Steel Dynamics (STLD) 10-Q 8 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 01, 2017
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	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Common Stock, Shares Outstanding		241,787,407

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets
Cash and equivalents	$ 966,826	$ 841,483
Accounts receivable, net	860,676	703,565
Accounts receivable-related parties	22,471	26,219
Inventories	1,361,550	1,275,211
Other current assets	33,442	83,197
Total current assets	3,244,965	2,929,675
Property, plant and equipment, net	2,760,544	2,787,215
Restricted cash	17,846	18,060
Intangible assets, net	276,553	283,977
Goodwill	391,740	393,351
Other assets	12,387	11,454
Total assets	6,704,035	6,423,732
Current liabilities
Accounts payable	514,788	382,126
Accounts payable-related parties	16,170	13,070
Income taxes payable	80,741	5,593
Accrued payroll and benefits	106,733	164,543
Accrued interest	50,650	30,295
Accrued expenses	109,400	113,556
Current maturities of long-term debt	2,965	3,632
Total current liabilities	881,447	712,815
Long-term debt	2,353,744	2,353,194
Deferred income taxes	454,426	448,375
Other liabilities	19,711	20,649
Total liabilities	3,709,328	3,535,033
Commitments and contingencies
Redeemable noncontrolling interests	111,240	111,240
Equity
Common stock voting, $.0025 par value; 900,000,000 shares authorized 264,135,545 and 264,130,544 shares issued; and 242,110,745 and 243,785,485 shares outstanding, as of March 31, 2017 and December 31, 2016, respectively	641	641
Treasury stock, at cost; 22,024,800 and 20,345,059 shares, as of March 31, 2017 and December 31, 2016 respectively	(475,072)	(416,829)
Additional paid-in capital	1,135,892	1,132,749
Retained earnings	2,373,718	2,210,459
Total Steel Dynamics, Inc. equity	3,035,179	2,927,020
Noncontrolling interests	(151,712)	(149,561)
Total equity	2,883,467	2,777,459
Total liabilities and equity	$ 6,704,035	$ 6,423,732

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
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)	264,135,545	264,130,544
Common stock voting, shares outstanding (in shares)	242,110,745	243,785,485
Treasury stock, shares (in shares)	22,024,800	20,345,059

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net sales
Unrelated parties	$ 2,319,663	$ 1,698,004
Related parties	48,553	43,297
Total net sales	2,368,216	1,741,301
Costs of goods sold	1,896,062	1,505,265
Gross profit	472,154	236,036
Selling, general and administrative expenses	102,933	87,530
Profit sharing	27,231	9,291
Amortization of intangible assets	7,424	7,250
Operating income	334,566	131,965
Interest expense, net of capitalized interest	33,973	37,043
Other expense (income), net	(3,659)	(1,792)
Income before income taxes	304,252	96,714
Income tax expense	105,586	35,396
Net income	198,666	61,318
Net loss attributable to noncontrolling interests	2,151	1,419
Net income attributable to Steel Dynamics, Inc.	$ 200,817	$ 62,737
Basic earnings per share attributable to Steel Dynamics, Inc. stockholders	$ 0.83	$ 0.26
Weighted average common shares outstanding - basic (in shares)	242,943	243,202
Diluted earnings per share attributable to Steel Dynamics, Inc. stockholders, including the effect of assumed conversions when dilutive (in dollars per share)	$ 0.82	$ 0.26
Weighted average common shares and share equivalents outstanding (in shares)	244,546	244,608
Dividends declared per share (in dollars per share)	$ 0.155	$ 0.140

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating activities:
Net income	$ 198,666	$ 61,318
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	75,057	73,985
Equity-based compensation	11,303	10,534
Deferred income taxes	7,716	17,087
Other adjustments	(104)	180
Changes in certain assets and liabilities:
Accounts receivable	(153,364)	(75,596)
Inventories	(86,819)	82,567
Other assets	2,113	548
Accounts payable	133,809	112,659
Income taxes receivable/payable	96,319	13,993
Accrued expenses	(44,247)	(6,247)
Net cash provided by operating activities	240,449	291,028
Investing activities:
Purchases of property, plant and equipment	(41,677)	(27,708)
Other investing activities	26,918	3,054
Net cash used in investing activities	(14,759)	(24,654)
Financing activities:
Issuance of current and long-term debt		20,452
Repayment of current and long-term debt	(1,429)	(4,232)
Dividends paid	(34,130)	(33,425)
Purchases of treasury stock	(61,256)
Other financing activities	(3,532)	750
Net cash used in financing activities	(100,347)	(16,455)
Increase in cash and equivalents	125,343	249,919
Cash and equivalents at beginning of period	841,483	727,032
Cash and equivalents at end of period	966,826	976,951
Supplemental disclosure information:
Cash paid for interest	12,649	26,286
Cash paid for income taxes, net	$ 1,554	$ 699

Description of the Business and

Description of the Business and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
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 a domestic manufacturer of steel products and metals recycler. The company has three reporting segments: 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, Inc. – acquired 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 eleven downstream coating lines, and several bar processing lines. Steel operations accounted for 73% and 70% of the company’s consolidated external net sales during the three months ended March 31, 2017 and 2016 , respectively. Metals Recycling Operations Segment. Metals recycling operations consists solely of OmniSource Corporation (OmniSource), and includes both ferrous and nonferrous processing, transportation, marketing, brokerage, and consulting services. Metals recycling operations accounted for 15% of the company’s consolidated external net sales during the three months ended March 31, 2017 and 2016 . 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 8% and 10% of the company’s consolidated external net sales during the three months ended March 31, 2017 and 2016 , respectively. Other. Other operations 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 other 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 significant 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, 2016 .  Note 1. Description of the Business and Significant Accounting Policies (Continued)  Goodwill . The company’s goodwill is allocated to the following reporting units at March 31, 2017 , and December 31, 2016 , (in thousands):     March 31, December 31,  2017 2016  Columbus Flat Roll Division – Steel Operations Segment $ 19,682 $ 19,682  The Techs – Steel Operations Segment 142,783 142,783  Vulcan Threaded Products – Steel Operations Segment 7,824 7,824  Roanoke Bar Division – Steel Operations Segment 29,041 29,041  Butler Flat Roll Division, Structural and Rail Division, and Engineered  Bar Division – Metals Recycling Operations Segment 95,000 95,000  OmniSource – Metals Recycling Operations Segment 95,485 97,096  New Millennium Building Systems – Steel Fabrication Operations Segment 1,925 1,925  $ 391,740 $ 393,351  OmniSource goodwill decreased $1.6 million from December 31, 2016 to March 31, 2017 , in recognition of the 2017 tax benefit related to the normal amortization of the component of OmniSource tax-deductible goodwill in excess of book goodwill.  Recently Adopted/Issued Accounting Standards  In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory (ASU 2015-11), 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. The company adopted ASU 2015-11 as required in the first quarter of 2017 on a prospective basis, and the adoption had no impact on its financial condition, results of operations, or cash flow. In May 2014, the FASB issued ASU 2014-09, which is codified in ASC 606, Revenue Recognition – Revenue from Contracts with Customers, which amends the guidance in former ASC 605, Revenue Recognition . FASB has since issued clarifying guidance in the form of ASU 2016-08, Revenue from Contracts with Customers: Principal versus Agent Consideration (Reporting Revenue Gross versus Net) , ASU 2016-10, Revenue from Contract with Customers : Identifying Performance Obligations and Licensing , and ASU 2016-12, Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients, collectively (ASC 606). 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. ASC 606 also requires additional disclosures to help users of financial statements better understand the nature, amount, timing, and potential uncertainty of revenue that is recognized. ASC 606 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, using a full retrospective or modified retrospective approach. The company is currently working through an adoption plan and has identified current revenue streams and initially analyzed those revenue streams pursuant to the new accounting requirements. The company intends to complete the adoption plan during the second half of 2017, including final determination of whether the accounting impact of ASC 606 significantly differs from the company’s current revenue accounting, evaluating and concluding on the timing and method of adoption and related disclosure, and determine whether implementation of the new standard may affect functions, processes and systems within the company. Based on our analysis within the adoption plan completed to date, the company preliminarily does not believe there will be significant change in the amount or timing of revenue recognized under the new standard, or significant changes required to the company’s functions, processes or systems. The company preliminarily intends to adopt ASU 2014-09 in the first quarter of 2018. These preliminary assessments may however change as we complete the adoption plan. 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 (ASU 2016-02). 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. Reclassifications  The company early adopted, effective December 31, 2016, Improvement to Employee Share-based Payment Accounting (ASU 2016-09). Cash paid to tax authorities from shares withheld to satisfy the company’s statutory income tax withholding obligation of $2.1 million were reclassified to financing activities from operating activities in the three-month period ended March 31, 2016, statement of cash flows. 

