Steel Dynamics (STLD) 10-Q 9 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 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	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
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		236,951,784

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Current assets
Cash and equivalents	$ 1,101,964	$ 841,483
Accounts receivable, net	897,838	703,565
Accounts receivable-related parties	25,179	26,219
Inventories	1,487,516	1,275,211
Other current assets	59,648	83,197
Total current assets	3,572,145	2,929,675
Property, plant and equipment, net	2,708,777	2,787,215
Restricted cash	17,092	18,060
Intangible assets, net	263,357	283,977
Goodwill	388,518	393,351
Other assets	10,848	11,454
Total assets	6,960,737	6,423,732
Current liabilities
Accounts payable	512,290	382,126
Accounts payable-related parties	16,393	13,070
Income taxes payable	5,596	5,593
Accrued payroll and benefits	171,508	164,543
Accrued interest	49,380	30,295
Accrued expenses	128,701	113,556
Current maturities of long-term debt	182,661	3,632
Total current liabilities	1,066,529	712,815
Long-term debt	2,351,483	2,353,194
Deferred income taxes	461,399	448,375
Other liabilities	20,305	20,649
Total liabilities	3,899,716	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; 264,161,359 and 264,130,544 shares issued; and 236,951,784 and 243,785,4 shares outstanding, as of September 30, 2017 and December 31, 2016, respectively	641	641
Treasury stock, at cost; 27,209,575 and 20,345,059 shares, as of September 30, 2017 and December 31, 2016 respectively	(650,210)	(416,829)
Additional paid-in capital	1,147,463	1,132,749
Retained earnings	2,606,831	2,210,459
Total Steel Dynamics, Inc. equity	3,104,725	2,927,020
Noncontrolling interests	(154,944)	(149,561)
Total equity	2,949,781	2,777,459
Total liabilities and equity	$ 6,960,737	$ 6,423,732

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 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)	264,161,359	264,130,544
Common stock voting, shares outstanding (in shares)	236,951,784	243,785,485
Treasury stock, shares (in shares)	27,209,575	20,345,059

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Net sales
Unrelated parties	$ 2,399,116	$ 2,060,596	$ 7,066,083	$ 5,737,584
Related parties	44,266	40,714	136,235	128,929
Total net sales	2,443,382	2,101,310	7,202,318	5,866,513
Costs of goods sold	2,046,864	1,692,807	5,941,128	4,841,591
Gross profit	396,518	408,503	1,261,190	1,024,922
Selling, general and administrative expenses	97,056	95,185	298,422	279,899
Profit sharing	21,175	22,255	69,714	51,722
Amortization of intangible assets	7,272	7,208	22,120	21,359
Operating income	271,015	283,855	870,934	671,942
Interest expense, net of capitalized interest	34,177	36,199	102,019	109,888
Other expense (income), net	2,526	4,351	(4,968)	741
Income before income taxes	234,312	243,305	773,883	561,313
Income tax expense	83,300	88,892	271,258	205,139
Net income	151,012	154,413	502,625	356,174
Net loss attributable to noncontrolling interests	2,246	2,984	5,383	5,929
Net income attributable to Steel Dynamics, Inc.	$ 153,258	$ 157,397	$ 508,008	$ 362,103
Basic earnings per share attributable to Steel Dynamics, Inc. stockholders	$ 0.64	$ 0.65	$ 2.11	$ 1.49
Weighted average common shares outstanding - basic (in shares)	239,066	243,761	241,117	243,539
Diluted earnings per share attributable to Steel Dynamics, Inc. stockholders, including the effect of assumed conversions when dilutive (in dollars per share)	$ 0.64	$ 0.64	$ 2.09	$ 1.48
Weighted average common shares and share equivalents outstanding (in shares)	240,880	245,682	242,816	245,227
Dividends declared per share (in dollars per share)	$ 0.155	$ 0.140	$ 0.465	$ 0.420

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Operating activities:
Net income	$ 151,012	$ 154,413	$ 502,625	$ 356,174
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	75,210	74,190	224,068	222,970
Equity-based compensation	6,875	5,946	24,558	23,716
Deferred income taxes	3,284	18,478	17,849	53,879
Other adjustments	8,202	161	8,055	1,376
Changes in certain assets and liabilities:
Accounts receivable	(36,123)	29,384	(193,233)	(149,810)
Inventories	(67,285)	(76,013)	(211,726)	(102,339)
Other assets	(9,234)	694	(1,703)	11,855
Accounts payable	44,887	(49,171)	133,251	117,220
Income taxes receivable/payable	(12,929)	(7,421)	5,803	40,960
Accrued expenses	62,249	45,701	38,058	69,361
Net cash provided by operating activities	226,148	196,362	547,605	645,362
Investing activities:
Purchases of property, plant and equipment	(42,795)	(59,774)	(127,746)	(123,168)
Acquisition of business, net of cash acquired	(5,518)	(109,065)	(5,518)	(109,065)
Other investing activities	1,081	1,507	30,386	5,767
Net cash used in investing activities	(47,232)	(167,332)	(102,878)	(226,466)
Financing activities:
Issuance of current and long-term debt	450,215	12,911	501,448	97,018
Repayment of current and long-term debt	(294,913)	(9,999)	(331,339)	(95,253)
Dividends paid	(37,180)	(34,124)	(108,837)	(101,639)
Purchases of treasury stock	(99,085)		(237,154)
Other financing activities	(4,832)	1,005	(8,364)	5,435
Net cash provided by (used in) financing activities	14,205	(30,207)	(184,246)	(94,439)
Increase (decrease) in cash and equivalents	193,121	(1,177)	260,481	324,457
Cash and equivalents at beginning of period	908,843	1,052,666	841,483	727,032
Cash and equivalents at end of period	1,101,964	1,051,489	1,101,964	1,051,489
Supplemental disclosure information:
Cash paid for interest	13,530	26,225	80,155	97,605
Cash paid for income taxes, net	$ 93,123	$ 75,860	$ 246,793	$ 104,124

Description of the Business and

Description of the Business and Significant Accounting Policies	9 Months Ended
	Sep. 30, 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, 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 numerous downstream coating and bar processing lines. Steel operations accounted for 73% and 74% of the company’s consolidated external net sales during the three months ended September 30, 2017 and 2016 , respectively, and 73% and 72% of the company’s consolidated external net sales during the nine months ended September 30, 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 14% and 15% of the company’s consolidated external net sales during the three months ended September 30, 2017 and 2016 , respectively, and 15% of the company’s consolidated external net sales for the nine months ended September 30, 2017 and 2016. Steel Fabrication Operations Segment. Steel fabrication operations include the company’s 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 9% and 8% of the company’s consolidated external net sales during the three months ended September 30, 2017 and 2016 , respectively, and 8% and 9% during the nine months ended September 30, 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 idled Minnesota ironmaking operations 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 September 30, 2017 , and December 31, 2016 , (in thousands):     September 30, December 31,  2017 2016  Steel Operations Segment:  Columbus Flat Roll Division $ 19,682 $ 19,682  The Techs 142,783 142,783  Vulcan Threaded Products 7,824 7,824  Roanoke Bar Division 29,041 29,041  Metals Recycling Operations Segment:  Butler Flat Roll Division, Structural and Rail Division, and  Engineered Bar Division 95,000 95,000  OmniSource 92,263 97,096  Steel Fabrication Operations Segment 1,925 1,925  $ 388,518 $ 393,351  OmniSource goodwill decreased $ 4.8 million from December 31, 2016 to September 30, 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 finalizing its adoption plan in which it has identified current revenue streams and analyzed those revenue streams pursuant to the new accounting requirements. The company will complete the adoption plan during the fourth quarter of 2017, including assessment of new required disclosures. Based on our analysis within the adoption plan completed to date, the company 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 intends to adopt ASU 2014-09 effective January 1, 2018, using the modified retrospective approach. 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. 2 million were reclassified to financing activities from operating activities in the nine-month period ended September 30, 2016, statement of cash flows.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 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 equivalents at or for the three and nine months ended September 30, 2017 and 2016 .  The following tables present 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, 2017 and 2016 (in thousands, except per share data):     Three Months Ended September 30,  2017 2016  Net Income Shares Per Share Net Income Shares Per Share  (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount  Basic earnings per share $ 153,258 239,066 $ 0.64 $ 157,397 243,761 $ 0.65  Dilutive common share equivalents - 1,814 - 1,921  Diluted earnings per share $ 153,258 240,880 $ 0.64 $ 157,397 245,682 $ 0.64      Nine Months Ended September 30,  2017 2016  Net Income Shares Per Share Net Income Shares Per Share  (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount  Basic earnings per share $ 508,008 241,117 $ 2.11 $ 362,103 243,539 $ 1.49  Dilutive common share equivalents - 1,699 - 1,688  Diluted earnings per share $ 508,008 242,816 $ 2.09 $ 362,103 245,227 $ 1.48  

