Steel Dynamics (STLD) 10-Q 9 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Oct. 29, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
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		210,366,497
Entity Central Index Key	0001022671
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets
Cash and equivalents	$ 1,267,618	$ 1,381,460
Short-term investments		262,174
Accounts receivable, net	915,223	841,378
Accounts receivable-related parties	3,619	2,958
Inventories	1,609,216	1,689,043
Other current assets	59,219	76,012
Total current assets	3,854,895	4,253,025
Property, plant and equipment, net	3,862,375	3,135,886
Intangible assets, net	306,574	327,901
Goodwill	474,520	452,915
Other assets	119,192	106,038
Total assets	8,617,556	8,275,765
Current liabilities
Accounts payable	702,991	509,687
Accounts payable-related parties	12,690	3,657
Income taxes payable	827	2,014
Accrued payroll and benefits	177,935	208,287
Accrued interest	27,649	18,292
Accrued expenses	171,307	175,405
Current maturities of long-term debt	82,229	89,356
Total current liabilities	1,175,628	1,006,698
Long-term debt	2,636,615	2,644,988
Deferred income taxes	512,503	484,169
Other liabilities	94,011	75,055
Total liabilities	4,418,757	4,210,910
Commitments and contingencies
Redeemable noncontrolling interests	155,414	143,614
Equity
Common stock voting, $.0025 par value; 900,000,000 shares authorized; 266,072,787 and 266,072,787 shares issued; and 210,366,497 and 214,502,639 shares outstanding, as of September 30, 2020 and December 31, 2019, respectively	646	646
Treasury stock, at cost; 55,706,290 and 51,570,148 shares, as of September 30, 2020 and December 31, 2019, respectively	(1,623,805)	(1,525,113)
Additional paid-in capital	1,200,228	1,181,012
Retained earnings	4,624,019	4,419,296
Accumulated other comprehensive income (loss)	95	(7)
Total Steel Dynamics, Inc. equity	4,201,183	4,075,834
Noncontrolling interests	(157,798)	(154,593)
Total equity	4,043,385	3,921,241
Total liabilities and equity	$ 8,617,556	$ 8,275,765

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
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)	266,072,787	266,072,787
Common stock voting, shares outstanding (in shares)	210,366,497	214,502,639
Treasury stock, shares (in shares)	55,706,290	51,570,148

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net sales
Unrelated parties	$ 2,327,224	$ 2,523,279	$ 6,991,732	$ 8,104,129
Related parties	3,608	3,566	8,505	10,666
Total net sales	2,330,832	2,526,845	7,000,237	8,114,795
Costs of goods sold	2,038,017	2,167,006	6,007,762	6,900,220
Gross profit	292,815	359,839	992,475	1,214,575
Selling, general and administrative expenses	118,235	107,242	340,432	324,530
Profit sharing	11,778	17,848	42,324	64,396
Amortization of intangible assets	6,946	6,704	21,327	20,730
Operating income	155,856	228,045	588,392	804,919
Interest expense, net of capitalized interest	18,950	31,339	74,671	94,782
Other (income) expense, net	3,546	(4,545)	29,060	(15,137)
Income before income taxes	133,360	201,251	484,661	725,274
Income tax expense	29,083	48,643	110,783	171,093
Net income	104,277	152,608	373,878	554,181
Net income attributable to noncontrolling interests	(4,134)	(1,560)	(10,899)	(4,503)
Net income attributable to Steel Dynamics, Inc.	$ 100,143	$ 151,048	$ 362,979	$ 549,678
Basic earnings per share attributable to Steel Dynamics, Inc. stockholders (in dollars per share)	$ 0.48	$ 0.69	$ 1.72	$ 2.49
Weighted average common shares outstanding (in shares)	210,366	217,873	211,321	221,145
Diluted earnings per share attributable to Steel Dynamics, Inc. stockholders, including the effect of assumed conversions when dilutive (in dollars per share)	$ 0.47	$ 0.69	$ 1.71	$ 2.47
Weighted average common shares and share equivalents outstanding (in shares)	211,926	219,109	212,443	222,197
Dividends declared per share (in dollars per share)	$ 0.25	$ 0.24	$ 0.75	$ 0.72

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 104,277	$ 152,608	$ 373,878	$ 554,181
Other comprehensive income (loss) - net unrealized gain (loss) on cash flow hedging derivatives, net of income tax	(121)	(39)	102	(262)
Comprehensive income	104,156	152,569	373,980	553,919
Comprehensive income attributable to noncontrolling interests	(4,134)	(1,560)	(10,899)	(4,503)
Comprehensive income attributable to Steel Dynamics, Inc.	$ 100,022	$ 151,009	$ 363,081	$ 549,416

