Steel Dynamics (STLD) 10-Q 10 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 01, 2019
Document And Entity Information Abstract
Entity Registrant Name	STEEL DYNAMICS INC
Entity Central Index Key	0001022671
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		222,245,142
Entity Small Business	false
Entity Emerging Growth Company	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current assets
Cash and equivalents	$ 791,444	$ 828,220
Short-term investments	173,723	228,783
Accounts receivable, net	1,141,038	1,040,220
Accounts receivable-related parties	2,357	3,536
Inventories	1,867,700	1,859,168
Other current assets	52,628	72,730
Total current assets	4,028,890	4,032,657
Property, plant and equipment, net	2,936,893	2,945,767
Intangible assets, net	263,315	270,328
Goodwill	530,716	429,645
Other assets	97,419	25,166
Total assets	7,857,233	7,703,563
Current liabilities
Accounts payable	582,284	536,743
Accounts payable-related parties	9,183	14,011
Income taxes payable	26,896	7,468
Accrued payroll and benefits	114,575	264,542
Accrued interest	47,955	25,526
Accrued expenses	141,239	146,613
Current maturities of long-term debt	80,958	24,234
Total current liabilities	1,003,090	1,019,137
Long-term debt	2,354,427	2,352,489
Deferred income taxes	447,087	435,838
Other liabilities	63,171	8,870
Total liabilities	3,867,775	3,816,334
Commitments and contingencies
Redeemable noncontrolling interests	139,930	111,240
Equity
Common stock voting, $.0025 par value; 900,000,000 shares authorized; 265,552,825 and 265,822,402 shares issued; and 222,931,285 and 225,272,174 shares outstanding, as of March 31, 2019 and December 31, 2018, respectively	645	645
Treasury stock, at cost; 42,621,540 and 40,550,228 shares, as of March 31, 2019 and December 31, 2018, respectively	(1,261,837)	(1,184,243)
Additional paid-in capital	1,160,139	1,160,048
Retained earnings	4,109,034	3,958,320
Accumulated other comprehensive income	130	301
Total Steel Dynamics, Inc. equity	4,008,111	3,935,071
Noncontrolling interests	(158,583)	(159,082)
Total equity	3,849,528	3,775,989
Total liabilities and equity	$ 7,857,233	$ 7,703,563

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
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)	265,552,825	265,822,402
Common stock voting, shares outstanding (in shares)	222,931,285	225,272,174
Treasury stock, shares (in shares)	42,621,540	40,550,228

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net sales
Unrelated parties	$ 2,814,486	$ 2,597,312
Related parties	2,949	6,563
Total net sales	2,817,435	2,603,875
Costs of goods sold	2,383,865	2,140,459
Gross profit	433,570	463,416
Selling, general and administrative expenses	111,038	106,431
Profit sharing	23,677	26,662
Amortization of intangible assets	7,013	6,926
Operating income	291,842	323,397
Interest expense, net of capitalized interest	31,122	31,896
Other (income) expense, net	(6,343)	(4,463)
Income before income taxes	267,063	295,964
Income tax expense	62,236	70,489
Net income	204,827	225,475
Net (income) loss attributable to noncontrolling interests	(499)	2,076
Net income attributable to Steel Dynamics, Inc.	$ 204,328	$ 227,551
Basic earnings per share attributable to Steel Dynamics, Inc. stockholders	$ 0.91	$ 0.96
Weighted average common shares outstanding (in shares)	224,058	236,623
Diluted earnings per share attributable to Steel Dynamics, Inc. stockholders, including the effect of assumed conversions when dilutive (in dollars per share)	$ 0.91	$ 0.96
Weighted average common shares and share equivalents outstanding (in shares)	224,962	237,723
Dividends declared per share (in dollars per share)	$ 0.2400	$ 0.1875

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 204,827	$ 225,475
Other comprehensive loss - net unrealized loss on cash flow hedging derivatives, net of income tax benefit of $54 for the three months ended March 31, 2019	(171)
Comprehensive income	204,656	225,475
Comprehensive (income) loss attributable to noncontrolling interests	(499)	2,076
Comprehensive income attributable to Steel Dynamics, Inc.	$ 204,157	$ 227,551

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Statement of Comprehensive Income [Abstract]
Other comprehensive income (loss), net of income tax expense (benefit)	$ 54

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating activities:
Net income	$ 204,827	$ 225,475
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	80,174	76,135
Equity-based compensation	15,308	12,841
Deferred income taxes	12,091	9,545
Other adjustments	728	30
Changes in certain assets and liabilities:
Accounts receivable	(61,062)	(118,818)
Inventories	39,469	(80,711)
Other assets	301	(105)
Accounts payable	3,206	66,332
Income taxes receivable/payable	49,850	63,962
Accrued expenses	(163,339)	(76,751)
Net cash provided by operating activities	181,553	177,935
Investing activities:
Purchases of property, plant and equipment	(54,436)	(50,606)
Purchases of short term investments	(49,677)	(40,000)
Proceeds from maturities of short-term investments	104,737
Acquisition of business, net of cash and restricted cash acquired	(93,412)
Other investing activities	364	229
Net cash used in investing activities	(92,424)	(90,377)
Financing activities:
Issuance of current and long-term debt	121,234	93,058
Repayment of current and long-term debt	(115,271)	(113,034)
Dividends paid	(42,239)	(36,797)
Purchases of treasury stock	(84,308)	(69,269)
Other financing activities	(5,720)	(5,180)
Net cash used in financing activities	(126,304)	(131,222)
Decrease in cash, cash equivalents, and restricted cash	(37,175)	(43,664)
Cash, cash equivalents, and restricted cash at beginning of period	834,423	1,035,085
Cash, cash equivalents, and restricted cash at end of period	797,248	991,421
Supplemental disclosure information:
Cash paid for interest	8,606	8,629
Cash paid (received) for income taxes, net	$ 1,839	$ (1,045)

Description of the Business and

Description of the Business and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
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, United Steel Supply (acquired 75% equity interest March 1, 2019), 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, with several downstream coating and bar processing lines. Steel operations accounted for 75% and 74% of the company’s consolidated external net sales during the three months ended March 31, 2019 and 2018 , respectively. Metals Recycling Operations Segment. Metals recycling operations consists solely of OmniSource Corporation (OmniSource), and includes both ferrous and nonferrous processing, transportation, marketing, brokerage, and scrap management services. Metals recycling operations accounted for 13% and 15% of the company’s consolidated external net sales during the three months ended March 31, 2019 and 2018, respectively. Steel Fabrication Operations Segment. Steel fabrication operations include the company’s New Millennium Building Systems’ joist and deck plants located throughout the United States, and in Northern Mexico. Revenues from these plants are generated from the fabrication of trusses, girders, steel joists and steel deck used within the non-residential construction industry. Steel fabrication operations accounted for 8% of the company’s consolidated external net sales during the three months ended March 31, 2019 and 2018 . Other. Other operations consists of subsidiary operations that are below the quantitative thresholds required for reportable segments and primarily consist of smaller joint ventures, and the idle Minnesota ironmaking operations. 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/ controlled subsidiaries, after elimination of 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/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, 2018 .  Cash and Equivalents. And Restricted Cash Cash and equivalents include all highly liquid investments with a maturity of three months or less at the date of acquisition. Restricted cash is primarily funds held in escrow as required by various insurance and government organizations. The balance of cash, cash equivalents and restricted cash in the consolidated statements of cash flows includes restricted cash of $5.8 million, $6.2 million, $5.6 million, and $6.4 million at March 31, 2019, December 31, 2018, March 31, 2018, and December 31, 2017, respectively, which are recorded in Other Assets (noncurrent) in the company’s consolidated balance sheets.    Note 1. Description of the Business and Significant Accounting Policies (Continued)  Goodwill  The company’s goodwill consisted of the following reporting units at March 31, 2019 , and December 31, 2018 , (in thousands):    March 31, December 31,  2019 2018  Steel Operations Segment  Columbus Flat Roll Division $ 19,682 $ 19,682  The Techs 142,783 142,783  Heartland Flat Roll Division 46,143 46,143  United Steel Supply 101,918 -  Vulcan Threaded Products 7,824 7,824  Roanoke Bar Division 29,041 29,041  Metals Recycling Operations Segment – OmniSource 181,400 182,247  Steel Fabrication Operations Segment – New Millennium Building Systems 1,925 1,925  $ 530,716 $ 429,645  The company acquired a 75% equity interest in United Steel Supply on March 1, 2019 (refer to Note 2 Acquisition – United Steel Supply, LLC ), resulting in a preliminary purchase price allocation in which $101.9 million of goodwill was recorded. OmniSource goodwill decreased $847,000 from December 31, 2018 to March 31, 2019 , in recognition of the 2019 tax benefit related to the normal amortization of the component of OmniSource tax-deductible goodwill in excess of book goodwill.  Recently Issued Accounting Standards  In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: which requires an entity to use a forward-looking expected loss model versus the current incurred loss model for most financial instruments, including accounts receivable. This new guidance is effective for annual and interim periods beginning after December 15, 2019, but can be early adopted. The company is currently evaluating the impact ASU 2016-13 will have in its consolidated financial statements and related disclosure. 

