Steel Dynamics (STLD) 10-Q 31 Oct 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Oct. 28, 2019
Document And Entity Information Abstract
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	0-21719
Entity Registrant Name	Steel Dynamics, Inc
Entity Incorporation, State or Country Code	IN
Entity Tax Identification Number	35-1929476
Entity Address, Address Line One	7575 West Jefferson Blvd
Entity Address, City or Town	Fort Wayne
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	46804
City Area Code	260
Local Phone Number	969-3500
Title of 12(b) Security	Common Stock
Trading Symbol	STLD
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		215,452,169
Entity Central Index Key	0001022671
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets
Cash and equivalents	$ 1,146,007	$ 828,220
Short-term investments	69,529	228,783
Accounts receivable, net	983,515	1,040,220
Accounts receivable-related parties	3,431	3,536
Inventories	1,767,020	1,859,168
Other current assets	50,818	72,730
Total current assets	4,020,320	4,032,657
Property, plant and equipment, net	3,031,731	2,945,767
Intangible assets, net	249,598	270,328
Goodwill	540,913	429,645
Other assets	100,685	25,166
Total assets	7,943,247	7,703,563
Current liabilities
Accounts payable	518,909	536,743
Accounts payable-related parties	9,720	14,011
Income taxes payable	2,074	7,468
Accrued payroll and benefits	181,785	264,542
Accrued interest	47,945	25,526
Accrued expenses	162,692	146,613
Current maturities of long-term debt	82,150	24,234
Total current liabilities	1,005,275	1,019,137
Long-term debt	2,355,243	2,352,489
Deferred income taxes	468,248	435,838
Other liabilities	70,126	8,870
Total liabilities	3,898,892	3,816,334
Commitments and contingencies
Redeemable noncontrolling interests	143,614	111,240
Equity
Common stock voting, $.0025 par value; 900,000,000 shares authorized; 265,553,499 and 265,822,402 shares issued; and 215,740,572 and 225,272,174 shares outstanding, as of September 30, 2019 and December 31, 2018, respectively	645	645
Treasury stock, at cost; 49,812,927 and 40,550,228 shares, as of September 30, 2019 and December 31, 2018, respectively	(1,469,078)	(1,184,243)
Additional paid-in capital	1,175,512	1,160,048
Retained earnings	4,349,523	3,958,320
Accumulated other comprehensive income	39	301
Total Steel Dynamics, Inc. equity	4,056,641	3,935,071
Noncontrolling interests	(155,900)	(159,082)
Total equity	3,900,741	3,775,989
Total liabilities and equity	$ 7,943,247	$ 7,703,563

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 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)	265,553,499	265,822,402
Common stock voting, shares outstanding (in shares)	215,740,572	225,272,174
Treasury stock, shares (in shares)	49,812,927	40,550,228

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Net sales
Unrelated parties	$ 2,523,279	$ 3,220,891	$ 8,104,129	$ 8,902,025
Related parties	3,566	2,656	10,666	15,922
Total net sales	2,526,845	3,223,547	8,114,795	8,917,947
Costs of goods sold	2,167,006	2,537,466	6,900,220	7,116,368
Gross profit	359,839	686,081	1,214,575	1,801,579
Selling, general and administrative expenses	107,242	102,614	324,530	310,076
Profit sharing	17,848	45,304	64,396	114,301
Amortization of intangible assets	6,704	6,591	20,730	20,346
Operating income	228,045	531,572	804,919	1,356,856
Interest expense, net of capitalized interest	31,339	31,560	94,782	94,968
Other income, net	(4,545)	(7,103)	(15,137)	(16,601)
Income before income taxes	201,251	507,115	725,274	1,278,489
Income tax expense	48,643	109,209	171,093	292,536
Net income	152,608	397,906	554,181	985,953
Net (income) loss attributable to noncontrolling interests	(1,560)	469	(4,503)	2,422
Net income attributable to Steel Dynamics, Inc.	$ 151,048	$ 398,375	$ 549,678	$ 988,375
Basic earnings per share attributable to Steel Dynamics, Inc. stockholders	$ 0.69	$ 1.70	$ 2.49	$ 4.20
Weighted average common shares outstanding (in shares)	217,873	234,208	221,145	235,483
Diluted earnings per share attributable to Steel Dynamics, Inc. stockholders, including the effect of assumed conversions when dilutive (in dollars per share)	$ 0.69	$ 1.69	$ 2.47	$ 4.17
Weighted average common shares and share equivalents outstanding (in shares)	219,109	235,649	222,197	236,772
Dividends declared per share (in dollars per share)	$ 0.2400	$ 0.1875	$ 0.7200	$ 0.5625

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 152,608	$ 397,906	$ 554,181	$ 985,953
Other comprehensive income (loss) - net unrealized gain (loss) on cash flow hedging derivatives, net of income tax expense (benefit)	(39)	63	(262)	(42)
Comprehensive income	152,569	397,969	553,919	985,911
Comprehensive (income) loss attributable to noncontrolling interests	(1,560)	469	(4,503)	2,422
Comprehensive income attributable to Steel Dynamics, Inc.	$ 151,009	$ 398,438	$ 549,416	$ 988,333

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Operating activities:
Net income	$ 152,608	$ 397,906	$ 554,181	$ 985,953
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	79,470	81,383	240,555	236,638
Equity-based compensation	8,841	7,978	33,229	28,860
Deferred income taxes	11,311	23,899	34,952	45,437
Other adjustments	(1,116)	312	(952)	197
Changes in certain assets and liabilities:
Accounts receivable	85,633	(48,024)	95,195	(330,307)
Inventories	35,479	(69,885)	139,889	(240,908)
Other assets	39	(6,429)	7,632	(7,164)
Accounts payable	1,111	(14,883)	(54,167)	100,368
Income taxes receivable/payable	6,293	(31,127)	19,715	55,414
Accrued expenses	64,533	79,310	(83,001)	49,920
Net cash provided by operating activities	444,202	420,440	987,228	924,408
Investing activities:
Purchases of property, plant and equipment	(154,131)	(70,668)	(293,687)	(176,477)
Purchases of short-term investments	(34,884)	(35,000)	(134,026)	(125,000)
Proceeds from maturities of short-term investments	79,508	10,000	293,279	10,000
Acquisition of business, net of cash and restricted cash acquired	(3,694)	(37,589)	(97,106)	(433,998)
Other investing activities	2,746	576	4,023	1,462
Net cash used in investing activities	(110,455)	(132,681)	(227,517)	(724,013)
Financing activities:
Issuance of current and long-term debt	128,230	110,041	374,686	327,670
Repayment of current and long-term debt	(119,988)	(115,039)	(369,134)	(346,162)
Dividends paid	(52,751)	(44,081)	(148,493)	(125,146)
Purchases of treasury stock	(114,950)	(74,965)	(292,394)	(193,379)
Other financing activities	(1,527)		(7,259)	(8,324)
Net cash used in financing activities	(160,986)	(124,044)	(442,594)	(345,341)
Increase (decrease) in cash, cash equivalents, and restricted cash	172,761	163,715	317,117	(144,946)
Cash, cash equivalents, and restricted cash at beginning of period	978,779	726,424	834,423	1,035,085
Cash, cash equivalents, and restricted cash at end of period	1,151,540	890,139	1,151,540	890,139
Supplemental disclosure information:
Cash paid for interest	9,115	8,643	71,702	70,498
Cash paid for income taxes, net	$ 29,794	$ 119,802	$ 116,149	$ 198,752

Description of the Business and

Description of the Business and Significant Accounting Policies	9 Months Ended
	Sep. 30, 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. Metals Recycling Operations Segment. 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 Other. Significant Accounting Policies Principles of Consolidation . Use of Estimates. 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. Note 1. Description of the Business and Significant Accounting Policies (Continued) 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 $5.5 million, $6.2 million, $6.2 million, $5.8 million, $6.0 million, and $6.4 million at September 30, 2019, June 30, 2019, December 31, 2018, September 30, 2018, June 30, 2018, and December 31, 2017, respectively, which are recorded in Other Assets (noncurrent) in the company’s consolidated balance sheets. Goodwill The company’s goodwill consisted of the following at September 30, 2019, and December 31, 2018, (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ ​ ​ 2019 ​ 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations Segment ​ $ 359,283 ​ $ 245,473 ​ ​ Metals Recycling Operations Segment ​ ​ 179,705 ​ ​ 182,247 ​ ​ Steel Fabrication Operations Segment ​ ​ 1,925 ​ ​ 1,925 ​ ​ ​ ​ $ 540,913 ​ $ 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 Recently Issued Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses, and it’s subsequent corresponding updates: 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 anticipates adopting ASU 2016-13 on January 1, 2020. The company is working through its adoption plan to evaluate policies, processes and systems to determine the impact ASU 2016-13 will have in its consolidated financial statements and related disclosure .

Acquisition - United Steel Supp

Acquisition - United Steel Supply	9 Months Ended
	Sep. 30, 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, plus a customary working capital transaction purchase price adjustment of $3.7 million in September 2019. 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 ® ​ Note 2. Acquisition – United Steel Supply, LLC (Continued) The aggregate purchase price was preliminarily allocated to the opening balance sheet of USS as of March 1, 2019, and updated in September 2019 upon the final working capital adjustment, as presented below. The following allocation of the purchase price (in thousands) is preliminary based on the information available 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 identifiable intangible assets, if any, and thus goodwill. The company anticipates finalizing the valuation of identifiable intangible assets by December 31, 2019. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 Allocation ​ ​ Adjustments ​ ​ Initial Allocation ​ ​ ​ ​ Current assets, net of cash acquired $ 86,236 ​ $ (7,784) ​ $ 94,020 ​ ​ ​ ​ Property, plant & equipment ​ 7,388 ​ ​ - ​ ​ 7,388 ​ ​ ​ ​ Intangible assets and goodwill ​ 113,810 ​ ​ 11,892 ​ ​ 101,918 ​ ​ ​ ​ Total assets acquired ​ 207,434 ​ ​ 4,108 ​ ​ 203,326 ​ ​ ​ ​ Liabilities assumed ​ 77,954 ​ ​ (3,270) ​ ​ 81,224 ​ ​ ​ ​ Redeemable noncontrolling interest ​ 32,374 ​ ​ 3,684 ​ ​ 28,690 ​ ​ ​ ​ Net cash consideration $ 97,106 ​ $ 3,694 ​ $ 93,412 ​ ​ ​

Leases

Leases	9 Months Ended
	Sep. 30, 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 and nine-month periods ended September 30, 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 term . Operating lease right-of-use assets and lease obligations included in the consolidated balance sheet at September 30, 2019, are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Right of use assets under operating leases: ​ ​ ​ ​ ​ Other assets - noncurrent $ 74,843 ​ ​ ​ Lease obligations under operating leases: ​ ​ ​ ​ ​ Accrued liabilities $ 17,202 ​ ​ ​ Other liabilities - noncurrent ​ 57,946 ​ ​ ​ ​ $ 75,148 ​ ​ Note 3. Leases (Continued) The weighted average remaining lease term for our operating leases is six years and the weighted-average discount rate is 4.0% as of September 30, 2019. Future operating lease liabilities as of September 30, 2019, for the next five years and thereafter are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 - for the remaining three months $ 19,954 ​ ​ ​ 2020 ​ 17,120 ​ ​ ​ 2021 ​ 13,719 ​ ​ ​ 2022 ​ 10,636 ​ ​ ​ 2023 ​ 7,506 ​ ​ ​ Thereafter ​ 17,095 ​ ​ ​ Total undiscounted cash flows ​ 86,030 ​ ​ ​ Less imputed interest ​ (10,882) ​ ​ ​ Lease obligations under operating leases $ 75,148 ​ ​ Operating lease expense included in the consolidated statements of income was $5.2 million and $15.0 million for the three and nine months ended September 30, 2019, respectively. Cash paid related to operating lease obligations was $5.2 million and $15.1 million for the three and nine months ended September 30, 2019, respectively. Variable lease costs were not material for the three and nine months ended September 30, 2019. Short-term lease expense included in the consolidated statements of income was $5.0 million and $14.8 million for the three and nine months ended September 30, 2019, respectively. Right-of-use assets obtained in exchange for new operating lease liabilities during the three and nine months ended September 30, 2019 were $1.4 million and $11.3 million, respectively.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 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 and nine-month periods ended September 30, 2019 and 2018. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ 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 $ 151,048 ​ ​ 217,873 ​ $ 0.69 ​ $ 398,375 ​ ​ 234,208 ​ $ 1.70 Dilutive common share equivalents ​ - ​ ​ 1,236 ​ ​ ​ ​ ​ - ​ ​ 1,441 ​ ​ ​ Diluted earnings per share $ 151,048 ​ ​ 219,109 ​ $ 0.69 ​ $ 398,375 ​ ​ 235,649 ​ $ 1.69 ​ Note 4. Earnings Per Share (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ 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 $ 549,678 ​ ​ 221,145 ​ $ 2.49 ​ $ 988,375 ​ ​ 235,483 ​ $ 4.20 Dilutive common share equivalents ​ - ​ ​ 1,052 ​ ​ ​ ​ ​ - ​ ​ 1,289 ​ ​ ​ Diluted earnings per share $ 549,678 ​ ​ 222,197 ​ $ 2.47 ​ $ 988,375 ​ ​ 236,772 ​ $ 4.17 ​

Inventories

Inventories	9 Months Ended
	Sep. 30, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ ​ ​ ​ 2019 ​ 2018 ​ ​ ​ ​ Raw materials $ 758,677 ​ $ 810,766 ​ ​ ​ ​ Supplies ​ 492,604 ​ ​ 436,828 ​ ​ ​ ​ Work in progress ​ 156,443 ​ ​ 195,224 ​ ​ ​ ​ Finished goods ​ 359,296 ​ ​ 416,350 ​ ​ ​ ​ Total inventories $ 1,767,020 ​ $ 1,859,168 ​ ​ ​