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Operating activities:
Net income	$ 104,277	$ 152,608	$ 373,878	$ 554,181
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	81,752	79,470	240,732	240,555
Equity-based compensation	9,486	8,841	36,850	33,229
Deferred income taxes	10,388	11,311	30,949	34,952
Other adjustments	17,237	(1,116)	21,701	(952)
Changes in certain assets and liabilities:
Accounts receivable	(58,271)	85,633	(57,991)	95,195
Inventories	(38,236)	35,479	83,790	139,889
Other assets	(3,894)	39	5,702	7,632
Accounts payable	645	1,111	121,764	(54,167)
Income taxes receivable/payable	(27,127)	6,293	33,251	19,715
Accrued expenses	55,533	64,533	(41,545)	(83,001)
Net cash provided by operating activities	151,790	444,202	849,081	987,228
Investing activities:
Purchases of property, plant and equipment	(327,647)	(154,131)	(854,898)	(293,687)
Purchases of short-term investments		(34,884)	(149,359)	(134,026)
Proceeds from maturities of short-term investments	69,545	79,508	411,533	293,279
Acquisition of business, net of cash and restricted cash acquired	(59,012)	(3,694)	(59,012)	(97,106)
Other investing activities	380	2,746	1,701	4,023
Net cash used in investing activities	(316,734)	(110,455)	(650,035)	(227,517)
Financing activities:
Issuance of current and long-term debt	295,814	128,230	1,611,849	374,686
Repayment of current and long-term debt	(305,911)	(119,988)	(1,645,482)	(369,134)
Dividends paid	(52,592)	(52,751)	(156,657)	(148,493)
Purchases of treasury stock		(114,950)	(106,529)	(292,394)
Other financing activities	(1,587)	(1,527)	(16,502)	(7,259)
Net cash used in financing activities	(64,276)	(160,986)	(313,321)	(442,594)
Increase (decrease) in cash, cash equivalents, and restricted cash	(229,220)	172,761	(114,275)	317,117
Cash, cash equivalents, and restricted cash at beginning of period	1,502,342	978,779	1,387,397	834,423
Cash, cash equivalents, and restricted cash at end of period	1,273,122	1,151,540	1,273,122	1,151,540
Supplemental disclosure information:
Cash paid for interest	8,597	9,115	77,050	71,702
Cash paid for income taxes, net	$ 43,900	$ 29,794	$ 45,848	$ 116,149

Description of the Business and

Description of the Business and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
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. Acquisition 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, 2019. ​ 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 and equivalents 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 at September 30, 2020 and 2019, $5.9 million at June 30, 2020 and December 31, 2019, and $6.2 million at June 30, 2019 and December 31, 2018, 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, 2020, and December 31, 2019, (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ ​ ​ ​ 2020 ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations Segment ​ $ 272,133 ​ $ 272,133 ​ ​ ​ Metals Recycling Operations Segment ​ ​ 200,462 ​ ​ 178,857 ​ ​ ​ Steel Fabrication Operations Segment ​ ​ 1,925 ​ ​ 1,925 ​ ​ ​ ​ ​ $ 474,520 ​ $ 452,915 ​ ​ The company acquired Omni Mexico (formerly Zimmer S.A. de C.V.) on August 3, 2020 (refer to Note 2. Acquisition) million of goodwill was recorded in the Metals Recycling Operations segment. Metals Recycling Operations Segment goodwill decreased million from December 31, 2019 to September 30, 2020, in recognition of the 2020 tax benefit related to the normal amortization of the component of OmniSource tax-deductible goodwill in excess of book goodwill. Credit Losses ASU 2016-13, Financial Instruments - Credit Losses and its subsequent corresponding updates (ASC 326), requires an entity to use a forward-looking expected loss model versus the incurred loss model for most financial instruments, including accounts receivable. The company adopted ASC 326 effective January 1, 2020, using the modified retrospective transition method, with no impact on the company’s financial position, results of operations or cash flows. ​ The company is exposed to credit risk in the event of nonpayment of accounts receivable by customers. The company mitigates its exposure to credit risk, which it generally extends on an unsecured basis, by performing ongoing credit evaluations and taking further action if necessary, such as requiring letters of credit or other security interests to support the customer receivable. The allowance for credit losses for accounts receivable is based on the company’s reasonable estimate of known credit risks and historical experience, adjusted for current and anticipated economic and other pertinent factors affecting the company’s customers, that may differ from historical experience. Customer accounts receivable are written off when all collection efforts have been exhausted and the amounts are deemed uncollectible. ​ At September 30, 2020, the company reported $918.8 million of accounts receivable, net of allowances for credit losses of $8.3 million. Changes in the allowance were not material for the three and nine-month periods ended September 30, 2020. ​