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share
Earnings Per Share	Note 2. 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 restricted stock units, deferred stock units, stock options and other equity-based awards; and are excluded from the computation in periods in which they have an anti-dilutive effect. There were no anti-dilutive common share e quivalents at or for the three months ended March 31, 2017 and 2016 .  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 months ended March 31, 2017 and 2016 (in thousands, except per share data):     Three Months Ended March 31,  2017 2016  Net Income Shares Per Share Net Income Shares Per Share  (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount  Basic earnings per share $ 200,817 242,943 $ 0.83 $ 62,737 243,202 $ 0.26  Dilutive common share equivalents - 1,603 - 1,406  Diluted earnings per share $ 200,817 244,546 $ 0.82 $ 62,737 244,608 $ 0.26  

Inventories

Inventories	3 Months Ended
	Mar. 31, 2017
Inventories
Inventories	Note 3. Inventories  Inventories are stated at lower of cost or net realizable value. Cost is determined using a weighted average cost method for raw materials and supplies, and on a first-in, first-out, basis for other inventory. Inventory consisted of the following (in thousands):        March 31, December 31,  2017 2016  Raw materials $ 574,969 $ 515,924  Supplies 376,903 383,134  Work in progress 113,995 103,606  Finished goods 295,683 272,547  Total inventories $ 1,361,550 $ 1,275,211 

Changes in Equity

Changes in Equity	3 Months Ended
	Mar. 31, 2017
Changes in Equity
Changes in Equity	Note 4. 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 Treasury Paid-In Retained Noncontrolling Total Noncontrolling  Stock Stock Capital Earnings Interests Equity Interests  Balances at December 31, 2016 $ 641 $ (416,829) $ 1,132,749 $ 2,210,459 $ (149,561) $ 2,777,459 $ 111,240  Dividends declared - - - (37,527) - (37,527) -  Share repurchases - (61,256) - - - (61,256) -  Equity-based compensation - 3,013 3,143 (31) - 6,125 -  Comprehensive and net income (loss) - - - 200,817 (2,151) 198,666 -  Balances at March 31, 2017 $ 641 $ (475,072) $ 1,135,892 $ 2,373,718 $ (151,712) $ 2,883,467 $ 111,240   

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2017
Derivative Financial Instruments
Derivative Financial Instruments	Note 5. 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.  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 March 31, 2017 (MT represents metric tons):      Commodity Futures Long/Short Total  Aluminum Long 2,450 MT  Aluminum Short 3,450 MT  Copper Long 5,512 MT  Copper Short 14,243 MT   The following summarizes the location and amounts of the fair values reported on the company’s balance sheets as of March 31, 2017 , and December 31, 2016 , and gains and losses related to derivatives included in the company’s statement of income for the three months ended March 31, 2017 and 2016 (in thousands):       Asset Derivatives Liability Derivatives  Balance sheet Fair Value Fair Value  location March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016  Derivative instruments designated  as fair value hedges -  Commodity futures Other current assets $ 1,770 $ 2,910 $ 314 $ 1,300   Derivative instruments not designated  as hedges -  Commodity futures Other current assets 812 1,150 700 783  Total derivative instruments $ 2,582 $ 4,060 $ 1,014 $ 2,083  The fair value of the above derivative instruments along with required margin deposit amounts with the same counterparty under master netting arrangements totaled $2.8 million at March 31, 2017 , and $3.2 million at December 31, 2016 , 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 March 31, March 31, fair value hedge related hedged March 31, March 31,  derivatives 2017 2016 relationships items 2017 2016  Derivatives in fair value  hedging relationships -  Commodity futures Costs of goods sold $ (153) $ 932 Firm commitments Costs of goods sold $ 539 $ (1,222)  Inventory Costs of goods sold 495 278  Derivatives not designated $ 1,034 $ (944)  as hedging instruments -  Commodity futures Costs of goods sold $ (4,346) $ (872)  Note 5. Derivative Financial Instruments (Continued)  Derivatives accounted for as fair value hedges had ineffectiveness resulting in gains of $48,000 for the three months ended March 31, 2017 and losses of $45,000 during the three months ended March 31, 2016 . Gains excluded from hedge effectiveness testing of $833,000 and $32,000 decreased cost of goods sold during the three months ended March 31, 2017 , and 2016, respectively .

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
Fair Value Measurements
Fair Value Measurements	Note 6. 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 March 31, 2017 , and December 31, 2016 (in thousands):      Quoted Prices Significant  in Active Other Significant  Markets for Observable Unobservable  Identical Assets Inputs Inputs  Total (Level 1) (Level 2) (Level 3)  March 31, 2017  Commodity futures – financial assets $ 2,582 $ - $ 2,582 $ -  Commodity futures – financial liabilities 1,014 - 1,014 -   December 31, 2016  Commodity futures – financial assets $ 4,060 $ - $ 4,060 $ -  Commodity futures – financial liabilities 2,083 - 2,083 -  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 $2.4 billion and $2.5 billion (with a corresponding carrying amount in the consolidated balance sheet of $2.4 billion at March 31, 2017 , and December 31, 2016, respectively ). 

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies
Commitments and Contingencies	 Note 7. Commitments and Contingencies  The company is 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	3 Months Ended
	Mar. 31, 2017
Segment Information
Segment Information	Note 8. Segment Information  The company’s operations are primarily organized and managed by reportable operating segments, 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 are as follows (in thousands):     Metals Steel  For the three months ended Steel Recycling Fabrication  March 31, 2017 Operations Operations Operations Other Eliminations Consolidated   Net Sales  External $ 1,633,630 $ 310,951 $ 194,035 $ 88,951 $ - $ 2,227,567  External Non-U.S. 87,703 52,885 61 - - 140,649  Other segments 54,343 356,301 12 334 (410,990) -  1,775,676 720,137 194,108 89,285 (410,990) 2,368,216  Operating income (loss) 348,532 17,849 23,726 (53,970) (1) (1,571) (2) 334,566  Income (loss) before income taxes 326,764 16,072 22,339 (59,352) (1,571) 304,252  Depreciation and amortization 56,331 13,035 2,971 2,720 - 75,057  Capital expenditures 33,578 6,776 1,151 172 - 41,677   As of March 31, 2017  Assets $ 4,274,952 $ 1,010,993 $ 354,256 $ 1,202,678 (3) $ (138,844) (4) $ 6,704,035       Footnotes related to the three months ended March 31, 2017 segment results (in millions):   (1) Corporate SG&A $ (12.4) (2) Gross profit increase from intra-company sales $ (1.6)  Company-wide equity-based compensation (9.6)  Profit sharing (26.5)  Other, net (5.5)  $ (54.0)   (3) Cash and equivalents $ 947.0 (4) Elimination of intra-company receivables $ (109.5)  Accounts receivable 7.9 Elimination of intra-company debt (15.1)  Inventories 28.7 Other (14.2)  Property, plant and equipment, net 166.2 $ (138.8)  Intra-company debt 15.1  Other 37.8  $ 1,202.7 Note 8. Segment Information (Continued)     Metals Steel  For the three months ended Steel Recycling Fabrication  March 31, 2016 Operations Operations Operations Other Eliminations Consolidated   Net Sales  External $ 1,156,969 $ 236,757 $ 180,041 $ 74,626 $ - $ 1,648,393  External Non-U.S. 60,207 32,650 14 37 - 92,908  Other segments 41,212 217,778 26 1,226 (260,242) -  1,258,388 487,185 180,081 75,889 (260,242) 1,741,301  Operating income (loss) 132,275 2,767 32,016 (31,930) (1) (3,163) (2) 131,965  Income (loss) before income taxes 109,375 (223) 30,016 (39,291) (3,163) 96,714  Depreciation and amortization 52,483 14,580 2,821 4,152 (51) 73,985  Capital expenditures 23,904 3,080 604 120 - 27,708       Footnotes related to the three months ended March 31, 2016 segment results (in millions):   (1) Corporate SG&A $ (11.1) (2) Gross profit decrease from intra-company sales $ (3.2)  Company-wide equity-based compensation (7.0)  Profit sharing (8.2)  Other, net (5.6)  $ (31.9)  

