STEEL DYNAMICS, INC. 
By FORT WAYNE, Ind., Jan. 24, 2012 /PRNewswire/ -- Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced fourth quarter net income of $30 million, or $0.14 per diluted share, on net sales of $1.9 billion. By comparison, prior year fourth quarter net income was $8 million, or $0.04 per diluted share, on net sales of $1.5 billion. Full-year 2011 net income increased 98% to $278 million, or $1.22 per diluted share, on net sales of $8.0 billion, compared to prior year net income of $141 million, or $0.64 per diluted share, on net sales of $6.3 billion.
"We are pleased with the strong revenue and bottom-line performance in both the quarter and for the year in comparison to prior year results," said President and Chief Executive Officer Mark Millett. "We achieved both quarterly and annual organic sales growth of over 20 percent, and nearly doubled our annual pretax earnings in a challenging environment. Many of our operations achieved notable milestones in 2011:
-- Our Flat Roll and Engineered Bar Products divisions achieved record
annual production and shipping volumes individually, as did our steel
operations in total,
-- Our Engineered Bar Products and Steel of West Virginia steel divisions
achieved record annual operating income,
-- We significantly increased our market share of railroad rail business,
shipping 117,000 tons in 2011 (more than double the 55,000 tons shipped
during 2010),
-- Our metals recycling operations achieved record annual ferrous and
nonferrous shipping volumes, as we leveraged improved market dynamics
through additional retail yards and increased shredder capacity,
-- We achieved record production of iron units at our Iron Dynamics
facility, with the lowest cost structure achieved to date, and
-- We began operations at three fabrication facilities located
strategically in the South and Southwest, providing market expansion.
This solid performance in a difficult economy is driven by our ongoing commitment to provide exceptional value to our customers, while sustaining our innovative, low-cost operating culture."
Fourth Quarter Review
Fourth quarter volumes increased in each of the company's operating segments when compared to the prior-year fourth quarter and decreased when compared to the third quarter of 2011. While the company's operating income increased 76 percent over prior-year performance, it decreased 24 percent in comparison to the third quarter of 2011. The decrease in consecutive quarterly operating income was primarily the result of compressed flat roll margins and Iron Dynamics' planned three week maintenance shutdown, which reduced operating income by $10 million due to associated costs and reduced volume. Despite increased volumes, earnings from flat roll operations declined 26 percent, as lower selling prices in the first half of the quarter were not matched with corresponding declines in the cost of raw materials, resulting in margin compression. However, beginning mid-quarter, increases in both order entry and pricing should benefit the first quarter of 2012.
Fourth quarter margins for the combined steel operations expanded in comparison to prior year fourth quarter results, as the average selling price per ton shipped increased $100 per ton to $853, and the average ferrous scrap cost per ton melted increased $68. In contrast, steel margins compressed in comparison to the third quarter of 2011, as the average selling price per ton shipped decreased $44 per ton across the steel group, and the average ferrous scrap cost per ton melted decreased only $12.
As is typical in the last quarter of the year, metals recycling volumes decreased when compared to the third quarter of 2011, but increases in nonferrous margins more than offset the impact of reduced ferrous and nonferrous shipments. Operating income for OmniSource was $16 million in the fourth quarter, an increase of $7 million in comparison to prior year, and an increase of $4 million compared to the third quarter of 2011. Non-cash unrealized hedging losses were $3 million, or approximately $0.01 per diluted share, in the fourth quarter of 2011, as compared to gains of $2 million in the third quarter of 2011.
The impact of losses from the company's Minnesota operations on fourth quarter 2011 consolidated net income was $10 million, or approximately $0.05 per diluted share. This compares to losses of $8 million, or approximately $0.03 per diluted share in the third quarter of 2011. The increased loss was a function of margin compression as product pricing decreased and the cost of raw materials increased quarter over quarter. Fourth quarter shipments of iron nuggets was 53,000 metric tons, a 62 percent increase over third quarter 2011 levels.