Inventories

Inventories	9 Months Ended
	Sep. 30, 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):        September 30, December 31,  2017 2016  Raw materials $ 677,187 $ 515,924  Supplies 376,984 383,134  Work in progress 119,735 103,606  Finished goods 313,610 272,547  Total inventories $ 1,487,516 $ 1,275,211 

Debt

Debt	9 Months Ended
	Sep. 30, 2017
Debt
Debt	Note 4. Debt  In September 2017, the company issued $350.0 million of 4.125% senior notes due 2025 (the "2025 Notes"), the proceeds of which, along with available cash, were used to fund the September 2017 tender to purchase at a redemption price of 103.563%, $182.9 million principal amount, plus accrued and unpaid interest to, but not including, the date of repurchase, of the company's 6.375% senior notes due 2022 (the "2022 Notes"), and the October 2017 call and repayment at a redemption price of 103.188% of the $167.1 million remaining outstanding principal amount of the 2022 Notes, plus accrued and unpaid interest to, but not including, the date of repayment. The $167.1 remaining outstanding principal amount is included in current maturities of long-term debt in the company’s September 30, 2017, balance sheet. The company recorded expenses related to tender premiums, write off of unamortized debt issuance costs, and other expenses of $8.0 million, which are reflected in other expenses in the consolidated statements of income for the three- and nine-months ended September 30, 2017. Additional call premiums of $6.6 million related to the October 2017 call and repayment will be recorded as other expenses in the consolidated statements of income for the three months and year ended December 31, 2017. 

Changes in Equity

Changes in Equity	9 Months Ended
	Sep. 30, 2017
Changes in Equity
Changes in Equity	Note 5. 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 - - - (111,435) - (111,435) -  Share repurchases - (237,154) - - - (237,154) -  Equity-based compensation - 3,773 14,714 (201) - 18,286 -  Comprehensive and net income (loss) - - - 508,008 (5,383) 502,625 -  Balances at September 30, 2017 $ 641 $ (650,210) $ 1,147,463 $ 2,606,831 $ (154,944) $ 2,949,781 $ 111,240  

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2017
Derivative Financial Instruments
Derivative Financial Instruments	 Note 6. 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 September 30, 2017 :      Commodity Futures Long/Short Metric Tons  Aluminum Long 1,275  Aluminum Short 2,250  Copper Long 4,251  Copper Short 21,727   The following summarizes the location and amounts of the fair values reported on the company’s balance sheets as of September 30, 2017 , and December 31, 2016 , and gains and losses related to derivatives included in the company’s statement of income for the three and nine months ended September 30, 2017 and 2016 (in thousands): Note 6. Derivative Financial Instruments (Continued)       Asset Derivatives Liability Derivatives  Balance sheet Fair Value Fair Value  location September 30, 2017 December 31, 2016 September 30, 2017 December 31, 2016  Derivative instruments designated  as fair value hedges  Commodity futures Other current assets $ 2,576 $ 2,910 $ 396 $ 1,300   Derivative instruments not designated  as hedges  Commodity futures Other current assets 1,573 1,150 497 783  Total derivative instruments $ 4,149 $ 4,060 $ 893 $ 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 $6.0 million at September 30, 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 September 30, September 30, fair value hedge related hedged September 30, September 30,  derivatives 2017 2016 relationships items 2017 2016  Derivatives in fair value  hedging relationships  Commodity futures Costs of goods sold $ 4,122 $ 826 Firm commitments Costs of goods sold $ (1,711) $ (793)  Inventory Costs of goods sold (1,330) (177)  Derivatives not designated $ (3,041) $ (970)  as hedging instruments  Commodity futures Costs of goods sold $ (10,566) $ (638)       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 on related September 30, September 30,  derivatives 2017 2016 relationships hedged items 2017 2016  Derivatives in fair value  hedging relationships  Commodity futures Costs of goods sold $ 571 $ 1,281 Firm commitments Costs of goods sold $ 995 $ (2,223)  Inventory Costs of goods sold 179 642  Derivatives not designated $ 1,174 $ (1,581)  as hedging instruments  Commodity futures Costs of goods sold $ (12,528) $ (394)  Derivatives accounted for as fair value hedges had ineffectiveness resulting in losses of $35,000 and $84,000 during the three-month periods ended September 30, 2017 and 2016, respectively; and a gain of $62,000 and loss of $175,000 during the nine-month periods ended September 30, 2017 and 2016, respectively. Gains excluded from hedge effectiveness testing of $1.1 million decreased cost of goods sold during the three-month period ended September 30, 201 7, and losses excluded from hedge effectiveness testing of $60,000 increased costs of goods sold during the three-month period ended September 30, 2016. Gains of $1.7 million decreased costs of goods sold during the nine-month period ended September 30, 2017 , and losses of $125,000 increased costs of goods sold during the nine month period ended September 30, 2016 .

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2017
Fair Value Measurements
Fair Value Measurements	  Note 7. 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 signi ficant 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, 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)  September 30, 2017  Commodity futures – financial assets $ 4,149 $ - $ 4,149 $ -  Commodity futures – financial liabilities 893 - 893 -   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 $2.6 billion and $2.5 billion at September 30, 2017 and December 31, 2016, respectively (with a corresponding carrying amount in the consolidated balance sheet of $2.5 and $2.4 billion at September 30, 2017 , and December 31, 2016 , respectively).

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies
Commitments and Contingencies	Note 8. 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	9 Months Ended
	Sep. 30, 2017
Segment Information
Segment Information	Note 9. 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 these 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 these 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.  Note 9. Segment Information (Continued)  The company’s segment results are as follows (in thousands):     Metals Steel  For the three months ended Steel Recycling Fabrication  September 30, 2017 Operations Operations Operations Other Eliminations Consolidated   Net Sales  External $ 1,700,707 $ 301,422 $ 211,271 $ 101,057 $ - $ 2,314,457  External Non-U.S. 82,098 46,793 34 - - 128,925  Other segments 65,321 360,982 89 116 (426,508) -  1,848,126 709,197 211,394 101,173 (426,508) 2,443,382  Operating income (loss) 276,547 17,624 21,862 (44,326) (1) (692) 271,015  Income (loss) before income taxes 255,539 16,020 20,199 (56,754) (692) 234,312  Depreciation and amortization 57,644 12,020 2,866 2,680 - 75,210  Capital expenditures 31,654 8,589 1,524 1,028 - 42,795   As of September 30, 2017  Assets $ 4,353,904 $ 1,032,018 $ 381,931 $ 1,346,968 (2) $ (154,084) (3) $ 6,960,737       Footnotes related to the three months ended September 30, 2017, segment results (in millions):   (1) Corporate SG&A $ (12.1) (3) Elimination of intra-company receivables $ (130.4)  Company-wide equity-based compensation (6.8) Elimination of intra-company debt (10.7)  Profit sharing (20.2) Other (13.0)  Other, net (5.2) $ (154.1)  $ (44.3)   (2) Cash and equivalents $ 1,065.9  Accounts receivable 14.0  Inventories 42.8  Property, plant and equipment, net 162.4  Intra-company debt 10.7  Other 51.2  $ 1,347.0 Note 9. Segment Information (Continued)     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) 91 283,855  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       Footnotes related to the three months ended September 30, 2016, segment results (in millions):   (1) Corporate SG&A $ (12.6)  Company-wide equity-based compensation (6.1)  Profit sharing (21.0)  Other, net (8.0)  $ (47.7)       Metals Steel  For the nine months ended Steel Recycling Fabrication  September 30, 2017 Operations Operations Operations Other Eliminations Consolidated   Net Sales  External $ 5,025,310 $ 910,830 $ 603,140 $ 281,091 $ - $ 6,820,371  External Non-U.S. 237,070 144,750 127 - - 381,947  Other segments 183,374 1,067,770 244 1,065 (1,252,453) -  5,445,754 2,123,350 603,511 282,156 (1,252,453) 7,202,318  Operating income (loss) 895,008 51,968 65,735 (141,406) (1) (371) 870,934  Income (loss) before income taxes 830,865 46,674 61,171 (164,456) (371) 773,883  Depreciation and amortization 170,125 37,048 8,743 8,152 - 224,068  Capital expenditures 101,939 18,539 5,748 1,520 - 127,746       Footnotes related to the nine months ended September 30, 2017, segment results (in millions):   (1) Corporate SG&A $ (37.9)  Company-wide equity-based compensation (23.5)  Profit sharing (66.8)  Other, net (13.2)  $ (141.4)  Note 9. 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)  Other, net (18.6)  $ (125.2)  