Acquisition - United Steel Supp

Acquisition - United Steel Supply	3 Months Ended
	Mar. 31, 2019
Acquisition - United Steel Supply
Acquisition - United Steel Supply	Note 2. Acquisition – United Steel Supply, LLC  On March 1, 2019, the company purchased 75% of the equity interest of United Steel Supply, LLC (USS) for cash consideration of $93.4 million, subject to customary actual working capital purchase price adjustments. Additionally, the company has an option to purchase, and the sellers have the option to require the company to purchase, the remaining 25% equity interest of USS in the future. Headquartered in Austin, Texas, USS is a leading distributor of painted Galvalume ® flat roll steel used for roofing and siding applications, with distribution centers strategically located in Mississippi, Indiana, Arkansas, and Oregon. USS provides the company a new, complementary distribution channel and connects it to a rapidly growing industry segment with customers that do not traditionally purchase steel directly from a steel producer. USS’s operating results from and after March 1, 2019, are reflected in the company’s financial statements in the steel operations reporting segment.  The aggregate purchase price was preliminarily allocated to the opening balance sheet of USS as of March 1, 2019. The following initial allocation of the purchase price (in thousands) is preliminary based on the information available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed. The accounting for the acquisition has not yet been completed because the company has not finalized the valuations of the acquired assets, assumed liabilities and identifiable intangible assets, if any, including goodwill.     Current assets, net of cash acquired $ 94,020  Property, plant & equipment 7,388  Intangible assets and goodwill 101,918  Total assets acquired 203,326  Liabilities assumed 81,224  Redeemable noncontrolling interest 28,690  Net cash consideration $ 93,412  

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases
Leases	 Note 3. Leases  In February 2016, the FASB issued ASU 2016-02, Leases (ASC 842) and its subsequent corresponding updates; which established 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. The company adopted ASC 842 effective January 1, 2019, using the optional transition method, thereby applying the new guidance at the effective date, without retrospective application to prior periods. The company elected practical expedients permitted under the transition guidance which allowed the company to not reassess under the new standard its prior conclusions regarding lease identification and classification. The company elected to use hindsight when determining the lease term. The company also elected the short-term lease exemption, and did not recognize right-of-use assets and lease liabilities for short-term leases, those with lease commencement date terms of 12 months or less. The company recognized right-of-use assets and lease liabilities of $76.3 million, with no impact on retained earnings, in the consolidated balance sheet on January 1, 2019, and the standard did not have a significant impact on the company’s operating results or cash flows for the three-month period ended March 31, 2019.  The company has operating leases relating principally to transportation and other equipment, and some real estate. The company determines if an arrangement contains a lease at inception, which generally occurs when the arrangement identifies a specific asset that the company has the right to direct the use of and obtain substantially all of the economic benefit from use of the identified asset. Certain of our lease agreements contain rent escalation clauses (including fixed and index-based escalations), and options to extend or terminate the lease. For purposes of calculating operating lease obligations under the standard, the company's lease terms include options to extend the lease when it is reasonably certain that the company will exercise such option. The company uses its incremental borrowing rate at lease commencement to determine the present value of lease payments. The incremental borrowing rate is the rate of interest the company could borrow on a collateralized basis over a similar term with similar payments. Operating lease expense is recognized on a straight-line basis over the lease terms.  Operating lease right-of-use assets and lease obligations included in the consolidated balance sheet at March 31, 2019, are as follows (in thousands):    Right-of-use assets under operating leases:  Other assets - noncurrent $ 72,219  Lease obligations under operating leases:  Accrued liabilities $ 16,378  Other liabilities - noncurrent 56,215  $ 72,593  The weighted average remaining lease term for our operating leases is 6.3 years and the weighted-average discount rate is 4.00% as of March 31, 2019. Future operating lease liabilities as of March 31, 2019, for the next five years and thereafter are as follows (in thousands):     2019 - for the remaining nine months $ 14,565  2020 17,316  2021 14,165  2022 10,891  2023 7,924  Thereafter 20,503  Total undiscounted cash flows 85,364  Less imputed interest (12,771)  Lease obligations under operating leases $ 72,593  Operating and short-term lease expense included in the consolidated statement of income was $4.7 million and $4.4 million, respectively, for the three-month period ended March 31, 2019. Cash paid related to operating lease obligations was $4.8 million for the three-month period ended March 31, 2019. Variable lease costs were not material for the three-month period ended March 31, 2019.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2019
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 months ended March 31, 2019 and 2018 .  The following tables present a reconciliation of the numerators and the denominators of the company’s basic and diluted earnings per share computations for the three months ended March 31, 2019 and 2018 (in thousands, except per share data):    Three Months Ended March 31,  2019 2018  Weighted Weighted  Average Average  Net Income Shares Per Share Net Income Shares Per Share  (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount  Basic earnings per share $ 204,328 224,058 $ 0.91 $ 227,551 236,623 $ 0.96  Dilutive common share equivalents - 904 - 1,100  Diluted earnings per share $ 204,328 224,962 $ 0.91 $ 227,551 237,723 $ 0.96  

Inventories

Inventories	3 Months Ended
	Mar. 31, 2019
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):    March 31, December 31,  2019 2018  Raw materials $ 828,733 $ 810,766  Supplies 450,584 436,828  Work in progress 184,866 195,224  Finished goods 403,517 416,350  Total inventories $ 1,867,700 $ 1,859,168  

Changes in Equity

Changes in Equity	3 Months Ended
	Mar. 31, 2019
Changes in Equity
Changes in Equity	Note 6. Changes in Equity  The following tables provide 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) for the three months ended March 31, 2019 and 2018 :    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, 2018 $ 645 $ (1,184,243) $ 1,160,048 $ 3,958,320 $ 301 $ (159,082) $ 3,775,989 $ 111,240  Dividends declared - - - (53,504) - - (53,504) -  Noncontrolling investors of USS - - - - - - - 28,690  Share repurchases - (84,308) - - - - (84,308) -  Equity-based compensation - 6,714 91 (110) - - 6,695 -  Net income - - - 204,328 - 499 204,827 -  Other comprehensive loss, net of tax - - - - (171) - (171) -  Balances at March 31, 2019 $ 645 $ (1,261,837) $ 1,160,139 $ 4,109,034 $ 130 $ (158,583) $ 3,849,528 $ 139,930    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 - - - (44,269) - - (44,269) -  Share repurchases - (69,269) - - - - (69,269) -  Equity-based compensation - 3,866 1,337 (71) - - 5,132 -  Comprehensive and net income (loss) - - - 227,551 - (2,076) 225,475 -  Balances at March 31, 2018 $ 644 $ (730,700) $ 1,142,871 $ 3,057,904 $ - $ (158,582) $ 3,312,137 $ 111,240 

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2019
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.  Note 7. Derivative Financial Instruments (Continued)  Commodity Futures Contracts . If the company is “long” on futures contracts, it means the company has more futures contracts purchased than futures contracts sold for the underlying commodity. If the company is “short” on a futures contract, it means the company has more futures contracts sold than futures contracts purchased for the underlying commodity. The following summarizes the company’s futures contract commitments as of March 31, 2019 :    Commodity Futures Long/Short Metric Tons  Aluminum Long 3,075  Aluminum Short 5,925  Copper Long 12,440  Copper Short 22,759   The following summarizes the location and amounts of the fair values reported on the company’s consolidated balance sheets as of March 31, 2019 , and December 31, 2018 , and gains and losses related to derivatives included in the company’s statement of income for the three months ended March 31, 2019 and 2018 (in thousands):     Asset Derivatives Liability Derivatives  Balance sheet Fair Value Fair Value  location March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018  Derivative instruments designated as hedges  Commodity futures Other current assets $ 552 $ 2,999 $ 1,068 $ 1,837   Derivative instruments not designated as hedges  Commodity futures Other current assets 1,480 1,559 1,752 2,053  Total derivative instruments $ 2,032 $ 4,558 $ 2,820 $ 3,890  The fair value of the above derivative instruments along with required margin deposit amounts with the same counterparty under master netting arrangements totaled $3.7 million at March 31, 2019 , and $4.9 million at December 31, 2018 , and are reflected in other current assets in the consolidated balance sheets.     Amount of gain (loss) recognized Location of gain Amount of gain (loss) recognized  Location of gain in income on derivatives (loss) recognized in income on related hedged items  (loss) recognized for the three months ended Hedged items in in income on for the three months ended  in income on March 31, March 31, fair value hedge related hedged March 31, March 31,  derivatives 2019 2018 relationships items 2019 2018  Derivatives in fair value  hedging relationships  Commodity futures Costs of goods sold $ (1,453) $ 8,516 Firm commitments Costs of goods sold $ (1,499) $ (793)  Inventory Costs of goods sold 721 (2,596)  Derivatives not designated $ (778) $ (3,389)  as hedging instruments  Commodity futures Costs of goods sold $ (4,077) $ 2,756  Derivatives accounted for as fair value hedges had ineffectiveness resulting in losses of $1.1 million and $101,000 during the three-month periods ended March 31, 2019, and 2018, respectively. Losses excluded from hedge effectiveness testing of $2.2 million increased cost of goods sold during the three-month period ended March 31, 2019. Gains excluded from hedge effectiveness testing of $5.0 million decreased cost of goods sold during the three-month period ended March 31, 2018.  Derivatives accounted for as cash flow hedges resulted in net gains of $58,000 recognized in other comprehensive income for the three-month period ended March 31, 2019. Net gains of $283,000 were reclassified from accumulated other comprehensive three-month period ended March 31, 2019. At March 31, 2019, the company expects to reclassify $170,000 of net gains 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	3 Months Ended
	Mar. 31, 2019
Fair Value Measurements
Fair Value Measurements	Note 8. Fair Value Measurements FASB accounting standards provide a comprehensive framework for measuring fair value and sets forth a definition of fair value and establishes a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable value inputs. Levels within the hierarchy are defined as follows:  · Level 1—Unadjusted quoted prices for identical assets and liabilities in active markets; · Level 2—Quoted prices for similar assets and liabilities in active markets (other than those included in Level 1) which are observable for the asset or liability, either directly or indirectly; and · Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.  The following table sets forth financial assets and liabilities measured at fair value on a recurring basis in the consolidated balance sheet and the respective levels to which the fair value measurements are classified within the fair value hierarchy as of March 31, 2019 , and December 31, 2018 (in thousands):     Quoted Prices Significant  in Active Other Significant  Markets for Observable Unobservable  Identical Assets Inputs Inputs  Total (Level 1) (Level 2) (Level 3)  March 31, 2019  Short-term investments $ 173,723 $ $ 173,723 $  Commodity futures – financial assets 2,032 - 2,032 -  Commodity futures – financial liabilities 2,820 - 2,820 -   December 31, 2018  Short-term investments $ 228,783 $ - $ 228,783 $ -  Commodity futures – financial assets 4,558 - 4,558 -  Commodity futures – financial liabilities 3,890 - 3,890 -  The carrying amounts of financial instruments including cash and equivalents approximate fair value (Level 1). The fair values of short-term investments and the 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 (Level 2). The fair value of long-term debt, including current maturities, as determined by quoted market prices (Level 2), was approximately $2.5 billion and $2.4 billion at March 31, 2019 and December 31, 2018 , respectively (with a corresponding carrying amount in the consolidated balance sheet of $2.5 billion at March 31, 2019 and $2.4 billion at December 31, 2018 ).