Full-Year Review
Overall 2011 shipping volumes increased in each of the company's operating segments when compared to prior year, and record volumes were achieved in the steel and metals recycling operations. 2011 net sales of $8.0 billion, increased $1.7 billion, or 27 percent, over 2010 results, and were only 1 percent less than the company's record net sales achieved in 2008.
The company's operating income increased 60 percent versus the prior year, driven primarily by significant margin improvement within the steel operations in both flat and long products. The average annual selling price per ton shipped for the company's steel operations in 2011 was $897, an increase of $123 per ton compared to 2010. The 2011 average ferrous scrap cost per ton melted increased $71.
Outlook
As previously reported in early January, the company successfully expanded its existing senior secured credit facility by adding a $275 million term loan facility. The net proceeds from the term loan were used to repay approximately $278 million, or 40 percent, of the company's outstanding 7 3/8 % Senior Notes due November 2012, in accordance with the announced cash tender offer. During the first quarter of 2012, the company expects to recognize expenses of approximately $10 million (net of interest cost savings) associated with the refinancing, including the tender premium and unamortized financing fee write-offs. During the remainder of the year beginning in April through maturity in November, the refinancing is expected to result in interest cost savings of approximately $9 million (based on current interest rates).
"Entering the new year," Millett said, "we are optimistic, despite continued uncertainty within the U.S. and global economies. We believe there is the possibility for more stability to develop in 2012 as improvements continue in certain market sectors, such as energy, agriculture, automotive, transportation and construction equipment. If the U.S. economy continues a pattern of slow and steady growth during the year, steel demand should logically follow, given the relatively low levels of inventory across the supply chain. We remain confident that with our exceptional team, coupled with our superior, low-cost operating culture, we are uniquely prepared to capitalize on the opportunities ahead."
Summary Fourth Quarter and Full-Year 2011 Operating Segment Information
The following tables highlight operating results for each of the company's three primary operating segments. References to segment operating income in the following paragraphs exclude profit-sharing costs and amortization pertaining to intangible assets. (Amounts excluding full year 2010 data are unaudited, and 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, special-bar-quality steel, rebar, rail, and specialty shapes.
Fourth Quarter Full Year
-------------- ---------
2011 2010 2011 2010
---- ---- ---- ----
Segment Net
Sales $1,215,966 $966,828 $5,070,306 $3,999,639
% of External
Net Sales 63% 60% 61% 61%
Operating Income $117,434 $91,389 $668,341 $451,015
Combined
Shipments 1,465,962 1,317,664 5,842,694 5,295,852
Average External
Sales Price Per
Ton $853 $753 $897 $774
Average Ferrous
Scrap Cost Per
Ton $407 $339 $410 $338
Metals Recycling and Ferrous Resources
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 operations, which currently primarily includes an iron nugget manufacturing facility (Mesabi Nugget, which is 81 percent company-owned).
Metals
Recycling and Fourth Quarter Full Year
-------------- ---------
Ferrous
Resources 2011 2010 2011 2010
---- ---- ---- ----
Segment Net
Sales $907,025 $769,682 $4,152,568 $3,179,032
% of External
Net Sales 32% 35% 35% 35%
Operating
Income (Loss) $(6,508) $(4,363) $54,723 $52,693
Fourth Quarter Full Year
-------------- ---------
Metals
Recycling 2011 2010 2011 2010
---- ---- ---- ----
Net
Sales $856,481 $735,753 $3,940,693 $3,048,284
% of
External
Net
Sales 32% 35% 35% 35%
Operating
Income $15,715 $8,916 $94,543 $98,685
Ferrous
Shipments
(gross
tons) 1,314,588 1,237,677 5,879,729 5,179,812
%
Shipments
to
Company
Steel
Mills 44% 42% 43% 42%
Nonferrous
Shipments
(pounds) 255,137 229,881 1,066,648 961,288
Unrealized
Hedging
Gains
(Losses) $(2,659) $(6,871) $3,768 $(1,874)
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. Fourth quarter and annual 2010 operating losses of $13 million and $25 million, respectively, include a $13 million impairment charge.
