Steel Dynamics (STLD) 10-Q 9 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 01, 2016
Document and Entity Information
Entity Registrant Name	STEEL DYNAMICS INC
Entity Central Index Key	1,022,671
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		243,815,236

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Current assets
Cash and equivalents	$ 1,051,489	$ 727,032
Accounts receivable, net	752,232	579,333
Accounts receivable-related parties	27,227	34,272
Inventories	1,275,575	1,149,390
Other current assets	30,121	47,914
Total current assets	3,136,644	2,537,941
Property, plant and equipment, net	2,928,226	2,951,210
Restricted cash	19,571	19,565
Intangible assets, net	291,814	278,960
Goodwill	399,867	397,470
Other assets	11,440	16,936
Total assets	6,787,562	6,202,082
Current liabilities
Accounts payable	427,790	276,725
Accounts payable-related parties	10,046	6,630
Income taxes payable	35,733	2,023
Accrued payroll and benefits	143,986	94,906
Accrued interest	47,882	38,502
Accrued expenses	112,521	99,824
Current maturities of long-term debt	16,155	16,680
Total current liabilities	794,113	535,290
Long-term debt	2,570,837	2,577,976
Deferred income taxes	450,159	400,770
Other liabilities	20,751	16,595
Commitments and contingencies
Redeemable noncontrolling interests	126,340	126,340
Equity
Common stock voting, $.0025 par value; 900,000,000 shares authorized; 263,396,348, and 262,937,139 shares issued; and 243,770,777, and 243,089,514 shares outstanding, as of September 30, 2016 and December 31, 2015, respectively	640	638
Treasury stock, at cost; 19,625,571, and 19,847,625 shares as of September 30, 2016 and December 31, 2015 respectively	(392,051)	(396,455)
Additional paid-in capital	1,132,365	1,110,253
Retained earnings	2,224,963	1,965,291
Total Steel Dynamics, Inc. equity	2,965,917	2,679,727
Noncontrolling interests	(140,555)	(134,616)
Total equity	2,825,362	2,545,111
Total liabilities and equity	$ 6,787,562	$ 6,202,082

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2016	Dec. 31, 2015
CONSOLIDATED BALANCE SHEETS
Common stock voting, par value (in dollars per share)	$ 0.0025	$ 0.0025
Common stock voting, shares authorized (in shares)	900,000,000	900,000,000
Common stock voting, shares issued (in shares)	263,396,348	262,937,139
Common stock voting, shares outstanding (in shares)	243,770,777	243,089,514
Treasury stock, shares (in shares)	19,625,571	19,847,625

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Net sales
Unrelated parties	$ 2,060,596	$ 1,901,415	$ 5,737,584	$ 5,851,371
Related parties	40,714	49,508	128,929	151,994
Total net sales	2,101,310	1,950,923	5,866,513	6,003,365
Costs of goods sold	1,692,807	1,722,197	4,841,591	5,415,854
Gross profit	408,503	228,726	1,024,922	587,511
Selling, general and administrative expenses	95,185	82,648	279,899	242,207
Profit sharing	22,255	9,008	51,722	18,637
Amortization of intangible assets	7,208	6,041	21,359	18,308
Operating income	283,855	131,029	671,942	308,359
Interest expense, net of capitalized interest	36,199	37,084	109,888	117,334
Other expense, net	4,351	239	741	15,219
Income before income taxes	243,305	93,706	561,313	175,806
Income taxes	88,892	34,839	205,139	64,660
Net income	154,413	58,867	356,174	111,146
Net loss attributable to noncontrolling interests	2,984	1,750	5,929	11,782
Net income attributable to Steel Dynamics, Inc.	$ 157,397	$ 60,617	$ 362,103	$ 122,928
Basic earnings per share attributable to Steel Dynamics, Inc. stockholders	$ 0.65	$ 0.25	$ 1.49	$ 0.51
Weighted average common shares outstanding - basic (in shares)	243,761	242,074	243,539	241,836
Diluted earnings per share attributable to Steel Dynamics, Inc. stockholders, including the effect of assumed conversions when dilutive (in dollars per share)	$ 0.64	$ 0.25	$ 1.48	$ 0.51
Weighted average common shares and share equivalents outstanding (in shares)	245,682	243,822	245,227	243,393
Dividends declared per share (in dollars per share)	$ 0.1400	$ 0.1375	$ 0.4200	$ 0.4125

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Operating activities:
Net income	$ 154,413	$ 58,867	$ 356,174	$ 111,146
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	74,190	74,211	222,970	221,306
Equity-based compensation	5,924	5,332	21,565	20,232
Deferred income taxes	18,478	13,130	53,879	46,214
Loss on disposal of assets	161	655	1,178	6,638
Changes in certain assets and liabilities:
Accounts receivable	29,384	36,361	(149,810)	122,296
Inventories	(76,013)	(8,763)	(102,339)	317,410
Other assets	694	(3,100)	12,053	8,794
Accounts payable	(49,171)	(62,757)	117,220	(127,075)
Income taxes receivable/payable	(7,421)	19,888	40,960	29,309
Accrued expenses	45,701	30,554	69,361	(47,973)
Net cash provided by operating activities	196,340	164,378	643,211	708,297
Investing activities:
Purchases of property, plant and equipment	(59,774)	(30,286)	(123,168)	(86,458)
Acquisition of business, net of cash acquired	(109,065)	(45,000)	(109,065)	(45,000)
Other investing activities	1,507	3,715	5,767	6,184
Net cash used in investing activities	(167,332)	(71,571)	(226,466)	(125,274)
Financing activities:
Issuance of current and long-term debt	12,911	67,999	97,018	179,033
Repayment of current and long-term debt	(9,999)	(73,420)	(95,253)	(561,428)
Dividends paid	(34,124)	(33,282)	(101,639)	(94,281)
Stock option exercise proceeds, including related tax effect	1,027	302	7,602	7,261
Other financing activities		(17)	(16)	(1,181)
Net cash used in financing activities	(30,185)	(38,418)	(92,288)	(470,596)
Increase (decrease) in cash and equivalents	(1,177)	54,389	324,457	112,427
Cash and equivalents at beginning of period	1,052,666	419,401	727,032	361,363
Cash and equivalents at end of period	1,051,489	473,790	1,051,489	473,790
Supplemental disclosure information:
Cash paid for interest	26,225	26,701	97,605	115,345
Cash paid (received) for federal and state income taxes, net	$ 75,860	$ 1,172	$ 104,124	$ (10,321)

Description of the Business and

Description of the Business and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2016
Description of the Business and Significant Accounting Policies
Description of the Business and Significant Accounting Policies	Note 1. Description of the Business and Significant Accounting Policies  Description of the Business Steel Dynamics, Inc. (SDI), together with its subsidiaries (the company), is one of the largest domestic steel producers and metals recyclers. The company has three reportable segments, consistent w ith how it manages the business : steel operations, metals recycling operations, and steel fabrication operations. Steel Operations Segment. Steel operations include the company’s Butler Flat Roll Division, Columbus Flat Roll Division, The Techs galvanizing lines, Structural and Rail Division, Engineered Bar Products Division, Vulcan Threaded Products (since its acquisition on August 1, 2016), Roanoke Bar Division, Steel of West Virginia, and Iron Dynamics (IDI), a liquid pig iron (scrap substitute) production facility that supplies solely the Butler Flat Roll Division. These operations include electric arc furnace steel mills, producing steel from ferrous scrap and scrap substitutes, utilizing continuous casting, automated rolling mills, and ten downstream coating lines, and one downstream SBQ processing facility. Steel operations accounted for 74% and 69% of the company’s consolidated external net sales during the three months ended September 30, 2016 and 2015 , and 72% and 69% of the company’s consolidated external net sales during the nine months ended September 30, 2016 and 2015 , respectively. Metals Recycling Operations Segment. Metals recycling operations include the company’s metals recycling processing locations, and ferrous scrap procurement operations, of OmniSource Corporation. Metals recycling operations accounted for 15% and 18% of the company’s consolidated external net sales during the three months ended September 30, 2016 and 2015 , and 15% and 19% of the company’s consolidated external net sales during the nine months ended September 30, 2016 and 2015 , respectively. Steel Fabrication Operations Segment. Steel fabrication operations include the company’s eight 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 trusses, girders, steel joists and steel deck used within the non-residential construction industry. Steel fabrication operations accounted for approximately 8% and 9% of the company’s consolidated external net sales during the three months ended September 30, 2016 and 2015 , and 9% and 8% of the company’s consolidated external net sales during the nine months ended September 30, 2016 and 2015 , respectively. Other. The “ Other” category consists of subsidiary operations that are below the quantitative thresholds required for reportable segments and primarily consist of our Minnesota ironmaking operations that were indefinitely idled in May 2015, and several smaller joint ventures. Also included in “Other” are certain unallocated corporate accounts, such as the company’s senior secured credit facility, senior notes, certain other investments and certain profit sharing expenses. Significant Accounting Policies  Principles of Consolidation . The consolidated financial statements include the accounts of SDI, together with its wholly and majority-owned or controlled subsidiaries, after elimination of intercompany accounts and transactions. Noncontrolling interests represent the noncontrolling owner’s proportionate share in the equity, income, or losses of the company’s majority-owned or controlled consolidated subsidiaries.  Use of Estimates. These financial statements are prepared in conformity with accounting principles generally accepted in the United States, and accordingly, include amounts that require management to make estimates and assumptions that affect the amounts reported in the financial statements and in the notes thereto. Significant items subject to such estimates and assumptions include the carrying value of property, plant and equipment, intangible assets, and goodwill; valuation allowances for trade receivables, inventories and deferred income tax assets; unrecognized tax benefits; potential environmental liabilities; and litigation claims and settlements. Actual results may differ from these estimates and assumptions.  In the opinion of management, these financial statements reflect all normal recurring adjustments necessary for a fair presentation of the interim period results. These financial statements and notes should be read in conjunction with the audited financial statements and notes thereto included in the company’s Annual Report on Form 10-K for the year ended December 31, 2015 .  Note 1. Description of the Business and Significant Accounting Policies (Continued)  Goodwill . The company’s goodwill is allocated to the following reporting units at September 30, 2016 , and December 31, 2015 , (in thousands):     September 30, December 31,  2016 2015  Metals Recycling Segment: OmniSource $ 104,247 $ 109,039  Butler Flat Roll Division, Structural and Rail Division,  and Engineered Bar Division 95,000 95,000  Steel Segment: The Techs 142,783 142,783  Roanoke Bar Division 29,041 29,041  Columbus Flat Roll Division 19,682 19,682  Vulcan Threaded Products 7,189 -  Fabrication Segment: New Millennium Building Systems 1,925 1,925  $ 399,867 $ 397,470  OmniSource goodwill decreased $4.8 million from December 31, 2015 to September 30, 2016 , in recognition of the 2016 tax benefit related to the normal amortization of the component of OmniSource tax-deductible goodwill in excess of book goodwill.  Recently Issued Accounting Standards  In May 2014, the FASB issued guidance codified in ASC 606, Revenue Recognition – Revenue from Contracts with Customers, which amends the guidance in former ASC 605, Revenue Recognition. The core principle of ASC 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Because the guidance in ASC 606 is principles-based, it can be applied to all contracts with customers regardless of industry-specific or transaction-specific fact patterns. Additionally, ASC 606 requires additional disclosures to help users of financial statements better understand the nature, amount, timing, and potential uncertainty of revenue that is recognized. This guidance is effective for annual and interim periods beginning after December 15, 2017, but can be early adopted for annual and interim periods ending after December 15, 2016. The company is currently evaluating the impact of the provisions of ASC 606, including the timing and method of adoption. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory, which requires an entity to measure inventory at the lower of cost and net realizable value, rather than at the lower of cost or market. This new guidance is effective for annual and interim periods beginning after December 15, 2016, but can be early adopted. The company is currently evaluating the impact of this ASU’s adoption. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842): which establishes a new lease accounting model that requires lessees to recognize a right of use asset and related lease liability for most leases having lease terms of more than 12 months. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases. This new guidance is effective for annual and interim periods beginning after December 15, 2018, but can be early adopted. The company is currently evaluating the impact of the provisions of ASU 2016-02, including the timing of adoption. In March 2016, the FASB issued ASU 2016-09, Improvement to Employee Share-based Payment Accounting, which simplifies several aspects of accounting for share-based payment transactions, including recognizing excess tax benefits and deficiencies as income tax expense or benefit in the income statement and as operating activities within the statement of cash flows, and an option to recognize gross stock compensation expense with actual forfeitures recognized as incurred. This new guidance is effective for annual and interim periods beginning after December 15, 2016, but can be early adopted. The company is currently evaluating the impact of the provisions of ASU 2016-09, including the timing of adoption.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2016
Acquisitions
Acquisitions	Note 2. Acquisitions  Vulcan Threaded Products, Inc.  On August 1, 2016, the company completed its acquisition of 100% of Vulcan Threaded Products, Inc. (Vulcan) for $113.0 million, inclusive of $ 29.2 million in working capital, which is subject to typical post-closing adjustments. The purchase price was paid in cash from available funds. Post-closing operating results of Vulcan are reflected in the steel operations reporting segment. Unaudited proforma operating results as if the acquisition had occurred on January 1, 2015, have not been presented as the effect to 2015 and 2016 consolidated operating results is not significant. Vulcan is the nation’s largest manufacturer and supplier of threaded rod products, and also cold drawn and heat treated steel bar. The acquisition of Vulcan is consistent with one of our target growth objectives – higher-margin downstream business opportunities that utilize our steel products in their manufacturing processes. Vulcan utilizes special-bar-quality products produced at our Engineered Bar Products Division.    Note 2. Acquisitions (Continued)  The aggregate purchase price was allocated on a preliminarily basis to the opening balance sheet of V ulcan as of the August 1, 2016, acquisition date. The following initial allocation of the purchase price (in thousands) is preliminary. The accounting for the acquisition has not yet been finalized based on the company’s valuation of the acquired assets, assumed liabilities and identifiable intangible assets, including goodwill, if any. The preliminary fair values were determined using various valuation techniques that in each case used Level 3 inputs as provided for under ASC 820.    Current assets, net of cash acquired $ 36,958  Property, plant & equipment 40,213  Intangible assets 32,930  Goodwill 7,189  Total assets acquired 117,290   Liabilities assumed 4,456   Net assets acquired $ 112,834  The preliminary assessment allocates $32.9 million of the purchase price to the following intangible assets, including customer relationships, trade n ame, and noncompete agreements . The company plans to utilize an accelerated amortization methodology to follow the pattern in which the economic benefits of the customer relationship intangible asset is anticipated to be consumed. The company plans to amortize the intangible assets related to the trade name and noncompete agreements using a straight line methodology. However, the expected lives and specific amortization methods are subject to finalization of the company’s valuation process.  Consolidated Systems, Inc.  On September 14, 2015, the company purchased from CSi certain of its steel deck facilities (including associated assets) and net working capital of approximately $30.0 million, for a purchase price of $45.0 million in cash. Operating results of these facilities have been reflected in the company’s financial statements under the steel fabrication operations since the September 14, 2015, purchase date. The purchased assets include two deck facilities located in Memphis, Tennessee, and Phoenix, Arizona. Producing both standard and premium specialty deck profiles, the new locations will allow for enhanced geographic reach into the southwestern and western markets, and further diversify New Millennium Building Systems’ product offerings. 