Condensed Consolidating Informa

Condensed Consolidating Information	9 Months Ended
	Sep. 30, 2017
Condensed Consolidating Information
Condensed Consolidating Information	Note 10. 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, 2023, 2024, 2025 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 September 30, 2017 Parent Guarantors Non-Guarantors Adjustments Consolidated  Cash and equivalents $ 1,064,499 $ 32,968 $ 4,497 $ - $ 1,101,964  Accounts receivable, net 294,753 1,450,968 48,082 (870,786) 923,017  Inventories 669,076 754,526 72,990 (9,076) 1,487,516  Other current assets 36,828 21,404 5,124 (3,708) 59,648  Total current assets 2,065,156 2,259,866 130,693 (883,570) 3,572,145  Property, plant and equipment, net 873,015 1,634,215 201,547 - 2,708,777  Intangible assets, net - 231,838 31,519 - 263,357  Goodwill - 380,695 7,823 - 388,518  Other assets, including investments in subs 2,611,965 7,060 5,578 (2,596,663) 27,940  Total assets $ 5,550,136 $ 4,513,674 $ 377,160 $ (3,480,233) $ 6,960,737   Accounts payable $ 196,177 $ 348,347 $ 106,208 $ (122,049) $ 528,683  Accrued expenses 224,156 251,694 9,437 (130,102) 355,185  Current maturities of long-term debt 167,840 - 40,482 (25,661) 182,661  Total current liabilities 588,173 600,041 156,127 (277,812) 1,066,529  Long-term debt 2,324,240 - 172,243 (145,000) 2,351,483  Other liabilities (467,002) 983,737 27,238 (62,269) 481,704  Total liabilities 2,445,411 1,583,778 355,608 (485,081) 3,899,716   Redeemable noncontrolling interests - - 111,240 - 111,240   Common stock 641 1,727,859 14,908 (1,742,767) 641  Treasury stock (650,210) - - - (650,210)  Additional paid-in-capital 1,147,463 128,076 791,196 (919,272) 1,147,463  Retained earnings (deficit) 2,606,831 1,073,961 (740,848) (333,113) 2,606,831  Total Steel Dynamics, Inc. equity 3,104,725 2,929,896 65,256 (2,995,152) 3,104,725  Noncontrolling interests - - (154,944) - (154,944)  Total equity 3,104,725 2,929,896 (89,688) (2,995,152) 2,949,781  Total liabilities and equity $ 5,550,136 $ 4,513,674 $ 377,160 $ (3,480,233) $ 6,960,737  Note 10. 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 10. Condensed Consolidating Information (Continued)     Condensed Consolidating Statements of Operations (in thousands)   For the three months ended, Combined Consolidating Total  September 30, 2017 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 946,136 $ 2,641,067 $ 161,556 $ (1,305,377) $ 2,443,382  Costs of goods sold 763,310 2,402,670 157,564 (1,276,680) 2,046,864  Gross profit 182,826 238,397 3,992 (28,697) 396,518  Selling, general and administrative 51,464 74,151 4,896 (5,008) 125,503  Operating income (loss) 131,362 164,246 (904) (23,689) 271,015  Interest expense, net of capitalized interest 18,831 14,481 3,181 (2,316) 34,177  Other (income) expense, net 2,660 (2,492) 42 2,316 2,526  Income (loss) before income taxes and  equity in net income of subsidiaries 109,871 152,257 (4,127) (23,689) 234,312  Income taxes 35,309 55,183 1,169 (8,361) 83,300  74,562 97,074 (5,296) (15,328) 151,012  Equity in net income of subsidiaries 78,696 - - (78,696) -  Net loss attributable to noncontrolling interests - - 2,246 - 2,246  Net income (loss) attributable to Steel Dynamics, Inc. $ 153,258 $ 97,074 $ (3,050) $ (94,024) $ 153,258      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 Note 10. Condensed Consolidating Information (Continued)     For the nine months ended, Combined Consolidating Total  September 30, 2017 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 2,797,557 $ 7,827,981 $ 449,902 $ (3,873,122) $ 7,202,318  Costs of goods sold 2,241,936 7,054,938 432,657 (3,788,403) 5,941,128  Gross profit (loss) 555,621 773,043 17,245 (84,719) 1,261,190  Selling, general and administrative 164,061 226,153 15,253 (15,211) 390,256  Operating income (loss) 391,560 546,890 1,992 (69,508) 870,934  Interest expense, net of capitalized interest 55,353 44,245 9,494 (7,073) 102,019  Other (income) expense, net (4,463) (7,305) (273) 7,073 (4,968)  Income (loss) before income taxes and  equity in net income of subsidiaries 340,670 509,950 (7,229) (69,508) 773,883  Income taxes 106,036 184,891 4,651 (24,320) 271,258  234,634 325,059 (11,880) (45,188) 502,625  Equity in net income of subsidiaries 273,374 - - (273,374) -  Net loss attributable to noncontrolling interests - - 5,383 - 5,383  Net income (loss) attributable to Steel Dynamics, Inc. $ 508,008 $ 325,059 $ (6,497) $ (318,562) $ 508,008      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  Note 10. Condensed Consolidating Information (Continued)     Condensed Consolidating Statements of Cash Flows (in thousands)   For the nine months ended, Combined Consolidating Total  September 30, 2017 Parent Guarantors Non-Guarantors Adjustments Consolidated   Net cash provided (used in) by operating activities $ 126,267 $ 434,450 $ (17,762) $ 4,650 $ 547,605  Net cash used in investing activities (48,799) (50,975) (7,006) 3,902 (102,878)  Net cash provided by (used in) financing activities 220,346 (405,184) 9,144 (8,552) (184,246)  Increase (decrease) in cash and equivalents 297,814 (21,709) (15,624) - 260,481  Cash and equivalents at beginning of period 766,685 54,677 20,121 - 841,483  Cash and equivalents at end of period $ 1,064,499 $ 32,968 $ 4,497 $ - $ 1,101,964       For the nine months ended, Combined Consolidating Total  September 30, 2016 Parent Guarantors Non-Guarantors Adjustments Consolidated   Net cash provided by operating activities $ 282,918 $ 358,657 $ 52 $ 3,735 $ 645,362  Net cash used in investing activities (143,427) (81,983) (3,935) 2,879 (226,466)  Net cash provided by (used in) financing activities 196,242 (297,596) 13,529 (6,614) (94,439)  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  

Description of the Business a16

Description of the Business and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 September 30, 2017 , and December 31, 2016 , (in thousands):     September 30, December 31,  2017 2016  Steel Operations Segment:  Columbus Flat Roll Division $ 19,682 $ 19,682  The Techs 142,783 142,783  Vulcan Threaded Products 7,824 7,824  Roanoke Bar Division 29,041 29,041  Metals Recycling Operations Segment:  Butler Flat Roll Division, Structural and Rail Division, and  Engineered Bar Division 95,000 95,000  OmniSource 92,263 97,096  Steel Fabrication Operations Segment 1,925 1,925  $ 388,518 $ 393,351  OmniSource goodwill decreased $ 4.8 million from December 31, 2016 to September 30, 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 finalizing its adoption plan in which it has identified current revenue streams and analyzed those revenue streams pursuant to the new accounting requirements. The company will complete the adoption plan during the fourth quarter of 2017, including assessment of new required disclosures. Based on our analysis within the adoption plan completed to date, the company 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 intends to adopt ASU 2014-09 effective January 1, 2018, using the modified retrospective approach. 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.