Condensed Consolidating Informa

Condensed Consolidating Information	3 Months Ended
	Mar. 31, 2017
Condensed Consolidating Information
Condensed Consolidating Information	Note 9. 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 2021, 2022, 2023, 2024 and 2026. 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, 2016 .        Condensed Consolidating Balance Sheets (in thousands)  Combined Consolidating Total  As of March 31, 2017 Parent Guarantors Non-Guarantors Adjustments Consolidated  Cash and equivalents $ 936,047 $ 10,986 $ 19,793 $ - $ 966,826  Accounts receivable, net 277,244 1,372,691 35,115 (801,903) 883,147  Inventories 624,594 694,956 52,100 (10,100) 1,361,550  Other current assets 22,277 9,026 5,101 (2,962) 33,442  Total current assets 1,860,162 2,087,659 112,109 (814,965) 3,244,965  Property, plant and equipment, net 889,697 1,666,091 204,756 - 2,760,544  Intangible assets, net - 245,158 31,395 - 276,553  Goodwill - 383,916 7,824 - 391,740  Other assets, including investments in subs 2,696,497 7,678 5,560 (2,679,502) 30,233  Total assets $ 5,446,356 $ 4,390,502 $ 361,644 $ (3,494,467) $ 6,704,035   Accounts payable $ 195,273 $ 341,361 $ 95,142 $ (100,818) $ 530,958  Accrued expenses 248,907 209,587 7,249 (118,219) 347,524  Current maturities of long-term debt 688 - 32,345 (30,068) 2,965  Total current liabilities 444,868 550,948 134,736 (249,105) 881,447  Long-term debt 2,325,394 - 171,392 (143,042) 2,353,744  Other liabilities (359,085) 1,111,191 38,108 (316,077) 474,137  Total liabilities 2,411,177 1,662,139 344,236 (708,224) 3,709,328   Redeemable noncontrolling interests - - 111,240 - 111,240   Common stock 641 1,727,859 14,908 (1,742,767) 641  Treasury stock (475,072) - - - (475,072)  Additional paid-in-capital 1,135,892 128,076 779,678 (907,754) 1,135,892  Retained earnings (deficit) 2,373,718 872,428 (736,706) (135,722) 2,373,718  Total Steel Dynamics, Inc. equity 3,035,179 2,728,363 57,880 (2,786,243) 3,035,179  Noncontrolling interests - - (151,712) - (151,712)  Total equity 3,035,179 2,728,363 (93,832) (2,786,243) 2,883,467  Total liabilities and equity $ 5,446,356 $ 4,390,502 $ 361,644 $ (3,494,467) $ 6,704,035  Note 9. Condensed Consolidating Information (Continued)       Combined Consolidating Total  As of December 31, 2016 Parent Guarantors Non-Guarantors Adjustments Consolidated  Cash and equivalents $ 766,685 $ 54,677 $ 20,121 $ - $ 841,483  Accounts receivable, net 229,148 1,257,245 23,689 (780,298) 729,784  Inventories 587,319 639,148 58,696 (9,952) 1,275,211  Other current assets 45,049 36,062 4,447 (2,361) 83,197  Total current assets 1,628,201 1,987,132 106,953 (792,611) 2,929,675  Property, plant and equipment, net 899,370 1,679,751 208,094 - 2,787,215  Intangible assets, net - 251,919 32,058 - 283,977  Goodwill - 385,527 7,824 - 393,351  Other assets, including investments in subs 2,769,884 7,335 5,832 (2,753,537) 29,514  Total assets $ 5,297,455 $ 4,311,664 $ 360,761 $ (3,546,148) $ 6,423,732   Accounts payable $ 141,089 $ 265,764 $ 89,659 $ (101,316) $ 395,196  Accrued expenses 198,085 220,917 8,793 (113,808) 313,987  Current maturities of long-term debt 674 700 29,347 (27,089) 3,632  Total current liabilities 339,848 487,381 127,799 (242,213) 712,815  Long-term debt 2,324,298 - 168,566 (139,670) 2,353,194  Other liabilities (293,711) 1,219,444 42,482 (499,191) 469,024  Total liabilities 2,370,435 1,706,825 338,847 (881,074) 3,535,033   Redeemable noncontrolling interests - - 111,240 - 111,240   Common stock 641 1,727,859 14,908 (1,742,767) 641  Treasury stock (416,829) - - - (416,829)  Additional paid-in-capital 1,132,749 128,076 779,678 (907,754) 1,132,749  Retained earnings (deficit) 2,210,459 748,904 (734,351) (14,553) 2,210,459  Total Steel Dynamics, Inc. equity 2,927,020 2,604,839 60,235 (2,665,074) 2,927,020  Noncontrolling interests - - (149,561) - (149,561)  Total equity 2,927,020 2,604,839 (89,326) (2,665,074) 2,777,459  Total liabilities and equity $ 5,297,455 $ 4,311,664 $ 360,761 $ (3,546,148) $ 6,423,732 Note 9. Condensed Consolidating Information (Continued)      Condensed Consolidating Statements of Operations (in thousands)   For the three months ended, Combined Consolidating Total  March 31, 2017 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 924,566 $ 2,572,238 $ 143,408 $ (1,271,996) $ 2,368,216  Costs of goods sold 711,579 2,289,664 138,041 (1,243,222) 1,896,062  Gross profit 212,987 282,574 5,367 (28,774) 472,154  Selling, general and administrative 61,655 76,282 5,053 (5,402) 137,588  Operating income 151,332 206,292 314 (23,372) 334,566  Interest expense, net of capitalized interest 18,081 15,123 3,266 (2,497) 33,973  Other (income) expense, net (3,254) (2,667) (236) 2,498 (3,659)  Income (loss) before income taxes and  equity in net income of subsidiaries 136,505 193,836 (2,716) (23,373) 304,252  Income taxes 41,585 70,311 1,790 (8,100) 105,586  94,920 123,525 (4,506) (15,273) 198,666  Equity in net income of subsidiaries 105,897 - - (105,897) -  Net loss attributable to noncontrolling interests - - 2,151 - 2,151  Net income (loss) attributable to Steel Dynamics, Inc. $ 200,817 $ 123,525 $ (2,355) $ (121,170) $ 200,817      For the three months ended, Combined Consolidating Total  March 31, 2016 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 657,814 $ 1,857,344 $ 85,740 $ (859,597) $ 1,741,301  Costs of goods sold 548,179 1,701,821 91,030 (835,765) 1,505,265  Gross profit (loss) 109,635 155,523 (5,290) (23,832) 236,036  Selling, general and administrative 38,602 67,200 2,802 (4,533) 104,071  Operating income (loss) 71,033 88,323 (8,092) (19,299) 131,965  Interest expense, net of capitalized interest 18,187 18,400 2,260 (1,804) 37,043  Other (income) expense, net (2,208) 2,190 (3,578) 1,804 (1,792)  Income (loss) before income taxes and  equity in net income of subsidiaries 55,054 67,733 (6,774) (19,299) 96,714  Income taxes (benefit) 17,268 25,495 (271) (7,096) 35,396  37,786 42,238 (6,503) (12,203) 61,318  Equity in net income of subsidiaries 24,951 - - (24,951) -  Net loss attributable to noncontrolling interests - - 1,419 - 1,419  Net income (loss) attributable to Steel Dynamics, Inc. $ 62,737 $ 42,238 $ (5,084) $ (37,154) $ 62,737 Note 9. Condensed Consolidating Information (Continued)     Condensed Consolidating Statements of Cash Flows (in thousands)   For the three months ended, Combined Consolidating Total  March 31, 2017 Parent Guarantors Non-Guarantors Adjustments Consolidated   Net cash provided by operating activities $ 101,995 $ 132,733 $ (644) $ 6,365 $ 240,449  Net cash used in investing activities (19,409) (1,510) (192) 6,352 (14,759)  Net cash provided by (used in) financing activities 86,776 (174,914) 508 (12,717) (100,347)  Increase (decrease) in cash and equivalents 169,362 (43,691) (328) - 125,343  Cash and equivalents at beginning of period 766,685 54,677 20,121 - 841,483  Cash and equivalents at end of period $ 936,047 $ 10,986 $ 19,793 $ - $ 966,826        For the three months ended, Combined Consolidating Total  March 31, 2016 Parent Guarantors Non-Guarantors Adjustments Consolidated   Net cash provided by (used in) operating activities $ 121,483 $ 179,289 $ (6,917) $ (2,827) $ 291,028  Net cash used in investing activities (7,318) (9,974) (4,108) (3,254) (24,654)  Net cash provided by (used in) financing activities 136,648 (176,209) 17,025 6,081 (16,455)  Increase (decrease) in cash and equivalents 250,813 (6,894) 6,000 - 249,919  Cash and equivalents at beginning of period 636,877 81,976 8,179 - 727,032  Cash and equivalents at end of period $ 887,690 $ 75,082 $ 14,179 $ - $ 976,951  