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
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	3 Months Ended
	Mar. 31, 2019
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 smaller joint ventures, and our idle Minnesota ironmaking operations. 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 , including disaggregated revenue by segment to external, external non-United States, and other segment customers , are as follows (in thousands):    Metals Steel  For the three months ended Steel Recycling Fabrication  March 31, 2019 Operations Operations Operations Other Eliminations Consolidated   Net sales - disaggregated revenue  External $ 2,044,491 $ 285,725 $ 228,429 $ 113,248 $ - $ 2,671,893  External Non-U.S. 80,079 65,412 51 - - 145,542  Other segments 75,595 385,908 189 248 (461,940) -  2,200,165 737,045 228,669 113,496 (461,940) 2,817,435  Operating income (loss) 309,078 16,962 20,623 (56,920) (1) 2,099 291,842  Income (loss) before income taxes 293,019 15,505 19,351 (62,696) 1,884 267,063  Depreciation and amortization 62,512 11,439 2,967 3,256 - 80,174  Capital expenditures 43,676 6,642 1,993 2,125 - 54,436   As of March 31, 2019  Assets $ 5,378,536 $ 982,844 $ 407,576 $ 1,170,832 (2) $ (82,555) (3) $ 7,857,233      Footnotes related to the three months ended March 31, 2019, segment results (in millions):   (1) Corporate SG&A $ (22.6) (3) Elimination of intra-company receivables $ (59.5)  Company-wide equity-based compensation (9.0) Elimination of intra-company debt (10.8)  Profit sharing (23.0) Other (12.3)  Other, net (2.3) $ (82.6)  $ (56.9)   (2) Cash and equivalents $ 756.9  Short-term investments 153.7  Accounts receivable 12.2  Inventories 36.1  Property, plant and equipment, net 152.6  Intra-company debt 10.8  Other 48.5  $ 1,170.8 Note 10. Segment Information (Continued)     Metals Steel  For the three months ended Steel Recycling Fabrication  March 31, 2018 Operations Operations Operations Other Eliminations Consolidated   Net sales - disaggregated revenue  External $ 1,832,303 $ 329,872 $ 201,437 $ 92,471 $ - $ 2,456,083  External Non-U.S. 89,486 58,250 56 - - 147,792  Other segments 59,985 364,644 210 147 (424,986) -  1,981,774 752,766 201,703 92,618 (424,986) 2,603,875  Operating income (loss) 334,562 24,715 19,791 (55,406) (1) (265) 323,397  Income (loss) before income taxes 315,805 23,005 18,457 (61,033) (270) 295,964  Depreciation and amortization 59,141 11,558 2,898 2,538 - 76,135  Capital expenditures 38,402 6,946 2,077 3,181 - 50,606      Footnotes related to the three months ended March 31, 2018, segment results (in millions):   (1) Corporate SG&A $ (15.7)  Company-wide equity-based compensation (8.5)  Profit sharing (25.6)  Other, net (5.6)  $ (55.4)  

Condensed Consolidating Informa

Condensed Consolidating Information	3 Months Ended
	Mar. 31, 2019
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.       Condensed Consolidating Balance Sheets (in thousands)  Combined Consolidating Total  As of March 31, 2019 Parent Guarantors Non-Guarantors Adjustments Consolidated  Cash and equivalents $ 755,014 $ 26,067 $ 10,363 $ - $ 791,444  Short-term investments 153,723 20,000 - - 173,723  Accounts receivable, net 344,209 1,727,028 71,953 (999,795) 1,143,395  Inventories 786,300 1,010,636 84,420 (13,656) 1,867,700  Other current assets 38,977 17,243 3,331 (6,923) 52,628  Total current assets 2,078,223 2,800,974 170,067 (1,020,374) 4,028,890  Property, plant and equipment, net 870,626 1,905,151 161,116 - 2,936,893  Intangible assets, net - 263,315 - - 263,315  Goodwill - 428,798 101,918 - 530,716  Other assets, including investments in subs 2,934,875 59,075 5,850 (2,902,381) 97,419  Total assets $ 5,883,724 $ 5,457,313 $ 438,951 $ (3,922,755) $ 7,857,233   Accounts payable $ 197,481 $ 376,400 $ 94,697 $ (77,111) $ 591,467  Accrued expenses 200,512 275,807 17,763 (163,417) 330,665  Current maturities of long-term debt 809 1,116 104,574 (25,541) 80,958  Total current liabilities 398,802 653,323 217,034 (266,069) 1,003,090  Long-term debt 2,328,859 - 166,353 (140,785) 2,354,427  Other liabilities (852,048) 1,398,528 33,483 (69,705) 510,258  Total liabilities 1,875,613 2,051,851 416,870 (476,559) 3,867,775   Redeemable noncontrolling interests - - 139,930 - 139,930   Common stock 645 1,727,859 15,016 (1,742,875) 645  Treasury stock (1,261,837) - - - (1,261,837)  Additional paid-in-capital 1,160,139 683,048 787,572 (1,470,620) 1,160,139  Retained earnings (deficit) 4,109,034 994,555 (761,854) (232,701) 4,109,034  Accumulated other comprehensive loss 130 - - - 130  Total Steel Dynamics, Inc. equity 4,008,111 3,405,462 40,734 (3,446,196) 4,008,111  Noncontrolling interests - - (158,583) - (158,583)  Total equity 4,008,111 3,405,462 (117,849) (3,446,196) 3,849,528  Total liabilities and equity $ 5,883,724 $ 5,457,313 $ 438,951 $ (3,922,755) $ 7,857,233  Note 11. Condensed Consolidating Information (Continued)      Combined Consolidating Total  As of December 31, 2018 Parent Guarantors Non-Guarantors Adjustments Consolidated  Cash and equivalents $ 809,763 $ 13,491 $ 4,966 $ - $ 828,220  Short-term investments 198,783 30,000 - - 228,783  Accounts receivable, net 340,439 1,635,168 26,655 (958,506) 1,043,756  Inventories 793,174 1,038,702 39,214 (11,922) 1,859,168  Other current assets 56,578 18,627 3,994 (6,469) 72,730  Total current assets 2,198,737 2,735,988 74,829 (976,897) 4,032,657  Property, plant and equipment, net 871,482 1,918,198 156,087 - 2,945,767  Intangible assets, net - 270,328 - - 270,328  Goodwill - 429,645 - - 429,645  Other assets, including investments in subs 2,862,556 5,593 5,557 (2,848,540) 25,166  Total assets $ 5,932,775 $ 5,359,752 $ 236,473 $ (3,825,437) $ 7,703,563   Accounts payable $ 209,156 $ 330,156 $ 74,353 $ (62,911) $ 550,754  Accrued expenses 296,528 295,668 11,171 (159,218) 444,149  Current maturities of long-term debt 793 1,355 51,079 (28,993) 24,234  Total current liabilities 506,477 627,179 136,603 (251,122) 1,019,137  Long-term debt 2,327,798 381 166,226 (141,916) 2,352,489  Other liabilities (836,571) 1,447,464 31,791 (197,976) 444,708  Total liabilities 1,997,704 2,075,024 334,620 (591,014) 3,816,334   Redeemable noncontrolling interests - - 111,240 - 111,240   Common stock 645 1,727,859 15,016 (1,742,875) 645  Treasury stock (1,184,243) - - - (1,184,243)  Additional paid-in-capital 1,160,048 683,048 695,502 (1,378,550) 1,160,048  Retained earnings (deficit) 3,958,320 873,821 (760,823) (112,998) 3,958,320  Accumulated other comprehensive income 301 - - - 301  Total Steel Dynamics, Inc. equity 3,935,071 3,284,728 (50,305) (3,234,423) 3,935,071  Noncontrolling interests - - (159,082) - (159,082)  Total equity 3,935,071 3,284,728 (209,387) (3,234,423) 3,775,989  Total liabilities and equity $ 5,932,775 $ 5,359,752 $ 236,473 $ (3,825,437) $ 7,703,563 Note 11. Condensed Consolidating Information (Continued)     Condensed Consolidating Statements of Operations (in thousands)   For the three months ended, Combined Consolidating Total  March 31, 2019 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 1,124,735 $ 3,110,229 $ 171,883 $ (1,589,412) $ 2,817,435  Costs of goods sold 905,995 2,865,989 165,460 (1,553,579) 2,383,865  Gross profit 218,740 244,240 6,423 (35,833) 433,570  Selling, general and administrative 69,006 74,583 3,930 (5,791) 141,728  Operating income 149,734 169,657 2,493 (30,042) 291,842  Interest expense, net of capitalized interest 18,654 11,766 3,214 (2,512) 31,122  Other (income) expense, net (7,400) (1,377) (292) 2,726 (6,343)  Income (loss) before income taxes and  equity in net income of subsidiaries 138,480 159,268 (429) (30,256) 267,063  Income taxes 30,764 38,534 103 (7,165) 62,236  107,716 120,734 (532) (23,091) 204,827  Equity in net income of subsidiaries 96,612 - - (96,612) -  Net income attributable to noncontrolling interests - - (499) - (499)  Net income (loss) attributable to Steel Dynamics, Inc. $ 204,328 $ 120,734 $ (1,031) $ (119,703) $ 204,328      For the three months ended, Combined Consolidating Total  March 31, 2018 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 1,036,674 $ 2,823,129 $ 152,587 $ (1,408,515) $ 2,603,875  Costs of goods sold 819,145 2,551,620 148,630 (1,378,936) 2,140,459  Gross profit 217,529 271,509 3,957 (29,579) 463,416  Selling, general and administrative 62,927 76,952 5,597 (5,457) 140,019  Operating income (loss) 154,602 194,557 (1,640) (24,122) 323,397  Interest expense, net of capitalized interest 18,623 12,437 3,540 (2,704) 31,896  Other (income) expense, net (5,203) (1,697) (273) 2,710 (4,463)  Income (loss) before income taxes and  equity in net income of subsidiaries 141,182 183,817 (4,907) (24,128) 295,964  Income taxes 29,746 45,720 909 (5,886) 70,489  111,436 138,097 (5,816) (18,242) 225,475  Equity in net income of subsidiaries 116,115 - - (116,115) -  Net loss attributable to noncontrolling interests - - 2,076 - 2,076  Net income (loss) attributable to Steel Dynamics, Inc. $ 227,551 $ 138,097 $ (3,740) $ (134,357) $ 227,551  Note 11. Condensed Consolidating Information (Continued)       Condensed Consolidating Statements of Cash Flows (in thousands)   For the three months ended, Combined Consolidating Total  March 31, 2019 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net cash provided by (used in) operating activities $ 38,735 $ 151,815 $ (4,520) $ (4,477) $ 181,553  Net cash used in investing activities (71,294) (16,183) (365) (4,582) (92,424)  Net cash provided by (used in) financing activities (22,190) (123,429) 10,256 9,059 (126,304)  Increase (decrease) in cash, cash equivalents and  restricted cash (54,749) 12,203 5,371 - (37,175)  Cash, cash equivalents, and restricted cash  at beginning of period 809,763 14,368 10,292 - 834,423  Cash, cash equivalents, and restricted cash  at end of period $ 755,014 $ 26,571 $ 15,663 $ - $ 797,248       For the three months ended, Combined Consolidating Total  March 31, 2018 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net cash provided by operating activities $ 9,009 $ 149,336 $ 21,283 $ (1,693) $ 177,935  Net cash used in investing activities (60,919) (24,517) (2,997) (1,944) (90,377)  Net cash provided by (used in) financing activities 18,920 (135,966) (17,813) 3,637 (131,222)  Increase (decrease) in cash, cash equivalents and  restricted cash (32,990) (11,147) 473 - (43,664)  Cash, cash equivalents, and restricted cash  at beginning of period 1,002,230 20,740 12,115 - 1,035,085  Cash, cash equivalents, and restricted cash  at end of period $ 969,240 $ 9,593 $ 12,588 $ - $ 991,421  

