Steel Dynamics (STLD) 10-Q 7 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Nov. 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	Sep. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		229,552,226

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Current assets
Cash and equivalents	$ 884,315	$ 1,028,649
Short-term investments	115,000
Accounts receivable, net	1,224,477	846,415
Accounts receivable-related parties	3,713	22,422
Inventories	1,853,862	1,519,347
Other current assets	50,110	91,509
Total current assets	4,131,477	3,508,342
Property, plant and equipment, net	2,901,658	2,675,904
Intangible assets, net	236,563	256,909
Goodwill	502,900	386,893
Other assets	25,770	27,684
Total assets	7,798,368	6,855,732
Current liabilities
Accounts payable	595,286	473,765
Accounts payable-related parties	15,742	15,683
Income taxes payable	10,872	3,696
Accrued payroll and benefits	228,911	195,909
Accrued interest	47,967	25,533
Accrued expenses	136,111	125,138
Current maturities of long-term debt	14,776	28,795
Total current liabilities	1,049,665	868,519
Long-term debt	2,351,979	2,353,145
Deferred income taxes	398,814	305,949
Other liabilities	11,833	21,811
Total liabilities	3,812,291	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; 265,117,573 and 265,003,133 shares issued; and 233,422,108 and 237,396,839 shares outstanding, as of September 30, 2018 and December 31, 2017, respectively	644	644
Treasury stock, at cost; 31,695,465 and 27,606,294 shares, as of September 30, 2018 and December 31, 2017, respectively	(854,052)	(665,297)
Additional paid-in capital	1,156,556	1,141,534
Retained earnings	3,730,662	2,874,693
Accumulated other comprehensive loss	(42)
Total Steel Dynamics, Inc. equity	4,033,768	3,351,574
Noncontrolling interests	(158,931)	(156,506)
Total equity	3,874,837	3,195,068
Total liabilities and equity	$ 7,798,368	$ 6,855,732

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 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)	265,117,573	265,003,133
Common stock voting, shares outstanding (in shares)	233,422,108	237,396,839
Treasury stock, shares (in shares)	31,695,465	27,606,294

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net sales
Unrelated parties	$ 3,220,891	$ 2,399,116	$ 8,902,025	$ 7,066,083
Related parties	2,656	44,266	15,922	136,235
Total net sales	3,223,547	2,443,382	8,917,947	7,202,318
Costs of goods sold	2,537,466	2,046,864	7,116,368	5,941,128
Gross profit	686,081	396,518	1,801,579	1,261,190
Selling, general and administrative expenses	102,614	97,056	310,076	298,422
Profit sharing	45,304	21,175	114,301	69,714
Amortization of intangible assets	6,591	7,272	20,346	22,120
Operating income	531,572	271,015	1,356,856	870,934
Interest expense, net of capitalized interest	31,560	34,177	94,968	102,019
Other (income) expense, net	(7,103)	2,526	(16,601)	(4,968)
Income before income taxes	507,115	234,312	1,278,489	773,883
Income tax expense	109,209	83,300	292,536	271,258
Net income	397,906	151,012	985,953	502,625
Net loss attributable to noncontrolling interests	469	2,246	2,422	5,383
Net income attributable to Steel Dynamics, Inc.	$ 398,375	$ 153,258	$ 988,375	$ 508,008
Basic earnings per share attributable to Steel Dynamics, Inc. stockholders	$ 1.70	$ 0.64	$ 4.20	$ 2.11
Weighted average common shares outstanding - basic (in shares)	234,208	239,066	235,483	241,117
Diluted earnings per share attributable to Steel Dynamics, Inc. stockholders, including the effect of assumed conversions when dilutive (in dollars per share)	$ 1.69	$ 0.64	$ 4.17	$ 2.09
Weighted average common shares and share equivalents outstanding (in shares)	235,649	240,880	236,772	242,816
Dividends declared per share (in dollars per share)	$ 0.1875	$ 0.1550	$ 0.5625	$ 0.4650

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 397,906	$ 151,012	$ 985,953	$ 502,625
Other comprehensive income (loss) - net unrealized gain (loss) on cash flow hedging derivatives, net of income tax expense (benefit) of $19 and $(13) for the three and nine months ended September 30, 2018, respectively	63		(42)
Comprehensive income	397,969	151,012	985,911	502,625
Comprehensive loss attributable to noncontrolling interests	469	2,246	2,422	5,383
Comprehensive income attributable to Steel Dynamics, Inc.	$ 398,438	$ 153,258	$ 988,333	$ 508,008

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Other comprehensive income (loss), net of income tax expense (benefit)	$ 19	$ (13)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Operating activities:
Net income	$ 397,906	$ 151,012	$ 985,953	$ 502,625
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	81,383	75,210	236,638	224,068
Equity-based compensation	7,978	6,875	28,860	24,558
Deferred income taxes	23,899	3,284	45,437	17,849
Other adjustments	312	8,202	197	8,055
Changes in certain assets and liabilities:
Accounts receivable	(48,024)	(36,123)	(330,307)	(193,233)
Inventories	(69,885)	(67,285)	(240,908)	(211,726)
Other assets	(6,429)	(9,528)	(7,164)	(2,014)
Accounts payable	(14,883)	44,887	100,368	133,251
Income taxes receivable/payable	(31,127)	(12,929)	55,414	5,803
Accrued expenses	79,310	62,249	49,920	38,058
Net cash provided by operating activities	420,440	225,854	924,408	547,294
Investing activities:
Purchases of property, plant and equipment	(70,668)	(42,795)	(176,477)	(127,746)
Purchase of short term investments	(35,000)		(125,000)
Proceeds from maturities of short term investments	10,000		10,000
Acquisition of business, net of cash and restricted cash acquired	(37,589)	(5,518)	(433,998)	(5,518)
Other investing activities	576	1,081	1,462	30,386
Net cash used in investing activities	(132,681)	(47,232)	(724,013)	(102,878)
Financing activities:
Issuance of current and long-term debt	110,041	450,215	327,670	501,448
Repayment of current and long-term debt	(115,039)	(294,913)	(346,162)	(331,339)
Dividends paid	(44,081)	(37,180)	(125,146)	(108,837)
Purchases of treasury stock	(74,965)	(99,085)	(193,379)	(237,154)
Other financing activities		(4,832)	(8,324)	(8,364)
Net cash provided by (used in) financing activities	(124,044)	14,205	(345,341)	(184,246)
Increase (decrease) in cash, cash equivalents, and restricted cash	163,715	192,827	(144,946)	260,170
Cash, cash equivalents, and restricted cash at beginning of period	726,424	915,448	1,035,085	848,105
Cash, cash equivalents, and restricted cash at end of period	890,139	1,108,275	890,139	1,108,275
Supplemental disclosure information:
Cash paid for interest	8,643	13,530	70,498	80,155
Cash paid for income taxes, net	$ 119,802	$ 93,123	$ 198,752	$ 246,793

Description of the Business and

Description of the Business and Significant Accounting Policies	9 Months Ended
	Sep. 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 77% and 73% of the company’s consolidated external net sales during the three months ended September 30, 2018 and 2017 , respectively, and 75% and 73% during the nine months ended September 30, 2018 and 2017. 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 12% and 14% of the company’s consolidated external net sales during the three months ended September 30, 2018 and 2017, respectively, and 14% and 15% during the nine months ended September 30, 2018 and 2017 . Steel Fabrication Operations Segment. Steel fabrication operations include the company’s New Millennium Building Systems’ joist and deck plants located throughout the United States, and in Northern Mexico. Revenues from these plants are generated from the fabrication of trusses, girders, steel joists and steel deck used within the non-residential construction industry. Steel fabrication operations accounted for 8% and 9% of the company’s consolidated external net sales during the three months ended September 30, 2018 and 2017, respectively, and 8% during the nine months ended September 30, 2018 and 2017. Other. Other operations consists of subsidiary operations that are below the quantitative thresholds required for reportable segments and primarily consist of our Minnesota ironmaking operations that have been idle since May 2015, and other smaller joint ventures. Also included in “Other” are certain unallocated corporate accounts, such as the company’s senior secured credit facility, senior notes, certain other investments and certain profit sharing expenses . Significant Accounting Policies  Principles of Consolidation . The consolidated financial statements include the accounts of SDI, together with its wholly and majority-owned or controlled subsidiaries, after elimination of significant intercompany accounts and transactions. Noncontrolling interests represent the noncontrolling owner’s proportionate share in the equity, income, or losses of the company’s majority-owned or controlled consolidated subsidiaries.  Use of Estimates. These consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States, and accordingly, include amounts that require management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and in the notes thereto. Significant items subject to such estimates and assumptions include the carrying value of property, plant and equipment, intangible assets, and goodwill; valuation allowances for trade receivables, inventories and deferred income tax assets; unrecognized tax benefits; potential environmental liabilities; and litigation claims and settlements. Actual results may differ from these estimates and assumptions.  In the opinion of management, these financial statements reflect all normal recurring adjustments necessary for a fair presentation of the interim period results. These consolidated financial statements and notes should be read in conjunction with the audited financial statements and notes thereto included in the company’s Annual Report on Form 10-K for the year ended December 31, 2017 .  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 September 30, 2018 , and December 31, 2017 , (in thousands):    September 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 118,550 -  Vulcan Threaded Products 7,824 7,824  Roanoke Bar Division 29,041 29,041  Metals Recycling Operations Segment:  OmniSource 88,095 90,638  Indiana Steel Mills 95,000 95,000  Steel Fabrication Operations Segment 1,925 1,925  $ 502,900 $ 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 $118.6 million of goodwill was recorded. OmniSource goodwill decreased $2.5 million from December 31, 2017 to September 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 January 1, 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 nine months ended September 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 $5.8 million at September 30, 2018, $6.0 million at June 30, 2018, $6.4 million at December 31, 2017 , $6. 3 million at September 30, 2017 , and $6.6 million at June 30, 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	9 Months Ended
	Sep. 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, plus a customary working capital transa ction purchase price adjustment of $37.6 million, which was paid in September 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 are 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 June 29, 2018, the acquisition date. The following 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. In conjunction with the settlement of the working capital adjustment in September 2018, the net assets acquired as initially estimated and allocated at June 29, 2018, decreased $8.1 million, to $434.0 million. The accounting for the acquisition has not yet been completed because the company has not finalized the valuations of the acquired property, plant and equipment , and identifiable intangible assets, if any, including goodwill.     Current assets, net of cash acquired $ 126,515  Property, plant & equipment 263,819  Intangible assets and goodwill 118,550  Total assets acquired 508,884  Liabilities assumed 74,886  Net assets acquired $ 433,998  

