Steel Dynamics (STLD) 10-Q 9 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 01, 2018
Document and Entity Information
Entity Registrant Name	STEEL DYNAMICS INC
Entity Central Index Key	1,022,671
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		235,933,638

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Current assets
Cash and equivalents	$ 985,824	$ 1,028,649
Short-term investments	40,000
Accounts receivable, net	983,457	846,415
Accounts receivable-related parties	4,198	22,422
Inventories	1,600,058	1,519,347
Other current assets	38,705	91,509
Total current assets	3,652,242	3,508,342
Property, plant and equipment, net	2,657,937	2,675,904
Intangible assets, net	249,983	256,909
Goodwill	386,045	386,893
Other assets	26,606	27,684
Total assets	6,972,813	6,855,732
Current liabilities
Accounts payable	544,419	473,765
Accounts payable-related parties	18,199	15,683
Income taxes payable	14,564	3,696
Accrued payroll and benefits	113,001	195,909
Accrued interest	47,936	25,533
Accrued expenses	112,975	125,138
Current maturities of long-term debt	9,646	28,795
Total current liabilities	860,740	868,519
Long-term debt	2,353,703	2,353,145
Deferred income taxes	314,736	305,949
Other liabilities	20,257	21,811
Total liabilities	3,549,436	3,549,424
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	644	644
Treasury stock, at cost; 27,209,575 and 20,345,059 shares, as of September 30, 2017 and December 31, 2016 respectively	(730,700)	(665,297)
Additional paid-in capital	1,142,871	1,141,534
Retained earnings	3,057,904	2,874,693
Total Steel Dynamics, Inc. equity	3,470,719	3,351,574
Noncontrolling interests	(158,582)	(156,506)
Total equity	3,312,137	3,195,068
Total liabilities and equity	$ 6,972,813	$ 6,855,732

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
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)	265,080,663	265,003,133
Common stock voting, shares outstanding (in shares)	236,095,748	237,396,839
Treasury stock, shares (in shares)	28,984,915	27,606,294

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net sales
Unrelated parties	$ 2,597,312	$ 2,319,663
Related parties	6,563	48,553
Total net sales	2,603,875	2,368,216
Costs of goods sold	2,140,459	1,896,062
Gross profit	463,416	472,154
Selling, general and administrative expenses	106,431	102,933
Profit sharing	26,662	27,231
Amortization of intangible assets	6,926	7,424
Operating income	323,397	334,566
Interest expense, net of capitalized interest	31,896	33,973
Other expense (income), net	(4,463)	(3,659)
Income before income taxes	295,964	304,252
Income tax expense	70,489	105,586
Net income	225,475	198,666
Net loss attributable to noncontrolling interests	2,076	2,151
Net income attributable to Steel Dynamics, Inc.	$ 227,551	$ 200,817
Basic earnings per share attributable to Steel Dynamics, Inc. stockholders	$ 0.96	$ 0.83
Weighted average common shares outstanding - basic (in shares)	236,623	242,943
Diluted earnings per share attributable to Steel Dynamics, Inc. stockholders, including the effect of assumed conversions when dilutive (in dollars per share)	$ 0.96	$ 0.82
Weighted average common shares and share equivalents outstanding (in shares)	237,723	244,546
Dividends declared per share (in dollars per share)	$ 0.1875	$ 0.155

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating activities:
Net income	$ 225,475	$ 198,666
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	76,135	75,057
Equity-based compensation	12,841	11,303
Deferred income taxes	9,545	7,716
Other adjustments	30	(104)
Changes in certain assets and liabilities:
Accounts receivable	(118,818)	(153,364)
Inventories	(80,711)	(86,819)
Other assets	(105)	2,094
Accounts payable	66,332	133,809
Income taxes receivable/payable	63,962	96,319
Accrued expenses	(76,751)	(44,247)
Net cash provided by operating activities	177,935	240,430
Investing activities:
Purchases of property, plant and equipment	(50,606)	(41,677)
Purchase of short term investments	(40,000)
Other investing activities	229	26,918
Net cash used in investing activities	(90,377)	(14,759)
Financing activities:
Issuance of current and long-term debt	93,058
Repayment of current and long-term debt	(113,034)	(1,429)
Dividends paid	(36,797)	(34,130)
Purchases of treasury stock	(69,269)	(61,256)
Other financing activities	(5,180)	(3,532)
Net cash provided by (used in) financing activities	(131,222)	(100,347)
Increase (decrease) in cash and equivalents	(43,664)	125,324
Cash and equivalents at beginning of period	1,035,085	848,105
Cash and equivalents at end of period	991,421	973,429
Supplemental disclosure information:
Cash paid for interest	8,629	12,649
Cash paid for income taxes, net	$ (1,045)	$ 1,554

Description of the Business and

Description of the Business and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
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 reportable 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., 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 74% and 73% of the company’s consolidated external net sales during the three months ended March 31, 2018 and 2017 , respectively. Metals Recycling Operations Segment. Metals recycling operations consists solely of OmniSource Corporation (OmniSource), and includes both ferrous and nonferrous processing, transportation, marketing, brokerage, and consulting services. Metals recycling operations accounted for 15% of the company’s consolidated external net sales during the three months ended March 31, 2018 and 2017 . 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 8% of the company’s consolidated external net sales during the three months ended March 31, 2018 and 2017 . Other. Other operations consists of subsidiary operations that are below the quantitative thresholds required for reportable segments and primarily consist of our Minnesota ironmaking operations that have been idle since May 2015, and other smaller joint ventures. Also included in “Other” are certain unallocated corporate accounts, such as the company’s senior secured credit facility, senior notes, certain other investments and certain profit sharing expenses . Significant Accounting Policies  Principles of Consolidation . The consolidated financial statements include the accounts of SDI, together with its wholly and majority-owned or controlled subsidiaries, after elimination of significant intercompany accounts and transactions. Noncontrolling interests represent the noncontrolling owner’s proportionate share in the equity, income, or losses of the company’s majority-owned or controlled consolidated subsidiaries.  Use of Estimates. These consolidated 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 consolidated 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 consolidated 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, 2017 .  Note 1. Description of the Business and Significant Accounting Policies (Continued)  Goodwill . The company’s goodwill is allocated to the following reporting units at March 31, 2018 , and December 31, 2017 , (in thousands):     March 31, December 31,  2018 2017  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:  OmniSource 89,790 90,638  Indiana Steel Mills 95,000 95,000  Steel Fabrication Operations Segment 1,925 1,925  $ 386,045 $ 386,893  OmniSource goodwill decreased $848,000 from December 31, 2017 to March 31, 2018 , in recognition of the 2018 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 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 later 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. The company adopted ASC 606 effective January1, 2018 using the modified retrospective approach. There was no change in the amount or timing of revenue recognized under ASC 606, or significant changes required to the company’s functions, processes or systems. See Note 2 – Revenue from Contracts with Customers for disclosure required by ASC 606 and the updated accounting policy for revenue recognition. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230); which requires amounts generally described as restricted cash to be included with cash and cash equivalents when reconciling the total beginning and ending amounts for the periods shown on the statement of cash flows. The company adopted the provisions of ASU 2016-18 as of January 1, 2018, retrospectively changed beginning and ending amounts reflected in the consolidated statements of cash flows for the three months ended March 31, 2018 and 2017, to include restricted cash. The balance of cash, cash equivalents and restricted cash in the consolidated statements of cash flows includes restricted cash of $5.6 million at March 31, 2018, $6.4 million at January 1, 2018, and $6.6 million at March 31, 2017, and January 1, 2017, which are recorded in Other Assets (noncurrent) in the company’s consolidated balance sheets. 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). This new guidance is effective for annual and interim periods beginning after December 15, 2018, but can be early adopted. The company is working through an adoption plan to evaluate the lease portfolio, systems, processes and policies to determine the impact of the provisions of ASU 2016-02 to our financial statements and disclosures. The company anticipates adopting ASU 2016-02 on January 1, 2019. 

