Steel Dynamics (STLD) 10-Q 9 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 01, 2018
Document And Entity Information Abstract
Entity Registrant Name	STEEL DYNAMICS INC
Entity Central Index Key	1,022,671
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		234,785,650

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Current assets
Cash and equivalents	$ 720,445	$ 1,028,649
Short-term investments	90,000
Accounts receivable, net	1,175,795	846,415
Accounts receivable-related parties	4,388	22,422
Inventories	1,787,109	1,519,347
Other current assets	39,927	91,509
Total current assets	3,817,664	3,508,342
Property, plant and equipment, net	2,909,033	2,675,904
Intangible assets, net	243,154	256,909
Goodwill	508,275	386,893
Other assets	26,395	27,684
Total assets	7,504,521	6,855,732
Current liabilities
Accounts payable	657,496	473,765
Accounts payable-related parties	18,305	15,683
Income taxes payable	38,273	3,696
Accrued payroll and benefits	170,470	195,909
Accrued interest	25,542	25,533
Accrued expenses	130,234	125,138
Current maturities of long-term debt	18,266	28,795
Total current liabilities	1,058,586	868,519
Long-term debt	2,352,127	2,353,145
Deferred income taxes	375,719	305,949
Other liabilities	18,330	21,811
Total liabilities	3,804,762	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; 265,006,573 and 265,003,133 shares issued; and 235,096,384 and 237,396,839 shares outstanding, as of June 30, 2018 and December 31, 2017, respectively	644	644
Treasury stock, at cost; 29,910,189 and 27,606,294 shares, as of June 30, 2018 and December 31, 2017 respectively	(779,088)	(665,297)
Additional paid-in capital	1,149,367	1,141,534
Retained earnings	3,376,163	2,874,693
Accumulated other comprehensive loss	(105)
Total Steel Dynamics, Inc. equity	3,746,981	3,351,574
Noncontrolling interests	(158,462)	(156,506)
Total equity	3,588,519	3,195,068
Total liabilities and equity	$ 7,504,521	$ 6,855,732

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 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)	265,006,573	265,003,133
Common stock voting, shares outstanding (in shares)	235,096,384	237,396,839
Treasury stock, shares (in shares)	29,910,189	27,606,294

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net sales
Unrelated parties	$ 3,083,822	$ 2,347,304	$ 5,681,134	$ 4,666,967
Related parties	6,703	43,416	13,266	91,969
Total net sales	3,090,525	2,390,720	5,694,400	4,758,936
Costs of goods sold	2,438,443	1,998,202	4,578,902	3,894,264
Gross profit	652,082	392,518	1,115,498	864,672
Selling, general and administrative expenses	101,031	98,433	207,462	201,366
Profit sharing	42,335	21,308	68,997	48,539
Amortization of intangible assets	6,829	7,424	13,755	14,848
Operating income	501,887	265,353	825,284	599,919
Interest expense, net of capitalized interest	31,512	33,869	63,408	67,842
Other income, net	(5,035)	(3,835)	(9,498)	(7,494)
Income before income taxes	475,410	235,319	771,374	539,571
Income tax expense	112,838	82,372	183,327	187,958
Net income	362,572	152,947	588,047	351,613
Net (income) loss attributable to noncontrolling interests	(123)	986	1,953	3,137
Net income attributable to Steel Dynamics, Inc.	$ 362,449	$ 153,933	$ 590,000	$ 354,750
Basic earnings per share attributable to Steel Dynamics, Inc. stockholders	$ 1.54	$ 0.64	$ 2.50	$ 1.47
Weighted average common shares outstanding - basic (in shares)	235,617	241,343	236,120	242,143
Diluted earnings per share attributable to Steel Dynamics, Inc. stockholders, including the effect of assumed conversions when dilutive (in dollars per share)	$ 1.53	$ 0.63	$ 2.49	$ 1.46
Weighted average common shares and share equivalents outstanding (in shares)	236,945	243,021	237,334	243,784
Dividends declared per share (in dollars per share)	$ 0.1875	$ 0.1550	$ 0.3750	$ 0.3100

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 362,572	$ 152,947	$ 588,047	$ 351,613
Other Comprehensive Income - net unrealized loss on cash flow hedging derivatives, net of income taxes of $33	(105)		(105)
Comprehensive Income	362,467	152,947	587,942	351,613
Comprehensive (income) loss attributable to noncontrolling interests	(123)	986	1,953	3,137
Comprehensive income attributable to Steel Dynamics, Inc.	$ 362,344	$ 153,933	$ 589,895	$ 354,750

CONSOLIDATED STATEMENT OF COMP6

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax	$ 33	$ 33

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Operating activities:
Net income	$ 362,572	$ 152,947	$ 588,047	$ 351,613
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	79,120	73,801	155,255	148,858
Equity-based compensation	8,041	6,380	20,882	17,683
Deferred income taxes	11,993	6,849	21,538	14,565
Other adjustments	(145)	(43)	(115)	(147)
Changes in certain assets and liabilities:
Accounts receivable	(163,465)	(3,746)	(282,283)	(157,110)
Inventories	(90,312)	(57,622)	(171,023)	(144,441)
Other assets	(630)	5,420	(735)	7,514
Accounts payable	48,919	(45,445)	115,251	88,364
Income taxes receivable/payable	22,579	(77,587)	86,541	18,732
Accrued expenses	47,361	20,056	(29,390)	(24,191)
Net cash provided by operating activities	326,033	81,010	503,968	321,440
Investing activities:
Purchases of property, plant and equipment	(55,203)	(43,274)	(105,809)	(84,951)
Purchase of short term investments	(50,000)		(90,000)
Acquisition of business, net of cash acquired	(396,409)		(396,409)
Other investing activities	657	2,387	886	29,305
Net cash used in investing activities	(500,955)	(40,887)	(591,332)	(55,646)
Financing activities:
Issuance of current and long-term debt	124,571	51,233	217,629	51,233
Repayment of current and long-term debt	(118,089)	(34,997)	(231,123)	(36,426)
Dividends paid	(44,268)	(37,527)	(81,065)	(71,657)
Purchases of treasury stock	(49,145)	(76,813)	(118,414)	(138,069)
Other financing activities	(3,144)		(8,324)	(3,532)
Net cash provided by (used in) financing activities	(90,075)	(98,104)	(221,297)	(198,451)
Increase (decrease) in cash and equivalents, and restricted cash	(264,997)	(57,981)	(308,661)	67,343
Cash and equivalents at beginning of period	991,421	973,429	1,035,085	848,105
Cash and equivalents at end of period	726,424	915,448	726,424	915,448
Supplemental disclosure information:
Cash paid for interest	53,226	53,976	61,855	66,625
Cash paid for income taxes, net	$ 79,995	$ 152,116	$ 78,950	$ 153,670

Description of the Business and

Description of the Business and Significant Accounting Policies	6 Months Ended
	Jun. 30, 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, Heartland Flat Roll Division (acquired June 29, 2018), 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 processing and coating lines. Steel operations accounted for 75% and 73% of the company’s consolidated external net sales during the three months ended June 30, 2018 and 2017 , respectively, and 75% and 73% during the six months ended June 30, 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 scrap management services. Metals recycling operations accounted for 14% of the company’s consolidated external net sales during the three months ended June 30, 2018 and 2017, and 14% and 15% during the six months ended June 30, 2018 and 2017, respectively . 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 7% of the company’s consolidated external net sales during the three and six months ended June 30, 2018, and 8% during the three and six months ended June 30, 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 .  Senior Secured Credit Facility  The company renewed its senior secured credit facility (Facility), which provides a $1.2 billion Revolver, in June 2018 , and extended the maturity to June 2023 . Subject to certain conditions, the company has the opportunity to increase the Revolver size by a minimum of $750.0 million. The Facility is guaranteed by certain of the company’s subsidiaries; and is secured by substantially all of the company’s and its wholly-owned subsidiaries’ receivables and inventories, and by pledges of all shares of the company’s wholly-owned subsidiaries’ capital stock or other equity interests, and intercompany debt held by the company as collateral. The Revolver is available to fund working capital, capital expenditures, and other general corporate purposes.  Note 1. Description of the Business and Significant Accounting Policies (Continued)  Goodwill . The company’s goodwill is allocated to the following reporting units at June 30, 2018 , and December 31, 2017 , (in thousands):    June 30, December 31,  2018 2017  Steel Operations Segment:  Columbus Flat Roll Division $ 19,682 $ 19,682  The Techs 142,783 142,783  Heartland Flat Roll Division 123,077 -  Vulcan Threaded Products 7,824 7,824  Roanoke Bar Division 29,041 29,041  Metals Recycling Operations Segment:  OmniSource 88,943 90,638  Indiana Steel Mills 95,000 95,000  Steel Fabrication Operations Segment 1,925 1,925  $ 508,275 $ 386,893  Heartland Flat Roll Division (Heartland) was acquired June 29, 2018 (refer to Note 2 Acquisition - Heartland ), resulting in a preliminary purchase price allocation in which $123.1 million of goodwill was recorded. OmniSource goodwill decreased $1.7 million from December 31, 2017 to June 30, 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 3 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 and six months ended June 30, 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 $6.0 million at June 30, 2018, $5.6 million at March 31, 2018, $6.4 million at December 31, 2017 , and $6.6 million at June 30 and March 31, 2017 , and December 31, 2016, 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 anticipates adopting ASU 2016-02 on January 1, 2019. The company is working through its adoption plan to evaluate the lease portfolio, systems, processes and policies to determine the impact of the adoption of the provisions of ASU 2016-02 to our financial statements and disclosures. However, the company expects that each of assets and liabilities will increase in the consolidated balance sheet, related to the company’s then existing operating leases.