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
	Sep. 30, 2018
Revenue from Contracts with Customers
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	9 Months Ended
	Sep. 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 nine months ended September 30, 2018 and 2017.  The following tables present a reconciliation of the numerators and the denominators of the company’s basic and diluted earnings per share computations for the nine months ended September 30, 2018 and 2017 (in thousands, except per share data):    Three Months Ended September 30,  2018 2017  Weighted Weighted  Average Average  Net Income Shares Per Share Net Income Shares Per Share  (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount  Basic earnings per share $ 398,375 234,208 $ 1.70 $ 153,258 239,066 $ 0.64  Dilutive common share equivalents - 1,441 - 1,814  Diluted earnings per share $ 398,375 235,649 $ 1.69 $ 153,258 240,880 $ 0.64      Nine Months Ended September 30,  2018 2017  Weighted Weighted  Average Average  Net Income Shares Per Share Net Income Shares Per Share  (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount  Basic earnings per share $ 988,375 235,483 $ 4.20 $ 508,008 241,117 $ 2.11  Dilutive common share equivalents - 1,289 - 1,699  Diluted earnings per share $ 988,375 236,772 $ 4.17 $ 508,008 242,816 $ 2.09 

Inventories

Inventories	9 Months Ended
	Sep. 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):    September 30, December 31,  2018 2017  Raw materials $ 855,566 $ 675,715  Supplies 425,635 374,515  Work in progress 184,377 128,565  Finished goods 388,284 340,552  Total inventories $ 1,853,862 $ 1,519,347 

Changes in Equity

Changes in Equity	9 Months Ended
	Sep. 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 - - - (132,116) - - (132,116) -  Noncontrolling investors, net - - - - - (3) (3) -  Share repurchases - (193,379) - - - - (193,379) -  Equity-based compensation - 4,624 15,022 (290) - - 19,356 -  Net income - - - 988,375 - (2,422) 985,953 -  Other comprehensive loss, net of tax - - - - (42) - (42) -  Balances at September 30, 2018 $ 644 $ (854,052) $ 1,156,556 $ 3,730,662 $ (42) $ (158,931) $ 3,874,837 $ 111,240 

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 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 September 30, 2018 :    Commodity Futures Long/Short Metric Tons  Aluminum Long 2,275  Aluminum Short 2,900  Copper Long 7,518  Copper Short 16,230  The following summarizes the location and amounts of the fair values reported on the company’s balance sheets as of September 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 nine months ended September 30, 2018 and 2017 (in thousands):     Asset Derivatives Liability Derivatives  Balance sheet Fair Value Fair Value  location September 30, 2018 December 31, 2017 September 30, 2018 December 31, 2017  Derivative instruments designated as hedges  Commodity futures Other current assets $ 418 $ 1,211 $ 3,588 $ 5,364   Derivative instruments not designated as hedges  Commodity futures Other current assets 571 1,579 1,134 5,142  Total derivative instruments $ 989 $ 2,790 $ 4,722 $ 10,506  The fair value of the above derivative instruments along with required margin deposit amounts with the same counterparty under master netting arrangements totaled $3.5 million at September 30, 2018 , and $5.6 million at December 31, 2017 , and are reflected in other current assets in the consolidated balance sheets. 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 three months ended Hedged items in in income on for the three months ended  in income on September 30, September 30, fair value hedge related hedged September 30, September 30,  derivatives 2018 2017 relationships items 2018 2017  Derivatives in fair value  hedging relationships  Commodity futures Costs of goods sold $ (8,943) $ 4,122 Firm commitments Costs of goods sold $ 5,111 $ (1,711)  Inventory Costs of goods sold 1,753 (1,330)  Derivatives not designated $ 6,864 $ (3,041)  as hedging instruments  Commodity futures Costs of goods sold $ 13,803 $ (10,566)      Amount of gain (loss) recognized Location of gain Amount of gain (loss) recognized  Location of gain in income on derivatives (loss) recognized in income on related hedged items  (loss) recognized for the nine months ended Hedged items in in income on for the nine months ended  in income on September 30, September 30, fair value hedge on related September 30, September 30,  derivatives 2018 2017 relationships hedged items 2018 2017  Derivatives in fair value  hedging relationships  Commodity futures Costs of goods sold $ 1,113 $ 571 Firm commitments Costs of goods sold $ 1,718 $ 995  Inventory Costs of goods sold (1,659) 179  Derivatives not designated $ 59 $ 1,174  as hedging instruments  Commodity futures Costs of goods sold $ 19,523 $ (12,528)  Derivatives accounted for as fair value hedges had ine ffectiveness resulting in gains of $5,000 and losse s of $35,000 during th e three-month periods ended September 30, 2018, and 2017, respectively; and losses of $10,500 and gains of $62,000 during the nine -month periods ended September 30, 2018, and 2017, respectively. Losses excluded from hedge effectiveness testing of $2.1 million increased cost of goods sold during the three-month periods ended September 30, 2018 . Gains excluded from hedge effectiveness testing of $1.1 million decreased c ost of goods sold during the three -month period ended September 30, 201 7. Gains excluded from hedge effectiveness testing of $1.2 million and $1.7 m illion decreased c ost of goods sold during the nine -month periods ended September 30, 2018, and 2017, respectively.  Derivatives accounted for as cash flow hedges resulted in net gains of $82,000 recognized in other com prehensive income for the three -month period ended September 30, 2018 and net losses of $55,000 for the nine-month period ended September 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- or nine- month periods ended September 30, 2018, and 2017. At September 30, 2018, the company expects to reclassify $55,000 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	9 Months Ended
	Sep. 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.       Note 8. Fair Value Measurements (Continued) The following table sets forth financial assets and liabilities measured at fair value on a recurring basis in the consolidated balance sheet and the respective levels to which the fair value measurements are classified within the fair value hierarchy as of September 30, 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)  September 30, 2018  Commodity futures – financial assets $ 989 $ - $ 989 $ -  Commodity futures – financial liabilities 4,722 - 4,722 -   December 31, 2017  Commodity futures – financial assets $ 2,790 $ - $ 2,790 $ -  Commodity futures – financial liabilities 10,506 - 10,506 -  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 September 30, 2018 and December 31, 2017 , respectively (with a corresponding carrying amount in the consolidated balance sheet of $2.4 billion at September 30, 2018 and December 31, 2017 ).

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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  September 30, 2018 Operations Operations Operations Other Eliminations Consolidated   Net Sales - disaggregated revenue  External $ 2,400,329 $ 323,611 $ 250,625 $ 110,659 $ - $ 3,085,224  External Non-U.S. 74,715 63,608 - - - 138,323  Other segments 111,582 412,795 120 1,294 (525,791) -  2,586,626 800,014 250,745 111,953 (525,791) 3,223,547  Operating income (loss) 573,848 14,674 13,104 (67,113) (1) (2,941) (2) 531,572  Income (loss) before income taxes 557,870 13,488 11,801 (73,109) (2,935) 507,115  Depreciation and amortization 64,088 11,491 2,941 2,863 - 81,383  Capital expenditures 57,074 11,603 1,395 596 - 70,668   As of September 30, 2018  Assets $ 5,195,048 $ 1,019,089 $ 489,469 $ 1,204,565 (3) $ (109,803) (4) $ 7,798,368      Footnotes related to the three months ended September 30, 2018, segment results (in millions):   (1) Corporate SG&A $ (13.8) (2) Gross profit decrease from intra-company sales $ (3.0)  Company-wide equity-based compensation (7.8)  Profit sharing (43.4)  Other, net (2.1)  $ (67.1)   (3) Cash and equivalents $ 866.1 (4) Elimination of intra-company receivables $ (72.6)  Short term investments 85.0 Elimination of intra-company debt (17.2)  Inventories 26.3 Other (20.0)  Property, plant and equipment, net 158.9 $ (109.8)  Intra-company debt 17.2  Other 51.1  $ 1,204.6 Note 10. Segment Information (Continued)     Metals Steel  For the three months ended Steel Recycling Fabrication  September 30, 2017 Operations Operations Operations Other Eliminations Consolidated   Net Sales - disaggregated revenue  External $ 1,700,707 $ 301,422 $ 211,271 $ 101,057 $ - $ 2,314,457  External Non-U.S. 82,098 46,793 34 - - 128,925  Other segments 65,321 360,982 89 116 (426,508) -  1,848,126 709,197 211,394 101,173 (426,508) 2,443,382  Operating income (loss) 276,547 17,624 21,862 (44,326) (1) (692) 271,015  Income (loss) before income taxes 255,539 16,020 20,199 (56,754) (692) 234,312  Depreciation and amortization 57,644 12,020 2,866 2,680 - 75,210  Capital expenditures 31,654 8,589 1,524 1,028 - 42,795      Footnotes related to the three months ended September 30, 2017, segment results (in millions):   (1) Corporate SG&A $ (12.1)  Company-wide equity-based compensation (6.8)  Profit sharing (20.2)  Other, net (5.2)  $ (44.3)      Metals Steel  For the nine months ended Steel Recycling Fabrication  September 30, 2018 Operations Operations Operations Other Eliminations Consolidated   Net Sales - disaggregated revenue  External $ 6,360,177 $ 1,001,267 $ 669,500 $ 326,086 $ - $ 8,357,030  External Non-U.S. 362,083 198,778 56 - - 560,917  Other segments 281,828 1,236,830 788 1,565 (1,521,011) -  7,004,088 2,436,875 670,344 327,651 (1,521,011) 8,917,947  Operating income (loss) 1,441,904 62,027 47,039 (186,137) (1) (7,977) (2) 1,356,856  Income (loss) before income taxes 1,390,074 57,458 42,898 (203,970) (7,971) 1,278,489  Depreciation and amortization 184,998 34,602 8,785 8,253 - 236,638  Capital expenditures 137,484 27,496 5,526 5,971 - 176,477      Footnotes related to the nine months ended September 30, 2018, segment results (in millions):   (1) Corporate SG&A $ (44.0) (2) Gross profit decrease from intra-company sales $ (8.0)  Company-wide equity-based compensation (24.8)  Profit sharing (109.6)  Other, net (7.7)  $ (186.1)      Note 10. Segment Information (Continued)      Metals Steel  For the nine months ended Steel Recycling Fabrication  September 30, 2017 Operations Operations Operations Other Eliminations Consolidated   Net Sales - disaggregated revenue  External $ 5,025,310 $ 910,830 $ 603,140 $ 281,091 $ - $ 6,820,371  External Non-U.S. 237,070 144,750 127 - - 381,947  Other segments 183,374 1,067,770 244 1,065 (1,252,453) -  5,445,754 2,123,350 603,511 282,156 (1,252,453) 7,202,318  Operating income (loss) 895,008 51,968 65,735 (141,406) (1) (371) 870,934  Income (loss) before income taxes 830,865 46,674 61,171 (164,456) (371) 773,883  Depreciation and amortization 170,125 37,048 8,743 8,152 - 224,068  Capital expenditures 101,939 18,539 5,748 1,520 - 127,746      Footnotes related to the nine months ended September 30, 2017, segment results (in millions):   (1) Corporate SG&A $ (37.9)  Company-wide equity-based compensation (23.5)  Profit sharing (66.8)  Other, net (13.2)  $ (141.4)  