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2020
Acquisitions
Acquisitions	Note 2. Acquisition On August 3, 2020, the company acquired Zimmer, S.A. de C.V. (“Zimmer”) for cash consideration of $59.0 million, a portion of which was used to pay off all existing borrowings of Zimmer in accordance with the purchase agreement. The transaction was funded with available cash. The acquisition of Zimmer is part of the company’s raw material procurement strategy to support its new Texas flat roll steel mill, which is planned to begin operations mid-year 2021. Zimmer is headquartered in Monterrey, Mexico and operates six ferrous and nonferrous scrap facilities strategically positioned near high-volume industrial scrap sources located throughout Central and Northern Mexico, and several third party scrap processing locations. The aggregate purchase price was preliminarily allocated to the opening balance sheet of Zimmer as of August 3, 2020, based on the information available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed: current assets of $30.0 million; property, plant, and equipment of $18.3 million; goodwill of $24.1 million; and liabilities assumed of $13.4 million. The accounting for the acquisition has not yet been completed because the company has not finalized the valuations of the acquired assets, identifiable intangible assets, if any, including goodwill, and assumed liabilities.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2020
Earnings Per Share
Earnings Per Share	Note 3. Earnings Per Share Basic earnings per share is based on the weighted average shares of common stock outstanding during the period. Diluted earnings per share assumes the weighted average dilutive effect of common share equivalents outstanding during the period applied to the company’s basic earnings per share. Common share equivalents represent potentially dilutive restricted stock units, deferred stock units, restricted stock, and performance awards, and are excluded from the computation in periods in which they have an anti-dilutive effect. There were no anti-dilutive common share equivalents as of or for the three and nine-month periods ended September 30, 2020 and 2019. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ 2020 ​ 2019 ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ Net Income ​ Shares ​ Per Share ​ Net Income ​ Shares ​ Per Share ​ (Numerator) ​ (Denominator) ​ Amount ​ (Numerator) ​ (Denominator) ​ Amount Basic earnings per share $ 100,143 ​ ​ 210,366 ​ $ 0.48 ​ $ 151,048 ​ ​ 217,873 ​ $ 0.69 Dilutive common share equivalents ​ - ​ ​ 1,560 ​ ​ ​ ​ ​ - ​ ​ 1,236 ​ ​ ​ Diluted earnings per share $ 100,143 ​ ​ 211,926 ​ $ 0.47 ​ $ 151,048 ​ ​ 219,109 ​ $ 0.69 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ 2020 ​ 2019 ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ Net Income ​ Shares ​ Per Share ​ Net Income ​ Shares ​ Per Share ​ (Numerator) ​ (Denominator) ​ Amount ​ (Numerator) ​ (Denominator) ​ Amount Basic earnings per share $ 362,979 ​ ​ 211,321 ​ $ 1.72 ​ $ 549,678 ​ ​ 221,145 ​ $ 2.49 Dilutive common share equivalents ​ - ​ ​ 1,122 ​ ​ ​ ​ ​ - ​ ​ 1,052 ​ ​ ​ Diluted earnings per share $ 362,979 ​ ​ 212,443 ​ $ 1.71 ​ $ 549,678 ​ ​ 222,197 ​ $ 2.47 ​

Inventories

Inventories	9 Months Ended
	Sep. 30, 2020
Inventories
Inventories	Note 4. Inventories Inventories are stated at lower of cost or net realizable value. Cost is determined using a weighted average cost method for raw materials and supplies, and on a first-in, first-out basis for other inventory. Inventory consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ ​ ​ ​ 2020 ​ 2019 ​ ​ ​ ​ Raw materials $ 628,911 ​ $ 686,831 ​ ​ ​ ​ Supplies ​ 497,274 ​ ​ 498,298 ​ ​ ​ ​ Work in progress ​ 149,929 ​ ​ 154,669 ​ ​ ​ ​ Finished goods ​ 333,102 ​ ​ 349,245 ​ ​ ​ ​ Total inventories $ 1,609,216 ​ $ 1,689,043 ​ ​ ​

Debt

Debt	9 Months Ended
	Sep. 30, 2020
Debt
Debt	Note 5. Debt In October 2020, the company issued $350.0 million of 1.650% notes due 2027 and $400.0 million of 3.250% notes due 2050. The net proceeds from these notes will be used to fund the November 2020 call and redemption of the $350.0 million outstanding principal amount of the company’s 4.125% senior notes due 2025 at a redemption price of 102.063% , In June 2020, the company issued $400.0 million of 2.400% notes due 2025 and $500.0 million of 3.250% notes due 2031. The net proceeds from these notes were used to fund the June 2020 call and redemption of the $400.0 million outstanding principal amount of the company’s 5.250% senior notes due 2023 at a redemption price of 100.875% , ,