Acquisition - Heartland

Acquisition - Heartland	6 Months Ended
	Jun. 30, 2018
Acquisition - Heartland
Acquisition - Heartland	Note 2. Acquisition - Heartland  On June 29, 2018, the company completed its acquisition of 100% of Heartland Steel Processing, LLC (formerly known as Companhia Siderurgica Nacional, LLC) (Heartland), for an initial cash purchase price of $396.4 million, subject to customary actual working capital transaction purchase price adjustments payable before year-end 2018. Located in Terre Haute, Indiana, Heartland produces various types of higher-margin, flat roll steel by further processing hot roll coils into pickle and oil, cold roll, and galvanized products. The acquisition will expand the company’s annual flat roll steel shipping capacity of lighter-gauge and greater width flat roll steel offerings that will broaden and diversify the company’s value-added product portfolio, and provide operational and logistics benefits to other nearby operations. Heartland’s post-acquisition operating results will be reflected in the company’s financial statements in the steel operations reporting segment. Note 2. Acquisition (Continued)  The aggregate purchase price was preliminarily allocated to the opening balance sheet of Heartland as of the June 29, 2018, acquisition date. The following initial allocation of the purchase price (in thousands) is preliminary based on the information available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed. The accounting for the acquisition has not yet been completed because the company has not finalized the valuations of the acquired assets, assumed liabilities and identifiable intangible assets, if any, including goodwill.     Current assets, net of cash acquired $ 127,005  Property, plant & equipment 266,891  Intangible assets and goodwill 123,077  Total assets acquired 516,973  Liabilities assumed 74,913  Net assets acquired $ 442,060  

Revenue from Contracts with Cus

Revenue from Contracts with Customers	6 Months Ended
	Jun. 30, 2018
Revenue From Contract With Customer [Abstract]
Revenue from Contracts with Customers	Note 3. 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 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 10 Segment Information , for disaggregated revenue by segment to external, external non-United States, and other segment customers.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2018
Earnings Per Share
Earnings Per Share	 Note 4. 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 or six months ended June 30, 2018 and 2017 . Note 4. Earnings Per Share (Continued)  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 six months ended June 30, 2018 and 2017 (in thousands, except per share data):    Three Months Ended June 30,  2018 2017  Net Income Shares Per Share Net Income Shares Per Share  (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount  Basic earnings per share $ 362,449 235,617 $ 1.54 $ 153,933 241,343 $ 0.64  Dilutive common share equivalents - 1,328 - 1,678  Diluted earnings per share $ 362,449 236,945 $ 1.53 $ 153,933 243,021 $ 0.63     Six Months Ended June 30,  2018 2017  Net Income Shares Per Share Net Income Shares Per Share  (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount  Basic earnings per share $ 590,000 236,120 $ 2.50 $ 354,750 242,143 $ 1.47  Dilutive common share equivalents - 1,214 - 1,641  Diluted earnings per share $ 590,000 237,334 $ 2.49 $ 354,750 243,784 $ 1.46 

Inventories

Inventories	6 Months Ended
	Jun. 30, 2018
Inventories
Inventories	Note 5. 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):    June 30, December 31,  2018 2017  Raw materials $ 833,430 $ 675,715  Supplies 407,902 374,515  Work in progress 190,722 128,565  Finished goods 355,055 340,552  Total inventories $ 1,787,109 $ 1,519,347  

Changes in Equity

Changes in Equity	6 Months Ended
	Jun. 30, 2018
Changes in Equity
Changes in Equity	Note 6. Changes in Equity  The following table provides a reconciliation of the beginning and ending carrying amounts of total equity, equity attributable to stockholders of Steel Dynamics, Inc., and equity and redeemable amounts attributable to noncontrolling interests (in thousands):    Stockholders of Steel Dynamics, Inc.  Accumulated  Additional Other Redeemable  Common Treasury Paid-In Retained Comprehensive Noncontrolling Total Noncontrolling  Stock Stock Capital Earnings Loss 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 - - - (88,349) - - (88,349) -  Noncontrolling investors, net - - - - - (3) (3) -  Share repurchases - (118,414) - - - - (118,414) -  Equity-based compensation - 4,623 7,833 (181) - - 12,275 -  Comprehensive income (loss) - - - 590,000 (105) (1,953) 587,942 -  Balances at June 30, 2018 $ 644 $ (779,088) $ 1,149,367 $ 3,376,163 $ (105) $ (158,462) $ 3,588,519 $ 111,240 

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2018
Derivative Financial Instruments
Derivative Financial Instruments	  Note 7. Derivative Financial Instruments  The company is exposed to certain risks relating to its ongoing business operations. The company utilizes derivative instruments to mitigate commodity margin risk, 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 and ferrous 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 June 30, 2018 :    Commodity Futures Long/Short Metric Tons  Aluminum Long 2,325  Aluminum Short 3,050  Copper Long 14,969  Copper Short 27,170   The following summarizes the location and amounts of the fair values reported on the company’s balance sheets as of June 30, 2018 , and December 31, 2017 , and gains and losses related to derivatives included in the company’s statement of income for the three and six months ended June 30, 2018 and 2017 (in thousands):     Asset Derivatives Liability Derivatives  Balance sheet Fair Value Fair Value  location June 30, 2018 December 31, 2017 June 30, 2018 December 31, 2017  Derivative instruments designated as hedges  Commodity futures Other current assets $ 6,594 $ 1,211 $ 829 $ 5,364   Derivative instruments not designated as hedges  Commodity futures Other current assets 2,499 1,579 1,868 5,142  Total derivative instruments $ 9,093 $ 2,790 $ 2,697 $ 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 $4.4 million at June 30, 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 June 30, June 30, fair value hedge related hedged June 30, June 30,  derivatives 2018 2017 relationships items 2018 2017  Derivatives in fair value  hedging relationships  Commodity futures Costs of goods sold $ 1,540 $ (3,398) Firm commitments Costs of goods sold $ (2,600) $ 2,167  Inventory Costs of goods sold (816) 1,014  Derivatives not designated $ (3,416) $ 3,181  as hedging instruments  Commodity futures Costs of goods sold $ 2,969 $ 2,384       Note 7. Derivative Financial Instruments (Continued)     Amount of gain (loss) recognized Location of gain Amount of gain (loss) recognized  Location of gain in income on derivatives (loss) recognized in income on related hedged items  (loss) recognized for the six months ended Hedged items in in income on for the six months ended  in income on June 30, June 30, fair value hedge on related June 30, June 30,  derivatives 2018 2017 relationships hedged items 2018 2017  Derivatives in fair value  hedging relationships  Commodity futures Costs of goods sold $ 10,056 $ (3,551) Firm commitments Costs of goods sold $ (3,393) $ 2,706  Inventory Costs of goods sold (3,412) 1,509  Derivatives not designated $ (6,805) $ 4,215  as hedging instruments  Commodity futures Costs of goods sold $ 5,720 $ (1,962)  Derivatives accounted for as fair value hedges had ineffectiveness resulting in losses of $117,000 and gains of $49,000 during the three-month periods ended June 30, 2018, and 2017, respectively; and losses of $16,000 and gains of $97,000 during the six-month periods ended June 30, 2018, and 2017, respectively. Losses excluded from hedge effectiveness testing of $1.8 million and $266,000 increased cost of goods sold during the three-month periods ended June 30, 2018, and 2017, respectively. Gains excluded from hedge effectiveness testing of $3.3 million and $567,000 decreased cost of goods sold during the six-month periods ended June 30, 2018, and 2017, respectively.  Derivatives accounted for as cash flow hedges resulted in $138,000 recognized in other comprehensive income for the three and six-month periods ended June 30, 2018. There were no reclassifications of gains or losses from accumulated other comprehensive income into income nor gains or losses recognized into income during the three-month periods ended June 30, 2018, and 2017 and the six-month periods ended June 30, 2018, and 2017. At June 30, 2018, the company expects to reclassify $138,000 of net losses on derivative instruments from accumulated other comprehensive income to earnings during the next 12 months due to the settlement of futures contracts.  

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2018
Fair Value Measurements
Fair Value Measurements	Note 8. Fair Value Measurements FASB accounting standards provide a comprehensive framework for measuring fair value and sets forth a definition of fair value and establishes a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable value inputs. Levels within the hierarchy are defined as follows:  · Level 1—Unadjusted quoted prices for identical assets and liabilities in active markets; · Level 2—Quoted prices for similar assets and liabilities in active markets (other than those included in Level 1) which are observable for the asset or liability, either directly or indirectly; and · Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.  The following table sets forth financial assets and liabilities measured at fair value on a recurring basis in the consolidated balance sheet and the respective levels to which the fair value measurements are classified within the fair value hierarchy as of June 30, 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)  June 30, 2018  Commodity futures – financial assets $ 9,093 $ - $ 9,093 $ -  Commodity futures – financial liabilities 2,697 - 2,697 -   December 31, 2017  Commodity futures – financial assets $ 2,790 $ - $ 2,790 $ -  Commodity futures – financial liabilities 10,506 - 10,506 -  Note 8. 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 June 30, 2018 and December 31, 2017 , respectively (with a corresponding carrying amount in the consolidated balance sheet of $2.4 billion at June 30, 2018 and December 31, 2017 ).