Changes in Equity

Changes in Equity	9 Months Ended
	Sep. 30, 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 each quarterly period in the nine months ended September 30, 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 Dividends declared ​ - ​ ​ - ​ ​ - ​ ​ (52,751) ​ ​ - ​ ​ - ​ ​ (52,751) ​ ​ - Share repurchases ​ - ​ ​ (93,136) ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (93,136) ​ ​ - Equity-based compensation ​ - ​ ​ 816 ​ ​ 7,366 ​ ​ (166) ​ ​ - ​ ​ - ​ ​ 8,016 ​ ​ - Net income ​ - ​ ​ - ​ ​ - ​ ​ 194,302 ​ ​ - ​ ​ 2,444 ​ ​ 196,746 ​ ​ - Other comprehensive loss, net of tax ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (52) ​ ​ - ​ ​ (52) ​ ​ - Balances at June 30, 2019 ​ 645 ​ ​ (1,354,157) ​ ​ 1,167,505 ​ ​ 4,250,419 ​ ​ 78 ​ ​ (156,139) ​ ​ 3,908,351 ​ ​ 139,930 Dividends declared ​ - ​ ​ - ​ ​ - ​ ​ (51,778) ​ ​ - ​ ​ - ​ ​ (51,778) ​ ​ - Noncontrolling investors of USS ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (1,321) ​ ​ (1,321) ​ ​ 3,684 Share repurchases ​ - ​ ​ (114,950) ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (114,950) ​ ​ - Equity-based compensation ​ - ​ ​ 29 ​ ​ 8,007 ​ ​ (166) ​ ​ - ​ ​ - ​ ​ 7,870 ​ ​ - Net income ​ - ​ ​ - ​ ​ - ​ ​ 151,048 ​ ​ - ​ ​ 1,560 ​ ​ 152,608 ​ ​ - Other comprehensive loss, net of tax ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (39) ​ ​ - ​ ​ (39) ​ ​ - Balances at September 30, 2019 $ 645 ​ $ (1,469,078) ​ $ 1,175,512 ​ $ 4,349,523 ​ $ 39 ​ $ (155,900) ​ $ 3,900,741 ​ $ 143,614 ​ Note 6. Changes in Equity (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 Dividends declared ​ - ​ ​ - ​ ​ - ​ ​ (44,080) ​ ​ - ​ ​ - ​ ​ (44,080) ​ ​ - Noncontrolling investors, net ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (3) ​ ​ (3) ​ ​ - Share repurchases ​ - ​ ​ (49,145) ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (49,145) ​ ​ - Equity-based compensation ​ - ​ ​ 757 ​ ​ 6,496 ​ ​ (110) ​ ​ - ​ ​ - ​ ​ 7,143 ​ ​ - Net income ​ - ​ ​ - ​ ​ - ​ ​ 362,449 ​ ​ - ​ ​ 123 ​ ​ 362,572 ​ ​ - Other comprehensive loss, net of tax ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (105) ​ ​ - ​ ​ (105) ​ ​ - Balances at June 30, 2018 ​ 644 ​ ​ (779,088) ​ ​ 1,149,367 ​ ​ 3,376,163 ​ ​ (105) ​ ​ (158,462) ​ ​ 3,588,519 ​ ​ 111,240 Dividends declared ​ - ​ ​ - ​ ​ - ​ ​ (43,767) ​ ​ - ​ ​ - ​ ​ (43,767) ​ ​ - Noncontrolling investors, net ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - Share repurchases ​ - ​ ​ (74,965) ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (74,965) ​ ​ - Equity-based compensation ​ - ​ ​ 1 ​ ​ 7,189 ​ ​ (109) ​ ​ - ​ ​ - ​ ​ 7,081 ​ ​ - Net income ​ - ​ ​ - ​ ​ - ​ ​ 398,375 ​ ​ - ​ ​ (469) ​ ​ 397,906 ​ ​ - Other comprehensive loss, net of tax ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 63 ​ ​ - ​ ​ 63 ​ ​ - Balances at September 30, 2018 $ 644 ​ $ (854,052) ​ $ 1,156,556 ​ $ 3,730,662 ​ $ (42) ​ $ (158,931) ​ $ 3,874,837 ​ $ 111,240 ​

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 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, and occasionally to mitigate foreign currency exchange rate risk or interest rate fluctuation risk. The company routinely enters into forward exchange traded futures and option contracts to manage the price risk associated with nonferrous metals inventory as well as purchases and sales of nonferrous and ferrous metals (primarily aluminum and copper). The company offsets fair value amounts recognized for derivative instruments executed with the same counterparty under master netting agreements. Commodity Futures Contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity Futures ​ Long/Short ​ Metric Tons ​ Aluminum ​ Long ​ 575 ​ Aluminum ​ Short ​ 4,100 ​ Copper ​ Long ​ 10,036 ​ Copper ​ Short ​ 21,704 ​ Note 7. Derivative Financial Instruments (Continued) The following summarizes the location and amounts of the fair values reported on the company’s consolidated balance sheets as of September 30, 2019, and December 31, 2018, and gains and losses related to derivatives included in the company’s statement of income for the three and nine-month periods ended September 30, 2019 and 2018 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Derivatives ​ Liability Derivatives ​ Balance sheet ​ Fair Value ​ Fair Value ​ location ​ September 30, 2019 ​ December 31, 2018 ​ September 30, 2019 ​ December 31, 2018 Derivative instruments designated as hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures Other current assets ​ $ 1,063 ​ $ 2,999 ​ $ 805 ​ $ 1,837 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments not designated as hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures Other current assets ​ ​ 313 ​ ​ 1,559 ​ ​ 3,100 ​ ​ 2,053 Total derivative instruments ​ ​ $ 1,376 ​ $ 4,558 ​ $ 3,905 ​ $ 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 $4.3 million at September 30, 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) ​ ​ ​ ​ Amount of gain (loss) ​ ​ ​ recognized in income ​ ​ ​ Location of gain recognized in income ​ ​ Location of gain on derivatives for the ​ ​ ​ (loss) recognized on derivatives for the ​ ​ (loss) recognized three months ended ​ Hedged items in ​ in income on three months ended ​ ​ in income on September 30, ​ fair value hedge ​ related hedged September 30, ​ ​ derivatives 2019 2018 ​ relationships ​ items 2019 2018 Derivatives in fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ hedging relationships ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold $ 302 $ (8,943) ​ Firm commitments ​ Costs of goods sold $ (519) $ 5,111 ​ ​ ​ ​ ​ ​ ​ ​ Inventory ​ Costs of goods sold ​ (182) ​ 1,753 Derivatives not designated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (701) $ 6,864 as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold $ 4,536 $ 13,803 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) ​ ​ ​ ​ Amount of gain (loss) ​ ​ ​ recognized in income ​ ​ ​ Location of gain recognized in income ​ ​ Location of gain on derivatives for the ​ ​ ​ (loss) recognized on derivatives for the ​ ​ (loss) recognized three months ended ​ Hedged items in ​ in income on three months ended ​ ​ in income on September 30, ​ fair value hedge ​ related hedged September 30, ​ ​ derivatives 2019 2018 ​ relationships ​ items 2019 2018 Derivatives in fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ hedging relationships ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold $ (560) $ 1,113 ​ Firm commitments ​ Costs of goods sold $ (603) $ 1,718 ​ ​ ​ ​ ​ ​ ​ ​ Inventory ​ Costs of goods sold ​ 245 ​ (1,659) Derivatives not designated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (358) $ 59 as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold $ 5,946 $ 19,523 ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives accounted for as fair value hedges had ineffectiveness resulting in gains of $69,000 and $5,000 during the three-month periods ended September 30, 2019, and 2018, respectively; and gains of $101,000 and losses of $10,500 during the nine-month periods ended September 30, 2019, and 2018, respectively. Losses excluded from hedge effectiveness testing of $399,000 and $2.1 million increased cost of goods sold during the three-month periods ended September 30, 2019, and 2018, respectively. Losses excluded from hedge effectiveness testing of $918,000 increased cost of goods sold during the nine-month period ended September 30, 2019 and gains of $1.2 million decreased the cost of goods sold during the nine-month period ended September 30, 2018. Note 7. Derivative Financial Instruments (Continued) Derivatives accounted for as cash flow hedges resulted in net losses of $8,000 and net gains of $82,000 recognized in other comprehensive income for the three-month periods ended September 30, 2019, and 2018, respectively; and net gains of $139,000 and net losses of $55,000 for the nine-month periods ended September 30, 2019 and 2018, respectively. Net gains of $43,000 and $483,000 were reclassified from accumulated other comprehensive income for the three and nine-month periods ended September 30, 2019. At September 30, 2019, the company expects to reclassify $51,000 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	9 Months Ended
	Sep. 30, 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 September 30, 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) September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term investments $ 69,529 ​ $ - ​ $ 69,529 ​ $ - Commodity futures – financial assets ​ 1,376 ​ ​ - ​ ​ 1,376 ​ ​ - Commodity futures – financial liabilities ​ 3,905 ​ ​ - ​ ​ 3,905 ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 September 30, 2019 and December 31, 2018, respectively (with a corresponding carrying amount in the consolidated balance sheet of $2.5 billion at September 30, 2019 and $2.4 billion at December 31, 2018).

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 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 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. 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2019 ​ Operations ​ Operations ​ Operations ​ Other ​ Eliminations ​ Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales - disaggregated revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External ​ $ 1,838,682 ​ $ 230,086 ​ $ 245,914 ​ $ 77,330 ​ $ - ​ $ 2,392,012 External Non-U.S. ​ ​ 83,845 ​ ​ 50,823 ​ ​ 165 ​ ​ - ​ ​ - ​ ​ 134,833 Other segments ​ ​ 85,678 ​ ​ 293,999 ​ ​ 637 ​ ​ 100 ​ ​ (380,414) ​ ​ - ​ ​ ​ 2,008,205 ​ ​ 574,908 ​ ​ 246,716 ​ ​ 77,430 ​ ​ (380,414) ​ ​ 2,526,845 Operating income (loss) ​ ​ 234,683 ​ ​ (101) ​ ​ 35,280 ​ ​ (42,441) (1) ​ 624 (2) ​ 228,045 Income (loss) before income taxes ​ ​ 217,699 ​ ​ (1,159) ​ ​ 34,080 ​ ​ (49,780) ​ ​ 411 ​ ​ 201,251 Depreciation and amortization ​ ​ 63,170 ​ ​ 11,769 ​ ​ 2,941 ​ ​ 1,590 ​ ​ - ​ ​ 79,470 Capital expenditures ​ ​ 40,818 ​ ​ 11,498 ​ ​ 3,759 ​ ​ 98,056 ​ ​ - ​ ​ 154,131 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ $ 5,119,419 ​ $ 972,493 ​ $ 414,835 ​ $ 1,513,798 (3) $ (77,298) (4) $ 7,943,247 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Footnotes related to the three months ended September 30, 2019, segment results (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Corporate SG&A $ (15.4) ​ (2) Gross profit increase from intra-company sales $ 0.4 ​ Company-wide equity-based compensation ​ (8.7) ​ ​ ​ ​ ​ ​ Profit sharing ​ (17.0) ​ ​ ​ ​ ​ ​ Other, net ​ (1.3) ​ ​ ​ ​ ​ ​ ​ $ (42.4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (3) Cash and equivalents $ 1,072.5 ​ (4) Elimination of intra-company receivables $ (61.2) ​ Short-term investments ​ 69.5 ​ ​ Elimination of intra-company debt ​ (8.7) ​ Accounts receivable ​ 7.8 ​ ​ Other ​ (7.4) ​ Inventories ​ 36.5 ​ ​ ​ $ (77.3) ​ Property, plant and equipment, net ​ 271.8 ​ ​ ​ ​ ​ ​ Intra-company debt ​ 8.7 ​ ​ ​ ​ ​ ​ Other ​ 47.0 ​ ​ ​ ​ ​ ​ ​ $ 1,513.8 ​ ​ ​ ​ ​ ​ Note 10. Segment Information (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Metals ​ Steel ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ Steel ​ Recycling ​ Fabrication ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2018 ​ Operations ​ Operations ​ Operations ​ Other ​ Eliminations ​ Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales - disaggregated revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External ​ $ 2,400,329 ​ $ 323,611 ​ $ 250,625 ​ $ 110,659 ​ $ - ​ $ 3,085,224 External Non-U.S. ​ ​ 74,715 ​ ​ 63,608 ​ ​ - ​ ​ - ​ ​ - ​ ​ 138,323 Other segments ​ ​ 111,582 ​ ​ 412,795 ​ ​ 120 ​ ​ 1,294 ​ ​ (525,791) ​ ​ - ​ ​ ​ 2,586,626 ​ ​ 800,014 ​ ​ 250,745 ​ ​ 111,953 ​ ​ (525,791) ​ ​ 3,223,547 Operating income (loss) ​ ​ 573,848 ​ ​ 14,674 ​ ​ 13,104 ​ ​ (67,113) (1) ​ (2,941) ​ ​ 531,572 Income (loss) before income taxes ​ ​ 557,870 ​ ​ 13,488 ​ ​ 11,801 ​ ​ (73,109) ​ ​ (2,935) (2) ​ 507,115 Depreciation and amortization ​ ​ 64,088 ​ ​ 11,491 ​ ​ 2,941 ​ ​ 2,863 ​ ​ - ​ ​ 81,383 Capital expenditures ​ ​ 57,074 ​ ​ 11,603 ​ ​ 1,395 ​ ​ 596 ​ ​ - ​ ​ 70,668 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Footnotes related to the three months ended September 30, 2018, segment results (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Corporate SG&A $ (13.8) ​ (2) Gross profit decrease from intra-company sales $ (2.9) ​ Company-wide equity-based compensation ​ (7.8) ​ ​ ​ ​ ​ ​ Profit sharing ​ (43.4) ​ ​ ​ ​ ​ ​ Other, net ​ (2.1) ​ ​ ​ ​ ​ ​ ​ $ (67.1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Metals ​ Steel ​ ​ ​ ​ ​ ​ ​ ​ ​ For the nine months ended ​ Steel ​ Recycling ​ Fabrication ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2019 ​ Operations ​ Operations ​ Operations ​ Other ​ Eliminations ​ Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales - disaggregated revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External ​ $ 5,918,189 ​ $ 778,637 ​ $ 714,782 ​ $ 290,219 ​ $ - ​ $ 7,701,827 External Non-U.S. ​ ​ 235,259 ​ ​ 176,508 ​ ​ 1,201 ​ ​ - ​ ​ - ​ ​ 412,968 Other segments ​ ​ 243,107 ​ ​ 1,013,574 ​ ​ 826 ​ ​ 469 ​ ​ (1,257,976) ​ ​ - ​ ​ ​ 6,396,555 ​ ​ 1,968,719 ​ ​ 716,809 ​ ​ 290,688 ​ ​ (1,257,976) ​ ​ 8,114,795 Operating income (loss) ​ ​ 835,172 ​ ​ 24,480 ​ ​ 86,567 ​ ​ (148,514) (1) ​ 7,214 ​ ​ 804,919 Income (loss) before income taxes ​ ​ 784,873 ​ ​ 20,846 ​ ​ 82,897 ​ ​ (169,914) ​ ​ 6,572 (2) ​ 725,274 Depreciation and amortization ​ ​ 188,832 ​ ​ 34,733 ​ ​ 8,882 ​ ​ 8,108 ​ ​ - ​ ​ 240,555 Capital expenditures ​ ​ 128,069 ​ ​ 30,313 ​ ​ 8,771 ​ ​ 126,534 ​ ​ - ​ ​ 293,687 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Footnotes related to the nine months ended September 30, 2019, segment results (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Corporate SG&A $ (56.0) ​ (2) Gross profit increase from intra-company sales $ 6.6 ​ Company-wide equity-based compensation ​ (26.1) ​ ​ ​ ​ ​ ​ Profit sharing ​ (61.3) ​ ​ ​ ​ ​ ​ Other, net ​ (5.1) ​ ​ ​ ​ ​ ​ ​ $ (148.5) ​ ​ ​ ​ ​ ​ Note 10. Segment Information (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Metals ​ Steel ​ ​ ​ ​ ​ ​ ​ ​ ​ For the nine months ended ​ Steel ​ Recycling ​ Fabrication ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2018 ​ Operations ​ Operations ​ Operations ​ Other ​ Eliminations ​ Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales - disaggregated revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External ​ $ 6,360,177 ​ $ 1,001,267 ​ $ 669,500 ​ $ 326,086 ​ $ - ​ $ 8,357,030 External Non-U.S. ​ ​ 362,083 ​ ​ 198,778 ​ ​ 56 ​ ​ - ​ ​ - ​ ​ 560,917 Other segments ​ ​ 281,828 ​ ​ 1,236,830 ​ ​ 788 ​ ​ 1,565 ​ ​ (1,521,011) ​ ​ - ​ ​ ​ 7,004,088 ​ ​ 2,436,875 ​ ​ 670,344 ​ ​ 327,651 ​ ​ (1,521,011) ​ ​ 8,917,947 Operating income (loss) ​ ​ 1,441,904 ​ ​ 62,027 ​ ​ 47,039 ​ ​ (186,137) (1) ​ (7,977) ​ ​ 1,356,856 Income (loss) before income taxes ​ ​ 1,390,074 ​ ​ 57,458 ​ ​ 42,898 ​ ​ (203,970) ​ ​ (7,971) (2) ​ 1,278,489 Depreciation and amortization ​ ​ 184,998 ​ ​ 34,602 ​ ​ 8,785 ​ ​ 8,253 ​ ​ - ​ ​ 236,638 Capital expenditures ​ ​ 137,484 ​ ​ 27,496 ​ ​ 5,526 ​ ​ 5,971 ​ ​ - ​ ​ 176,477 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Footnotes related to the nine months ended September 30, 2018, segment results (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Corporate SG&A $ (44.0) ​ (2) Gross profit decrease from intra-company sales $ (8.0) ​ Company-wide equity-based compensation ​ (24.8) ​ ​ ​ ​ ​ ​ Profit sharing ​ (109.6) ​ ​ ​ ​ ​ ​ Other, net ​ (7.7) ​ ​ ​ ​ ​ ​ ​ $ (186.1) ​ ​ ​ ​ ​ ​