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2016
Earnings Per Share
Earnings Per Share	Note 3. Earnings Per Share  Basic earnings per share is based on the weighted average shares of common stock outstanding during the period. Diluted earnings per share assumes the weighted average dilutive effect of common share equivalents outstanding during the period applied to the company’s basic earnings per share. Common share equivalents represent potentially dilutive stock options, restricted stock units and deferred stock units; and are excluded from the computation in periods in which they have an anti-dilutive effect. There were no anti-dilutive common share equivalents at or for the three- and nine- month periods ended September 30, 2016 and 2015 .  The following table presents a reconciliation of the numerators and the denominators of the company’s basic and diluted earnings per share computations for the three and nine months ended September 30, 2016 and 2015 (in thousands, except per share data):     Three Months Ended September 30,  2016 2015  Net Income Shares Per Share Net Income Shares Per Share  (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount  Basic earnings per share $ 157,397 243,761 $ 0.65 $ 60,617 242,074 $ 0.25  Dilutive common share equivalents - 1,921 - 1,748  Diluted earnings per share $ 157,397 245,682 $ 0.64 $ 60,617 243,822 $ 0.25        Nine Months Ended September 30,  2016 2015  Net Income Shares Per Share Net Income Shares Per Share  (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount  Basic earnings per share $ 362,103 243,539 $ 1.49 $ 122,928 241,836 $ 0.51  Dilutive common share equivalents - 1,688 - 1,557  Diluted earnings per share $ 362,103 245,227 $ 1.48 $ 122,928 243,393 $ 0.51   

Inventories

Inventories	9 Months Ended
	Sep. 30, 2016
Inventories
Inventories	Note 4. Inventories  Inventories are stated at lower of cost or market. Cost is determined using a weighted average cost method for scrap, and on a first-in, first-out, basis for other inventory. Inventory consisted of the following (in thousands):        September 30, December 31,  2016 2015  Raw materials $ 490,164 $ 419,608  Supplies 392,433 396,349  Work in progress 124,428 90,486  Finished goods 268,550 242,947  Total inventories $ 1,275,575 $ 1,149,390  

Debt

Debt	9 Months Ended
	Sep. 30, 2016
Debt
Debt	Note 5. Debt  On March 16, 2015, the company called and repaid all $350.0 million of its outstanding 7 5/8% Senior Notes due 2020 (the “Notes”) at a redemption price of 103.813% of the principal amount of the Notes, plus accrued and unpaid interest to, but not including, the date of redemption. Associated premiums and the write off of deferred financing costs of approximately $16.7 million were recorded in other expense in conjunction with the redemption. 

Changes in Equity

Changes in Equity	9 Months Ended
	Sep. 30, 2016
Changes in Equity
Changes in Equity	Note 6. Changes in Equity  The following table provides a reconciliation of the beginning and ending carrying amounts of total equity, equity attributable to stockholders of Steel Dynamics, Inc. and equity and redeemable amounts attributable to the noncontrolling interests (in thousands):     Stockholders of Steel Dynamics, Inc.  Additional Redeemable  Common Paid-In Retained Treasury Noncontrolling Total Noncontrolling  Stock Capital Earnings Stock Interests Equity Interests  Balances at December 31, 2015 $ 638 $ 1,110,253 $ 1,965,291 $ (396,455) $ (134,616) $ 2,545,111 $ 126,340  Exercise of stock options proceeds,  including related tax effect 2 7,874 - - - 7,876 -  Dividends declared - - (102,342) - - (102,342) -  Distributions to noncontrolling  investors, net - - - - (10) (10) -  Equity-based compensation - 14,238 (89) 4,404 - 18,553 -  Comprehensive and net income (loss) - - 362,103 - (5,929) 356,174 -  Balances at September 30, 2016 $ 640 $ 1,132,365 $ 2,224,963 $ (392,051) $ (140,555) $ 2,825,362 $ 126,340   

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2016
Derivative Financial Instruments
Derivative Financial Instruments	Note 7. Derivative Financial Instruments  The company is exposed to certain risks relating to its ongoing business operations. The company utilizes derivative instruments to mitigate commodity margin risk, interest rate risk and foreign currency exchange rate risk. The company routinely enters into forward exchange traded futures and option contracts to manage the price risk associated with nonferrous metals inventory as well as purchases and sales of nonferrous metals (primarily aluminum and copper). The company offsets fair value amounts recognized for derivative instruments executed with the same counterparty under master netting agreements.  Note 7. Derivative Financial Instruments (Continued) Commodity Futures Contracts . If the company is “long” on futures contracts, it means the company has more futures contracts purchased than futures contracts sold for the underlying commodity. If the company is “short” on a futures contract, it means the company has more futures contracts sold than futures contracts purchased for the underlying commodity . The following summarizes the company’s futures contract commitments as of September 30, 2016 (MT represents metric tons):      Commodity Futures Long/Short Total  Aluminum Long 1,750 MT  Aluminum Short 1,575 MT  Copper Long 4,413 MT  Copper Short 13,950 MT   The following summarizes the location and amounts of the fair values reported on the company’s balance sheets as of September 30, 2016 , and December 31, 2015 , and gains and losses related to derivatives included in the company’s statement of income for the three and nine months ended September 30, 2016 and 2015 (in thousands):       Asset Derivatives Liability Derivatives  Balance sheet Fair Value Fair Value  location September 30, 2016 December 31, 2015 September 30, 2016 December 31, 2015  Derivative instruments designated  as fair value hedges -  Commodity futures Other current assets $ 451 $ 857 $ 1,156 $ 2,860   Derivative instruments not designated  as hedges -  Commodity futures Other current assets 171 908 1,037 1,065  Total derivative instruments $ 622 $ 1,765 $ 2,193 $ 3,925   The fair value of the above derivative instruments along with required margin deposit amounts with the same counterparty under master netting arrangements totaled $1 .7 million at September 30, 2016 , and $3.4 million at December 31, 2015 , are reflected in other current assets in the consolidated balance sheets.       Amount of gain (loss) recognized Location of gain Amount of gain (loss) recognized  Location of gain in income on derivatives (loss) recognized in income on related hedged items  (loss) recognized for the three months ended Hedged items in in income on for the three months ended  in income on September 30, September 30, fair value hedge related hedged September 30, September 30,  derivatives 2016 2015 relationships items 2016 2015  Derivatives in fair value  hedging relationships -  Commodity futures Costs of goods sold $ 826 $ (2,825) Firm commitments Costs of goods sold $ (793) $ 662  Inventory Costs of goods sold (177) 800  Derivatives not designated $ (970) $ 1,462  as hedging instruments -  Commodity futures Costs of goods sold $ (638) $ 6,707 Note 7. Derivative Financial Instruments (Continued)      Amount of gain (loss) recognized Location of gain Amount of gain (loss) recognized  Location of gain in income on derivatives (loss) recognized in income on related hedged items  (loss) recognized for the nine months ended Hedged items in in income on for the nine months ended  in income on September 30, September 30, fair value hedge income on related September 30, September 30,  derivatives 2016 2015 relationships hedged items 2016 2015  Derivatives in fair value  hedging relationships -  Commodity futures Costs of goods sold $ 1,281 $ (4,063) Firm commitments Costs of goods sold $ (2,223) $ 1,518  Inventory Costs of goods sold 642 1,291  Derivatives not designated $ (1,581) $ 2,809  as hedging instruments -  Commodity futures Costs of goods sold $ (394) $ 13,377   Derivatives accounted for as fair value hedges had ineffectiveness resulting in losses of $84,000 and $191,000 during the three months ended September 30, 2016 and 2015 , respectively; and losses of $175,000 and $64,000 during the nine months ended September 30, 2016 and 2015 , respectively. Losses excluded from hedge effectiveness testing of $60,000 and $1.2 million increased cost of goods sold during the three months ended September 30, 2016 , and September 30, 2015 . Losses excluded from hedge effectiveness testing of $125,000 and $1.2 million increased costs of goods sold during the nine months ended September 30, 2016 and 2015 , respectively.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2016
Fair Value Measurements
Fair Value Measurements	Note 8. Fair Value Measurements FASB accounting standards provide a comprehensive framework for measuring fair value and sets forth a definition of fair value and establishes a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable value inputs. Levels within the hierarchy are defined as follows:  · Level 1—Unadjusted quoted prices for identical assets and liabilities in active markets; · Level 2—Quoted prices for similar assets and liabilities in active markets (other than those included in Level 1) which are observable for the asset or liability, either directly or indirectly; and · Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.  The following table sets forth financial assets and liabilities measured at fair value on a recurring basis in the consolidated balance sheet and the respective levels to which the fair value measurements are classified within the fair value hierarchy as of September 30, 2016 , and December 31, 2015 (in thousands):      Quoted Prices Significant  in Active Other Significant  Markets for Observable Unobservable  Identical Assets Inputs Inputs  Total (Level 1) (Level 2) (Level 3)  September 30, 2016  Commodity futures – financial assets $ 622 $ - $ 622 $ -  Commodity futures – financial liabilities 2,193 - 2,193 -   December 31, 2015  Commodity futures – financial assets $ 1,765 $ - $ 1,765 $ -  Commodity futures – financial liabilities 3,925 - 3,925 -  The carrying amounts of financial instruments including cash and equivalents approximate fair value. The fair values of commodity futures contracts are estimated by the use of quoted market prices, estimates obtained from brokers, and other appropriate valuation techniques based on references available. The fair value of long-term debt, including current maturities, as determined by quoted market prices (Level 2), was approximately $2.7 billion at September 30, 2016 , and December 31, 2015 , respectively, (with a corresponding carrying amount in the consolidated balance sheet of $2.6 billion at September 30, 2016 , and December 31, 2015 ).

