                                                                                 5,685            5,167           12,648           9,065                     6,963

            Net income attributable to Steel Dynamics, Inc.                                                                                                                                          48,215

                                                                                                                                    $28,958          $44,472          $77,173         $90,147             $
                                                                                                                                                                                                        ===

    Basic earnings per share attributable to                                                                                          $0.13            $0.20            $0.35           $0.41                     $0.22

            Steel Dynamics, Inc. stockholders

    Weighted average common shares outstanding                                                                                      220,471          219,104          220,233         219,050                   219,995
                                                                                                                                    =======          =======          =======         =======                   =======

    Diluted earnings per share attributable to           Steel Dynamics, Inc. stockholders, including the
     effect of assumed conversions when dilutive                                                                                      $0.13            $0.20            $0.34           $0.40                     $0.21

    Weighted average common shares and                                                                                              221,736          236,208          238,246         236,367                   238,087

            equivalents outstanding  (Note 1)

    Dividends declared per share                                                                                                      $0.11            $0.10            $0.22           $0.20                     $0.11

(Note 1) Excludes the impact of the 5.125% convertible senior notes from net income (numerator) and share equivalents outstanding (denominator) for the three months ended June 30, 2013, as the impact to diluted earnings per share is anti-dilutive.



                                                                                                                                Steel Dynamics, Inc.

                                                                                                                    UNAUDITED SUPPLEMENTAL OPERATING INFORMATION

                                                                                                                               (dollars in thousands)

                                                                                                                                                                             Three Months Ended                          Six Months Ended                   Three Months Ended

                                                                                                                                                                                  June 30,                                   June 30,                            March 31,

                                                                                                                                                                            2013                   2012                  2013                   2012                           2013
                                                                                                                                                                            ----                   ----                  ----                   ----                           ----

    Steel Operations*

    Shipments (tons)

                                                         Flat Roll Division                                                                                              720,582                706,944             1,424,872              1,365,449                        704,290

                                                         Structural and Rail Division

                                                         Structural                                                                                                      223,700                214,347               451,789                441,406                        228,089

                                                         Rail                                                                                                             63,274                 38,177               116,082                 72,124                         52,808

                                                         Engineered Bar Products Division                                                                                123,919                166,208               236,740                323,697                        112,821

                                                         Roanoke Bar Division                                                                                            134,001                149,010               273,951                300,306                        139,950

                                                         Steel of West Virginia                                                                                           77,975                 74,456               158,682                151,668                         80,707

                                                         The Techs                                                                                                       179,217                171,437               330,354                316,052                        151,137
                                                         ---------

                                                         Total                                                                                                         1,522,668              1,520,579             2,992,470              2,970,702                      1,469,802

                                                            Intra-company                                                                                               (126,288)              (106,875)             (251,658)              (201,051)                      (125,370)

                                                         External                                                                                                      1,396,380              1,413,704             2,740,812              2,769,651                      1,344,432
                                                                                                                                                                       =========              =========             =========              =========                      =========

    Production, excluding The Techs (tons)                                                                                                                             1,329,322              1,328,290             2,736,830              2,680,108                      1,407,508

    Net sales

                                                         Total                                                                                                        $1,165,775             $1,280,767            $2,307,850             $2,535,231                     $1,142,075

                                                            Intra-company                                                                                                (74,760)               (73,467)             (155,523)              (141,211)                       (80,763)
                                                         ----------

                                                         External                                                                                                     $1,091,015             $1,207,300            $2,152,327             $2,394,020                     $1,061,312
                                                         ========

    Operating income before amortization of intangibles                                                                                                      $87,833               $139,028              $209,422               $278,768              $121,589

                                                         Amortization of intangibles                                                                                      (2,288)                (2,431)               (4,576)                (4,863)                        (2,288)

    Operating income (Note 1)                                                                                                                                $85,545               $136,597              $204,846               $273,905              $119,301
                                                                                                                                                             =======               ========              ========               ========              ========

    Metals Recycling and Ferrous Resources Operations**

    OmniSource

      Ferrous metals shipments (gross tons)

                                                         Total                                                                                                         1,334,390              1,486,222             2,677,319              3,069,062                      1,342,929

                                                            Intra-company                                                                                               (548,268)              (666,668)           (1,102,158)            (1,430,435)                      (553,890)