Changes in Equity

Changes in Equity	9 Months Ended
	Sep. 30, 2020
Changes in Equity
Changes in Equity	Note 6. Changes in Equity The following tables provide a reconciliation of the beginning and ending carrying amounts of total equity, equity attributable to stockholders of Steel Dynamics, Inc., and equity and redeemable amounts attributable to noncontrolling interests (in thousands) for the three and nine-month periods ended September 30, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stockholders of Steel Dynamics, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ Other ​ ​ ​ ​ ​ Redeemable ​ Common ​ Treasury ​ Paid-In ​ Retained ​ Comprehensive ​ Noncontrolling ​ Total ​ Noncontrolling ​ Stock ​ Stock ​ Capital ​ Earnings ​ Income (Loss) ​ Interests ​ Equity ​ Interests Balances at December 31, 2019 $ 646 ​ $ (1,525,113) ​ $ 1,181,012 ​ $ 4,419,296 ​ $ (7) ​ $ (154,593) ​ $ 3,921,241 ​ $ 143,614 Dividends declared ​ - ​ ​ - ​ ​ - ​ ​ (52,585) ​ ​ - ​ ​ - ​ ​ (52,585) ​ ​ - Noncontrolling investors of USS ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (7,504) ​ ​ (7,504) ​ ​ 7,400 Share repurchases ​ - ​ ​ (106,529) ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (106,529) ​ ​ - Equity-based compensation ​ - ​ ​ 6,834 ​ ​ 2,764 ​ ​ (169) ​ ​ - ​ ​ - ​ ​ 9,429 ​ ​ - Net income ​ - ​ ​ - ​ ​ - ​ ​ 187,340 ​ ​ - ​ ​ 3,496 ​ ​ 190,836 ​ ​ - Other comprehensive income, net of tax ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 37 ​ ​ - ​ ​ 37 ​ ​ - Balances at March 31, 2020 ​ 646 ​ ​ (1,624,808) ​ ​ 1,183,776 ​ ​ 4,553,882 ​ ​ 30 ​ ​ (158,601) ​ ​ 3,954,925 ​ ​ 151,014 Dividends declared ​ - ​ ​ - ​ ​ - ​ ​ (52,591) ​ ​ - ​ ​ - ​ ​ (52,591) ​ ​ - Noncontrolling investors of USS ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (2,410) ​ ​ (2,410) ​ ​ 1,400 Share repurchases ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - Equity-based compensation ​ - ​ ​ 953 ​ ​ 7,838 ​ ​ (158) ​ ​ - ​ ​ - ​ ​ 8,633 ​ ​ - Net income ​ - ​ ​ - ​ ​ - ​ ​ 75,496 ​ ​ - ​ ​ 3,269 ​ ​ 78,765 ​ ​ - Other comprehensive income, net of tax ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 186 ​ ​ - ​ ​ 186 ​ ​ - Balances at June 30, 2020 ​ 646 ​ ​ (1,623,855) ​ ​ 1,191,614 ​ ​ 4,576,629 ​ ​ 216 ​ ​ (157,742) ​ ​ 3,987,508 ​ ​ 152,414 Dividends declared ​ - ​ ​ - ​ ​ - ​ ​ (52,592) ​ ​ - ​ ​ - ​ ​ (52,592) ​ ​ - Noncontrolling investors of USS ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (4,190) ​ ​ (4,190) ​ ​ 3,000 Share repurchases ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - Equity-based compensation ​ - ​ ​ 50 ​ ​ 8,614 ​ ​ (161) ​ ​ - ​ ​ - ​ ​ 8,503 ​ ​ - Net income ​ - ​ ​ - ​ ​ - ​ ​ 100,143 ​ ​ - ​ ​ 4,134 ​ ​ 104,277 ​ ​ - Other comprehensive loss, net of tax ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (121) ​ ​ - ​ ​ (121) ​ ​ - Balances at September 30, 2020 $ 646 ​ $ (1,623,805) ​ $ 1,200,228 ​ $ 4,624,019 ​ $ 95 ​ $ (157,798) ​ $ 4,043,385 ​ $ 155,414 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stockholders of Steel Dynamics, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ Other ​ ​ ​ ​ ​ Redeemable ​ Common ​ Treasury ​ Paid-In ​ Retained ​ Comprehensive ​ Noncontrolling ​ Total ​ Noncontrolling ​ Stock ​ Stock ​ Capital ​ Earnings ​ Income (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 ​