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies
Commitments and Contingencies	Note 9. 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	6 Months Ended
	Jun. 30, 2018
Segment Information
Segment Information	Note 10. 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 10. Segment Information (Continued)  The company’s segment results are as follows (in thousands):     Metals Steel  For the three months ended Steel Recycling Fabrication  June 30, 2018 Operations Operations Operations Other Eliminations Consolidated   Net Sales - disaggregated revenue  External $ 2,127,545 $ 347,784 $ 217,438 $ 122,956 $ - $ 2,815,723  External Non-U.S. 197,882 76,920 - - - 274,802  Other segments 110,261 459,391 458 124 (570,234) -  2,435,688 884,095 217,896 123,080 (570,234) 3,090,525  Operating income (loss) 533,494 22,638 14,144 (63,618) (1) (4,771) (2) 501,887  Income (loss) before income taxes 516,399 20,965 12,640 (69,828) (4,766) 475,410  Depreciation and amortization 61,769 11,553 2,946 2,852 - 79,120  Capital expenditures 42,008 8,947 2,054 2,194 - 55,203   As of June 30, 2018  Assets $ 5,124,897 $ 1,025,875 $ 423,406 $ 1,040,893 (3) $ (110,550) (4) $ 7,504,521      Footnotes related to the three months ended June 30, 2018, segment results (in millions):   (1) Corporate SG&A $ (14.5) (2) Gross profit decrease from intra-company sales $ (4.8)  Company-wide equity-based compensation (8.5)  Profit sharing (40.6)  Other, net -  $ (63.6)   (3) Cash and equivalents $ 710.4 (4) Elimination of intra-company receivables $ (74.8)  Short term investments 75.0 Elimination of intra-company debt (18.7)  Inventories 31.6 Other (17.1)  Property, plant and equipment, net 161.2 $ (110.6)  Intra-company debt 18.7  Other 44.0  $ 1,040.9 Note 10. Segment Information (Continued)     Metals Steel  For the three months ended Steel Recycling Fabrication  June 30, 2017 Operations Operations Operations Other Eliminations Consolidated   Net Sales - disaggregated revenue  External $ 1,690,973 $ 298,457 $ 197,834 $ 91,083 $ - $ 2,278,347  External Non-U.S. 67,269 45,072 32 - - 112,373  Other segments 63,710 350,487 143 615 (414,955) -  1,821,952 694,016 198,009 91,698 (414,955) 2,390,720  Operating income (loss) 269,929 16,495 20,147 (43,110) (1) 1,892 (2) 265,353  Income (loss) before income taxes 248,562 14,582 18,633 (48,350) 1,892 235,319  Depreciation and amortization 56,150 11,993 2,906 2,752 - 73,801  Capital expenditures 36,707 3,174 3,073 320 - 43,274      Footnotes related to the three months ended June 30, 2017, segment results (in millions):   (1) Corporate SG&A $ (13.4) (2) Gross profit increase from intra-company sales $ 1.9  Company-wide equity-based compensation (7.1)  Profit sharing (20.1)  Other, net (2.5)  $ (43.1)      Metals Steel  For the six months ended Steel Recycling Fabrication  June 30, 2018 Operations Operations Operations Other Eliminations Consolidated   Net Sales - disaggregated revenue  External $ 3,959,848 $ 677,656 $ 418,875 $ 215,427 $ - $ 5,271,806  External Non-U.S. 287,368 135,170 56 - - 422,594  Other segments 170,246 824,035 668 271 (995,220) -  4,417,462 1,636,861 419,599 215,698 (995,220) 5,694,400  Operating income (loss) 868,056 47,353 33,935 (119,024) (1) (5,036) (2) 825,284  Income (loss) before income taxes 832,204 43,970 31,097 (130,861) (5,036) 771,374  Depreciation and amortization 120,910 23,111 5,844 5,390 - 155,255  Capital expenditures 80,410 15,893 4,131 5,375 - 105,809      Footnotes related to the six months ended June 30, 2018, segment results (in millions):   (1) Corporate SG&A $ (30.2) (2) Gross profit decrease from intra-company sales $ (5.0)  Company-wide equity-based compensation (17.0)  Profit sharing (66.2)  Other, net (5.6)  $ (119.0)      Note 10. Segment Information (Continued)      Metals Steel  For the six months ended Steel Recycling Fabrication  June 30, 2017 Operations Operations Operations Other Eliminations Consolidated   Net Sales - disaggregated revenue  External $ 3,324,603 $ 609,408 $ 391,869 $ 180,034 $ - $ 4,505,914  External Non-U.S. 154,972 97,957 93 - - 253,022  Other segments 118,053 706,788 155 949 (825,945) -  3,597,628 1,414,153 392,117 180,983 (825,945) 4,758,936  Operating income (loss) 618,461 34,344 43,873 (97,080) (1) 321 (2) 599,919  Income (loss) before income taxes 575,326 30,654 40,972 (107,702) 321 539,571  Depreciation and amortization 112,481 25,028 5,877 5,472 - 148,858  Capital expenditures 70,285 9,950 4,224 492 - 84,951      Footnotes related to the six months ended June 30, 2017, segment results (in millions):   (1) Corporate SG&A $ (25.8) (2) Gross profit increase from intra-company sales $ 0.3  Company-wide equity-based compensation (16.7)  Profit sharing (46.6)  Other, net (8.0)  $ (97.1)  

Condensed Consolidating Informa

Condensed Consolidating Information	6 Months Ended
	Jun. 30, 2018
Condensed Consolidating Information Disclosure Abstract
Condensed Consolidating Information	Note 11. 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 June 30, 2018 Parent Guarantors Non-Guarantors Adjustments Consolidated  Cash and equivalents $ 708,920 $ 5,665 $ 5,860 $ - $ 720,445  Short term investments 75,000 15,000 - - 90,000  Accounts receivable, net 384,970 1,669,178 32,324 (906,289) 1,180,183  Inventories 743,750 1,012,791 41,504 (10,936) 1,787,109  Other current assets 22,296 18,951 4,046 (5,366) 39,927  Total current assets 1,934,936 2,721,585 83,734 (922,591) 3,817,664  Property, plant and equipment, net 856,914 1,891,001 161,118 - 2,909,033  Intangible assets, net - 243,154 - - 243,154  Goodwill - 508,275 - - 508,275  Other assets, including investments in subs 2,998,695 6,442 5,479 (2,984,221) 26,395  Total assets $ 5,790,545 $ 5,370,457 $ 250,331 $ (3,906,812) $ 7,504,521   Accounts payable $ 241,107 $ 420,996 $ 89,257 $ (75,559) $ 675,801  Accrued expenses 238,141 264,267 8,222 (146,111) 364,519  Current maturities of long-term debt 761 1,320 49,879 (33,694) 18,266  Total current liabilities 480,009 686,583 147,358 (255,364) 1,058,586  Long-term debt 2,325,663 964 165,230 (139,730) 2,352,127  Other liabilities (762,108) 764,761 33,898 357,498 394,049  Total liabilities 2,043,564 1,452,308 346,486 (37,596) 3,804,762   Redeemable noncontrolling interests - - 111,240 - 111,240   Common stock 644 1,727,859 15,016 (1,742,875) 644  Treasury stock (779,088) - - - (779,088)  Additional paid-in-capital 1,149,367 690,735 689,502 (1,380,237) 1,149,367  Retained earnings (deficit) 3,376,163 1,499,555 (753,451) (746,104) 3,376,163  Accumulated other comprehensive loss (105) - - - (105)  Total Steel Dynamics, Inc. equity 3,746,981 3,918,149 (48,933) (3,869,216) 3,746,981  Noncontrolling interests - - (158,462) - (158,462)  Total equity 3,746,981 3,918,149 (207,395) (3,869,216) 3,588,519  Total liabilities and equity $ 5,790,545 $ 5,370,457 $ 250,331 $ (3,906,812) $ 7,504,521  Note 11. 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 11. Condensed Consolidating Information (Continued)     Condensed Consolidating Statements of Operations (in thousands)   For the three months ended, Combined Consolidating Total  June 30, 2018 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 1,294,096 $ 3,405,216 $ 156,308 $ (1,765,095) $ 3,090,525  Costs of goods sold 970,636 3,038,284 153,104 (1,723,581) 2,438,443  Gross profit 323,460 366,932 3,204 (41,514) 652,082  Selling, general and administrative 77,088 75,923 2,400 (5,216) 150,195  Operating income 246,372 291,009 804 (36,298) 501,887  Interest expense, net of capitalized interest 19,386 11,593 3,089 (2,556) 31,512  Other income, net (5,975) (1,595) (13) 2,548 (5,035)  Income (loss) before income taxes and  equity in net income of subsidiaries 232,961 281,011 (2,272) (36,290) 475,410  Income taxes (benefit) 51,738 69,910 (101) (8,709) 112,838  181,223 211,101 (2,171) (27,581) 362,572  Equity in net income of subsidiaries 181,226 - - (181,226) -  Net income attributable to noncontrolling interests - - (123) - (123)  Net income (loss) attributable to Steel Dynamics, Inc. $ 362,449 $ 211,101 $ (2,294) $ (208,807) $ 362,449      For the three months ended, Combined Consolidating Total  June 30, 2017 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 926,855 $ 2,614,676 $ 144,938 $ (1,295,749) $ 2,390,720  Costs of goods sold 767,047 2,362,604 137,052 (1,268,501) 1,998,202  Gross profit 159,808 252,072 7,886 (27,248) 392,518  Selling, general and administrative 50,942 75,720 5,304 (4,801) 127,165  Operating income 108,866 176,352 2,582 (22,447) 265,353  Interest expense, net of capitalized interest 18,441 14,641 3,047 (2,260) 33,869  Other income, net (3,869) (2,146) (79) 2,259 (3,835)  Income (loss) before income taxes and  equity in net income of subsidiaries 94,294 163,857 (386) (22,446) 235,319  Income taxes 29,142 59,397 1,692 (7,859) 82,372  65,152 104,460 (2,078) (14,587) 152,947  Equity in net income of subsidiaries 88,781 - - (88,781) -  Net loss attributable to noncontrolling interests - - 986 - 986  Net income (loss) attributable to Steel Dynamics, Inc. $ 153,933 $ 104,460 $ (1,092) $ (103,368) $ 153,933 Note 11. Condensed Consolidating Information (Continued)     For the six months ended, Combined Consolidating Total  June 30, 2018 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 2,330,770 $ 6,263,935 $ 273,305 $ (3,173,610) $ 5,694,400  Costs of goods sold 1,789,781 5,620,035 271,602 (3,102,516) 4,578,902  Gross profit 540,989 643,900 1,703 (71,094) 1,115,498  Selling, general and administrative 140,015 155,295 5,576 (10,672) 290,214  Operating income (loss) 400,974 488,605 (3,873) (60,422) 825,284  Interest expense, net of capitalized interest 38,009 24,304 6,355 (5,260) 63,408  Other income, net (11,178) (3,320) (259) 5,259 (9,498)  Income (loss) before income taxes and  equity in net income of subsidiaries 374,143 467,621 (9,969) (60,421) 771,374  Income taxes 81,484 116,328 110 (14,595) 183,327  292,659 351,293 (10,079) (45,826) 588,047  Equity in net income of subsidiaries 297,341 - - (297,341) -  Net loss attributable to noncontrolling interests - - 1,953 - 1,953  Net income (loss) attributable to Steel Dynamics, Inc. $ 590,000 $ 351,293 $ (8,126) $ (343,167) $ 590,000      For the six months ended, Combined Consolidating Total  June 30, 2017 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 1,851,421 $ 5,186,914 $ 288,346 $ (2,567,745) $ 4,758,936  Costs of goods sold 1,478,626 4,652,268 275,093 (2,511,723) 3,894,264  Gross profit 372,795 534,646 13,253 (56,022) 864,672  Selling, general and administrative 112,597 152,002 10,357 (10,203) 264,753  Operating income 260,198 382,644 2,896 (45,819) 599,919  Interest expense, net of capitalized interest 36,522 29,764 6,313 (4,757) 67,842  Other income, net (7,123) (4,813) (315) 4,757 (7,494)  Income (loss) before income taxes and  equity in net income of subsidiaries 230,799 357,693 (3,102) (45,819) 539,571  Income taxes 70,727 129,708 3,482 (15,959) 187,958  160,072 227,985 (6,584) (29,860) 351,613  Equity in net income of subsidiaries 194,678 - - (194,678) -  Net loss attributable to noncontrolling interests 3,137 3,137  Net income (loss) attributable to Steel Dynamics, Inc. $ 354,750 $ 227,985 $ (3,447) $ (224,538) $ 354,750  Note 11. Condensed Consolidating Information (Continued)       Condensed Consolidating Statements of Cash Flows (in thousands)   For the six months ended, Combined Consolidating Total  June 30, 2018 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net cash provided by operating activities $ 190,271 $ 300,720 $ 190 $ 12,787 $ 503,968  Net cash used in investing activities (528,618) (59,728) (4,901) 1,915 (591,332)  Net cash provided by (used in) financing activities 45,037 (255,401) 3,769 (14,702) (221,297)  Decrease in cash, cash equivalents and restricted cash (293,310) (14,409) (942) - (308,661)  Cash, cash equivalents, and restricted cash at beginning of  period 1,002,230 20,748 12,107 - 1,035,085  Cash, cash equivalents, and restricted cash at end of period $ 708,920 $ 6,339 $ 11,165 $ - $ 726,424       For the six months ended, Combined Consolidating Total  June 30, 2017 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net cash provided by (used in) operating activities $ 60,900 $ 279,513 $ (20,088) $ 1,115 $ 321,440  Net cash used in investing activities (33,305) (22,599) (503) 761 (55,646)  Net cash provided by (used in) financing activities 64,017 (268,175) 7,583 (1,876) (198,451)  Increase (decrease) in cash, cash equivalents and restricted cash 91,612 (11,261) (13,008) - 67,343  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 $ 859,206 $ 43,598 $ 12,644 $ - $ 915,448  