Description of the Business a17

Description of the Business and Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2017
Description of the Business and Significant Accounting Policies
Schedule of Goodwill	The company’s goodwill is allocated to the following reporting units at September 30, 2017 , and December 31, 2016 , (in thousands):     September 30, December 31,  2017 2016  Steel Operations Segment:  Columbus Flat Roll Division $ 19,682 $ 19,682  The Techs 142,783 142,783  Vulcan Threaded Products 7,824 7,824  Roanoke Bar Division 29,041 29,041  Metals Recycling Operations Segment:  Butler Flat Roll Division, Structural and Rail Division, and  Engineered Bar Division 95,000 95,000  OmniSource 92,263 97,096  Steel Fabrication Operations Segment 1,925 1,925  $ 388,518 $ 393,351 

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2017
Earnings Per Share
Reconciliation of Basic and Diluted Earnings Per Share	The following tables present 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, 2017 and 2016 (in thousands, except per share data):     Three Months Ended September 30,  2017 2016  Net Income Shares Per Share Net Income Shares Per Share  (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount  Basic earnings per share $ 153,258 239,066 $ 0.64 $ 157,397 243,761 $ 0.65  Dilutive common share equivalents - 1,814 - 1,921  Diluted earnings per share $ 153,258 240,880 $ 0.64 $ 157,397 245,682 $ 0.64      Nine Months Ended September 30,  2017 2016  Net Income Shares Per Share Net Income Shares Per Share  (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount  Basic earnings per share $ 508,008 241,117 $ 2.11 $ 362,103 243,539 $ 1.49  Dilutive common share equivalents - 1,699 - 1,688  Diluted earnings per share $ 508,008 242,816 $ 2.09 $ 362,103 245,227 $ 1.48 

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 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):        September 30, December 31,  2017 2016  Raw materials $ 677,187 $ 515,924  Supplies 376,984 383,134  Work in progress 119,735 103,606  Finished goods 313,610 272,547  Total inventories $ 1,487,516 $ 1,275,211 

Changes in Equity (Tables)

Changes in Equity (Tables)	9 Months Ended
	Sep. 30, 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 - - - (111,435) - (111,435) -  Share repurchases - (237,154) - - - (237,154) -  Equity-based compensation - 3,773 14,714 (201) - 18,286 -  Comprehensive and net income (loss) - - - 508,008 (5,383) 502,625 -  Balances at September 30, 2017 $ 641 $ (650,210) $ 1,147,463 $ 2,606,831 $ (154,944) $ 2,949,781 $ 111,240 

Derivative Financial Instrume21

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2017
Derivative Financial Instruments
Schedule of Notional Amounts of Outstanding Derivative Positions	. The following summarizes the company’s futures contract commitments as of September 30, 2017 :      Commodity Futures Long/Short Metric Tons  Aluminum Long 1,275  Aluminum Short 2,250  Copper Long 4,251  Copper Short 21,727  
Schedule of Derivative 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, 2017 , and December 31, 2016 , and gains and losses related to derivatives included in the company’s statement of income for the three and nine months ended September 30, 2017 and 2016 (in thousands): Note 6. Derivative Financial Instruments (Continued)       Asset Derivatives Liability Derivatives  Balance sheet Fair Value Fair Value  location September 30, 2017 December 31, 2016 September 30, 2017 December 31, 2016  Derivative instruments designated  as fair value hedges  Commodity futures Other current assets $ 2,576 $ 2,910 $ 396 $ 1,300   Derivative instruments not designated  as hedges  Commodity futures Other current assets 1,573 1,150 497 783  Total derivative instruments $ 4,149 $ 4,060 $ 893 $ 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 $6.0 million at September 30, 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 September 30, September 30, fair value hedge related hedged September 30, September 30,  derivatives 2017 2016 relationships items 2017 2016  Derivatives in fair value  hedging relationships  Commodity futures Costs of goods sold $ 4,122 $ 826 Firm commitments Costs of goods sold $ (1,711) $ (793)  Inventory Costs of goods sold (1,330) (177)  Derivatives not designated $ (3,041) $ (970)  as hedging instruments  Commodity futures Costs of goods sold $ (10,566) $ (638)       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 on related September 30, September 30,  derivatives 2017 2016 relationships hedged items 2017 2016  Derivatives in fair value  hedging relationships  Commodity futures Costs of goods sold $ 571 $ 1,281 Firm commitments Costs of goods sold $ 995 $ (2,223)  Inventory Costs of goods sold 179 642  Derivatives not designated $ 1,174 $ (1,581)  as hedging instruments  Commodity futures Costs of goods sold $ (12,528) $ (394) 

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 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)  September 30, 2017  Commodity futures – financial assets $ 4,149 $ - $ 4,149 $ -  Commodity futures – financial liabilities 893 - 893 -   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)	9 Months Ended
	Sep. 30, 2017
Segment Information
Schedule of operating segment results	Note 9. Segment Information (Continued)  The company’s segment results are as follows (in thousands):     Metals Steel  For the three months ended Steel Recycling Fabrication  September 30, 2017 Operations Operations Operations Other Eliminations Consolidated   Net Sales  External $ 1,700,707 $ 301,422 $ 211,271 $ 101,057 $ - $ 2,314,457  External Non-U.S. 82,098 46,793 34 - - 128,925  Other segments 65,321 360,982 89 116 (426,508) -  1,848,126 709,197 211,394 101,173 (426,508) 2,443,382  Operating income (loss) 276,547 17,624 21,862 (44,326) (1) (692) 271,015  Income (loss) before income taxes 255,539 16,020 20,199 (56,754) (692) 234,312  Depreciation and amortization 57,644 12,020 2,866 2,680 - 75,210  Capital expenditures 31,654 8,589 1,524 1,028 - 42,795   As of September 30, 2017  Assets $ 4,353,904 $ 1,032,018 $ 381,931 $ 1,346,968 (2) $ (154,084) (3) $ 6,960,737       Footnotes related to the three months ended September 30, 2017, segment results (in millions):   (1) Corporate SG&A $ (12.1) (3) Elimination of intra-company receivables $ (130.4)  Company-wide equity-based compensation (6.8) Elimination of intra-company debt (10.7)  Profit sharing (20.2) Other (13.0)  Other, net (5.2) $ (154.1)  $ (44.3)   (2) Cash and equivalents $ 1,065.9  Accounts receivable 14.0  Inventories 42.8  Property, plant and equipment, net 162.4  Intra-company debt 10.7  Other 51.2  $ 1,347.0 Note 9. Segment Information (Continued)     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) 91 283,855  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       Footnotes related to the three months ended September 30, 2016, segment results (in millions):   (1) Corporate SG&A $ (12.6)  Company-wide equity-based compensation (6.1)  Profit sharing (21.0)  Other, net (8.0)  $ (47.7)       Metals Steel  For the nine months ended Steel Recycling Fabrication  September 30, 2017 Operations Operations Operations Other Eliminations Consolidated   Net Sales  External $ 5,025,310 $ 910,830 $ 603,140 $ 281,091 $ - $ 6,820,371  External Non-U.S. 237,070 144,750 127 - - 381,947  Other segments 183,374 1,067,770 244 1,065 (1,252,453) -  5,445,754 2,123,350 603,511 282,156 (1,252,453) 7,202,318  Operating income (loss) 895,008 51,968 65,735 (141,406) (1) (371) 870,934  Income (loss) before income taxes 830,865 46,674 61,171 (164,456) (371) 773,883  Depreciation and amortization 170,125 37,048 8,743 8,152 - 224,068  Capital expenditures 101,939 18,539 5,748 1,520 - 127,746       Footnotes related to the nine months ended September 30, 2017, segment results (in millions):   (1) Corporate SG&A $ (37.9)  Company-wide equity-based compensation (23.5)  Profit sharing (66.8)  Other, net (13.2)  $ (141.4)  Note 9. 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)  Other, net (18.6)  $ (125.2) 