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
	Mar. 31, 2018
Revenue From Contract With Customer [Abstract]
Revenue from Contracts with Customers	Note 2. Revenue from Contracts with Customers  The company adopted ASC 606 effective January 1, 2018, using the modified retrospective approach. We applied the standard to contracts that were not completed as of the adoption date, with no cumulative effect adjustment at date of adoption. Accordingly, amounts and disclosures for reporting periods beginning after January 1, 2018 are presented under ASC 606, while comparative amounts and disclosures for prior periods have not been adjusted and continue to be reported in accordance with historical accounting policies for revenue recognition prior to the adoption of ASC 606. The new revenue standard requires recognition of revenue to depict the transfer of promised goods and services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services.  In the steel and metals recycling operations segments, revenue is recognized at the point in time the performance obligation is satisfied and control of the product is transferred to the customer upon shipment or delivery, at the amount of consideration the company expects to receive, including any variable consideration. The variable consideration included in the company’s steel operations segment contracts, which is not constrained, include estimated product returns and customer claims based on historical experience, and may include volume rebates which are Note 2. Revenue from Contracts with Customers (Continued)  recorded on an expected value basis. Revenue recognized is limited to the amount the company expects to receive. The company does not exercise significant judgements in determining the timing of satisfaction of performance obligations or the transaction price. Shipment of products to customers is considered a fulfillment activity with amounts billed to customers included in sales and costs associated with such included in cost of goods sold.  The company’s steel fabrication operations segment recognizes revenue over time at the amount of consideration the company expects to receive. Revenue is measured on an output method representing completed fabricated tons to date as a percentage of total tons required for each contract. Revenue from fabrication of tons remaining on partially fabricated customer contracts as of a reporting date, which are generally expected to be realized within the following fiscal quarter, and revenue from yet to be fabricated customer contracts, has not been disclosed under the practical expedient in paragraph ASC 606-10-50-14 related to customer contracts with expected duration of one year or less. The company does not exercise significant judgements in determining the timing of satisfaction of performance obligations or the transaction price. Shipment of products to customers, which occurs after control over the product has transferred to the customer and revenue is recognized, is considered a fulfillment activity with amounts billed to customers included in sales and costs associated with such included in cost of goods sold.  Payments from customers for all operating segments are generally due within 30 days of invoicing, which generally occurs upon shipment of the products. Shipment for the steel fabrication operations segment generally occurs within 30 days of satisfaction of the performance obligation and revenue recognition. The company does not have financing components. Payments from customers have historically generally been within these terms, however, payments for non-US sales may extend longer. The allowance for doubtful accounts for all operating segments is based on the company’s best estimate of probable credit losses, along with historical experience.  Refer to Note 9 Segment Information , for disaggregated revenue by segment to external, external non-United States, and other segment customers.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2018
Earnings Per Share
Earnings Per Share	 Note 3. Earnings Per Share  Basic earnings per share is based on the weighted average shares of common stock outstanding during the period. Diluted earnings per share assumes the weighted average dilutive effect of common share equivalents outstanding during the period applied to the company’s basic earnings per share. Common share equivalents represent potentially dilutive restricted stock units, deferred stock units, restricted stock, and performance 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 as of or for the three months ended March 31, 2018 and March 30, 2017 .  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 months ended March 31, 2018 and March 30, 2017 (in thousands, except per share data):    Three Months Ended March 31,  2018 2017  Net Income Shares Per Share Net Income Shares Per Share  (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount  Basic earnings per share $ 227,551 236,623 $ 0.96 $ 200,817 242,943 $ 0.83  Dilutive common share equivalents - 1,100 - 1,603  Diluted earnings per share $ 227,551 237,723 $ 0.96 $ 200,817 244,546 $ 0.82   

Inventories

Inventories	3 Months Ended
	Mar. 31, 2018
Inventories
Inventories	Note 4. Inventories  Inventories are stated at lower of cost or net realizable value. Cost is determined using a weighted average cost method for raw materials and supplies, and on a first-in, first-out basis for other inventory. Inventory consisted of the following (in thousands):       March 31, December 31,  2018 2017  Raw materials $ 725,748 $ 675,715  Supplies 386,123 374,515  Work in progress 169,441 128,565  Finished goods 318,746 340,552  Total inventories $ 1,600,058 $ 1,519,347  

Changes in Equity

Changes in Equity	3 Months Ended
	Mar. 31, 2018
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 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, 2017 $ 644 $ (665,297) $ 1,141,534 $ 2,874,693 $ (156,506) $ 3,195,068 $ 111,240  Dividends declared - - - (44,269) - (44,269) -  Share repurchases - (69,269) - - - (69,269) -  Equity-based compensation - 3,866 1,337 (71) - 5,132 -  Comprehensive and net income (loss) - - - 227,551 (2,076) 225,475 -  Balances at March 31, 2018 $ 644 $ (730,700) $ 1,142,871 $ 3,057,904 $ (158,582) $ 3,312,137 $ 111,240 

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2018
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, occasionally to mitigate foreign currency exchange rate risk, and have in the past to mitigate interest rate fluctuation risk. The company routinely enters into forward exchange traded futures and option contracts to manage the price risk associated with nonferrous metals inventory as well as purchases and sales of nonferrous metals (primarily aluminum and copper). The company offsets fair value amounts recognized for derivative instruments executed with the same counterparty under master netting agreements.  Commodity Futures Contracts . If the company is “long” on futures contracts, it means the company has more futures contracts purchased than futures contracts sold for the underlying commodity. If the company is “short” on a futures contract, it means the company has more futures contracts sold than futures contracts purchased for the underlying commodity . The following summarizes the company’s futures contract commitments as of March 31, 2018 :      Commodity Futures Long/Short Metric Tons  Aluminum Long 1,950  Aluminum Short 2,450  Copper Long 6,078  Copper Short 16,704   The following summarizes the location and amounts of the fair values reported on the company’s balance sheets as of March 31, 2018 , and December 31, 2017 , and gains and losses related to derivatives included in the company’s statement of income for the three months ended March 31, 2018, and March 30, 2017 (in thousands): Note 6. Derivative Financial Instruments (Continued)       Asset Derivatives Liability Derivatives  Balance sheet Fair Value Fair Value  location March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017  Derivative instruments designated as fair value hedges  Commodity futures Other current assets $ 4,918 $ 1,211 $ 555 $ 5,364   Derivative instruments not designated as hedges  Commodity futures Other current assets 2,233 1,579 852 5,142  Total derivative instruments $ 7,151 $ 2,790 $ 1,407 $ 10,506  The fair value of the above derivative instruments along with required margin deposit amounts with the same counterparty under master netting arrangements totaled $3.5 million at March 31, 2018 , and $5.6 million at December 31, 2017 , and are reflected in other current assets in the consolidated balance sheets.     Amount of gain (loss) recognized Location of gain Amount of gain (loss) recognized  Location of gain in income on derivatives (loss) recognized in income on related hedged items  (loss) recognized for the three months ended Hedged items in in income on for the three months ended  in income on March 31, March 31, fair value hedge related hedged March 31, March 31,  derivatives 2018 2017 relationships items 2018 2017  Derivatives in fair value  hedging relationships  Commodity futures Costs of goods sold $ 8,516 $ (153) Firm commitments Costs of goods sold $ (793) $ 539  Inventory Costs of goods sold (2,596) 495  Derivatives not designated $ (3,389) $ 1,034  as hedging instruments  Commodity futures Costs of goods sold $ 2,756 $ (4,346)    Derivatives accounted for as fair value hedges had ineffectiveness resulting in losses of $101,000 during the three-month periods ended March 31, 2018 and gains of $48,000 for the three months ended March 31, 2017. Gains excluded from hedge effectiveness testing of $5 .0 million and $833,000 decreased cost of goods sold during the three-month period ended March 31, 2018, and 2017, respectively.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2018
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 significant value drivers are unobservable.  The following table sets forth financial assets and liabilities measured at fair value on a recurring basis in the consolidated balance sheet and the respective levels to which the fair value measurements are classified within the fair value hierarchy as of March 31, 2018 , and December 31, 2017 (in thousands):      Quoted Prices Significant  in Active Other Significant  Markets for Observable Unobservable  Identical Assets Inputs Inputs  Total (Level 1) (Level 2) (Level 3)  March 31, 2018  Commodity futures – financial assets $ 7,151 $ - $ 7,151 $ -  Commodity futures – financial liabilities 1,407 - 1,407 -   December 31, 2017  Commodity futures – financial assets $ 2,790 $ - $ 2,790 $ -  Commodity futures – financial liabilities 10,506 - 10,506 -   Note 7. Fair Value Measurements (Continued) The carrying amounts of financial instruments including cash and equivalents, and short-term investments in certificates of deposit approximate fair value. The fair values of commodity futures contracts are estimated by the use of quoted market prices, estimates obtained from brokers, and other appropriate valuation techniques based on references available. The fair value of long-term debt, including current maturities, as determined by quoted market prices (Level 2), was approximately $2.4 billion and $2.5 billion at March 31, 2018 and December 31, 2017, respectively (with a corresponding carrying amount in the consolidated balance sheet of $2.4 billion at March 31, 2018 and December 31, 2017 ).