Description of the Business a_2

Description of the Business and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
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/ controlled subsidiaries, after elimination of 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/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, 2018 .
Cash and Equivalents And Restricted Cash	Cash and Equivalents. And Restricted Cash Cash and equivalents include all highly liquid investments with a maturity of three months or less at the date of acquisition. Restricted cash is primarily funds held in escrow as required by various insurance and government organizations. The balance of cash, cash equivalents and restricted cash in the consolidated statements of cash flows includes restricted cash of $5.8 million, $6.2 million, $5.6 million, and $6.4 million at March 31, 2019, December 31, 2018, March 31, 2018, and December 31, 2017, respectively, which are recorded in Other Assets (noncurrent) in the company’s consolidated balance sheets.
Goodwill	Goodwill  The company’s goodwill consisted of the following reporting units at March 31, 2019 , and December 31, 2018 , (in thousands):    March 31, December 31,  2019 2018  Steel Operations Segment  Columbus Flat Roll Division $ 19,682 $ 19,682  The Techs 142,783 142,783  Heartland Flat Roll Division 46,143 46,143  United Steel Supply 101,918 -  Vulcan Threaded Products 7,824 7,824  Roanoke Bar Division 29,041 29,041  Metals Recycling Operations Segment – OmniSource 181,400 182,247  Steel Fabrication Operations Segment – New Millennium Building Systems 1,925 1,925  $ 530,716 $ 429,645  The company acquired a 75% equity interest in United Steel Supply on March 1, 2019 (refer to Note 2 Acquisition – United Steel Supply, LLC ), resulting in a preliminary purchase price allocation in which $101.9 million of goodwill was recorded. OmniSource goodwill decreased $847,000 from December 31, 2018 to March 31, 2019 , in recognition of the 2019 tax benefit related to the normal amortization of the component of OmniSource tax-deductible goodwill in excess of book goodwill.
Recently Issued Accounting Standards	Recently Issued Accounting Standards  In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: which requires an entity to use a forward-looking expected loss model versus the current incurred loss model for most financial instruments, including accounts receivable. This new guidance is effective for annual and interim periods beginning after December 15, 2019, but can be early adopted. The company is currently evaluating the impact ASU 2016-13 will have in its consolidated financial statements and related disclosure.

Description of the Business a_3

Description of the Business and Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2019
Description of the Business and Significant Accounting Policies
Schedule of Goodwill	  The company’s goodwill consisted of the following reporting units at March 31, 2019 , and December 31, 2018 , (in thousands):    March 31, December 31,  2019 2018  Steel Operations Segment  Columbus Flat Roll Division $ 19,682 $ 19,682  The Techs 142,783 142,783  Heartland Flat Roll Division 46,143 46,143  United Steel Supply 101,918 -  Vulcan Threaded Products 7,824 7,824  Roanoke Bar Division 29,041 29,041  Metals Recycling Operations Segment – OmniSource 181,400 182,247  Steel Fabrication Operations Segment – New Millennium Building Systems 1,925 1,925  $ 530,716 $ 429,645 

Acquisition - United Steel Su_2

Acquisition - United Steel Supply (Tables)	3 Months Ended
	Mar. 31, 2019
Acquisition - United Steel Supply
Schedule of Assets Acquired and Liabilities Assumed	The aggregate purchase price was preliminarily allocated to the opening balance sheet of USS as of March 1, 2019. The following initial allocation of the purchase price (in thousands) is preliminary based on the information available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed. The accounting for the acquisition has not yet been completed because the company has not finalized the valuations of the acquired assets, assumed liabilities and identifiable intangible assets, if any, including goodwill.     Current assets, net of cash acquired $ 94,020  Property, plant & equipment 7,388  Intangible assets and goodwill 101,918  Total assets acquired 203,326  Liabilities assumed 81,224  Redeemable noncontrolling interest 28,690  Net cash consideration $ 93,412 

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases
Schedule of operating lease right-of-use assets and lease obligations	Operating lease right-of-use assets and lease obligations included in the consolidated balance sheet at March 31, 2019, are as follows (in thousands):    Right-of-use assets under operating leases:  Other assets - noncurrent $ 72,219  Lease obligations under operating leases:  Accrued liabilities $ 16,378  Other liabilities - noncurrent 56,215  $ 72,593 
Schedule of future operating lease liabilities	Future operating lease liabilities as of March 31, 2019, for the next five years and thereafter are as follows (in thousands):     2019 - for the remaining nine months $ 14,565  2020 17,316  2021 14,165  2022 10,891  2023 7,924  Thereafter 20,503  Total undiscounted cash flows 85,364  Less imputed interest (12,771)  Lease obligations under operating leases $ 72,593 

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share
Reconciliation of Basic and Diluted Earnings Per Share	The following tables present a reconciliation of the numerators and the denominators of the company’s basic and diluted earnings per share computations for the three months ended March 31, 2019 and 2018 (in thousands, except per share data):    Three Months Ended March 31,  2019 2018  Weighted Weighted  Average Average  Net Income Shares Per Share Net Income Shares Per Share  (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount  Basic earnings per share $ 204,328 224,058 $ 0.91 $ 227,551 236,623 $ 0.96  Dilutive common share equivalents - 904 - 1,100  Diluted earnings per share $ 204,328 224,962 $ 0.91 $ 227,551 237,723 $ 0.96 

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2019
Inventories
Schedule of Inventories	Inventories are stated at lower of cost or net realizable value. Cost is determined using a weighted average cost method for raw materials and supplies, and on a first-in, first-out basis for other inventory. Inventory consisted of the following (in thousands):    March 31, December 31,  2019 2018  Raw materials $ 828,733 $ 810,766  Supplies 450,584 436,828  Work in progress 184,866 195,224  Finished goods 403,517 416,350  Total inventories $ 1,867,700 $ 1,859,168 

Changes in Equity (Tables)

Changes in Equity (Tables)	3 Months Ended
	Mar. 31, 2019
Changes in Equity
Schedule of stockholders' equity	The following tables provide 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) for the three months ended March 31, 2019 and 2018 :    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, 2018 $ 645 $ (1,184,243) $ 1,160,048 $ 3,958,320 $ 301 $ (159,082) $ 3,775,989 $ 111,240  Dividends declared - - - (53,504) - - (53,504) -  Noncontrolling investors of USS - - - - - - - 28,690  Share repurchases - (84,308) - - - - (84,308) -  Equity-based compensation - 6,714 91 (110) - - 6,695 -  Net income - - - 204,328 - 499 204,827 -  Other comprehensive loss, net of tax - - - - (171) - (171) -  Balances at March 31, 2019 $ 645 $ (1,261,837) $ 1,160,139 $ 4,109,034 $ 130 $ (158,583) $ 3,849,528 $ 139,930    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 - - - (44,269) - - (44,269) -  Share repurchases - (69,269) - - - - (69,269) -  Equity-based compensation - 3,866 1,337 (71) - - 5,132 -  Comprehensive and net income (loss) - - - 227,551 - (2,076) 225,475 -  Balances at March 31, 2018 $ 644 $ (730,700) $ 1,142,871 $ 3,057,904 $ - $ (158,582) $ 3,312,137 $ 111,240 