Condensed Consolidating Infor24

Condensed Consolidating Information (Tables)	9 Months Ended
	Sep. 30, 2017
Condensed Consolidating Information
Schedule of Condensed Consolidating Balance Sheets	    Condensed Consolidating Balance Sheets (in thousands)  Combined Consolidating Total  As of September 30, 2017 Parent Guarantors Non-Guarantors Adjustments Consolidated  Cash and equivalents $ 1,064,499 $ 32,968 $ 4,497 $ - $ 1,101,964  Accounts receivable, net 294,753 1,450,968 48,082 (870,786) 923,017  Inventories 669,076 754,526 72,990 (9,076) 1,487,516  Other current assets 36,828 21,404 5,124 (3,708) 59,648  Total current assets 2,065,156 2,259,866 130,693 (883,570) 3,572,145  Property, plant and equipment, net 873,015 1,634,215 201,547 - 2,708,777  Intangible assets, net - 231,838 31,519 - 263,357  Goodwill - 380,695 7,823 - 388,518  Other assets, including investments in subs 2,611,965 7,060 5,578 (2,596,663) 27,940  Total assets $ 5,550,136 $ 4,513,674 $ 377,160 $ (3,480,233) $ 6,960,737   Accounts payable $ 196,177 $ 348,347 $ 106,208 $ (122,049) $ 528,683  Accrued expenses 224,156 251,694 9,437 (130,102) 355,185  Current maturities of long-term debt 167,840 - 40,482 (25,661) 182,661  Total current liabilities 588,173 600,041 156,127 (277,812) 1,066,529  Long-term debt 2,324,240 - 172,243 (145,000) 2,351,483  Other liabilities (467,002) 983,737 27,238 (62,269) 481,704  Total liabilities 2,445,411 1,583,778 355,608 (485,081) 3,899,716   Redeemable noncontrolling interests - - 111,240 - 111,240   Common stock 641 1,727,859 14,908 (1,742,767) 641  Treasury stock (650,210) - - - (650,210)  Additional paid-in-capital 1,147,463 128,076 791,196 (919,272) 1,147,463  Retained earnings (deficit) 2,606,831 1,073,961 (740,848) (333,113) 2,606,831  Total Steel Dynamics, Inc. equity 3,104,725 2,929,896 65,256 (2,995,152) 3,104,725  Noncontrolling interests - - (154,944) - (154,944)  Total equity 3,104,725 2,929,896 (89,688) (2,995,152) 2,949,781  Total liabilities and equity $ 5,550,136 $ 4,513,674 $ 377,160 $ (3,480,233) $ 6,960,737  Note 10. 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  September 30, 2017 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 946,136 $ 2,641,067 $ 161,556 $ (1,305,377) $ 2,443,382  Costs of goods sold 763,310 2,402,670 157,564 (1,276,680) 2,046,864  Gross profit 182,826 238,397 3,992 (28,697) 396,518  Selling, general and administrative 51,464 74,151 4,896 (5,008) 125,503  Operating income (loss) 131,362 164,246 (904) (23,689) 271,015  Interest expense, net of capitalized interest 18,831 14,481 3,181 (2,316) 34,177  Other (income) expense, net 2,660 (2,492) 42 2,316 2,526  Income (loss) before income taxes and  equity in net income of subsidiaries 109,871 152,257 (4,127) (23,689) 234,312  Income taxes 35,309 55,183 1,169 (8,361) 83,300  74,562 97,074 (5,296) (15,328) 151,012  Equity in net income of subsidiaries 78,696 - - (78,696) -  Net loss attributable to noncontrolling interests - - 2,246 - 2,246  Net income (loss) attributable to Steel Dynamics, Inc. $ 153,258 $ 97,074 $ (3,050) $ (94,024) $ 153,258      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 Note 10. Condensed Consolidating Information (Continued)     For the nine months ended, Combined Consolidating Total  September 30, 2017 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 2,797,557 $ 7,827,981 $ 449,902 $ (3,873,122) $ 7,202,318  Costs of goods sold 2,241,936 7,054,938 432,657 (3,788,403) 5,941,128  Gross profit (loss) 555,621 773,043 17,245 (84,719) 1,261,190  Selling, general and administrative 164,061 226,153 15,253 (15,211) 390,256  Operating income (loss) 391,560 546,890 1,992 (69,508) 870,934  Interest expense, net of capitalized interest 55,353 44,245 9,494 (7,073) 102,019  Other (income) expense, net (4,463) (7,305) (273) 7,073 (4,968)  Income (loss) before income taxes and  equity in net income of subsidiaries 340,670 509,950 (7,229) (69,508) 773,883  Income taxes 106,036 184,891 4,651 (24,320) 271,258  234,634 325,059 (11,880) (45,188) 502,625  Equity in net income of subsidiaries 273,374 - - (273,374) -  Net loss attributable to noncontrolling interests - - 5,383 - 5,383  Net income (loss) attributable to Steel Dynamics, Inc. $ 508,008 $ 325,059 $ (6,497) $ (318,562) $ 508,008      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 
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, 2017 Parent Guarantors Non-Guarantors Adjustments Consolidated   Net cash provided (used in) by operating activities $ 126,267 $ 434,450 $ (17,762) $ 4,650 $ 547,605  Net cash used in investing activities (48,799) (50,975) (7,006) 3,902 (102,878)  Net cash provided by (used in) financing activities 220,346 (405,184) 9,144 (8,552) (184,246)  Increase (decrease) in cash and equivalents 297,814 (21,709) (15,624) - 260,481  Cash and equivalents at beginning of period 766,685 54,677 20,121 - 841,483  Cash and equivalents at end of period $ 1,064,499 $ 32,968 $ 4,497 $ - $ 1,101,964       For the nine months ended, Combined Consolidating Total  September 30, 2016 Parent Guarantors Non-Guarantors Adjustments Consolidated   Net cash provided by operating activities $ 282,918 $ 358,657 $ 52 $ 3,735 $ 645,362  Net cash used in investing activities (143,427) (81,983) (3,935) 2,879 (226,466)  Net cash provided by (used in) financing activities 196,242 (297,596) 13,529 (6,614) (94,439)  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 

Description of the Business a25

Description of the Business and Significant Accounting Policies (Segments) (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Steel Operations
Segment Reporting Information
Percentage of external net sales	73.00%	74.00%	73.00%	72.00%
Metals Recycling Operations
Segment Reporting Information
Percentage of external net sales	14.00%	15.00%	15.00%	15.00%
Steel Fabrication Operations
Segment Reporting Information
Percentage of external net sales	9.00%	8.00%	8.00%	9.00%

Description of the Business a26

Description of the Business and Significant Accounting Policies (Goodwill) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Goodwill
Goodwill	$ 388,518	$ 393,351
OmniSource
Goodwill
Goodwill decrease due to tax benefit related to the normal amortization of the component	4,800
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	92,263	97,096
Steel Fabrication Operations | New Millennium Building Systems
Goodwill
Goodwill	$ 1,925	$ 1,925

Description of the Business a27

Description of the Business and Significant Accounting Policies (Recently Adopted/Issued Accounting Standards) (Details) $ in Millions	9 Months Ended
	Sep. 30, 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	$ 2.2

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, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Net Income (Numerator)
Basic earnings per share - net income (in dollars)	$ 153,258	$ 157,397	$ 508,008	$ 362,103
Diluted earnings per share - net income (in dollars)	$ 153,258	$ 157,397	$ 508,008	$ 362,103
Weighted average common shares outstanding (in shares)
Weighted average common shares outstanding - basic (in shares)	239,066	243,761	241,117	243,539
Dilutive common share equivalents (in shares)	1,814	1,921	1,699	1,688
Weighted average common shares outstanding - diluted (in shares)	240,880	245,682	242,816	245,227
Per Share Amount
Basic (in dollars per share)	$ 0.64	$ 0.65	$ 2.11	$ 1.49
Diluted (in dollars per share)	$ 0.64	$ 0.64	$ 2.09	$ 1.48

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Inventories
Raw materials	$ 677,187	$ 515,924
Supplies	376,984	383,134
Work in progress	119,735	103,606
Finished goods	313,610	272,547
Total inventories	$ 1,487,516	$ 1,275,211

Debt (Details)