Condensed Consolidating Informa

Condensed Consolidating Information	9 Months Ended
	Sep. 30, 2019
Condensed Consolidating Information Disclosure Abstract
Condensed Consolidating Information	Note 11. Condensed Consolidating Information Certain 100% owned subsidiaries of SDI 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, at September 30, 2019. 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. In October 2019, the Company’s corporate credit rating was upgraded to an investment grade credit level by all three credit rating agencies, resulting in all the referenced guarantees being automatically released pursuant to the applicable Indentures. ​ Note 11. Condensed Consolidating Information (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Consolidating Balance Sheets (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Combined ​ Consolidating ​ Total As of September 30, 2019 ​ Parent ​ Guarantors ​ Non-Guarantors ​ Adjustments ​ Consolidated Cash and equivalents ​ $ 1,070,215 ​ $ 64,398 ​ $ 11,394 ​ $ - ​ $ 1,146,007 Short-term investments ​ ​ 69,529 ​ ​ - ​ ​ - ​ ​ - ​ ​ 69,529 Accounts receivable, net ​ ​ 303,259 ​ ​ 1,675,521 ​ ​ 63,962 ​ ​ (1,055,796) ​ ​ 986,946 Inventories ​ ​ 725,792 ​ ​ 960,506 ​ ​ 88,871 ​ ​ (8,149) ​ ​ 1,767,020 Other current assets ​ ​ 29,754 ​ ​ 17,464 ​ ​ 4,548 ​ ​ (948) ​ ​ 50,818 Total current assets ​ ​ 2,198,549 ​ ​ 2,717,889 ​ ​ 168,775 ​ ​ (1,064,893) ​ ​ 4,020,320 Property, plant and equipment, net ​ ​ 966,715 ​ ​ 1,902,414 ​ ​ 162,602 ​ ​ - ​ ​ 3,031,731 Intangible assets, net ​ ​ - ​ ​ 249,598 ​ ​ - ​ ​ - ​ ​ 249,598 Goodwill ​ ​ - ​ ​ 427,103 ​ ​ 113,810 ​ ​ - ​ ​ 540,913 Other assets, including investments in subs ​ ​ 2,723,786 ​ ​ 61,910 ​ ​ 6,420 ​ ​ (2,691,431) ​ ​ 100,685 Total assets ​ $ 5,889,050 ​ $ 5,358,914 ​ $ 451,607 ​ $ (3,756,324) ​ $ 7,943,247 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable ​ $ 177,308 ​ $ 332,299 ​ $ 99,162 ​ $ (80,140) ​ $ 528,629 Accrued expenses ​ ​ 228,600 ​ ​ 316,684 ​ ​ 16,694 ​ ​ (167,482) ​ ​ 394,496 Current maturities of long-term debt ​ ​ 843 ​ ​ 517 ​ ​ 103,551 ​ ​ (22,761) ​ ​ 82,150 Total current liabilities ​ ​ 406,751 ​ ​ 649,500 ​ ​ 219,407 ​ ​ (270,383) ​ ​ 1,005,275 Long-term debt ​ ​ 2,330,968 ​ ​ - ​ ​ 147,310 ​ ​ (123,035) ​ ​ 2,355,243 Other liabilities ​ ​ (905,310) ​ ​ 1,087,758 ​ ​ 34,290 ​ ​ 321,636 ​ ​ 538,374 Total liabilities ​ ​ 1,832,409 ​ ​ 1,737,258 ​ ​ 401,007 ​ ​ (71,782) ​ ​ 3,898,892 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interests ​ ​ - ​ ​ - ​ ​ 143,614 ​ ​ - ​ ​ 143,614 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stock ​ ​ 645 ​ ​ 1,727,859 ​ ​ 15,016 ​ ​ (1,742,875) ​ ​ 645 Treasury stock ​ ​ (1,469,078) ​ ​ - ​ ​ - ​ ​ - ​ ​ (1,469,078) Additional paid-in-capital ​ ​ 1,175,512 ​ ​ 683,048 ​ ​ 804,625 ​ ​ (1,487,673) ​ ​ 1,175,512 Retained earnings (deficit) ​ ​ 4,349,523 ​ ​ 1,210,749 ​ ​ (756,755) ​ ​ (453,994) ​ ​ 4,349,523 Accumulated other comprehensive loss ​ ​ 39 ​ ​ - ​ ​ - ​ ​ - ​ ​ 39 Total Steel Dynamics, Inc. equity ​ ​ 4,056,641 ​ ​ 3,621,656 ​ ​ 62,886 ​ ​ (3,684,542) ​ ​ 4,056,641 Noncontrolling interests ​ ​ - ​ ​ - ​ ​ (155,900) ​ ​ - ​ ​ (155,900) Total equity ​ ​ 4,056,641 ​ ​ 3,621,656 ​ ​ (93,014) ​ ​ (3,684,542) ​ ​ 3,900,741 Total liabilities and equity ​ $ 5,889,050 ​ $ 5,358,914 ​ $ 451,607 ​ $ (3,756,324) ​ $ 7,943,247 ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Consolidating Statements of Operations (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended, ​ ​ ​ ​ ​ ​ ​ Combined ​ Consolidating ​ Total September 30, 2019 ​ Parent ​ Guarantors ​ Non-Guarantors ​ Adjustments ​ Consolidated Net sales ​ $ 976,470 ​ $ 2,710,767 ​ $ 205,617 ​ $ (1,366,009) ​ $ 2,526,845 Costs of goods sold ​ ​ 814,622 ​ ​ 2,502,257 ​ ​ 188,967 ​ ​ (1,338,840) ​ ​ 2,167,006 Gross profit ​ ​ 161,848 ​ ​ 208,510 ​ ​ 16,650 ​ ​ (27,169) ​ ​ 359,839 Selling, general and administrative ​ ​ 55,613 ​ ​ 74,433 ​ ​ 7,827 ​ ​ (6,079) ​ ​ 131,794 Operating income ​ ​ 106,235 ​ ​ 134,077 ​ ​ 8,823 ​ ​ (21,090) ​ ​ 228,045 Interest expense, net of capitalized interest ​ ​ 18,716 ​ ​ 11,536 ​ ​ 3,490 ​ ​ (2,403) ​ ​ 31,339 Other income, net ​ ​ (5,394) ​ ​ (1,574) ​ ​ (196) ​ ​ 2,619 ​ ​ (4,545) Income before income taxes and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ equity in net income of subsidiaries ​ ​ 92,913 ​ ​ 124,115 ​ ​ 5,529 ​ ​ (21,306) ​ ​ 201,251 Income taxes ​ ​ 23,625 ​ ​ 29,965 ​ ​ 128 ​ ​ (5,075) ​ ​ 48,643 ​ ​ ​ 69,288 ​ ​ 94,150 ​ ​ 5,401 ​ ​ (16,231) ​ ​ 152,608 Equity in net income of subsidiaries ​ ​ 81,760 ​ ​ - ​ ​ - ​ ​ (81,760) ​ ​ - Net income attributable to noncontrolling interests ​ ​ - ​ ​ - ​ ​ (1,560) ​ ​ - ​ ​ (1,560) Net income attributable to Steel Dynamics, Inc. ​ $ 151,048 ​ $ 94,150 ​ $ 3,841 ​ $ (97,991) ​ $ 151,048 ​ Note 11. Condensed Consolidating Information (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended, ​ ​ ​ ​ ​ ​ ​ Combined ​ Consolidating ​ Total September 30, 2018 ​ Parent ​ Guarantors ​ Non-Guarantors ​ Adjustments ​ Consolidated Net sales ​ $ 1,304,801 ​ $ 3,540,381 ​ $ 144,145 ​ $ (1,765,780) ​ $ 3,223,547 Costs of goods sold ​ ​ 956,735 ​ ​ 3,163,110 ​ ​ 142,005 ​ ​ (1,724,384) ​ ​ 2,537,466 Gross profit ​ ​ 348,066 ​ ​ 377,271 ​ ​ 2,140 ​ ​ (41,396) ​ ​ 686,081 Selling, general and administrative ​ ​ 78,824 ​ ​ 78,694 ​ ​ 2,974 ​ ​ (5,983) ​ ​ 154,509 Operating income (loss) ​ ​ 269,242 ​ ​ 298,577 ​ ​ (834) ​ ​ (35,413) ​ ​ 531,572 Interest expense, net of capitalized interest ​ ​ 18,559 ​ ​ 12,489 ​ ​ 3,134 ​ ​ (2,622) ​ ​ 31,560 Other income, net ​ ​ (7,121) ​ ​ (2,292) ​ ​ (306) ​ ​ 2,616 ​ ​ (7,103) Income (loss) before income taxes and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ equity in net income of subsidiaries ​ ​ 257,804 ​ ​ 288,380 ​ ​ (3,662) ​ ​ (35,407) ​ ​ 507,115 Income taxes ​ ​ 45,599 ​ ​ 71,466 ​ ​ 420 ​ ​ (8,276) ​ ​ 109,209 ​ ​ ​ 212,205 ​ ​ 216,914 ​ ​ (4,082) ​ ​ (27,131) ​ ​ 397,906 Equity in net income of subsidiaries ​ ​ 186,170 ​ ​ - ​ ​ - ​ ​ (186,170) ​ ​ - Net loss attributable to noncontrolling interests ​ ​ - ​ ​ - ​ ​ 469 ​ ​ - ​ ​ 469 Net income (loss) attributable to Steel Dynamics, Inc. ​ $ 398,375 ​ $ 216,914 ​ $ (3,613) ​ $ (213,301) ​ $ 398,375 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the nine months ended, ​ ​ ​ ​ ​ ​ ​ Combined ​ Consolidating ​ Total September 30, 2019 ​ Parent ​ Guarantors ​ Non-Guarantors ​ Adjustments ​ Consolidated Net sales ​ $ 3,198,215 ​ $ 8,837,385 ​ $ 611,407 ​ $ (4,532,212) ​ $ 8,114,795 Costs of goods sold ​ ​ 2,628,849 ​ ​ 8,141,120 ​ ​ 568,914 ​ ​ (4,438,663) ​ ​ 6,900,220 Gross profit ​ ​ 569,366 ​ ​ 696,265 ​ ​ 42,493 ​ ​ (93,549) ​ ​ 1,214,575 Selling, general and administrative ​ ​ 185,647 ​ ​ 221,592 ​ ​ 19,891 ​ ​ (17,474) ​ ​ 409,656 Operating income ​ ​ 383,719 ​ ​ 474,673 ​ ​ 22,602 ​ ​ (76,075) ​ ​ 804,919 Interest expense, net of capitalized interest ​ ​ 56,818 ​ ​ 35,107 ​ ​ 10,327 ​ ​ (7,470) ​ ​ 94,782 Other income, net ​ ​ (17,752) ​ ​ (4,746) ​ ​ (753) ​ ​ 8,114 ​ ​ (15,137) Income before income taxes and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ equity in net income of subsidiaries ​ ​ 344,653 ​ ​ 444,312 ​ ​ 13,028 ​ ​ (76,719) ​ ​ 725,274 Income taxes ​ ​ 81,422 ​ ​ 107,384 ​ ​ 495 ​ ​ (18,208) ​ ​ 171,093 ​ ​ ​ 263,231 ​ ​ 336,928 ​ ​ 12,533 ​ ​ (58,511) ​ ​ 554,181 Equity in net income of subsidiaries ​ ​ 286,447 ​ ​ - ​ ​ - ​ ​ (286,447) ​ ​ - Net income attributable to noncontrolling interests ​ ​ - ​ ​ - ​ ​ (4,503) ​ ​ - ​ ​ (4,503) Net income attributable to Steel Dynamics, Inc. ​ $ 549,678 ​ $ 336,928 ​ $ 8,030 ​ $ (344,958) ​ $ 549,678 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the nine months ended, ​ ​ ​ ​ ​ ​ ​ Combined ​ Consolidating ​ Total September 30, 2018 ​ Parent ​ Guarantors ​ Non-Guarantors ​ Adjustments ​ Consolidated Net sales ​ $ 3,635,571 ​ $ 9,804,316 ​ $ 417,450 ​ $ (4,939,390) ​ $ 8,917,947 Costs of goods sold ​ ​ 2,746,516 ​ ​ 8,783,145 ​ ​ 413,607 ​ ​ (4,826,900) ​ ​ 7,116,368 Gross profit ​ ​ 889,055 ​ ​ 1,021,171 ​ ​ 3,843 ​ ​ (112,490) ​ ​ 1,801,579 Selling, general and administrative ​ ​ 218,839 ​ ​ 233,989 ​ ​ 8,550 ​ ​ (16,655) ​ ​ 444,723 Operating income (loss) ​ ​ 670,216 ​ ​ 787,182 ​ ​ (4,707) ​ ​ (95,835) ​ ​ 1,356,856 Interest expense, net of capitalized interest ​ ​ 56,568 ​ ​ 36,793 ​ ​ 9,489 ​ ​ (7,882) ​ ​ 94,968 Other income, net ​ ​ (18,299) ​ ​ (5,612) ​ ​ (565) ​ ​ 7,875 ​ ​ (16,601) Income (loss) before income taxes and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ equity in net income of subsidiaries ​ ​ 631,947 ​ ​ 756,001 ​ ​ (13,631) ​ ​ (95,828) ​ ​ 1,278,489 Income taxes ​ ​ 127,083 ​ ​ 187,794 ​ ​ 530 ​ ​ (22,871) ​ ​ 292,536 ​ ​ ​ 504,864 ​ ​ 568,207 ​ ​ (14,161) ​ ​ (72,957) ​ ​ 985,953 Equity in net income of subsidiaries ​ ​ 483,511 ​ ​ - ​ ​ - ​ ​ (483,511) ​ ​ - Net loss attributable to noncontrolling interests ​ ​ - ​ ​ - ​ ​ 2,422 ​ ​ - ​ ​ 2,422 Net income (loss) attributable to Steel Dynamics, Inc. ​ $ 988,375 ​ $ 568,207 ​ $ (11,739) ​ $ (556,468) ​ $ 988,375 ​ Note 11. Condensed Consolidating Information (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Consolidating Statements of Cash Flows (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the nine months ended, ​ ​ ​ ​ ​ ​ ​ Combined ​ Consolidating ​ Total September 30, 2019 ​ Parent ​ Guarantors ​ Non-Guarantors ​ Adjustments ​ Consolidated Net cash provided by operating activities ​ $ 368,148 ​ $ 624,223 ​ $ 18,893 ​ $ (24,036) ​ $ 987,228 Net cash used in investing activities ​ ​ (116,470) ​ ​ (78,193) ​ ​ (7,740) ​ ​ (25,114) ​ ​ (227,517) Net cash provided by (used in) financing activities ​ ​ 8,774 ​ ​ (495,488) ​ ​ (5,030) ​ ​ 49,150 ​ ​ (442,594) Increase in cash, cash equivalents and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ restricted cash ​ ​ 260,452 ​ ​ 50,542 ​ ​ 6,123 ​ ​ - ​ ​ 317,117 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 ​ $ 1,070,215 ​ $ 64,910 ​ $ 16,415 ​ $ - ​ $ 1,151,540 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the nine months ended, ​ ​ ​ ​ ​ ​ ​ Combined ​ Consolidating ​ Total September 30, 2018 ​ Parent ​ Guarantors ​ Non-Guarantors ​ Adjustments ​ Consolidated Net cash provided by operating activities ​ $ 401,680 ​ $ 505,175 ​ $ 2,101 ​ $ 15,452 ​ $ 924,408 Net cash used in investing activities ​ ​ (617,158) ​ ​ (106,230) ​ ​ (4,920) ​ ​ 4,295 ​ ​ (724,013) Net cash provided by (used in) financing activities ​ ​ 77,165 ​ ​ (405,499) ​ ​ 2,740 ​ ​ (19,747) ​ ​ (345,341) Decrease in cash, cash equivalents and ​ ​ (138,313) ​ ​ (6,554) ​ ​ (79) ​ ​ - ​ ​ (144,946) restricted cash ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash, cash equivalents, and restricted cash ​ ​ 1,002,230 ​ ​ 20,748 ​ ​ 12,107 ​ ​ - ​ ​ 1,035,085 at beginning of period ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash, cash equivalents, and restricted cash ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ at end of period ​ $ 863,917 ​ $ 14,194 ​ $ 12,028 ​ $ - ​ $ 890,139 ​