Description of the Business a19

Description of the Business and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 June 30, 2018 , and December 31, 2017 , (in thousands):    June 30, December 31,  2018 2017  Steel Operations Segment:  Columbus Flat Roll Division $ 19,682 $ 19,682  The Techs 142,783 142,783  Heartland Flat Roll Division 123,077 -  Vulcan Threaded Products 7,824 7,824  Roanoke Bar Division 29,041 29,041  Metals Recycling Operations Segment:  OmniSource 88,943 90,638  Indiana Steel Mills 95,000 95,000  Steel Fabrication Operations Segment 1,925 1,925  $ 508,275 $ 386,893  Heartland Flat Roll Division (Heartland) was acquired June 29, 2018 (refer to Note 2 Acquisition - Heartland ), resulting in a preliminary purchase price allocation in which $123.1 million of goodwill was recorded. OmniSource goodwill decreased $1.7 million from December 31, 2017 to June 30, 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.
Senior Secured Credit Facility	Senior Secured Credit Facility  The company renewed its senior secured credit facility (Facility), which provides a $1.2 billion Revolver, in June 2018 , and extended the maturity to June 2023 . Subject to certain conditions, the company has the opportunity to increase the Revolver size by a minimum of $750.0 million. The Facility is guaranteed by certain of the company’s subsidiaries; and is secured by substantially all of the company’s and its wholly-owned subsidiaries’ receivables and inventories, and by pledges of all shares of the company’s wholly-owned subsidiaries’ capital stock or other equity interests, and intercompany debt held by the company as collateral. The Revolver is available to fund working capital, capital expenditures, and other general corporate purposes.

Description of the Business a20

Description of the Business and Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2018
Description of the Business and Significant Accounting Policies
Schedule of Goodwill	The company’s goodwill is allocated to the following reporting units at June 30, 2018 , and December 31, 2017 , (in thousands):    June 30, December 31,  2018 2017  Steel Operations Segment:  Columbus Flat Roll Division $ 19,682 $ 19,682  The Techs 142,783 142,783  Heartland Flat Roll Division 123,077 -  Vulcan Threaded Products 7,824 7,824  Roanoke Bar Division 29,041 29,041  Metals Recycling Operations Segment:  OmniSource 88,943 90,638  Indiana Steel Mills 95,000 95,000  Steel Fabrication Operations Segment 1,925 1,925  $ 508,275 $ 386,893 

Acquisition - Heartland (Tables

Acquisition - Heartland (Tables)	6 Months Ended
	Jun. 30, 2018
Acquisition - Heartland
Schedule of Assets Acquired and Liabilities Assumed	The aggregate purchase price was preliminarily allocated to the opening balance sheet of Heartland as of the June 29, 2018, acquisition date. The following initial allocation of the purchase price (in thousands) is preliminary based on the information available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed. The accounting for the acquisition has not yet been completed because the company has not finalized the valuations of the acquired assets, assumed liabilities and identifiable intangible assets, if any, including goodwill.     Current assets, net of cash acquired $ 127,005  Property, plant & equipment 266,891  Intangible assets and goodwill 123,077  Total assets acquired 516,973  Liabilities assumed 74,913  Net assets acquired $ 442,060 

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2018 and 2017 (in thousands, except per share data):    Three Months Ended June 30,  2018 2017  Net Income Shares Per Share Net Income Shares Per Share  (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount  Basic earnings per share $ 362,449 235,617 $ 1.54 $ 153,933 241,343 $ 0.64  Dilutive common share equivalents - 1,328 - 1,678  Diluted earnings per share $ 362,449 236,945 $ 1.53 $ 153,933 243,021 $ 0.63     Six Months Ended June 30,  2018 2017  Net Income Shares Per Share Net Income Shares Per Share  (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount  Basic earnings per share $ 590,000 236,120 $ 2.50 $ 354,750 242,143 $ 1.47  Dilutive common share equivalents - 1,214 - 1,641  Diluted earnings per share $ 590,000 237,334 $ 2.49 $ 354,750 243,784 $ 1.46 

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 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):    June 30, December 31,  2018 2017  Raw materials $ 833,430 $ 675,715  Supplies 407,902 374,515  Work in progress 190,722 128,565  Finished goods 355,055 340,552  Total inventories $ 1,787,109 $ 1,519,347 

Changes in Equity (Tables)

Changes in Equity (Tables)	6 Months Ended
	Jun. 30, 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.  Accumulated  Additional Other Redeemable  Common Treasury Paid-In Retained Comprehensive Noncontrolling Total Noncontrolling  Stock Stock Capital Earnings Loss 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 - - - (88,349) - - (88,349) -  Noncontrolling investors, net - - - - - (3) (3) -  Share repurchases - (118,414) - - - - (118,414) -  Equity-based compensation - 4,623 7,833 (181) - - 12,275 -  Comprehensive income (loss) - - - 590,000 (105) (1,953) 587,942 -  Balances at June 30, 2018 $ 644 $ (779,088) $ 1,149,367 $ 3,376,163 $ (105) $ (158,462) $ 3,588,519 $ 111,240 

Derivative Financial Instrume25

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2018
Derivative Financial Instruments
Schedule of Notional Amounts of Outstanding Derivative Positions	. The following summarizes the company’s futures contract commitments as of June 30, 2018 :    Commodity Futures Long/Short Metric Tons  Aluminum Long 2,325  Aluminum Short 3,050  Copper Long 14,969  Copper Short 27,170  
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 June 30, 2018 , and December 31, 2017 , and gains and losses related to derivatives included in the company’s statement of income for the three and six months ended June 30, 2018 and 2017 (in thousands):     Asset Derivatives Liability Derivatives  Balance sheet Fair Value Fair Value  location June 30, 2018 December 31, 2017 June 30, 2018 December 31, 2017  Derivative instruments designated as hedges  Commodity futures Other current assets $ 6,594 $ 1,211 $ 829 $ 5,364   Derivative instruments not designated as hedges  Commodity futures Other current assets 2,499 1,579 1,868 5,142  Total derivative instruments $ 9,093 $ 2,790 $ 2,697 $ 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 $4.4 million at June 30, 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 June 30, June 30, fair value hedge related hedged June 30, June 30,  derivatives 2018 2017 relationships items 2018 2017  Derivatives in fair value  hedging relationships  Commodity futures Costs of goods sold $ 1,540 $ (3,398) Firm commitments Costs of goods sold $ (2,600) $ 2,167  Inventory Costs of goods sold (816) 1,014  Derivatives not designated $ (3,416) $ 3,181  as hedging instruments  Commodity futures Costs of goods sold $ 2,969 $ 2,384       Note 7. Derivative Financial Instruments (Continued)     Amount of gain (loss) recognized Location of gain Amount of gain (loss) recognized  Location of gain in income on derivatives (loss) recognized in income on related hedged items  (loss) recognized for the six months ended Hedged items in in income on for the six months ended  in income on June 30, June 30, fair value hedge on related June 30, June 30,  derivatives 2018 2017 relationships hedged items 2018 2017  Derivatives in fair value  hedging relationships  Commodity futures Costs of goods sold $ 10,056 $ (3,551) Firm commitments Costs of goods sold $ (3,393) $ 2,706  Inventory Costs of goods sold (3,412) 1,509  Derivatives not designated $ (6,805) $ 4,215  as hedging instruments  Commodity futures Costs of goods sold $ 5,720 $ (1,962) 