Description of the Business a15

Description of the Business and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
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 significant 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, 2016 .
Goodwill	Goodwill . The company’s goodwill is allocated to the following reporting units at March 31, 2017 , and December 31, 2016 , (in thousands):     March 31, December 31,  2017 2016  Columbus Flat Roll Division – Steel Operations Segment $ 19,682 $ 19,682  The Techs – Steel Operations Segment 142,783 142,783  Vulcan Threaded Products – Steel Operations Segment 7,824 7,824  Roanoke Bar Division – Steel Operations Segment 29,041 29,041  Butler Flat Roll Division, Structural and Rail Division, and Engineered  Bar Division – Metals Recycling Operations Segment 95,000 95,000  OmniSource – Metals Recycling Operations Segment 95,485 97,096  New Millennium Building Systems – Steel Fabrication Operations Segment 1,925 1,925  $ 391,740 $ 393,351  OmniSource goodwill decreased $1.6 million from December 31, 2016 to March 31, 2017 , in recognition of the 2017 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 Adopted/Issued Accounting Standards  In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory (ASU 2015-11), 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. The company adopted ASU 2015-11 as required in the first quarter of 2017 on a prospective basis, and the adoption had no impact on its financial condition, results of operations, or cash flow. In May 2014, the FASB issued ASU 2014-09, which is codified in ASC 606, Revenue Recognition – Revenue from Contracts with Customers, which amends the guidance in former ASC 605, Revenue Recognition . FASB has since issued clarifying guidance in the form of ASU 2016-08, Revenue from Contracts with Customers: Principal versus Agent Consideration (Reporting Revenue Gross versus Net) , ASU 2016-10, Revenue from Contract with Customers : Identifying Performance Obligations and Licensing , and ASU 2016-12, Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients, collectively (ASC 606). 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. ASC 606 also requires additional disclosures to help users of financial statements better understand the nature, amount, timing, and potential uncertainty of revenue that is recognized. ASC 606 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, using a full retrospective or modified retrospective approach. The company is currently working through an adoption plan and has identified current revenue streams and initially analyzed those revenue streams pursuant to the new accounting requirements. The company intends to complete the adoption plan during the second half of 2017, including final determination of whether the accounting impact of ASC 606 significantly differs from the company’s current revenue accounting, evaluating and concluding on the timing and method of adoption and related disclosure, and determine whether implementation of the new standard may affect functions, processes and systems within the company. Based on our analysis within the adoption plan completed to date, the company preliminarily does not believe there will be significant change in the amount or timing of revenue recognized under the new standard, or significant changes required to the company’s functions, processes or systems. The company preliminarily intends to adopt ASU 2014-09 in the first quarter of 2018. These preliminary assessments may however change as we complete the adoption plan. 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 (ASU 2016-02). 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.
Reclassifications	Reclassifications  The company early adopted, effective December 31, 2016, Improvement to Employee Share-based Payment Accounting (ASU 2016-09). Cash paid to tax authorities from shares withheld to satisfy the company’s statutory income tax withholding obligation of $2.1 million were reclassified to financing activities from operating activities in the three-month period ended March 31, 2016, statement of cash flows.

Description of the Business a16

Description of the Business and Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2017
Description of the Business and Significant Accounting Policies
Schedule of Goodwill	The company’s goodwill is allocated to the following reporting units at March 31, 2017 , and December 31, 2016 , (in thousands):     March 31, December 31,  2017 2016  Columbus Flat Roll Division – Steel Operations Segment $ 19,682 $ 19,682  The Techs – Steel Operations Segment 142,783 142,783  Vulcan Threaded Products – Steel Operations Segment 7,824 7,824  Roanoke Bar Division – Steel Operations Segment 29,041 29,041  Butler Flat Roll Division, Structural and Rail Division, and Engineered  Bar Division – Metals Recycling Operations Segment 95,000 95,000  OmniSource – Metals Recycling Operations Segment 95,485 97,096  New Millennium Building Systems – Steel Fabrication Operations Segment 1,925 1,925  $ 391,740 $ 393,351 

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
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 months ended March 31, 2017 and 2016 (in thousands, except per share data):     Three Months Ended March 31,  2017 2016  Net Income Shares Per Share Net Income Shares Per Share  (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount  Basic earnings per share $ 200,817 242,943 $ 0.83 $ 62,737 243,202 $ 0.26  Dilutive common share equivalents - 1,603 - 1,406  Diluted earnings per share $ 200,817 244,546 $ 0.82 $ 62,737 244,608 $ 0.26 

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2017
Inventories
Schedule of Inventories	Inventories are stated at lower of cost or net realizable value. Cost is determined using a weighted average cost method for raw materials and supplies, and on a first-in, first-out, basis for other inventory. Inventory consisted of the following (in thousands):        March 31, December 31,  2017 2016  Raw materials $ 574,969 $ 515,924  Supplies 376,903 383,134  Work in progress 113,995 103,606  Finished goods 295,683 272,547  Total inventories $ 1,361,550 $ 1,275,211 

Changes in Equity (Tables)

Changes in Equity (Tables)	3 Months Ended
	Mar. 31, 2017
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 Treasury Paid-In Retained Noncontrolling Total Noncontrolling  Stock Stock Capital Earnings Interests Equity Interests  Balances at December 31, 2016 $ 641 $ (416,829) $ 1,132,749 $ 2,210,459 $ (149,561) $ 2,777,459 $ 111,240  Dividends declared - - - (37,527) - (37,527) -  Share repurchases - (61,256) - - - (61,256) -  Equity-based compensation - 3,013 3,143 (31) - 6,125 -  Comprehensive and net income (loss) - - - 200,817 (2,151) 198,666 -  Balances at March 31, 2017 $ 641 $ (475,072) $ 1,135,892 $ 2,373,718 $ (151,712) $ 2,883,467 $ 111,240 

Derivative Financial Instrume20

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
Derivative Financial Instruments
Schedule of Notional Amounts of Outstanding Derivative Positions	. The following summarizes the company’s futures contract commitments as of March 31, 2017 (MT represents metric tons):      Commodity Futures Long/Short Total  Aluminum Long 2,450 MT  Aluminum Short 3,450 MT  Copper Long 5,512 MT  Copper Short 14,243 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 March 31, 2017 , and December 31, 2016 , and gains and losses related to derivatives included in the company’s statement of income for the three months ended March 31, 2017 and 2016 (in thousands):       Asset Derivatives Liability Derivatives  Balance sheet Fair Value Fair Value  location March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016  Derivative instruments designated  as fair value hedges -  Commodity futures Other current assets $ 1,770 $ 2,910 $ 314 $ 1,300   Derivative instruments not designated  as hedges -  Commodity futures Other current assets 812 1,150 700 783  Total derivative instruments $ 2,582 $ 4,060 $ 1,014 $ 2,083  The fair value of the above derivative instruments along with required margin deposit amounts with the same counterparty under master netting arrangements totaled $2.8 million at March 31, 2017 , and $3.2 million at December 31, 2016 , 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 March 31, March 31, fair value hedge related hedged March 31, March 31,  derivatives 2017 2016 relationships items 2017 2016  Derivatives in fair value  hedging relationships -  Commodity futures Costs of goods sold $ (153) $ 932 Firm commitments Costs of goods sold $ 539 $ (1,222)  Inventory Costs of goods sold 495 278  Derivatives not designated $ 1,034 $ (944)  as hedging instruments -  Commodity futures Costs of goods sold $ (4,346) $ (872) 

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 , and December 31, 2016 (in thousands):      Quoted Prices Significant  in Active Other Significant  Markets for Observable Unobservable  Identical Assets Inputs Inputs  Total (Level 1) (Level 2) (Level 3)  March 31, 2017  Commodity futures – financial assets $ 2,582 $ - $ 2,582 $ -  Commodity futures – financial liabilities 1,014 - 1,014 -   December 31, 2016  Commodity futures – financial assets $ 4,060 $ - $ 4,060 $ -  Commodity futures – financial liabilities 2,083 - 2,083 - 