                                                         External                                                                                                        786,122                819,554             1,575,161              1,638,627                        789,039
                                                         ========

      Nonferrous metals shipments (thousands of pounds)

                                                         Total                                                                                                           254,495                258,932               534,151                550,568                        279,656

                                                            Intra-company                                                                                                 (6,737)                (4,598)              (10,266)                (6,556)                        (3,529)
                                                         ----------

                                                         External                                                                                                        247,758                254,334               523,885                544,012                        276,127
                                                         ========

    Mesabi Nugget shipments (metric tons) - Intra-company                                                                                                                 44,454                 33,840               104,139                 80,070                         59,685
                                                                                                                                                                          ======                 ======               =======                 ======                         ======

    Iron Dynamics (metric tons) - Intra-company                                                                                                                           66,285                 59,103               130,970                115,731                         64,685
                                                                                                                                                                          ======                 ======               =======                =======                         ======

    Net sales

                                                         Total                                                                                                          $893,116               $927,092            $1,807,684             $2,039,432                       $914,568

                                                            Intra-company                                                                                               (307,624)              (336,583)             (601,064)              (749,323)                      (293,440)

                                                         External                                                                                                       $585,492               $590,509            $1,206,620             $1,290,109                       $621,128
                                                         ========

    Operating loss before amortization of intangibles                                                                                                        $(1,811)              $(13,135)              $(6,120)               $(2,736)              $(4,309)

                                                         Amortization of intangibles                                                                                      (5,440)                (6,236)              (10,955)               (12,472)                        (5,515)

    Operating loss (Note 1)                                                                                                                                  $(7,251)              $(19,371)             $(17,075)              $(15,208)              $(9,824)
                                                                                                                                                             =======               ========              ========               ========               =======

    Steel Fabrication Operations***

    Shipments (tons)

                                                         Total                                                                                                            86,371                 77,932               163,954                138,115                         77,583

                                                            Intra-company                                                                                                   (460)                     -                  (794)                    (2)                          (334)

                                                         External                                                                                                         85,911                 77,932               163,160                138,113                         77,249
                                                         ========

    Net sales

                                                         Total                                                                                                          $104,159                $95,767              $198,534               $170,663                        $94,375

                                                            Intra-company                                                                                                   (564)                     -                (1,142)                    (4)                          (578)
                                                         ----------

                                                         External                                                                                                       $103,595                $95,767              $197,392               $170,659                        $93,797
                                                         ========

    Operating income (loss) (Note 1)                                                                                                                          $2,330                   $193                $3,860                $(2,475)               $1,530
                                                                                                                                                              ======                   ====                ======                =======                ======

    *                                                      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)

                                                                                                  June 30,                December
                                                                                                                             31,

                                                                                                       2013                   2012
                                                                                                       ----                   ----

                                                                                                (unaudited)

                                              Assets

    Current assets

            Cash and equivalents                                                                               $243,753                   $375,917

            Investments in short-term
             commercial paper                                                                                         -                     31,520

            Accounts receivable, net                                                                            773,127                    642,363

            Inventories                                                                                       1,168,499                  1,202,507

            Deferred income taxes                                                                                23,682                     23,449

            Other current assets                                                                                 33,028                     20,469
                                                                                                                 ------                     ------

                         Total current assets                                                                 2,242,089                  2,296,225

    Property, plant and equipment,
     net                                                                                                      2,232,852                  2,231,198

    Restricted cash                                                                                              23,231                     27,749

    Intangible assets, net                                                                                      401,104                    416,635

    Goodwill                                                                                                    735,281                    738,542

    Other assets                                                                                                101,353                    105,067
                                                                                                                -------                    -------

                        Total assets                                                                         $5,735,910                 $5,815,416
                                                                                                             ==========                 ==========

                                      Liabilities and Equity

    Current liabilities

            Accounts payable                                                                                   $364,330                   $360,097

            Income taxes payable                                                                                  2,862                     16,941

            Accrued expenses                                                                                    178,416                    203,008

            Current maturities of long-term
             debt                                                                                               324,241                     29,631
                                                                                                                -------                     ------

                         Total current liabilities                                                              869,849                    609,677

    Long-term debt

            Term note                                                                                           233,750                    247,500

            Senior notes                                                                                      1,500,000                  1,600,000

            Convertible senior notes                                                                                  -                    287,496