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
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	3 Months Ended
	Mar. 31, 2018
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 the consolidated financial statements. Operating segment performance and resource allocations are primarily based on operating results before income taxes. The accounting policies of the reportable segments are consistent with those described in Note 1 to the consolidated 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  March 31, 2018 Operations Operations Operations Other Eliminations Consolidated   Net Sales - disaggregated revenue  External $ 1,832,303 $ 329,872 $ 201,437 $ 92,471 $ - $ 2,456,083  External Non-U.S. 89,486 58,250 56 - - 147,792  Other segments 59,985 364,644 210 147 (424,986) -  1,981,774 752,766 201,703 92,618 (424,986) 2,603,875  Operating income (loss) 334,562 24,715 19,791 (55,406) (1) (265) 323,397  Income (loss) before income taxes 315,805 23,005 18,457 (61,033) (270) 295,964  Depreciation and amortization 59,141 11,558 2,898 2,538 - 76,135  Capital expenditures 38,402 6,946 2,077 3,181 - 50,606   As of March 31, 2018  Assets $ 4,462,706 $ 1,006,510 $ 350,359 $ 1,250,869 (2) $ (97,631) (3) $ 6,972,813       Footnotes related to the three months ended March 31, 2018, segment results (in millions):   (1) Corporate SG&A $ (15.7) (3) Elimination of intra-company receivables $ (72.4)  Company-wide equity-based compensation (8.5) Elimination of intra-company debt (12.9)  Profit sharing (25.6) Other (12.3)  Other, net (5.6) $ (97.6)  $ (55.4)   (2) Cash and equivalents $ 970.5  Short-term investments 40.0  Inventories 28.4  Property, plant and equipment, net 161.7  Intra-company debt 12.9  Other 37.4  $ 1,250.9 Note 9 . Segment Information (Continued)     Metals Steel  For the three months ended Steel Recycling Fabrication  March 31, 2017 Operations Operations Operations Other Eliminations Consolidated   Net Sales - disaggregated revenue  External $ 1,633,630 $ 310,951 $ 194,035 $ 88,951 $ - $ 2,227,567  External Non-U.S. 87,703 52,885 61 - - 140,649  Other segments 54,343 356,301 12 334 (410,990) -  1,775,676 720,137 194,108 89,285 (410,990) 2,368,216  Operating income (loss) 348,532 17,849 23,726 (53,970) (1) (1,571) (2) 334,566  Income (loss) before income taxes 326,764 16,072 22,339 (59,352) (1,571) 304,252  Depreciation and amortization 56,331 13,035 2,971 2,720 - 75,057  Capital expenditures 33,578 6,776 1,151 172 - 41,677       Footnotes related to the three months ended March 31, 2017, segment results (in millions):   (1) Corporate SG&A $ (12.4) (2) Gross profit decrease from intra-company sales $ (1.6)  Company-wide equity-based compensation (9.6)  Profit sharing (26.5)  Other, net (5.5)  $ (54.0)  

Condensed Consolidating Informa

Condensed Consolidating Information	3 Months Ended
	Mar. 31, 2018
Condensed Consolidating Information
Condensed Consolidating Information	Note 10. Condensed Consolidating Information  Certain 100% owned subsidiaries of SDI have fully and unconditionally guaranteed jointly and severally 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, 2017 .       Condensed Consolidating Balance Sheets (in thousands)  Combined Consolidating Total  As of March 31, 2018 Parent Guarantors Non-Guarantors Adjustments Consolidated  Cash and equivalents $ 969,240 $ 9,294 $ 7,290 $ - $ 985,824  Short term investments 40,000 - - - 40,000  Accounts receivable, net 349,276 1,475,249 33,922 (870,792) 987,655  Inventories 743,939 804,504 59,192 (7,577) 1,600,058  Other current assets 23,717 14,814 5,095 (4,921) 38,705  Total current assets 2,126,172 2,303,861 105,499 (883,290) 3,652,242  Property, plant and equipment, net 854,685 1,605,485 197,767 - 2,657,937  Intangible assets, net - 219,374 30,609 - 249,983  Goodwill - 378,221 7,824 - 386,045  Other assets, including investments in subs 2,486,756 6,081 5,588 (2,471,819) 26,606  Total assets $ 5,467,613 $ 4,513,022 $ 347,287 $ (3,355,109) $ 6,972,813   Accounts payable $ 185,459 $ 363,178 $ 87,276 $ (73,295) $ 562,618  Accrued expenses 185,020 232,542 11,103 (140,189) 288,476  Current maturities of long-term debt 746 - 36,761 (27,861) 9,646  Total current liabilities 371,225 595,720 135,140 (241,345) 860,740  Long-term debt 2,327,621 - 167,787 (141,705) 2,353,703  Other liabilities (701,952) 775,007 22,547 239,391 334,993  Total liabilities 1,996,894 1,370,727 325,474 (143,659) 3,549,436   Redeemable noncontrolling interests - - 111,240 - 111,240   Common stock 644 1,727,859 15,016 (1,742,875) 644  Treasury stock (730,700) - - - (730,700)  Additional paid-in-capital 1,142,871 128,076 803,204 (931,280) 1,142,871  Retained earnings (deficit) 3,057,904 1,286,360 (749,065) (537,295) 3,057,904  Total Steel Dynamics, Inc. equity 3,470,719 3,142,295 69,155 (3,211,450) 3,470,719  Noncontrolling interests - - (158,582) - (158,582)  Total equity 3,470,719 3,142,295 (89,427) (3,211,450) 3,312,137  Total liabilities and equity $ 5,467,613 $ 4,513,022 $ 347,287 $ (3,355,109) $ 6,972,813  Note 10. Condensed Consolidating Information (Continued)      Combined Consolidating Total  As of December 31, 2017 Parent Guarantors Non-Guarantors Adjustments Consolidated  Cash and equivalents $ 1,001,405 $ 20,441 $ 6,803 $ - $ 1,028,649  Accounts receivable, net 274,968 1,426,036 37,387 (869,554) 868,837  Inventories 685,103 752,151 91,890 (9,797) 1,519,347  Other current assets 73,748 16,005 5,962 (4,206) 91,509  Total current assets 2,035,224 2,214,633 142,042 (883,557) 3,508,342  Property, plant and equipment, net 859,419 1,618,438 198,047 - 2,675,904  Intangible assets, net - 225,503 31,406 - 256,909  Goodwill - 379,069 7,824 - 386,893  Other assets, including investments in subs 2,512,594 6,622 5,505 (2,497,037) 27,684  Total assets $ 5,407,237 $ 4,444,265 $ 384,824 $ (3,380,594) $ 6,855,732   Accounts payable $ 168,282 $ 316,676 $ 101,948 $ (97,458) $ 489,448  Accrued expenses 222,023 254,196 10,243 (136,186) 350,276  Current maturities of long-term debt 731 - 56,454 (28,390) 28,795  Total current liabilities 391,036 570,872 168,645 (262,034) 868,519  Long-term debt 2,326,466 - 169,799 (143,120) 2,353,145  Other liabilities (661,839) 869,196 24,868 95,535 327,760  Total liabilities 2,055,663 1,440,068 363,312 (309,619) 3,549,424   Redeemable noncontrolling interests - - 111,240 - 111,240   Common stock 644 1,727,859 14,908 (1,742,767) 644  Treasury stock (665,297) - - - (665,297)  Additional paid-in-capital 1,141,534 128,076 797,196 (925,272) 1,141,534  Retained earnings (deficit) 2,874,693 1,148,262 (745,326) (402,936) 2,874,693  Total Steel Dynamics, Inc. equity 3,351,574 3,004,197 66,778 (3,070,975) 3,351,574  Noncontrolling interests - - (156,506) - (156,506)  Total equity 3,351,574 3,004,197 (89,728) (3,070,975) 3,195,068  Total liabilities and equity $ 5,407,237 $ 4,444,265 $ 384,824 $ (3,380,594) $ 6,855,732 Note 10. Condensed Consolidating Information (Continued)     Condensed Consolidating Statements of Operations (in thousands)   For the three months ended, Combined Consolidating Total  March 31, 2018 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 1,036,674 $ 2,823,129 $ 152,587 $ (1,408,515) $ 2,603,875  Costs of goods sold 819,145 2,551,620 148,630 (1,378,936) 2,140,459  Gross profit 217,529 271,509 3,957 (29,579) 463,416  Selling, general and administrative 62,927 76,952 5,597 (5,457) 140,019  Operating income (loss) 154,602 194,557 (1,640) (24,122) 323,397  Interest expense, net of capitalized interest 18,623 12,437 3,540 (2,704) 31,896  Other expense (income), net (5,203) (1,697) (273) 2,710 (4,463)  Income (loss) before income taxes and  equity in net income of subsidiaries 141,182 183,817 (4,907) (24,128) 295,964  Income taxes 29,746 45,720 909 (5,886) 70,489  111,436 138,097 (5,816) (18,242) 225,475  Equity in net income of subsidiaries 116,115 - - (116,115) -  Net loss attributable to noncontrolling interests - - 2,076 - 2,076  Net income (loss) attributable to Steel Dynamics, Inc. $ 227,551 $ 138,097 $ (3,740) $ (134,357) $ 227,551      For the three months ended, Combined Consolidating Total  March 31, 2017 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 924,566 $ 2,572,238 $ 143,408 $ (1,271,996) $ 2,368,216  Costs of goods sold 711,579 2,289,664 138,041 (1,243,222) 1,896,062  Gross profit 212,987 282,574 5,367 (28,774) 472,154  Selling, general and administrative 61,655 76,282 5,053 (5,402) 137,588  Operating income 151,332 206,292 314 (23,372) 334,566  Interest expense, net of capitalized interest 18,081 15,123 3,266 (2,497) 33,973  Other expense (income), net (3,254) (2,667) (236) 2,498 (3,659)  Income (loss) before income taxes and  equity in net income of subsidiaries 136,505 193,836 (2,716) (23,373) 304,252  Income taxes 41,585 70,311 1,790 (8,100) 105,586  94,920 123,525 (4,506) (15,273) 198,666  Equity in net income of subsidiaries 105,897 - - (105,897) -  Net loss attributable to noncontrolling interests - - 2,151 - 2,151  Net income (loss) attributable to Steel Dynamics, Inc. $ 200,817 $ 123,525 $ (2,355) $ (121,170) $ 200,817 Note 10. Condensed Consolidating Information (Continued)       Condensed Consolidating Statements of Cash Flows (in thousands)   For the three months ended, Combined Consolidating Total  March 31, 2018 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net cash provided by operating activities $ 9,009 $ 149,336 $ 21,283 $ (1,693) $ 177,935  Net cash used in investing activities (60,919) (24,517) (2,997) (1,944) (90,377)  Net cash provided by (used in) financing activities 18,920 (135,966) (17,813) 3,637 (131,222)  Increase (decrease) in cash and equivalents (32,990) (11,147) 473 - (43,664)  Cash, cash equivalents, and restricted cash at beginning of  period 1,002,230 20,740 12,115 - 1,035,085  Cash, cash equivalents, and restricted cash at end of period $ 969,240 $ 9,593 $ 12,588 $ - $ 991,421       For the three months ended, Combined Consolidating Total  March 31, 2017 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net cash provided by (used in) operating activities $ 102,209 $ 132,733 $ (877) $ 6,365 $ 240,430  Net cash used in investing activities (19,409) (1,510) (192) 6,352 (14,759)  Net cash provided by (used in) financing activities 86,776 (174,914) 508 (12,717) (100,347)  Increase (decrease) in cash and equivalents 169,576 (43,691) (561) - 125,324  Cash, cash equivalents, and restricted cash at beginning of  period 767,594 54,859 25,652 - 848,105  Cash, cash equivalents, and restricted cash at end of period $ 937,170 $ 11,168 $ 25,091 $ - $ 973,429  