Description of the Business a_2

Description of the Business and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2019
Description of the Business and Significant Accounting Policies
Principles of Consolidation	Principles of Consolidation .
Use of Estimates	Use of Estimates. 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 $5.5 million, $6.2 million, $6.2 million, $5.8 million, $6.0 million, and $6.4 million at September 30, 2019, June 30, 2019, December 31, 2018, September 30, 2018, June 30, 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 at September 30, 2019, and December 31, 2018, (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ ​ ​ 2019 ​ 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations Segment ​ $ 359,283 ​ $ 245,473 ​ ​ Metals Recycling Operations Segment ​ ​ 179,705 ​ ​ 182,247 ​ ​ Steel Fabrication Operations Segment ​ ​ 1,925 ​ ​ 1,925 ​ ​ ​ ​ $ 540,913 ​ $ 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
Recently Issued Accounting Standards	Recently Issued Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses, and it’s subsequent corresponding updates: 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 anticipates adopting ASU 2016-13 on January 1, 2020. The company is working through its adoption plan to evaluate policies, processes and systems to determine 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)	9 Months Ended
	Sep. 30, 2019
Description of the Business and Significant Accounting Policies
Schedule of Goodwill	The company’s goodwill consisted of the following at September 30, 2019, and December 31, 2018, (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ ​ ​ 2019 ​ 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations Segment ​ $ 359,283 ​ $ 245,473 ​ ​ Metals Recycling Operations Segment ​ ​ 179,705 ​ ​ 182,247 ​ ​ Steel Fabrication Operations Segment ​ ​ 1,925 ​ ​ 1,925 ​ ​ ​ ​ $ 540,913 ​ $ 429,645 ​ ​

Acquisition - United Steel Su_2

Acquisition - United Steel Supply (Tables)	9 Months Ended
	Sep. 30, 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, and updated in September 2019 upon the final working capital adjustment, as presented below. The following allocation of the purchase price (in thousands) is preliminary based on the information available 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 identifiable intangible assets, if any, and thus goodwill. The company anticipates finalizing the valuation of identifiable intangible assets by December 31, 2019. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 Allocation ​ ​ Adjustments ​ ​ Initial Allocation ​ ​ ​ ​ Current assets, net of cash acquired $ 86,236 ​ $ (7,784) ​ $ 94,020 ​ ​ ​ ​ Property, plant & equipment ​ 7,388 ​ ​ - ​ ​ 7,388 ​ ​ ​ ​ Intangible assets and goodwill ​ 113,810 ​ ​ 11,892 ​ ​ 101,918 ​ ​ ​ ​ Total assets acquired ​ 207,434 ​ ​ 4,108 ​ ​ 203,326 ​ ​ ​ ​ Liabilities assumed ​ 77,954 ​ ​ (3,270) ​ ​ 81,224 ​ ​ ​ ​ Redeemable noncontrolling interest ​ 32,374 ​ ​ 3,684 ​ ​ 28,690 ​ ​ ​ ​ Net cash consideration $ 97,106 ​ $ 3,694 ​ $ 93,412 ​ ​

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2019, are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Right of use assets under operating leases: ​ ​ ​ ​ ​ Other assets - noncurrent $ 74,843 ​ ​ ​ Lease obligations under operating leases: ​ ​ ​ ​ ​ Accrued liabilities $ 17,202 ​ ​ ​ Other liabilities - noncurrent ​ 57,946 ​ ​ ​ ​ $ 75,148 ​
Schedule of future operating lease liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 - for the remaining three months $ 19,954 ​ ​ ​ 2020 ​ 17,120 ​ ​ ​ 2021 ​ 13,719 ​ ​ ​ 2022 ​ 10,636 ​ ​ ​ 2023 ​ 7,506 ​ ​ ​ Thereafter ​ 17,095 ​ ​ ​ Total undiscounted cash flows ​ 86,030 ​ ​ ​ Less imputed interest ​ (10,882) ​ ​ ​ Lease obligations under operating leases $ 75,148 ​

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2019
Earnings Per Share
Reconciliation of Basic and Diluted Earnings Per Share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ 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 $ 151,048 ​ ​ 217,873 ​ $ 0.69 ​ $ 398,375 ​ ​ 234,208 ​ $ 1.70 Dilutive common share equivalents ​ - ​ ​ 1,236 ​ ​ ​ ​ ​ - ​ ​ 1,441 ​ ​ ​ Diluted earnings per share $ 151,048 ​ ​ 219,109 ​ $ 0.69 ​ $ 398,375 ​ ​ 235,649 ​ $ 1.69 ​ Note 4. Earnings Per Share (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ 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 $ 549,678 ​ ​ 221,145 ​ $ 2.49 ​ $ 988,375 ​ ​ 235,483 ​ $ 4.20 Dilutive common share equivalents ​ - ​ ​ 1,052 ​ ​ ​ ​ ​ - ​ ​ 1,289 ​ ​ ​ Diluted earnings per share $ 549,678 ​ ​ 222,197 ​ $ 2.47 ​ $ 988,375 ​ ​ 236,772 ​ $ 4.17

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ ​ ​ ​ 2019 ​ 2018 ​ ​ ​ ​ Raw materials $ 758,677 ​ $ 810,766 ​ ​ ​ ​ Supplies ​ 492,604 ​ ​ 436,828 ​ ​ ​ ​ Work in progress ​ 156,443 ​ ​ 195,224 ​ ​ ​ ​ Finished goods ​ 359,296 ​ ​ 416,350 ​ ​ ​ ​ Total inventories $ 1,767,020 ​ $ 1,859,168 ​ ​

Changes in Equity (Tables)

Changes in Equity (Tables)	9 Months Ended
	Sep. 30, 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 each quarterly period in the nine months ended September 30, 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 Dividends declared ​ - ​ ​ - ​ ​ - ​ ​ (52,751) ​ ​ - ​ ​ - ​ ​ (52,751) ​ ​ - Share repurchases ​ - ​ ​ (93,136) ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (93,136) ​ ​ - Equity-based compensation ​ - ​ ​ 816 ​ ​ 7,366 ​ ​ (166) ​ ​ - ​ ​ - ​ ​ 8,016 ​ ​ - Net income ​ - ​ ​ - ​ ​ - ​ ​ 194,302 ​ ​ - ​ ​ 2,444 ​ ​ 196,746 ​ ​ - Other comprehensive loss, net of tax ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (52) ​ ​ - ​ ​ (52) ​ ​ - Balances at June 30, 2019 ​ 645 ​ ​ (1,354,157) ​ ​ 1,167,505 ​ ​ 4,250,419 ​ ​ 78 ​ ​ (156,139) ​ ​ 3,908,351 ​ ​ 139,930 Dividends declared ​ - ​ ​ - ​ ​ - ​ ​ (51,778) ​ ​ - ​ ​ - ​ ​ (51,778) ​ ​ - Noncontrolling investors of USS ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (1,321) ​ ​ (1,321) ​ ​ 3,684 Share repurchases ​ - ​ ​ (114,950) ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (114,950) ​ ​ - Equity-based compensation ​ - ​ ​ 29 ​ ​ 8,007 ​ ​ (166) ​ ​ - ​ ​ - ​ ​ 7,870 ​ ​ - Net income ​ - ​ ​ - ​ ​ - ​ ​ 151,048 ​ ​ - ​ ​ 1,560 ​ ​ 152,608 ​ ​ - Other comprehensive loss, net of tax ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (39) ​ ​ - ​ ​ (39) ​ ​ - Balances at September 30, 2019 $ 645 ​ $ (1,469,078) ​ $ 1,175,512 ​ $ 4,349,523 ​ $ 39 ​ $ (155,900) ​ $ 3,900,741 ​ $ 143,614 ​ Note 6. Changes in Equity (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 Dividends declared ​ - ​ ​ - ​ ​ - ​ ​ (44,080) ​ ​ - ​ ​ - ​ ​ (44,080) ​ ​ - Noncontrolling investors, net ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (3) ​ ​ (3) ​ ​ - Share repurchases ​ - ​ ​ (49,145) ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (49,145) ​ ​ - Equity-based compensation ​ - ​ ​ 757 ​ ​ 6,496 ​ ​ (110) ​ ​ - ​ ​ - ​ ​ 7,143 ​ ​ - Net income ​ - ​ ​ - ​ ​ - ​ ​ 362,449 ​ ​ - ​ ​ 123 ​ ​ 362,572 ​ ​ - Other comprehensive loss, net of tax ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (105) ​ ​ - ​ ​ (105) ​ ​ - Balances at June 30, 2018 ​ 644 ​ ​ (779,088) ​ ​ 1,149,367 ​ ​ 3,376,163 ​ ​ (105) ​ ​ (158,462) ​ ​ 3,588,519 ​ ​ 111,240 Dividends declared ​ - ​ ​ - ​ ​ - ​ ​ (43,767) ​ ​ - ​ ​ - ​ ​ (43,767) ​ ​ - Noncontrolling investors, net ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - Share repurchases ​ - ​ ​ (74,965) ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (74,965) ​ ​ - Equity-based compensation ​ - ​ ​ 1 ​ ​ 7,189 ​ ​ (109) ​ ​ - ​ ​ - ​ ​ 7,081 ​ ​ - Net income ​ - ​ ​ - ​ ​ - ​ ​ 398,375 ​ ​ - ​ ​ (469) ​ ​ 397,906 ​ ​ - Other comprehensive loss, net of tax ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 63 ​ ​ - ​ ​ 63 ​ ​ - Balances at September 30, 2018 $ 644 ​ $ (854,052) ​ $ 1,156,556 ​ $ 3,730,662 ​ $ (42) ​ $ (158,931) ​ $ 3,874,837 ​ $ 111,240