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2020
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, and have in the past to mitigate interest rate fluctuation risk. The company routinely enters into forward exchange traded futures and option contracts to manage the price risk associated with nonferrous metals inventory as well as purchases and sales of nonferrous and ferrous metals (primarily aluminum and copper). The company offsets fair value amounts recognized for derivative instruments executed with the same counterparty under master netting agreements. Commodity Futures Contracts . If the company is “long” on futures contracts, it means the company has more futures contracts purchased than futures contracts sold for the underlying commodity. If the company is “short” on a futures contract, it means the company has more futures contracts sold than futures contracts purchased for the underlying commodity. The following summarizes the company’s significant futures contract commitments as of September 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity Futures ​ Long/Short ​ Metric Tons ​ Aluminum ​ Long ​ 1,850 ​ Aluminum ​ Short ​ 3,450 ​ Copper ​ Long ​ 4,831 ​ Copper ​ Short ​ 16,284 ​ ​ The following summarizes the location and amounts of the fair values reported on the company’s consolidated balance sheets as of September 30, 2020, and December 31, 2019, 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, 2020, and 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Derivatives ​ Liability Derivatives ​ Balance sheet ​ Fair Value ​ Fair Value ​ location ​ September 30, 2020 ​ December 31, 2019 ​ September 30, 2020 ​ December 31, 2019 Derivative instruments designated as hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures Other current assets ​ $ 2,012 ​ $ 966 ​ $ 827 ​ $ 1,011 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments not designated as hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures Other current assets ​ ​ 949 ​ ​ 310 ​ ​ 667 ​ ​ 721 Total derivative instruments ​ ​ $ 2,961 ​ $ 1,276 ​ $ 1,494 ​ $ 1,732 ​ The fair value of the above derivative instruments along with required margin deposit amounts with the same counterparty under master netting arrangements totaled $3.5 million at September 30, 2020, and $3.7 million at December 31, 2019, and are reflected in other current assets in the consolidated balance sheets. ​ Note 7. Derivative Financial Instruments (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 2020 ​ 2019 ​ relationships ​ items 2020 ​ 2019 Derivatives in fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ hedging relationships ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold $ 3,545 ​ $ 302 ​ Firm commitments ​ Costs of goods sold $ (2,156) ​ $ (519) ​ ​ ​ ​ ​ ​ ​ ​ ​ Inventory ​ Costs of goods sold ​ (1,682) ​ ​ (182) Derivatives not designated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (3,838) ​ $ (701) as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold $ (10,289) ​ $ 4,536 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 nine months ended ​ Hedged items in ​ in income on nine months ended ​ ​ in income on September 30, ​ fair value hedge ​ related hedged September 30, ​ ​ derivatives 2020 ​ 2019 ​ relationships ​ items 2020 ​ 2019 Derivatives in fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ hedging relationships ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold $ 1,096 ​ $ (560) ​ Firm commitments ​ Costs of goods sold $ (901) ​ $ (603) ​ ​ ​ ​ ​ ​ ​ ​ ​ Inventory ​ Costs of goods sold ​ (342) ​ ​ 245 Derivatives not designated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (1,243) ​ $ (358) as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold $ (639) ​ $ 5,946 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives accounted for as fair value hedges had ineffectiveness resulting in gains of $110,000 and $69,000 during the three-month periods ended September 30, 2020, and 2019, respectively, and gains of $51,000 and $101,000 during the nine-month periods ended September 30, 2020, and 2019, respectively. Losses excluded from hedge effectiveness testing of $403,000 and $399,000 increased cost of goods sold during the three-month periods ended September 30, 2020, and 2019, respectively. Losses excluded from hedge effectiveness testing of $198,000 and $918,000 increased cost of goods sold during the nine-month periods ended September 30, 2020, and 2019, respectively. Derivatives accounted for as cash flow hedges resulted in net losses of $274,000 and $8,000 recognized in other comprehensive income for the three-month periods ended September 30, 2020, and 2019, respectively, and net gains of $217,000 and $139,000 for the nine-month periods ended September 30, 2020, and 2019, respectively. N et losses of $115,000 and net gains of $43,000 were reclassified from accumulated other comprehensive income for the three-month periods ended September 30, 2020, and 2019, respectively, and net gains of $84,000 and $43,000 for the nine-month periods ended September 30, 2020, and 2019, respectively. At September 30, 2020, the company expects to reclassify all $124,000 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, 2020
Fair Value Measurements
Fair Value Measurements	Note 8. Fair Value Measurements Accounting standards provide a comprehensive framework for measuring fair value and sets forth a definition of fair value and establishes a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable value inputs. Levels within the hierarchy are defined as follows: ● Level 1—Unadjusted quoted prices for identical assets and liabilities in active markets; ● Level 2—Quoted prices for similar assets and liabilities in active markets (other than those included in Level 1) which are observable for the asset or liability, either directly or indirectly; and ● Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. ​ Note 8. Fair Value Measurements (Continued) The following table sets forth financial assets and liabilities measured at fair value on a recurring basis in the consolidated balance sheet and the respective levels to which the fair value measurements are classified within the fair value hierarchy as of September 30, 2020, and December 31, 2019 (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, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures – financial assets $ 2,961 ​ $ - ​ $ 2,961 ​ $ - Commodity futures – financial liabilities ​ 1,494 ​ ​ - ​ ​ 1,494 ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term investments $ 262,174 ​ $ - ​ $ 262,174 ​ $ - Commodity futures – financial assets ​ 1,276 ​ ​ - ​ ​ 1,276 ​ ​ - Commodity futures – financial liabilities ​ 1,732 ​ ​ - ​ ​ 1,732 ​ ​ - ​ The carrying amounts of financial instruments including cash and equivalents, and restricted cash approximate fair value