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2019
Derivative Financial Instruments
Schedule of Notional Amounts of Outstanding Derivative Positions	The following summarizes the company’s futures contract commitments as of March 31, 2019 :    Commodity Futures Long/Short Metric Tons  Aluminum Long 3,075  Aluminum Short 5,925  Copper Long 12,440  Copper Short 22,759  
Schedule of Derivative Instruments Statements of Financial Performance and Financial Position	   Asset Derivatives Liability Derivatives  Balance sheet Fair Value Fair Value  location March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018  Derivative instruments designated as hedges  Commodity futures Other current assets $ 552 $ 2,999 $ 1,068 $ 1,837   Derivative instruments not designated as hedges  Commodity futures Other current assets 1,480 1,559 1,752 2,053  Total derivative instruments $ 2,032 $ 4,558 $ 2,820 $ 3,890  The fair value of the above derivative instruments along with required margin deposit amounts with the same counterparty under master netting arrangements totaled $3.7 million at March 31, 2019 , and $4.9 million at December 31, 2018 , and are reflected in other current assets in the consolidated balance sheets.     Amount of gain (loss) recognized Location of gain Amount of gain (loss) recognized  Location of gain in income on derivatives (loss) recognized in income on related hedged items  (loss) recognized for the three months ended Hedged items in in income on for the three months ended  in income on March 31, March 31, fair value hedge related hedged March 31, March 31,  derivatives 2019 2018 relationships items 2019 2018  Derivatives in fair value  hedging relationships  Commodity futures Costs of goods sold $ (1,453) $ 8,516 Firm commitments Costs of goods sold $ (1,499) $ (793)  Inventory Costs of goods sold 721 (2,596)  Derivatives not designated $ (778) $ (3,389)  as hedging instruments  Commodity futures Costs of goods sold $ (4,077) $ 2,756 

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Measurements
Schedule of assets and liabilities measured at fair value on a recurring basis	The following table sets forth financial assets and liabilities measured at fair value on a recurring basis in the consolidated balance sheet and the respective levels to which the fair value measurements are classified within the fair value hierarchy as of March 31, 2019 , and December 31, 2018 (in thousands):     Quoted Prices Significant  in Active Other Significant  Markets for Observable Unobservable  Identical Assets Inputs Inputs  Total (Level 1) (Level 2) (Level 3)  March 31, 2019  Short-term investments $ 173,723 $ $ 173,723 $  Commodity futures – financial assets 2,032 - 2,032 -  Commodity futures – financial liabilities 2,820 - 2,820 -   December 31, 2018  Short-term investments $ 228,783 $ - $ 228,783 $ -  Commodity futures – financial assets 4,558 - 4,558 -  Commodity futures – financial liabilities 3,890 - 3,890 - 

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2019
Segment Information
Schedule of operating segment results	   Metals Steel  For the three months ended Steel Recycling Fabrication  March 31, 2019 Operations Operations Operations Other Eliminations Consolidated   Net sales - disaggregated revenue  External $ 2,044,491 $ 285,725 $ 228,429 $ 113,248 $ - $ 2,671,893  External Non-U.S. 80,079 65,412 51 - - 145,542  Other segments 75,595 385,908 189 248 (461,940) -  2,200,165 737,045 228,669 113,496 (461,940) 2,817,435  Operating income (loss) 309,078 16,962 20,623 (56,920) (1) 2,099 291,842  Income (loss) before income taxes 293,019 15,505 19,351 (62,696) 1,884 267,063  Depreciation and amortization 62,512 11,439 2,967 3,256 - 80,174  Capital expenditures 43,676 6,642 1,993 2,125 - 54,436   As of March 31, 2019  Assets $ 5,378,536 $ 982,844 $ 407,576 $ 1,170,832 (2) $ (82,555) (3) $ 7,857,233      Footnotes related to the three months ended March 31, 2019, segment results (in millions):   (1) Corporate SG&A $ (22.6) (3) Elimination of intra-company receivables $ (59.5)  Company-wide equity-based compensation (9.0) Elimination of intra-company debt (10.8)  Profit sharing (23.0) Other (12.3)  Other, net (2.3) $ (82.6)  $ (56.9)   (2) Cash and equivalents $ 756.9  Short-term investments 153.7  Accounts receivable 12.2  Inventories 36.1  Property, plant and equipment, net 152.6  Intra-company debt 10.8  Other 48.5  $ 1,170.8 Note 10. Segment Information (Continued)     Metals Steel  For the three months ended Steel Recycling Fabrication  March 31, 2018 Operations Operations Operations Other Eliminations Consolidated   Net sales - disaggregated revenue  External $ 1,832,303 $ 329,872 $ 201,437 $ 92,471 $ - $ 2,456,083  External Non-U.S. 89,486 58,250 56 - - 147,792  Other segments 59,985 364,644 210 147 (424,986) -  1,981,774 752,766 201,703 92,618 (424,986) 2,603,875  Operating income (loss) 334,562 24,715 19,791 (55,406) (1) (265) 323,397  Income (loss) before income taxes 315,805 23,005 18,457 (61,033) (270) 295,964  Depreciation and amortization 59,141 11,558 2,898 2,538 - 76,135  Capital expenditures 38,402 6,946 2,077 3,181 - 50,606      Footnotes related to the three months ended March 31, 2018, segment results (in millions):   (1) Corporate SG&A $ (15.7)  Company-wide equity-based compensation (8.5)  Profit sharing (25.6)  Other, net (5.6)  $ (55.4) 

Condensed Consolidating Infor_2

Condensed Consolidating Information (Tables)	3 Months Ended
	Mar. 31, 2019
Condensed Consolidating Information Disclosure Abstract
Schedule of Condensed Consolidating Balance Sheets	    Condensed Consolidating Balance Sheets (in thousands)  Combined Consolidating Total  As of March 31, 2019 Parent Guarantors Non-Guarantors Adjustments Consolidated  Cash and equivalents $ 755,014 $ 26,067 $ 10,363 $ - $ 791,444  Short-term investments 153,723 20,000 - - 173,723  Accounts receivable, net 344,209 1,727,028 71,953 (999,795) 1,143,395  Inventories 786,300 1,010,636 84,420 (13,656) 1,867,700  Other current assets 38,977 17,243 3,331 (6,923) 52,628  Total current assets 2,078,223 2,800,974 170,067 (1,020,374) 4,028,890  Property, plant and equipment, net 870,626 1,905,151 161,116 - 2,936,893  Intangible assets, net - 263,315 - - 263,315  Goodwill - 428,798 101,918 - 530,716  Other assets, including investments in subs 2,934,875 59,075 5,850 (2,902,381) 97,419  Total assets $ 5,883,724 $ 5,457,313 $ 438,951 $ (3,922,755) $ 7,857,233   Accounts payable $ 197,481 $ 376,400 $ 94,697 $ (77,111) $ 591,467  Accrued expenses 200,512 275,807 17,763 (163,417) 330,665  Current maturities of long-term debt 809 1,116 104,574 (25,541) 80,958  Total current liabilities 398,802 653,323 217,034 (266,069) 1,003,090  Long-term debt 2,328,859 - 166,353 (140,785) 2,354,427  Other liabilities (852,048) 1,398,528 33,483 (69,705) 510,258  Total liabilities 1,875,613 2,051,851 416,870 (476,559) 3,867,775   Redeemable noncontrolling interests - - 139,930 - 139,930   Common stock 645 1,727,859 15,016 (1,742,875) 645  Treasury stock (1,261,837) - - - (1,261,837)  Additional paid-in-capital 1,160,139 683,048 787,572 (1,470,620) 1,160,139  Retained earnings (deficit) 4,109,034 994,555 (761,854) (232,701) 4,109,034  Accumulated other comprehensive loss 130 - - - 130  Total Steel Dynamics, Inc. equity 4,008,111 3,405,462 40,734 (3,446,196) 4,008,111  Noncontrolling interests - - (158,583) - (158,583)  Total equity 4,008,111 3,405,462 (117,849) (3,446,196) 3,849,528  Total liabilities and equity $ 5,883,724 $ 5,457,313 $ 438,951 $ (3,922,755) $ 7,857,233  Note 11. Condensed Consolidating Information (Continued)      Combined Consolidating Total  As of December 31, 2018 Parent Guarantors Non-Guarantors Adjustments Consolidated  Cash and equivalents $ 809,763 $ 13,491 $ 4,966 $ - $ 828,220  Short-term investments 198,783 30,000 - - 228,783  Accounts receivable, net 340,439 1,635,168 26,655 (958,506) 1,043,756  Inventories 793,174 1,038,702 39,214 (11,922) 1,859,168  Other current assets 56,578 18,627 3,994 (6,469) 72,730  Total current assets 2,198,737 2,735,988 74,829 (976,897) 4,032,657  Property, plant and equipment, net 871,482 1,918,198 156,087 - 2,945,767  Intangible assets, net - 270,328 - - 270,328  Goodwill - 429,645 - - 429,645  Other assets, including investments in subs 2,862,556 5,593 5,557 (2,848,540) 25,166  Total assets $ 5,932,775 $ 5,359,752 $ 236,473 $ (3,825,437) $ 7,703,563   Accounts payable $ 209,156 $ 330,156 $ 74,353 $ (62,911) $ 550,754  Accrued expenses 296,528 295,668 11,171 (159,218) 444,149  Current maturities of long-term debt 793 1,355 51,079 (28,993) 24,234  Total current liabilities 506,477 627,179 136,603 (251,122) 1,019,137  Long-term debt 2,327,798 381 166,226 (141,916) 2,352,489  Other liabilities (836,571) 1,447,464 31,791 (197,976) 444,708  Total liabilities 1,997,704 2,075,024 334,620 (591,014) 3,816,334   Redeemable noncontrolling interests - - 111,240 - 111,240   Common stock 645 1,727,859 15,016 (1,742,875) 645  Treasury stock (1,184,243) - - - (1,184,243)  Additional paid-in-capital 1,160,048 683,048 695,502 (1,378,550) 1,160,048  Retained earnings (deficit) 3,958,320 873,821 (760,823) (112,998) 3,958,320  Accumulated other comprehensive income 301 - - - 301  Total Steel Dynamics, Inc. equity 3,935,071 3,284,728 (50,305) (3,234,423) 3,935,071  Noncontrolling interests - - (159,082) - (159,082)  Total equity 3,935,071 3,284,728 (209,387) (3,234,423) 3,775,989  Total liabilities and equity $ 5,932,775 $ 5,359,752 $ 236,473 $ (3,825,437) $ 7,703,563 
Schedule of Condensed Consolidating Statements of Operations	     Condensed Consolidating Statements of Operations (in thousands)   For the three months ended, Combined Consolidating Total  March 31, 2019 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 1,124,735 $ 3,110,229 $ 171,883 $ (1,589,412) $ 2,817,435  Costs of goods sold 905,995 2,865,989 165,460 (1,553,579) 2,383,865  Gross profit 218,740 244,240 6,423 (35,833) 433,570  Selling, general and administrative 69,006 74,583 3,930 (5,791) 141,728  Operating income 149,734 169,657 2,493 (30,042) 291,842  Interest expense, net of capitalized interest 18,654 11,766 3,214 (2,512) 31,122  Other (income) expense, net (7,400) (1,377) (292) 2,726 (6,343)  Income (loss) before income taxes and  equity in net income of subsidiaries 138,480 159,268 (429) (30,256) 267,063  Income taxes 30,764 38,534 103 (7,165) 62,236  107,716 120,734 (532) (23,091) 204,827  Equity in net income of subsidiaries 96,612 - - (96,612) -  Net income attributable to noncontrolling interests - - (499) - (499)  Net income (loss) attributable to Steel Dynamics, Inc. $ 204,328 $ 120,734 $ (1,031) $ (119,703) $ 204,328      For the three months ended, Combined Consolidating Total  March 31, 2018 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 1,036,674 $ 2,823,129 $ 152,587 $ (1,408,515) $ 2,603,875  Costs of goods sold 819,145 2,551,620 148,630 (1,378,936) 2,140,459  Gross profit 217,529 271,509 3,957 (29,579) 463,416  Selling, general and administrative 62,927 76,952 5,597 (5,457) 140,019  Operating income (loss) 154,602 194,557 (1,640) (24,122) 323,397  Interest expense, net of capitalized interest 18,623 12,437 3,540 (2,704) 31,896  Other (income) expense, net (5,203) (1,697) (273) 2,710 (4,463)  Income (loss) before income taxes and  equity in net income of subsidiaries 141,182 183,817 (4,907) (24,128) 295,964  Income taxes 29,746 45,720 909 (5,886) 70,489  111,436 138,097 (5,816) (18,242) 225,475  Equity in net income of subsidiaries 116,115 - - (116,115) -  Net loss attributable to noncontrolling interests - - 2,076 - 2,076  Net income (loss) attributable to Steel Dynamics, Inc. $ 227,551 $ 138,097 $ (3,740) $ (134,357) $ 227,551  Note 11. Condensed Consolidating Information (Continued)   
Schedule of Condensed Consolidating Statements of Cash Flows	  Condensed Consolidating Statements of Cash Flows (in thousands)   For the three months ended, Combined Consolidating Total  March 31, 2019 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net cash provided by (used in) operating activities $ 38,735 $ 151,815 $ (4,520) $ (4,477) $ 181,553  Net cash used in investing activities (71,294) (16,183) (365) (4,582) (92,424)  Net cash provided by (used in) financing activities (22,190) (123,429) 10,256 9,059 (126,304)  Increase (decrease) in cash, cash equivalents and  restricted cash (54,749) 12,203 5,371 - (37,175)  Cash, cash equivalents, and restricted cash  at beginning of period 809,763 14,368 10,292 - 834,423  Cash, cash equivalents, and restricted cash  at end of period $ 755,014 $ 26,571 $ 15,663 $ - $ 797,248       For the three months ended, Combined Consolidating Total  March 31, 2018 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net cash provided by operating activities $ 9,009 $ 149,336 $ 21,283 $ (1,693) $ 177,935  Net cash used in investing activities (60,919) (24,517) (2,997) (1,944) (90,377)  Net cash provided by (used in) financing activities 18,920 (135,966) (17,813) 3,637 (131,222)  Increase (decrease) in cash, cash equivalents and  restricted cash (32,990) (11,147) 473 - (43,664)  Cash, cash equivalents, and restricted cash  at beginning of period 1,002,230 20,740 12,115 - 1,035,085  Cash, cash equivalents, and restricted cash  at end of period $ 969,240 $ 9,593 $ 12,588 $ - $ 991,421 