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2019
Derivative Financial Instruments
Schedule of Notional Amounts of Outstanding Derivative Positions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity Futures ​ Long/Short ​ Metric Tons ​ Aluminum ​ Long ​ 575 ​ Aluminum ​ Short ​ 4,100 ​ Copper ​ Long ​ 10,036 ​ Copper ​ Short ​ 21,704
Schedule of Derivative Instruments Statements of Financial Performance and Financial Position	The following summarizes the location and amounts of the fair values reported on the company’s consolidated balance sheets as of September 30, 2019, and December 31, 2018, and gains and losses related to derivatives included in the company’s statement of income for the three and nine-month periods ended September 30, 2019 and 2018 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Derivatives ​ Liability Derivatives ​ Balance sheet ​ Fair Value ​ Fair Value ​ location ​ September 30, 2019 ​ December 31, 2018 ​ September 30, 2019 ​ December 31, 2018 Derivative instruments designated as hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures Other current assets ​ $ 1,063 ​ $ 2,999 ​ $ 805 ​ $ 1,837 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments not designated as hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures Other current assets ​ ​ 313 ​ ​ 1,559 ​ ​ 3,100 ​ ​ 2,053 Total derivative instruments ​ ​ $ 1,376 ​ $ 4,558 ​ $ 3,905 ​ $ 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 $4.3 million at September 30, 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) ​ ​ ​ ​ Amount of gain (loss) ​ ​ ​ recognized in income ​ ​ ​ Location of gain recognized in income ​ ​ Location of gain on derivatives for the ​ ​ ​ (loss) recognized on derivatives for the ​ ​ (loss) recognized three months ended ​ Hedged items in ​ in income on three months ended ​ ​ in income on September 30, ​ fair value hedge ​ related hedged September 30, ​ ​ derivatives 2019 2018 ​ relationships ​ items 2019 2018 Derivatives in fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ hedging relationships ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold $ 302 $ (8,943) ​ Firm commitments ​ Costs of goods sold $ (519) $ 5,111 ​ ​ ​ ​ ​ ​ ​ ​ Inventory ​ Costs of goods sold ​ (182) ​ 1,753 Derivatives not designated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (701) $ 6,864 as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold $ 4,536 $ 13,803 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) ​ ​ ​ ​ Amount of gain (loss) ​ ​ ​ recognized in income ​ ​ ​ Location of gain recognized in income ​ ​ Location of gain on derivatives for the ​ ​ ​ (loss) recognized on derivatives for the ​ ​ (loss) recognized three months ended ​ Hedged items in ​ in income on three months ended ​ ​ in income on September 30, ​ fair value hedge ​ related hedged September 30, ​ ​ derivatives 2019 2018 ​ relationships ​ items 2019 2018 Derivatives in fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ hedging relationships ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold $ (560) $ 1,113 ​ Firm commitments ​ Costs of goods sold $ (603) $ 1,718 ​ ​ ​ ​ ​ ​ ​ ​ Inventory ​ Costs of goods sold ​ 245 ​ (1,659) Derivatives not designated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (358) $ 59 as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold $ 5,946 $ 19,523 ​ ​ ​ ​ ​ ​ ​ ​

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 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) September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term investments $ 69,529 ​ $ - ​ $ 69,529 ​ $ - Commodity futures – financial assets ​ 1,376 ​ ​ - ​ ​ 1,376 ​ ​ - Commodity futures – financial liabilities ​ 3,905 ​ ​ - ​ ​ 3,905 ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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)	9 Months Ended
	Sep. 30, 2019
Segment Information
Schedule of operating segment results	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 ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2019 ​ Operations ​ Operations ​ Operations ​ Other ​ Eliminations ​ Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales - disaggregated revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External ​ $ 1,838,682 ​ $ 230,086 ​ $ 245,914 ​ $ 77,330 ​ $ - ​ $ 2,392,012 External Non-U.S. ​ ​ 83,845 ​ ​ 50,823 ​ ​ 165 ​ ​ - ​ ​ - ​ ​ 134,833 Other segments ​ ​ 85,678 ​ ​ 293,999 ​ ​ 637 ​ ​ 100 ​ ​ (380,414) ​ ​ - ​ ​ ​ 2,008,205 ​ ​ 574,908 ​ ​ 246,716 ​ ​ 77,430 ​ ​ (380,414) ​ ​ 2,526,845 Operating income (loss) ​ ​ 234,683 ​ ​ (101) ​ ​ 35,280 ​ ​ (42,441) (1) ​ 624 (2) ​ 228,045 Income (loss) before income taxes ​ ​ 217,699 ​ ​ (1,159) ​ ​ 34,080 ​ ​ (49,780) ​ ​ 411 ​ ​ 201,251 Depreciation and amortization ​ ​ 63,170 ​ ​ 11,769 ​ ​ 2,941 ​ ​ 1,590 ​ ​ - ​ ​ 79,470 Capital expenditures ​ ​ 40,818 ​ ​ 11,498 ​ ​ 3,759 ​ ​ 98,056 ​ ​ - ​ ​ 154,131 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ $ 5,119,419 ​ $ 972,493 ​ $ 414,835 ​ $ 1,513,798 (3) $ (77,298) (4) $ 7,943,247 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Footnotes related to the three months ended September 30, 2019, segment results (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Corporate SG&A $ (15.4) ​ (2) Gross profit increase from intra-company sales $ 0.4 ​ Company-wide equity-based compensation ​ (8.7) ​ ​ ​ ​ ​ ​ Profit sharing ​ (17.0) ​ ​ ​ ​ ​ ​ Other, net ​ (1.3) ​ ​ ​ ​ ​ ​ ​ $ (42.4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (3) Cash and equivalents $ 1,072.5 ​ (4) Elimination of intra-company receivables $ (61.2) ​ Short-term investments ​ 69.5 ​ ​ Elimination of intra-company debt ​ (8.7) ​ Accounts receivable ​ 7.8 ​ ​ Other ​ (7.4) ​ Inventories ​ 36.5 ​ ​ ​ $ (77.3) ​ Property, plant and equipment, net ​ 271.8 ​ ​ ​ ​ ​ ​ Intra-company debt ​ 8.7 ​ ​ ​ ​ ​ ​ Other ​ 47.0 ​ ​ ​ ​ ​ ​ ​ $ 1,513.8 ​ ​ ​ ​ ​ ​ Note 10. Segment Information (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Metals ​ Steel ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ Steel ​ Recycling ​ Fabrication ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2018 ​ Operations ​ Operations ​ Operations ​ Other ​ Eliminations ​ Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales - disaggregated revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External ​ $ 2,400,329 ​ $ 323,611 ​ $ 250,625 ​ $ 110,659 ​ $ - ​ $ 3,085,224 External Non-U.S. ​ ​ 74,715 ​ ​ 63,608 ​ ​ - ​ ​ - ​ ​ - ​ ​ 138,323 Other segments ​ ​ 111,582 ​ ​ 412,795 ​ ​ 120 ​ ​ 1,294 ​ ​ (525,791) ​ ​ - ​ ​ ​ 2,586,626 ​ ​ 800,014 ​ ​ 250,745 ​ ​ 111,953 ​ ​ (525,791) ​ ​ 3,223,547 Operating income (loss) ​ ​ 573,848 ​ ​ 14,674 ​ ​ 13,104 ​ ​ (67,113) (1) ​ (2,941) ​ ​ 531,572 Income (loss) before income taxes ​ ​ 557,870 ​ ​ 13,488 ​ ​ 11,801 ​ ​ (73,109) ​ ​ (2,935) (2) ​ 507,115 Depreciation and amortization ​ ​ 64,088 ​ ​ 11,491 ​ ​ 2,941 ​ ​ 2,863 ​ ​ - ​ ​ 81,383 Capital expenditures ​ ​ 57,074 ​ ​ 11,603 ​ ​ 1,395 ​ ​ 596 ​ ​ - ​ ​ 70,668 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Footnotes related to the three months ended September 30, 2018, segment results (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Corporate SG&A $ (13.8) ​ (2) Gross profit decrease from intra-company sales $ (2.9) ​ Company-wide equity-based compensation ​ (7.8) ​ ​ ​ ​ ​ ​ Profit sharing ​ (43.4) ​ ​ ​ ​ ​ ​ Other, net ​ (2.1) ​ ​ ​ ​ ​ ​ ​ $ (67.1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Metals ​ Steel ​ ​ ​ ​ ​ ​ ​ ​ ​ For the nine months ended ​ Steel ​ Recycling ​ Fabrication ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2019 ​ Operations ​ Operations ​ Operations ​ Other ​ Eliminations ​ Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales - disaggregated revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External ​ $ 5,918,189 ​ $ 778,637 ​ $ 714,782 ​ $ 290,219 ​ $ - ​ $ 7,701,827 External Non-U.S. ​ ​ 235,259 ​ ​ 176,508 ​ ​ 1,201 ​ ​ - ​ ​ - ​ ​ 412,968 Other segments ​ ​ 243,107 ​ ​ 1,013,574 ​ ​ 826 ​ ​ 469 ​ ​ (1,257,976) ​ ​ - ​ ​ ​ 6,396,555 ​ ​ 1,968,719 ​ ​ 716,809 ​ ​ 290,688 ​ ​ (1,257,976) ​ ​ 8,114,795 Operating income (loss) ​ ​ 835,172 ​ ​ 24,480 ​ ​ 86,567 ​ ​ (148,514) (1) ​ 7,214 ​ ​ 804,919 Income (loss) before income taxes ​ ​ 784,873 ​ ​ 20,846 ​ ​ 82,897 ​ ​ (169,914) ​ ​ 6,572 (2) ​ 725,274 Depreciation and amortization ​ ​ 188,832 ​ ​ 34,733 ​ ​ 8,882 ​ ​ 8,108 ​ ​ - ​ ​ 240,555 Capital expenditures ​ ​ 128,069 ​ ​ 30,313 ​ ​ 8,771 ​ ​ 126,534 ​ ​ - ​ ​ 293,687 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Footnotes related to the nine months ended September 30, 2019, segment results (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Corporate SG&A $ (56.0) ​ (2) Gross profit increase from intra-company sales $ 6.6 ​ Company-wide equity-based compensation ​ (26.1) ​ ​ ​ ​ ​ ​ Profit sharing ​ (61.3) ​ ​ ​ ​ ​ ​ Other, net ​ (5.1) ​ ​ ​ ​ ​ ​ ​ $ (148.5) ​ ​ ​ ​ ​ ​ Note 10. Segment Information (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Metals ​ Steel ​ ​ ​ ​ ​ ​ ​ ​ ​ For the nine months ended ​ Steel ​ Recycling ​ Fabrication ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2018 ​ Operations ​ Operations ​ Operations ​ Other ​ Eliminations ​ Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales - disaggregated revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External ​ $ 6,360,177 ​ $ 1,001,267 ​ $ 669,500 ​ $ 326,086 ​ $ - ​ $ 8,357,030 External Non-U.S. ​ ​ 362,083 ​ ​ 198,778 ​ ​ 56 ​ ​ - ​ ​ - ​ ​ 560,917 Other segments ​ ​ 281,828 ​ ​ 1,236,830 ​ ​ 788 ​ ​ 1,565 ​ ​ (1,521,011) ​ ​ - ​ ​ ​ 7,004,088 ​ ​ 2,436,875 ​ ​ 670,344 ​ ​ 327,651 ​ ​ (1,521,011) ​ ​ 8,917,947 Operating income (loss) ​ ​ 1,441,904 ​ ​ 62,027 ​ ​ 47,039 ​ ​ (186,137) (1) ​ (7,977) ​ ​ 1,356,856 Income (loss) before income taxes ​ ​ 1,390,074 ​ ​ 57,458 ​ ​ 42,898 ​ ​ (203,970) ​ ​ (7,971) (2) ​ 1,278,489 Depreciation and amortization ​ ​ 184,998 ​ ​ 34,602 ​ ​ 8,785 ​ ​ 8,253 ​ ​ - ​ ​ 236,638 Capital expenditures ​ ​ 137,484 ​ ​ 27,496 ​ ​ 5,526 ​ ​ 5,971 ​ ​ - ​ ​ 176,477 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Footnotes related to the nine months ended September 30, 2018, segment results (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Corporate SG&A $ (44.0) ​ (2) Gross profit decrease from intra-company sales $ (8.0) ​ Company-wide equity-based compensation ​ (24.8) ​ ​ ​ ​ ​ ​ Profit sharing ​ (109.6) ​ ​ ​ ​ ​ ​ Other, net ​ (7.7) ​ ​ ​ ​ ​ ​ ​ $ (186.1) ​ ​ ​ ​ ​