Fourth Quarter Full Year
-------------- ---------
2011 2010 2011 2010
---- ---- ---- ----
Segment Net Sales $78,684 $57,193 $276,408 $177,378
% of External Net Sales 4% 4% 3% 3%
Operating Loss $(1,820) $(13,269) $(6,584) $(25,014)
Combined Shipments 61,428 49,551 217,838 164,431
Average External Sales
Price Per Ton $1,281 $1,157 $1,270 $1,082
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 $8.0 billion in 2011, 6,500 employees, and manufacturing facilities primarily located throughout the United States (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: the effects of a prolonged or deepening recession 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 Wednesday, January 25, 2012, at 10:00 a.m. Eastern time, Steel Dynamics will host a conference call with investors and analysts to discuss the company's fourth quarter and full-year 2011 results. We invite you to listen to the live audiocast of the conference call accessible from our website (http://steeldynamics.com) , or via telephone (the conference call number may be obtained on our website). A replay of the discussion will be available on our website following the conclusion of the conference call.
Steel Dynamics, Inc.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands, except per share data)
Three Months
Three Months Ended Year Ended Ended
December 31, December 31, September 30,
------------ ------------
2011 2010 2011 2010 2011
---- ---- ---- ---- ----
Net sales $1,858,345 $1,528,134 $7,997,500 $6,300,887 $2,043,455
Costs of goods
sold 1,698,210 1,394,466 7,065,982 5,625,221 1,844,212
--------- --------- --------- --------- ---------
Gross profit 160,135 133,668 931,518 675,666 199,243
Selling, general
and
administrative
expenses 61,947 59,250 263,595 227,046 72,876
Profit sharing 6,064 3,643 43,149 25,476 7,428
Amortization of
intangible
assets 9,634 11,149 39,954 45,586 10,154
Impairment
charges - 12,805 - 12,805 -
--- ------ --- ------ ---
Operating income 82,490 46,821 584,820 364,753 108,785
Interest
expense, net of
capitalized
interest 44,117 44,980 176,977 170,229 44,702
Other income,
net (2,641) (6,118) (16,476) (18,935) (3,523)
------ ------ ------- ------- ------
Income before
income taxes 41,014 7,959 424,319 213,459 67,606
Income taxes 15,235 3,901 158,627 83,860 27,749
------ ----- ------- ------ ------
Net income 25,779 4,058 265,692 129,599 39,857
Net loss
attributable to
noncontrolling
interests 4,424 3,734 12,428 11,110 3,447
Net income
attributable
to $30,203 $7,792 $278,120 $140,709 $43,304
Steel Dynamics,
Inc.
Basic earnings
per share
attributable
to $.14 $.04 $1.27 $.65 $.20
Steel Dynamics,
Inc.
stockholders
Weighted average
common shares 218,718 217,239 218,471 216,760 218,674
outstanding ======= ======= ======= ======= =======
Diluted
earnings per
share
attributable
to $.14 $.04 $1.22 $.64 $.19
Steel Dynamics,
Inc.
stockholders,
including the
effect of
assumed
conversions when
dilutive
Weighted average
common shares
and 219,336 218,686 235,992 234,717 235,759
equivalents
outstanding
(Note 1) ======= ======= ======= ======= =======
Dividends
declared per
share $.10 $.075 $.40 $.30 $.10
(Note 1) Excludes the impact of the 4% convertible subordinated notes
from net income (numerator) and share equivalents outstanding
(denominator) for the three months ended December 31, 2011 and 2010, as
the impact to diluted earnings per share is anti-dilutive.
Steel Dynamics, Inc.