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
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, 2020
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 unsecured credit facility, senior notes, certain other investments and certain profit sharing expenses. ​ Note 10. Segment Information (Continued) The company’s segment results, including disaggregated revenue by segment to external, external non-United States, and other segment customers, are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Metals ​ Steel ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ Steel ​ Recycling ​ Fabrication ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 ​ Operations ​ Operations ​ Operations ​ Other ​ Eliminations ​ Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales - disaggregated revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External ​ $ 1,634,122 ​ $ 202,034 ​ $ 241,440 ​ $ 120,175 ​ $ - ​ $ 2,197,771 External Non-U.S. ​ ​ 62,409 ​ ​ 70,429 ​ ​ 98 ​ ​ 125 ​ ​ - ​ ​ 133,061 Other segments ​ ​ 79,253 ​ ​ 364,010 ​ ​ 5,052 ​ ​ 62 ​ ​ (448,377) ​ ​ - ​ ​ ​ 1,775,784 ​ ​ 636,473 ​ ​ 246,590 ​ ​ 120,362 ​ ​ (448,377) ​ ​ 2,330,832 Operating income (loss) ​ ​ 139,466 ​ ​ 12,668 ​ ​ 39,231 ​ ​ (34,384) (1) ​ (1,125) ​ ​ 155,856 Income (loss) before income taxes ​ ​ 126,825 ​ ​ 12,051 ​ ​ 38,374 ​ ​ (42,484) ​ ​ (1,406) (2) ​ 133,360 Depreciation and amortization ​ ​ 63,538 ​ ​ 12,368 ​ ​ 2,634 ​ ​ 3,212 ​ ​ - ​ ​ 81,752 Capital expenditures ​ ​ 309,421 ​ ​ 5,674 ​ ​ 5,113 ​ ​ 7,439 ​ ​ - ​ ​ 327,647 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ $ 5,839,628 ​ $ 1,026,630 ​ $ 373,085 ​ $ 1,442,910 (3) $ (64,697) (4) $ 8,617,556 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Footnotes related to the three months ended September 30, 2020, segment results (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Corporate SG&A $ (14.2) ​ (2) Gross profit decrease from intra-company sales $ 1.4 ​ Company-wide equity-based compensation ​ (9.6) ​ ​ ​ ​ ​ ​ Profit sharing ​ (10.5) ​ ​ ​ ​ ​ ​ Other, net ​ (0.1) ​ ​ ​ ​ ​ ​ ​ $ (34.4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (3) Cash and equivalents $ 1,162.3 ​ (4) Elimination of intra-company receivables $ (49.1) ​ Accounts receivable ​ 12.1 ​ ​ Elimination of intra-company debt ​ (7.2) ​ Inventories ​ 61.9 ​ ​ Other ​ (8.4) ​ Property, plant and equipment, net ​ 152.8 ​ ​ ​ $ (64.7) ​ Intra-company debt ​ 7.2 ​ ​ ​ ​ ​ ​ Other ​ 46.6 ​ ​ ​ ​ ​ ​ ​ $ 1,442.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Note 10. Segment Information (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ 228,045 Income (loss) before income taxes ​ ​ 217,699 ​ ​ (1,159) ​ ​ 34,080 ​ ​ (49,780) ​ ​ 411 (2) ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Metals ​ Steel ​ ​ ​ ​ ​ ​ ​ ​ ​ For the nine months ended ​ Steel ​ Recycling ​ Fabrication ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 ​ Operations ​ Operations ​ Operations ​ Other ​ Eliminations ​ Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales - disaggregated revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External ​ $ 5,072,959 ​ $ 563,685 ​ $ 677,326 ​ $ 334,791 ​ $ - ​ $ 6,648,761 External Non-U.S. ​ ​ 193,305 ​ ​ 157,217 ​ ​ 398 ​ ​ 556 ​ ​ - ​ ​ 351,476 Other segments ​ ​ 225,070 ​ ​ 960,998 ​ ​ 8,735 ​ ​ 150 ​ ​ (1,194,953) ​ ​ - ​ ​ ​ 5,491,334 ​ ​ 1,681,900 ​ ​ 686,459 ​ ​ 335,497 ​ ​ (1,194,953) ​ ​ 7,000,237 Operating income (loss) ​ ​ 595,903 ​ ​ 9,481 ​ ​ 95,549 ​ ​ (112,828) (1) ​ 287 ​ ​ 588,392 Income (loss) before income taxes ​ ​ 551,392 ​ ​ 3,702 ​ ​ 92,251 ​ ​ (162,169) ​ ​ (515) (2) ​ 484,661 Depreciation and amortization ​ ​ 186,651 ​ ​ 36,510 ​ ​ 8,119 ​ ​ 9,452 ​ ​ - ​ ​ 240,732 Capital expenditures ​ ​ 803,873 ​ ​ 27,718 ​ ​ 11,566 ​ ​ 11,741 ​ ​ - ​ ​ 854,898 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Footnotes related to the nine months ended September 30, 2020, segment results (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Corporate SG&A $ (45.9) ​ (2) Gross profit decrease from intra-company sales $ (0.5) ​ Company-wide equity-based compensation ​ (27.5) ​ ​ ​ ​ ​ ​ Profit sharing ​ (40.0) ​ ​ ​ ​ ​ ​ Other, net ​ 0.6 ​ ​ ​ ​ ​ ​ ​ $ (112.8) ​ ​ ​ ​ ​ ​ ​ Note 10. Segment Information (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) ​ ​ ​ ​ ​ ​