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies
Commitments and Contingencies	 Note 9. Commitments and Contingencies  Although, as noted below, a tentative settlement has been reached in the case, the company has to date been involved, along with two other remaining non-settling defendant steel manufacturing companies, from an original group of eight , in a direct purchaser class action antitrust suit in federal court in Chicago, Illinois, under the caption of Standard Iron Works v Arcelor Mittal, et al . Two other complaints, not yet settled, were brought on behalf of a purported class of indirect purchasers of steel products within the same time period. The company has a pending motion to dismiss in that case. The complaints allege a conspiracy to limit output on the part of the defendants, in order to fix, raise, maintain and stabilize the price at which steel products were sold in the United States during a specified period between 2005 and 2007. The complaints seek treble damages and costs, including reasonable attorney fees, pre- and post-judgment interest and injunctive relief. In September 2015, the Court denied class certification on the issue of antitrust impact and damages, but granted class certification on the limited issue of the alleged conspiracy. In October 2016, the company announced that it had entered into an agreement to settle the direct purchaser case for a payment of $4.6 million. Preliminary approval was granted by the court on November 3, 2016, and final approval by the Court is also expected to be forthcoming. During the approval process, members of the class will be given an opportunity to opt-out of the class and retain their own individual rights. Due to the uncertain nature of litigation, the company cannot presently predict either the final outcome of the proposed settlement process, including whether there may be opt-outs from the settlement, or the outcome of the remaining indirect purchaser case. Based on the information available at this time, however, the company has determined that, apart from the proposed settlement amount in the direct case, there is not presently a “reasonable possibility” (as that term is defined in ASC 450-20-20), that the outcome of the remaining unresolved matters will have a material impact on the Company’s financial condition, results of operations, or liquidity. Although not presently necessary or appropriate to make a dollar estimate of exposure to loss, if any, in connection with these remaining matters, the company may in the future determine that a further loss accrual may be necessary. Further, although the company may make loss accruals, if and as warranted, any amounts that it may accrue from time to time could vary significantly from the amounts it actually pays, due to inherent uncertainties and the inherent shortcomings of the estimation process, the uncertainties involved in litigation and other factors. Additionally, an adverse result could have a material effect on the company’s financial condition, results of operations and liquidity.  The company is additionally involved in various routine litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are expected to have a material impact on our financial condition, results of operations, or liquidity .

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2016
Segment Information
Segment Information	Note 10. Segment Information  The company’s operations are primarily organized and managed by operating segment, which are steel operations, metals recycling operations, and steel fabrication operations. The segment operations are more fully described in Note 1 to the financial statements. Operating segment performance and resource allocations are primarily based on operating results before income taxes. The accounting policies of the reportable segments are consistent with those described in Note 1 to the financial statements. Intra ‑segment sales and any related profits are eliminated in consolidation. Amounts included in the category “Other” are from subsidiary operations that are below the quantitative thresholds required for reportable segments and primarily consist of our Minnesota ironmaking operations and several small joint ventures. In addition, “Other” also includes certain unallocated corporate accounts, such as the company’s senior secured credit facility, senior notes, certain other investments and certain profit sharing expenses. The company’s segment results for the three and nine months ended September 30, 2016 and 2015 , each adjusted consistent with our current reportable segments presentation, are as follows (in thousands):     Metals Steel  For the three months ended Steel Recycling Fabrication  September 30, 2016 Operations Operations Operations Other Eliminations Consolidated   Net Sales  External $ 1,502,726 $ 260,518 $ 177,341 $ 60,282 $ - $ 2,000,867  External Non-U.S. 54,776 45,574 88 5 - 100,443  Other segments 70,384 259,171 1,211 1,108 (331,874) -  1,627,886 565,263 178,640 61,395 (331,874) 2,101,310  Operating income (loss) 307,553 6,154 17,744 (47,687) (1) 91 (2) 283,855  Income (loss) before income taxes 285,131 2,437 15,645 (59,999) 91 243,305  Depreciation and amortization 53,456 13,836 2,848 4,101 (51) 74,190  Capital expenditures 49,200 9,506 747 321 - 59,774   As of September 30, 2016  Assets $ 4,147,447 $ 1,034,637 $ 353,560 $ 1,374,469 (3) $ (122,551) (4) $ 6,787,562       Footnotes related to the three months ended September 30, 2016 segment results (in millions):   (1) Corporate SG&A $ (12.6) (2) Gross profit increase from intra-company sales $ -  Company-wide equity-based compensation (6.1)  Profit sharing (21.0)  Minnesota ironmaking operations (4.1)  Other, net (3.9)  $ (47.7)   (3) Cash and equivalents $ 982.2 (4) Elimination of intra-company receivables $ (98.0)  Accounts receivable 14.7 Elimination of intra-company debt (12.1)  Inventories 36.2 Other (12.5)  Property, plant and equipment, net 295.7 $ (122.6)  Intra-company debt 12.1  Other 33.6  $ 1,374.5 Note 10. Segment Information (Continued)     Metals Steel  For the three months ended Steel Recycling Fabrication  September 30, 2015 Operations Operations Operations Other Eliminations Consolidated   Net Sales  External $ 1,285,459 $ 294,357 $ 173,047 $ 78,802 $ - $ 1,831,665  External Non-U.S. 65,928 51,215 1,907 208 - 119,258  Other segments 56,146 270,888 2 4,209 (331,245) -  1,407,533 616,460 174,956 83,219 (331,245) 1,950,923  Operating income (loss) 124,712 (3,555) 36,733 (28,401) (1) 1,540 (2) 131,029  Income (loss) before income taxes 102,566 (6,967) 35,108 (38,541) 1,540 93,706  Depreciation and amortization 52,404 15,913 2,300 3,645 (51) 74,211  Capital expenditures 21,975 6,286 935 1,090 - 30,286   As of September 30, 2015  Assets $ 4,096,188 $ 1,588,821 $ 372,673 $ 898,772 (3) $ (113,913) (4) $ 6,842,541       Footnotes related to the three months ended September 30, 2015 segment results (in millions):   (1) Corporate SG&A $ (9.5) (2) Gross profit increase from intra-company sales $ 1.5  Company-wide equity-based compensation (5.3)  Profit sharing (7.5)  Minnesota ironmaking operations (4.1)  Other, net (2.0)  $ (28.4)   (3) Cash and equivalents $ 415.7 (4) Elimination of intra-company receivables $ (100.8)  Accounts receivable 30.0 Elimination of intra-company debt (6.5)  Inventories 36.8 Other (6.6)  Property, plant and equipment, net 309.6 $ (113.9)  Intra-company debt 6.5  Other 100.2  $ 898.8 Note 10. Segment Information (Continued)     Metals Steel  For the nine months ended Steel Recycling Fabrication  September 30, 2016 Operations Operations Operations Other Eliminations Consolidated   Net Sales  External $ 4,068,688 $ 769,260 $ 527,859 $ 210,358 $ - $ 5,576,165  External Non-U.S. 172,694 117,299 167 188 - 290,348  Other segments 178,190 756,613 2,415 3,603 (940,821) -  4,419,572 1,643,172 530,441 214,149 (940,821) 5,866,513  Operating income (loss) 712,939 20,014 73,230 (125,186) (1) (9,055) (2) 671,942  Income (loss) before income taxes 645,189 10,300 67,175 (152,296) (9,055) 561,313  Depreciation and amortization 159,614 42,666 8,431 12,413 (154) 222,970  Capital expenditures 103,202 17,068 1,918 980 - 123,168        Footnotes related to the nine months ended September 30, 2016 segment results (in millions):   (1) Corporate SG&A $ (38.5) (2) Gross profit decrease from intra-company sales $ (9.1)  Company-wide equity-based compensation (20.4)  Profit sharing (47.7)  Minnesota ironmaking operations (12.4)  Other, net (6.2)  $ (125.2)      Metals Steel  For the nine months ended Steel Recycling Fabrication  September 30, 2015 Operations Operations Operations Other Eliminations Consolidated   Net Sales  External $ 3,902,162 $ 1,014,753 $ 488,584 $ 237,501 $ - $ 5,643,000  External Non-U.S. 210,320 147,626 1,907 512 - 360,365  Other segments 158,609 751,542 18 29,114 (939,283) -  4,271,091 1,913,921 490,509 267,127 (939,283) 6,003,365  Operating income (loss) 338,690 229 85,754 (117,273) (1) 959 (2) 308,359  Income (loss) before income taxes 269,187 (12,780) 80,581 (162,141) 959 175,806  Depreciation and amortization 154,616 50,207 6,688 9,948 (153) 221,306  Capital expenditures 52,324 17,332 2,506 14,296 - 86,458      Footnotes related to the nine months ended September 30, 2015 segment results (in millions):   (1) Corporate SG&A $ (27.1) (2) Gross profit increase from intra-company sales $ 1.0  Company-wide equity-based compensation (17.5)  Profit sharing (14.4)  Minnesota ironmaking operations (50.3)  Other, net (8.0)  $ (117.3)  