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Information
Schedule of operating segment results	The company’s segment results are as follows (in thousands):     Metals Steel  For the three months ended Steel Recycling Fabrication  March 31, 2017 Operations Operations Operations Other Eliminations Consolidated   Net Sales  External $ 1,633,630 $ 310,951 $ 194,035 $ 88,951 $ - $ 2,227,567  External Non-U.S. 87,703 52,885 61 - - 140,649  Other segments 54,343 356,301 12 334 (410,990) -  1,775,676 720,137 194,108 89,285 (410,990) 2,368,216  Operating income (loss) 348,532 17,849 23,726 (53,970) (1) (1,571) (2) 334,566  Income (loss) before income taxes 326,764 16,072 22,339 (59,352) (1,571) 304,252  Depreciation and amortization 56,331 13,035 2,971 2,720 - 75,057  Capital expenditures 33,578 6,776 1,151 172 - 41,677   As of March 31, 2017  Assets $ 4,274,952 $ 1,010,993 $ 354,256 $ 1,202,678 (3) $ (138,844) (4) $ 6,704,035       Footnotes related to the three months ended March 31, 2017 segment results (in millions):   (1) Corporate SG&A $ (12.4) (2) Gross profit increase from intra-company sales $ (1.6)  Company-wide equity-based compensation (9.6)  Profit sharing (26.5)  Other, net (5.5)  $ (54.0)   (3) Cash and equivalents $ 947.0 (4) Elimination of intra-company receivables $ (109.5)  Accounts receivable 7.9 Elimination of intra-company debt (15.1)  Inventories 28.7 Other (14.2)  Property, plant and equipment, net 166.2 $ (138.8)  Intra-company debt 15.1  Other 37.8  $ 1,202.7 Note 8. Segment Information (Continued)     Metals Steel  For the three months ended Steel Recycling Fabrication  March 31, 2016 Operations Operations Operations Other Eliminations Consolidated   Net Sales  External $ 1,156,969 $ 236,757 $ 180,041 $ 74,626 $ - $ 1,648,393  External Non-U.S. 60,207 32,650 14 37 - 92,908  Other segments 41,212 217,778 26 1,226 (260,242) -  1,258,388 487,185 180,081 75,889 (260,242) 1,741,301  Operating income (loss) 132,275 2,767 32,016 (31,930) (1) (3,163) (2) 131,965  Income (loss) before income taxes 109,375 (223) 30,016 (39,291) (3,163) 96,714  Depreciation and amortization 52,483 14,580 2,821 4,152 (51) 73,985  Capital expenditures 23,904 3,080 604 120 - 27,708       Footnotes related to the three months ended March 31, 2016 segment results (in millions):   (1) Corporate SG&A $ (11.1) (2) Gross profit decrease from intra-company sales $ (3.2)  Company-wide equity-based compensation (7.0)  Profit sharing (8.2)  Other, net (5.6)  $ (31.9) 

Condensed Consolidating Infor23

Condensed Consolidating Information (Tables)	3 Months Ended
	Mar. 31, 2017
Condensed Consolidating Information
Schedule of Condensed Consolidating Balance Sheets	     Condensed Consolidating Balance Sheets (in thousands)  Combined Consolidating Total  As of March 31, 2017 Parent Guarantors Non-Guarantors Adjustments Consolidated  Cash and equivalents $ 936,047 $ 10,986 $ 19,793 $ - $ 966,826  Accounts receivable, net 277,244 1,372,691 35,115 (801,903) 883,147  Inventories 624,594 694,956 52,100 (10,100) 1,361,550  Other current assets 22,277 9,026 5,101 (2,962) 33,442  Total current assets 1,860,162 2,087,659 112,109 (814,965) 3,244,965  Property, plant and equipment, net 889,697 1,666,091 204,756 - 2,760,544  Intangible assets, net - 245,158 31,395 - 276,553  Goodwill - 383,916 7,824 - 391,740  Other assets, including investments in subs 2,696,497 7,678 5,560 (2,679,502) 30,233  Total assets $ 5,446,356 $ 4,390,502 $ 361,644 $ (3,494,467) $ 6,704,035   Accounts payable $ 195,273 $ 341,361 $ 95,142 $ (100,818) $ 530,958  Accrued expenses 248,907 209,587 7,249 (118,219) 347,524  Current maturities of long-term debt 688 - 32,345 (30,068) 2,965  Total current liabilities 444,868 550,948 134,736 (249,105) 881,447  Long-term debt 2,325,394 - 171,392 (143,042) 2,353,744  Other liabilities (359,085) 1,111,191 38,108 (316,077) 474,137  Total liabilities 2,411,177 1,662,139 344,236 (708,224) 3,709,328   Redeemable noncontrolling interests - - 111,240 - 111,240   Common stock 641 1,727,859 14,908 (1,742,767) 641  Treasury stock (475,072) - - - (475,072)  Additional paid-in-capital 1,135,892 128,076 779,678 (907,754) 1,135,892  Retained earnings (deficit) 2,373,718 872,428 (736,706) (135,722) 2,373,718  Total Steel Dynamics, Inc. equity 3,035,179 2,728,363 57,880 (2,786,243) 3,035,179  Noncontrolling interests - - (151,712) - (151,712)  Total equity 3,035,179 2,728,363 (93,832) (2,786,243) 2,883,467  Total liabilities and equity $ 5,446,356 $ 4,390,502 $ 361,644 $ (3,494,467) $ 6,704,035  Note 9. Condensed Consolidating Information (Continued)       Combined Consolidating Total  As of December 31, 2016 Parent Guarantors Non-Guarantors Adjustments Consolidated  Cash and equivalents $ 766,685 $ 54,677 $ 20,121 $ - $ 841,483  Accounts receivable, net 229,148 1,257,245 23,689 (780,298) 729,784  Inventories 587,319 639,148 58,696 (9,952) 1,275,211  Other current assets 45,049 36,062 4,447 (2,361) 83,197  Total current assets 1,628,201 1,987,132 106,953 (792,611) 2,929,675  Property, plant and equipment, net 899,370 1,679,751 208,094 - 2,787,215  Intangible assets, net - 251,919 32,058 - 283,977  Goodwill - 385,527 7,824 - 393,351  Other assets, including investments in subs 2,769,884 7,335 5,832 (2,753,537) 29,514  Total assets $ 5,297,455 $ 4,311,664 $ 360,761 $ (3,546,148) $ 6,423,732   Accounts payable $ 141,089 $ 265,764 $ 89,659 $ (101,316) $ 395,196  Accrued expenses 198,085 220,917 8,793 (113,808) 313,987  Current maturities of long-term debt 674 700 29,347 (27,089) 3,632  Total current liabilities 339,848 487,381 127,799 (242,213) 712,815  Long-term debt 2,324,298 - 168,566 (139,670) 2,353,194  Other liabilities (293,711) 1,219,444 42,482 (499,191) 469,024  Total liabilities 2,370,435 1,706,825 338,847 (881,074) 3,535,033   Redeemable noncontrolling interests - - 111,240 - 111,240   Common stock 641 1,727,859 14,908 (1,742,767) 641  Treasury stock (416,829) - - - (416,829)  Additional paid-in-capital 1,132,749 128,076 779,678 (907,754) 1,132,749  Retained earnings (deficit) 2,210,459 748,904 (734,351) (14,553) 2,210,459  Total Steel Dynamics, Inc. equity 2,927,020 2,604,839 60,235 (2,665,074) 2,927,020  Noncontrolling interests - - (149,561) - (149,561)  Total equity 2,927,020 2,604,839 (89,326) (2,665,074) 2,777,459  Total liabilities and equity $ 5,297,455 $ 4,311,664 $ 360,761 $ (3,546,148) $ 6,423,732 
Schedule of Condensed Consolidating Statements of Operations	     Condensed Consolidating Statements of Operations (in thousands)   For the three months ended, Combined Consolidating Total  March 31, 2017 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 924,566 $ 2,572,238 $ 143,408 $ (1,271,996) $ 2,368,216  Costs of goods sold 711,579 2,289,664 138,041 (1,243,222) 1,896,062  Gross profit 212,987 282,574 5,367 (28,774) 472,154  Selling, general and administrative 61,655 76,282 5,053 (5,402) 137,588  Operating income 151,332 206,292 314 (23,372) 334,566  Interest expense, net of capitalized interest 18,081 15,123 3,266 (2,497) 33,973  Other (income) expense, net (3,254) (2,667) (236) 2,498 (3,659)  Income (loss) before income taxes and  equity in net income of subsidiaries 136,505 193,836 (2,716) (23,373) 304,252  Income taxes 41,585 70,311 1,790 (8,100) 105,586  94,920 123,525 (4,506) (15,273) 198,666  Equity in net income of subsidiaries 105,897 - - (105,897) -  Net loss attributable to noncontrolling interests - - 2,151 - 2,151  Net income (loss) attributable to Steel Dynamics, Inc. $ 200,817 $ 123,525 $ (2,355) $ (121,170) $ 200,817      For the three months ended, Combined Consolidating Total  March 31, 2016 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 657,814 $ 1,857,344 $ 85,740 $ (859,597) $ 1,741,301  Costs of goods sold 548,179 1,701,821 91,030 (835,765) 1,505,265  Gross profit (loss) 109,635 155,523 (5,290) (23,832) 236,036  Selling, general and administrative 38,602 67,200 2,802 (4,533) 104,071  Operating income (loss) 71,033 88,323 (8,092) (19,299) 131,965  Interest expense, net of capitalized interest 18,187 18,400 2,260 (1,804) 37,043  Other (income) expense, net (2,208) 2,190 (3,578) 1,804 (1,792)  Income (loss) before income taxes and  equity in net income of subsidiaries 55,054 67,733 (6,774) (19,299) 96,714  Income taxes (benefit) 17,268 25,495 (271) (7,096) 35,396  37,786 42,238 (6,503) (12,203) 61,318  Equity in net income of subsidiaries 24,951 - - (24,951) -  Net loss attributable to noncontrolling interests - - 1,419 - 1,419  Net income (loss) attributable to Steel Dynamics, Inc. $ 62,737 $ 42,238 $ (5,084) $ (37,154) $ 62,737
Schedule of Condensed Consolidating Statements of Cash Flows	  Condensed Consolidating Statements of Cash Flows (in thousands)   For the three months ended, Combined Consolidating Total  March 31, 2017 Parent Guarantors Non-Guarantors Adjustments Consolidated   Net cash provided by operating activities $ 101,995 $ 132,733 $ (644) $ 6,365 $ 240,449  Net cash used in investing activities (19,409) (1,510) (192) 6,352 (14,759)  Net cash provided by (used in) financing activities 86,776 (174,914) 508 (12,717) (100,347)  Increase (decrease) in cash and equivalents 169,362 (43,691) (328) - 125,343  Cash and equivalents at beginning of period 766,685 54,677 20,121 - 841,483  Cash and equivalents at end of period $ 936,047 $ 10,986 $ 19,793 $ - $ 966,826        For the three months ended, Combined Consolidating Total  March 31, 2016 Parent Guarantors Non-Guarantors Adjustments Consolidated   Net cash provided by (used in) operating activities $ 121,483 $ 179,289 $ (6,917) $ (2,827) $ 291,028  Net cash used in investing activities (7,318) (9,974) (4,108) (3,254) (24,654)  Net cash provided by (used in) financing activities 136,648 (176,209) 17,025 6,081 (16,455)  Increase (decrease) in cash and equivalents 250,813 (6,894) 6,000 - 249,919  Cash and equivalents at beginning of period 636,877 81,976 8,179 - 727,032  Cash and equivalents at end of period $ 887,690 $ 75,082 $ 14,179 $ - $ 976,951 