Condensed Consolidating Informa

Condensed Consolidating Information	9 Months Ended
	Sep. 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 September 30, 2018 Parent Guarantors Non-Guarantors Adjustments Consolidated  Cash and equivalents $ 863,917 $ 13,686 $ 6,712 $ - $ 884,315  Short term investments 85,000 30,000 - - 115,000  Accounts receivable, net 382,836 1,745,801 35,404 (935,851) 1,228,190  Inventories 774,486 1,058,194 34,251 (13,069) 1,853,862  Other current assets 30,939 21,613 3,451 (5,893) 50,110  Total current assets 2,137,178 2,869,294 79,818 (954,813) 4,131,477  Property, plant and equipment, net 864,007 1,879,224 158,427 - 2,901,658  Intangible assets, net - 236,563 - - 236,563  Goodwill - 502,900 - - 502,900  Other assets, including investments in subs 3,043,057 5,905 5,535 (3,028,727) 25,770  Total assets $ 6,044,242 $ 5,493,886 $ 243,780 $ (3,983,540) $ 7,798,368   Accounts payable $ 195,810 $ 399,704 $ 86,375 $ (70,861) $ 611,028  Accrued expenses 283,085 283,977 9,719 (152,920) 423,861  Current maturities of long-term debt 777 1,355 44,884 (32,240) 14,776  Total current liabilities 479,672 685,036 140,978 (256,021) 1,049,665  Long-term debt 2,326,733 335 168,476 (143,565) 2,351,979  Other liabilities (795,835) 681,043 34,562 490,877 410,647  Total liabilities 2,010,570 1,366,414 344,016 91,291 3,812,291   Redeemable noncontrolling interests - - 111,240 - 111,240   Common stock 644 1,727,859 15,016 (1,742,875) 644  Treasury stock (854,052) - - - (854,052)  Additional paid-in-capital 1,156,556 683,048 689,502 (1,372,550) 1,156,556  Retained earnings (deficit) 3,730,662 1,716,469 (757,063) (959,406) 3,730,662  Accumulated other comprehensive loss (138) 96 - - (42)  Total Steel Dynamics, Inc. equity 4,033,672 4,127,472 (52,545) (4,074,831) 4,033,768  Noncontrolling interests - - (158,931) - (158,931)  Total equity 4,033,672 4,127,472 (211,476) (4,074,831) 3,874,837  Total liabilities and equity $ 6,044,242 $ 5,493,886 $ 243,780 $ (3,983,540) $ 7,798,368  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  September 30, 2018 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 1,304,801 $ 3,540,381 $ 144,145 $ (1,765,780) $ 3,223,547  Costs of goods sold 956,735 3,163,110 142,005 (1,724,384) 2,537,466  Gross profit 348,066 377,271 2,140 (41,396) 686,081  Selling, general and administrative 78,824 78,694 2,974 (5,983) 154,509  Operating income (loss) 269,242 298,577 (834) (35,413) 531,572  Interest expense, net of capitalized interest 18,559 12,489 3,134 (2,622) 31,560  Other (income) expense, net (7,121) (2,292) (306) 2,616 (7,103)  Income (loss) before income taxes and  equity in net income of subsidiaries 257,804 288,380 (3,662) (35,407) 507,115  Income taxes 45,599 71,466 420 (8,276) 109,209  212,205 216,914 (4,082) (27,131) 397,906  Equity in net income of subsidiaries 186,170 - - (186,170) -  Net income attributable to noncontrolling interests - - 469 - 469  Net income (loss) attributable to Steel Dynamics, Inc. $ 398,375 $ 216,914 $ (3,613) $ (213,301) $ 398,375      For the three months ended, Combined Consolidating Total  September 30, 2017 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 946,136 $ 2,641,067 $ 161,556 $ (1,305,377) $ 2,443,382  Costs of goods sold 763,310 2,402,670 157,564 (1,276,680) 2,046,864  Gross profit 182,826 238,397 3,992 (28,697) 396,518  Selling, general and administrative 51,464 74,151 4,896 (5,008) 125,503  Operating income 131,362 164,246 (904) (23,689) 271,015  Interest expense, net of capitalized interest 18,831 14,481 3,181 (2,316) 34,177  Other (income) expense, net 2,660 (2,492) 42 2,316 2,526  Income (loss) before income taxes and  equity in net income of subsidiaries 109,871 152,257 (4,127) (23,689) 234,312  Income taxes 35,309 55,183 1,169 (8,361) 83,300  74,562 97,074 (5,296) (15,328) 151,012  Equity in net income of subsidiaries 78,696 - - (78,696) -  Net loss attributable to noncontrolling interests - - 2,246 - 2,246  Net income (loss) attributable to Steel Dynamics, Inc. $ 153,258 $ 97,074 $ (3,050) $ (94,024) $ 153,258 Note 11. Condensed Consolidating Information (Continued)     For the nine months ended, Combined Consolidating Total  September 30, 2018 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 3,635,571 $ 9,804,316 $ 417,450 $ (4,939,390) $ 8,917,947  Costs of goods sold 2,746,516 8,783,145 413,607 (4,826,900) 7,116,368  Gross profit 889,055 1,021,171 3,843 (112,490) 1,801,579  Selling, general and administrative 218,839 233,989 8,550 (16,655) 444,723  Operating income (loss) 670,216 787,182 (4,707) (95,835) 1,356,856  Interest expense, net of capitalized interest 56,568 36,793 9,489 (7,882) 94,968  Other (income) expense, net (18,299) (5,612) (565) 7,875 (16,601)  Income (loss) before income taxes and  equity in net income of subsidiaries 631,947 756,001 (13,631) (95,828) 1,278,489  Income taxes 127,083 187,794 530 (22,871) 292,536  504,864 568,207 (14,161) (72,957) 985,953  Equity in net income of subsidiaries 483,511 - - (483,511) -  Net loss attributable to noncontrolling interests - - 2,422 - 2,422  Net income (loss) attributable to Steel Dynamics, Inc. $ 988,375 $ 568,207 $ (11,739) $ (556,468) $ 988,375      For the nine months ended, Combined Consolidating Total  September 30, 2017 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 2,797,557 $ 7,827,981 $ 449,902 $ (3,873,122) $ 7,202,318  Costs of goods sold 2,241,936 7,054,938 432,657 (3,788,403) 5,941,128  Gross profit 555,621 773,043 17,245 (84,719) 1,261,190  Selling, general and administrative 164,061 226,153 15,253 (15,211) 390,256  Operating income 391,560 546,890 1,992 (69,508) 870,934  Interest expense, net of capitalized interest 55,353 44,245 9,494 (7,073) 102,019  Other (income) expense, net (4,463) (7,305) (273) 7,073 (4,968)  Income (loss) before income taxes and  equity in net income of subsidiaries 340,670 509,950 (7,229) (69,508) 773,883  Income taxes 106,036 184,891 4,651 (24,320) 271,258  234,634 325,059 (11,880) (45,188) 502,625  Equity in net income of subsidiaries 273,374 - - (273,374) -  Net loss attributable to noncontrolling interests - - 5,383 - 5,383  Net income (loss) attributable to Steel Dynamics, Inc. $ 508,008 $ 325,059 $ (6,497) $ (318,562) $ 508,008  Note 11. Condensed Consolidating Information (Continued)       Condensed Consolidating Statements of Cash Flows (in thousands)   For the nine months ended, Combined Consolidating Total  September 30, 2018 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net cash provided by operating activities $ 401,680 $ 505,175 $ 2,101 $ 15,452 $ 924,408  Net cash used in investing activities (617,158) (106,230) (4,920) 4,295 (724,013)  Net cash provided by (used in) financing activities 77,165 (405,499) 2,740 (19,747) (345,341)  Decrease in cash, cash equivalents and restricted cash (138,313) (6,554) (79) - (144,946)  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 $ 863,917 $ 14,194 $ 12,028 $ - $ 890,139       For the nine months ended, Combined Consolidating Total  September 30, 2017 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net cash provided by (used in) operating activities $ 126,183 $ 434,450 $ (17,989) $ 4,650 $ 547,294  Net cash used in investing activities (48,799) (50,975) (7,006) 3,902 (102,878)  Net cash provided by (used in) financing activities 220,346 (405,184) 9,144 (8,552) (184,246)  Increase (decrease) in cash, cash equivalents and restricted cash 297,730 (21,709) (15,851) - 260,170  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 $ 1,065,324 $ 33,150 $ 9,801 $ - $ 1,108,275  