Condensed Consolidating Informa

Condensed Consolidating Information	9 Months Ended
	Sep. 30, 2016
Condensed Consolidating Information
Condensed Consolidating Information	Note 11. Condensed Consolidating Information  Certain 100% ‑owned subsidiaries of SDI have fully and unconditionally guaranteed all of the indebtedness relating to the issuance of the company’s senior unsecured notes due 2019, 2021, 2022, 2023 and 2024. Following are the company’s condensed consolidating financial statements, including the guarantors, which present the financial position, results of operations, and cash flows of (i) SDI (in each case, reflecting investments in its consolidated subsidiaries under the equity method of accounting), (ii) the guarantor subsidiaries of SDI, (iii) the non-guarantor subsidiaries of SDI, and (iv) the eliminations necessary to arrive at the information on a consolidated basis. The following statements should be read in conjunction with the accompanying consolidated financial statements and the company’s Annual Report on Form 10-K for the year ended December 31, 2015 .        Condensed Consolidating Balance Sheets (in thousands)  Combined Consolidating Total  As of September 30, 2016 Parent Guarantors Non-Guarantors Adjustments Consolidated  Cash and equivalents $ 972,610 $ 61,054 $ 17,825 $ - $ 1,051,489  Accounts receivable, net 238,290 1,248,565 41,667 (749,063) 779,459  Inventories 588,583 634,942 59,837 (7,787) 1,275,575  Other current assets 17,109 10,598 4,373 (1,959) 30,121  Total current assets 1,816,592 1,955,159 123,702 (758,809) 3,136,644  Property, plant and equipment, net 921,850 1,684,925 323,308 (1,857) 2,928,226  Intangible assets, net - 259,231 32,583 - 291,814  Goodwill - 392,678 7,189 - 399,867  Other assets, including investments in subs 2,916,319 8,023 6,411 (2,899,742) 31,011  Total assets $ 5,654,761 $ 4,300,016 $ 493,193 $ (3,660,408) $ 6,787,562   Accounts payable $ 171,302 $ 274,873 $ 80,690 $ (89,029) $ 437,836  Accrued expenses 229,039 212,493 8,068 (109,478) 340,122  Current maturities of long-term debt 13,161 700 32,248 (29,954) 16,155  Total current liabilities 413,502 488,066 121,006 (228,461) 794,113  Long-term debt 2,541,145 - 171,622 (141,930) 2,570,837  Other liabilities (265,803) 1,155,611 61,932 (480,830) 470,910   Redeemable noncontrolling interests - - 126,340 - 126,340   Common stock 640 1,727,859 18,120 (1,745,979) 640  Treasury stock (392,051) - - - (392,051)  Additional paid-in-capital 1,132,365 128,076 773,793 (901,869) 1,132,365  Retained earnings (deficit) 2,224,963 800,404 (639,065) (161,339) 2,224,963  Total Steel Dynamics, Inc. equity 2,965,917 2,656,339 152,848 (2,809,187) 2,965,917  Noncontrolling interests - - (140,555) - (140,555)  Total equity 2,965,917 2,656,339 12,293 (2,809,187) 2,825,362  Total liabilities and equity $ 5,654,761 $ 4,300,016 $ 493,193 $ (3,660,408) $ 6,787,562  Note 11. Condensed Consolidating Information (Continued)       Combined Consolidating Total  As of December 31, 2015 Parent Guarantors Non-Guarantors Adjustments Consolidated  Cash and equivalents $ 636,877 $ 81,976 $ 8,179 $ - $ 727,032  Accounts receivable, net 200,094 1,056,285 29,775 (672,549) 613,605  Inventories 539,963 573,924 35,004 499 1,149,390  Other current assets 21,654 25,415 1,676 (831) 47,914  Total current assets 1,398,588 1,737,600 74,634 (672,881) 2,537,941  Property, plant and equipment, net 958,212 1,703,932 291,077 (2,011) 2,951,210  Intangible assets, net - 278,960 - - 278,960  Goodwill - 397,470 - - 397,470  Other assets, including investments in subs 2,941,710 10,040 6,137 (2,921,386) 36,501  Total assets $ 5,298,510 $ 4,128,002 $ 371,848 $ (3,596,278) $ 6,202,082   Accounts payable $ 100,751 $ 183,344 $ 68,948 $ (69,688) $ 283,355  Accrued expenses 141,552 185,873 4,779 (96,949) 235,255  Current maturities of long-term debt 13,122 700 24,975 (22,117) 16,680  Total current liabilities 255,425 369,917 98,702 (188,754) 535,290  Long-term debt 2,546,606 361 177,897 (146,888) 2,577,976  Other liabilities (183,248) 1,342,541 63,020 (804,948) 417,365   Redeemable noncontrolling interests - - 126,340 - 126,340   Common stock 638 1,727,859 18,120 (1,745,979) 638  Treasury stock (396,455) - - - (396,455)  Additional paid-in-capital 1,110,253 117,737 646,787 (764,524) 1,110,253  Retained earnings (deficit) 1,965,291 569,587 (624,402) 54,815 1,965,291  Total Steel Dynamics, Inc. equity 2,679,727 2,415,183 40,505 (2,455,688) 2,679,727  Noncontrolling interests - - (134,616) - (134,616)  Total equity 2,679,727 2,415,183 (94,111) (2,455,688) 2,545,111  Total liabilities and equity $ 5,298,510 $ 4,128,002 $ 371,848 $ (3,596,278) $ 6,202,082 Note 11. Condensed Consolidating Information (Continued)      Condensed Consolidating Statements of Operations (in thousands)   For the three months ended, Combined Consolidating Total  September 30, 2016 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 845,585 $ 2,258,466 $ 96,409 $ (1,099,150) $ 2,101,310  Costs of goods sold 647,983 2,016,874 100,470 (1,072,520) 1,692,807  Gross profit (loss) 197,602 241,592 (4,061) (26,630) 408,503  Selling, general and administrative 52,995 72,605 4,134 (5,086) 124,648  Operating income (loss) 144,607 168,987 (8,195) (21,544) 283,855  Interest expense, net of capitalized interest 17,818 17,741 2,847 (2,207) 36,199  Other (income) expense, net 2,342 3,937 (4,135) 2,207 4,351  Income (loss) before income taxes and  equity in net income of subsidiaries 124,447 147,309 (6,907) (21,544) 243,305  Income taxes 40,242 55,684 797 (7,831) 88,892  84,205 91,625 (7,704) (13,713) 154,413  Equity in net income of subsidiaries 73,192 - - (73,192) -  Net loss attributable to noncontrolling interests - - 2,984 - 2,984  Net income (loss) attributable to Steel Dynamics, Inc. $ 157,397 $ 91,625 $ (4,720) $ (86,905) $ 157,397       For the three months ended, Combined Consolidating Total  September 30, 2015 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 735,250 $ 2,103,824 $ 96,204 $ (984,355) $ 1,950,923  Costs of goods sold 619,833 1,965,364 99,864 (962,864) 1,722,197  Gross profit (loss) 115,417 138,460 (3,660) (21,491) 228,726  Selling, general and administrative 35,235 64,259 2,845 (4,642) 97,697  Operating income (loss) 80,182 74,201 (6,505) (16,849) 131,029  Interest expense, net of capitalized interest 18,312 18,138 1,692 (1,058) 37,084  Other (income) expense, net 252 (631) (440) 1,058 239  Income (loss) before income taxes and  equity in net income of subsidiaries 61,618 56,694 (7,757) (16,849) 93,706  Income taxes (benefit) 20,169 21,697 (421) (6,606) 34,839  41,449 34,997 (7,336) (10,243) 58,867  Equity in net income of subsidiaries 19,168 - - (19,168) -  Net loss attributable to noncontrolling interests - - 1,750 - 1,750  Net income (loss) attributable to Steel Dynamics, Inc. $ 60,617 $ 34,997 $ (5,586) $ (29,411) $ 60,617 Note 11. Condensed Consolidating Information (Continued)       For the nine months ended, Combined Consolidating Total  September 30, 2016 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 2,297,389 $ 6,322,158 $ 271,694 $ (3,024,728) $ 5,866,513  Costs of goods sold 1,823,408 5,676,265 286,486 (2,944,568) 4,841,591  Gross profit (loss) 473,981 645,893 (14,792) (80,160) 1,024,922  Selling, general and administrative 145,596 212,613 9,352 (14,581) 352,980  Operating income (loss) 328,385 433,280 (24,144) (65,579) 671,942  Interest expense, net of capitalized interest 53,842 54,493 7,558 (6,005) 109,888  Other (income) expense, net (2,137) 8,012 (11,139) 6,005 741  Income (loss) before income taxes and  equity in net income of subsidiaries 276,680 370,775 (20,563) (65,579) 561,313  Income taxes (benefit) 89,210 139,958 (63) (23,966) 205,139  187,470 230,817 (20,500) (41,613) 356,174  Equity in net income of subsidiaries 174,633 - - (174,633) -  Net loss attributable to noncontrolling interests - - 5,929 - 5,929  Net income (loss) attributable to Steel Dynamics, Inc. $ 362,103 $ 230,817 $ (14,571) $ (216,246) $ 362,103       For the nine months ended, Combined Consolidating Total  September 30, 2015 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 2,300,024 $ 6,447,974 $ 302,657 $ (3,047,290) $ 6,003,365  Costs of goods sold 1,982,667 6,056,514 352,980 (2,976,307) 5,415,854  Gross profit (loss) 317,357 391,460 (50,323) (70,983) 587,511  Selling, general and administrative 95,883 188,028 8,878 (13,637) 279,152  Operating income (loss) 221,474 203,432 (59,201) (57,346) 308,359  Interest expense, net of capitalized interest 57,015 58,354 5,084 (3,119) 117,334  Other (income) expense, net 15,131 (597) (2,434) 3,119 15,219  Income (loss) before income taxes and  equity in net income of subsidiaries 149,328 145,675 (61,851) (57,346) 175,806  Income taxes (benefit) 35,207 53,903 (4,047) (20,403) 64,660  114,121 91,772 (57,804) (36,943) 111,146  Equity in net income of subsidiaries 8,807 - - (8,807) -  Net loss attributable to noncontrolling interests - - 11,782 - 11,782  Net income (loss) attributable to Steel Dynamics, Inc. $ 122,928 $ 91,772 $ (46,022) $ (45,750) $ 122,928  Note 11. Condensed Consolidating Information (Continued)     Condensed Consolidating Statements of Cash Flows (in thousands)   For the nine months ended, Combined Consolidating Total  September 30, 2016 Parent Guarantors Non-Guarantors Adjustments Consolidated   Net cash provided by operating activities $ 280,767 $ 358,657 $ 52 $ 3,735 $ 643,211  Net cash used in investing activities (143,427) (81,983) (3,935) 2,879 (226,466)  Net cash provided by (used in) financing activities 198,393 (297,596) 13,529 (6,614) (92,288)  Increase (decrease) in cash and equivalents 335,733 (20,922) 9,646 - 324,457  Cash and equivalents at beginning of period 636,877 81,976 8,179 - 727,032  Cash and equivalents at end of period $ 972,610 $ 61,054 $ 17,825 $ - $ 1,051,489        For the nine months ended, Combined Consolidating Total  September 30, 2015 Parent Guarantors Non-Guarantors Adjustments Consolidated   Net cash provided by (used in) operating activities $ 306,941 $ 400,910 $ (4,302) $ 4,748 $ 708,297  Net cash used in investing activities (35,100) (82,737) (12,796) 5,359 (125,274)  Net cash provided by (used in) financing activities (126,984) (347,111) 13,606 (10,107) (470,596)  Increase (decrease) in cash and equivalents 144,857 (28,938) (3,492) - 112,427  Cash and equivalents at beginning of period 265,313 81,690 14,360 - 361,363  Cash and equivalents at end of period $ 410,170 $ 52,752 $ 10,868 $ - $ 473,790  

Description of the Business a17

Description of the Business and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
Description of the Business and Significant Accounting Policies
Principles of Consolidation	Principles of Consolidation . The consolidated financial statements include the accounts of SDI, together with its wholly and majority-owned or controlled subsidiaries, after elimination of intercompany accounts and transactions. Noncontrolling interests represent the noncontrolling owner’s proportionate share in the equity, income, or losses of the company’s majority-owned or controlled consolidated subsidiaries.
Use of Estimates	Use of Estimates. These financial statements are prepared in conformity with accounting principles generally accepted in the United States, and accordingly, include amounts that require management to make estimates and assumptions that affect the amounts reported in the financial statements and in the notes thereto. Significant items subject to such estimates and assumptions include the carrying value of property, plant and equipment, intangible assets, and goodwill; valuation allowances for trade receivables, inventories and deferred income tax assets; unrecognized tax benefits; potential environmental liabilities; and litigation claims and settlements. Actual results may differ from these estimates and assumptions.  In the opinion of management, these financial statements reflect all normal recurring adjustments necessary for a fair presentation of the interim period results. These financial statements and notes should be read in conjunction with the audited financial statements and notes thereto included in the company’s Annual Report on Form 10-K for the year ended December 31, 2015 .
Goodwill	Goodwill . The company’s goodwill is allocated to the following reporting units at September 30, 2016 , and December 31, 2015 , (in thousands):     September 30, December 31,  2016 2015  Metals Recycling Segment: OmniSource $ 104,247 $ 109,039  Butler Flat Roll Division, Structural and Rail Division,  and Engineered Bar Division 95,000 95,000  Steel Segment: The Techs 142,783 142,783  Roanoke Bar Division 29,041 29,041  Columbus Flat Roll Division 19,682 19,682  Vulcan Threaded Products 7,189 -  Fabrication Segment: New Millennium Building Systems 1,925 1,925  $ 399,867 $ 397,470  OmniSource goodwill decreased $4.8 million from December 31, 2015 to September 30, 2016 , in recognition of the 2016 tax benefit related to the normal amortization of the component of OmniSource tax-deductible goodwill in excess of book goodwill.
Recently Issued Accounting Standards	Recently Issued Accounting Standards  In May 2014, the FASB issued guidance codified in ASC 606, Revenue Recognition – Revenue from Contracts with Customers, which amends the guidance in former ASC 605, Revenue Recognition. The core principle of ASC 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Because the guidance in ASC 606 is principles-based, it can be applied to all contracts with customers regardless of industry-specific or transaction-specific fact patterns. Additionally, ASC 606 requires additional disclosures to help users of financial statements better understand the nature, amount, timing, and potential uncertainty of revenue that is recognized. This guidance is effective for annual and interim periods beginning after December 15, 2017, but can be early adopted for annual and interim periods ending after December 15, 2016. The company is currently evaluating the impact of the provisions of ASC 606, including the timing and method of adoption. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory, which requires an entity to measure inventory at the lower of cost and net realizable value, rather than at the lower of cost or market. This new guidance is effective for annual and interim periods beginning after December 15, 2016, but can be early adopted. The company is currently evaluating the impact of this ASU’s adoption. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842): which establishes a new lease accounting model that requires lessees to recognize a right of use asset and related lease liability for most leases having lease terms of more than 12 months. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases. This new guidance is effective for annual and interim periods beginning after December 15, 2018, but can be early adopted. The company is currently evaluating the impact of the provisions of ASU 2016-02, including the timing of adoption. In March 2016, the FASB issued ASU 2016-09, Improvement to Employee Share-based Payment Accounting, which simplifies several aspects of accounting for share-based payment transactions, including recognizing excess tax benefits and deficiencies as income tax expense or benefit in the income statement and as operating activities within the statement of cash flows, and an option to recognize gross stock compensation expense with actual forfeitures recognized as incurred. This new guidance is effective for annual and interim periods beginning after December 15, 2016, but can be early adopted. The company is currently evaluating the impact of the provisions of ASU 2016-09, including the timing of adoption.