Description of the Business a24

Description of the Business and Significant Accounting Policies (Segments) (Details)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Steel Operations
Segment Reporting Information
Percentage of external net sales	73.00%	70.00%
Metals Recycling Operations
Segment Reporting Information
Percentage of external net sales	15.00%	15.00%
Steel Fabrication Operations
Segment Reporting Information
Percentage of external net sales	8.00%	10.00%

Description of the Business a25

Description of the Business and Significant Accounting Policies (Goodwill) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Goodwill
Goodwill	$ 391,740	$ 393,351
OmniSource
Goodwill
Goodwill decrease due to tax benefit related to the normal amortization of the component	1,600
Steel Operations | Columbus Flat Roll Division
Goodwill
Goodwill	19,682	19,682
Steel Operations | The Techs
Goodwill
Goodwill	142,783	142,783
Steel Operations | Vulcan Steel Products [Member]
Goodwill
Goodwill	7,824	7,824
Steel Operations | Roanoke Bar Division
Goodwill
Goodwill	29,041	29,041
Metals Recycling Operations | Butler Flat Roll Division, Structural and Rail Division, and Engineered Bar Division
Goodwill
Goodwill	95,000	95,000
Metals Recycling Operations | OmniSource
Goodwill
Goodwill	95,485	97,096
Steel Fabrication Operations | New Millennium Building Systems
Goodwill
Goodwill	$ 1,925	$ 1,925

Description of the Business a26

Description of the Business and Significant Accounting Policies (Recently Adopted/Issued Accounting Standards) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Accounting Standards Update 2016-09 [Member]
New Accounting Pronouncement, Early Adoption [Line Items]
Cash paid to tax authorities from shares withheld to satisfy statutory income tax withholding obligation	$ 2.1

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share
Antidilutive common share equivalents excluded from computation of earnings per share amount (in shares)	0	0
Net Income (Numerator)
Basic earnings per share - net income (in dollars)	$ 200,817	$ 62,737
Diluted earnings per share - net income (in dollars)	$ 200,817	$ 62,737
Weighted average common shares outstanding (in shares)
Weighted average common shares outstanding - basic (in shares)	242,943	243,202
Dilutive common share equivalents (in shares)	1,603	1,406
Weighted average common shares outstanding - diluted (in shares)	244,546	244,608
Per Share Amount
Basic (in dollars per share)	$ 0.83	$ 0.26
Diluted (in dollars per share)	$ 0.82	$ 0.26

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Inventories
Raw materials	$ 574,969	$ 515,924
Supplies	376,903	383,134
Work in progress	113,995	103,606
Finished goods	295,683	272,547
Total inventories	$ 1,361,550	$ 1,275,211

Changes in Equity (Rollforward)

Changes in Equity (Rollforward) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Balances	$ 2,777,459
Dividends declared	(37,527)
Share repurchases	(61,256)
Equity-based compensation	6,125
Comprehensive and net income (loss)	198,666
Balances	2,883,467
Common Stock
Balances	641
Balances	641
Treasury Stock
Balances	(416,829)
Share repurchases	(61,256)
Equity-based compensation	3,013
Balances	(475,072)
Additional Paid-In Capital
Balances	1,132,749
Equity-based compensation	3,143
Balances	1,135,892
Retained Earnings
Balances	2,210,459
Dividends declared	(37,527)
Equity-based compensation	(31)
Comprehensive and net income (loss)	200,817
Balances	2,373,718
Noncontrolling Interests
Balances	(149,561)
Comprehensive and net income (loss)	(2,151)
Balances	(151,712)
Redeemable Noncontrolling Interest
Balances	111,240
Balances	$ 111,240

Derivative Financial Instrume30

Derivative Financial Instruments (Narrative) (Details) - Commodity contract - Futures - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Other current assets
Commodity contract commitments
Fair value of derivatives including required margin deposits	$ 2,800		$ 3,200
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	48	$ (45)
Gain (loss) excluded from hedge effectiveness testing	$ 833	$ 32

Derivative Financial Instrume31

Derivative Financial Instruments (Schedule of Notional Amounts of Outstanding Derivative Positions) (Details) - Futures	3 Months Ended
	Mar. 31, 2017T
Aluminum | Long
Derivative [Line Items]
Commodity contract (in MT/Lbs)	2,450
Aluminum | Short
Derivative [Line Items]
Commodity contract (in MT/Lbs)	3,450
Copper | Long
Derivative [Line Items]
Commodity contract (in MT/Lbs)	5,512
Copper | Short
Derivative [Line Items]
Commodity contract (in MT/Lbs)	14,243

Derivative Financial Instrume32

Derivative Financial Instruments (Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Commodity futures, asset derivatives	$ 2,582	$ 4,060
Commodity futures, liability derivatives	1,014	2,083
Futures | Commodity contract | Designated as hedging instrument | Other current assets
Commodity futures, asset derivatives	1,770	2,910
Commodity futures, liability derivatives	314	1,300
Futures | Commodity contract | Not designated as hedging instrument | Other current assets
Commodity futures, asset derivatives	812	1,150
Commodity futures, liability derivatives	$ 700	$ 783