Description of the Business a_4

Description of the Business and Significant Accounting Policies (Segments) (Details) - segment	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 01, 2019
Segment Reporting Information
Number of reporting segments	3
Steel Operations
Segment Reporting Information
Percentage of external net sales	75.00%	74.00%
Metals Recycling Operations
Segment Reporting Information
Percentage of external net sales	13.00%	15.00%
Steel Fabrication Operations
Segment Reporting Information
Percentage of external net sales	8.00%	8.00%
United Steel Supply, LLC
Segment Reporting Information
Acquisition of interest (as a percent)			75.00%

Description of the Business a_5

Description of the Business and Significant Accounting Policies (Cash and Equivalents And Restricted Cash) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Cash and Cash Equivalents [Abstract]
Restricted Cash and Cash Equivalents	$ 5.8	$ 6.2	$ 5.6	$ 6.4
Restricted Cash and Cash Equivalents, Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssetsNoncurrent	us-gaap:OtherAssetsNoncurrent	us-gaap:OtherAssetsNoncurrent	us-gaap:OtherAssetsNoncurrent

Description of the Business a_6

Description of the Business and Significant Accounting Policies (Goodwill) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Goodwill
Goodwill	$ 530,716,000	$ 429,645,000
OmniSource
Goodwill
Goodwill decrease due to tax benefit related to the normal amortization of the component	847,000
Steel Operations | Columbus Flat Roll Division
Goodwill
Goodwill	19,682,000	19,682,000
Steel Operations | The Techs
Goodwill
Goodwill	142,783,000	142,783,000
Steel Operations | Heartland Flat Roll Division [Member]
Goodwill
Goodwill	46,143,000	46,143,000
Steel Operations | United Steel Supply, LLC
Goodwill
Goodwill	101,918,000
Steel Operations | Vulcan Steel Products [Member]
Goodwill
Goodwill	7,824,000	7,824,000
Steel Operations | Roanoke Bar Division
Goodwill
Goodwill	29,041,000	29,041,000
Metals Recycling Operations | OmniSource
Goodwill
Goodwill	181,400,000	182,247,000
Steel Fabrication Operations | New Millennium Building Systems
Goodwill
Goodwill	$ 1,925,000	$ 1,925,000

Acquisition - United Steel Su_3

Acquisition - United Steel Supply (Narrative) (Details) - USD ($) $ in Thousands	Mar. 01, 2019	Mar. 31, 2019
Acquisition
Purchase price paid in cash		$ 93,412
United Steel Supply, LLC
Acquisition
Business Acquisition, Percentage of Voting Interests Acquired	75.00%
Purchase price paid in cash	$ 93,400
Business Acquisition, Percentage of Voting Interests Available to be Acquired	25.00%

Acquisition - United Steel Su_4

Acquisition - United Steel Supply (Schedule of Assets Acquired and Liabilities Assumed) (Details) - United Steel Supply, LLC $ in Thousands	Mar. 01, 2019USD ($)
Acquisition
Current assets, net of cash acquired	$ 94,020
Property, plant & equipment	7,388
Intangible assets and goodwill	101,918
Total assets acquired	203,326
Liabilities assumed	81,224
Redeemable noncontrolling interest	28,690
Net cash consideration	$ 93,412

Leases (Narrative) (Details)

Leases (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Jan. 01, 2019
Right of use asset	$ 72,219
Lease liability	$ 72,593
Option to extend operating lease	true
Option to terminate operating lease	true
Weighted average remaining lease term	6 years 3 months 18 days
Operating lease expenses	$ 4,700
Short term lease expenses	$ 4,400
Weighted average discount rate	4.00%
Cash paid related to operating lease obligations	$ 4,800
Accounting Standards Update 2016-02 [Member] | Restatement Adjustment [Member]
Right of use asset		$ 76,300
Lease liability		$ 76,300

Leases (Schedule of Operating l

Leases (Schedule of Operating lease right-of-use assets and lease obligations) (Details) $ in Thousands	Mar. 31, 2019USD ($)
Leases
Right of use asset	$ 72,219
Right of use asset included in balance sheet	us-gaap:OtherAssetsNoncurrent
Current lease liability	$ 16,378
Current lease liability included in balance sheet	us-gaap:AccruedLiabilitiesCurrent
Non current lease liability	$ 56,215
Non current lease liability included in balance sheet	us-gaap:OtherLiabilitiesNoncurrent
Lease liability	$ 72,593

Leases (Future operating lease

Leases (Future operating lease liabilities) (Details) $ in Thousands	Mar. 31, 2019USD ($)
Future operating lease liabilities
2019 - for the remaining nine months	$ 14,565
2020	17,316
2021	14,165
2022	10,891
2023	7,924
Thereafter	20,503
Total undiscounted cash flows	85,364
Less imputed interest	(12,771)
Lease obligations under operating leases	$ 72,593

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share
Antidilutive common share equivalents excluded from computation of earnings per share amount (in shares)	0	0
Net Income (Numerator)
Basic earnings per share (in dollars)	$ 204,328	$ 227,551
Diluted earnings per share (in dollars)	$ 204,328	$ 227,551
Weighted Average Shares (Denominator)
Basic earnings per share (in shares)	224,058,000	236,623,000
Dilutive common share equivalents (in shares)	904,000	1,100,000
Diluted earnings per share (in shares)	224,962,000	237,723,000
Per Share Amount
Basic (in dollars per share)	$ 0.91	$ 0.96
Diluted (in dollars per share)	$ 0.91	$ 0.96

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Inventories
Raw materials	$ 828,733	$ 810,766
Supplies	450,584	436,828
Work in progress	184,866	195,224
Finished goods	403,517	416,350
Total inventories	$ 1,867,700	$ 1,859,168

Changes in Equity (Rollforward)

Changes in Equity (Rollforward) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Balances	$ 3,775,989	$ 3,195,068
Dividends declared	(53,504)	(44,269)
Share repurchases	(84,308)	(69,269)
Equity-based compensation	6,695	5,132
Net income	204,827	225,475
Other comprehensive loss, net of tax	(171)
Comprehensive and net income (loss)	204,656	225,475
Balances	3,849,528	3,312,137
Common Stock
Balances	645	644
Balances	645	644
Treasury Stock
Balances	(1,184,243)	(665,297)
Share repurchases	(84,308)	(69,269)
Equity-based compensation	6,714	3,866
Balances	(1,261,837)	(730,700)
Additional Paid-In Capital
Balances	1,160,048	1,141,534
Equity-based compensation	91	1,337
Balances	1,160,139	1,142,871
Retained Earnings
Balances	3,958,320	2,874,693
Dividends declared	(53,504)	(44,269)
Equity-based compensation	(110)	(71)
Net income	204,328
Comprehensive and net income (loss)		227,551
Balances	4,109,034	3,057,904
AOCI Attributable to Parent [Member]
Balances	301
Other comprehensive loss, net of tax	(171)
Balances	130
Noncontrolling Interests
Balances	(159,082)	(156,506)
Net income	499
Comprehensive and net income (loss)		(2,076)
Balances	(158,583)	(158,582)
Redeemable Noncontrolling Interest
Balances	111,240	111,240
Noncontrolling investors of USS	28,690
Balances	$ 139,930	$ 111,240