Description of the Business a_2

Description of the Business and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 .
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.
Goodwill	Goodwill . The company’s goodwill is allocated to the following reporting units at September 30, 2018 , and December 31, 2017 , (in thousands):    September 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 118,550 -  Vulcan Threaded Products 7,824 7,824  Roanoke Bar Division 29,041 29,041  Metals Recycling Operations Segment:  OmniSource 88,095 90,638  Indiana Steel Mills 95,000 95,000  Steel Fabrication Operations Segment 1,925 1,925  $ 502,900 $ 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 $118.6 million of goodwill was recorded. OmniSource goodwill decreased $2.5 million from December 31, 2017 to September 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	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 January 1, 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 nine months ended September 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 $5.8 million at September 30, 2018, $6.0 million at June 30, 2018, $6.4 million at December 31, 2017 , $6. 3 million at September 30, 2017 , and $6.6 million at June 30, 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.

Description of the Business a_3

Description of the Business and Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 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 September 30, 2018 , and December 31, 2017 , (in thousands):    September 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 118,550 -  Vulcan Threaded Products 7,824 7,824  Roanoke Bar Division 29,041 29,041  Metals Recycling Operations Segment:  OmniSource 88,095 90,638  Indiana Steel Mills 95,000 95,000  Steel Fabrication Operations Segment 1,925 1,925  $ 502,900 $ 386,893 

Acquisition - Heartland (Tables

Acquisition - Heartland (Tables)	9 Months Ended
	Sep. 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 June 29, 2018, the acquisition date. The following 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. In conjunction with the settlement of the working capital adjustment in September 2018, the net assets acquired as initially estimated and allocated at June 29, 2018, decreased $8.1 million, to $434.0 million. The accounting for the acquisition has not yet been completed because the company has not finalized the valuations of the acquired property, plant and equipment , and identifiable intangible assets, if any, including goodwill.     Current assets, net of cash acquired $ 126,515  Property, plant & equipment 263,819  Intangible assets and goodwill 118,550  Total assets acquired 508,884  Liabilities assumed 74,886  Net assets acquired $ 433,998 

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2018 and 2017 (in thousands, except per share data):    Three Months Ended September 30,  2018 2017  Weighted Weighted  Average Average  Net Income Shares Per Share Net Income Shares Per Share  (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount  Basic earnings per share $ 398,375 234,208 $ 1.70 $ 153,258 239,066 $ 0.64  Dilutive common share equivalents - 1,441 - 1,814  Diluted earnings per share $ 398,375 235,649 $ 1.69 $ 153,258 240,880 $ 0.64      Nine Months Ended September 30,  2018 2017  Weighted Weighted  Average Average  Net Income Shares Per Share Net Income Shares Per Share  (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount  Basic earnings per share $ 988,375 235,483 $ 4.20 $ 508,008 241,117 $ 2.11  Dilutive common share equivalents - 1,289 - 1,699  Diluted earnings per share $ 988,375 236,772 $ 4.17 $ 508,008 242,816 $ 2.09 

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 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):    September 30, December 31,  2018 2017  Raw materials $ 855,566 $ 675,715  Supplies 425,635 374,515  Work in progress 184,377 128,565  Finished goods 388,284 340,552  Total inventories $ 1,853,862 $ 1,519,347 

Changes in Equity (Tables)

Changes in Equity (Tables)	9 Months Ended
	Sep. 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 - - - (132,116) - - (132,116) -  Noncontrolling investors, net - - - - - (3) (3) -  Share repurchases - (193,379) - - - - (193,379) -  Equity-based compensation - 4,624 15,022 (290) - - 19,356 -  Net income - - - 988,375 - (2,422) 985,953 -  Other comprehensive loss, net of tax - - - - (42) - (42) -  Balances at September 30, 2018 $ 644 $ (854,052) $ 1,156,556 $ 3,730,662 $ (42) $ (158,931) $ 3,874,837 $ 111,240 

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2018
Derivative Financial Instruments
Schedule of Notional Amounts of Outstanding Derivative Positions	. The following summarizes the company’s futures contract commitments as of September 30, 2018 :    Commodity Futures Long/Short Metric Tons  Aluminum Long 2,275  Aluminum Short 2,900  Copper Long 7,518  Copper Short 16,230  
Schedule of Derivative Instruments Statements of Financial Performance and Financial Position	   Commodity Futures Long/Short Metric Tons  Aluminum Long 2,275  Aluminum Short 2,900  Copper Long 7,518  Copper Short 16,230  The following summarizes the location and amounts of the fair values reported on the company’s balance sheets as of September 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 nine months ended September 30, 2018 and 2017 (in thousands):     Asset Derivatives Liability Derivatives  Balance sheet Fair Value Fair Value  location September 30, 2018 December 31, 2017 September 30, 2018 December 31, 2017  Derivative instruments designated as hedges  Commodity futures Other current assets $ 418 $ 1,211 $ 3,588 $ 5,364   Derivative instruments not designated as hedges  Commodity futures Other current assets 571 1,579 1,134 5,142  Total derivative instruments $ 989 $ 2,790 $ 4,722 $ 10,506  The fair value of the above derivative instruments along with required margin deposit amounts with the same counterparty under master netting arrangements totaled $3.5 million at September 30, 2018 , and $5.6 million at December 31, 2017 , and are reflected in other current assets in the consolidated balance sheets. 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 three months ended Hedged items in in income on for the three months ended  in income on September 30, September 30, fair value hedge related hedged September 30, September 30,  derivatives 2018 2017 relationships items 2018 2017  Derivatives in fair value  hedging relationships  Commodity futures Costs of goods sold $ (8,943) $ 4,122 Firm commitments Costs of goods sold $ 5,111 $ (1,711)  Inventory Costs of goods sold 1,753 (1,330)  Derivatives not designated $ 6,864 $ (3,041)  as hedging instruments  Commodity futures Costs of goods sold $ 13,803 $ (10,566)      Amount of gain (loss) recognized Location of gain Amount of gain (loss) recognized  Location of gain in income on derivatives (loss) recognized in income on related hedged items  (loss) recognized for the nine months ended Hedged items in in income on for the nine months ended  in income on September 30, September 30, fair value hedge on related September 30, September 30,  derivatives 2018 2017 relationships hedged items 2018 2017  Derivatives in fair value  hedging relationships  Commodity futures Costs of goods sold $ 1,113 $ 571 Firm commitments Costs of goods sold $ 1,718 $ 995  Inventory Costs of goods sold (1,659) 179  Derivatives not designated $ 59 $ 1,174  as hedging instruments  Commodity futures Costs of goods sold $ 19,523 $ (12,528) 

