Steel Dynamics : Fourth Quarter and Full Year 2022 Earnings Call Presentation

26 January 2023

Investor Call Presentation

Fourth Quarter and Full Year 2022

Health and Safety

Entrepreneurial Culture

Customer Commitment

Strategic Growth z

Innovation

Financial Strength

Forward Looking Statements and Non-GAAP Financial Measures

Forward-Looking Statements

This presentation contains some predictive statements about future events, including statements related to conditions in domestic or global economies, conditions in steel, aluminum, 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 imports of steel and North American aluminum flat rolled supply deficit, 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 energy resources are subject to volatile market conditions; (7) increased environmental, greenhouse gas emissions and sustainability considerations or regulations;

1. compliance with and changes in environmental and remediation requirements; (9) significant price and other forms of competition from other steel and aluminum producers, scrap processors and alternative materials;

1. availability of an adequate source of supply of scrap 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; (17) the

impacts of impairment charges; (18) unanticipated difficulties in integrating or starting up new assets; and (19) risks and uncertainties involving product and/or technology development.

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".

Note Regarding Non-GAAP Financial Measures

Steel Dynamics reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). Management believes that EBITDA, Adjusted EBITDA, Adjusted Operating Income, Free Cash Flow, and Adjusted Free Cash Flow non-GAAP financial measures, provide additional meaningful information regarding Steel Dynamic's performance and financial strength. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Steel Dynamics' reported results prepared in accordance with GAAP. In addition, because not all companies use identical calculations, EBITDA, Adjusted EBITDA, Adjusted Operating Income, Free Cash Flow and Adjusted Free Cash Flow included in this presentation may not be comparable to similarly titled measures of other companies. The reconciliations of these non-GAAP measures to their most comparable GAAP measures are contained in the appendix at the end of this presentation.

Differentiated, Sustainable, Metals Growth Company		26 January 2023 2

Safety is Our Number One Value

Total Recordable Injury Rate1	Total 2022 Recordable Injury Rate1 By Platform
	Steel	Steel	Metals
		Fabrication	Recycling

			2.3		4.2	4.1
1.8	1.9	1.9		1.8
					2.8
					2.3
				1.7		1.6
2018	2019	2020	2021	2022

Steel Dynamics		Industry²

Lost Time Injury Rate1

			0.61
	0.33	0.39
		0.32
0.25
2018	2019	2020	2021	2022

1. Total Recordable Injury Rate is defined as OSHA recordable incidents x 200,000 / hours worked and Lost Time Injury Rate is defined as OSHA days away from work cases x 200,000 / hours worked.
2. Source: 2021 U.S. DOL Bureau of Labor Statistics

Differentiated, Sustainable, Metals Growth Company		26 January 2023 3

Solid Fourth Quarter 2022 Performance

Historically strong revenue at $4.8 billion

Net Income of $635 million

Adjusted EBITDA1 of $906 million, a 19% margin

EPS/Adjusted EPS2

Record Steel Fabrication operating income

Repurchased 2.4% of our shares outstanding

1. The adjusted EBITDA reconciliation to GAAP net income is provided in the appendix to this presentation.
2. The adjusted net income reconciliation is provided in the appendix to this presentation.

.

K e y h i g h l i g h t s

$4.8 billion

R e v e n u e

$635 million

N e t i n c o m e

$906 million

A d j u s t e d E B I T D A 1

$3.61/$4.37

E P S / A d j u s t e d E P S 2

$682 million

O p e r a t i n g i n c o m e

$413 million

S h a r e r e p u r c h a s e s

Differentiated, Sustainable, Metals Growth Company		26 January 2023 4

Solid Fourth Quarter 2022 Performance

Strong results reflect execution on our long-term strategy, and our differentiated circular business model

Dollars in millions, except per share data

			% Sequential	% Prior Year
Q4 2022	Q3 2022	Q4 2021	Change	Change

Net Sales	$4,826	$5,652	$5,311
Operating Income	759	1,220	1,429
Net Income attributable to Steel Dynamics,	635	914	1,091
Inc.
Diluted Earnings per Share	3.61	5.03	5.49
Adjusted Diluted Earnings per Share¹	4.37	5.46	5.78
Adjusted EBITDA²	906	1,346	1,527
Operating Income
Steel Operations	178	658	1,367
Steel Fabrication Operations	682	677	238
Metals Recycling Operations	14	10	44

1. (9)

1. (47)

1. (42)

1. (34)

1. (24)

1. (41)

1. (87)

1. 187

1. (67)

¹ The adjusted net income reconciliation is provided in the appendix to this presentation.

2 The adjusted EBITDA reconciliation to GAAP net income is provided in the appendix to this presentation. Note: Calculations may not tie due to rounding

Differentiated, Sustainable, Metals Growth Company		26 January 2023 5