Condensed Consolidating Infor_2

Condensed Consolidating Information (Tables)	9 Months Ended
	Sep. 30, 2019
Condensed Consolidating Information Disclosure Abstract
Schedule of Condensed Consolidating Balance Sheets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Consolidating Balance Sheets (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Combined ​ Consolidating ​ Total As of September 30, 2019 ​ Parent ​ Guarantors ​ Non-Guarantors ​ Adjustments ​ Consolidated Cash and equivalents ​ $ 1,070,215 ​ $ 64,398 ​ $ 11,394 ​ $ - ​ $ 1,146,007 Short-term investments ​ ​ 69,529 ​ ​ - ​ ​ - ​ ​ - ​ ​ 69,529 Accounts receivable, net ​ ​ 303,259 ​ ​ 1,675,521 ​ ​ 63,962 ​ ​ (1,055,796) ​ ​ 986,946 Inventories ​ ​ 725,792 ​ ​ 960,506 ​ ​ 88,871 ​ ​ (8,149) ​ ​ 1,767,020 Other current assets ​ ​ 29,754 ​ ​ 17,464 ​ ​ 4,548 ​ ​ (948) ​ ​ 50,818 Total current assets ​ ​ 2,198,549 ​ ​ 2,717,889 ​ ​ 168,775 ​ ​ (1,064,893) ​ ​ 4,020,320 Property, plant and equipment, net ​ ​ 966,715 ​ ​ 1,902,414 ​ ​ 162,602 ​ ​ - ​ ​ 3,031,731 Intangible assets, net ​ ​ - ​ ​ 249,598 ​ ​ - ​ ​ - ​ ​ 249,598 Goodwill ​ ​ - ​ ​ 427,103 ​ ​ 113,810 ​ ​ - ​ ​ 540,913 Other assets, including investments in subs ​ ​ 2,723,786 ​ ​ 61,910 ​ ​ 6,420 ​ ​ (2,691,431) ​ ​ 100,685 Total assets ​ $ 5,889,050 ​ $ 5,358,914 ​ $ 451,607 ​ $ (3,756,324) ​ $ 7,943,247 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable ​ $ 177,308 ​ $ 332,299 ​ $ 99,162 ​ $ (80,140) ​ $ 528,629 Accrued expenses ​ ​ 228,600 ​ ​ 316,684 ​ ​ 16,694 ​ ​ (167,482) ​ ​ 394,496 Current maturities of long-term debt ​ ​ 843 ​ ​ 517 ​ ​ 103,551 ​ ​ (22,761) ​ ​ 82,150 Total current liabilities ​ ​ 406,751 ​ ​ 649,500 ​ ​ 219,407 ​ ​ (270,383) ​ ​ 1,005,275 Long-term debt ​ ​ 2,330,968 ​ ​ - ​ ​ 147,310 ​ ​ (123,035) ​ ​ 2,355,243 Other liabilities ​ ​ (905,310) ​ ​ 1,087,758 ​ ​ 34,290 ​ ​ 321,636 ​ ​ 538,374 Total liabilities ​ ​ 1,832,409 ​ ​ 1,737,258 ​ ​ 401,007 ​ ​ (71,782) ​ ​ 3,898,892 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interests ​ ​ - ​ ​ - ​ ​ 143,614 ​ ​ - ​ ​ 143,614 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stock ​ ​ 645 ​ ​ 1,727,859 ​ ​ 15,016 ​ ​ (1,742,875) ​ ​ 645 Treasury stock ​ ​ (1,469,078) ​ ​ - ​ ​ - ​ ​ - ​ ​ (1,469,078) Additional paid-in-capital ​ ​ 1,175,512 ​ ​ 683,048 ​ ​ 804,625 ​ ​ (1,487,673) ​ ​ 1,175,512 Retained earnings (deficit) ​ ​ 4,349,523 ​ ​ 1,210,749 ​ ​ (756,755) ​ ​ (453,994) ​ ​ 4,349,523 Accumulated other comprehensive loss ​ ​ 39 ​ ​ - ​ ​ - ​ ​ - ​ ​ 39 Total Steel Dynamics, Inc. equity ​ ​ 4,056,641 ​ ​ 3,621,656 ​ ​ 62,886 ​ ​ (3,684,542) ​ ​ 4,056,641 Noncontrolling interests ​ ​ - ​ ​ - ​ ​ (155,900) ​ ​ - ​ ​ (155,900) Total equity ​ ​ 4,056,641 ​ ​ 3,621,656 ​ ​ (93,014) ​ ​ (3,684,542) ​ ​ 3,900,741 Total liabilities and equity ​ $ 5,889,050 ​ $ 5,358,914 ​ $ 451,607 ​ $ (3,756,324) ​ $ 7,943,247 ​ 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 September 30, 2019 ​ Parent ​ Guarantors ​ Non-Guarantors ​ Adjustments ​ Consolidated Net sales ​ $ 976,470 ​ $ 2,710,767 ​ $ 205,617 ​ $ (1,366,009) ​ $ 2,526,845 Costs of goods sold ​ ​ 814,622 ​ ​ 2,502,257 ​ ​ 188,967 ​ ​ (1,338,840) ​ ​ 2,167,006 Gross profit ​ ​ 161,848 ​ ​ 208,510 ​ ​ 16,650 ​ ​ (27,169) ​ ​ 359,839 Selling, general and administrative ​ ​ 55,613 ​ ​ 74,433 ​ ​ 7,827 ​ ​ (6,079) ​ ​ 131,794 Operating income ​ ​ 106,235 ​ ​ 134,077 ​ ​ 8,823 ​ ​ (21,090) ​ ​ 228,045 Interest expense, net of capitalized interest ​ ​ 18,716 ​ ​ 11,536 ​ ​ 3,490 ​ ​ (2,403) ​ ​ 31,339 Other income, net ​ ​ (5,394) ​ ​ (1,574) ​ ​ (196) ​ ​ 2,619 ​ ​ (4,545) Income before income taxes and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ equity in net income of subsidiaries ​ ​ 92,913 ​ ​ 124,115 ​ ​ 5,529 ​ ​ (21,306) ​ ​ 201,251 Income taxes ​ ​ 23,625 ​ ​ 29,965 ​ ​ 128 ​ ​ (5,075) ​ ​ 48,643 ​ ​ ​ 69,288 ​ ​ 94,150 ​ ​ 5,401 ​ ​ (16,231) ​ ​ 152,608 Equity in net income of subsidiaries ​ ​ 81,760 ​ ​ - ​ ​ - ​ ​ (81,760) ​ ​ - Net income attributable to noncontrolling interests ​ ​ - ​ ​ - ​ ​ (1,560) ​ ​ - ​ ​ (1,560) Net income attributable to Steel Dynamics, Inc. ​ $ 151,048 ​ $ 94,150 ​ $ 3,841 ​ $ (97,991) ​ $ 151,048 ​ Note 11. Condensed Consolidating Information (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended, ​ ​ ​ ​ ​ ​ ​ Combined ​ Consolidating ​ Total September 30, 2018 ​ Parent ​ Guarantors ​ Non-Guarantors ​ Adjustments ​ Consolidated Net sales ​ $ 1,304,801 ​ $ 3,540,381 ​ $ 144,145 ​ $ (1,765,780) ​ $ 3,223,547 Costs of goods sold ​ ​ 956,735 ​ ​ 3,163,110 ​ ​ 142,005 ​ ​ (1,724,384) ​ ​ 2,537,466 Gross profit ​ ​ 348,066 ​ ​ 377,271 ​ ​ 2,140 ​ ​ (41,396) ​ ​ 686,081 Selling, general and administrative ​ ​ 78,824 ​ ​ 78,694 ​ ​ 2,974 ​ ​ (5,983) ​ ​ 154,509 Operating income (loss) ​ ​ 269,242 ​ ​ 298,577 ​ ​ (834) ​ ​ (35,413) ​ ​ 531,572 Interest expense, net of capitalized interest ​ ​ 18,559 ​ ​ 12,489 ​ ​ 3,134 ​ ​ (2,622) ​ ​ 31,560 Other income, net ​ ​ (7,121) ​ ​ (2,292) ​ ​ (306) ​ ​ 2,616 ​ ​ (7,103) Income (loss) before income taxes and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ equity in net income of subsidiaries ​ ​ 257,804 ​ ​ 288,380 ​ ​ (3,662) ​ ​ (35,407) ​ ​ 507,115 Income taxes ​ ​ 45,599 ​ ​ 71,466 ​ ​ 420 ​ ​ (8,276) ​ ​ 109,209 ​ ​ ​ 212,205 ​ ​ 216,914 ​ ​ (4,082) ​ ​ (27,131) ​ ​ 397,906 Equity in net income of subsidiaries ​ ​ 186,170 ​ ​ - ​ ​ - ​ ​ (186,170) ​ ​ - Net loss attributable to noncontrolling interests ​ ​ - ​ ​ - ​ ​ 469 ​ ​ - ​ ​ 469 Net income (loss) attributable to Steel Dynamics, Inc. ​ $ 398,375 ​ $ 216,914 ​ $ (3,613) ​ $ (213,301) ​ $ 398,375 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the nine months ended, ​ ​ ​ ​ ​ ​ ​ Combined ​ Consolidating ​ Total September 30, 2019 ​ Parent ​ Guarantors ​ Non-Guarantors ​ Adjustments ​ Consolidated Net sales ​ $ 3,198,215 ​ $ 8,837,385 ​ $ 611,407 ​ $ (4,532,212) ​ $ 8,114,795 Costs of goods sold ​ ​ 2,628,849 ​ ​ 8,141,120 ​ ​ 568,914 ​ ​ (4,438,663) ​ ​ 6,900,220 Gross profit ​ ​ 569,366 ​ ​ 696,265 ​ ​ 42,493 ​ ​ (93,549) ​ ​ 1,214,575 Selling, general and administrative ​ ​ 185,647 ​ ​ 221,592 ​ ​ 19,891 ​ ​ (17,474) ​ ​ 409,656 Operating income ​ ​ 383,719 ​ ​ 474,673 ​ ​ 22,602 ​ ​ (76,075) ​ ​ 804,919 Interest expense, net of capitalized interest ​ ​ 56,818 ​ ​ 35,107 ​ ​ 10,327 ​ ​ (7,470) ​ ​ 94,782 Other income, net ​ ​ (17,752) ​ ​ (4,746) ​ ​ (753) ​ ​ 8,114 ​ ​ (15,137) Income before income taxes and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ equity in net income of subsidiaries ​ ​ 344,653 ​ ​ 444,312 ​ ​ 13,028 ​ ​ (76,719) ​ ​ 725,274 Income taxes ​ ​ 81,422 ​ ​ 107,384 ​ ​ 495 ​ ​ (18,208) ​ ​ 171,093 ​ ​ ​ 263,231 ​ ​ 336,928 ​ ​ 12,533 ​ ​ (58,511) ​ ​ 554,181 Equity in net income of subsidiaries ​ ​ 286,447 ​ ​ - ​ ​ - ​ ​ (286,447) ​ ​ - Net income attributable to noncontrolling interests ​ ​ - ​ ​ - ​ ​ (4,503) ​ ​ - ​ ​ (4,503) Net income attributable to Steel Dynamics, Inc. ​ $ 549,678 ​ $ 336,928 ​ $ 8,030 ​ $ (344,958) ​ $ 549,678 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the nine months ended, ​ ​ ​ ​ ​ ​ ​ Combined ​ Consolidating ​ Total September 30, 2018 ​ Parent ​ Guarantors ​ Non-Guarantors ​ Adjustments ​ Consolidated Net sales ​ $ 3,635,571 ​ $ 9,804,316 ​ $ 417,450 ​ $ (4,939,390) ​ $ 8,917,947 Costs of goods sold ​ ​ 2,746,516 ​ ​ 8,783,145 ​ ​ 413,607 ​ ​ (4,826,900) ​ ​ 7,116,368 Gross profit ​ ​ 889,055 ​ ​ 1,021,171 ​ ​ 3,843 ​ ​ (112,490) ​ ​ 1,801,579 Selling, general and administrative ​ ​ 218,839 ​ ​ 233,989 ​ ​ 8,550 ​ ​ (16,655) ​ ​ 444,723 Operating income (loss) ​ ​ 670,216 ​ ​ 787,182 ​ ​ (4,707) ​ ​ (95,835) ​ ​ 1,356,856 Interest expense, net of capitalized interest ​ ​ 56,568 ​ ​ 36,793 ​ ​ 9,489 ​ ​ (7,882) ​ ​ 94,968 Other income, net ​ ​ (18,299) ​ ​ (5,612) ​ ​ (565) ​ ​ 7,875 ​ ​ (16,601) Income (loss) before income taxes and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ equity in net income of subsidiaries ​ ​ 631,947 ​ ​ 756,001 ​ ​ (13,631) ​ ​ (95,828) ​ ​ 1,278,489 Income taxes ​ ​ 127,083 ​ ​ 187,794 ​ ​ 530 ​ ​ (22,871) ​ ​ 292,536 ​ ​ ​ 504,864 ​ ​ 568,207 ​ ​ (14,161) ​ ​ (72,957) ​ ​ 985,953 Equity in net income of subsidiaries ​ ​ 483,511 ​ ​ - ​ ​ - ​ ​ (483,511) ​ ​ - Net loss attributable to noncontrolling interests ​ ​ - ​ ​ - ​ ​ 2,422 ​ ​ - ​ ​ 2,422 Net income (loss) attributable to Steel Dynamics, Inc. ​ $ 988,375 ​ $ 568,207 ​ $ (11,739) ​ $ (556,468) ​ $ 988,375
Schedule of Condensed Consolidating Statements of Cash Flows	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Consolidating Statements of Cash Flows (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the nine months ended, ​ ​ ​ ​ ​ ​ ​ Combined ​ Consolidating ​ Total September 30, 2019 ​ Parent ​ Guarantors ​ Non-Guarantors ​ Adjustments ​ Consolidated Net cash provided by operating activities ​ $ 368,148 ​ $ 624,223 ​ $ 18,893 ​ $ (24,036) ​ $ 987,228 Net cash used in investing activities ​ ​ (116,470) ​ ​ (78,193) ​ ​ (7,740) ​ ​ (25,114) ​ ​ (227,517) Net cash provided by (used in) financing activities ​ ​ 8,774 ​ ​ (495,488) ​ ​ (5,030) ​ ​ 49,150 ​ ​ (442,594) Increase in cash, cash equivalents and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ restricted cash ​ ​ 260,452 ​ ​ 50,542 ​ ​ 6,123 ​ ​ - ​ ​ 317,117 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 ​ $ 1,070,215 ​ $ 64,910 ​ $ 16,415 ​ $ - ​ $ 1,151,540 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the nine months ended, ​ ​ ​ ​ ​ ​ ​ Combined ​ Consolidating ​ Total September 30, 2018 ​ Parent ​ Guarantors ​ Non-Guarantors ​ Adjustments ​ Consolidated Net cash provided by operating activities ​ $ 401,680 ​ $ 505,175 ​ $ 2,101 ​ $ 15,452 ​ $ 924,408 Net cash used in investing activities ​ ​ (617,158) ​ ​ (106,230) ​ ​ (4,920) ​ ​ 4,295 ​ ​ (724,013) Net cash provided by (used in) financing activities ​ ​ 77,165 ​ ​ (405,499) ​ ​ 2,740 ​ ​ (19,747) ​ ​ (345,341) Decrease in cash, cash equivalents and ​ ​ (138,313) ​ ​ (6,554) ​ ​ (79) ​ ​ - ​ ​ (144,946) restricted cash ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash, cash equivalents, and restricted cash ​ ​ 1,002,230 ​ ​ 20,748 ​ ​ 12,107 ​ ​ - ​ ​ 1,035,085 at beginning of period ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash, cash equivalents, and restricted cash ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ at end of period ​ $ 863,917 ​ $ 14,194 ​ $ 12,028 ​ $ - ​ $ 890,139

Description of the Business a_4

Description of the Business and Significant Accounting Policies (Segments) (Details) - segment	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Mar. 01, 2019
Segment Reporting Information
Number of reporting segments			3
Steel Operations
Segment Reporting Information
Percentage of external net sales	76.00%	77.00%	76.00%	75.00%
Metals Recycling Operations
Segment Reporting Information
Percentage of external net sales	11.00%	12.00%	12.00%	14.00%
Steel Fabrication Operations
Segment Reporting Information
Percentage of external net sales	10.00%	8.00%	9.00%	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	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Cash and Cash Equivalents [Abstract]
Restricted Cash and Cash Equivalents	$ 5.5	$ 6.2	$ 6.2	$ 5.8	$ 6	$ 6.4
Restricted Cash and Cash Equivalents, Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent	Other Assets, Noncurrent	Other Assets, Noncurrent	Other Assets, Noncurrent	Other Assets, Noncurrent	Other Assets, Noncurrent

Description of the Business a_6

Description of the Business and Significant Accounting Policies (Goodwill) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Mar. 01, 2019	Dec. 31, 2018
Goodwill
Goodwill	$ 540,913		$ 429,645
OmniSource
Goodwill
Goodwill decrease due to tax benefit related to the normal amortization of the component	2,500
Steel Operations
Goodwill
Goodwill	359,283		245,473
Steel Operations | United Steel Supply, LLC
Goodwill
Goodwill		$ 113,800
Metals Recycling Operations
Goodwill
Goodwill	179,705		182,247
Steel Fabrication Operations
Goodwill
Goodwill	$ 1,925		$ 1,925

Acquisition - United Steel Su_3

Acquisition - United Steel Supply (Narrative) (Details) - USD ($) $ in Thousands	Mar. 01, 2019	Sep. 30, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Acquisition
Purchase price paid in cash			$ 3,694	$ 37,589	$ 97,106	$ 433,998
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%
Cash consideration	$ 93,412
Customary working capital transaction purchase price adjustment		$ 3,700