Description of the Business a16

Description of the Business and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
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 consolidated 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 consolidated 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 consolidated 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, 2017 .
Goodwill	Goodwill . The company’s goodwill is allocated to the following reporting units at March 31, 2018 , and December 31, 2017 , (in thousands):     March 31, December 31,  2018 2017  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:  OmniSource 89,790 90,638  Indiana Steel Mills 95,000 95,000  Steel Fabrication Operations Segment 1,925 1,925  $ 386,045 $ 386,893  OmniSource goodwill decreased $848,000 from December 31, 2017 to March 31, 2018 , in recognition of the 2018 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 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 later 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. The company adopted ASC 606 effective January1, 2018 using the modified retrospective approach. There was no change in the amount or timing of revenue recognized under ASC 606, or significant changes required to the company’s functions, processes or systems. See Note 2 – Revenue from Contracts with Customers for disclosure required by ASC 606 and the updated accounting policy for revenue recognition. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230); which requires amounts generally described as restricted cash to be included with cash and cash equivalents when reconciling the total beginning and ending amounts for the periods shown on the statement of cash flows. The company adopted the provisions of ASU 2016-18 as of January 1, 2018, retrospectively changed beginning and ending amounts reflected in the consolidated statements of cash flows for the three months ended March 31, 2018 and 2017, to include restricted cash. The balance of cash, cash equivalents and restricted cash in the consolidated statements of cash flows includes restricted cash of $5.6 million at March 31, 2018, $6.4 million at January 1, 2018, and $6.6 million at March 31, 2017, and January 1, 2017, which are recorded in Other Assets (noncurrent) in the company’s consolidated balance sheets. 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). This new guidance is effective for annual and interim periods beginning after December 15, 2018, but can be early adopted. The company is working through an adoption plan to evaluate the lease portfolio, systems, processes and policies to determine the impact of the provisions of ASU 2016-02 to our financial statements and disclosures. The company anticipates adopting ASU 2016-02 on January 1, 2019.

Description of the Business a17

Description of the Business and Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2018
Description of the Business and Significant Accounting Policies
Schedule of Goodwill	The company’s goodwill is allocated to the following reporting units at March 31, 2018 , and December 31, 2017 , (in thousands):     March 31, December 31,  2018 2017  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:  OmniSource 89,790 90,638  Indiana Steel Mills 95,000 95,000  Steel Fabrication Operations Segment 1,925 1,925  $ 386,045 $ 386,893 

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2018
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 months ended March 31, 2018 and March 30, 2017 (in thousands, except per share data):    Three Months Ended March 31,  2018 2017  Net Income Shares Per Share Net Income Shares Per Share  (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount  Basic earnings per share $ 227,551 236,623 $ 0.96 $ 200,817 242,943 $ 0.83  Dilutive common share equivalents - 1,100 - 1,603  Diluted earnings per share $ 227,551 237,723 $ 0.96 $ 200,817 244,546 $ 0.82  

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2018
Inventories
Schedule of Inventories	Inventories are stated at lower of cost or net realizable value. Cost is determined using a weighted average cost method for raw materials and supplies, and on a first-in, first-out basis for other inventory. Inventory consisted of the following (in thousands):       March 31, December 31,  2018 2017  Raw materials $ 725,748 $ 675,715  Supplies 386,123 374,515  Work in progress 169,441 128,565  Finished goods 318,746 340,552  Total inventories $ 1,600,058 $ 1,519,347 

Changes in Equity (Tables)

Changes in Equity (Tables)	3 Months Ended
	Mar. 31, 2018
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 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, 2017 $ 644 $ (665,297) $ 1,141,534 $ 2,874,693 $ (156,506) $ 3,195,068 $ 111,240  Dividends declared - - - (44,269) - (44,269) -  Share repurchases - (69,269) - - - (69,269) -  Equity-based compensation - 3,866 1,337 (71) - 5,132 -  Comprehensive and net income (loss) - - - 227,551 (2,076) 225,475 -  Balances at March 31, 2018 $ 644 $ (730,700) $ 1,142,871 $ 3,057,904 $ (158,582) $ 3,312,137 $ 111,240 

Derivative Financial Instrume21

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2018
Derivative Financial Instruments
Schedule of Notional Amounts of Outstanding Derivative Positions	. The following summarizes the company’s futures contract commitments as of March 31, 2018 :      Commodity Futures Long/Short Metric Tons  Aluminum Long 1,950  Aluminum Short 2,450  Copper Long 6,078  Copper Short 16,704  
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 March 31, 2018 , and December 31, 2017 , and gains and losses related to derivatives included in the company’s statement of income for the three months ended March 31, 2018, and March 30, 2017 (in thousands): Note 6. Derivative Financial Instruments (Continued)       Asset Derivatives Liability Derivatives  Balance sheet Fair Value Fair Value  location March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017  Derivative instruments designated as fair value hedges  Commodity futures Other current assets $ 4,918 $ 1,211 $ 555 $ 5,364   Derivative instruments not designated as hedges  Commodity futures Other current assets 2,233 1,579 852 5,142  Total derivative instruments $ 7,151 $ 2,790 $ 1,407 $ 10,506  The fair value of the above derivative instruments along with required margin deposit amounts with the same counterparty under master netting arrangements totaled $3.5 million at March 31, 2018 , and $5.6 million at December 31, 2017 , and are reflected in other current assets in the consolidated balance sheets.     Amount of gain (loss) recognized Location of gain Amount of gain (loss) recognized  Location of gain in income on derivatives (loss) recognized in income on related hedged items  (loss) recognized for the three months ended Hedged items in in income on for the three months ended  in income on March 31, March 31, fair value hedge related hedged March 31, March 31,  derivatives 2018 2017 relationships items 2018 2017  Derivatives in fair value  hedging relationships  Commodity futures Costs of goods sold $ 8,516 $ (153) Firm commitments Costs of goods sold $ (793) $ 539  Inventory Costs of goods sold (2,596) 495  Derivatives not designated $ (3,389) $ 1,034  as hedging instruments  Commodity futures Costs of goods sold $ 2,756 $ (4,346)   