Description of the Business a_2

Description of the Business and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
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, 2019.
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 and equivalents 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 at September 30, 2020 and 2019, $5.9 million at June 30, 2020 and December 31, 2019, and $6.2 million at June 30, 2019 and December 31, 2018, 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, 2020, and December 31, 2019, (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ ​ ​ ​ 2020 ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations Segment ​ $ 272,133 ​ $ 272,133 ​ ​ ​ Metals Recycling Operations Segment ​ ​ 200,462 ​ ​ 178,857 ​ ​ ​ Steel Fabrication Operations Segment ​ ​ 1,925 ​ ​ 1,925 ​ ​ ​ ​ ​ $ 474,520 ​ $ 452,915 ​ ​ The company acquired Omni Mexico (formerly Zimmer S.A. de C.V.) on August 3, 2020 (refer to Note 2. Acquisition) million of goodwill was recorded in the Metals Recycling Operations segment. Metals Recycling Operations Segment goodwill decreased million from December 31, 2019 to September 30, 2020, in recognition of the 2020 tax benefit related to the normal amortization of the component of OmniSource tax-deductible goodwill in excess of book goodwill.
Credit Losses	Credit Losses ASU 2016-13, Financial Instruments - Credit Losses and its subsequent corresponding updates (ASC 326), requires an entity to use a forward-looking expected loss model versus the incurred loss model for most financial instruments, including accounts receivable. The company adopted ASC 326 effective January 1, 2020, using the modified retrospective transition method, with no impact on the company’s financial position, results of operations or cash flows. ​ The company is exposed to credit risk in the event of nonpayment of accounts receivable by customers. The company mitigates its exposure to credit risk, which it generally extends on an unsecured basis, by performing ongoing credit evaluations and taking further action if necessary, such as requiring letters of credit or other security interests to support the customer receivable. The allowance for credit losses for accounts receivable is based on the company’s reasonable estimate of known credit risks and historical experience, adjusted for current and anticipated economic and other pertinent factors affecting the company’s customers, that may differ from historical experience. Customer accounts receivable are written off when all collection efforts have been exhausted and the amounts are deemed uncollectible. ​ At September 30, 2020, the company reported $918.8 million of accounts receivable, net of allowances for credit losses of $8.3 million. Changes in the allowance were not material for the three and nine-month periods ended September 30, 2020.

Description of the Business a_3

Description of the Business and Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2020
Description of the Business and Significant Accounting Policies
Schedule of Goodwill	The company’s goodwill consisted of the following at September 30, 2020, and December 31, 2019, (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ ​ ​ ​ 2020 ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations Segment ​ $ 272,133 ​ $ 272,133 ​ ​ ​ Metals Recycling Operations Segment ​ ​ 200,462 ​ ​ 178,857 ​ ​ ​ Steel Fabrication Operations Segment ​ ​ 1,925 ​ ​ 1,925 ​ ​ ​ ​ ​ $ 474,520 ​ $ 452,915 ​

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share
Reconciliation of Basic and Diluted Earnings Per Share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ 2020 ​ 2019 ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ Net Income ​ Shares ​ Per Share ​ Net Income ​ Shares ​ Per Share ​ (Numerator) ​ (Denominator) ​ Amount ​ (Numerator) ​ (Denominator) ​ Amount Basic earnings per share $ 100,143 ​ ​ 210,366 ​ $ 0.48 ​ $ 151,048 ​ ​ 217,873 ​ $ 0.69 Dilutive common share equivalents ​ - ​ ​ 1,560 ​ ​ ​ ​ ​ - ​ ​ 1,236 ​ ​ ​ Diluted earnings per share $ 100,143 ​ ​ 211,926 ​ $ 0.47 ​ $ 151,048 ​ ​ 219,109 ​ $ 0.69 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ 2020 ​ 2019 ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ Net Income ​ Shares ​ Per Share ​ Net Income ​ Shares ​ Per Share ​ (Numerator) ​ (Denominator) ​ Amount ​ (Numerator) ​ (Denominator) ​ Amount Basic earnings per share $ 362,979 ​ ​ 211,321 ​ $ 1.72 ​ $ 549,678 ​ ​ 221,145 ​ $ 2.49 Dilutive common share equivalents ​ - ​ ​ 1,122 ​ ​ ​ ​ ​ - ​ ​ 1,052 ​ ​ ​ Diluted earnings per share $ 362,979 ​ ​ 212,443 ​ $ 1.71 ​ $ 549,678 ​ ​ 222,197 ​ $ 2.47

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2020
Inventories
Schedule of Inventories	Inventory consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ ​ ​ ​ 2020 ​ 2019 ​ ​ ​ ​ Raw materials $ 628,911 ​ $ 686,831 ​ ​ ​ ​ Supplies ​ 497,274 ​ ​ 498,298 ​ ​ ​ ​ Work in progress ​ 149,929 ​ ​ 154,669 ​ ​ ​ ​ Finished goods ​ 333,102 ​ ​ 349,245 ​ ​ ​ ​ Total inventories $ 1,609,216 ​ $ 1,689,043 ​ ​

Changes in Equity (Tables)