Debt (Details) - USD ($)	1 Months Ended		3 Months Ended
	Oct. 31, 2017	Sep. 30, 2017	Dec. 31, 2017	Sep. 30, 2017
Long Term Debt
Write off of Deferred Debt Issuance Cost				$ 8,000,000
Subsequent Event [Member]
Long Term Debt
Write off of Deferred Debt Issuance Cost			$ 6,600,000
4.125 Senior Notes Due 2025 [Member] | Senior Notes
Long Term Debt
Debt Instrument, Face Amount		$ 350,000,000		$ 350,000,000
Stated interest rate		4.125%		4.125%
6 3/8% Senior Notes, due 2022 | Senior Notes
Long Term Debt
Stated interest rate		6.375%		6.375%
6 3/8% Senior Notes, due 2022 | Senior Notes | Debt Instrument, Redemption, Period One [Member]
Long Term Debt
Redemption price of debt instrument (as a percent)		103.563%
Debt Instrument, Repurchased Face Amount		$ 182,900,000		$ 182,900,000
6 3/8% Senior Notes, due 2022 | Senior Notes | Debt Instrument, Redemption, Period Two [Member]
Long Term Debt
Redemption price of debt instrument (as a percent)	103.188%
Debt Instrument, Repurchased Face Amount	$ 167,100,000

Changes in Equity (Rollforward)

Changes in Equity (Rollforward) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)
Balances	$ 2,777,459
Dividends declared	(111,435)
Share repurchases	(237,154)
Equity-based compensation	18,286
Comprehensive and net income (loss)	502,625
Balances	2,949,781
Common Stock
Balances	641
Balances	641
Treasury Stock
Balances	(416,829)
Share repurchases	(237,154)
Equity-based compensation	3,773
Balances	(650,210)
Additional Paid-In Capital
Balances	1,132,749
Equity-based compensation	14,714
Balances	1,147,463
Retained Earnings
Balances	2,210,459
Dividends declared	(111,435)
Equity-based compensation	(201)
Comprehensive and net income (loss)	508,008
Balances	2,606,831
Noncontrolling Interests
Balances	(149,561)
Comprehensive and net income (loss)	(5,383)
Balances	(154,944)
Redeemable Noncontrolling Interest
Balances	111,240
Balances	$ 111,240

Derivative Financial Instrume32

Derivative Financial Instruments (Narrative) (Details) - Futures - Commodity contract - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Other current assets
Commodity contract commitments
Fair value of derivatives including required margin deposits	$ 6,000		$ 6,000		$ 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	(35)	$ (84)	62	$ (175)
Gain (loss) excluded from hedge effectiveness testing	$ 1,100	$ (60)	$ 1,700	$ (125)

Derivative Financial Instrume33

Derivative Financial Instruments (Schedule of Notional Amounts of Outstanding Derivative Positions) (Details) - Futures	9 Months Ended
	Sep. 30, 2017T
Aluminum | Long
Derivative [Line Items]
Commodity contract (in MT/Lbs)	1,275
Aluminum | Short
Derivative [Line Items]
Commodity contract (in MT/Lbs)	2,250
Copper | Long
Derivative [Line Items]
Commodity contract (in MT/Lbs)	4,251
Copper | Short
Derivative [Line Items]
Commodity contract (in MT/Lbs)	21,727

Derivative Financial Instrume34

Derivative Financial Instruments (Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Commodity futures, asset derivatives	$ 4,149	$ 4,060
Commodity futures, liability derivatives	893	2,083
Futures | Commodity contract | Designated as hedging instrument | Other current assets
Commodity futures, asset derivatives	2,576	2,910
Commodity futures, liability derivatives	396	1,300
Futures | Commodity contract | Not designated as hedging instrument | Other current assets
Commodity futures, asset derivatives	1,573	1,150
Commodity futures, liability derivatives	$ 497	$ 783

Derivative Financial Instrume35

Derivative Financial Instruments (Schedule of Derivatives Instruments Statements of Financial Position) (Details) - Cost of goods sold - Futures - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Designated as hedging instrument
Amount of gain (loss) recognized in income on derivatives	$ 4,122	$ 826	$ 571	$ 1,281
Amount of gain (loss) recognized in income on related hedged items	(3,041)	(970)	1,174	(1,581)
Designated as hedging instrument | Firm commitments
Amount of gain (loss) recognized in income on related hedged items	(1,711)	(793)	995	(2,223)
Designated as hedging instrument | Inventory
Amount of gain (loss) recognized in income on related hedged items	(1,330)	(177)	179	642
Not designated as hedging instrument
Amount of gain (loss) recognized in income on derivatives	$ (10,566)	$ (638)	$ (12,528)	$ (394)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Assets and liabilities subject to fair value measurements
Commodity futures - financial assets	$ 4,149	$ 4,060
Commodity futures - financial liabilities	893	2,083
Fair value of long-term debt, including current maturities	2,600,000	2,500,000
Outstanding Balance	2,500,000	2,400,000
Futures | Recurring | Commodity contract
Assets and liabilities subject to fair value measurements
Commodity futures - financial assets	4,149	4,060
Commodity futures - financial liabilities	893	2,083
Futures | Recurring | Fair Value, Inputs, Level 2 [Member] | Commodity contract
Assets and liabilities subject to fair value measurements
Commodity futures - financial assets	4,149	4,060
Commodity futures - financial liabilities	$ 893	$ 2,083

Segment Information - Results (

Segment Information - Results (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Segment Reporting Information
Net sales	$ 2,443,382	$ 2,101,310	$ 7,202,318	$ 5,866,513
Operating income (loss)	271,015	283,855	870,934	671,942
Income (loss) before income taxes	234,312	243,305	773,883	561,313
Depreciation and amortization	75,210	74,190	224,068	222,970
Capital expenditures	42,795	59,774	127,746	123,168
Assets	6,960,737		6,960,737		$ 6,423,732
U.S.
Segment Reporting Information
Net sales	2,314,457	2,000,867	6,820,371	5,576,165
Non-U.S.
Segment Reporting Information
Net sales	128,925	100,443	381,947	290,348
Steel Operations
Segment Reporting Information
Net sales	1,848,126	1,627,886	5,445,754	4,419,572
Operating income (loss)	276,547	307,553	895,008	712,939
Income (loss) before income taxes	255,539	285,131	830,865	645,189
Depreciation and amortization	57,644	53,456	170,125	159,614
Capital expenditures	31,654	49,200	101,939	103,202
Assets	4,353,904		4,353,904
Steel Operations | Other segments
Segment Reporting Information
Net sales	65,321	70,384	183,374	178,190
Steel Operations | U.S.
Segment Reporting Information
Net sales	1,700,707	1,502,726	5,025,310	4,068,688
Steel Operations | Non-U.S.
Segment Reporting Information
Net sales	82,098	54,776	237,070	172,694
Metals Recycling Operations
Segment Reporting Information
Net sales	709,197	565,263	2,123,350	1,643,172
Operating income (loss)	17,624	6,154	51,968	20,014
Income (loss) before income taxes	16,020	2,437	46,674	10,300
Depreciation and amortization	12,020	13,836	37,048	42,666
Capital expenditures	8,589	9,506	18,539	17,068
Assets	1,032,018		1,032,018
Metals Recycling Operations | Other segments
Segment Reporting Information
Net sales	360,982	259,171	1,067,770	756,613
Metals Recycling Operations | U.S.
Segment Reporting Information
Net sales	301,422	260,518	910,830	769,260
Metals Recycling Operations | Non-U.S.
Segment Reporting Information
Net sales	46,793	45,574	144,750	117,299
Steel Fabrication Operations
Segment Reporting Information
Net sales	211,394	178,640	603,511	530,441
Operating income (loss)	21,862	17,744	65,735	73,230
Income (loss) before income taxes	20,199	15,645	61,171	67,175
Depreciation and amortization	2,866	2,848	8,743	8,431
Capital expenditures	1,524	747	5,748	1,918
Assets	381,931		381,931
Steel Fabrication Operations | Other segments
Segment Reporting Information
Net sales	89	1,211	244	2,415
Steel Fabrication Operations | U.S.
Segment Reporting Information
Net sales	211,271	177,341	603,140	527,859
Steel Fabrication Operations | Non-U.S.
Segment Reporting Information
Net sales	34	88	127	167
Other
Segment Reporting Information
Net sales	101,173	61,395	282,156	214,149
Operating income (loss)	(44,326)	(47,687)	(141,406)	(125,186)
Income (loss) before income taxes	(56,754)	(59,999)	(164,456)	(152,296)
Depreciation and amortization	2,680	4,101	8,152	12,413
Capital expenditures	1,028	321	1,520	980
Assets	1,346,968		1,346,968
Other | Other segments
Segment Reporting Information
Net sales	116	1,108	1,065	3,603
Other | U.S.
Segment Reporting Information
Net sales	101,057	60,282	281,091	210,358
Other | Non-U.S.
Segment Reporting Information
Net sales		5		188
Eliminations
Segment Reporting Information
Net sales	(426,508)	(331,874)	(1,252,453)	(940,821)
Operating income (loss)	(692)	91	(371)	(9,055)
Income (loss) before income taxes	(692)	91	(371)	(9,055)
Depreciation and amortization		(51)		(154)
Assets	(154,084)		(154,084)
Eliminations | Other segments
Segment Reporting Information
Net sales	$ (426,508)	$ (331,874)	$ (1,252,453)	$ (940,821)