            Other long-term debt                                                                                 40,493                     37,610
                                                                                                                 ------                     ------

                         Total long-term debt                                                                 1,774,243                  2,172,606

    Deferred income taxes                                                                                       556,023                    537,304

    Other liabilities                                                                                            20,324                     19,173

    Commitments and contingencies

    Redeemable noncontrolling
     interests                                                                                                  104,734                     98,814

    Equity

            Common stock                                                                                            640                        637

            Treasury stock, at cost                                                                            (718,373)                  (720,479)

            Additional paid-in capital                                                                        1,050,470                  1,037,687

            Retained earnings                                                                                 2,116,262                  2,087,620
                                                                                                              ---------                  ---------

                         Total Steel Dynamics, Inc. equity                                                    2,448,999                  2,405,465

            Noncontrolling interests                                                                            (38,262)                   (27,623)
                                                                                                                -------                    -------

                         Total equity                                                                         2,410,737                  2,377,842
                                                                                                              ---------                  ---------

                         Total liabilities and equity                                                        $5,735,910                 $5,815,416
                                                                                                             ==========                 ==========


                                                                                                Steel Dynamics, Inc.

                                                                                 CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

                                                                                                   (in thousands)

                                                                                                                                         Three Months
                                                                                                                                             Ended                   Six Months Ended

                                                                                                                                           June 30,                      June 30,
                                                                                                                                           --------                      --------

                                                                                                                                              2013         2012                 2013              2012
                                                                                                                                              ----         ----                 ----              ----

    Operating activities:

            Net income                                                                                                                     $23,273      $39,305              $64,525           $81,082

            Adjustments to reconcile net income to net cash provided by
                operating activities:

                    Depreciation and amortization                                                                                           56,826       55,502              113,887           111,074

                    Equity-based compensation                                                                                                2,344        2,602                7,097             8,725

                    Deferred income taxes                                                                                                   10,812       10,634               21,747            19,831

                    Changes in certain assets and liabilities:

                            Accounts receivable                                                                                            (19,826)      73,734             (130,764)           12,914

                            Inventories                                                                                                      1,660       18,787               34,008           (36,303)

                            Accounts payable                                                                                               (46,370)     (60,837)              (7,382)          (25,935)

                            Income taxes receivable/payable                                                                                (23,304)     (26,468)             (26,326)           (9,076)

                            Other assets and liabilities                                                                                    27,300      (12,657)             (14,367)          (40,292)
                                                                                                                                            ------      -------              -------           -------

                    Net cash provided by operating activities                                                                               32,715      100,602               62,425           122,020

    Investing activities:

            Purchase of property, plant and equipment                                                                                      (49,236)     (54,789)             (94,582)         (100,344)

            Other investing activities                                                                                                         863       55,662               34,797            53,798
                                                                                                                                               ---       ------               ------            ------

                    Net cash provided by (used in) investing activities                                                                    (48,373)         873              (59,785)          (46,546)

    Financing activities:

            Issuance of current and long-term debt                                                                                    32             -           409,293              289,969

            Repayment of current and long-term debt                                                                                       (202,312)     (21,896)            (508,003)         (305,344)

            Debt issuance costs                                                                                                    (195)             -           (6,192)              (2,188)

            Proceeds from exercise of stock options, including related tax effect                                                            2,977          341               10,591             1,438

            Contributions from noncontrolling investors, net                                                                                 5,286        5,117                5,697            14,623

            Dividends paid                                                                                                                 (24,238)     (21,908)             (46,190)          (43,795)
                                                                                                                                           -------      -------              -------           -------

                    Net cash used in financing activities                                                                                 (218,450)     (38,346)            (134,804)          (45,297)
                                                                                                                                          --------      -------             --------           -------

            Increase (decrease) in cash and equivalents                                                                                   (234,108)      63,129             (132,164)           30,177

            Cash and equivalents at beginning of period                                                                                    477,861      357,809              375,917           390,761
                                                                                                                                           -------      -------              -------           -------

            Cash and equivalents at end of period                                                                                         $243,753     $420,938             $243,753          $420,938

    Supplemental disclosure information:

            Cash paid for interest                                                                                                         $17,583      $62,807              $67,315           $81,560

            Cash paid for federal and state income taxes, net                                                                              $27,360      $41,302              $38,525           $40,347

SOURCE Steel Dynamics, Inc.


Source: PR Newswire