Acquisition - United Steel Su_4

Acquisition - United Steel Supply (Schedule of Assets Acquired and Liabilities Assumed) (Details) - United Steel Supply, LLC - USD ($) $ in Thousands	Sep. 30, 2019	Mar. 01, 2019
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
Scenario Previously Reported [Member]
Acquisition
Current assets, net of cash acquired	$ 86,236
Property, plant & equipment	7,388
Intangible assets and goodwill	113,810
Total assets acquired	207,434
Liabilities assumed	77,954
Redeemable noncontrolling interest	32,374
Net cash consideration	97,106
Restatement Adjustment [Member]
Acquisition
Current assets, net of cash acquired	(7,784)
Intangible assets and goodwill	11,892
Total assets acquired	4,108
Liabilities assumed	(3,270)
Redeemable noncontrolling interest	3,684
Net cash consideration	$ 3,694

Leases (Narrative) (Details)

Leases (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Jan. 01, 2019
Right of use asset	$ 74,843	$ 74,843
Lease liability	$ 75,148	$ 75,148
Option to extend operating lease		true
Option to terminate operating lease		true
Weighted average remaining lease term	6 years	6 years
Weighted average discount rate	4.00%	4.00%
Operating lease expenses	$ 5,200	$ 15,000
Short term lease expenses	5,000	14,800
Cash paid related to operating lease obligations	5,200	15,100
Right-of-use assets obtained in exchange for operating lease liabilities	$ 1,400	$ 11,300
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	Sep. 30, 2019USD ($)
Leases
Right of use asset	$ 74,843
Right of use asset included in balance sheet	us-gaap:OtherAssetsNoncurrent
Current lease liability	$ 17,202
Current lease liability included in balance sheet	us-gaap:AccruedLiabilitiesCurrent
Non current lease liability	$ 57,946
Non current lease liability included in balance sheet	us-gaap:OtherLiabilitiesNoncurrent
Lease liability	$ 75,148

Leases (Future operating lease

Leases (Future operating lease liabilities) (Details) $ in Thousands	Sep. 30, 2019USD ($)
Future operating lease liabilities
2019 - for the remaining three months	$ 19,954
2020	17,120
2021	13,719
2022	10,636
2023	7,506
Thereafter	17,095
Total undiscounted cash flows	86,030
Less imputed interest	(10,882)
Lease obligations under operating leases	$ 75,148

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share
Antidilutive common share equivalents excluded from computation of earnings per share amount (in shares)	0	0	0	0
Net Income (Numerator)
Basic earnings per share (in dollars)	$ 151,048	$ 398,375	$ 549,678	$ 988,375
Diluted earnings per share (in dollars)	$ 151,048	$ 398,375	$ 549,678	$ 988,375
Weighted Average Shares (Denominator)
Basic earnings per share (in shares)	217,873,000	234,208,000	221,145,000	235,483,000
Dilutive common share equivalents (in shares)	1,236,000	1,441,000	1,052,000	1,289,000
Diluted earnings per share (in shares)	219,109,000	235,649,000	222,197,000	236,772,000
Per Share Amount
Basic (in dollars per share)	$ 0.69	$ 1.70	$ 2.49	$ 4.20
Diluted (in dollars per share)	$ 0.69	$ 1.69	$ 2.47	$ 4.17

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Inventories
Raw materials	$ 758,677	$ 810,766
Supplies	492,604	436,828
Work in progress	156,443	195,224
Finished goods	359,296	416,350
Total inventories	$ 1,767,020	$ 1,859,168

Changes in Equity (Rollforward)

Changes in Equity (Rollforward) (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Balances	$ 3,908,351	$ 3,849,528	$ 3,775,989	$ 3,588,519	$ 3,312,137	$ 3,195,068	$ 3,775,989	$ 3,195,068
Dividends declared	(51,778)	(52,751)	(53,504)	(43,767)	(44,080)	(44,269)
Noncontrolling investors, net	(1,321)				(3)
Share repurchases	(114,950)	(93,136)	(84,308)	(74,965)	(49,145)	(69,269)
Equity-based compensation	7,870	8,016	6,695	7,081	7,143	5,132
Net income	152,608	196,746	204,827	397,906	362,572		554,181	985,953
Other comprehensive loss, net of tax	(39)	(52)	(171)	63	(105)		(262)	(42)
Comprehensive and net income (loss)	152,569			397,969		225,475	553,919	985,911
Balances	3,900,741	3,908,351	3,849,528	3,874,837	3,588,519	3,312,137	3,900,741	3,874,837
Common Stock
Balances	645	645	645	644	644	644	645	644
Balances	645	645	645	644	644	644	645	644
Treasury Stock
Balances	(1,354,157)	(1,261,837)	(1,184,243)	(779,088)	(730,700)	(665,297)	(1,184,243)	(665,297)
Share repurchases	(114,950)	(93,136)	(84,308)	(74,965)	(49,145)	(69,269)
Equity-based compensation	29	816	6,714	1	757	3,866
Balances	(1,469,078)	(1,354,157)	(1,261,837)	(854,052)	(779,088)	(730,700)	(1,469,078)	(854,052)
Additional Paid-In Capital
Balances	1,167,505	1,160,139	1,160,048	1,149,367	1,142,871	1,141,534	1,160,048	1,141,534
Equity-based compensation	8,007	7,366	91	7,189	6,496	1,337
Balances	1,175,512	1,167,505	1,160,139	1,156,556	1,149,367	1,142,871	1,175,512	1,156,556
Retained Earnings
Balances	4,250,419	4,109,034	3,958,320	3,376,163	3,057,904	2,874,693	3,958,320	2,874,693
Dividends declared	(51,778)	(52,751)	(53,504)	(43,767)	(44,080)	(44,269)
Equity-based compensation	(166)	(166)	(110)	(109)	(110)	(71)
Net income	151,048	194,302	204,328	398,375	362,449
Comprehensive and net income (loss)						227,551
Balances	4,349,523	4,250,419	4,109,034	3,730,662	3,376,163	3,057,904	4,349,523	3,730,662
AOCI Attributable to Parent [Member]
Balances	78	130	301	(105)			301
Other comprehensive loss, net of tax	(39)	(52)	(171)	63	(105)
Balances	39	78	130	(42)	(105)		39	(42)
Noncontrolling Interests
Balances	(156,139)	(158,583)	(159,082)	(158,462)	(158,582)	(156,506)	(159,082)	(156,506)
Noncontrolling investors, net	(1,321)				(3)
Net income	1,560	2,444	499	(469)	123
Comprehensive and net income (loss)						(2,076)
Balances	(155,900)	(156,139)	(158,583)	(158,931)	(158,462)	(158,582)	(155,900)	(158,931)
Redeemable Noncontrolling Interest
Balances	139,930	139,930	111,240	111,240	111,240	111,240	111,240	111,240
Noncontrolling investors of USS	3,684		28,690
Balances	$ 143,614	$ 139,930	$ 139,930	$ 111,240	$ 111,240	$ 111,240	$ 143,614	$ 111,240

Derivative Financial Instrume_3

Derivative Financial Instruments (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 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	$ 69,000	$ 5,000	$ 101,000	$ (10,500)
Gain (loss) excluded from hedge effectiveness testing	(399,000)	(2,100,000)	(918,000)	1,200,000
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	(8,000)	$ 82,000	139,000	$ (55,000)
Net gains reclassified	(43,000)		(483,000)
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months	51,000		$ 51,000
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	$ 4,300,000		$ 4,300,000		$ 4,900,000

Derivative Financial Instrume_4

Derivative Financial Instruments (Schedule of Notional Amounts of Outstanding Derivative Positions) (Details) - Futures	9 Months Ended
	Sep. 30, 2019T
Aluminum | Long
Derivative [Line Items]
Commodity contract (in MT/Lbs)	575
Aluminum | Short
Derivative [Line Items]
Commodity contract (in MT/Lbs)	4,100
Copper | Long
Derivative [Line Items]
Commodity contract (in MT/Lbs)	10,036
Copper | Short
Derivative [Line Items]
Commodity contract (in MT/Lbs)	21,704

Derivative Financial Instrume_5

Derivative Financial Instruments (Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position) (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Commodity futures, asset derivatives	$ 1,376	$ 4,558
Commodity futures, liability derivatives	3,905	3,890
Designated as hedging instrument | Commodity contract | Futures | Other current assets
Commodity futures, asset derivatives	1,063	2,999
Commodity futures, liability derivatives	805	1,837
Not designated as hedging instrument | Commodity contract | Futures | Other current assets
Commodity futures, asset derivatives	313	1,559
Commodity futures, liability derivatives	$ 3,100	$ 2,053

Derivative Financial Instrume_6

Derivative Financial Instruments (Schedule of Derivatives Instruments Statements of Financial Position) (Details) - Commodity contract - Futures - Cost of goods sold - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Designated as hedging instrument
Amount of gain (loss) recognized in income on derivatives	$ 302	$ (8,943)	$ (560)	$ 1,113
Amount of gain (loss) recognized in income on related hedged items	(701)	6,864	(358)	59
Designated as hedging instrument | Firm commitments
Amount of gain (loss) recognized in income on related hedged items	(519)	5,111	(603)	1,718
Designated as hedging instrument | Inventory
Amount of gain (loss) recognized in income on related hedged items	(182)	1,753	245	(1,659)
Not designated as hedging instrument
Amount of gain (loss) recognized in income on derivatives	$ 4,536	$ 13,803	$ 5,946	$ 19,523

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets and liabilities subject to fair value measurements
Short-term Investments	$ 69,529	$ 228,783
Commodity futures - financial assets	1,376	4,558
Commodity futures - financial liabilities	3,905	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	69,529	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	1,376	4,558
Commodity futures - financial liabilities	3,905	3,890
Futures | Recurring | Fair Value, Inputs, Level 2 [Member] | Commodity contract
Assets and liabilities subject to fair value measurements
Commodity futures - financial assets	1,376	4,558
Commodity futures - financial liabilities	$ 3,905	$ 3,890

Segment Information - Results (

Segment Information - Results (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Segment Reporting Information
Net sales	$ 2,526,845	$ 3,223,547	$ 8,114,795	$ 8,917,947
Operating income (loss)	228,045	531,572	804,919	1,356,856
Income (loss) before income taxes	201,251	507,115	725,274	1,278,489
Depreciation and amortization	79,470	81,383	240,555	236,638
Capital expenditures	154,131	70,668	293,687	176,477
Assets	7,943,247		7,943,247		$ 7,703,563
U.S.
Segment Reporting Information
Net sales		3,085,224	7,701,827	8,357,030
Non-U.S.
Segment Reporting Information
Net sales		138,323	412,968	560,917
Operating Segment | Other segments
Segment Reporting Information
Net sales	(380,414)
Operating Segment | U.S.
Segment Reporting Information
Net sales	2,392,012
Operating Segment | Non-U.S.
Segment Reporting Information
Net sales	134,833
Operating Segment | Steel Operations
Segment Reporting Information
Net sales	2,008,205	2,586,626	6,396,555	7,004,088
Operating income (loss)	234,683	573,848	835,172	1,441,904
Income (loss) before income taxes	217,699	557,870	784,873	1,390,074
Depreciation and amortization	63,170	64,088	188,832	184,998
Capital expenditures	40,818	57,074	128,069	137,484
Assets	5,119,419		5,119,419
Operating Segment | Steel Operations | Other segments
Segment Reporting Information
Net sales	85,678	111,582	243,107	281,828
Operating Segment | Steel Operations | U.S.
Segment Reporting Information
Net sales	1,838,682	2,400,329	5,918,189	6,360,177
Operating Segment | Steel Operations | Non-U.S.
Segment Reporting Information
Net sales	83,845	74,715	235,259	362,083
Operating Segment | Metals Recycling Operations
Segment Reporting Information
Net sales	574,908	800,014	1,968,719	2,436,875
Operating income (loss)	(101)	14,674	24,480	62,027
Income (loss) before income taxes	(1,159)	13,488	20,846	57,458
Depreciation and amortization	11,769	11,491	34,733	34,602
Capital expenditures	11,498	11,603	30,313	27,496
Assets	972,493		972,493
Operating Segment | Metals Recycling Operations | Other segments
Segment Reporting Information
Net sales	293,999	412,795	1,013,574	1,236,830
Operating Segment | Metals Recycling Operations | U.S.
Segment Reporting Information
Net sales	230,086	323,611	778,637	1,001,267
Operating Segment | Metals Recycling Operations | Non-U.S.
Segment Reporting Information
Net sales	50,823	63,608	176,508	198,778
Operating Segment | Steel Fabrication Operations
Segment Reporting Information
Net sales	246,716	250,745	716,809	670,344
Operating income (loss)	35,280	13,104	86,567	47,039
Income (loss) before income taxes	34,080	11,801	82,897	42,898
Depreciation and amortization	2,941	2,941	8,882	8,785
Capital expenditures	3,759	1,395	8,771	5,526
Assets	414,835		414,835
Operating Segment | Steel Fabrication Operations | Other segments
Segment Reporting Information
Net sales	637	120	826	788
Operating Segment | Steel Fabrication Operations | U.S.
Segment Reporting Information
Net sales	245,914	250,625	714,782	669,500
Operating Segment | Steel Fabrication Operations | Non-U.S.
Segment Reporting Information
Net sales	165		1,201	56
Operating Segment | Other
Segment Reporting Information
Net sales	77,430	111,953	290,688	327,651
Operating income (loss)	(42,441)	(67,113)	(148,514)	(186,137)
Income (loss) before income taxes	(49,780)	(73,109)	(169,914)	(203,970)
Depreciation and amortization	1,590	2,863	8,108	8,253
Capital expenditures	98,056	596	126,534	5,971
Assets	1,513,798		1,513,798
Operating Segment | Other | Other segments
Segment Reporting Information
Net sales	100	1,294	469	1,565
Operating Segment | Other | U.S.
Segment Reporting Information
Net sales	77,330	110,659	290,219	326,086
Eliminations
Segment Reporting Information
Net sales	(380,414)	(525,791)	(1,257,976)	(1,521,011)
Operating income (loss)	624	(2,941)	7,214	(7,977)
Income (loss) before income taxes	411	(2,935)	6,572	(7,971)
Assets	$ (77,298)		(77,298)
Eliminations | Other segments
Segment Reporting Information
Net sales		$ (525,791)	$ (1,257,976)	$ (1,521,011)