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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)  June 30, 2018  Commodity futures – financial assets $ 9,093 $ - $ 9,093 $ -  Commodity futures – financial liabilities 2,697 - 2,697 -   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)	6 Months Ended
	Jun. 30, 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  June 30, 2018 Operations Operations Operations Other Eliminations Consolidated   Net Sales - disaggregated revenue  External $ 2,127,545 $ 347,784 $ 217,438 $ 122,956 $ - $ 2,815,723  External Non-U.S. 197,882 76,920 - - - 274,802  Other segments 110,261 459,391 458 124 (570,234) -  2,435,688 884,095 217,896 123,080 (570,234) 3,090,525  Operating income (loss) 533,494 22,638 14,144 (63,618) (1) (4,771) (2) 501,887  Income (loss) before income taxes 516,399 20,965 12,640 (69,828) (4,766) 475,410  Depreciation and amortization 61,769 11,553 2,946 2,852 - 79,120  Capital expenditures 42,008 8,947 2,054 2,194 - 55,203   As of June 30, 2018  Assets $ 5,124,897 $ 1,025,875 $ 423,406 $ 1,040,893 (3) $ (110,550) (4) $ 7,504,521      Footnotes related to the three months ended June 30, 2018, segment results (in millions):   (1) Corporate SG&A $ (14.5) (2) Gross profit decrease from intra-company sales $ (4.8)  Company-wide equity-based compensation (8.5)  Profit sharing (40.6)  Other, net -  $ (63.6)   (3) Cash and equivalents $ 710.4 (4) Elimination of intra-company receivables $ (74.8)  Short term investments 75.0 Elimination of intra-company debt (18.7)  Inventories 31.6 Other (17.1)  Property, plant and equipment, net 161.2 $ (110.6)  Intra-company debt 18.7  Other 44.0  $ 1,040.9 Note 10. Segment Information (Continued)     Metals Steel  For the three months ended Steel Recycling Fabrication  June 30, 2017 Operations Operations Operations Other Eliminations Consolidated   Net Sales - disaggregated revenue  External $ 1,690,973 $ 298,457 $ 197,834 $ 91,083 $ - $ 2,278,347  External Non-U.S. 67,269 45,072 32 - - 112,373  Other segments 63,710 350,487 143 615 (414,955) -  1,821,952 694,016 198,009 91,698 (414,955) 2,390,720  Operating income (loss) 269,929 16,495 20,147 (43,110) (1) 1,892 (2) 265,353  Income (loss) before income taxes 248,562 14,582 18,633 (48,350) 1,892 235,319  Depreciation and amortization 56,150 11,993 2,906 2,752 - 73,801  Capital expenditures 36,707 3,174 3,073 320 - 43,274      Footnotes related to the three months ended June 30, 2017, segment results (in millions):   (1) Corporate SG&A $ (13.4) (2) Gross profit increase from intra-company sales $ 1.9  Company-wide equity-based compensation (7.1)  Profit sharing (20.1)  Other, net (2.5)  $ (43.1)      Metals Steel  For the six months ended Steel Recycling Fabrication  June 30, 2018 Operations Operations Operations Other Eliminations Consolidated   Net Sales - disaggregated revenue  External $ 3,959,848 $ 677,656 $ 418,875 $ 215,427 $ - $ 5,271,806  External Non-U.S. 287,368 135,170 56 - - 422,594  Other segments 170,246 824,035 668 271 (995,220) -  4,417,462 1,636,861 419,599 215,698 (995,220) 5,694,400  Operating income (loss) 868,056 47,353 33,935 (119,024) (1) (5,036) (2) 825,284  Income (loss) before income taxes 832,204 43,970 31,097 (130,861) (5,036) 771,374  Depreciation and amortization 120,910 23,111 5,844 5,390 - 155,255  Capital expenditures 80,410 15,893 4,131 5,375 - 105,809      Footnotes related to the six months ended June 30, 2018, segment results (in millions):   (1) Corporate SG&A $ (30.2) (2) Gross profit decrease from intra-company sales $ (5.0)  Company-wide equity-based compensation (17.0)  Profit sharing (66.2)  Other, net (5.6)  $ (119.0)      Note 10. Segment Information (Continued)      Metals Steel  For the six months ended Steel Recycling Fabrication  June 30, 2017 Operations Operations Operations Other Eliminations Consolidated   Net Sales - disaggregated revenue  External $ 3,324,603 $ 609,408 $ 391,869 $ 180,034 $ - $ 4,505,914  External Non-U.S. 154,972 97,957 93 - - 253,022  Other segments 118,053 706,788 155 949 (825,945) -  3,597,628 1,414,153 392,117 180,983 (825,945) 4,758,936  Operating income (loss) 618,461 34,344 43,873 (97,080) (1) 321 (2) 599,919  Income (loss) before income taxes 575,326 30,654 40,972 (107,702) 321 539,571  Depreciation and amortization 112,481 25,028 5,877 5,472 - 148,858  Capital expenditures 70,285 9,950 4,224 492 - 84,951      Footnotes related to the six months ended June 30, 2017, segment results (in millions):   (1) Corporate SG&A $ (25.8) (2) Gross profit increase from intra-company sales $ 0.3  Company-wide equity-based compensation (16.7)  Profit sharing (46.6)  Other, net (8.0)  $ (97.1) 

Condensed Consolidating Infor28

Condensed Consolidating Information (Tables)	6 Months Ended
	Jun. 30, 2018
Condensed Consolidating Information Disclosure Abstract
Schedule of Condensed Consolidating Balance Sheets	    Condensed Consolidating Balance Sheets (in thousands)  Combined Consolidating Total  As of June 30, 2018 Parent Guarantors Non-Guarantors Adjustments Consolidated  Cash and equivalents $ 708,920 $ 5,665 $ 5,860 $ - $ 720,445  Short term investments 75,000 15,000 - - 90,000  Accounts receivable, net 384,970 1,669,178 32,324 (906,289) 1,180,183  Inventories 743,750 1,012,791 41,504 (10,936) 1,787,109  Other current assets 22,296 18,951 4,046 (5,366) 39,927  Total current assets 1,934,936 2,721,585 83,734 (922,591) 3,817,664  Property, plant and equipment, net 856,914 1,891,001 161,118 - 2,909,033  Intangible assets, net - 243,154 - - 243,154  Goodwill - 508,275 - - 508,275  Other assets, including investments in subs 2,998,695 6,442 5,479 (2,984,221) 26,395  Total assets $ 5,790,545 $ 5,370,457 $ 250,331 $ (3,906,812) $ 7,504,521   Accounts payable $ 241,107 $ 420,996 $ 89,257 $ (75,559) $ 675,801  Accrued expenses 238,141 264,267 8,222 (146,111) 364,519  Current maturities of long-term debt 761 1,320 49,879 (33,694) 18,266  Total current liabilities 480,009 686,583 147,358 (255,364) 1,058,586  Long-term debt 2,325,663 964 165,230 (139,730) 2,352,127  Other liabilities (762,108) 764,761 33,898 357,498 394,049  Total liabilities 2,043,564 1,452,308 346,486 (37,596) 3,804,762   Redeemable noncontrolling interests - - 111,240 - 111,240   Common stock 644 1,727,859 15,016 (1,742,875) 644  Treasury stock (779,088) - - - (779,088)  Additional paid-in-capital 1,149,367 690,735 689,502 (1,380,237) 1,149,367  Retained earnings (deficit) 3,376,163 1,499,555 (753,451) (746,104) 3,376,163  Accumulated other comprehensive loss (105) - - - (105)  Total Steel Dynamics, Inc. equity 3,746,981 3,918,149 (48,933) (3,869,216) 3,746,981  Noncontrolling interests - - (158,462) - (158,462)  Total equity 3,746,981 3,918,149 (207,395) (3,869,216) 3,588,519  Total liabilities and equity $ 5,790,545 $ 5,370,457 $ 250,331 $ (3,906,812) $ 7,504,521  Note 11. 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  June 30, 2018 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 1,294,096 $ 3,405,216 $ 156,308 $ (1,765,095) $ 3,090,525  Costs of goods sold 970,636 3,038,284 153,104 (1,723,581) 2,438,443  Gross profit 323,460 366,932 3,204 (41,514) 652,082  Selling, general and administrative 77,088 75,923 2,400 (5,216) 150,195  Operating income 246,372 291,009 804 (36,298) 501,887  Interest expense, net of capitalized interest 19,386 11,593 3,089 (2,556) 31,512  Other income, net (5,975) (1,595) (13) 2,548 (5,035)  Income (loss) before income taxes and  equity in net income of subsidiaries 232,961 281,011 (2,272) (36,290) 475,410  Income taxes (benefit) 51,738 69,910 (101) (8,709) 112,838  181,223 211,101 (2,171) (27,581) 362,572  Equity in net income of subsidiaries 181,226 - - (181,226) -  Net income attributable to noncontrolling interests - - (123) - (123)  Net income (loss) attributable to Steel Dynamics, Inc. $ 362,449 $ 211,101 $ (2,294) $ (208,807) $ 362,449      For the three months ended, Combined Consolidating Total  June 30, 2017 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 926,855 $ 2,614,676 $ 144,938 $ (1,295,749) $ 2,390,720  Costs of goods sold 767,047 2,362,604 137,052 (1,268,501) 1,998,202  Gross profit 159,808 252,072 7,886 (27,248) 392,518  Selling, general and administrative 50,942 75,720 5,304 (4,801) 127,165  Operating income 108,866 176,352 2,582 (22,447) 265,353  Interest expense, net of capitalized interest 18,441 14,641 3,047 (2,260) 33,869  Other income, net (3,869) (2,146) (79) 2,259 (3,835)  Income (loss) before income taxes and  equity in net income of subsidiaries 94,294 163,857 (386) (22,446) 235,319  Income taxes 29,142 59,397 1,692 (7,859) 82,372  65,152 104,460 (2,078) (14,587) 152,947  Equity in net income of subsidiaries 88,781 - - (88,781) -  Net loss attributable to noncontrolling interests - - 986 - 986  Net income (loss) attributable to Steel Dynamics, Inc. $ 153,933 $ 104,460 $ (1,092) $ (103,368) $ 153,933 Note 11. Condensed Consolidating Information (Continued)     For the six months ended, Combined Consolidating Total  June 30, 2018 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 2,330,770 $ 6,263,935 $ 273,305 $ (3,173,610) $ 5,694,400  Costs of goods sold 1,789,781 5,620,035 271,602 (3,102,516) 4,578,902  Gross profit 540,989 643,900 1,703 (71,094) 1,115,498  Selling, general and administrative 140,015 155,295 5,576 (10,672) 290,214  Operating income (loss) 400,974 488,605 (3,873) (60,422) 825,284  Interest expense, net of capitalized interest 38,009 24,304 6,355 (5,260) 63,408  Other income, net (11,178) (3,320) (259) 5,259 (9,498)  Income (loss) before income taxes and  equity in net income of subsidiaries 374,143 467,621 (9,969) (60,421) 771,374  Income taxes 81,484 116,328 110 (14,595) 183,327  292,659 351,293 (10,079) (45,826) 588,047  Equity in net income of subsidiaries 297,341 - - (297,341) -  Net loss attributable to noncontrolling interests - - 1,953 - 1,953  Net income (loss) attributable to Steel Dynamics, Inc. $ 590,000 $ 351,293 $ (8,126) $ (343,167) $ 590,000      For the six months ended, Combined Consolidating Total  June 30, 2017 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 1,851,421 $ 5,186,914 $ 288,346 $ (2,567,745) $ 4,758,936  Costs of goods sold 1,478,626 4,652,268 275,093 (2,511,723) 3,894,264  Gross profit 372,795 534,646 13,253 (56,022) 864,672  Selling, general and administrative 112,597 152,002 10,357 (10,203) 264,753  Operating income 260,198 382,644 2,896 (45,819) 599,919  Interest expense, net of capitalized interest 36,522 29,764 6,313 (4,757) 67,842  Other income, net (7,123) (4,813) (315) 4,757 (7,494)  Income (loss) before income taxes and  equity in net income of subsidiaries 230,799 357,693 (3,102) (45,819) 539,571  Income taxes 70,727 129,708 3,482 (15,959) 187,958  160,072 227,985 (6,584) (29,860) 351,613  Equity in net income of subsidiaries 194,678 - - (194,678) -  Net loss attributable to noncontrolling interests 3,137 3,137  Net income (loss) attributable to Steel Dynamics, Inc. $ 354,750 $ 227,985 $ (3,447) $ (224,538) $ 354,750  Note 11. Condensed Consolidating Information (Continued)   
Schedule of Condensed Consolidating Statements of Cash Flows	  Condensed Consolidating Statements of Cash Flows (in thousands)   For the six months ended, Combined Consolidating Total  June 30, 2018 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net cash provided by operating activities $ 190,271 $ 300,720 $ 190 $ 12,787 $ 503,968  Net cash used in investing activities (528,618) (59,728) (4,901) 1,915 (591,332)  Net cash provided by (used in) financing activities 45,037 (255,401) 3,769 (14,702) (221,297)  Decrease in cash, cash equivalents and restricted cash (293,310) (14,409) (942) - (308,661)  Cash, cash equivalents, and restricted cash at beginning of  period 1,002,230 20,748 12,107 - 1,035,085  Cash, cash equivalents, and restricted cash at end of period $ 708,920 $ 6,339 $ 11,165 $ - $ 726,424       For the six months ended, Combined Consolidating Total  June 30, 2017 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net cash provided by (used in) operating activities $ 60,900 $ 279,513 $ (20,088) $ 1,115 $ 321,440  Net cash used in investing activities (33,305) (22,599) (503) 761 (55,646)  Net cash provided by (used in) financing activities 64,017 (268,175) 7,583 (1,876) (198,451)  Increase (decrease) in cash, cash equivalents and restricted cash 91,612 (11,261) (13,008) - 67,343  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 $ 859,206 $ 43,598 $ 12,644 $ - $ 915,448 