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 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 September 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)  September 30, 2018  Commodity futures – financial assets $ 989 $ - $ 989 $ -  Commodity futures – financial liabilities 4,722 - 4,722 -   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)	9 Months Ended
	Sep. 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  September 30, 2018 Operations Operations Operations Other Eliminations Consolidated   Net Sales - disaggregated revenue  External $ 2,400,329 $ 323,611 $ 250,625 $ 110,659 $ - $ 3,085,224  External Non-U.S. 74,715 63,608 - - - 138,323  Other segments 111,582 412,795 120 1,294 (525,791) -  2,586,626 800,014 250,745 111,953 (525,791) 3,223,547  Operating income (loss) 573,848 14,674 13,104 (67,113) (1) (2,941) (2) 531,572  Income (loss) before income taxes 557,870 13,488 11,801 (73,109) (2,935) 507,115  Depreciation and amortization 64,088 11,491 2,941 2,863 - 81,383  Capital expenditures 57,074 11,603 1,395 596 - 70,668   As of September 30, 2018  Assets $ 5,195,048 $ 1,019,089 $ 489,469 $ 1,204,565 (3) $ (109,803) (4) $ 7,798,368      Footnotes related to the three months ended September 30, 2018, segment results (in millions):   (1) Corporate SG&A $ (13.8) (2) Gross profit decrease from intra-company sales $ (3.0)  Company-wide equity-based compensation (7.8)  Profit sharing (43.4)  Other, net (2.1)  $ (67.1)   (3) Cash and equivalents $ 866.1 (4) Elimination of intra-company receivables $ (72.6)  Short term investments 85.0 Elimination of intra-company debt (17.2)  Inventories 26.3 Other (20.0)  Property, plant and equipment, net 158.9 $ (109.8)  Intra-company debt 17.2  Other 51.1  $ 1,204.6 Note 10. Segment Information (Continued)     Metals Steel  For the three months ended Steel Recycling Fabrication  September 30, 2017 Operations Operations Operations Other Eliminations Consolidated   Net Sales - disaggregated revenue  External $ 1,700,707 $ 301,422 $ 211,271 $ 101,057 $ - $ 2,314,457  External Non-U.S. 82,098 46,793 34 - - 128,925  Other segments 65,321 360,982 89 116 (426,508) -  1,848,126 709,197 211,394 101,173 (426,508) 2,443,382  Operating income (loss) 276,547 17,624 21,862 (44,326) (1) (692) 271,015  Income (loss) before income taxes 255,539 16,020 20,199 (56,754) (692) 234,312  Depreciation and amortization 57,644 12,020 2,866 2,680 - 75,210  Capital expenditures 31,654 8,589 1,524 1,028 - 42,795      Footnotes related to the three months ended September 30, 2017, segment results (in millions):   (1) Corporate SG&A $ (12.1)  Company-wide equity-based compensation (6.8)  Profit sharing (20.2)  Other, net (5.2)  $ (44.3)      Metals Steel  For the nine months ended Steel Recycling Fabrication  September 30, 2018 Operations Operations Operations Other Eliminations Consolidated   Net Sales - disaggregated revenue  External $ 6,360,177 $ 1,001,267 $ 669,500 $ 326,086 $ - $ 8,357,030  External Non-U.S. 362,083 198,778 56 - - 560,917  Other segments 281,828 1,236,830 788 1,565 (1,521,011) -  7,004,088 2,436,875 670,344 327,651 (1,521,011) 8,917,947  Operating income (loss) 1,441,904 62,027 47,039 (186,137) (1) (7,977) (2) 1,356,856  Income (loss) before income taxes 1,390,074 57,458 42,898 (203,970) (7,971) 1,278,489  Depreciation and amortization 184,998 34,602 8,785 8,253 - 236,638  Capital expenditures 137,484 27,496 5,526 5,971 - 176,477      Footnotes related to the nine months ended September 30, 2018, segment results (in millions):   (1) Corporate SG&A $ (44.0) (2) Gross profit decrease from intra-company sales $ (8.0)  Company-wide equity-based compensation (24.8)  Profit sharing (109.6)  Other, net (7.7)  $ (186.1)      Note 10. Segment Information (Continued)      Metals Steel  For the nine months ended Steel Recycling Fabrication  September 30, 2017 Operations Operations Operations Other Eliminations Consolidated   Net Sales - disaggregated revenue  External $ 5,025,310 $ 910,830 $ 603,140 $ 281,091 $ - $ 6,820,371  External Non-U.S. 237,070 144,750 127 - - 381,947  Other segments 183,374 1,067,770 244 1,065 (1,252,453) -  5,445,754 2,123,350 603,511 282,156 (1,252,453) 7,202,318  Operating income (loss) 895,008 51,968 65,735 (141,406) (1) (371) 870,934  Income (loss) before income taxes 830,865 46,674 61,171 (164,456) (371) 773,883  Depreciation and amortization 170,125 37,048 8,743 8,152 - 224,068  Capital expenditures 101,939 18,539 5,748 1,520 - 127,746      Footnotes related to the nine months ended September 30, 2017, segment results (in millions):   (1) Corporate SG&A $ (37.9)  Company-wide equity-based compensation (23.5)  Profit sharing (66.8)  Other, net (13.2)  $ (141.4) 

Condensed Consolidating Infor_2

Condensed Consolidating Information (Tables)	9 Months Ended
	Sep. 30, 2018
Condensed Consolidating Information Disclosure Abstract
Schedule of Condensed Consolidating Balance Sheets	    Condensed Consolidating Balance Sheets (in thousands)  Combined Consolidating Total  As of September 30, 2018 Parent Guarantors Non-Guarantors Adjustments Consolidated  Cash and equivalents $ 863,917 $ 13,686 $ 6,712 $ - $ 884,315  Short term investments 85,000 30,000 - - 115,000  Accounts receivable, net 382,836 1,745,801 35,404 (935,851) 1,228,190  Inventories 774,486 1,058,194 34,251 (13,069) 1,853,862  Other current assets 30,939 21,613 3,451 (5,893) 50,110  Total current assets 2,137,178 2,869,294 79,818 (954,813) 4,131,477  Property, plant and equipment, net 864,007 1,879,224 158,427 - 2,901,658  Intangible assets, net - 236,563 - - 236,563  Goodwill - 502,900 - - 502,900  Other assets, including investments in subs 3,043,057 5,905 5,535 (3,028,727) 25,770  Total assets $ 6,044,242 $ 5,493,886 $ 243,780 $ (3,983,540) $ 7,798,368   Accounts payable $ 195,810 $ 399,704 $ 86,375 $ (70,861) $ 611,028  Accrued expenses 283,085 283,977 9,719 (152,920) 423,861  Current maturities of long-term debt 777 1,355 44,884 (32,240) 14,776  Total current liabilities 479,672 685,036 140,978 (256,021) 1,049,665  Long-term debt 2,326,733 335 168,476 (143,565) 2,351,979  Other liabilities (795,835) 681,043 34,562 490,877 410,647  Total liabilities 2,010,570 1,366,414 344,016 91,291 3,812,291   Redeemable noncontrolling interests - - 111,240 - 111,240   Common stock 644 1,727,859 15,016 (1,742,875) 644  Treasury stock (854,052) - - - (854,052)  Additional paid-in-capital 1,156,556 683,048 689,502 (1,372,550) 1,156,556  Retained earnings (deficit) 3,730,662 1,716,469 (757,063) (959,406) 3,730,662  Accumulated other comprehensive loss (138) 96 - - (42)  Total Steel Dynamics, Inc. equity 4,033,672 4,127,472 (52,545) (4,074,831) 4,033,768  Noncontrolling interests - - (158,931) - (158,931)  Total equity 4,033,672 4,127,472 (211,476) (4,074,831) 3,874,837  Total liabilities and equity $ 6,044,242 $ 5,493,886 $ 243,780 $ (3,983,540) $ 7,798,368  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  September 30, 2018 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 1,304,801 $ 3,540,381 $ 144,145 $ (1,765,780) $ 3,223,547  Costs of goods sold 956,735 3,163,110 142,005 (1,724,384) 2,537,466  Gross profit 348,066 377,271 2,140 (41,396) 686,081  Selling, general and administrative 78,824 78,694 2,974 (5,983) 154,509  Operating income (loss) 269,242 298,577 (834) (35,413) 531,572  Interest expense, net of capitalized interest 18,559 12,489 3,134 (2,622) 31,560  Other (income) expense, net (7,121) (2,292) (306) 2,616 (7,103)  Income (loss) before income taxes and  equity in net income of subsidiaries 257,804 288,380 (3,662) (35,407) 507,115  Income taxes 45,599 71,466 420 (8,276) 109,209  212,205 216,914 (4,082) (27,131) 397,906  Equity in net income of subsidiaries 186,170 - - (186,170) -  Net income attributable to noncontrolling interests - - 469 - 469  Net income (loss) attributable to Steel Dynamics, Inc. $ 398,375 $ 216,914 $ (3,613) $ (213,301) $ 398,375      For the three months ended, Combined Consolidating Total  September 30, 2017 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 946,136 $ 2,641,067 $ 161,556 $ (1,305,377) $ 2,443,382  Costs of goods sold 763,310 2,402,670 157,564 (1,276,680) 2,046,864  Gross profit 182,826 238,397 3,992 (28,697) 396,518  Selling, general and administrative 51,464 74,151 4,896 (5,008) 125,503  Operating income 131,362 164,246 (904) (23,689) 271,015  Interest expense, net of capitalized interest 18,831 14,481 3,181 (2,316) 34,177  Other (income) expense, net 2,660 (2,492) 42 2,316 2,526  Income (loss) before income taxes and  equity in net income of subsidiaries 109,871 152,257 (4,127) (23,689) 234,312  Income taxes 35,309 55,183 1,169 (8,361) 83,300  74,562 97,074 (5,296) (15,328) 151,012  Equity in net income of subsidiaries 78,696 - - (78,696) -  Net loss attributable to noncontrolling interests - - 2,246 - 2,246  Net income (loss) attributable to Steel Dynamics, Inc. $ 153,258 $ 97,074 $ (3,050) $ (94,024) $ 153,258 Note 11. Condensed Consolidating Information (Continued)     For the nine months ended, Combined Consolidating Total  September 30, 2018 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 3,635,571 $ 9,804,316 $ 417,450 $ (4,939,390) $ 8,917,947  Costs of goods sold 2,746,516 8,783,145 413,607 (4,826,900) 7,116,368  Gross profit 889,055 1,021,171 3,843 (112,490) 1,801,579  Selling, general and administrative 218,839 233,989 8,550 (16,655) 444,723  Operating income (loss) 670,216 787,182 (4,707) (95,835) 1,356,856  Interest expense, net of capitalized interest 56,568 36,793 9,489 (7,882) 94,968  Other (income) expense, net (18,299) (5,612) (565) 7,875 (16,601)  Income (loss) before income taxes and  equity in net income of subsidiaries 631,947 756,001 (13,631) (95,828) 1,278,489  Income taxes 127,083 187,794 530 (22,871) 292,536  504,864 568,207 (14,161) (72,957) 985,953  Equity in net income of subsidiaries 483,511 - - (483,511) -  Net loss attributable to noncontrolling interests - - 2,422 - 2,422  Net income (loss) attributable to Steel Dynamics, Inc. $ 988,375 $ 568,207 $ (11,739) $ (556,468) $ 988,375      For the nine months ended, Combined Consolidating Total  September 30, 2017 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 2,797,557 $ 7,827,981 $ 449,902 $ (3,873,122) $ 7,202,318  Costs of goods sold 2,241,936 7,054,938 432,657 (3,788,403) 5,941,128  Gross profit 555,621 773,043 17,245 (84,719) 1,261,190  Selling, general and administrative 164,061 226,153 15,253 (15,211) 390,256  Operating income 391,560 546,890 1,992 (69,508) 870,934  Interest expense, net of capitalized interest 55,353 44,245 9,494 (7,073) 102,019  Other (income) expense, net (4,463) (7,305) (273) 7,073 (4,968)  Income (loss) before income taxes and  equity in net income of subsidiaries 340,670 509,950 (7,229) (69,508) 773,883  Income taxes 106,036 184,891 4,651 (24,320) 271,258  234,634 325,059 (11,880) (45,188) 502,625  Equity in net income of subsidiaries 273,374 - - (273,374) -  Net loss attributable to noncontrolling interests - - 5,383 - 5,383  Net income (loss) attributable to Steel Dynamics, Inc. $ 508,008 $ 325,059 $ (6,497) $ (318,562) $ 508,008  Note 11. Condensed Consolidating Information (Continued)   
Schedule of Condensed Consolidating Statements of Cash Flows	  Condensed Consolidating Statements of Cash Flows (in thousands)   For the nine months ended, Combined Consolidating Total  September 30, 2018 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net cash provided by operating activities $ 401,680 $ 505,175 $ 2,101 $ 15,452 $ 924,408  Net cash used in investing activities (617,158) (106,230) (4,920) 4,295 (724,013)  Net cash provided by (used in) financing activities 77,165 (405,499) 2,740 (19,747) (345,341)  Decrease in cash, cash equivalents and restricted cash (138,313) (6,554) (79) - (144,946)  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 $ 863,917 $ 14,194 $ 12,028 $ - $ 890,139       For the nine months ended, Combined Consolidating Total  September 30, 2017 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net cash provided by (used in) operating activities $ 126,183 $ 434,450 $ (17,989) $ 4,650 $ 547,294  Net cash used in investing activities (48,799) (50,975) (7,006) 3,902 (102,878)  Net cash provided by (used in) financing activities 220,346 (405,184) 9,144 (8,552) (184,246)  Increase (decrease) in cash, cash equivalents and restricted cash 297,730 (21,709) (15,851) - 260,170  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 $ 1,065,324 $ 33,150 $ 9,801 $ - $ 1,108,275 