Segment Information - Results F

Segment Information - Results Footnote (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Operating income (loss)
Corporate SG & A	$ (107,242)	$ (102,614)	$ (324,530)	$ (310,076)
Profit sharing	(17,848)	(45,304)	(64,396)	(114,301)
Operating income (loss)	228,045	531,572	804,919	1,356,856
Gross profit	359,839	686,081	1,214,575	1,801,579
Assets
Accounts receivable	986,946		986,946		$ 1,043,756
Cash and equivalents	1,146,007		1,146,007		828,220
Short-term Investments	69,529		69,529		228,783
Inventories	1,767,020		1,767,020		1,859,168
Property, plant and equipment, net	3,031,731		3,031,731		2,945,767
Other assets	100,685		100,685		25,166
Total assets	7,943,247		7,943,247		$ 7,703,563
Operating Segment | Other
Operating income (loss)
Corporate SG & A	(15,400)	(13,800)	(56,000)	(44,000)
Company-wide equity-based compensation	(8,700)	(7,800)	(26,100)	(24,800)
Profit sharing	(17,000)	(43,400)	(61,300)	(109,600)
Other, net	(1,300)	(2,100)	(5,100)	(7,700)
Operating income (loss)	(42,441)	(67,113)	(148,514)	(186,137)
Assets
Cash and equivalents	1,072,500		1,072,500
Short-term Investments	69,500		69,500
Accounts receivable	7,800		7,800
Inventories	36,500		36,500
Property, plant and equipment, net	271,800		271,800
Intra-company debt	8,700		8,700
Other assets	47,000		47,000
Total assets	1,513,798		1,513,798
Operating Segment | Metals Recycling Operations
Operating income (loss)
Operating income (loss)	(101)	14,674	24,480	62,027
Assets
Total assets	972,493		972,493
Eliminations
Operating income (loss)
Operating income (loss)	624	(2,941)	7,214	(7,977)
Gross profit	400	$ (2,900)	6,600	$ (8,000)
Assets
Accounts receivable	(61,200)		(61,200)
Intra-company debt	(8,700)		(8,700)
Other assets	(7,400)		(7,400)
Total assets	$ (77,298)		$ (77,298)

Condensed Consolidating Infor_3

Condensed Consolidating Information - Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Condensed Consolidating Balance Sheets
Cash and equivalents	$ 1,146,007			$ 828,220
Short-term Investments	69,529			228,783
Accounts receivable, net	986,946			1,043,756
Inventories	1,767,020			1,859,168
Other current assets	50,818			72,730
Total current assets	4,020,320			4,032,657
Property, plant and equipment, net	3,031,731			2,945,767
Intangible assets, net	249,598			270,328
Goodwill	540,913			429,645
Other assets, including investments in subs	100,685			25,166
Total assets	7,943,247			7,703,563
Accounts payable	528,629			550,754
Accrued expenses	394,496			444,149
Current maturities of long-term debt	82,150			24,234
Total current liabilities	1,005,275			1,019,137
Long-term debt	2,355,243			2,352,489
Other liabilities	538,374			444,708
Total liabilities	3,898,892			3,816,334
Redeemable noncontrolling interests	143,614			111,240
Common stock	645			645
Treasury stock	(1,469,078)			(1,184,243)
Additional paid-in capital	1,175,512			1,160,048
Retained earnings (deficit)	4,349,523			3,958,320
Accumulated other comprehensive income (loss)	39			301
Total Steel Dynamics, Inc. equity	4,056,641			3,935,071
Noncontrolling interests	(155,900)			(159,082)
Total equity	3,900,741	$ 3,908,351	$ 3,849,528	3,775,989	$ 3,874,837	$ 3,588,519	$ 3,312,137	$ 3,195,068
Total liabilities and equity	7,943,247			7,703,563
Parent
Condensed Consolidating Balance Sheets
Cash and equivalents	1,070,215			809,763
Short-term Investments	69,529			198,783
Accounts receivable, net	303,259			340,439
Inventories	725,792			793,174
Other current assets	29,754			56,578
Total current assets	2,198,549			2,198,737
Property, plant and equipment, net	966,715			871,482
Other assets, including investments in subs	2,723,786			2,862,556
Total assets	5,889,050			5,932,775
Accounts payable	177,308			209,156
Accrued expenses	228,600			296,528
Current maturities of long-term debt	843			793
Total current liabilities	406,751			506,477
Long-term debt	2,330,968			2,327,798
Other liabilities	(905,310)			(836,571)
Total liabilities	1,832,409			1,997,704
Common stock	645			645
Treasury stock	(1,469,078)			(1,184,243)
Additional paid-in capital	1,175,512			1,160,048
Retained earnings (deficit)	4,349,523			3,958,320
Accumulated other comprehensive income (loss)	39			301
Total Steel Dynamics, Inc. equity	4,056,641			3,935,071
Total equity	4,056,641			3,935,071
Total liabilities and equity	5,889,050			5,932,775
Guarantors
Condensed Consolidating Balance Sheets
Cash and equivalents	64,398			13,491
Short-term Investments				30,000
Accounts receivable, net	1,675,521			1,635,168
Inventories	960,506			1,038,702
Other current assets	17,464			18,627
Total current assets	2,717,889			2,735,988
Property, plant and equipment, net	1,902,414			1,918,198
Intangible assets, net	249,598			270,328
Goodwill	427,103			429,645
Other assets, including investments in subs	61,910			5,593
Total assets	5,358,914			5,359,752
Accounts payable	332,299			330,156
Accrued expenses	316,684			295,668
Current maturities of long-term debt	517			1,355
Total current liabilities	649,500			627,179
Long-term debt				381
Other liabilities	1,087,758			1,447,464
Total liabilities	1,737,258			2,075,024
Common stock	1,727,859			1,727,859
Additional paid-in capital	683,048			683,048
Retained earnings (deficit)	1,210,749			873,821
Total Steel Dynamics, Inc. equity	3,621,656			3,284,728
Total equity	3,621,656			3,284,728
Total liabilities and equity	5,358,914			5,359,752
Combined Non-Guarantors
Condensed Consolidating Balance Sheets
Cash and equivalents	11,394			4,966
Accounts receivable, net	63,962			26,655
Inventories	88,871			39,214
Other current assets	4,548			3,994
Total current assets	168,775			74,829
Property, plant and equipment, net	162,602			156,087
Goodwill	113,810
Other assets, including investments in subs	6,420			5,557
Total assets	451,607			236,473
Accounts payable	99,162			74,353
Accrued expenses	16,694			11,171
Current maturities of long-term debt	103,551			51,079
Total current liabilities	219,407			136,603
Long-term debt	147,310			166,226
Other liabilities	34,290			31,791
Total liabilities	401,007			334,620
Redeemable noncontrolling interests	143,614			111,240
Common stock	15,016			15,016
Additional paid-in capital	804,625			695,502
Retained earnings (deficit)	(756,755)			(760,823)
Total Steel Dynamics, Inc. equity	62,886			(50,305)
Noncontrolling interests	(155,900)			(159,082)
Total equity	(93,014)			(209,387)
Total liabilities and equity	451,607			236,473
Consolidating Adjustments
Condensed Consolidating Balance Sheets
Accounts receivable, net	(1,055,796)			(958,506)
Inventories	(8,149)			(11,922)
Other current assets	(948)			(6,469)
Total current assets	(1,064,893)			(976,897)
Other assets, including investments in subs	(2,691,431)			(2,848,540)
Total assets	(3,756,324)			(3,825,437)
Accounts payable	(80,140)			(62,911)
Accrued expenses	(167,482)			(159,218)
Current maturities of long-term debt	(22,761)			(28,993)
Total current liabilities	(270,383)			(251,122)
Long-term debt	(123,035)			(141,916)
Other liabilities	321,636			(197,976)
Total liabilities	(71,782)			(591,014)
Common stock	(1,742,875)			(1,742,875)
Additional paid-in capital	(1,487,673)			(1,378,550)
Retained earnings (deficit)	(453,994)			(112,998)
Total Steel Dynamics, Inc. equity	(3,684,542)			(3,234,423)
Total equity	(3,684,542)			(3,234,423)
Total liabilities and equity	$ (3,756,324)			$ (3,825,437)

Condensed Consolidating Infor_4

Condensed Consolidating Information - Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended					9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Condensed Consolidating Statements of Operations
Net sales	$ 2,526,845			$ 3,223,547		$ 8,114,795	$ 8,917,947
Costs of goods sold	2,167,006			2,537,466		6,900,220	7,116,368
Gross profit	359,839			686,081		1,214,575	1,801,579
Selling, general and administrative	131,794			154,509		409,656	444,723
Operating income	228,045			531,572		804,919	1,356,856
Interest expense, net of capitalized interest	31,339			31,560		94,782	94,968
Other income, net	(4,545)			(7,103)		(15,137)	(16,601)
Income before income taxes	201,251			507,115		725,274	1,278,489
Income taxes	48,643			109,209		171,093	292,536
Net income	152,608	$ 196,746	$ 204,827	397,906	$ 362,572	554,181	985,953
Net (income) loss attributable to noncontrolling interests	(1,560)			469		(4,503)	2,422
Net income attributable to Steel Dynamics, Inc.	151,048			398,375		549,678	988,375
Parent
Condensed Consolidating Statements of Operations
Net sales	976,470			1,304,801		3,198,215	3,635,571
Costs of goods sold	814,622			956,735		2,628,849	2,746,516
Gross profit	161,848			348,066		569,366	889,055
Selling, general and administrative	55,613			78,824		185,647	218,839
Operating income	106,235			269,242		383,719	670,216
Interest expense, net of capitalized interest	18,716			18,559		56,818	56,568
Other income, net	(5,394)			(7,121)		(17,752)	(18,299)
Income before income taxes	92,913			257,804		344,653	631,947
Income taxes	23,625			45,599		81,422	127,083
Net income	69,288			212,205		263,231	504,864
Equity in net income of subsidiaries	81,760			186,170		286,447	483,511
Net income attributable to Steel Dynamics, Inc.	151,048			398,375		549,678	988,375
Guarantors
Condensed Consolidating Statements of Operations
Net sales	2,710,767			3,540,381		8,837,385	9,804,316
Costs of goods sold	2,502,257			3,163,110		8,141,120	8,783,145
Gross profit	208,510			377,271		696,265	1,021,171
Selling, general and administrative	74,433			78,694		221,592	233,989
Operating income	134,077			298,577		474,673	787,182
Interest expense, net of capitalized interest	11,536			12,489		35,107	36,793
Other income, net	(1,574)			(2,292)		(4,746)	(5,612)
Income before income taxes	124,115			288,380		444,312	756,001
Income taxes	29,965			71,466		107,384	187,794
Net income	94,150			216,914		336,928	568,207
Net income attributable to Steel Dynamics, Inc.	94,150			216,914		336,928	568,207
Combined Non-Guarantors
Condensed Consolidating Statements of Operations
Net sales	205,617			144,145		611,407	417,450
Costs of goods sold	188,967			142,005		568,914	413,607
Gross profit	16,650			2,140		42,493	3,843
Selling, general and administrative	7,827			2,974		19,891	8,550
Operating income	8,823			(834)		22,602	(4,707)
Interest expense, net of capitalized interest	3,490			3,134		10,327	9,489
Other income, net	(196)			(306)		(753)	(565)
Income before income taxes	5,529			(3,662)		13,028	(13,631)
Income taxes	128			420		495	530
Net income	5,401			(4,082)		12,533	(14,161)
Net (income) loss attributable to noncontrolling interests	(1,560)			469		(4,503)	2,422
Net income attributable to Steel Dynamics, Inc.	3,841			(3,613)		8,030	(11,739)
Consolidating Adjustments
Condensed Consolidating Statements of Operations
Net sales	(1,366,009)			(1,765,780)		(4,532,212)	(4,939,390)
Costs of goods sold	(1,338,840)			(1,724,384)		(4,438,663)	(4,826,900)
Gross profit	(27,169)			(41,396)		(93,549)	(112,490)
Selling, general and administrative	(6,079)			(5,983)		(17,474)	(16,655)
Operating income	(21,090)			(35,413)		(76,075)	(95,835)
Interest expense, net of capitalized interest	(2,403)			(2,622)		(7,470)	(7,882)
Other income, net	2,619			2,616		8,114	7,875
Income before income taxes	(21,306)			(35,407)		(76,719)	(95,828)
Income taxes	(5,075)			(8,276)		(18,208)	(22,871)
Net income	(16,231)			(27,131)		(58,511)	(72,957)
Equity in net income of subsidiaries	(81,760)			(186,170)		(286,447)	(483,511)
Net income attributable to Steel Dynamics, Inc.	$ (97,991)			$ (213,301)		$ (344,958)	$ (556,468)

Condensed Consolidating Infor_5

Condensed Consolidating Information - Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Condensed Consolidating Statements of Cash Flows
Net cash provided by operating activities	$ 444,202	$ 420,440	$ 987,228	$ 924,408
Net cash used in investing activities	(110,455)	(132,681)	(227,517)	(724,013)
Net cash provided by (used in) financing activities	(160,986)	(124,044)	(442,594)	(345,341)
Increase (decrease) in cash, cash equivalents, and restricted cash	172,761	163,715	317,117	(144,946)
Cash, cash equivalents, and restricted cash at beginning of period	978,779	726,424	834,423	1,035,085
Cash, cash equivalents, and restricted cash at end of period	1,151,540	890,139	1,151,540	890,139
Parent
Condensed Consolidating Statements of Cash Flows
Net cash provided by operating activities			368,148	401,680
Net cash used in investing activities			(116,470)	(617,158)
Net cash provided by (used in) financing activities			8,774	77,165
Increase (decrease) in cash, cash equivalents, and restricted cash			260,452	(138,313)
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	1,070,215	863,917	1,070,215	863,917
Guarantors
Condensed Consolidating Statements of Cash Flows
Net cash provided by operating activities			624,223	505,175
Net cash used in investing activities			(78,193)	(106,230)
Net cash provided by (used in) financing activities			(495,488)	(405,499)
Increase (decrease) in cash, cash equivalents, and restricted cash			50,542	(6,554)
Cash, cash equivalents, and restricted cash at beginning of period			14,368	20,748
Cash, cash equivalents, and restricted cash at end of period	64,910	14,194	64,910	14,194
Combined Non-Guarantors
Condensed Consolidating Statements of Cash Flows
Net cash provided by operating activities			18,893	2,101
Net cash used in investing activities			(7,740)	(4,920)
Net cash provided by (used in) financing activities			(5,030)	2,740
Increase (decrease) in cash, cash equivalents, and restricted cash			6,123	(79)
Cash, cash equivalents, and restricted cash at beginning of period			10,292	12,107
Cash, cash equivalents, and restricted cash at end of period	$ 16,415	$ 12,028	16,415	12,028
Consolidating Adjustments
Condensed Consolidating Statements of Cash Flows
Net cash provided by operating activities			(24,036)	15,452
Net cash used in investing activities			(25,114)	4,295
Net cash provided by (used in) financing activities			$ 49,150	$ (19,747)