Segment Information - Other Foo

Segment Information - Other Footnote (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Operating income (loss)
Corporate SG & A	$ (97,056)	$ (95,185)	$ (298,422)	$ (279,899)
Profit sharing	(21,175)	(22,255)	(69,714)	(51,722)
Operating income (loss)	271,015	283,855	870,934	671,942
Assets
Cash and equivalents	1,101,964	1,051,489	1,101,964	1,051,489	$ 908,843	$ 841,483	$ 1,052,666	$ 727,032
Accounts receivable	923,017		923,017			729,784
Inventories	1,487,516		1,487,516			1,275,211
Property, plant and equipment, net	2,708,777		2,708,777			2,787,215
Other	27,940		27,940			29,514
Total assets	6,960,737		6,960,737			$ 6,423,732
Other
Operating income (loss)
Corporate SG & A	(12,100)	(12,600)	(37,900)	(38,500)
Company-wide equity-based compensation	(6,800)	(6,100)	(23,500)	(20,400)
Profit sharing	(20,200)	(21,000)	(66,800)	(47,700)
Other, net	(5,200)	(8,000)	(13,200)	(18,600)
Operating income (loss)	(44,326)	(47,687)	(141,406)	(125,186)
Assets
Cash and equivalents	1,065,900		1,065,900
Accounts receivable	14,000		14,000
Inventories	42,800		42,800
Property, plant and equipment, net	162,400		162,400
Intra Company Debt	10,700		10,700
Other	51,200		51,200
Total assets	1,346,968		1,346,968
Metals Recycling Operations
Operating income (loss)
Operating income (loss)	17,624	$ 6,154	51,968	$ 20,014
Assets
Total assets	$ 1,032,018		$ 1,032,018

Segment Information - Eliminati

Segment Information - Eliminations Footnote (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Operating income (loss)
Operating income (loss)	$ 271,015	$ 283,855	$ 870,934	$ 671,942
Gross profit	396,518	408,503	1,261,190	1,024,922
Assets elimination
Accounts receivable	923,017		923,017		$ 729,784
Other	27,940		27,940		29,514
Total assets	6,960,737		6,960,737		$ 6,423,732
Eliminations
Operating income (loss)
Operating income (loss)	(692)	$ 91	(371)	$ (9,055)
Assets elimination
Accounts receivable	(130,400)		(130,400)
Elimination of intra-company debt	(10,700)		(10,700)
Other	(13,000)		(13,000)
Total assets	$ (154,084)		$ (154,084)

Condensed Consolidating Infor40

Condensed Consolidating Information - Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015
Condensed Consolidating Balance Sheets
Cash and equivalents	$ 1,101,964	$ 908,843	$ 841,483	$ 1,051,489	$ 1,052,666	$ 727,032
Accounts receivable, net	923,017		729,784
Inventories	1,487,516		1,275,211
Other current assets	59,648		83,197
Total current assets	3,572,145		2,929,675
Property, plant and equipment, net	2,708,777		2,787,215
Intangible assets, net	263,357		283,977
Goodwill	388,518		393,351
Other assets, including investments in subs	27,940		29,514
Total assets	6,960,737		6,423,732
Accounts payable	528,683		395,196
Accrued expenses	355,185		313,987
Current maturities of long-term debt	182,661		3,632
Total current liabilities	1,066,529		712,815
Long-term debt	2,351,483		2,353,194
Other liabilities	481,704		469,024
Total liabilities	3,899,716		3,535,033
Redeemable noncontrolling interests	111,240		111,240
Common stock	641		641
Treasury stock	(650,210)		(416,829)
Additional paid-in capital	1,147,463		1,132,749
Retained earnings (deficit)	2,606,831		2,210,459
Total Steel Dynamics, Inc. equity	3,104,725		2,927,020
Noncontrolling interests	(154,944)		(149,561)
Total equity	2,949,781		2,777,459
Total liabilities and equity	6,960,737		6,423,732
Parent
Condensed Consolidating Balance Sheets
Cash and equivalents	1,064,499		766,685	972,610		636,877
Accounts receivable, net	294,753		229,148
Inventories	669,076		587,319
Other current assets	36,828		45,049
Total current assets	2,065,156		1,628,201
Property, plant and equipment, net	873,015		899,370
Other assets, including investments in subs	2,611,965		2,769,884
Total assets	5,550,136		5,297,455
Accounts payable	196,177		141,089
Accrued expenses	224,156		198,085
Current maturities of long-term debt	167,840		674
Total current liabilities	588,173		339,848
Long-term debt	2,324,240		2,324,298
Other liabilities	(467,002)		(293,711)
Total liabilities	2,445,411		2,370,435
Common stock	641		641
Treasury stock	(650,210)		(416,829)
Additional paid-in capital	1,147,463		1,132,749
Retained earnings (deficit)	2,606,831		2,210,459
Total Steel Dynamics, Inc. equity	3,104,725		2,927,020
Total equity	3,104,725		2,927,020
Total liabilities and equity	5,550,136		5,297,455
Guarantors
Condensed Consolidating Balance Sheets
Cash and equivalents	32,968		54,677	61,054		81,976
Accounts receivable, net	1,450,968		1,257,245
Inventories	754,526		639,148
Other current assets	21,404		36,062
Total current assets	2,259,866		1,987,132
Property, plant and equipment, net	1,634,215		1,679,751
Intangible assets, net	231,838		251,919
Goodwill	380,695		385,527
Other assets, including investments in subs	7,060		7,335
Total assets	4,513,674		4,311,664
Accounts payable	348,347		265,764
Accrued expenses	251,694		220,917
Current maturities of long-term debt			700
Total current liabilities	600,041		487,381
Other liabilities	983,737		1,219,444
Total liabilities	1,583,778		1,706,825
Common stock	1,727,859		1,727,859
Additional paid-in capital	128,076		128,076
Retained earnings (deficit)	1,073,961		748,904
Total Steel Dynamics, Inc. equity	2,929,896		2,604,839
Total equity	2,929,896		2,604,839
Total liabilities and equity	4,513,674		4,311,664
Combined Non-Guarantors
Condensed Consolidating Balance Sheets
Cash and equivalents	4,497		20,121	$ 17,825		$ 8,179
Accounts receivable, net	48,082		23,689
Inventories	72,990		58,696
Other current assets	5,124		4,447
Total current assets	130,693		106,953
Property, plant and equipment, net	201,547		208,094
Intangible assets, net	31,519		32,058
Goodwill	7,823		7,824
Other assets, including investments in subs	5,578		5,832
Total assets	377,160		360,761
Accounts payable	106,208		89,659
Accrued expenses	9,437		8,793
Current maturities of long-term debt	40,482		29,347
Total current liabilities	156,127		127,799
Long-term debt	172,243		168,566
Other liabilities	27,238		42,482
Total liabilities	355,608		338,847
Redeemable noncontrolling interests	111,240		111,240
Common stock	14,908		14,908
Additional paid-in capital	791,196		779,678
Retained earnings (deficit)	(740,848)		(734,351)
Total Steel Dynamics, Inc. equity	65,256		60,235
Noncontrolling interests	(154,944)		(149,561)
Total equity	(89,688)		(89,326)
Total liabilities and equity	377,160		360,761
Consolidating Adjustments
Condensed Consolidating Balance Sheets
Accounts receivable, net	(870,786)		(780,298)
Inventories	(9,076)		(9,952)
Other current assets	(3,708)		(2,361)
Total current assets	(883,570)		(792,611)
Other assets, including investments in subs	(2,596,663)		(2,753,537)
Total assets	(3,480,233)		(3,546,148)
Accounts payable	(122,049)		(101,316)
Accrued expenses	(130,102)		(113,808)
Current maturities of long-term debt	(25,661)		(27,089)
Total current liabilities	(277,812)		(242,213)
Long-term debt	(145,000)		(139,670)
Other liabilities	(62,269)		(499,191)
Total liabilities	(485,081)		(881,074)
Common stock	(1,742,767)		(1,742,767)
Additional paid-in capital	(919,272)		(907,754)
Retained earnings (deficit)	(333,113)		(14,553)
Total Steel Dynamics, Inc. equity	(2,995,152)		(2,665,074)
Total equity	(2,995,152)		(2,665,074)
Total liabilities and equity	$ (3,480,233)		$ (3,546,148)