Derivative Financial Instrume_3

Derivative Financial Instruments (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Gains or losses on derivative instruments, statement of income
Ineffectiveness - amount of gain (loss) recognized in income on related hedged items	$ (1,100,000)	$ (101,000)
Gain (loss) excluded from hedge effectiveness testing	(2,200,000)	$ 5,000,000
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	58,000
Net gains reclassified	283,000
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months	$ 170,000
Period Within Which The Company Expects To Reclassify Net Gains On Derivative Instruments From A O C I to Earnings	12 months
Futures | Commodity contract | Other current assets
Commodity contract commitments
Fair value of derivatives including required margin deposits	$ 3,700,000		$ 4,900,000

Derivative Financial Instrume_4

Derivative Financial Instruments (Schedule of Notional Amounts of Outstanding Derivative Positions) (Details) - Futures	3 Months Ended
	Mar. 31, 2019T
Aluminum | Long
Derivative [Line Items]
Commodity contract (in MT/Lbs)	3,075
Aluminum | Short
Derivative [Line Items]
Commodity contract (in MT/Lbs)	5,925
Copper | Long
Derivative [Line Items]
Commodity contract (in MT/Lbs)	12,440
Copper | Short
Derivative [Line Items]
Commodity contract (in MT/Lbs)	22,759

Derivative Financial Instrume_5

Derivative Financial Instruments (Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Commodity futures, asset derivatives	$ 2,032	$ 4,558
Commodity futures, liability derivatives	2,820	3,890
Futures | Commodity contract | Designated as hedging instrument | Other current assets
Commodity futures, asset derivatives	552	2,999
Commodity futures, liability derivatives	1,068	1,837
Futures | Commodity contract | Not designated as hedging instrument | Other current assets
Commodity futures, asset derivatives	1,480	1,559
Commodity futures, liability derivatives	$ 1,752	$ 2,053

Derivative Financial Instrume_6

Derivative Financial Instruments (Schedule of Derivatives Instruments Statements of Financial Position) (Details) - Commodity contract - Cost of goods sold - Futures - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Designated as hedging instrument
Amount of gain (loss) recognized in income on derivatives	$ (1,453)	$ 8,516
Amount of gain (loss) recognized in income on related hedged items	(778)	(3,389)
Not designated as hedging instrument
Amount of gain (loss) recognized in income on derivatives	(4,077)	2,756
Firm commitments | Designated as hedging instrument
Amount of gain (loss) recognized in income on related hedged items	(1,499)	(793)
Inventory | Designated as hedging instrument
Amount of gain (loss) recognized in income on related hedged items	$ 721	$ (2,596)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets and liabilities subject to fair value measurements
Short-term Investments	$ 173,723	$ 228,783
Commodity futures - financial assets	2,032	4,558
Commodity futures - financial liabilities	2,820	3,890
Outstanding Balance	2,500,000	2,400,000
Fair Value, Inputs, Level 2 [Member]
Assets and liabilities subject to fair value measurements
Short-term Investments	173,723	228,783
Fair value of long-term debt, including current maturities	2,500,000	2,400,000
Futures | Recurring | Commodity contract
Assets and liabilities subject to fair value measurements
Commodity futures - financial assets	2,032	4,558
Commodity futures - financial liabilities	2,820	3,890
Futures | Recurring | Fair Value, Inputs, Level 2 [Member] | Commodity contract
Assets and liabilities subject to fair value measurements
Commodity futures - financial assets	2,032	4,558
Commodity futures - financial liabilities	$ 2,820	$ 3,890

Segment Information - Results (

Segment Information - Results (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Segment Reporting Information
Net sales	$ 2,817,435	$ 2,603,875
Operating income (loss)	291,842	323,397
Income (loss) before income taxes	267,063	295,964
Depreciation and amortization	80,174	76,135
Capital expenditures	54,436	50,606
Assets	7,857,233		$ 7,703,563
U.S.
Segment Reporting Information
Net sales	2,671,893	2,456,083
Non-U.S.
Segment Reporting Information
Net sales	145,542	147,792
Operating Segment | Steel Operations
Segment Reporting Information
Net sales	2,200,165	1,981,774
Operating income (loss)	309,078	334,562
Income (loss) before income taxes	293,019	315,805
Depreciation and amortization	62,512	59,141
Capital expenditures	43,676	38,402
Assets	5,378,536
Operating Segment | Steel Operations | Other segments
Segment Reporting Information
Net sales	75,595	59,985
Operating Segment | Steel Operations | U.S.
Segment Reporting Information
Net sales	2,044,491	1,832,303
Operating Segment | Steel Operations | Non-U.S.
Segment Reporting Information
Net sales	80,079	89,486
Operating Segment | Metals Recycling Operations
Segment Reporting Information
Net sales	737,045	752,766
Operating income (loss)	16,962	24,715
Income (loss) before income taxes	15,505	23,005
Depreciation and amortization	11,439	11,558
Capital expenditures	6,642	6,946
Assets	982,844
Operating Segment | Metals Recycling Operations | Other segments
Segment Reporting Information
Net sales	385,908	364,644
Operating Segment | Metals Recycling Operations | U.S.
Segment Reporting Information
Net sales	285,725	329,872
Operating Segment | Metals Recycling Operations | Non-U.S.
Segment Reporting Information
Net sales	65,412	58,250
Operating Segment | Steel Fabrication Operations
Segment Reporting Information
Net sales	228,669	201,703
Operating income (loss)	20,623	19,791
Income (loss) before income taxes	19,351	18,457
Depreciation and amortization	2,967	2,898
Capital expenditures	1,993	2,077
Assets	407,576
Operating Segment | Steel Fabrication Operations | Other segments
Segment Reporting Information
Net sales	189	210
Operating Segment | Steel Fabrication Operations | U.S.
Segment Reporting Information
Net sales	228,429	201,437
Operating Segment | Steel Fabrication Operations | Non-U.S.
Segment Reporting Information
Net sales	51	56
Operating Segment | Other
Segment Reporting Information
Net sales	113,496	92,618
Operating income (loss)	(56,920)	(55,406)
Income (loss) before income taxes	(62,696)	(61,033)
Depreciation and amortization	3,256	2,538
Capital expenditures	2,125	3,181
Assets	1,170,832
Operating Segment | Other | Other segments
Segment Reporting Information
Net sales	248	147
Operating Segment | Other | U.S.
Segment Reporting Information
Net sales	113,248	92,471
Eliminations
Segment Reporting Information
Net sales	(461,940)	(424,986)
Operating income (loss)	2,099	(265)
Income (loss) before income taxes	1,884	(270)
Assets	(82,555)
Eliminations | Other segments
Segment Reporting Information
Net sales	$ (461,940)	$ (424,986)

Segment Information - Results F

Segment Information - Results Footnote (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Operating income (loss)
Corporate SG & A	$ (111,038)	$ (106,431)
Profit sharing	(23,677)	(26,662)
Operating income (loss)	291,842	323,397
Assets
Accounts receivable	1,143,395		$ 1,043,756
Cash and equivalents	791,444		828,220
Short-term Investments	173,723		228,783
Inventories	1,867,700		1,859,168
Property, plant and equipment, net	2,936,893		2,945,767
Other Assets, Noncurrent	97,419		25,166
Total assets	7,857,233		$ 7,703,563
Operating Segment | Other
Operating income (loss)
Corporate SG & A	(22,600)	(15,700)
Company-wide equity-based compensation	(9,000)	(8,500)
Profit sharing	(23,000)	(25,600)
Other, net	(2,300)	(5,600)
Operating income (loss)	(56,920)	(55,406)
Assets
Cash and equivalents	756,900
Short-term Investments	153,700
Accounts receivable	12,200
Inventories	36,100
Property, plant and equipment, net	152,600
Intra Company Debt	10,800
Other Assets, Noncurrent	48,500
Total assets	1,170,832
Operating Segment | Metals Recycling Operations
Operating income (loss)
Operating income (loss)	16,962	24,715
Assets
Total assets	982,844
Eliminations
Operating income (loss)
Operating income (loss)	2,099	$ (265)
Assets
Accounts receivable	(59,500)
Intra Company Debt	10,800
Other Assets, Noncurrent	(12,300)
Total assets	$ (82,555)