Description of the Business a29

Description of the Business and Significant Accounting Policies (Segments) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Steel Operations
Segment Reporting Information
Percentage of external net sales	75.00%	73.00%	75.00%	73.00%
Metals Recycling Operations
Segment Reporting Information
Percentage of external net sales	14.00%	14.00%	14.00%	15.00%
Steel Fabrication Operations
Segment Reporting Information
Percentage of external net sales	7.00%	8.00%	7.00%	8.00%

Description of the Business a30

Description of the Business and Significant Accounting Policies (Senior Secured Credit Facility) (Details) - Senior Secured Credit Facility [Member] $ in Millions	6 Months Ended
	Jun. 30, 2018USD ($)
Line of Credit Facility, Current Borrowing Capacity	$ 1,200
Maturity date	Jun. 1, 2023
Line of Credit Facility, Option To Increase Revolver Size, Minimum	$ 750

Description of the Business a31

Description of the Business and Significant Accounting Policies (Goodwill) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Goodwill
Goodwill	$ 508,275	$ 386,893
OmniSource
Goodwill
Goodwill decrease due to tax benefit related to the normal amortization of the component	1,700
Steel Operations | Columbus Flat Roll Division
Goodwill
Goodwill	19,682	19,682
Steel Operations | The Techs
Goodwill
Goodwill	142,783	142,783
Steel Operations | Heartland Flat Roll Division [Member]
Goodwill
Goodwill	123,077
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	88,943	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 a32

Description of the Business and Significant Accounting Policies (Recently Adopted/Issued Accounting Standards) (Details) - USD ($) $ in Millions	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016
Description of the Business and Significant Accounting Policies
Restricted cash	$ 6	$ 5.6	$ 6.4	$ 6.6	$ 6.6	$ 6.6

Acquisition - Heartland (Narrat

Acquisition - Heartland (Narrative) (Details) - USD ($) $ in Thousands	Jun. 29, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Acquisition
Purchase price paid in cash		$ 396,409		$ 396,409
Amortization of Intangible Assets		$ 6,829	$ 7,424	$ 13,755	$ 14,848
Companhia Siderurgica Nacional, Llc. (Heartland) [Member]
Acquisition
Business Acquisition, Percentage of Voting Interests Acquired	100.00%
Purchase price paid in cash	$ 396,400

Acquisition - Heartland (Schedu

Acquisition - Heartland (Schedule of Assets Acquired and Liabilities Assumed) (Details) - Companhia Siderurgica Nacional, Llc. (Heartland) [Member] $ in Thousands	Jun. 29, 2018USD ($)
Acquisition
Current assets, net of cash acquired	$ 127,005
Property, plant & equipment	266,891
Intangible assets and goodwill	123,077
Total assets acquired	516,973
Liabilities assumed	74,913
Net assets acquired	$ 442,060

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net Income (Numerator)
Basic earnings per share - net income (in dollars)	$ 362,449	$ 153,933	$ 590,000	$ 354,750
Diluted earnings per share - net income (in dollars)	$ 362,449	$ 153,933	$ 590,000	$ 354,750
Weighted average common shares outstanding (in shares)
Weighted average common shares outstanding - basic (in shares)	235,617	241,343	236,120	242,143
Dilutive common share equivalents (in shares)	1,328	1,678	1,214	1,641
Weighted average common shares outstanding - diluted (in shares)	236,945	243,021	237,334	243,784
Per Share Amount
Basic (in dollars per share)	$ 1.54	$ 0.64	$ 2.50	$ 1.47
Diluted (in dollars per share)	$ 1.53	$ 0.63	$ 2.49	$ 1.46

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Inventories
Raw materials	$ 833,430	$ 675,715
Supplies	407,902	374,515
Work in progress	190,722	128,565
Finished goods	355,055	340,552
Total inventories	$ 1,787,109	$ 1,519,347

Changes in Equity (Rollforward)

Changes in Equity (Rollforward) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Balances			$ 3,195,068
Dividends declared			(88,349)
Noncontrolling investors, net			(3)
Share repurchases			(118,414)
Equity-based compensation			12,275
Comprehensive and net income (loss)	$ 362,467	$ 152,947	587,942	$ 351,613
Balances	3,588,519		3,588,519
Common Stock
Balances			644
Balances	644		644
Treasury Stock
Balances			(665,297)
Share repurchases			(118,414)
Equity-based compensation			4,623
Balances	(779,088)		(779,088)
Additional Paid-In Capital
Balances			1,141,534
Equity-based compensation			7,833
Balances	1,149,367		1,149,367
Retained Earnings
Balances			2,874,693
Dividends declared			(88,349)
Equity-based compensation			(181)
Comprehensive and net income (loss)			590,000
Balances	3,376,163		3,376,163
AOCI Attributable to Parent [Member]
Comprehensive and net income (loss)			(105)
Balances	(105)		(105)
Noncontrolling Interests
Balances			(156,506)
Noncontrolling investors, net			(3)
Comprehensive and net income (loss)			(1,953)
Balances	(158,462)		(158,462)
Redeemable Noncontrolling Interest
Balances			111,240
Balances	$ 111,240		$ 111,240

Derivative Financial Instrume38

Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Gains or losses on derivative instruments, statement of income
Ineffectiveness - amount of gain (loss) recognized in income on related hedged items	$ (117)	$ 49	$ (16)	$ 97
Gain (loss) excluded from hedge effectiveness testing	(1,800)	$ (266)	3,300	$ 567
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	138		138
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months	138		138
Futures | Commodity contract | Other current assets
Commodity contract commitments
Fair value of derivatives including required margin deposits	$ 4,400		$ 4,400		$ 5,600

Derivative Financial Instrume39

Derivative Financial Instruments (Schedule of Notional Amounts of Outstanding Derivative Positions) (Details) - Futures	3 Months Ended
	Jun. 30, 2018T
Aluminum | Long
Derivative [Line Items]
Commodity contract (in MT/Lbs)	2,325
Aluminum | Short
Derivative [Line Items]
Commodity contract (in MT/Lbs)	3,050
Copper | Long
Derivative [Line Items]
Commodity contract (in MT/Lbs)	14,969
Copper | Short
Derivative [Line Items]
Commodity contract (in MT/Lbs)	27,170

Derivative Financial Instrume40

Derivative Financial Instruments (Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Commodity futures, asset derivatives	$ 9,093	$ 2,790
Commodity futures, liability derivatives	2,697	10,506
Futures | Commodity contract | Designated as hedging instrument | Other current assets
Commodity futures, asset derivatives	6,594	1,211
Commodity futures, liability derivatives	829	5,364
Futures | Commodity contract | Not designated as hedging instrument | Other current assets
Commodity futures, asset derivatives	2,499	1,579
Commodity futures, liability derivatives	$ 1,868	$ 5,142