UNAUDITED SUPPLEMENTAL OPERATING INFORMATION
(dollars in thousands)
Three Months Ended Year Ended First Second Third
December 31, December 31, Quarter Quarter Quarter
2011 2010 2011 2010 2011 2011 2011
---- ---- ---- ---- ---- ---- ----
Steel Operations*
Shipments (net tons)
Flat Roll Division 678,961 649,019 2,770,466 2,642,681 709,614 680,679 701,212
Structural and Rail Division 250,602 158,683 879,145 630,224 190,661 213,368 224,514
Engineered Bar Products Division 171,020 161,220 634,964 568,360 159,015 144,280 160,649
Roanoke Bar Division 129,113 140,866 544,384 504,613 121,305 152,906 141,060
Steel of West Virginia 74,477 61,727 297,902 234,462 72,056 74,882 76,487
The Techs 161,789 146,149 715,833 715,512 200,724 186,903 166,417
------- ------- ------- ------- ------- ------- -------
Combined 1,465,962 1,317,664 5,842,694 5,295,852 1,453,375 1,453,018 1,470,339
Intra-segment (28,548) (19,686) (130,813) (69,705) (36,471) (35,842) (29,952)
------- ------- -------- ------- ------- ------- -------
1,437,414 1,297,978 5,711,881 5,226,147 1,416,904 1,417,176 1,440,387
Intra-company (67,910) (74,355) (292,145) (276,014) (73,502) (79,568) (71,165)
------- ------- -------- -------- ------- ------- -------
External 1,369,504 1,223,623 5,419,736 4,950,133 1,343,402 1,337,608 1,369,222
========= ========= ========= ========= ========= ========= =========
Production, excluding The Techs (net
tons) 1,307,117 1,189,012 5,218,552 4,695,137 1,284,451 1,321,273 1,305,711
Net sales
Combined $1,236,330 $978,707 $5,162,806 $4,040,649 $1,273,472 $1,354,665 $1,298,339
Intra-segment (20,364) (11,879) (92,500) (41,010) (26,462) (25,199) (20,475)
------- ------- ------- ------- ------- ------- -------
1,215,966 966,828 5,070,306 3,999,639 1,247,010 1,329,466 1,277,864
Intra-company (47,098) (45,773) (211,089) (169,709) (51,946) (62,191) (49,854)
------- ------- -------- -------- ------- ------- -------
External $1,168,868 $921,055 $4,859,217 $3,829,930 $1,195,064 $1,267,275 $1,228,010
========== ======== ========== ========== ========== ========== ==========
Operating income before amortization
of intangibles $117,434 $91,389 $668,341 $451,015 $195,634 $216,647 $138,626
Amortization of intangibles (2,431) (2,679) (10,221) (11,220) (2,679) (2,679) (2,432)
------ ------ ------- ------- ------ ------ ------
Operating income $115,003 $88,710 $658,120 $439,795 $192,955 $213,968 $136,194
======== ======= ======== ======== ======== ======== ========
Metals Recycling and Ferrous Resources**
OmniSource
Ferrous metals shipments (gross tons)
Combined 1,314,588 1,237,677 5,879,729 5,179,812 1,528,191 1,553,828 1,483,122
Intra-segment (3,441) - (12,227) - - (5,192) (3,594)
------ --- ------- --- --- ------ ------
1,311,147 1,237,677 5,867,502 5,179,812 1,528,191 1,548,636 1,479,528
Intra-company (582,043) (522,267) (2,552,472) (2,161,145) (669,578) (655,496) (645,355)
-------- -------- ---------- ---------- -------- -------- --------
External 729,104 715,410 3,315,030 3,018,667 858,613 893,140 834,173
======= ======= ========= ========= ======= ======= =======
Non-ferrous metals shipments (thousands of
pounds)
Combined 255,137 229,881 1,066,648 961,288 286,645 255,113 269,753
Intra-company (2,230) (2,962) (8,273) (8,886) (2,261) (1,978) (1,804)
------ ------ ------ ------ ------ ------ ------
External 252,907 226,919 1,058,375 952,402 284,384 253,135 267,949
======= ======= ========= ======= ======= ======= =======
Mesabi Nugget shipments (metric
tons) - Intra-company 52,943 18,275 159,641 67,485 35,767 38,265 32,666
====== ====== ======= ====== ====== ====== ======
Iron Dynamics shipments (metric tons)
Liquid pig iron 31,191 46,881 188,688 177,548 54,598 54,141 48,758
Hot briquetted iron 13,683 6,862 31,646 45,365 6,005 4,520 7,438
Other 2,597 1,118 9,168 2,632 540 1,193 4,838
----- ----- ----- ----- --- ----- -----