Description of the Business a18

Description of the Business and Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2016
Description of the Business and Significant Accounting Policies
Schedule of goodwill allocated to reporting units	The company’s goodwill is allocated to the following reporting units at September 30, 2016 , and December 31, 2015 , (in thousands):     September 30, December 31,  2016 2015  Metals Recycling Segment: OmniSource $ 104,247 $ 109,039  Butler Flat Roll Division, Structural and Rail Division,  and Engineered Bar Division 95,000 95,000  Steel Segment: The Techs 142,783 142,783  Roanoke Bar Division 29,041 29,041  Columbus Flat Roll Division 19,682 19,682  Vulcan Threaded Products 7,189 -  Fabrication Segment: New Millennium Building Systems 1,925 1,925  $ 399,867 $ 397,470 

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2016
Acquisitions
Schedule of Assets Acquired and Liabilities Assumed	  Current assets, net of cash acquired $ 36,958  Property, plant & equipment 40,213  Intangible assets 32,930  Goodwill 7,189  Total assets acquired 117,290   Liabilities assumed 4,456   Net assets acquired $ 112,834 

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2016
Earnings Per Share
Reconciliation of Basic and Diluted Earnings Per Share	The following table presents a reconciliation of the numerators and the denominators of the company’s basic and diluted earnings per share computations for the three and nine months ended September 30, 2016 and 2015 (in thousands, except per share data):     Three Months Ended September 30,  2016 2015  Net Income Shares Per Share Net Income Shares Per Share  (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount  Basic earnings per share $ 157,397 243,761 $ 0.65 $ 60,617 242,074 $ 0.25  Dilutive common share equivalents - 1,921 - 1,748  Diluted earnings per share $ 157,397 245,682 $ 0.64 $ 60,617 243,822 $ 0.25        Nine Months Ended September 30,  2016 2015  Net Income Shares Per Share Net Income Shares Per Share  (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount  Basic earnings per share $ 362,103 243,539 $ 1.49 $ 122,928 241,836 $ 0.51  Dilutive common share equivalents - 1,688 - 1,557  Diluted earnings per share $ 362,103 245,227 $ 1.48 $ 122,928 243,393 $ 0.51 

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2016
Inventories
Schedule of inventories	Inventories are stated at lower of cost or market. Cost is determined using a weighted average cost method for scrap, and on a first-in, first-out, basis for other inventory. Inventory consisted of the following (in thousands):        September 30, December 31,  2016 2015  Raw materials $ 490,164 $ 419,608  Supplies 392,433 396,349  Work in progress 124,428 90,486  Finished goods 268,550 242,947  Total inventories $ 1,275,575 $ 1,149,390 

Changes in Equity (Tables)

Changes in Equity (Tables)	9 Months Ended
	Sep. 30, 2016
Changes in Equity
Schedule of stockholders' equity	The following table provides a reconciliation of the beginning and ending carrying amounts of total equity, equity attributable to stockholders of Steel Dynamics, Inc. and equity and redeemable amounts attributable to the noncontrolling interests (in thousands):     Stockholders of Steel Dynamics, Inc.  Additional Redeemable  Common Paid-In Retained Treasury Noncontrolling Total Noncontrolling  Stock Capital Earnings Stock Interests Equity Interests  Balances at December 31, 2015 $ 638 $ 1,110,253 $ 1,965,291 $ (396,455) $ (134,616) $ 2,545,111 $ 126,340  Exercise of stock options proceeds,  including related tax effect 2 7,874 - - - 7,876 -  Dividends declared - - (102,342) - - (102,342) -  Distributions to noncontrolling  investors, net - - - - (10) (10) -  Equity-based compensation - 14,238 (89) 4,404 - 18,553 -  Comprehensive and net income (loss) - - 362,103 - (5,929) 356,174 -  Balances at September 30, 2016 $ 640 $ 1,132,365 $ 2,224,963 $ (392,051) $ (140,555) $ 2,825,362 $ 126,340  

Derivative Financial Instrume23

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2016
Derivative Financial Instruments
Schedule of Notional Amounts of Outstanding Derivative Positions	. The following summarizes the company’s futures contract commitments as of September 30, 2016 (MT represents metric tons):      Commodity Futures Long/Short Total  Aluminum Long 1,750 MT  Aluminum Short 1,575 MT  Copper Long 4,413 MT  Copper Short 13,950 MT  
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position	The following summarizes the location and amounts of the fair values reported on the company’s balance sheets as of September 30, 2016 , and December 31, 2015 , and gains and losses related to derivatives included in the company’s statement of income for the three and nine months ended September 30, 2016 and 2015 (in thousands):       Asset Derivatives Liability Derivatives  Balance sheet Fair Value Fair Value  location September 30, 2016 December 31, 2015 September 30, 2016 December 31, 2015  Derivative instruments designated  as fair value hedges -  Commodity futures Other current assets $ 451 $ 857 $ 1,156 $ 2,860   Derivative instruments not designated  as hedges -  Commodity futures Other current assets 171 908 1,037 1,065  Total derivative instruments $ 622 $ 1,765 $ 2,193 $ 3,925   The fair value of the above derivative instruments along with required margin deposit amounts with the same counterparty under master netting arrangements totaled $1 .7 million at September 30, 2016 , and $3.4 million at December 31, 2015 , are reflected in other current assets in the consolidated balance sheets.       Amount of gain (loss) recognized Location of gain Amount of gain (loss) recognized  Location of gain in income on derivatives (loss) recognized in income on related hedged items  (loss) recognized for the three months ended Hedged items in in income on for the three months ended  in income on September 30, September 30, fair value hedge related hedged September 30, September 30,  derivatives 2016 2015 relationships items 2016 2015  Derivatives in fair value  hedging relationships -  Commodity futures Costs of goods sold $ 826 $ (2,825) Firm commitments Costs of goods sold $ (793) $ 662  Inventory Costs of goods sold (177) 800  Derivatives not designated $ (970) $ 1,462  as hedging instruments -  Commodity futures Costs of goods sold $ (638) $ 6,707 Note 7. Derivative Financial Instruments (Continued)      Amount of gain (loss) recognized Location of gain Amount of gain (loss) recognized  Location of gain in income on derivatives (loss) recognized in income on related hedged items  (loss) recognized for the nine months ended Hedged items in in income on for the nine months ended  in income on September 30, September 30, fair value hedge income on related September 30, September 30,  derivatives 2016 2015 relationships hedged items 2016 2015  Derivatives in fair value  hedging relationships -  Commodity futures Costs of goods sold $ 1,281 $ (4,063) Firm commitments Costs of goods sold $ (2,223) $ 1,518  Inventory Costs of goods sold 642 1,291  Derivatives not designated $ (1,581) $ 2,809  as hedging instruments -  Commodity futures Costs of goods sold $ (394) $ 13,377 

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2016
Fair Value Measurements
Schedule of assets and liabilities measured at fair value on a recurring basis	The following table sets forth financial assets and liabilities measured at fair value on a recurring basis in the consolidated balance sheet and the respective levels to which the fair value measurements are classified within the fair value hierarchy as of September 30, 2016 , and December 31, 2015 (in thousands):      Quoted Prices Significant  in Active Other Significant  Markets for Observable Unobservable  Identical Assets Inputs Inputs  Total (Level 1) (Level 2) (Level 3)  September 30, 2016  Commodity futures – financial assets $ 622 $ - $ 622 $ -  Commodity futures – financial liabilities 2,193 - 2,193 -   December 31, 2015  Commodity futures – financial assets $ 1,765 $ - $ 1,765 $ -  Commodity futures – financial liabilities 3,925 - 3,925 - 

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2016
Segment Information
Schedule of operating segment results	The company’s segment results for the three and nine months ended September 30, 2016 and 2015 , each adjusted consistent with our current reportable segments presentation, are as follows (in thousands):     Metals Steel  For the three months ended Steel Recycling Fabrication  September 30, 2016 Operations Operations Operations Other Eliminations Consolidated   Net Sales  External $ 1,502,726 $ 260,518 $ 177,341 $ 60,282 $ - $ 2,000,867  External Non-U.S. 54,776 45,574 88 5 - 100,443  Other segments 70,384 259,171 1,211 1,108 (331,874) -  1,627,886 565,263 178,640 61,395 (331,874) 2,101,310  Operating income (loss) 307,553 6,154 17,744 (47,687) (1) 91 (2) 283,855  Income (loss) before income taxes 285,131 2,437 15,645 (59,999) 91 243,305  Depreciation and amortization 53,456 13,836 2,848 4,101 (51) 74,190  Capital expenditures 49,200 9,506 747 321 - 59,774   As of September 30, 2016  Assets $ 4,147,447 $ 1,034,637 $ 353,560 $ 1,374,469 (3) $ (122,551) (4) $ 6,787,562       Footnotes related to the three months ended September 30, 2016 segment results (in millions):   (1) Corporate SG&A $ (12.6) (2) Gross profit increase from intra-company sales $ -  Company-wide equity-based compensation (6.1)  Profit sharing (21.0)  Minnesota ironmaking operations (4.1)  Other, net (3.9)  $ (47.7)   (3) Cash and equivalents $ 982.2 (4) Elimination of intra-company receivables $ (98.0)  Accounts receivable 14.7 Elimination of intra-company debt (12.1)  Inventories 36.2 Other (12.5)  Property, plant and equipment, net 295.7 $ (122.6)  Intra-company debt 12.1  Other 33.6  $ 1,374.5 Note 10. Segment Information (Continued)     Metals Steel  For the three months ended Steel Recycling Fabrication  September 30, 2015 Operations Operations Operations Other Eliminations Consolidated   Net Sales  External $ 1,285,459 $ 294,357 $ 173,047 $ 78,802 $ - $ 1,831,665  External Non-U.S. 65,928 51,215 1,907 208 - 119,258  Other segments 56,146 270,888 2 4,209 (331,245) -  1,407,533 616,460 174,956 83,219 (331,245) 1,950,923  Operating income (loss) 124,712 (3,555) 36,733 (28,401) (1) 1,540 (2) 131,029  Income (loss) before income taxes 102,566 (6,967) 35,108 (38,541) 1,540 93,706  Depreciation and amortization 52,404 15,913 2,300 3,645 (51) 74,211  Capital expenditures 21,975 6,286 935 1,090 - 30,286   As of September 30, 2015  Assets $ 4,096,188 $ 1,588,821 $ 372,673 $ 898,772 (3) $ (113,913) (4) $ 6,842,541       Footnotes related to the three months ended September 30, 2015 segment results (in millions):   (1) Corporate SG&A $ (9.5) (2) Gross profit increase from intra-company sales $ 1.5  Company-wide equity-based compensation (5.3)  Profit sharing (7.5)  Minnesota ironmaking operations (4.1)  Other, net (2.0)  $ (28.4)   (3) Cash and equivalents $ 415.7 (4) Elimination of intra-company receivables $ (100.8)  Accounts receivable 30.0 Elimination of intra-company debt (6.5)  Inventories 36.8 Other (6.6)  Property, plant and equipment, net 309.6 $ (113.9)  Intra-company debt 6.5  Other 100.2  $ 898.8 Note 10. Segment Information (Continued)     Metals Steel  For the nine months ended Steel Recycling Fabrication  September 30, 2016 Operations Operations Operations Other Eliminations Consolidated   Net Sales  External $ 4,068,688 $ 769,260 $ 527,859 $ 210,358 $ - $ 5,576,165  External Non-U.S. 172,694 117,299 167 188 - 290,348  Other segments 178,190 756,613 2,415 3,603 (940,821) -  4,419,572 1,643,172 530,441 214,149 (940,821) 5,866,513  Operating income (loss) 712,939 20,014 73,230 (125,186) (1) (9,055) (2) 671,942  Income (loss) before income taxes 645,189 10,300 67,175 (152,296) (9,055) 561,313  Depreciation and amortization 159,614 42,666 8,431 12,413 (154) 222,970  Capital expenditures 103,202 17,068 1,918 980 - 123,168        Footnotes related to the nine months ended September 30, 2016 segment results (in millions):   (1) Corporate SG&A $ (38.5) (2) Gross profit decrease from intra-company sales $ (9.1)  Company-wide equity-based compensation (20.4)  Profit sharing (47.7)  Minnesota ironmaking operations (12.4)  Other, net (6.2)  $ (125.2)      Metals Steel  For the nine months ended Steel Recycling Fabrication  September 30, 2015 Operations Operations Operations Other Eliminations Consolidated   Net Sales  External $ 3,902,162 $ 1,014,753 $ 488,584 $ 237,501 $ - $ 5,643,000  External Non-U.S. 210,320 147,626 1,907 512 - 360,365  Other segments 158,609 751,542 18 29,114 (939,283) -  4,271,091 1,913,921 490,509 267,127 (939,283) 6,003,365  Operating income (loss) 338,690 229 85,754 (117,273) (1) 959 (2) 308,359  Income (loss) before income taxes 269,187 (12,780) 80,581 (162,141) 959 175,806  Depreciation and amortization 154,616 50,207 6,688 9,948 (153) 221,306  Capital expenditures 52,324 17,332 2,506 14,296 - 86,458      Footnotes related to the nine months ended September 30, 2015 segment results (in millions):   (1) Corporate SG&A $ (27.1) (2) Gross profit increase from intra-company sales $ 1.0  Company-wide equity-based compensation (17.5)  Profit sharing (14.4)  Minnesota ironmaking operations (50.3)  Other, net (8.0)  $ (117.3) 