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2018
Fair Value Measurements
Schedule of assets and liabilities measured at fair value on a recurring basis	The following table sets forth financial assets and liabilities measured at fair value on a recurring basis in the consolidated balance sheet and the respective levels to which the fair value measurements are classified within the fair value hierarchy as of March 31, 2018 , and December 31, 2017 (in thousands):      Quoted Prices Significant  in Active Other Significant  Markets for Observable Unobservable  Identical Assets Inputs Inputs  Total (Level 1) (Level 2) (Level 3)  March 31, 2018  Commodity futures – financial assets $ 7,151 $ - $ 7,151 $ -  Commodity futures – financial liabilities 1,407 - 1,407 -   December 31, 2017  Commodity futures – financial assets $ 2,790 $ - $ 2,790 $ -  Commodity futures – financial liabilities 10,506 - 10,506 - 

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2018
Segment Information
Schedule of operating segment results	The company’s segment results are as follows (in thousands):     Metals Steel  For the three months ended Steel Recycling Fabrication  March 31, 2018 Operations Operations Operations Other Eliminations Consolidated   Net Sales - disaggregated revenue  External $ 1,832,303 $ 329,872 $ 201,437 $ 92,471 $ - $ 2,456,083  External Non-U.S. 89,486 58,250 56 - - 147,792  Other segments 59,985 364,644 210 147 (424,986) -  1,981,774 752,766 201,703 92,618 (424,986) 2,603,875  Operating income (loss) 334,562 24,715 19,791 (55,406) (1) (265) 323,397  Income (loss) before income taxes 315,805 23,005 18,457 (61,033) (270) 295,964  Depreciation and amortization 59,141 11,558 2,898 2,538 - 76,135  Capital expenditures 38,402 6,946 2,077 3,181 - 50,606   As of March 31, 2018  Assets $ 4,462,706 $ 1,006,510 $ 350,359 $ 1,250,869 (2) $ (97,631) (3) $ 6,972,813       Footnotes related to the three months ended March 31, 2018, segment results (in millions):   (1) Corporate SG&A $ (15.7) (3) Elimination of intra-company receivables $ (72.4)  Company-wide equity-based compensation (8.5) Elimination of intra-company debt (12.9)  Profit sharing (25.6) Other (12.3)  Other, net (5.6) $ (97.6)  $ (55.4)   (2) Cash and equivalents $ 970.5  Short-term investments 40.0  Inventories 28.4  Property, plant and equipment, net 161.7  Intra-company debt 12.9  Other 37.4  $ 1,250.9 Note 9 . Segment Information (Continued)     Metals Steel  For the three months ended Steel Recycling Fabrication  March 31, 2017 Operations Operations Operations Other Eliminations Consolidated   Net Sales - disaggregated revenue  External $ 1,633,630 $ 310,951 $ 194,035 $ 88,951 $ - $ 2,227,567  External Non-U.S. 87,703 52,885 61 - - 140,649  Other segments 54,343 356,301 12 334 (410,990) -  1,775,676 720,137 194,108 89,285 (410,990) 2,368,216  Operating income (loss) 348,532 17,849 23,726 (53,970) (1) (1,571) (2) 334,566  Income (loss) before income taxes 326,764 16,072 22,339 (59,352) (1,571) 304,252  Depreciation and amortization 56,331 13,035 2,971 2,720 - 75,057  Capital expenditures 33,578 6,776 1,151 172 - 41,677       Footnotes related to the three months ended March 31, 2017, segment results (in millions):   (1) Corporate SG&A $ (12.4) (2) Gross profit decrease from intra-company sales $ (1.6)  Company-wide equity-based compensation (9.6)  Profit sharing (26.5)  Other, net (5.5)  $ (54.0) 