Intra-company 47,471 54,861 229,502 225,545 61,143 59,854 61,034
====== ====== ======= ======= ====== ====== ======
Net sales
Combined $908,436 $769,682 $4,157,525 $3,179,032 $1,108,415 $1,080,129 $1,060,545
Intra-segment (1,411) - (4,957) - - (2,258) (1,288)
------ --- ------ --- --- ------ ------
907,025 769,682 4,152,568 3,179,032 1,108,415 1,077,871 1,059,257
Intra-company (313,844) (235,153) (1,383,505) (963,644) (365,250) (353,192) (351,219)
-------- -------- ---------- -------- -------- -------- --------
External $593,181 $534,529 $2,769,063 $2,215,388 $743,165 $724,679 $708,038
======== ======== ========== ========== ======== ======== ========
Operating income (loss) before
amortization of intangibles $(6,508) $(4,363) $54,723 $52,693 $46,571 $10,967 $3,693
Amortization of intangibles (6,882) (8,101) (28,126) (33,007) (7,081) (7,082) (7,081)
------ ------ ------- ------- ------ ------ ------
Operating income (loss) $(13,390) $(12,464) $26,597 $19,686 $39,490 $3,885 $(3,388)
======== ======== ======= ======= ======= ====== =======
Steel Fabrication***
Shipments (net tons)
Combined 61,428 49,551 217,838 164,431 44,051 47,770 64,589
Intra-company (11) (205) (632) (826) (558) (51) (12)
--- ---- ---- ---- ---- --- ---
External 61,417 49,346 217,206 163,605 43,493 47,719 64,577
====== ====== ======= ======= ====== ====== ======
Net sales
Combined $78,684 $57,193 $276,408 $177,378 $52,652 $61,962 $83,110
Intra-company (13) (87) (625) (323) (573) (23) (16)
--- --- ---- ---- ---- --- ---
External $78,671 $57,106 $275,783 $177,055 $52,079 $61,939 $83,094
======= ======= ======== ======== ======= ======= =======
Operating loss before amortization
of intangibles $(1,820) $(13,269) $(6,584) $(25,014) $(2,883) $(1,635) $(246)
Amortization of intangibles - - - (42) - - -
--- --- --- --- --- --- ---
Operating loss $(1,820) $(13,269) $(6,584) $(25,056) $(2,883) $(1,635) $(246)
======= ======== ======= ======== ======= ======= =====
* 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
Mesabi Nugget (all shipments, which began in 2010, have been internal).
*** Steel Fabrication Operations include the company's joist and deck fabrication operations.
Steel Dynamics, Inc.
CONSOLIDATED BALANCE
SHEETS
(in thousands)
December December
31, 31,
--------- ---------
2011 2010
---- ----
(Unaudited)
Assets
Current
assets
Cash and
equivalents $475,591 $186,513
Accounts
receivable,
net 722,791 622,189
Inventories 1,199,584 1,114,063
Deferred
income
taxes 25,341 20,684
Income
taxes
receivable 16,722 37,311
Other
current
assets 15,229 19,243
------ ------
Total
current
assets 2,455,258 2,000,003
Property,
plant
and
equipment,
net 2,193,745 2,213,333
Restricted
cash 26,528 23,132
Intangible
assets,
net 450,893 489,240
Goodwill 745,066 751,675
Other
assets 107,736 112,551
------- -------
Total
assets $5,979,226 $5,589,934
========== ==========
Liabilities
and
Equity
Current
liabilities
Accounts
payable $420,824 $348,601
Income
taxes
payable 10,880 5,227
Accrued
expenses 185,964 175,041
Accrued
profit
sharing 38,671 23,524
Current
maturities
of
long-
term
debt 444,078 8,924
------- -----
Total
current
liabilities 1,100,417 561,317
Long-
term
debt
7 3/8%
senior
notes,
due
2012 261,250 700,000
5.125%
convertible
senior
notes,
due
2014 287,500 287,500
6 3/4%
senior
notes,
due
2015 500,000 500,000
7 3/4%
senior
notes,
due
2016 500,000 500,000
7 5/8%
senior
notes,
due
2020 350,000 350,000
Other
long-
term
debt 37,272 40,397
------ ------
Total
long-
term
debt 1,936,022 2,377,897
Deferred
income
taxes 489,915 457,432
Other
liabilities 82,278 62,159
Commitments
and
contingencies
Redeemable
noncontrolling
interest 70,694 54,294
Equity
Common
stock 636 633
Treasury
stock,
at cost (722,653) (727,624)
Additional
paid-
in
capital 1,026,157 998,728
Retained
earnings 2,011,801 1,821,133
--------- ---------
Total
Steel
Dynamics,
Inc.