Derivative Financial Instrume41

Derivative Financial Instruments (Schedule of Derivatives Instruments Statements of Financial Position) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Designated as hedging instrument
Amount of gain (loss) recognized in income on related hedged items	$ (3,416)	$ 3,181	$ (6,805)	$ 4,215
Designated as hedging instrument | Commodity contract | Cost of goods sold | Futures
Amount of gain (loss) recognized in income on derivatives	1,540	(3,398)	10,056	(3,551)
Amount of gain (loss) recognized in income on related hedged items	(2,600)	2,167	(3,393)	2,706
Designated as hedging instrument | Inventory | Cost of goods sold
Amount of gain (loss) recognized in income on related hedged items			(3,412)	1,509
Designated as hedging instrument | Inventory | Cost of goods sold | Futures
Amount of gain (loss) recognized in income on related hedged items	(816)	1,014
Not designated as hedging instrument | Commodity contract | Cost of goods sold | Futures
Amount of gain (loss) recognized in income on derivatives	$ 2,969	$ 2,384	$ 5,720	$ (1,962)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Assets and liabilities subject to fair value measurements
Commodity futures - financial assets	$ 9,093	$ 2,790
Commodity futures - financial liabilities	2,697	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	9,093	2,790
Commodity futures - financial liabilities	2,697	10,506
Futures | Recurring | Fair Value, Inputs, Level 2 [Member] | Commodity contract
Assets and liabilities subject to fair value measurements
Commodity futures - financial assets	9,093	2,790
Commodity futures - financial liabilities	$ 2,697	$ 10,506

Segment Information - Results (

Segment Information - Results (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Segment Reporting Information
Net sales	$ 3,090,525	$ 2,390,720	$ 5,694,400	$ 4,758,936
Operating income (loss)	501,887	265,353	825,284	599,919
Income (loss) before income taxes	475,410	235,319	771,374	539,571
Depreciation and amortization	79,120	73,801	155,255	148,858
Capital expenditures	55,203	43,274	105,809	84,951
Assets	7,504,521		7,504,521		$ 6,855,732
U.S.
Segment Reporting Information
Net sales	2,815,723	2,278,347	5,271,806	4,505,914
Non-U.S.
Segment Reporting Information
Net sales	274,802	112,373	422,594	253,022
Operating Segment | Steel Operations
Segment Reporting Information
Net sales	2,435,688	1,821,952	4,417,462	3,597,628
Operating income (loss)	533,494	269,929	868,056	618,461
Income (loss) before income taxes	516,399	248,562	832,204	575,326
Depreciation and amortization	61,769	56,150	120,910	112,481
Capital expenditures	42,008	36,707	80,410	70,285
Assets	5,124,897		5,124,897
Operating Segment | Steel Operations | Other segments
Segment Reporting Information
Net sales	110,261	63,710	170,246	118,053
Operating Segment | Steel Operations | U.S.
Segment Reporting Information
Net sales	2,127,545	1,690,973	3,959,848	3,324,603
Operating Segment | Steel Operations | Non-U.S.
Segment Reporting Information
Net sales	197,882	67,269	287,368	154,972
Operating Segment | Metals Recycling Operations
Segment Reporting Information
Net sales	884,095	694,016	1,636,861	1,414,153
Operating income (loss)	22,638	16,495	47,353	34,344
Income (loss) before income taxes	20,965	14,582	43,970	30,654
Depreciation and amortization	11,553	11,993	23,111	25,028
Capital expenditures	8,947	3,174	15,893	9,950
Assets	1,025,875		1,025,875
Operating Segment | Metals Recycling Operations | Other segments
Segment Reporting Information
Net sales	459,391	350,487	824,035	706,788
Operating Segment | Metals Recycling Operations | U.S.
Segment Reporting Information
Net sales	347,784	298,457	677,656	609,408
Operating Segment | Metals Recycling Operations | Non-U.S.
Segment Reporting Information
Net sales	76,920	45,072	135,170	97,957
Operating Segment | Steel Fabrication Operations
Segment Reporting Information
Net sales	217,896	198,009	419,599	392,117
Operating income (loss)	14,144	20,147	33,935	43,873
Income (loss) before income taxes	12,640	18,633	31,097	40,972
Depreciation and amortization	2,946	2,906	5,844	5,877
Capital expenditures	2,054	3,073	4,131	4,224
Assets	423,406		423,406
Operating Segment | Steel Fabrication Operations | Other segments
Segment Reporting Information
Net sales	458	143	668	155
Operating Segment | Steel Fabrication Operations | U.S.
Segment Reporting Information
Net sales	217,438	197,834	418,875	391,869
Operating Segment | Steel Fabrication Operations | Non-U.S.
Segment Reporting Information
Net sales		32	56	93
Operating Segment | Other
Segment Reporting Information
Net sales	123,080	91,698	215,698	180,983
Operating income (loss)	(63,618)	(43,110)	(119,024)	(97,080)
Income (loss) before income taxes	(69,828)	(48,350)	(130,861)	(107,702)
Depreciation and amortization	2,852	2,752	5,390	5,472
Capital expenditures	2,194	320	5,375	492
Assets	1,040,893		1,040,893
Operating Segment | Other | Other segments
Segment Reporting Information
Net sales	124	615	271	949
Operating Segment | Other | U.S.
Segment Reporting Information
Net sales	122,956	91,083	215,427	180,034
Eliminations
Segment Reporting Information
Net sales	(570,234)	(414,955)	(995,220)	(825,945)
Operating income (loss)	(4,771)	1,892	(5,036)	321
Income (loss) before income taxes	(4,766)	1,892	(5,036)	321
Assets	(110,550)		(110,550)
Eliminations | Other segments
Segment Reporting Information
Net sales	$ (570,234)	$ (414,955)	$ (995,220)	$ (825,945)

Segment Information - Other Foo

Segment Information - Other Footnote (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Operating income (loss)
Corporate SG & A	$ (101,031)	$ (98,433)	$ (207,462)	$ (201,366)
Profit sharing	(42,335)	(21,308)	(68,997)	(48,539)
Operating income (loss)	501,887	265,353	825,284	599,919
Assets
Cash and equivalents	720,445		720,445		$ 1,028,649
Short-term Investments	90,000		90,000
Inventories	1,787,109		1,787,109		1,519,347
Property, plant and equipment, net	2,909,033		2,909,033		2,675,904
Other Assets, Noncurrent	26,395		26,395		27,684
Total assets	7,504,521		7,504,521		$ 6,855,732
Operating Segment | Other
Operating income (loss)
Corporate SG & A	(14,500)	(13,400)	(30,200)	(25,800)
Company-wide equity-based compensation	(8,500)	(7,100)	(17,000)	(16,700)
Profit sharing	(40,600)	(20,100)	(66,200)	(46,600)
Other, net		(2,500)	(5,600)	(8,000)
Operating income (loss)	(63,618)	(43,110)	(119,024)	(97,080)
Assets
Cash and equivalents	710,400		710,400
Short-term Investments	75,000		75,000
Inventories	31,600		31,600
Property, plant and equipment, net	161,200		161,200
Intra Company Debt	18,700		18,700
Other Assets, Noncurrent	44,000		44,000
Total assets	1,040,893		1,040,893
Operating Segment | Metals Recycling Operations
Operating income (loss)
Operating income (loss)	22,638	16,495	47,353	34,344
Assets
Total assets	1,025,875		1,025,875
Eliminations
Operating income (loss)
Operating income (loss)	(4,771)	$ 1,892	(5,036)	$ 321
Assets
Intra Company Debt	18,700		18,700
Other Assets, Noncurrent	(17,100)		(17,100)
Total assets	$ (110,550)		$ (110,550)

Segment Information - Eliminati

Segment Information - Eliminations Footnote (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Operating income (loss)
Operating income (loss)	$ 501,887	$ 265,353	$ 825,284	$ 599,919
Gross profit	652,082	392,518	1,115,498	864,672
Assets elimination
Accounts receivable	1,180,183		1,180,183		$ 868,837
Total assets	7,504,521		7,504,521		$ 6,855,732
Eliminations
Operating income (loss)
Operating income (loss)	(4,771)	1,892	(5,036)	321
Gross profit	(4,800)	$ 1,900	(5,000)	$ 300
Assets elimination
Accounts receivable	(74,800)		(74,800)
Elimination of intra-company debt	(18,700)		(18,700)
Total assets	$ (110,550)		$ (110,550)