Condensed Consolidating Infor24

Condensed Consolidating Information (Tables)	3 Months Ended
	Mar. 31, 2018
Condensed Consolidating Information
Schedule of Condensed Consolidating Balance Sheets	    Condensed Consolidating Balance Sheets (in thousands)  Combined Consolidating Total  As of March 31, 2018 Parent Guarantors Non-Guarantors Adjustments Consolidated  Cash and equivalents $ 969,240 $ 9,294 $ 7,290 $ - $ 985,824  Short term investments 40,000 - - - 40,000  Accounts receivable, net 349,276 1,475,249 33,922 (870,792) 987,655  Inventories 743,939 804,504 59,192 (7,577) 1,600,058  Other current assets 23,717 14,814 5,095 (4,921) 38,705  Total current assets 2,126,172 2,303,861 105,499 (883,290) 3,652,242  Property, plant and equipment, net 854,685 1,605,485 197,767 - 2,657,937  Intangible assets, net - 219,374 30,609 - 249,983  Goodwill - 378,221 7,824 - 386,045  Other assets, including investments in subs 2,486,756 6,081 5,588 (2,471,819) 26,606  Total assets $ 5,467,613 $ 4,513,022 $ 347,287 $ (3,355,109) $ 6,972,813   Accounts payable $ 185,459 $ 363,178 $ 87,276 $ (73,295) $ 562,618  Accrued expenses 185,020 232,542 11,103 (140,189) 288,476  Current maturities of long-term debt 746 - 36,761 (27,861) 9,646  Total current liabilities 371,225 595,720 135,140 (241,345) 860,740  Long-term debt 2,327,621 - 167,787 (141,705) 2,353,703  Other liabilities (701,952) 775,007 22,547 239,391 334,993  Total liabilities 1,996,894 1,370,727 325,474 (143,659) 3,549,436   Redeemable noncontrolling interests - - 111,240 - 111,240   Common stock 644 1,727,859 15,016 (1,742,875) 644  Treasury stock (730,700) - - - (730,700)  Additional paid-in-capital 1,142,871 128,076 803,204 (931,280) 1,142,871  Retained earnings (deficit) 3,057,904 1,286,360 (749,065) (537,295) 3,057,904  Total Steel Dynamics, Inc. equity 3,470,719 3,142,295 69,155 (3,211,450) 3,470,719  Noncontrolling interests - - (158,582) - (158,582)  Total equity 3,470,719 3,142,295 (89,427) (3,211,450) 3,312,137  Total liabilities and equity $ 5,467,613 $ 4,513,022 $ 347,287 $ (3,355,109) $ 6,972,813  Note 10. Condensed Consolidating Information (Continued)      Combined Consolidating Total  As of December 31, 2017 Parent Guarantors Non-Guarantors Adjustments Consolidated  Cash and equivalents $ 1,001,405 $ 20,441 $ 6,803 $ - $ 1,028,649  Accounts receivable, net 274,968 1,426,036 37,387 (869,554) 868,837  Inventories 685,103 752,151 91,890 (9,797) 1,519,347  Other current assets 73,748 16,005 5,962 (4,206) 91,509  Total current assets 2,035,224 2,214,633 142,042 (883,557) 3,508,342  Property, plant and equipment, net 859,419 1,618,438 198,047 - 2,675,904  Intangible assets, net - 225,503 31,406 - 256,909  Goodwill - 379,069 7,824 - 386,893  Other assets, including investments in subs 2,512,594 6,622 5,505 (2,497,037) 27,684  Total assets $ 5,407,237 $ 4,444,265 $ 384,824 $ (3,380,594) $ 6,855,732   Accounts payable $ 168,282 $ 316,676 $ 101,948 $ (97,458) $ 489,448  Accrued expenses 222,023 254,196 10,243 (136,186) 350,276  Current maturities of long-term debt 731 - 56,454 (28,390) 28,795  Total current liabilities 391,036 570,872 168,645 (262,034) 868,519  Long-term debt 2,326,466 - 169,799 (143,120) 2,353,145  Other liabilities (661,839) 869,196 24,868 95,535 327,760  Total liabilities 2,055,663 1,440,068 363,312 (309,619) 3,549,424   Redeemable noncontrolling interests - - 111,240 - 111,240   Common stock 644 1,727,859 14,908 (1,742,767) 644  Treasury stock (665,297) - - - (665,297)  Additional paid-in-capital 1,141,534 128,076 797,196 (925,272) 1,141,534  Retained earnings (deficit) 2,874,693 1,148,262 (745,326) (402,936) 2,874,693  Total Steel Dynamics, Inc. equity 3,351,574 3,004,197 66,778 (3,070,975) 3,351,574  Noncontrolling interests - - (156,506) - (156,506)  Total equity 3,351,574 3,004,197 (89,728) (3,070,975) 3,195,068  Total liabilities and equity $ 5,407,237 $ 4,444,265 $ 384,824 $ (3,380,594) $ 6,855,732 
Schedule of Condensed Consolidating Statements of Operations	     Condensed Consolidating Statements of Operations (in thousands)   For the three months ended, Combined Consolidating Total  March 31, 2018 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 1,036,674 $ 2,823,129 $ 152,587 $ (1,408,515) $ 2,603,875  Costs of goods sold 819,145 2,551,620 148,630 (1,378,936) 2,140,459  Gross profit 217,529 271,509 3,957 (29,579) 463,416  Selling, general and administrative 62,927 76,952 5,597 (5,457) 140,019  Operating income (loss) 154,602 194,557 (1,640) (24,122) 323,397  Interest expense, net of capitalized interest 18,623 12,437 3,540 (2,704) 31,896  Other expense (income), net (5,203) (1,697) (273) 2,710 (4,463)  Income (loss) before income taxes and  equity in net income of subsidiaries 141,182 183,817 (4,907) (24,128) 295,964  Income taxes 29,746 45,720 909 (5,886) 70,489  111,436 138,097 (5,816) (18,242) 225,475  Equity in net income of subsidiaries 116,115 - - (116,115) -  Net loss attributable to noncontrolling interests - - 2,076 - 2,076  Net income (loss) attributable to Steel Dynamics, Inc. $ 227,551 $ 138,097 $ (3,740) $ (134,357) $ 227,551      For the three months ended, Combined Consolidating Total  March 31, 2017 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 924,566 $ 2,572,238 $ 143,408 $ (1,271,996) $ 2,368,216  Costs of goods sold 711,579 2,289,664 138,041 (1,243,222) 1,896,062  Gross profit 212,987 282,574 5,367 (28,774) 472,154  Selling, general and administrative 61,655 76,282 5,053 (5,402) 137,588  Operating income 151,332 206,292 314 (23,372) 334,566  Interest expense, net of capitalized interest 18,081 15,123 3,266 (2,497) 33,973  Other expense (income), net (3,254) (2,667) (236) 2,498 (3,659)  Income (loss) before income taxes and  equity in net income of subsidiaries 136,505 193,836 (2,716) (23,373) 304,252  Income taxes 41,585 70,311 1,790 (8,100) 105,586  94,920 123,525 (4,506) (15,273) 198,666  Equity in net income of subsidiaries 105,897 - - (105,897) -  Net loss attributable to noncontrolling interests - - 2,151 - 2,151  Net income (loss) attributable to Steel Dynamics, Inc. $ 200,817 $ 123,525 $ (2,355) $ (121,170) $ 200,817 Note 10. Condensed Consolidating Information (Continued)   
Schedule of Condensed Consolidating Statements of Cash Flows	  Condensed Consolidating Statements of Cash Flows (in thousands)   For the three months ended, Combined Consolidating Total  March 31, 2018 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net cash provided by operating activities $ 9,009 $ 149,336 $ 21,283 $ (1,693) $ 177,935  Net cash used in investing activities (60,919) (24,517) (2,997) (1,944) (90,377)  Net cash provided by (used in) financing activities 18,920 (135,966) (17,813) 3,637 (131,222)  Increase (decrease) in cash and equivalents (32,990) (11,147) 473 - (43,664)  Cash, cash equivalents, and restricted cash at beginning of  period 1,002,230 20,740 12,115 - 1,035,085  Cash, cash equivalents, and restricted cash at end of period $ 969,240 $ 9,593 $ 12,588 $ - $ 991,421       For the three months ended, Combined Consolidating Total  March 31, 2017 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net cash provided by (used in) operating activities $ 102,209 $ 132,733 $ (877) $ 6,365 $ 240,430  Net cash used in investing activities (19,409) (1,510) (192) 6,352 (14,759)  Net cash provided by (used in) financing activities 86,776 (174,914) 508 (12,717) (100,347)  Increase (decrease) in cash and equivalents 169,576 (43,691) (561) - 125,324  Cash, cash equivalents, and restricted cash at beginning of  period 767,594 54,859 25,652 - 848,105  Cash, cash equivalents, and restricted cash at end of period $ 937,170 $ 11,168 $ 25,091 $ - $ 973,429 

Description of the Business a25

Description of the Business and Significant Accounting Policies (Segments) (Details)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Steel Operations
Segment Reporting Information
Percentage of external net sales	74.00%	73.00%
Metals Recycling Operations
Segment Reporting Information
Percentage of external net sales	15.00%	15.00%
Steel Fabrication Operations
Segment Reporting Information
Percentage of external net sales	8.00%	8.00%

Description of the Business a26

Description of the Business and Significant Accounting Policies (Goodwill) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Goodwill
Goodwill	$ 386,045	$ 386,893
OmniSource
Goodwill
Goodwill decrease due to tax benefit related to the normal amortization of the component	848
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 | OmniSource
Goodwill
Goodwill	89,790	90,638
Metals Recycling Operations | Indiana Steel Mills [Member]
Goodwill
Goodwill	95,000	95,000
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) - USD ($) $ in Millions	Mar. 31, 2018	Jan. 01, 2018	Mar. 31, 2017	Jan. 01, 2017
Description of the Business and Significant Accounting Policies
Restricted cash	$ 5.6	$ 6.4	$ 6.6	$ 6.6

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net Income (Numerator)
Basic earnings per share - net income (in dollars)	$ 227,551	$ 200,817
Diluted earnings per share - net income (in dollars)	$ 227,551	$ 200,817
Weighted average common shares outstanding (in shares)
Weighted average common shares outstanding - basic (in shares)	236,623	242,943
Dilutive common share equivalents (in shares)	1,100	1,603
Weighted average common shares outstanding - diluted (in shares)	237,723	244,546
Per Share Amount
Basic (in dollars per share)	$ 0.96	$ 0.83
Diluted (in dollars per share)	$ 0.96	$ 0.82

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Inventories
Raw materials	$ 725,748	$ 675,715
Supplies	386,123	374,515
Work in progress	169,441	128,565
Finished goods	318,746	340,552
Total inventories	$ 1,600,058	$ 1,519,347

Changes in Equity (Rollforward)

Changes in Equity (Rollforward) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Balances	$ 3,195,068
Dividends declared	(44,269)
Share repurchases	(69,269)
Equity-based compensation	5,132
Comprehensive and net income (loss)	225,475
Balances	3,312,137
Common Stock
Balances	644
Balances	644
Treasury Stock
Balances	(665,297)
Share repurchases	(69,269)
Equity-based compensation	3,866
Balances	(730,700)
Additional Paid-In Capital
Balances	1,141,534
Equity-based compensation	1,337
Balances	1,142,871
Retained Earnings
Balances	2,874,693
Dividends declared	(44,269)
Equity-based compensation	(71)
Comprehensive and net income (loss)	227,551
Balances	3,057,904
Noncontrolling Interests
Balances	(156,506)
Comprehensive and net income (loss)	(2,076)
Balances	(158,582)
Redeemable Noncontrolling Interest
Balances	111,240
Balances	$ 111,240

Derivative Financial Instrume31

Derivative Financial Instruments (Narrative) (Details) - Futures - Commodity contract - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Other current assets
Commodity contract commitments
Fair value of derivatives including required margin deposits	$ 3,500		$ 5,600
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	(101)	$ 48
Gain (loss) excluded from hedge effectiveness testing	$ 5,000	$ 833

Derivative Financial Instrume32

Derivative Financial Instruments (Schedule of Notional Amounts of Outstanding Derivative Positions) (Details) - Futures	3 Months Ended
	Mar. 31, 2018T
Aluminum | Long
Derivative [Line Items]
Commodity contract (in MT/Lbs)	1,950
Aluminum | Short
Derivative [Line Items]
Commodity contract (in MT/Lbs)	2,450
Copper | Long
Derivative [Line Items]
Commodity contract (in MT/Lbs)	6,078
Copper | Short
Derivative [Line Items]
Commodity contract (in MT/Lbs)	16,704

Derivative Financial Instrume33

Derivative Financial Instruments (Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Commodity futures, asset derivatives	$ 7,151	$ 2,790
Commodity futures, liability derivatives	1,407	10,506
Futures | Commodity contract | Designated as hedging instrument | Other current assets
Commodity futures, asset derivatives	4,918	1,211
Commodity futures, liability derivatives	555	5,364
Futures | Commodity contract | Not designated as hedging instrument | Other current assets
Commodity futures, asset derivatives	2,233	1,579
Commodity futures, liability derivatives	$ 852	$ 5,142