Condensed Consolidating Infor_3

Condensed Consolidating Information - Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Condensed Consolidating Balance Sheets
Cash and equivalents	$ 791,444	$ 828,220
Short-term Investments	173,723	228,783
Accounts receivable, net	1,143,395	1,043,756
Inventories	1,867,700	1,859,168
Other current assets	52,628	72,730
Total current assets	4,028,890	4,032,657
Property, plant and equipment, net	2,936,893	2,945,767
Intangible assets, net	263,315	270,328
Goodwill	530,716	429,645
Other assets, including investments in subs	97,419	25,166
Total assets	7,857,233	7,703,563
Accounts payable	591,467	550,754
Accrued expenses	330,665	444,149
Current maturities of long-term debt	80,958	24,234
Total current liabilities	1,003,090	1,019,137
Long-term debt	2,354,427	2,352,489
Other liabilities	510,258	444,708
Total liabilities	3,867,775	3,816,334
Redeemable noncontrolling interests	139,930	111,240
Common stock	645	645
Treasury stock	(1,261,837)	(1,184,243)
Additional paid-in capital	1,160,139	1,160,048
Retained earnings (deficit)	4,109,034	3,958,320
Accumulated other comprehensive income (loss)	130	301
Total Steel Dynamics, Inc. equity	4,008,111	3,935,071
Noncontrolling interests	(158,583)	(159,082)
Total equity	3,849,528	3,775,989	$ 3,312,137	$ 3,195,068
Total liabilities and equity	7,857,233	7,703,563
Parent
Condensed Consolidating Balance Sheets
Cash and equivalents	755,014	809,763
Short-term Investments	153,723	198,783
Accounts receivable, net	344,209	340,439
Inventories	786,300	793,174
Other current assets	38,977	56,578
Total current assets	2,078,223	2,198,737
Property, plant and equipment, net	870,626	871,482
Other assets, including investments in subs	2,934,875	2,862,556
Total assets	5,883,724	5,932,775
Accounts payable	197,481	209,156
Accrued expenses	200,512	296,528
Current maturities of long-term debt	809	793
Total current liabilities	398,802	506,477
Long-term debt	2,328,859	2,327,798
Other liabilities	(852,048)	(836,571)
Total liabilities	1,875,613	1,997,704
Common stock	645	645
Treasury stock	(1,261,837)	(1,184,243)
Additional paid-in capital	1,160,139	1,160,048
Retained earnings (deficit)	4,109,034	3,958,320
Accumulated other comprehensive income (loss)	130	301
Total Steel Dynamics, Inc. equity	4,008,111	3,935,071
Total equity	4,008,111	3,935,071
Total liabilities and equity	5,883,724	5,932,775
Guarantors
Condensed Consolidating Balance Sheets
Cash and equivalents	26,067	13,491
Short-term Investments	20,000	30,000
Accounts receivable, net	1,727,028	1,635,168
Inventories	1,010,636	1,038,702
Other current assets	17,243	18,627
Total current assets	2,800,974	2,735,988
Property, plant and equipment, net	1,905,151	1,918,198
Intangible assets, net	263,315	270,328
Goodwill	428,798	429,645
Other assets, including investments in subs	59,075	5,593
Total assets	5,457,313	5,359,752
Accounts payable	376,400	330,156
Accrued expenses	275,807	295,668
Current maturities of long-term debt	1,116	1,355
Total current liabilities	653,323	627,179
Long-term debt		381
Other liabilities	1,398,528	1,447,464
Total liabilities	2,051,851	2,075,024
Common stock	1,727,859	1,727,859
Additional paid-in capital	683,048	683,048
Retained earnings (deficit)	994,555	873,821
Total Steel Dynamics, Inc. equity	3,405,462	3,284,728
Total equity	3,405,462	3,284,728
Total liabilities and equity	5,457,313	5,359,752
Combined Non-Guarantors
Condensed Consolidating Balance Sheets
Cash and equivalents	10,363	4,966
Accounts receivable, net	71,953	26,655
Inventories	84,420	39,214
Other current assets	3,331	3,994
Total current assets	170,067	74,829
Property, plant and equipment, net	161,116	156,087
Goodwill	101,918
Other assets, including investments in subs	5,850	5,557
Total assets	438,951	236,473
Accounts payable	94,697	74,353
Accrued expenses	17,763	11,171
Current maturities of long-term debt	104,574	51,079
Total current liabilities	217,034	136,603
Long-term debt	166,353	166,226
Other liabilities	33,483	31,791
Total liabilities	416,870	334,620
Redeemable noncontrolling interests	139,930	111,240
Common stock	15,016	15,016
Additional paid-in capital	787,572	695,502
Retained earnings (deficit)	(761,854)	(760,823)
Total Steel Dynamics, Inc. equity	40,734	(50,305)
Noncontrolling interests	(158,583)	(159,082)
Total equity	(117,849)	(209,387)
Total liabilities and equity	438,951	236,473
Consolidating Adjustments
Condensed Consolidating Balance Sheets
Accounts receivable, net	(999,795)	(958,506)
Inventories	(13,656)	(11,922)
Other current assets	(6,923)	(6,469)
Total current assets	(1,020,374)	(976,897)
Other assets, including investments in subs	(2,902,381)	(2,848,540)
Total assets	(3,922,755)	(3,825,437)
Accounts payable	(77,111)	(62,911)
Accrued expenses	(163,417)	(159,218)
Current maturities of long-term debt	(25,541)	(28,993)
Total current liabilities	(266,069)	(251,122)
Long-term debt	(140,785)	(141,916)
Other liabilities	(69,705)	(197,976)
Total liabilities	(476,559)	(591,014)
Common stock	(1,742,875)	(1,742,875)
Additional paid-in capital	(1,470,620)	(1,378,550)
Retained earnings (deficit)	(232,701)	(112,998)
Total Steel Dynamics, Inc. equity	(3,446,196)	(3,234,423)
Total equity	(3,446,196)	(3,234,423)
Total liabilities and equity	$ (3,922,755)	$ (3,825,437)

Condensed Consolidating Infor_4

Condensed Consolidating Information - Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Condensed Consolidating Statements of Operations
Net sales	$ 2,817,435	$ 2,603,875
Costs of goods sold	2,383,865	2,140,459
Gross profit	433,570	463,416
Selling, general and administrative	141,728	140,019
Operating income	291,842	323,397
Interest expense, net of capitalized interest	31,122	31,896
Other (income) expense, net	(6,343)	(4,463)
Income before income taxes	267,063	295,964
Income taxes	62,236	70,489
Net income	204,827	225,475
Net (income) loss attributable to noncontrolling interests	(499)	2,076
Net income attributable to Steel Dynamics, Inc.	204,328	227,551
Parent
Condensed Consolidating Statements of Operations
Net sales	1,124,735	1,036,674
Costs of goods sold	905,995	819,145
Gross profit	218,740	217,529
Selling, general and administrative	69,006	62,927
Operating income	149,734	154,602
Interest expense, net of capitalized interest	18,654	18,623
Other (income) expense, net	(7,400)	(5,203)
Income before income taxes	138,480	141,182
Income taxes	30,764	29,746
Net income	107,716	111,436
Equity in net income of subsidiaries	96,612	116,115
Net income attributable to Steel Dynamics, Inc.	204,328	227,551
Guarantors
Condensed Consolidating Statements of Operations
Net sales	3,110,229	2,823,129
Costs of goods sold	2,865,989	2,551,620
Gross profit	244,240	271,509
Selling, general and administrative	74,583	76,952
Operating income	169,657	194,557
Interest expense, net of capitalized interest	11,766	12,437
Other (income) expense, net	(1,377)	(1,697)
Income before income taxes	159,268	183,817
Income taxes	38,534	45,720
Net income	120,734	138,097
Net income attributable to Steel Dynamics, Inc.	120,734	138,097
Combined Non-Guarantors
Condensed Consolidating Statements of Operations
Net sales	171,883	152,587
Costs of goods sold	165,460	148,630
Gross profit	6,423	3,957
Selling, general and administrative	3,930	5,597
Operating income	2,493	(1,640)
Interest expense, net of capitalized interest	3,214	3,540
Other (income) expense, net	(292)	(273)
Income before income taxes	(429)	(4,907)
Income taxes	103	909
Net income	(532)	(5,816)
Net (income) loss attributable to noncontrolling interests	(499)	2,076
Net income attributable to Steel Dynamics, Inc.	(1,031)	(3,740)
Consolidating Adjustments
Condensed Consolidating Statements of Operations
Net sales	(1,589,412)	(1,408,515)
Costs of goods sold	(1,553,579)	(1,378,936)
Gross profit	(35,833)	(29,579)
Selling, general and administrative	(5,791)	(5,457)
Operating income	(30,042)	(24,122)
Interest expense, net of capitalized interest	(2,512)	(2,704)
Other (income) expense, net	2,726	2,710
Income before income taxes	(30,256)	(24,128)
Income taxes	(7,165)	(5,886)
Net income	(23,091)	(18,242)
Equity in net income of subsidiaries	(96,612)	(116,115)
Net income attributable to Steel Dynamics, Inc.	$ (119,703)	$ (134,357)

Condensed Consolidating Infor_5

Condensed Consolidating Information - Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Condensed Consolidating Statements of Cash Flows
Net cash provided by operating activities	$ 181,553	$ 177,935
Net cash used in investing activities	(92,424)	(90,377)
Accumulated other comprehensive loss	(126,304)	(131,222)
Decrease in cash, cash equivalents, and restricted cash	(37,175)	(43,664)
Cash, cash equivalents, and restricted cash at beginning of period	834,423	1,035,085
Cash, cash equivalents, and restricted cash at end of period	797,248	991,421
Parent
Condensed Consolidating Statements of Cash Flows
Net cash provided by operating activities	38,735	9,009
Net cash used in investing activities	(71,294)	(60,919)
Accumulated other comprehensive loss	(22,190)	18,920
Decrease in cash, cash equivalents, and restricted cash	(54,749)	(32,990)
Cash, cash equivalents, and restricted cash at beginning of period	809,763	1,002,230
Cash, cash equivalents, and restricted cash at end of period	755,014	969,240
Guarantors
Condensed Consolidating Statements of Cash Flows
Net cash provided by operating activities	151,815	149,336
Net cash used in investing activities	(16,183)	(24,517)
Accumulated other comprehensive loss	(123,429)	(135,966)
Decrease in cash, cash equivalents, and restricted cash	12,203	(11,147)
Cash, cash equivalents, and restricted cash at beginning of period	14,368	20,740
Cash, cash equivalents, and restricted cash at end of period	26,571	9,593
Combined Non-Guarantors
Condensed Consolidating Statements of Cash Flows
Net cash provided by operating activities	(4,520)	21,283
Net cash used in investing activities	(365)	(2,997)
Accumulated other comprehensive loss	10,256	(17,813)
Decrease in cash, cash equivalents, and restricted cash	5,371	473
Cash, cash equivalents, and restricted cash at beginning of period	10,292	12,115
Cash, cash equivalents, and restricted cash at end of period	15,663	12,588
Consolidating Adjustments
Condensed Consolidating Statements of Cash Flows
Net cash provided by operating activities	(4,477)	(1,693)
Net cash used in investing activities	(4,582)	(1,944)
Accumulated other comprehensive loss	$ 9,059	$ 3,637