Condensed Consolidating Infor26

Condensed Consolidating Information (Tables)	9 Months Ended
	Sep. 30, 2016
Condensed Consolidating Information
Schedule of Condensed Consolidating Balance Sheets	     Condensed Consolidating Balance Sheets (in thousands)  Combined Consolidating Total  As of September 30, 2016 Parent Guarantors Non-Guarantors Adjustments Consolidated  Cash and equivalents $ 972,610 $ 61,054 $ 17,825 $ - $ 1,051,489  Accounts receivable, net 238,290 1,248,565 41,667 (749,063) 779,459  Inventories 588,583 634,942 59,837 (7,787) 1,275,575  Other current assets 17,109 10,598 4,373 (1,959) 30,121  Total current assets 1,816,592 1,955,159 123,702 (758,809) 3,136,644  Property, plant and equipment, net 921,850 1,684,925 323,308 (1,857) 2,928,226  Intangible assets, net - 259,231 32,583 - 291,814  Goodwill - 392,678 7,189 - 399,867  Other assets, including investments in subs 2,916,319 8,023 6,411 (2,899,742) 31,011  Total assets $ 5,654,761 $ 4,300,016 $ 493,193 $ (3,660,408) $ 6,787,562   Accounts payable $ 171,302 $ 274,873 $ 80,690 $ (89,029) $ 437,836  Accrued expenses 229,039 212,493 8,068 (109,478) 340,122  Current maturities of long-term debt 13,161 700 32,248 (29,954) 16,155  Total current liabilities 413,502 488,066 121,006 (228,461) 794,113  Long-term debt 2,541,145 - 171,622 (141,930) 2,570,837  Other liabilities (265,803) 1,155,611 61,932 (480,830) 470,910   Redeemable noncontrolling interests - - 126,340 - 126,340   Common stock 640 1,727,859 18,120 (1,745,979) 640  Treasury stock (392,051) - - - (392,051)  Additional paid-in-capital 1,132,365 128,076 773,793 (901,869) 1,132,365  Retained earnings (deficit) 2,224,963 800,404 (639,065) (161,339) 2,224,963  Total Steel Dynamics, Inc. equity 2,965,917 2,656,339 152,848 (2,809,187) 2,965,917  Noncontrolling interests - - (140,555) - (140,555)  Total equity 2,965,917 2,656,339 12,293 (2,809,187) 2,825,362  Total liabilities and equity $ 5,654,761 $ 4,300,016 $ 493,193 $ (3,660,408) $ 6,787,562  Note 11. Condensed Consolidating Information (Continued)       Combined Consolidating Total  As of December 31, 2015 Parent Guarantors Non-Guarantors Adjustments Consolidated  Cash and equivalents $ 636,877 $ 81,976 $ 8,179 $ - $ 727,032  Accounts receivable, net 200,094 1,056,285 29,775 (672,549) 613,605  Inventories 539,963 573,924 35,004 499 1,149,390  Other current assets 21,654 25,415 1,676 (831) 47,914  Total current assets 1,398,588 1,737,600 74,634 (672,881) 2,537,941  Property, plant and equipment, net 958,212 1,703,932 291,077 (2,011) 2,951,210  Intangible assets, net - 278,960 - - 278,960  Goodwill - 397,470 - - 397,470  Other assets, including investments in subs 2,941,710 10,040 6,137 (2,921,386) 36,501  Total assets $ 5,298,510 $ 4,128,002 $ 371,848 $ (3,596,278) $ 6,202,082   Accounts payable $ 100,751 $ 183,344 $ 68,948 $ (69,688) $ 283,355  Accrued expenses 141,552 185,873 4,779 (96,949) 235,255  Current maturities of long-term debt 13,122 700 24,975 (22,117) 16,680  Total current liabilities 255,425 369,917 98,702 (188,754) 535,290  Long-term debt 2,546,606 361 177,897 (146,888) 2,577,976  Other liabilities (183,248) 1,342,541 63,020 (804,948) 417,365   Redeemable noncontrolling interests - - 126,340 - 126,340   Common stock 638 1,727,859 18,120 (1,745,979) 638  Treasury stock (396,455) - - - (396,455)  Additional paid-in-capital 1,110,253 117,737 646,787 (764,524) 1,110,253  Retained earnings (deficit) 1,965,291 569,587 (624,402) 54,815 1,965,291  Total Steel Dynamics, Inc. equity 2,679,727 2,415,183 40,505 (2,455,688) 2,679,727  Noncontrolling interests - - (134,616) - (134,616)  Total equity 2,679,727 2,415,183 (94,111) (2,455,688) 2,545,111  Total liabilities and equity $ 5,298,510 $ 4,128,002 $ 371,848 $ (3,596,278) $ 6,202,082 
Schedule of Condensed Consolidating Statements of Operations	     Condensed Consolidating Statements of Operations (in thousands)   For the three months ended, Combined Consolidating Total  September 30, 2016 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 845,585 $ 2,258,466 $ 96,409 $ (1,099,150) $ 2,101,310  Costs of goods sold 647,983 2,016,874 100,470 (1,072,520) 1,692,807  Gross profit (loss) 197,602 241,592 (4,061) (26,630) 408,503  Selling, general and administrative 52,995 72,605 4,134 (5,086) 124,648  Operating income (loss) 144,607 168,987 (8,195) (21,544) 283,855  Interest expense, net of capitalized interest 17,818 17,741 2,847 (2,207) 36,199  Other (income) expense, net 2,342 3,937 (4,135) 2,207 4,351  Income (loss) before income taxes and  equity in net income of subsidiaries 124,447 147,309 (6,907) (21,544) 243,305  Income taxes 40,242 55,684 797 (7,831) 88,892  84,205 91,625 (7,704) (13,713) 154,413  Equity in net income of subsidiaries 73,192 - - (73,192) -  Net loss attributable to noncontrolling interests - - 2,984 - 2,984  Net income (loss) attributable to Steel Dynamics, Inc. $ 157,397 $ 91,625 $ (4,720) $ (86,905) $ 157,397       For the three months ended, Combined Consolidating Total  September 30, 2015 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 735,250 $ 2,103,824 $ 96,204 $ (984,355) $ 1,950,923  Costs of goods sold 619,833 1,965,364 99,864 (962,864) 1,722,197  Gross profit (loss) 115,417 138,460 (3,660) (21,491) 228,726  Selling, general and administrative 35,235 64,259 2,845 (4,642) 97,697  Operating income (loss) 80,182 74,201 (6,505) (16,849) 131,029  Interest expense, net of capitalized interest 18,312 18,138 1,692 (1,058) 37,084  Other (income) expense, net 252 (631) (440) 1,058 239  Income (loss) before income taxes and  equity in net income of subsidiaries 61,618 56,694 (7,757) (16,849) 93,706  Income taxes (benefit) 20,169 21,697 (421) (6,606) 34,839  41,449 34,997 (7,336) (10,243) 58,867  Equity in net income of subsidiaries 19,168 - - (19,168) -  Net loss attributable to noncontrolling interests - - 1,750 - 1,750  Net income (loss) attributable to Steel Dynamics, Inc. $ 60,617 $ 34,997 $ (5,586) $ (29,411) $ 60,617 Note 11. Condensed Consolidating Information (Continued)       For the nine months ended, Combined Consolidating Total  September 30, 2016 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 2,297,389 $ 6,322,158 $ 271,694 $ (3,024,728) $ 5,866,513  Costs of goods sold 1,823,408 5,676,265 286,486 (2,944,568) 4,841,591  Gross profit (loss) 473,981 645,893 (14,792) (80,160) 1,024,922  Selling, general and administrative 145,596 212,613 9,352 (14,581) 352,980  Operating income (loss) 328,385 433,280 (24,144) (65,579) 671,942  Interest expense, net of capitalized interest 53,842 54,493 7,558 (6,005) 109,888  Other (income) expense, net (2,137) 8,012 (11,139) 6,005 741  Income (loss) before income taxes and  equity in net income of subsidiaries 276,680 370,775 (20,563) (65,579) 561,313  Income taxes (benefit) 89,210 139,958 (63) (23,966) 205,139  187,470 230,817 (20,500) (41,613) 356,174  Equity in net income of subsidiaries 174,633 - - (174,633) -  Net loss attributable to noncontrolling interests - - 5,929 - 5,929  Net income (loss) attributable to Steel Dynamics, Inc. $ 362,103 $ 230,817 $ (14,571) $ (216,246) $ 362,103       For the nine months ended, Combined Consolidating Total  September 30, 2015 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 2,300,024 $ 6,447,974 $ 302,657 $ (3,047,290) $ 6,003,365  Costs of goods sold 1,982,667 6,056,514 352,980 (2,976,307) 5,415,854  Gross profit (loss) 317,357 391,460 (50,323) (70,983) 587,511  Selling, general and administrative 95,883 188,028 8,878 (13,637) 279,152  Operating income (loss) 221,474 203,432 (59,201) (57,346) 308,359  Interest expense, net of capitalized interest 57,015 58,354 5,084 (3,119) 117,334  Other (income) expense, net 15,131 (597) (2,434) 3,119 15,219  Income (loss) before income taxes and  equity in net income of subsidiaries 149,328 145,675 (61,851) (57,346) 175,806  Income taxes (benefit) 35,207 53,903 (4,047) (20,403) 64,660  114,121 91,772 (57,804) (36,943) 111,146  Equity in net income of subsidiaries 8,807 - - (8,807) -  Net loss attributable to noncontrolling interests - - 11,782 - 11,782  Net income (loss) attributable to Steel Dynamics, Inc. $ 122,928 $ 91,772 $ (46,022) $ (45,750) $ 122,928 
Schedule of Condensed Consolidating Statements of Cash Flows	  Condensed Consolidating Statements of Cash Flows (in thousands)   For the nine months ended, Combined Consolidating Total  September 30, 2016 Parent Guarantors Non-Guarantors Adjustments Consolidated   Net cash provided by operating activities $ 280,767 $ 358,657 $ 52 $ 3,735 $ 643,211  Net cash used in investing activities (143,427) (81,983) (3,935) 2,879 (226,466)  Net cash provided by (used in) financing activities 198,393 (297,596) 13,529 (6,614) (92,288)  Increase (decrease) in cash and equivalents 335,733 (20,922) 9,646 - 324,457  Cash and equivalents at beginning of period 636,877 81,976 8,179 - 727,032  Cash and equivalents at end of period $ 972,610 $ 61,054 $ 17,825 $ - $ 1,051,489        For the nine months ended, Combined Consolidating Total  September 30, 2015 Parent Guarantors Non-Guarantors Adjustments Consolidated   Net cash provided by (used in) operating activities $ 306,941 $ 400,910 $ (4,302) $ 4,748 $ 708,297  Net cash used in investing activities (35,100) (82,737) (12,796) 5,359 (125,274)  Net cash provided by (used in) financing activities (126,984) (347,111) 13,606 (10,107) (470,596)  Increase (decrease) in cash and equivalents 144,857 (28,938) (3,492) - 112,427  Cash and equivalents at beginning of period 265,313 81,690 14,360 - 361,363  Cash and equivalents at end of period $ 410,170 $ 52,752 $ 10,868 $ - $ 473,790 

Description of the Business a27

Description of the Business and Significant Accounting Policies - Segments (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016segmentitem	Sep. 30, 2015
Segment Reporting Information
Number of reporting segments | segment			3
Steel Operations
Segment Reporting Information
Number of downstream coating facilities			10
Percentage of external net sales	74.00%	69.00%	72.00%	69.00%
Metals Recycling Operations
Segment Reporting Information
Percentage of external net sales	15.00%	18.00%	15.00%	19.00%
Steel Fabrication Operations
Segment Reporting Information
Percentage of external net sales	8.00%	9.00%	9.00%	8.00%
Number of New Millennium Building Systems' joist and deck plants			8

Description of the Business a28

Description of the Business and Significant Accounting Policies - Goodwill (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Goodwill
Goodwill	$ 399,867	$ 397,470
OmniSource
Goodwill
Goodwill decrease due to tax benefit related to the normal amortization of the component	4,800
Metals Recycling Operations | OmniSource
Goodwill
Goodwill	104,247	109,039
Metals Recycling Operations | Butler Flat Roll Division, Structural and Rail Division, and Engineered Bar Division
Goodwill
Goodwill	95,000	95,000
Steel Operations | The Techs
Goodwill
Goodwill	142,783	142,783
Steel Operations | Roanoke Bar Division
Goodwill
Goodwill	29,041	29,041
Steel Operations | Columbus Flat Roll Division
Goodwill
Goodwill	19,682	19,682
Steel Operations | Vulcan Steel Products [Member]
Goodwill
Goodwill	7,189
Steel Fabrication Operations | New Millennium Building Systems
Goodwill
Goodwill	$ 1,925	$ 1,925

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Aug. 31, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Aug. 01, 2016
Acquisition
Purchase price paid in cash			$ 109,065	$ 45,000	$ 109,065	$ 45,000
Vulcan
Acquisition
Business Acquisition, Percentage of Voting Interests Acquired							100.00%
Purchase price paid in cash	$ 113,000
Working capital purchased	29,200
Intangible assets	$ 32,930
Consolidated Systems, Inc [Member]
Acquisition
Purchase price paid in cash		$ 45,000
Working capital purchased		$ 30,000

Acquisitions (Schedule of Asset

Acquisitions (Schedule of Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Aug. 31, 2016	Dec. 31, 2015
Acquisition
Goodwill	$ 399,867		$ 397,470
Vulcan
Acquisition
Current assets, net of cash acquired		$ 36,958
Property, plant & equipment		40,213
Intangible assets		32,930
Goodwill		7,189
Total assets acquired		117,290
Liabilities assumed		4,456
Net assets acquired		$ 112,834