Derivative Financial Instrume34

Derivative Financial Instruments (Schedule of Derivatives Instruments Statements of Financial Position) (Details) - Cost of goods sold - Futures - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Designated as hedging instrument
Amount of gain (loss) recognized in income on derivatives	$ 8,516	$ (153)
Amount of gain (loss) recognized in income on related hedged items	(3,389)	1,034
Designated as hedging instrument | Firm commitments
Amount of gain (loss) recognized in income on related hedged items	(793)	539
Designated as hedging instrument | Inventory
Amount of gain (loss) recognized in income on related hedged items	(2,596)	495
Not designated as hedging instrument
Amount of gain (loss) recognized in income on derivatives	$ 2,756	$ (4,346)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets and liabilities subject to fair value measurements
Commodity futures - financial assets	$ 7,151	$ 2,790
Commodity futures - financial liabilities	1,407	10,506
Fair value of long-term debt, including current maturities	2,400,000	2,500,000
Outstanding Balance	2,400,000	2,400,000
Futures | Recurring | Commodity contract
Assets and liabilities subject to fair value measurements
Commodity futures - financial assets	7,151	2,790
Commodity futures - financial liabilities	1,407	10,506
Futures | Recurring | Fair Value, Inputs, Level 2 [Member] | Commodity contract
Assets and liabilities subject to fair value measurements
Commodity futures - financial assets	7,151	2,790
Commodity futures - financial liabilities	$ 1,407	$ 10,506

Segment Information - Results (

Segment Information - Results (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Segment Reporting Information
Net sales	$ 2,603,875	$ 2,368,216
Operating income (loss)	323,397	334,566
Income (loss) before income taxes	295,964	304,252
Depreciation and amortization	76,135	75,057
Capital expenditures	50,606	41,677
Assets	6,972,813		$ 6,855,732
U.S.
Segment Reporting Information
Net sales	2,456,083	2,227,567
Non-U.S.
Segment Reporting Information
Net sales	147,792	140,649
Steel Operations
Segment Reporting Information
Net sales	1,981,774	1,775,676
Operating income (loss)	334,562	348,532
Income (loss) before income taxes	315,805	326,764
Depreciation and amortization	59,141	56,331
Capital expenditures	38,402	33,578
Assets	4,462,706
Steel Operations | Other segments
Segment Reporting Information
Net sales	59,985	54,343
Steel Operations | U.S.
Segment Reporting Information
Net sales	1,832,303	1,633,630
Steel Operations | Non-U.S.
Segment Reporting Information
Net sales	89,486	87,703
Metals Recycling Operations
Segment Reporting Information
Net sales	752,766	720,137
Operating income (loss)	24,715	17,849
Income (loss) before income taxes	23,005	16,072
Depreciation and amortization	11,558	13,035
Capital expenditures	6,946	6,776
Assets	1,006,510
Metals Recycling Operations | Other segments
Segment Reporting Information
Net sales	364,644	356,301
Metals Recycling Operations | U.S.
Segment Reporting Information
Net sales	329,872	310,951
Metals Recycling Operations | Non-U.S.
Segment Reporting Information
Net sales	58,250	52,885
Steel Fabrication Operations
Segment Reporting Information
Net sales	201,703	194,108
Operating income (loss)	19,791	23,726
Income (loss) before income taxes	18,457	22,339
Depreciation and amortization	2,898	2,971
Capital expenditures	2,077	1,151
Assets	350,359
Steel Fabrication Operations | Other segments
Segment Reporting Information
Net sales	210	12
Steel Fabrication Operations | U.S.
Segment Reporting Information
Net sales	201,437	194,035
Steel Fabrication Operations | Non-U.S.
Segment Reporting Information
Net sales	56	61
Other
Segment Reporting Information
Net sales	92,618	89,285
Operating income (loss)	(55,406)	(53,970)
Income (loss) before income taxes	(61,033)	(59,352)
Depreciation and amortization	2,538	2,720
Capital expenditures	3,181	172
Assets	1,250,869
Other | Other segments
Segment Reporting Information
Net sales	147	334
Other | U.S.
Segment Reporting Information
Net sales	92,471	88,951
Eliminations
Segment Reporting Information
Net sales	(424,986)	(410,990)
Operating income (loss)	(265)	(1,571)
Income (loss) before income taxes	(270)	(1,571)
Assets	(97,631)
Eliminations | Other segments
Segment Reporting Information
Net sales	$ (424,986)	$ (410,990)

Segment Information - Other Foo

Segment Information - Other Footnote (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Operating income (loss)
Corporate SG & A	$ (106,431)	$ (102,933)
Profit sharing	(26,662)	(27,231)
Operating income (loss)	323,397	334,566
Assets
Cash and equivalents	985,824		$ 1,028,649
Short-term Investments	40,000
Inventories	1,600,058		1,519,347
Property, plant and equipment, net	2,657,937		2,675,904
Other	26,606		27,684
Total assets	6,972,813		$ 6,855,732
Other
Operating income (loss)
Corporate SG & A	(15,700)	(12,400)
Company-wide equity-based compensation	(8,500)	(9,600)
Profit sharing	(25,600)	(26,500)
Other, net	(5,600)	(5,500)
Operating income (loss)	(55,406)	(53,970)
Assets
Cash and equivalents	970,500
Short-term Investments	40,000
Inventories	28,400
Property, plant and equipment, net	161,700
Intra Company Debt	12,900
Other	37,400
Total assets	1,250,869
Metals Recycling Operations
Operating income (loss)
Operating income (loss)	24,715	$ 17,849
Assets
Total assets	$ 1,006,510

Segment Information - Eliminati

Segment Information - Eliminations Footnote (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Operating income (loss)
Operating income (loss)	$ 323,397	$ 334,566
Gross profit	463,416	472,154
Assets elimination
Accounts receivable	987,655		$ 868,837
Other	26,606		27,684
Total assets	6,972,813		$ 6,855,732
Eliminations
Operating income (loss)
Operating income (loss)	(265)	(1,571)
Gross profit		$ (1,600)
Assets elimination
Accounts receivable	(72,400)
Elimination of intra-company debt	(12,900)
Other	(12,300)
Total assets	$ (97,631)