Condensed Consolidating Infor41

Condensed Consolidating Information - Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Condensed Consolidating Statements of Operations
Net sales	$ 2,443,382	$ 2,101,310	$ 7,202,318	$ 5,866,513
Costs of goods sold	2,046,864	1,692,807	5,941,128	4,841,591
Gross profit	396,518	408,503	1,261,190	1,024,922
Selling, general and administrative	125,503	124,648	390,256	352,980
Operating income	271,015	283,855	870,934	671,942
Interest expense, net of capitalized interest	34,177	36,199	102,019	109,888
Other (income) expense, net	2,526	4,351	(4,968)	741
Income before income taxes	234,312	243,305	773,883	561,313
Income taxes (benefit)	83,300	88,892	271,258	205,139
Net income	151,012	154,413	502,625	356,174
Net loss attributable to noncontrolling interests	2,246	2,984	5,383	5,929
Net income attributable to Steel Dynamics, Inc.	153,258	157,397	508,008	362,103
Parent
Condensed Consolidating Statements of Operations
Net sales	946,136	845,585	2,797,557	2,297,389
Costs of goods sold	763,310	647,983	2,241,936	1,823,408
Gross profit	182,826	197,602	555,621	473,981
Selling, general and administrative	51,464	52,995	164,061	145,596
Operating income	131,362	144,607	391,560	328,385
Interest expense, net of capitalized interest	18,831	17,818	55,353	53,842
Other (income) expense, net	2,660	2,342	(4,463)	(2,137)
Income before income taxes	109,871	124,447	340,670	276,680
Income taxes (benefit)	35,309	40,242	106,036	89,210
Net income	74,562	84,205	234,634	187,470
Equity in net income of subsidiaries	78,696	73,192	273,374	174,633
Net income attributable to Steel Dynamics, Inc.	153,258	157,397	508,008	362,103
Guarantors
Condensed Consolidating Statements of Operations
Net sales	2,641,067	2,258,466	7,827,981	6,322,158
Costs of goods sold	2,402,670	2,016,874	7,054,938	5,676,265
Gross profit	238,397	241,592	773,043	645,893
Selling, general and administrative	74,151	72,605	226,153	212,613
Operating income	164,246	168,987	546,890	433,280
Interest expense, net of capitalized interest	14,481	17,741	44,245	54,493
Other (income) expense, net	(2,492)	3,937	(7,305)	8,012
Income before income taxes	152,257	147,309	509,950	370,775
Income taxes (benefit)	55,183	55,684	184,891	139,958
Net income	97,074	91,625	325,059	230,817
Net income attributable to Steel Dynamics, Inc.	97,074	91,625	325,059	230,817
Combined Non-Guarantors
Condensed Consolidating Statements of Operations
Net sales	161,556	96,409	449,902	271,694
Costs of goods sold	157,564	100,470	432,657	286,486
Gross profit	3,992	(4,061)	17,245	(14,792)
Selling, general and administrative	4,896	4,134	15,253	9,352
Operating income	(904)	(8,195)	1,992	(24,144)
Interest expense, net of capitalized interest	3,181	2,847	9,494	7,558
Other (income) expense, net	42	(4,135)	(273)	(11,139)
Income before income taxes	(4,127)	(6,907)	(7,229)	(20,563)
Income taxes (benefit)	1,169	797	4,651	(63)
Net income	(5,296)	(7,704)	(11,880)	(20,500)
Net loss attributable to noncontrolling interests	2,246	2,984	5,383	5,929
Net income attributable to Steel Dynamics, Inc.	(3,050)	(4,720)	(6,497)	(14,571)
Consolidating Adjustments
Condensed Consolidating Statements of Operations
Net sales	(1,305,377)	(1,099,150)	(3,873,122)	(3,024,728)
Costs of goods sold	(1,276,680)	(1,072,520)	(3,788,403)	(2,944,568)
Gross profit	(28,697)	(26,630)	(84,719)	(80,160)
Selling, general and administrative	(5,008)	(5,086)	(15,211)	(14,581)
Operating income	(23,689)	(21,544)	(69,508)	(65,579)
Interest expense, net of capitalized interest	(2,316)	(2,207)	(7,073)	(6,005)
Other (income) expense, net	2,316	2,207	7,073	6,005
Income before income taxes	(23,689)	(21,544)	(69,508)	(65,579)
Income taxes (benefit)	(8,361)	(7,831)	(24,320)	(23,966)
Net income	(15,328)	(13,713)	(45,188)	(41,613)
Equity in net income of subsidiaries	(78,696)	(73,192)	(273,374)	(174,633)
Net income attributable to Steel Dynamics, Inc.	$ (94,024)	$ (86,905)	$ (318,562)	$ (216,246)

Condensed Consolidating Infor42

Condensed Consolidating Information - Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Condensed Consolidating Statements of Cash Flows
Net cash provided by (used in) operating activities	$ 226,148	$ 196,362	$ 547,605	$ 645,362
Net cash used in investing activities	(47,232)	(167,332)	(102,878)	(226,466)
Net cash provided by (used in) financing activities	14,205	(30,207)	(184,246)	(94,439)
Increase (decrease) in cash and equivalents	193,121	(1,177)	260,481	324,457
Cash and equivalents at beginning of period	908,843	1,052,666	841,483	727,032
Cash and equivalents at end of period	1,101,964	1,051,489	1,101,964	1,051,489
Parent
Condensed Consolidating Statements of Cash Flows
Net cash provided by (used in) operating activities			126,267	282,918
Net cash used in investing activities			(48,799)	(143,427)
Net cash provided by (used in) financing activities			220,346	196,242
Increase (decrease) in cash and equivalents			297,814	335,733
Cash and equivalents at beginning of period			766,685	636,877
Cash and equivalents at end of period	1,064,499	972,610	1,064,499	972,610
Guarantors
Condensed Consolidating Statements of Cash Flows
Net cash provided by (used in) operating activities			434,450	358,657
Net cash used in investing activities			(50,975)	(81,983)
Net cash provided by (used in) financing activities			(405,184)	(297,596)
Increase (decrease) in cash and equivalents			(21,709)	(20,922)
Cash and equivalents at beginning of period			54,677	81,976
Cash and equivalents at end of period	32,968	61,054	32,968	61,054
Combined Non-Guarantors
Condensed Consolidating Statements of Cash Flows
Net cash provided by (used in) operating activities			(17,762)	52
Net cash used in investing activities			(7,006)	(3,935)
Net cash provided by (used in) financing activities			9,144	13,529
Increase (decrease) in cash and equivalents			(15,624)	9,646
Cash and equivalents at beginning of period			20,121	8,179
Cash and equivalents at end of period	$ 4,497	$ 17,825	4,497	17,825
Consolidating Adjustments
Condensed Consolidating Statements of Cash Flows
Net cash provided by (used in) operating activities			4,650	3,735
Net cash used in investing activities			3,902	2,879
Net cash provided by (used in) financing activities			$ (8,552)	$ (6,614)