Condensed Consolidating Infor46

Condensed Consolidating Information - Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Condensed Consolidating Balance Sheets
Cash and equivalents	$ 720,445	$ 1,028,649
Short-term Investments	90,000
Accounts receivable, net	1,180,183	868,837
Inventories	1,787,109	1,519,347
Other current assets	39,927	91,509
Total current assets	3,817,664	3,508,342
Property, plant and equipment, net	2,909,033	2,675,904
Intangible assets, net	243,154	256,909
Goodwill	508,275	386,893
Other assets, including investments in subs	26,395	27,684
Total assets	7,504,521	6,855,732
Accounts payable	675,801	489,448
Accrued expenses	364,519	350,276
Current maturities of long-term debt	18,266	28,795
Total current liabilities	1,058,586	868,519
Long-term debt	2,352,127	2,353,145
Other liabilities	394,049	327,760
Total liabilities	3,804,762	3,549,424
Redeemable noncontrolling interests	111,240	111,240
Common stock	644	644
Treasury stock	(779,088)	(665,297)
Additional paid-in capital	1,149,367	1,141,534
Retained earnings (deficit)	3,376,163	2,874,693
Accumulated Other Comprehensive Income (Loss), Net of Tax	(105)
Total Steel Dynamics, Inc. equity	3,746,981	3,351,574
Noncontrolling interests	(158,462)	(156,506)
Total equity	3,588,519	3,195,068
Total liabilities and equity	7,504,521	6,855,732
Parent
Condensed Consolidating Balance Sheets
Cash and equivalents	708,920	1,001,405
Short-term Investments	75,000
Accounts receivable, net	384,970	274,968
Inventories	743,750	685,103
Other current assets	22,296	73,748
Total current assets	1,934,936	2,035,224
Property, plant and equipment, net	856,914	859,419
Other assets, including investments in subs	2,998,695	2,512,594
Total assets	5,790,545	5,407,237
Accounts payable	241,107	168,282
Accrued expenses	238,141	222,023
Current maturities of long-term debt	761	731
Total current liabilities	480,009	391,036
Long-term debt	2,325,663	2,326,466
Other liabilities	(762,108)	(661,839)
Total liabilities	2,043,564	2,055,663
Common stock	644	644
Treasury stock	(779,088)	(665,297)
Additional paid-in capital	1,149,367	1,141,534
Retained earnings (deficit)	3,376,163	2,874,693
Accumulated Other Comprehensive Income (Loss), Net of Tax	(105)
Total Steel Dynamics, Inc. equity	3,746,981	3,351,574
Total equity	3,746,981	3,351,574
Total liabilities and equity	5,790,545	5,407,237
Guarantors
Condensed Consolidating Balance Sheets
Cash and equivalents	5,665	20,441
Short-term Investments	15,000
Accounts receivable, net	1,669,178	1,426,036
Inventories	1,012,791	752,151
Other current assets	18,951	16,005
Total current assets	2,721,585	2,214,633
Property, plant and equipment, net	1,891,001	1,618,438
Intangible assets, net	243,154	225,503
Goodwill	508,275	379,069
Other assets, including investments in subs	6,442	6,622
Total assets	5,370,457	4,444,265
Accounts payable	420,996	316,676
Accrued expenses	264,267	254,196
Current maturities of long-term debt	1,320
Total current liabilities	686,583	570,872
Long-term debt	964
Other liabilities	764,761	869,196
Total liabilities	1,452,308	1,440,068
Common stock	1,727,859	1,727,859
Additional paid-in capital	690,735	128,076
Retained earnings (deficit)	1,499,555	1,148,262
Total Steel Dynamics, Inc. equity	3,918,149	3,004,197
Total equity	3,918,149	3,004,197
Total liabilities and equity	5,370,457	4,444,265
Combined Non-Guarantors
Condensed Consolidating Balance Sheets
Cash and equivalents	5,860	6,803
Accounts receivable, net	32,324	37,387
Inventories	41,504	91,890
Other current assets	4,046	5,962
Total current assets	83,734	142,042
Property, plant and equipment, net	161,118	198,047
Intangible assets, net		31,406
Goodwill		7,824
Other assets, including investments in subs	5,479	5,505
Total assets	250,331	384,824
Accounts payable	89,257	101,948
Accrued expenses	8,222	10,243
Current maturities of long-term debt	49,879	56,454
Total current liabilities	147,358	168,645
Long-term debt	165,230	169,799
Other liabilities	33,898	24,868
Total liabilities	346,486	363,312
Redeemable noncontrolling interests	111,240	111,240
Common stock	15,016	14,908
Additional paid-in capital	689,502	797,196
Retained earnings (deficit)	(753,451)	(745,326)
Total Steel Dynamics, Inc. equity	(48,933)	66,778
Noncontrolling interests	(158,462)	(156,506)
Total equity	(207,395)	(89,728)
Total liabilities and equity	250,331	384,824
Consolidating Adjustments
Condensed Consolidating Balance Sheets
Accounts receivable, net	(906,289)	(869,554)
Inventories	(10,936)	(9,797)
Other current assets	(5,366)	(4,206)
Total current assets	(922,591)	(883,557)
Other assets, including investments in subs	(2,984,221)	(2,497,037)
Total assets	(3,906,812)	(3,380,594)
Accounts payable	(75,559)	(97,458)
Accrued expenses	(146,111)	(136,186)
Current maturities of long-term debt	(33,694)	(28,390)
Total current liabilities	(255,364)	(262,034)
Long-term debt	(139,730)	(143,120)
Other liabilities	357,498	95,535
Total liabilities	(37,596)	(309,619)
Common stock	(1,742,875)	(1,742,767)
Additional paid-in capital	(1,380,237)	(925,272)
Retained earnings (deficit)	(746,104)	(402,936)
Total Steel Dynamics, Inc. equity	(3,869,216)	(3,070,975)
Total equity	(3,869,216)	(3,070,975)
Total liabilities and equity	$ (3,906,812)	$ (3,380,594)

Condensed Consolidating Infor47

Condensed Consolidating Information - Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Condensed Consolidating Statements of Operations
Net sales	$ 3,090,525	$ 2,390,720	$ 5,694,400	$ 4,758,936
Costs of goods sold	2,438,443	1,998,202	4,578,902	3,894,264
Gross profit	652,082	392,518	1,115,498	864,672
Selling, general and administrative	150,195	127,165	290,214	264,753
Operating income	501,887	265,353	825,284	599,919
Interest expense, net of capitalized interest	31,512	33,869	63,408	67,842
Other (income) expense, net	(5,035)	(3,835)	(9,498)	(7,494)
Income before income taxes	475,410	235,319	771,374	539,571
Income taxes (benefit)	112,838	82,372	183,327	187,958
Net income	362,572	152,947	588,047	351,613
Net (income) loss attributable to noncontrolling interests	(123)	986	1,953	3,137
Net income attributable to Steel Dynamics, Inc.	362,449	153,933	590,000	354,750
Reportable legal entity | Parent
Condensed Consolidating Statements of Operations
Net sales	1,294,096	926,855	2,330,770	1,851,421
Costs of goods sold	970,636	767,047	1,789,781	1,478,626
Gross profit	323,460	159,808	540,989	372,795
Selling, general and administrative	77,088	50,942	140,015	112,597
Operating income	246,372	108,866	400,974	260,198
Interest expense, net of capitalized interest	19,386	18,441	38,009	36,522
Other (income) expense, net	(5,975)	(3,869)	(11,178)	(7,123)
Income before income taxes	232,961	94,294	374,143	230,799
Income taxes (benefit)	51,738	29,142	81,484	70,727
Net income	181,223	65,152	292,659	160,072
Equity in net income of subsidiaries	181,226	88,781	297,341	194,678
Net income attributable to Steel Dynamics, Inc.	362,449	153,933	590,000	354,750
Reportable legal entity | Guarantors
Condensed Consolidating Statements of Operations
Net sales	3,405,216	2,614,676	6,263,935	5,186,914
Costs of goods sold	3,038,284	2,362,604	5,620,035	4,652,268
Gross profit	366,932	252,072	643,900	534,646
Selling, general and administrative	75,923	75,720	155,295	152,002
Operating income	291,009	176,352	488,605	382,644
Interest expense, net of capitalized interest	11,593	14,641	24,304	29,764
Other (income) expense, net	(1,595)	(2,146)	(3,320)	(4,813)
Income before income taxes	281,011	163,857	467,621	357,693
Income taxes (benefit)	69,910	59,397	116,328	129,708
Net income	211,101	104,460	351,293	227,985
Net income attributable to Steel Dynamics, Inc.	211,101	104,460	351,293	227,985
Reportable legal entity | Combined Non-Guarantors
Condensed Consolidating Statements of Operations
Net sales	156,308	144,938	273,305	288,346
Costs of goods sold	153,104	137,052	271,602	275,093
Gross profit	3,204	7,886	1,703	13,253
Selling, general and administrative	2,400	5,304	5,576	10,357
Operating income	804	2,582	(3,873)	2,896
Interest expense, net of capitalized interest	3,089	3,047	6,355	6,313
Other (income) expense, net	(13)	(79)	(259)	(315)
Income before income taxes	(2,272)	(386)	(9,969)	(3,102)
Income taxes (benefit)	(101)	1,692	110	3,482
Net income	(2,171)	(2,078)	(10,079)	(6,584)
Net (income) loss attributable to noncontrolling interests	(123)	986	1,953	3,137
Net income attributable to Steel Dynamics, Inc.	(2,294)	(1,092)	(8,126)	(3,447)
Consolidating Adjustments
Condensed Consolidating Statements of Operations
Net sales	(1,765,095)	(1,295,749)	(3,173,610)	(2,567,745)
Costs of goods sold	(1,723,581)	(1,268,501)	(3,102,516)	(2,511,723)
Gross profit	(41,514)	(27,248)	(71,094)	(56,022)
Selling, general and administrative	(5,216)	(4,801)	(10,672)	(10,203)
Operating income	(36,298)	(22,447)	(60,422)	(45,819)
Interest expense, net of capitalized interest	(2,556)	(2,260)	(5,260)	(4,757)
Other (income) expense, net	2,548	2,259	5,259	4,757
Income before income taxes	(36,290)	(22,446)	(60,421)	(45,819)
Income taxes (benefit)	(8,709)	(7,859)	(14,595)	(15,959)
Net income	(27,581)	(14,587)	(45,826)	(29,860)
Equity in net income of subsidiaries	(181,226)	(88,781)	(297,341)	(194,678)
Net income attributable to Steel Dynamics, Inc.	$ (208,807)	$ (103,368)	$ (343,167)	$ (224,538)

Condensed Consolidating Infor48

Condensed Consolidating Information - Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Condensed Consolidating Statements of Cash Flows
Net cash provided by (used in) operating activities	$ 326,033	$ 81,010	$ 503,968	$ 321,440
Net cash used in investing activities	(500,955)	(40,887)	(591,332)	(55,646)
Net cash used in financing activities	(90,075)	(98,104)	(221,297)	(198,451)
Increase (decrease) in cash and equivalents, and restricted cash	(264,997)	(57,981)	(308,661)	67,343
Cash and equivalents at beginning of period	991,421	973,429	1,035,085	848,105
Cash and equivalents at end of period	726,424	915,448	726,424	915,448
Parent
Condensed Consolidating Statements of Cash Flows
Net cash provided by (used in) operating activities			190,271	60,900
Net cash used in investing activities			(528,618)	(33,305)
Net cash used in financing activities			45,037	64,017
Increase (decrease) in cash and equivalents, and restricted cash			(293,310)	91,612
Cash and equivalents at beginning of period			1,002,230	767,594
Cash and equivalents at end of period	708,920	859,206	708,920	859,206
Guarantors
Condensed Consolidating Statements of Cash Flows
Net cash provided by (used in) operating activities			300,720	279,513
Net cash used in investing activities			(59,728)	(22,599)
Net cash used in financing activities			(255,401)	(268,175)
Increase (decrease) in cash and equivalents, and restricted cash			(14,409)	(11,261)
Cash and equivalents at beginning of period			20,748	54,859
Cash and equivalents at end of period	6,339	43,598	6,339	43,598
Combined Non-Guarantors
Condensed Consolidating Statements of Cash Flows
Net cash provided by (used in) operating activities			190	(20,088)
Net cash used in investing activities			(4,901)	(503)
Net cash used in financing activities			3,769	7,583
Increase (decrease) in cash and equivalents, and restricted cash			(942)	(13,008)
Cash and equivalents at beginning of period			12,107	25,652
Cash and equivalents at end of period	$ 11,165	$ 12,644	11,165	12,644
Consolidating Adjustments
Condensed Consolidating Statements of Cash Flows
Net cash provided by (used in) operating activities			12,787	1,115
Net cash used in investing activities			1,915	761
Net cash used in financing activities			$ (14,702)	$ (1,876)