Description of the Business a_4

Description of the Business and Significant Accounting Policies (Segments) (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Steel Operations
Segment Reporting Information
Percentage of external net sales	77.00%	73.00%	75.00%	73.00%
Metals Recycling Operations
Segment Reporting Information
Percentage of external net sales	12.00%	14.00%	14.00%	15.00%
Steel Fabrication Operations
Segment Reporting Information
Percentage of external net sales	8.00%	9.00%	8.00%	8.00%

Description of the Business a_5

Description of the Business and Significant Accounting Policies (Senior Secured Credit Facility) (Details) - Senior Secured Credit Facility [Member] $ in Millions	9 Months Ended
	Sep. 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 a_6

Description of the Business and Significant Accounting Policies (Goodwill) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Goodwill
Goodwill	$ 502,900	$ 386,893
OmniSource
Goodwill
Goodwill decrease due to tax benefit related to the normal amortization of the component	2,500
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	118,550
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	88,095	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 a_7

Description of the Business and Significant Accounting Policies (Recently Adopted/Issued Accounting Standards) (Details) - USD ($) $ in Millions	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Dec. 31, 2016
Description of the Business and Significant Accounting Policies
Restricted cash	$ 5.8	$ 6	$ 6.4	$ 6.3	$ 6.6	$ 6.6

Acquisition - Heartland (Narrat

Acquisition - Heartland (Narrative) (Details) - USD ($) $ in Thousands	Jun. 29, 2018	Sep. 30, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Acquisition
Purchase price paid in cash			$ 37,589	$ 5,518	$ 433,998	$ 5,518
Amortization of Intangible Assets			$ 6,591	$ 7,272	$ 20,346	$ 22,120
Companhia Siderurgica Nacional, Llc. (Heartland) [Member]
Acquisition
Business Acquisition, Percentage of Voting Interests Acquired	100.00%
Purchase price paid in cash	$ 396,400
Customary working capital transaction purchase price adjustment		$ 37,600

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	$ 126,515
Property, plant & equipment	263,819
Intangible assets and goodwill	118,550
Total assets acquired	508,884
Liabilities assumed	74,886
Net assets acquired	$ 433,998

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Earnings Per Share
Antidilutive common share equivalents excluded from computation of earnings per share amount (in shares)	0	0	0	0
Net Income (Numerator)
Basic earnings per share - net income (in dollars)	$ 398,375	$ 153,258	$ 988,375	$ 508,008
Diluted earnings per share - net income (in dollars)	$ 398,375	$ 153,258	$ 988,375	$ 508,008
Weighted average common shares outstanding (in shares)
Weighted average common shares outstanding - basic (in shares)	234,208,000	239,066,000	235,483,000	241,117,000
Dilutive common share equivalents (in shares)	1,441,000	1,814,000	1,289,000	1,699,000
Weighted average common shares outstanding - diluted (in shares)	235,649,000	240,880,000	236,772,000	242,816,000
Per Share Amount
Basic (in dollars per share)	$ 1.70	$ 0.64	$ 4.20	$ 2.11
Diluted (in dollars per share)	$ 1.69	$ 0.64	$ 4.17	$ 2.09

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Inventories
Raw materials	$ 855,566	$ 675,715
Supplies	425,635	374,515
Work in progress	184,377	128,565
Finished goods	388,284	340,552
Total inventories	$ 1,853,862	$ 1,519,347

Changes in Equity (Rollforward)

Changes in Equity (Rollforward) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Balances			$ 3,195,068
Dividends declared			(132,116)
Noncontrolling investors, net			(3)
Share repurchases			(193,379)
Equity-based compensation			19,356
Net income	$ 397,906	$ 151,012	985,953	$ 502,625
Other comprehensive loss, net of tax	63		(42)
Balances	3,874,837		3,874,837
Common Stock
Balances			644
Balances	644		644
Treasury Stock
Balances			(665,297)
Share repurchases			(193,379)
Equity-based compensation			4,624
Balances	(854,052)		(854,052)
Additional Paid-In Capital
Balances			1,141,534
Equity-based compensation			15,022
Balances	1,156,556		1,156,556
Retained Earnings
Balances			2,874,693
Dividends declared			(132,116)
Equity-based compensation			(290)
Net income			988,375
Balances	3,730,662		3,730,662
AOCI Attributable to Parent [Member]
Other comprehensive loss, net of tax			(42)
Balances	(42)		(42)
Noncontrolling Interests
Balances			(156,506)
Noncontrolling investors, net			(3)
Net income			(2,422)
Balances	(158,931)		(158,931)
Redeemable Noncontrolling Interest
Balances			111,240
Balances	$ 111,240		$ 111,240

Derivative Financial Instrume_3

Derivative Financial Instruments (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 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	$ 5,000	$ (35,000)	$ (10,500)	$ 62,000
Gain (loss) excluded from hedge effectiveness testing	(2,100,000)	1,100,000	1,200,000	1,700,000
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	82,000		(55,000)
Price Risk Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net	0	$ 0	0	$ 0
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months	(55,000)		(55,000)
Futures | Commodity contract | Other current assets
Commodity contract commitments
Fair value of derivatives including required margin deposits	$ 3,500,000		$ 3,500,000		$ 5,600,000

Derivative Financial Instrume_4

Derivative Financial Instruments (Schedule of Notional Amounts of Outstanding Derivative Positions) (Details) - Futures	9 Months Ended
	Sep. 30, 2018T
Aluminum | Long
Derivative [Line Items]
Commodity contract (in MT/Lbs)	2,275
Aluminum | Short
Derivative [Line Items]
Commodity contract (in MT/Lbs)	2,900
Copper | Long
Derivative [Line Items]
Commodity contract (in MT/Lbs)	7,518
Copper | Short
Derivative [Line Items]
Commodity contract (in MT/Lbs)	16,230

Derivative Financial Instrume_5

Derivative Financial Instruments (Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Commodity futures, asset derivatives	$ 989	$ 2,790
Commodity futures, liability derivatives	4,722	10,506
Futures | Commodity contract | Designated as hedging instrument | Other current assets
Commodity futures, asset derivatives	418	1,211
Commodity futures, liability derivatives	3,588	5,364
Futures | Commodity contract | Not designated as hedging instrument | Other current assets
Commodity futures, asset derivatives	571	1,579
Commodity futures, liability derivatives	$ 1,134	$ 5,142

Derivative Financial Instrume_6

Derivative Financial Instruments (Schedule of Derivatives Instruments Statements of Financial Position) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Designated as hedging instrument
Amount of gain (loss) recognized in income on related hedged items	$ 6,864	$ (3,041)	$ 59	$ 1,174
Designated as hedging instrument | Commodity contract | Cost of goods sold | Futures
Amount of gain (loss) recognized in income on derivatives	(8,943)	4,122	1,113	571
Amount of gain (loss) recognized in income on related hedged items	5,111	(1,711)	1,718	995
Designated as hedging instrument | Inventory | Cost of goods sold
Amount of gain (loss) recognized in income on related hedged items			(1,659)	179
Designated as hedging instrument | Inventory | Cost of goods sold | Futures
Amount of gain (loss) recognized in income on related hedged items	1,753	(1,330)
Not designated as hedging instrument | Commodity contract | Cost of goods sold | Futures
Amount of gain (loss) recognized in income on derivatives	$ 13,803	$ (10,566)	$ 19,523	$ (12,528)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Assets and liabilities subject to fair value measurements
Commodity futures - financial assets	$ 989	$ 2,790
Commodity futures - financial liabilities	4,722	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	989	2,790
Commodity futures - financial liabilities	4,722	10,506
Futures | Recurring | Fair Value, Inputs, Level 2 [Member] | Commodity contract
Assets and liabilities subject to fair value measurements
Commodity futures - financial assets	989	2,790
Commodity futures - financial liabilities	$ 4,722	$ 10,506