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Net Income (Loss) (Numerator)
Basic earnings per share - net income (in dollars)	$ 157,397	$ 60,617	$ 362,103	$ 122,928
Diluted earnings per share - net income (in dollars)	$ 157,397	$ 60,617	$ 362,103	$ 122,928
Weighted average common shares outstanding (in shares)
Weighted average common shares outstanding - basic (in shares)	243,761	242,074	243,539	241,836
Dilutive common share equivalents (in shares)	1,921	1,748	1,688	1,557
Weighted average common shares outstanding - diluted (in shares)	245,682	243,822	245,227	243,393
Per Share Amount
Basic (in dollars per share)	$ 0.65	$ 0.25	$ 1.49	$ 0.51
Diluted (in dollars per share)	$ 0.64	$ 0.25	$ 1.48	$ 0.51

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Inventories
Raw materials	$ 490,164	$ 419,608
Supplies	392,433	396,349
Work in progress	124,428	90,486
Finished goods	268,550	242,947
Total inventories	$ 1,275,575	$ 1,149,390

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Mar. 31, 2015	Sep. 30, 2016	Sep. 30, 2015
Debt
Repayments of debt	$ 9,999,000	$ 73,420,000		$ 95,253,000	$ 561,428,000
7 5/8% senior notes, due 2020
Debt
Repayments of debt			$ 350,000,000
Stated interest rate (as a percent)			7.625%
Redemption price of debt instrument (as a percent)			103.813%
Associated premiums and related expenses recorded			$ 16,700,000

Changes in Equity (Details)

Changes in Equity (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)
Increase (Decrease) in Equity
Balances	$ 2,545,111
Exercise of stock options proceeds, including related tax effect	7,876
Dividends declared	(102,342)
Distributions to noncontrolling investors, net	(10)
Equity-based compensation	18,553
Comprehensive and net income (loss)	356,174
Balances	2,825,362
Common Stock
Increase (Decrease) in Equity
Balances	638
Exercise of stock options proceeds, including related tax effect	2
Balances	640
Additional Paid-In Capital
Increase (Decrease) in Equity
Balances	1,110,253
Exercise of stock options proceeds, including related tax effect	7,874
Equity-based compensation	14,238
Balances	1,132,365
Retained Earnings
Increase (Decrease) in Equity
Balances	1,965,291
Dividends declared	(102,342)
Equity-based compensation	(89)
Comprehensive and net income (loss)	362,103
Balances	2,224,963
Treasury Stock
Increase (Decrease) in Equity
Balances	(396,455)
Equity-based compensation	4,404
Balances	(392,051)
Noncontrolling Interests
Increase (Decrease) in Equity
Balances	(134,616)
Distributions to noncontrolling investors, net	(10)
Comprehensive and net income (loss)	(5,929)
Balances	(140,555)
Redeemable Noncontrolling Interest
Increase (Decrease) in Equity
Balances	126,340
Balances	$ 126,340

Derivative Financial Instrume35

Derivative Financial Instruments (Narrative) (Details) - Commodity contract - Futures - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Other current assets
Commodity contract commitments
Fair value of derivatives including required margin deposits	$ 1,700		$ 1,700		$ 3,400
Designated as hedging instrument
Gains or losses on derivative instruments, statement of income
Ineffectiveness - amount of gain (loss) recognized in income on related hedged items	(84)	$ (191)	(175)	$ (64)
Gain (loss) excluded from hedge effectiveness testing	$ (60)	$ (1,200)	$ (125)	$ (1,200)

Derivative Financial Instrume36

Derivative Financial Instruments (Schedule of Notional Amounts of Outstanding Derivative Positions) (Details) - Futures	9 Months Ended
	Sep. 30, 2016T
Aluminum | Long
Derivative [Line Items]
Commodity contract (in MT/Lbs)	1,750
Aluminum | Short
Derivative [Line Items]
Commodity contract (in MT/Lbs)	1,575
Copper | Long
Derivative [Line Items]
Commodity contract (in MT/Lbs)	4,413
Copper | Short
Derivative [Line Items]
Commodity contract (in MT/Lbs)	13,950

Derivative Financial Instrume37

Derivative Financial Instruments (Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Commodity futures, asset derivatives	$ 622	$ 1,765
Commodity futures, liability derivatives	2,193	3,925
Futures | Commodity contract | Designated as hedging instrument | Other current assets
Commodity futures, asset derivatives	451	857
Commodity futures, liability derivatives	1,156	2,860
Futures | Commodity contract | Not designated as hedging instrument | Other current assets
Commodity futures, asset derivatives	171	908
Commodity futures, liability derivatives	$ 1,037	$ 1,065

Derivative Financial Instrume38

Derivative Financial Instruments (Schedule of Derivatives Instruments Statements of Financial Position) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Designated as hedging instrument
Amount of gain (loss) recognized in income on related hedged items	$ (970)	$ 1,462
Designated as hedging instrument | Cost of goods sold
Amount of gain (loss) recognized in income on related hedged items			$ (1,581)	$ 2,809
Designated as hedging instrument | Firm commitments | Cost of goods sold
Amount of gain (loss) recognized in income on related hedged items	(793)	662	(2,223)	1,518
Designated as hedging instrument | Inventory | Cost of goods sold
Amount of gain (loss) recognized in income on related hedged items	(177)	800	642	1,291
Futures | Designated as hedging instrument | Commodity contract | Cost of goods sold
Amount of gain (loss) recognized in income on derivatives	826	(2,825)	1,281	(4,063)
Futures | Not designated as hedging instrument | Commodity contract | Cost of goods sold
Amount of gain (loss) recognized in income on derivatives	$ (638)	$ 6,707	$ (394)	$ 13,377

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Assets and liabilities subject to fair value measurements
Commodity futures - financial assets	$ 622	$ 1,765
Commodity futures - financial liabilities	2,193	3,925
Fair value of long-term debt, including current maturities	2,700,000	2,700,000
Outstanding Balance	2,600,000	2,600,000
Recurring | Commodity contract | Futures
Assets and liabilities subject to fair value measurements
Commodity futures - financial assets	622	1,765
Commodity futures - financial liabilities	2,193	3,925
Recurring | Fair Value, Inputs, Level 2 [Member] | Commodity contract | Futures
Assets and liabilities subject to fair value measurements
Commodity futures - financial assets	622	1,765
Commodity futures - financial liabilities	$ 2,193	$ 3,925

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details) $ in Millions	1 Months Ended	9 Months Ended
	Oct. 31, 2016USD ($)	Sep. 30, 2016defendant
Subsequent Event [Member]
Loss Contingencies [Line Items]
Litigation Settlement, Amount | $	$ 4.6
Pending Litigation [Member]
Loss Contingencies [Line Items]
Number of other remaining steel manufacturing company defendants served with a class action antitrust complaint		2
Loss Contingency, Number of Defendants		8

Segment Information - Results (

Segment Information - Results (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Segment Reporting Information
Net sales	$ 2,101,310	$ 1,950,923	$ 5,866,513	$ 6,003,365
Operating income (loss)	283,855	131,029	671,942	308,359
Income (loss) before income taxes	243,305	93,706	561,313	175,806
Depreciation and amortization	74,190	74,211	222,970	221,306
Capital expenditures	59,774	30,286	123,168	86,458
Assets	6,787,562	6,842,541	6,787,562	6,842,541	$ 6,202,082
U.S.
Segment Reporting Information
Net sales	2,000,867	1,831,665	5,576,165	5,643,000
Non-U.S.
Segment Reporting Information
Net sales	100,443	119,258	290,348	360,365
Steel Operations
Segment Reporting Information
Net sales	1,627,886	1,407,533	4,419,572	4,271,091
Operating income (loss)	307,553	124,712	712,939	338,690
Income (loss) before income taxes	285,131	102,566	645,189	269,187
Depreciation and amortization	53,456	52,404	159,614	154,616
Capital expenditures	49,200	21,975	103,202	52,324
Assets	4,147,447	4,096,188	4,147,447	4,096,188
Steel Operations | Other segments
Segment Reporting Information
Net sales	70,384	56,146	178,190	158,609
Steel Operations | U.S.
Segment Reporting Information
Net sales	1,502,726	1,285,459	4,068,688	3,902,162
Steel Operations | Non-U.S.
Segment Reporting Information
Net sales	54,776	65,928	172,694	210,320
Metals Recycling Operations
Segment Reporting Information
Net sales	565,263	616,460	1,643,172	1,913,921
Operating income (loss)	6,154	(3,555)	20,014	229
Income (loss) before income taxes	2,437	(6,967)	10,300	(12,780)
Depreciation and amortization	13,836	15,913	42,666	50,207
Capital expenditures	9,506	6,286	17,068	17,332
Assets	1,034,637	1,588,821	1,034,637	1,588,821
Metals Recycling Operations | Other segments
Segment Reporting Information
Net sales	259,171	270,888	756,613	751,542
Metals Recycling Operations | U.S.
Segment Reporting Information
Net sales	260,518	294,357	769,260	1,014,753
Metals Recycling Operations | Non-U.S.
Segment Reporting Information
Net sales	45,574	51,215	117,299	147,626
Steel Fabrication Operations
Segment Reporting Information
Net sales	178,640	174,956	530,441	490,509
Operating income (loss)	17,744	36,733	73,230	85,754
Income (loss) before income taxes	15,645	35,108	67,175	80,581
Depreciation and amortization	2,848	2,300	8,431	6,688
Capital expenditures	747	935	1,918	2,506
Assets	353,560	372,673	353,560	372,673
Steel Fabrication Operations | Other segments
Segment Reporting Information
Net sales	1,211	2	2,415	18
Steel Fabrication Operations | U.S.
Segment Reporting Information
Net sales	177,341	173,047	527,859	488,584
Steel Fabrication Operations | Non-U.S.
Segment Reporting Information
Net sales	88	1,907	167	1,907
Other
Segment Reporting Information
Net sales	61,395	83,219	214,149	267,127
Operating income (loss)	(47,687)	(28,401)	(125,186)	(117,273)
Income (loss) before income taxes	(59,999)	(38,541)	(152,296)	(162,141)
Depreciation and amortization	4,101	3,645	12,413	9,948
Capital expenditures	321	1,090	980	14,296
Assets	1,374,469	898,772	1,374,469	898,772
Other | Other segments
Segment Reporting Information
Net sales	1,108	4,209	3,603	29,114
Other | U.S.
Segment Reporting Information
Net sales	60,282	78,802	210,358	237,501
Other | Non-U.S.
Segment Reporting Information
Net sales	5	208	188	512
Eliminations
Segment Reporting Information
Net sales	(331,874)	(331,245)	(940,821)	(939,283)
Operating income (loss)	91	1,540	(9,055)	959
Income (loss) before income taxes	91	1,540	(9,055)	959
Depreciation and amortization	(51)	(51)	(154)	(153)
Assets	(122,551)	(113,913)	(122,551)	(113,913)
Eliminations | Other segments
Segment Reporting Information
Net sales	$ (331,874)	$ (331,245)	$ (940,821)	$ (939,283)

Segment Information - Other Foo

Segment Information - Other Footnote (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Operating income (loss)
Corporate SG & A	$ (95,185)	$ (82,648)	$ (279,899)	$ (242,207)
Profit sharing	(22,255)	(9,008)	(51,722)	(18,637)
Operating income (loss)	283,855	131,029	671,942	308,359
Assets
Cash and equivalents	1,051,489	473,790	1,051,489	473,790	$ 1,052,666	$ 727,032	$ 419,401	$ 361,363
Accounts receivable	779,459		779,459			613,605
Inventories	1,275,575		1,275,575			1,149,390
Property, plant and equipment, net	2,928,226		2,928,226			2,951,210
Other	31,011		31,011			36,501
Total assets	6,787,562	6,842,541	6,787,562	6,842,541		$ 6,202,082
Other
Operating income (loss)
Corporate SG & A	(12,600)	(9,500)	(38,500)	(27,100)
Company-wide equity-based compensation	(6,100)	(5,300)	(20,400)	(17,500)
Profit sharing	(21,000)	(7,500)	(47,700)	(14,400)
Other, net	(3,900)	(2,000)	(6,200)	(8,000)
Operating income (loss)	(47,687)	(28,401)	(125,186)	(117,273)
Assets
Cash and equivalents	982,200	415,700	982,200	415,700
Accounts receivable	14,700	30,000	14,700	30,000
Inventories	36,200	36,800	36,200	36,800
Property, plant and equipment, net	295,700	309,600	295,700	309,600
Intra-company debt	12,100	6,500	12,100	6,500
Other	33,600	(100,200)	33,600	(100,200)
Total assets	1,374,469	898,772	1,374,469	898,772
Other | MINNESOTA | Minnesota ironmaking operations
Operating income (loss)
Operating income (loss)	$ (4,100)	$ (4,100)	$ (12,400)	$ (50,300)

Segment Information - Eliminati

Segment Information - Eliminations Footnote (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Operating income (loss)
Operating income (loss)	$ 283,855	$ 131,029	$ 671,942	$ 308,359
Gross profit	408,503	228,726	1,024,922	587,511
Assets elimination
Accounts receivable	779,459		779,459		$ 613,605
Other	31,011		31,011		36,501
Total assets	6,787,562	6,842,541	6,787,562	6,842,541	$ 6,202,082
Eliminations
Operating income (loss)
Operating income (loss)	91	1,540	(9,055)	959
Assets elimination
Accounts receivable	(98,000)	(100,800)	(98,000)	(100,800)
Elimination of intra-company debt	(12,100)	(6,500)	(12,100)	(6,500)
Other	(12,500)	(6,600)	(12,500)	(6,600)
Total assets	$ (122,551)	$ (113,913)	$ (122,551)	$ (113,913)