Derivative Financial Instrume33

Derivative Financial Instruments (Schedule of Derivatives Instruments Statements of Financial Position) (Details) - Futures - Cost of goods sold - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Designated as hedging instrument
Amount of gain (loss) recognized in income on derivatives	$ (153)	$ 932
Amount of gain (loss) recognized in income on related hedged items	1,034	(944)
Designated as hedging instrument | Firm commitments
Amount of gain (loss) recognized in income on related hedged items	539	(1,222)
Designated as hedging instrument | Inventory
Amount of gain (loss) recognized in income on related hedged items	495	278
Not designated as hedging instrument
Amount of gain (loss) recognized in income on derivatives	$ (4,346)	$ (872)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets and liabilities subject to fair value measurements
Commodity futures - financial assets	$ 2,582	$ 4,060
Commodity futures - financial liabilities	1,014	2,083
Fair value of long-term debt, including current maturities	2,400,000	2,500,000
Outstanding Balance	2,400,000	2,400,000
Recurring | Commodity contract | Futures
Assets and liabilities subject to fair value measurements
Commodity futures - financial assets	2,582	4,060
Commodity futures - financial liabilities	1,014	2,083
Recurring | Fair Value, Inputs, Level 2 [Member] | Commodity contract | Futures
Assets and liabilities subject to fair value measurements
Commodity futures - financial assets	2,582	4,060
Commodity futures - financial liabilities	$ 1,014	$ 2,083

Segment Information - Results (

Segment Information - Results (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Segment Reporting Information
Net sales	$ 2,368,216	$ 1,741,301
Operating income (loss)	334,566	131,965
Income (loss) before income taxes	304,252	96,714
Depreciation and amortization	75,057	73,985
Capital expenditures	41,677	27,708
Assets	6,704,035		$ 6,423,732
U.S.
Segment Reporting Information
Net sales	2,227,567	1,648,393
Non-U.S.
Segment Reporting Information
Net sales	140,649	92,908
Steel Operations
Segment Reporting Information
Net sales	1,775,676	1,258,388
Operating income (loss)	348,532	132,275
Income (loss) before income taxes	326,764	109,375
Depreciation and amortization	56,331	52,483
Capital expenditures	33,578	23,904
Assets	4,274,952
Steel Operations | Other segments
Segment Reporting Information
Net sales	54,343	41,212
Steel Operations | U.S.
Segment Reporting Information
Net sales	1,633,630	1,156,969
Steel Operations | Non-U.S.
Segment Reporting Information
Net sales	87,703	60,207
Metals Recycling Operations
Segment Reporting Information
Net sales	720,137	487,185
Operating income (loss)	17,849	2,767
Income (loss) before income taxes	16,072	(223)
Depreciation and amortization	13,035	14,580
Capital expenditures	6,776	3,080
Assets	1,010,993
Metals Recycling Operations | Other segments
Segment Reporting Information
Net sales	356,301	217,778
Metals Recycling Operations | U.S.
Segment Reporting Information
Net sales	310,951	236,757
Metals Recycling Operations | Non-U.S.
Segment Reporting Information
Net sales	52,885	32,650
Steel Fabrication Operations
Segment Reporting Information
Net sales	194,108	180,081
Operating income (loss)	23,726	32,016
Income (loss) before income taxes	22,339	30,016
Depreciation and amortization	2,971	2,821
Capital expenditures	1,151	604
Assets	354,256
Steel Fabrication Operations | Other segments
Segment Reporting Information
Net sales	12	26
Steel Fabrication Operations | U.S.
Segment Reporting Information
Net sales	194,035	180,041
Steel Fabrication Operations | Non-U.S.
Segment Reporting Information
Net sales	61	14
Other
Segment Reporting Information
Net sales	89,285	75,889
Operating income (loss)	(53,970)	(31,930)
Income (loss) before income taxes	(59,352)	(39,291)
Depreciation and amortization	2,720	4,152
Capital expenditures	172	120
Assets	1,202,678
Other | Other segments
Segment Reporting Information
Net sales	334	1,226
Other | U.S.
Segment Reporting Information
Net sales	88,951	74,626
Other | Non-U.S.
Segment Reporting Information
Net sales		37
Eliminations
Segment Reporting Information
Net sales	(410,990)	(260,242)
Operating income (loss)	(1,571)	(3,163)
Income (loss) before income taxes	(1,571)	(3,163)
Depreciation and amortization		(51)
Assets	(138,844)
Eliminations | Other segments
Segment Reporting Information
Net sales	$ (410,990)	$ (260,242)

Segment Information - Other Foo

Segment Information - Other Footnote (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015
Operating income (loss)
Corporate SG & A	$ (102,933)	$ (87,530)
Profit sharing	(27,231)	(9,291)
Operating income (loss)	334,566	131,965
Assets
Cash and equivalents	966,826	976,951	$ 841,483	$ 727,032
Accounts receivable	883,147		729,784
Inventories	1,361,550		1,275,211
Property, plant and equipment, net	2,760,544		2,787,215
Other	30,233		29,514
Total assets	6,704,035		$ 6,423,732
Other
Operating income (loss)
Corporate SG & A	(12,400)	(11,100)
Company-wide equity-based compensation	(9,600)	(7,000)
Profit sharing	(26,500)	(8,200)
Other, net	(5,500)	(5,600)
Operating income (loss)	(53,970)	(31,930)
Assets
Cash and equivalents	947,000
Accounts receivable	7,900
Inventories	28,700
Property, plant and equipment, net	166,200
Intra-company debt	15,100
Other	37,800
Total assets	1,202,678
Metals Recycling Operations
Operating income (loss)
Operating income (loss)	17,849	$ 2,767
Assets
Total assets	$ 1,010,993

Segment Information - Eliminati

Segment Information - Eliminations Footnote (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Operating income (loss)
Operating income (loss)	$ 334,566	$ 131,965
Gross profit	472,154	236,036
Assets elimination
Accounts receivable	883,147		$ 729,784
Other	30,233		29,514
Total assets	6,704,035		$ 6,423,732
Eliminations
Operating income (loss)
Operating income (loss)	(1,571)	$ (3,163)
Assets elimination
Accounts receivable	(109,500)
Elimination of intra-company debt	(15,100)
Other	(14,200)
Total assets	$ (138,844)