Segment Information - Results (

Segment Information - Results (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Segment Reporting Information
Net sales	$ 3,223,547	$ 2,443,382	$ 8,917,947	$ 7,202,318
Operating income (loss)	531,572	271,015	1,356,856	870,934
Income (loss) before income taxes	507,115	234,312	1,278,489	773,883
Depreciation and amortization	81,383	75,210	236,638	224,068
Capital expenditures	70,668	42,795	176,477	127,746
Assets	7,798,368		7,798,368		$ 6,855,732
U.S.
Segment Reporting Information
Net sales	3,085,224	2,314,457	8,357,030	6,820,371
Non-U.S.
Segment Reporting Information
Net sales	138,323	128,925	560,917	381,947
Operating Segment | Steel Operations
Segment Reporting Information
Net sales	2,586,626	1,848,126	7,004,088	5,445,754
Operating income (loss)	573,848	276,547	1,441,904	895,008
Income (loss) before income taxes	557,870	255,539	1,390,074	830,865
Depreciation and amortization	64,088	57,644	184,998	170,125
Capital expenditures	57,074	31,654	137,484	101,939
Assets	5,195,048		5,195,048
Operating Segment | Steel Operations | Other segments
Segment Reporting Information
Net sales	111,582	65,321	281,828	183,374
Operating Segment | Steel Operations | U.S.
Segment Reporting Information
Net sales	2,400,329	1,700,707	6,360,177	5,025,310
Operating Segment | Steel Operations | Non-U.S.
Segment Reporting Information
Net sales	74,715	82,098	362,083	237,070
Operating Segment | Metals Recycling Operations
Segment Reporting Information
Net sales	800,014	709,197	2,436,875	2,123,350
Operating income (loss)	14,674	17,624	62,027	51,968
Income (loss) before income taxes	13,488	16,020	57,458	46,674
Depreciation and amortization	11,491	12,020	34,602	37,048
Capital expenditures	11,603	8,589	27,496	18,539
Assets	1,019,089		1,019,089
Operating Segment | Metals Recycling Operations | Other segments
Segment Reporting Information
Net sales	412,795	360,982	1,236,830	1,067,770
Operating Segment | Metals Recycling Operations | U.S.
Segment Reporting Information
Net sales	323,611	301,422	1,001,267	910,830
Operating Segment | Metals Recycling Operations | Non-U.S.
Segment Reporting Information
Net sales	63,608	46,793	198,778	144,750
Operating Segment | Steel Fabrication Operations
Segment Reporting Information
Net sales	250,745	211,394	670,344	603,511
Operating income (loss)	13,104	21,862	47,039	65,735
Income (loss) before income taxes	11,801	20,199	42,898	61,171
Depreciation and amortization	2,941	2,866	8,785	8,743
Capital expenditures	1,395	1,524	5,526	5,748
Assets	489,469		489,469
Operating Segment | Steel Fabrication Operations | Other segments
Segment Reporting Information
Net sales	120	89	788	244
Operating Segment | Steel Fabrication Operations | U.S.
Segment Reporting Information
Net sales	250,625	211,271	669,500	603,140
Operating Segment | Steel Fabrication Operations | Non-U.S.
Segment Reporting Information
Net sales		34	56	127
Operating Segment | Other
Segment Reporting Information
Net sales	111,953	101,173	327,651	282,156
Operating income (loss)	(67,113)	(44,326)	(186,137)	(141,406)
Income (loss) before income taxes	(73,109)	(56,754)	(203,970)	(164,456)
Depreciation and amortization	2,863	2,680	8,253	8,152
Capital expenditures	596	1,028	5,971	1,520
Assets	1,204,565		1,204,565
Operating Segment | Other | Other segments
Segment Reporting Information
Net sales	1,294	116	1,565	1,065
Operating Segment | Other | U.S.
Segment Reporting Information
Net sales	110,659	101,057	326,086	281,091
Eliminations
Segment Reporting Information
Net sales	(525,791)	(426,508)	(1,521,011)	(1,252,453)
Operating income (loss)	(2,941)	(692)	(7,977)	(371)
Income (loss) before income taxes	(2,935)	(692)	(7,971)	(371)
Assets	(109,803)		(109,803)
Eliminations | Other segments
Segment Reporting Information
Net sales	$ (525,791)	$ (426,508)	$ (1,521,011)	$ (1,252,453)

Segment Information - Other Foo

Segment Information - Other Footnote (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Operating income (loss)
Corporate SG & A	$ (102,614)	$ (97,056)	$ (310,076)	$ (298,422)
Profit sharing	(45,304)	(21,175)	(114,301)	(69,714)
Operating income (loss)	531,572	271,015	1,356,856	870,934
Assets
Cash and equivalents	884,315		884,315		$ 1,028,649
Short-term Investments	115,000		115,000
Inventories	1,853,862		1,853,862		1,519,347
Property, plant and equipment, net	2,901,658		2,901,658		2,675,904
Other Assets, Noncurrent	25,770		25,770		27,684
Total assets	7,798,368		7,798,368		$ 6,855,732
Operating Segment | Other
Operating income (loss)
Corporate SG & A	(13,800)	(12,100)	(44,000)	(37,900)
Company-wide equity-based compensation	(7,800)	(6,800)	(24,800)	(23,500)
Profit sharing	(43,400)	(20,200)	(109,600)	(66,800)
Other, net	(2,100)	(5,200)	(7,700)	(13,200)
Operating income (loss)	(67,113)	(44,326)	(186,137)	(141,406)
Assets
Cash and equivalents	866,100		866,100
Short-term Investments	85,000		85,000
Inventories	26,300		26,300
Property, plant and equipment, net	158,900		158,900
Intra Company Debt	17,200		17,200
Other Assets, Noncurrent	51,100		51,100
Total assets	1,204,565		1,204,565
Operating Segment | Metals Recycling Operations
Operating income (loss)
Operating income (loss)	14,674	17,624	62,027	51,968
Assets
Total assets	1,019,089		1,019,089
Eliminations
Operating income (loss)
Operating income (loss)	(2,941)	$ (692)	(7,977)	$ (371)
Assets
Intra Company Debt	17,200		17,200
Other Assets, Noncurrent	(20,000)		(20,000)
Total assets	$ (109,803)		$ (109,803)

Segment Information - Eliminati

Segment Information - Eliminations Footnote (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Operating income (loss)
Operating income (loss)	$ 531,572	$ 271,015	$ 1,356,856	$ 870,934
Gross profit	686,081	396,518	1,801,579	1,261,190
Assets elimination
Accounts receivable	1,228,190		1,228,190		$ 868,837
Total assets	7,798,368		7,798,368		$ 6,855,732
Eliminations
Operating income (loss)
Operating income (loss)	(2,941)	$ (692)	(7,977)	$ (371)
Gross profit	(3,000)		(8,000)
Assets elimination
Accounts receivable	(72,600)		(72,600)
Elimination of intra-company debt	(17,200)		(17,200)
Total assets	$ (109,803)		$ (109,803)

Condensed Consolidating Infor_3

Condensed Consolidating Information - Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Condensed Consolidating Balance Sheets
Cash and equivalents	$ 884,315	$ 1,028,649
Short-term Investments	115,000
Accounts receivable, net	1,228,190	868,837
Inventories	1,853,862	1,519,347
Other current assets	50,110	91,509
Total current assets	4,131,477	3,508,342
Property, plant and equipment, net	2,901,658	2,675,904
Intangible assets, net	236,563	256,909
Goodwill	502,900	386,893
Other assets, including investments in subs	25,770	27,684
Total assets	7,798,368	6,855,732
Accounts payable	611,028	489,448
Accrued expenses	423,861	350,276
Current maturities of long-term debt	14,776	28,795
Total current liabilities	1,049,665	868,519
Long-term debt	2,351,979	2,353,145
Other liabilities	410,647	327,760
Total liabilities	3,812,291	3,549,424
Redeemable noncontrolling interests	111,240	111,240
Common stock	644	644
Treasury stock	(854,052)	(665,297)
Additional paid-in capital	1,156,556	1,141,534
Retained earnings (deficit)	3,730,662	2,874,693
Accumulated Other Comprehensive Income (Loss), Net of Tax	(42)
Total Steel Dynamics, Inc. equity	4,033,768	3,351,574
Noncontrolling interests	(158,931)	(156,506)
Total equity	3,874,837	3,195,068
Total liabilities and equity	7,798,368	6,855,732
Parent
Condensed Consolidating Balance Sheets
Cash and equivalents	863,917	1,001,405
Short-term Investments	85,000
Accounts receivable, net	382,836	274,968
Inventories	774,486	685,103
Other current assets	30,939	73,748
Total current assets	2,137,178	2,035,224
Property, plant and equipment, net	864,007	859,419
Other assets, including investments in subs	3,043,057	2,512,594
Total assets	6,044,242	5,407,237
Accounts payable	195,810	168,282
Accrued expenses	283,085	222,023
Current maturities of long-term debt	777	731
Total current liabilities	479,672	391,036
Long-term debt	2,326,733	2,326,466
Other liabilities	(795,835)	(661,839)
Total liabilities	2,010,570	2,055,663
Common stock	644	644
Treasury stock	(854,052)	(665,297)
Additional paid-in capital	1,156,556	1,141,534
Retained earnings (deficit)	3,730,662	2,874,693
Accumulated Other Comprehensive Income (Loss), Net of Tax	(138)
Total Steel Dynamics, Inc. equity	4,033,672	3,351,574
Total equity	4,033,672	3,351,574
Total liabilities and equity	6,044,242	5,407,237
Guarantors
Condensed Consolidating Balance Sheets
Cash and equivalents	13,686	20,441
Short-term Investments	30,000
Accounts receivable, net	1,745,801	1,426,036
Inventories	1,058,194	752,151
Other current assets	21,613	16,005
Total current assets	2,869,294	2,214,633
Property, plant and equipment, net	1,879,224	1,618,438
Intangible assets, net	236,563	225,503
Goodwill	502,900	379,069
Other assets, including investments in subs	5,905	6,622
Total assets	5,493,886	4,444,265
Accounts payable	399,704	316,676
Accrued expenses	283,977	254,196
Current maturities of long-term debt	1,355
Total current liabilities	685,036	570,872
Long-term debt	335
Other liabilities	681,043	869,196
Total liabilities	1,366,414	1,440,068
Common stock	1,727,859	1,727,859
Additional paid-in capital	683,048	128,076
Retained earnings (deficit)	1,716,469	1,148,262
Accumulated Other Comprehensive Income (Loss), Net of Tax	96
Total Steel Dynamics, Inc. equity	4,127,472	3,004,197
Total equity	4,127,472	3,004,197
Total liabilities and equity	5,493,886	4,444,265
Combined Non-Guarantors
Condensed Consolidating Balance Sheets
Cash and equivalents	6,712	6,803
Accounts receivable, net	35,404	37,387
Inventories	34,251	91,890
Other current assets	3,451	5,962
Total current assets	79,818	142,042
Property, plant and equipment, net	158,427	198,047
Intangible assets, net		31,406
Goodwill		7,824
Other assets, including investments in subs	5,535	5,505
Total assets	243,780	384,824
Accounts payable	86,375	101,948
Accrued expenses	9,719	10,243
Current maturities of long-term debt	44,884	56,454
Total current liabilities	140,978	168,645
Long-term debt	168,476	169,799
Other liabilities	34,562	24,868
Total liabilities	344,016	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)	(757,063)	(745,326)
Total Steel Dynamics, Inc. equity	(52,545)	66,778
Noncontrolling interests	(158,931)	(156,506)
Total equity	(211,476)	(89,728)
Total liabilities and equity	243,780	384,824
Consolidating Adjustments
Condensed Consolidating Balance Sheets
Accounts receivable, net	(935,851)	(869,554)
Inventories	(13,069)	(9,797)
Other current assets	(5,893)	(4,206)
Total current assets	(954,813)	(883,557)
Other assets, including investments in subs	(3,028,727)	(2,497,037)
Total assets	(3,983,540)	(3,380,594)
Accounts payable	(70,861)	(97,458)
Accrued expenses	(152,920)	(136,186)
Current maturities of long-term debt	(32,240)	(28,390)
Total current liabilities	(256,021)	(262,034)
Long-term debt	(143,565)	(143,120)
Other liabilities	490,877	95,535
Total liabilities	91,291	(309,619)
Common stock	(1,742,875)	(1,742,767)
Additional paid-in capital	(1,372,550)	(925,272)
Retained earnings (deficit)	(959,406)	(402,936)
Total Steel Dynamics, Inc. equity	(4,074,831)	(3,070,975)
Total equity	(4,074,831)	(3,070,975)
Total liabilities and equity	$ (3,983,540)	$ (3,380,594)