equity 2,315,941 2,092,870
Noncontrolling
interests (16,041) (16,035)
------- -------
Total
equity 2,299,900 2,076,835
--------- ---------
Total
liabilities
and
equity $5,979,226 $5,589,934
========== ==========
Steel
Dynamics,
Inc.
CONSOLIDATED
STATEMENTS
OF CASH
FLOWS
(UNAUDITED)
(in
thousands)
Three
Months Year
Ended Ended
December December
31, 31,
--------- ---------
2011 2010 2011 2010
---- ---- ---- ----
Operating
activities:
Net
income $25,779 $4,058 $265,692 $129,599
Adjustments
to
reconcile
net
income
to
net
cash
provided
by
(used
in)
operating
activities:
Depreciation
and
amortization 55,642 55,750 222,607 224,698
Impairment
charges - 12,805 - 12,805
Equity-
based
compensation 5,928 4,964 17,283 14,688
Deferred
income
taxes 5,355 24,477 34,436 46,097
Changes
in
certain
assets
and
liabilities:
Accounts
receivable 93,077 31,981 (100,602) (196,556)
Inventories (40,736) (105,754) (85,523) (261,110)
Accounts
payable (35,999) (11,895) 56,551 71,169
Income
taxes
receivable/
payable 3,832 (7,102) 26,242 99,276
Other
working
capital (18,921) (21,490) 49,669 28,641
------- ------- ------ ------
Net
cash
provided
by
(used
in)
operating
activities 93,957 (12,206) 486,355 169,307
Investing
activities:
Purchase
of
property,
plant
and
equipment (75,212) (37,526) (167,007) (133,394)
Other
investing
activities 14,054 (18,101) 16,000 (15,684)
------ ------- ------ -------
Net
cash
used
in
investing
activities (61,158) (55,627) (151,007) (149,078)
Financing
activities:
Issuance
of
current
and
long-
term
debt - - 10,103 556,553
Repayment
of
current
and
long-
term
debt (5,693) (6,438) (7,740) (346,963)
Proceeds
from
exercise
of
stock
options,
including
related
tax
effect 130 6,010 13,396 14,014
Contributions
from
noncontrolling
investors,
net 13,615 932 26,822 5,348
Debt
issuance
costs (85) - (6,969) (6,707)
Dividends
paid (21,869) (16,276) (81,882) (64,969)
------- ------- ------- -------
Net
cash
provided
by
(used
in)
financing
activities (13,902) (15,772) (46,270) 157,276
------- ------- ------- -------
Increase
(decrease)
in
cash
and
equivalents 18,897 (83,605) 289,078 177,505
Cash
and
equivalents
at
beginning
of
period 456,694 270,118 186,513 9,008
------- ------- ------- -----
Cash
and
equivalents
at
end
of
period $475,591 $186,513 $475,591 $186,513
Supplemental
disclosure
information:
Cash
paid
for
interest $70,720 $71,604 $171,808 $162,382
Cash
paid
(received)
for
federal
and
state
income
taxes,
net $1,549 $(11,278) $75,927 $(66,297)
SOURCE Steel Dynamics, Inc.