Condensed Consolidating Infor39

Condensed Consolidating Information - Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Condensed Consolidating Balance Sheets
Cash and equivalents	$ 985,824	$ 1,028,649
Short-term Investments	40,000
Accounts receivable, net	987,655	868,837
Inventories	1,600,058	1,519,347
Other current assets	38,705	91,509
Total current assets	3,652,242	3,508,342
Property, plant and equipment, net	2,657,937	2,675,904
Intangible assets, net	249,983	256,909
Goodwill	386,045	386,893
Other assets, including investments in subs	26,606	27,684
Total assets	6,972,813	6,855,732
Accounts payable	562,618	489,448
Accrued expenses	288,476	350,276
Current maturities of long-term debt	9,646	28,795
Total current liabilities	860,740	868,519
Long-term debt	2,353,703	2,353,145
Other liabilities	334,993	327,760
Total liabilities	3,549,436	3,549,424
Redeemable noncontrolling interests	111,240	111,240
Common stock	644	644
Treasury stock	(730,700)	(665,297)
Additional paid-in capital	1,142,871	1,141,534
Retained earnings (deficit)	3,057,904	2,874,693
Total Steel Dynamics, Inc. equity	3,470,719	3,351,574
Noncontrolling interests	(158,582)	(156,506)
Total equity	3,312,137	3,195,068
Total liabilities and equity	6,972,813	6,855,732
Parent
Condensed Consolidating Balance Sheets
Cash and equivalents	969,240	1,001,405
Short-term Investments	40,000
Accounts receivable, net	349,276	274,968
Inventories	743,939	685,103
Other current assets	23,717	73,748
Total current assets	2,126,172	2,035,224
Property, plant and equipment, net	854,685	859,419
Other assets, including investments in subs	2,486,756	2,512,594
Total assets	5,467,613	5,407,237
Accounts payable	185,459	168,282
Accrued expenses	185,020	222,023
Current maturities of long-term debt	746	731
Total current liabilities	371,225	391,036
Long-term debt	2,327,621	2,326,466
Other liabilities	(701,952)	(661,839)
Total liabilities	1,996,894	2,055,663
Common stock	644	644
Treasury stock	(730,700)	(665,297)
Additional paid-in capital	1,142,871	1,141,534
Retained earnings (deficit)	3,057,904	2,874,693
Total Steel Dynamics, Inc. equity	3,470,719	3,351,574
Total equity	3,470,719	3,351,574
Total liabilities and equity	5,467,613	5,407,237
Guarantors
Condensed Consolidating Balance Sheets
Cash and equivalents	9,294	20,441
Accounts receivable, net	1,475,249	1,426,036
Inventories	804,504	752,151
Other current assets	14,814	16,005
Total current assets	2,303,861	2,214,633
Property, plant and equipment, net	1,605,485	1,618,438
Intangible assets, net	219,374	225,503
Goodwill	378,221	379,069
Other assets, including investments in subs	6,081	6,622
Total assets	4,513,022	4,444,265
Accounts payable	363,178	316,676
Accrued expenses	232,542	254,196
Total current liabilities	595,720	570,872
Other liabilities	775,007	869,196
Total liabilities	1,370,727	1,440,068
Common stock	1,727,859	1,727,859
Additional paid-in capital	128,076	128,076
Retained earnings (deficit)	1,286,360	1,148,262
Total Steel Dynamics, Inc. equity	3,142,295	3,004,197
Total equity	3,142,295	3,004,197
Total liabilities and equity	4,513,022	4,444,265
Combined Non-Guarantors
Condensed Consolidating Balance Sheets
Cash and equivalents	7,290	6,803
Accounts receivable, net	33,922	37,387
Inventories	59,192	91,890
Other current assets	5,095	5,962
Total current assets	105,499	142,042
Property, plant and equipment, net	197,767	198,047
Intangible assets, net	30,609	31,406
Goodwill	7,824	7,824
Other assets, including investments in subs	5,588	5,505
Total assets	347,287	384,824
Accounts payable	87,276	101,948
Accrued expenses	11,103	10,243
Current maturities of long-term debt	36,761	56,454
Total current liabilities	135,140	168,645
Long-term debt	167,787	169,799
Other liabilities	22,547	24,868
Total liabilities	325,474	363,312
Redeemable noncontrolling interests	111,240	111,240
Common stock	15,016	14,908
Additional paid-in capital	803,204	797,196
Retained earnings (deficit)	(749,065)	(745,326)
Total Steel Dynamics, Inc. equity	69,155	66,778
Noncontrolling interests	(158,582)	(156,506)
Total equity	(89,427)	(89,728)
Total liabilities and equity	347,287	384,824
Consolidating Adjustments
Condensed Consolidating Balance Sheets
Accounts receivable, net	(870,792)	(869,554)
Inventories	(7,577)	(9,797)
Other current assets	(4,921)	(4,206)
Total current assets	(883,290)	(883,557)
Other assets, including investments in subs	(2,471,819)	(2,497,037)
Total assets	(3,355,109)	(3,380,594)
Accounts payable	(73,295)	(97,458)
Accrued expenses	(140,189)	(136,186)
Current maturities of long-term debt	(27,861)	(28,390)
Total current liabilities	(241,345)	(262,034)
Long-term debt	(141,705)	(143,120)
Other liabilities	239,391	95,535
Total liabilities	(143,659)	(309,619)
Common stock	(1,742,875)	(1,742,767)
Additional paid-in capital	(931,280)	(925,272)
Retained earnings (deficit)	(537,295)	(402,936)
Total Steel Dynamics, Inc. equity	(3,211,450)	(3,070,975)
Total equity	(3,211,450)	(3,070,975)
Total liabilities and equity	$ (3,355,109)	$ (3,380,594)

Condensed Consolidating Infor40

Condensed Consolidating Information - Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Condensed Consolidating Statements of Operations
Net sales	$ 2,603,875	$ 2,368,216
Costs of goods sold	2,140,459	1,896,062
Gross profit	463,416	472,154
Selling, general and administrative	140,019	137,588
Operating income	323,397	334,566
Interest expense, net of capitalized interest	31,896	33,973
Other (income) expense, net	(4,463)	(3,659)
Income before income taxes	295,964	304,252
Income taxes (benefit)	70,489	105,586
Net income	225,475	198,666
Net loss attributable to noncontrolling interests	2,076	2,151
Net income attributable to Steel Dynamics, Inc.	227,551	200,817
Parent
Condensed Consolidating Statements of Operations
Net sales	1,036,674	924,566
Costs of goods sold	819,145	711,579
Gross profit	217,529	212,987
Selling, general and administrative	62,927	61,655
Operating income	154,602	151,332
Interest expense, net of capitalized interest	18,623	18,081
Other (income) expense, net	(5,203)	(3,254)
Income before income taxes	141,182	136,505
Income taxes (benefit)	29,746	41,585
Net income	111,436	94,920
Equity in net income of subsidiaries	116,115	105,897
Net income attributable to Steel Dynamics, Inc.	227,551	200,817
Guarantors
Condensed Consolidating Statements of Operations
Net sales	2,823,129	2,572,238
Costs of goods sold	2,551,620	2,289,664
Gross profit	271,509	282,574
Selling, general and administrative	76,952	76,282
Operating income	194,557	206,292
Interest expense, net of capitalized interest	12,437	15,123
Other (income) expense, net	(1,697)	(2,667)
Income before income taxes	183,817	193,836
Income taxes (benefit)	45,720	70,311
Net income	138,097	123,525
Net income attributable to Steel Dynamics, Inc.	138,097	123,525
Combined Non-Guarantors
Condensed Consolidating Statements of Operations
Net sales	152,587	143,408
Costs of goods sold	148,630	138,041
Gross profit	3,957	5,367
Selling, general and administrative	5,597	5,053
Operating income	(1,640)	314
Interest expense, net of capitalized interest	3,540	3,266
Other (income) expense, net	(273)	(236)
Income before income taxes	(4,907)	(2,716)
Income taxes (benefit)	909	1,790
Net income	(5,816)	(4,506)
Net loss attributable to noncontrolling interests	2,076	2,151
Net income attributable to Steel Dynamics, Inc.	(3,740)	(2,355)
Consolidating Adjustments
Condensed Consolidating Statements of Operations
Net sales	(1,408,515)	(1,271,996)
Costs of goods sold	(1,378,936)	(1,243,222)
Gross profit	(29,579)	(28,774)
Selling, general and administrative	(5,457)	(5,402)
Operating income	(24,122)	(23,372)
Interest expense, net of capitalized interest	(2,704)	(2,497)
Other (income) expense, net	2,710	2,498
Income before income taxes	(24,128)	(23,373)
Income taxes (benefit)	(5,886)	(8,100)
Net income	(18,242)	(15,273)
Equity in net income of subsidiaries	(116,115)	(105,897)
Net income attributable to Steel Dynamics, Inc.	$ (134,357)	$ (121,170)

Condensed Consolidating Infor41

Condensed Consolidating Information - Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Condensed Consolidating Statements of Cash Flows
Net cash provided by (used in) operating activities	$ 177,935	$ 240,430
Net cash used in investing activities	(90,377)	(14,759)
Net cash provided by (used in) financing activities	(131,222)	(100,347)
Increase (decrease) in cash and equivalents	(43,664)	125,324
Cash and equivalents at beginning of period	1,035,085	848,105
Cash and equivalents at end of period	991,421	973,429
Parent
Condensed Consolidating Statements of Cash Flows
Net cash provided by (used in) operating activities	9,009	102,209
Net cash used in investing activities	(60,919)	(19,409)
Net cash provided by (used in) financing activities	18,920	86,776
Increase (decrease) in cash and equivalents	(32,990)	169,576
Cash and equivalents at beginning of period	1,002,230	767,594
Cash and equivalents at end of period	969,240	937,170
Guarantors
Condensed Consolidating Statements of Cash Flows
Net cash provided by (used in) operating activities	149,336	132,733
Net cash used in investing activities	(24,517)	(1,510)
Net cash provided by (used in) financing activities	(135,966)	(174,914)
Increase (decrease) in cash and equivalents	(11,147)	(43,691)
Cash and equivalents at beginning of period	20,740	54,859
Cash and equivalents at end of period	9,593	11,168
Combined Non-Guarantors
Condensed Consolidating Statements of Cash Flows
Net cash provided by (used in) operating activities	21,283	(877)
Net cash used in investing activities	(2,997)	(192)
Net cash provided by (used in) financing activities	(17,813)	508
Increase (decrease) in cash and equivalents	473	(561)
Cash and equivalents at beginning of period	12,115	25,652
Cash and equivalents at end of period	12,588	25,091
Consolidating Adjustments
Condensed Consolidating Statements of Cash Flows
Net cash provided by (used in) operating activities	(1,693)	6,365
Net cash used in investing activities	(1,944)	6,352
Net cash provided by (used in) financing activities	$ 3,637	$ (12,717)