Condensed Consolidating Infor44

Condensed Consolidating Information - Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Condensed Consolidating Balance Sheets
Cash and equivalents	$ 1,051,489	$ 1,052,666	$ 727,032	$ 473,790	$ 419,401	$ 361,363
Accounts receivable, net	779,459		613,605
Inventories	1,275,575		1,149,390
Other current assets	30,121		47,914
Total current assets	3,136,644		2,537,941
Property, plant and equipment, net	2,928,226		2,951,210
Intangible assets, net	291,814		278,960
Goodwill	399,867		397,470
Other assets, including investments in subs	31,011		36,501
Total assets	6,787,562		6,202,082	6,842,541
Accounts payable	437,836		283,355
Accrued expenses	340,122		235,255
Current maturities of long-term debt	16,155		16,680
Total current liabilities	794,113		535,290
Long-term debt	2,570,837		2,577,976
Other liabilities	470,910		417,365
Redeemable noncontrolling interests	126,340		126,340
Common stock	640		638
Treasury stock	(392,051)		(396,455)
Additional paid-in capital	1,132,365		1,110,253
Retained earnings (deficit)	2,224,963		1,965,291
Total Steel Dynamics, Inc. equity	2,965,917		2,679,727
Noncontrolling interests	(140,555)		(134,616)
Total equity	2,825,362		2,545,111
Total liabilities and equity	6,787,562		6,202,082
Parent
Condensed Consolidating Balance Sheets
Cash and equivalents	972,610		636,877	410,170		265,313
Accounts receivable, net	238,290		200,094
Inventories	588,583		539,963
Other current assets	17,109		21,654
Total current assets	1,816,592		1,398,588
Property, plant and equipment, net	921,850		958,212
Other assets, including investments in subs	2,916,319		2,941,710
Total assets	5,654,761		5,298,510
Accounts payable	171,302		100,751
Accrued expenses	229,039		141,552
Current maturities of long-term debt	13,161		13,122
Total current liabilities	413,502		255,425
Long-term debt	2,541,145		2,546,606
Other liabilities	(265,803)		(183,248)
Common stock	640		638
Treasury stock	(392,051)		(396,455)
Additional paid-in capital	1,132,365		1,110,253
Retained earnings (deficit)	2,224,963		1,965,291
Total Steel Dynamics, Inc. equity	2,965,917		2,679,727
Total equity	2,965,917		2,679,727
Total liabilities and equity	5,654,761		5,298,510
Guarantors
Condensed Consolidating Balance Sheets
Cash and equivalents	61,054		81,976	52,752		81,690
Accounts receivable, net	1,248,565		1,056,285
Inventories	634,942		573,924
Other current assets	10,598		25,415
Total current assets	1,955,159		1,737,600
Property, plant and equipment, net	1,684,925		1,703,932
Intangible assets, net	259,231		278,960
Goodwill	392,678		397,470
Other assets, including investments in subs	8,023		10,040
Total assets	4,300,016		4,128,002
Accounts payable	274,873		183,344
Accrued expenses	212,493		185,873
Current maturities of long-term debt	700		700
Total current liabilities	488,066		369,917
Long-term debt			361
Other liabilities	1,155,611		1,342,541
Common stock	1,727,859		1,727,859
Additional paid-in capital	128,076		117,737
Retained earnings (deficit)	800,404		569,587
Total Steel Dynamics, Inc. equity	2,656,339		2,415,183
Total equity	2,656,339		2,415,183
Total liabilities and equity	4,300,016		4,128,002
Combined Non-Guarantors
Condensed Consolidating Balance Sheets
Cash and equivalents	17,825		8,179	$ 10,868		$ 14,360
Accounts receivable, net	41,667		29,775
Inventories	59,837		35,004
Other current assets	4,373		1,676
Total current assets	123,702		74,634
Property, plant and equipment, net	323,308		291,077
Intangible assets, net	32,583
Goodwill	7,189
Other assets, including investments in subs	6,411		6,137
Total assets	493,193		371,848
Accounts payable	80,690		68,948
Accrued expenses	8,068		4,779
Current maturities of long-term debt	32,248		24,975
Total current liabilities	121,006		98,702
Long-term debt	171,622		177,897
Other liabilities	61,932		63,020
Redeemable noncontrolling interests	126,340		126,340
Common stock	18,120		18,120
Additional paid-in capital	773,793		646,787
Retained earnings (deficit)	(639,065)		(624,402)
Total Steel Dynamics, Inc. equity	152,848		40,505
Noncontrolling interests	(140,555)		(134,616)
Total equity	12,293		(94,111)
Total liabilities and equity	493,193		371,848
Consolidating Adjustments
Condensed Consolidating Balance Sheets
Accounts receivable, net	(749,063)		(672,549)
Inventories	(7,787)		499
Other current assets	(1,959)		(831)
Total current assets	(758,809)		(672,881)
Property, plant and equipment, net	(1,857)		(2,011)
Other assets, including investments in subs	(2,899,742)		(2,921,386)
Total assets	(3,660,408)		(3,596,278)
Accounts payable	(89,029)		(69,688)
Accrued expenses	(109,478)		(96,949)
Current maturities of long-term debt	(29,954)		(22,117)
Total current liabilities	(228,461)		(188,754)
Long-term debt	(141,930)		(146,888)
Other liabilities	(480,830)		(804,948)
Common stock	(1,745,979)		(1,745,979)
Additional paid-in capital	(901,869)		(764,524)
Retained earnings (deficit)	(161,339)		54,815
Total Steel Dynamics, Inc. equity	(2,809,187)		(2,455,688)
Total equity	(2,809,187)		(2,455,688)
Total liabilities and equity	$ (3,660,408)		$ (3,596,278)

Condensed Consolidating Infor45

Condensed Consolidating Information - Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Condensed Consolidating Statements of Operations
Net sales	$ 2,101,310	$ 1,950,923	$ 5,866,513	$ 6,003,365
Costs of goods sold	1,692,807	1,722,197	4,841,591	5,415,854
Gross profit	408,503	228,726	1,024,922	587,511
Selling, general and administrative	124,648	97,697	352,980	279,152
Operating income	283,855	131,029	671,942	308,359
Interest expense, net of capitalized interest	36,199	37,084	109,888	117,334
Other (income) expense, net	4,351	239	741	15,219
Income before income taxes	243,305	93,706	561,313	175,806
Income taxes (benefit)	88,892	34,839	205,139	64,660
Net income	154,413	58,867	356,174	111,146
Net loss attributable to noncontrolling interests	2,984	1,750	5,929	11,782
Net income attributable to Steel Dynamics, Inc.	157,397	60,617	362,103	122,928
Parent
Condensed Consolidating Statements of Operations
Net sales	845,585	735,250	2,297,389	2,300,024
Costs of goods sold	647,983	619,833	1,823,408	1,982,667
Gross profit	197,602	115,417	473,981	317,357
Selling, general and administrative	52,995	35,235	145,596	95,883
Operating income	144,607	80,182	328,385	221,474
Interest expense, net of capitalized interest	17,818	18,312	53,842	57,015
Other (income) expense, net	2,342	252	(2,137)	15,131
Income before income taxes	124,447	61,618	276,680	149,328
Income taxes (benefit)	40,242	20,169	89,210	35,207
Net income	84,205	41,449	187,470	114,121
Equity in net income of subsidiaries	73,192	19,168	174,633	8,807
Net income attributable to Steel Dynamics, Inc.	157,397	60,617	362,103	122,928
Guarantors
Condensed Consolidating Statements of Operations
Net sales	2,258,466	2,103,824	6,322,158	6,447,974
Costs of goods sold	2,016,874	1,965,364	5,676,265	6,056,514
Gross profit	241,592	138,460	645,893	391,460
Selling, general and administrative	72,605	64,259	212,613	188,028
Operating income	168,987	74,201	433,280	203,432
Interest expense, net of capitalized interest	17,741	18,138	54,493	58,354
Other (income) expense, net	3,937	(631)	8,012	(597)
Income before income taxes	147,309	56,694	370,775	145,675
Income taxes (benefit)	55,684	21,697	139,958	53,903
Net income	91,625	34,997	230,817	91,772
Net income attributable to Steel Dynamics, Inc.	91,625	34,997	230,817	91,772
Combined Non-Guarantors
Condensed Consolidating Statements of Operations
Net sales	96,409	96,204	271,694	302,657
Costs of goods sold	100,470	99,864	286,486	352,980
Gross profit	(4,061)	(3,660)	(14,792)	(50,323)
Selling, general and administrative	4,134	2,845	9,352	8,878
Operating income	(8,195)	(6,505)	(24,144)	(59,201)
Interest expense, net of capitalized interest	2,847	1,692	7,558	5,084
Other (income) expense, net	(4,135)	(440)	(11,139)	(2,434)
Income before income taxes	(6,907)	(7,757)	(20,563)	(61,851)
Income taxes (benefit)	797	(421)	(63)	(4,047)
Net income	(7,704)	(7,336)	(20,500)	(57,804)
Net loss attributable to noncontrolling interests	2,984	1,750	5,929	11,782
Net income attributable to Steel Dynamics, Inc.	(4,720)	(5,586)	(14,571)	(46,022)
Consolidating Adjustments
Condensed Consolidating Statements of Operations
Net sales	(1,099,150)	(984,355)	(3,024,728)	(3,047,290)
Costs of goods sold	(1,072,520)	(962,864)	(2,944,568)	(2,976,307)
Gross profit	(26,630)	(21,491)	(80,160)	(70,983)
Selling, general and administrative	(5,086)	(4,642)	(14,581)	(13,637)
Operating income	(21,544)	(16,849)	(65,579)	(57,346)
Interest expense, net of capitalized interest	(2,207)	(1,058)	(6,005)	(3,119)
Other (income) expense, net	2,207	1,058	6,005	3,119
Income before income taxes	(21,544)	(16,849)	(65,579)	(57,346)
Income taxes (benefit)	(7,831)	(6,606)	(23,966)	(20,403)
Net income	(13,713)	(10,243)	(41,613)	(36,943)
Equity in net income of subsidiaries	(73,192)	(19,168)	(174,633)	(8,807)
Net income attributable to Steel Dynamics, Inc.	$ (86,905)	$ (29,411)	$ (216,246)	$ (45,750)

Condensed Consolidating Infor46

Condensed Consolidating Information - Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Condensed Consolidating Statements of Cash Flows
Net cash provided by (used in) operating activities	$ 196,340	$ 164,378	$ 643,211	$ 708,297
Net cash used in investing activities	(167,332)	(71,571)	(226,466)	(125,274)
Net cash provided by (used in) financing activities	(30,185)	(38,418)	(92,288)	(470,596)
Increase (decrease) in cash and equivalents	(1,177)	54,389	324,457	112,427
Cash and equivalents at beginning of period	1,052,666	419,401	727,032	361,363
Cash and equivalents at end of period	1,051,489	473,790	1,051,489	473,790
Parent
Condensed Consolidating Statements of Cash Flows
Net cash provided by (used in) operating activities			280,767	306,941
Net cash used in investing activities			(143,427)	(35,100)
Net cash provided by (used in) financing activities			198,393	(126,984)
Increase (decrease) in cash and equivalents			335,733	144,857
Cash and equivalents at beginning of period			636,877	265,313
Cash and equivalents at end of period	972,610	410,170	972,610	410,170
Guarantors
Condensed Consolidating Statements of Cash Flows
Net cash provided by (used in) operating activities			358,657	400,910
Net cash used in investing activities			(81,983)	(82,737)
Net cash provided by (used in) financing activities			(297,596)	(347,111)
Increase (decrease) in cash and equivalents			(20,922)	(28,938)
Cash and equivalents at beginning of period			81,976	81,690
Cash and equivalents at end of period	61,054	52,752	61,054	52,752
Combined Non-Guarantors
Condensed Consolidating Statements of Cash Flows
Net cash provided by (used in) operating activities			52	(4,302)
Net cash used in investing activities			(3,935)	(12,796)
Net cash provided by (used in) financing activities			13,529	13,606
Increase (decrease) in cash and equivalents			9,646	(3,492)
Cash and equivalents at beginning of period			8,179	14,360
Cash and equivalents at end of period	$ 17,825	$ 10,868	17,825	10,868
Consolidating Adjustments
Condensed Consolidating Statements of Cash Flows
Net cash provided by (used in) operating activities			3,735	4,748
Net cash used in investing activities			2,879	5,359
Net cash provided by (used in) financing activities			$ (6,614)	$ (10,107)