Condensed Consolidating Infor_4

Condensed Consolidating Information - Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Condensed Consolidating Statements of Operations
Net sales	$ 3,223,547	$ 2,443,382	$ 8,917,947	$ 7,202,318
Costs of goods sold	2,537,466	2,046,864	7,116,368	5,941,128
Gross profit	686,081	396,518	1,801,579	1,261,190
Selling, general and administrative	154,509	125,503	444,723	390,256
Operating income	531,572	271,015	1,356,856	870,934
Interest expense, net of capitalized interest	31,560	34,177	94,968	102,019
Other (income) expense, net	(7,103)	2,526	(16,601)	(4,968)
Income before income taxes	507,115	234,312	1,278,489	773,883
Income taxes	109,209	83,300	292,536	271,258
Net income	397,906	151,012	985,953	502,625
Net loss attributable to noncontrolling interests	469	2,246	2,422	5,383
Net income attributable to Steel Dynamics, Inc.	398,375	153,258	988,375	508,008
Reportable legal entity | Parent
Condensed Consolidating Statements of Operations
Net sales	1,304,801	946,136	3,635,571	2,797,557
Costs of goods sold	956,735	763,310	2,746,516	2,241,936
Gross profit	348,066	182,826	889,055	555,621
Selling, general and administrative	78,824	51,464	218,839	164,061
Operating income	269,242	131,362	670,216	391,560
Interest expense, net of capitalized interest	18,559	18,831	56,568	55,353
Other (income) expense, net	(7,121)	2,660	(18,299)	(4,463)
Income before income taxes	257,804	109,871	631,947	340,670
Income taxes	45,599	35,309	127,083	106,036
Net income	212,205	74,562	504,864	234,634
Equity in net income of subsidiaries	186,170	78,696	483,511	273,374
Net income attributable to Steel Dynamics, Inc.	398,375	153,258	988,375	508,008
Reportable legal entity | Guarantors
Condensed Consolidating Statements of Operations
Net sales	3,540,381	2,641,067	9,804,316	7,827,981
Costs of goods sold	3,163,110	2,402,670	8,783,145	7,054,938
Gross profit	377,271	238,397	1,021,171	773,043
Selling, general and administrative	78,694	74,151	233,989	226,153
Operating income	298,577	164,246	787,182	546,890
Interest expense, net of capitalized interest	12,489	14,481	36,793	44,245
Other (income) expense, net	(2,292)	(2,492)	(5,612)	(7,305)
Income before income taxes	288,380	152,257	756,001	509,950
Income taxes	71,466	55,183	187,794	184,891
Net income	216,914	97,074	568,207	325,059
Net income attributable to Steel Dynamics, Inc.	216,914	97,074	568,207	325,059
Reportable legal entity | Combined Non-Guarantors
Condensed Consolidating Statements of Operations
Net sales	144,145	161,556	417,450	449,902
Costs of goods sold	142,005	157,564	413,607	432,657
Gross profit	2,140	3,992	3,843	17,245
Selling, general and administrative	2,974	4,896	8,550	15,253
Operating income	(834)	(904)	(4,707)	1,992
Interest expense, net of capitalized interest	3,134	3,181	9,489	9,494
Other (income) expense, net	(306)	42	(565)	(273)
Income before income taxes	(3,662)	(4,127)	(13,631)	(7,229)
Income taxes	420	1,169	530	4,651
Net income	(4,082)	(5,296)	(14,161)	(11,880)
Net loss attributable to noncontrolling interests	469	2,246	2,422	5,383
Net income attributable to Steel Dynamics, Inc.	(3,613)	(3,050)	(11,739)	(6,497)
Consolidating Adjustments
Condensed Consolidating Statements of Operations
Net sales	(1,765,780)	(1,305,377)	(4,939,390)	(3,873,122)
Costs of goods sold	(1,724,384)	(1,276,680)	(4,826,900)	(3,788,403)
Gross profit	(41,396)	(28,697)	(112,490)	(84,719)
Selling, general and administrative	(5,983)	(5,008)	(16,655)	(15,211)
Operating income	(35,413)	(23,689)	(95,835)	(69,508)
Interest expense, net of capitalized interest	(2,622)	(2,316)	(7,882)	(7,073)
Other (income) expense, net	2,616	2,316	7,875	7,073
Income before income taxes	(35,407)	(23,689)	(95,828)	(69,508)
Income taxes	(8,276)	(8,361)	(22,871)	(24,320)
Net income	(27,131)	(15,328)	(72,957)	(45,188)
Equity in net income of subsidiaries	(186,170)	(78,696)	(483,511)	(273,374)
Net income attributable to Steel Dynamics, Inc.	$ (213,301)	$ (94,024)	$ (556,468)	$ (318,562)

Condensed Consolidating Infor_5

Condensed Consolidating Information - Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Condensed Consolidating Statements of Cash Flows
Net cash provided by (used in) operating activities	$ 420,440	$ 225,854	$ 924,408	$ 547,294
Net cash used in investing activities	(132,681)	(47,232)	(724,013)	(102,878)
Net cash used in financing activities	(124,044)	14,205	(345,341)	(184,246)
Increase (decrease) in cash, cash equivalents, and restricted cash	163,715	192,827	(144,946)	260,170
Cash, cash equivalents, and restricted cash at beginning of period	726,424	915,448	1,035,085	848,105
Cash, cash equivalents, and restricted cash at end of period	890,139	1,108,275	890,139	1,108,275
Parent
Condensed Consolidating Statements of Cash Flows
Net cash provided by (used in) operating activities			401,680	126,183
Net cash used in investing activities			(617,158)	(48,799)
Net cash used in financing activities			77,165	220,346
Increase (decrease) in cash, cash equivalents, and restricted cash			(138,313)	297,730
Cash, cash equivalents, and restricted cash at beginning of period			1,002,230	767,594
Cash, cash equivalents, and restricted cash at end of period	863,917	1,065,324	863,917	1,065,324
Guarantors
Condensed Consolidating Statements of Cash Flows
Net cash provided by (used in) operating activities			505,175	434,450
Net cash used in investing activities			(106,230)	(50,975)
Net cash used in financing activities			(405,499)	(405,184)
Increase (decrease) in cash, cash equivalents, and restricted cash			(6,554)	(21,709)
Cash, cash equivalents, and restricted cash at beginning of period			20,748	54,859
Cash, cash equivalents, and restricted cash at end of period	14,194	33,150	14,194	33,150
Combined Non-Guarantors
Condensed Consolidating Statements of Cash Flows
Net cash provided by (used in) operating activities			2,101	(17,989)
Net cash used in investing activities			(4,920)	(7,006)
Net cash used in financing activities			2,740	9,144
Increase (decrease) in cash, cash equivalents, and restricted cash			(79)	(15,851)
Cash, cash equivalents, and restricted cash at beginning of period			12,107	25,652
Cash, cash equivalents, and restricted cash at end of period	$ 12,028	$ 9,801	12,028	9,801
Consolidating Adjustments
Condensed Consolidating Statements of Cash Flows
Net cash provided by (used in) operating activities			15,452	4,650
Net cash used in investing activities			4,295	3,902
Net cash used in financing activities			$ (19,747)	$ (8,552)