Condensed Consolidating Infor38

Condensed Consolidating Information - Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Condensed Consolidating Balance Sheets
Cash and equivalents	$ 966,826	$ 841,483	$ 976,951	$ 727,032
Accounts receivable, net	883,147	729,784
Inventories	1,361,550	1,275,211
Other current assets	33,442	83,197
Total current assets	3,244,965	2,929,675
Property, plant and equipment, net	2,760,544	2,787,215
Intangible assets, net	276,553	283,977
Goodwill	391,740	393,351
Other assets, including investments in subs	30,233	29,514
Total assets	6,704,035	6,423,732
Accounts payable	530,958	395,196
Accrued expenses	347,524	313,987
Current maturities of long-term debt	2,965	3,632
Total current liabilities	881,447	712,815
Long-term debt	2,353,744	2,353,194
Other liabilities	474,137	469,024
Total liabilities	3,709,328	3,535,033
Redeemable noncontrolling interests	111,240	111,240
Common stock	641	641
Treasury stock	(475,072)	(416,829)
Additional paid-in capital	1,135,892	1,132,749
Retained earnings (deficit)	2,373,718	2,210,459
Total Steel Dynamics, Inc. equity	3,035,179	2,927,020
Noncontrolling interests	(151,712)	(149,561)
Total equity	2,883,467	2,777,459
Total liabilities and equity	6,704,035	6,423,732
Parent
Condensed Consolidating Balance Sheets
Cash and equivalents	936,047	766,685	887,690	636,877
Accounts receivable, net	277,244	229,148
Inventories	624,594	587,319
Other current assets	22,277	45,049
Total current assets	1,860,162	1,628,201
Property, plant and equipment, net	889,697	899,370
Other assets, including investments in subs	2,696,497	2,769,884
Total assets	5,446,356	5,297,455
Accounts payable	195,273	141,089
Accrued expenses	248,907	198,085
Current maturities of long-term debt	688	674
Total current liabilities	444,868	339,848
Long-term debt	2,325,394	2,324,298
Other liabilities	(359,085)	(293,711)
Total liabilities	2,411,177	2,370,435
Common stock	641	641
Treasury stock	(475,072)	(416,829)
Additional paid-in capital	1,135,892	1,132,749
Retained earnings (deficit)	2,373,718	2,210,459
Total Steel Dynamics, Inc. equity	3,035,179	2,927,020
Total equity	3,035,179	2,927,020
Total liabilities and equity	5,446,356	5,297,455
Guarantors
Condensed Consolidating Balance Sheets
Cash and equivalents	10,986	54,677	75,082	81,976
Accounts receivable, net	1,372,691	1,257,245
Inventories	694,956	639,148
Other current assets	9,026	36,062
Total current assets	2,087,659	1,987,132
Property, plant and equipment, net	1,666,091	1,679,751
Intangible assets, net	245,158	251,919
Goodwill	383,916	385,527
Other assets, including investments in subs	7,678	7,335
Total assets	4,390,502	4,311,664
Accounts payable	341,361	265,764
Accrued expenses	209,587	220,917
Current maturities of long-term debt		700
Total current liabilities	550,948	487,381
Other liabilities	1,111,191	1,219,444
Total liabilities	1,662,139	1,706,825
Common stock	1,727,859	1,727,859
Additional paid-in capital	128,076	128,076
Retained earnings (deficit)	872,428	748,904
Total Steel Dynamics, Inc. equity	2,728,363	2,604,839
Total equity	2,728,363	2,604,839
Total liabilities and equity	4,390,502	4,311,664
Combined Non-Guarantors
Condensed Consolidating Balance Sheets
Cash and equivalents	19,793	20,121	$ 14,179	$ 8,179
Accounts receivable, net	35,115	23,689
Inventories	52,100	58,696
Other current assets	5,101	4,447
Total current assets	112,109	106,953
Property, plant and equipment, net	204,756	208,094
Intangible assets, net	31,395	32,058
Goodwill	7,824	7,824
Other assets, including investments in subs	5,560	5,832
Total assets	361,644	360,761
Accounts payable	95,142	89,659
Accrued expenses	7,249	8,793
Current maturities of long-term debt	32,345	29,347
Total current liabilities	134,736	127,799
Long-term debt	171,392	168,566
Other liabilities	38,108	42,482
Total liabilities	344,236	338,847
Redeemable noncontrolling interests	111,240	111,240
Common stock	14,908	14,908
Additional paid-in capital	779,678	779,678
Retained earnings (deficit)	(736,706)	(734,351)
Total Steel Dynamics, Inc. equity	57,880	60,235
Noncontrolling interests	(151,712)	(149,561)
Total equity	(93,832)	(89,326)
Total liabilities and equity	361,644	360,761
Consolidating Adjustments
Condensed Consolidating Balance Sheets
Accounts receivable, net	(801,903)	(780,298)
Inventories	(10,100)	(9,952)
Other current assets	(2,962)	(2,361)
Total current assets	(814,965)	(792,611)
Other assets, including investments in subs	(2,679,502)	(2,753,537)
Total assets	(3,494,467)	(3,546,148)
Accounts payable	(100,818)	(101,316)
Accrued expenses	(118,219)	(113,808)
Current maturities of long-term debt	(30,068)	(27,089)
Total current liabilities	(249,105)	(242,213)
Long-term debt	(143,042)	(139,670)
Other liabilities	(316,077)	(499,191)
Total liabilities	(708,224)	(881,074)
Common stock	(1,742,767)	(1,742,767)
Additional paid-in capital	(907,754)	(907,754)
Retained earnings (deficit)	(135,722)	(14,553)
Total Steel Dynamics, Inc. equity	(2,786,243)	(2,665,074)
Total equity	(2,786,243)	(2,665,074)
Total liabilities and equity	$ (3,494,467)	$ (3,546,148)

Condensed Consolidating Infor39

Condensed Consolidating Information - Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Condensed Consolidating Statements of Operations
Net sales	$ 2,368,216	$ 1,741,301
Costs of goods sold	1,896,062	1,505,265
Gross profit	472,154	236,036
Selling, general and administrative	137,588	104,071
Operating income	334,566	131,965
Interest expense, net of capitalized interest	33,973	37,043
Other (income) expense, net	(3,659)	(1,792)
Income before income taxes	304,252	96,714
Income taxes (benefit)	105,586	35,396
Net income	198,666	61,318
Net loss attributable to noncontrolling interests	2,151	1,419
Net income attributable to Steel Dynamics, Inc.	200,817	62,737
Parent
Condensed Consolidating Statements of Operations
Net sales	924,566	657,814
Costs of goods sold	711,579	548,179
Gross profit	212,987	109,635
Selling, general and administrative	61,655	38,602
Operating income	151,332	71,033
Interest expense, net of capitalized interest	18,081	18,187
Other (income) expense, net	(3,254)	(2,208)
Income before income taxes	136,505	55,054
Income taxes (benefit)	41,585	17,268
Net income	94,920	37,786
Equity in net income of subsidiaries	105,897	24,951
Net income attributable to Steel Dynamics, Inc.	200,817	62,737
Guarantors
Condensed Consolidating Statements of Operations
Net sales	2,572,238	1,857,344
Costs of goods sold	2,289,664	1,701,821
Gross profit	282,574	155,523
Selling, general and administrative	76,282	67,200
Operating income	206,292	88,323
Interest expense, net of capitalized interest	15,123	18,400
Other (income) expense, net	(2,667)	2,190
Income before income taxes	193,836	67,733
Income taxes (benefit)	70,311	25,495
Net income	123,525	42,238
Net income attributable to Steel Dynamics, Inc.	123,525	42,238
Combined Non-Guarantors
Condensed Consolidating Statements of Operations
Net sales	143,408	85,740
Costs of goods sold	138,041	91,030
Gross profit	5,367	(5,290)
Selling, general and administrative	5,053	2,802
Operating income	314	(8,092)
Interest expense, net of capitalized interest	3,266	2,260
Other (income) expense, net	(236)	(3,578)
Income before income taxes	(2,716)	(6,774)
Income taxes (benefit)	1,790	(271)
Net income	(4,506)	(6,503)
Net loss attributable to noncontrolling interests	2,151	1,419
Net income attributable to Steel Dynamics, Inc.	(2,355)	(5,084)
Consolidating Adjustments
Condensed Consolidating Statements of Operations
Net sales	(1,271,996)	(859,597)
Costs of goods sold	(1,243,222)	(835,765)
Gross profit	(28,774)	(23,832)
Selling, general and administrative	(5,402)	(4,533)
Operating income	(23,372)	(19,299)
Interest expense, net of capitalized interest	(2,497)	(1,804)
Other (income) expense, net	2,498	1,804
Income before income taxes	(23,373)	(19,299)
Income taxes (benefit)	(8,100)	(7,096)
Net income	(15,273)	(12,203)
Equity in net income of subsidiaries	(105,897)	(24,951)
Net income attributable to Steel Dynamics, Inc.	$ (121,170)	$ (37,154)

Condensed Consolidating Infor40

Condensed Consolidating Information - Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Condensed Consolidating Statements of Cash Flows
Net cash provided by (used in) operating activities	$ 240,449	$ 291,028
Net cash used in investing activities	(14,759)	(24,654)
Net cash provided by (used in) financing activities	(100,347)	(16,455)
Increase in cash and equivalents	125,343	249,919
Cash and equivalents at beginning of period	841,483	727,032
Cash and equivalents at end of period	966,826	976,951
Parent
Condensed Consolidating Statements of Cash Flows
Net cash provided by (used in) operating activities	101,995	121,483
Net cash used in investing activities	(19,409)	(7,318)
Net cash provided by (used in) financing activities	86,776	136,648
Increase in cash and equivalents	169,362	250,813
Cash and equivalents at beginning of period	766,685	636,877
Cash and equivalents at end of period	936,047	887,690
Guarantors
Condensed Consolidating Statements of Cash Flows
Net cash provided by (used in) operating activities	132,733	179,289
Net cash used in investing activities	(1,510)	(9,974)
Net cash provided by (used in) financing activities	(174,914)	(176,209)
Increase in cash and equivalents	(43,691)	(6,894)
Cash and equivalents at beginning of period	54,677	81,976
Cash and equivalents at end of period	10,986	75,082
Combined Non-Guarantors
Condensed Consolidating Statements of Cash Flows
Net cash provided by (used in) operating activities	(644)	(6,917)
Net cash used in investing activities	(192)	(4,108)
Net cash provided by (used in) financing activities	508	17,025
Increase in cash and equivalents	(328)	6,000
Cash and equivalents at beginning of period	20,121	8,179
Cash and equivalents at end of period	19,793	14,179
Consolidating Adjustments
Condensed Consolidating Statements of Cash Flows
Net cash provided by (used in) operating activities	6,365	(2,827)
Net cash used in investing activities	6,352	(3,254)
Net cash provided by (used in) financing activities	$ (12,717)	$ 6,081