Changes in Equity (Tables)	9 Months Ended
	Sep. 30, 2020
Changes in Equity
Schedule of stockholders' equity	The following tables provide a reconciliation of the beginning and ending carrying amounts of total equity, equity attributable to stockholders of Steel Dynamics, Inc., and equity and redeemable amounts attributable to noncontrolling interests (in thousands) for the three and nine-month periods ended September 30, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stockholders of Steel Dynamics, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ Other ​ ​ ​ ​ ​ Redeemable ​ Common ​ Treasury ​ Paid-In ​ Retained ​ Comprehensive ​ Noncontrolling ​ Total ​ Noncontrolling ​ Stock ​ Stock ​ Capital ​ Earnings ​ Income (Loss) ​ Interests ​ Equity ​ Interests Balances at December 31, 2019 $ 646 ​ $ (1,525,113) ​ $ 1,181,012 ​ $ 4,419,296 ​ $ (7) ​ $ (154,593) ​ $ 3,921,241 ​ $ 143,614 Dividends declared ​ - ​ ​ - ​ ​ - ​ ​ (52,585) ​ ​ - ​ ​ - ​ ​ (52,585) ​ ​ - Noncontrolling investors of USS ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (7,504) ​ ​ (7,504) ​ ​ 7,400 Share repurchases ​ - ​ ​ (106,529) ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (106,529) ​ ​ - Equity-based compensation ​ - ​ ​ 6,834 ​ ​ 2,764 ​ ​ (169) ​ ​ - ​ ​ - ​ ​ 9,429 ​ ​ - Net income ​ - ​ ​ - ​ ​ - ​ ​ 187,340 ​ ​ - ​ ​ 3,496 ​ ​ 190,836 ​ ​ - Other comprehensive income, net of tax ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 37 ​ ​ - ​ ​ 37 ​ ​ - Balances at March 31, 2020 ​ 646 ​ ​ (1,624,808) ​ ​ 1,183,776 ​ ​ 4,553,882 ​ ​ 30 ​ ​ (158,601) ​ ​ 3,954,925 ​ ​ 151,014 Dividends declared ​ - ​ ​ - ​ ​ - ​ ​ (52,591) ​ ​ - ​ ​ - ​ ​ (52,591) ​ ​ - Noncontrolling investors of USS ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (2,410) ​ ​ (2,410) ​ ​ 1,400 Share repurchases ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - Equity-based compensation ​ - ​ ​ 953 ​ ​ 7,838 ​ ​ (158) ​ ​ - ​ ​ - ​ ​ 8,633 ​ ​ - Net income ​ - ​ ​ - ​ ​ - ​ ​ 75,496 ​ ​ - ​ ​ 3,269 ​ ​ 78,765 ​ ​ - Other comprehensive income, net of tax ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 186 ​ ​ - ​ ​ 186 ​ ​ - Balances at June 30, 2020 ​ 646 ​ ​ (1,623,855) ​ ​ 1,191,614 ​ ​ 4,576,629 ​ ​ 216 ​ ​ (157,742) ​ ​ 3,987,508 ​ ​ 152,414 Dividends declared ​ - ​ ​ - ​ ​ - ​ ​ (52,592) ​ ​ - ​ ​ - ​ ​ (52,592) ​ ​ - Noncontrolling investors of USS ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (4,190) ​ ​ (4,190) ​ ​ 3,000 Share repurchases ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - Equity-based compensation ​ - ​ ​ 50 ​ ​ 8,614 ​ ​ (161) ​ ​ - ​ ​ - ​ ​ 8,503 ​ ​ - Net income ​ - ​ ​ - ​ ​ - ​ ​ 100,143 ​ ​ - ​ ​ 4,134 ​ ​ 104,277 ​ ​ - Other comprehensive loss, net of tax ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (121) ​ ​ - ​ ​ (121) ​ ​ - Balances at September 30, 2020 $ 646 ​ $ (1,623,805) ​ $ 1,200,228 ​ $ 4,624,019 ​ $ 95 ​ $ (157,798) ​ $ 4,043,385 ​ $ 155,414 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stockholders of Steel Dynamics, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ Other ​ ​ ​ ​ ​ Redeemable ​ Common ​ Treasury ​ Paid-In ​ Retained ​ Comprehensive ​ Noncontrolling ​ Total ​ Noncontrolling ​ Stock ​ Stock ​ Capital ​ Earnings ​ Income (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

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2020
Derivative Financial Instruments
Schedule of Notional Amounts of Outstanding Derivative Positions	The following summarizes the company’s significant futures contract commitments as of September 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity Futures ​ Long/Short ​ Metric Tons ​ Aluminum ​ Long ​ 1,850 ​ Aluminum ​ Short ​ 3,450 ​ Copper ​ Long ​ 4,831 ​ Copper ​ Short ​ 16,284
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, 2020, and December 31, 2019, 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, 2020, and 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Derivatives ​ Liability Derivatives ​ Balance sheet ​ Fair Value ​ Fair Value ​ location ​ September 30, 2020 ​ December 31, 2019 ​ September 30, 2020 ​ December 31, 2019 Derivative instruments designated as hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures Other current assets ​ $ 2,012 ​ $ 966 ​ $ 827 ​ $ 1,011 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments not designated as hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures Other current assets ​ ​ 949 ​ ​ 310 ​ ​ 667 ​ ​ 721 Total derivative instruments ​ ​ $ 2,961 ​ $ 1,276 ​ $ 1,494 ​ $ 1,732 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 2020 ​ 2019 ​ relationships ​ items 2020 ​ 2019 Derivatives in fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ hedging relationships ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold $ 3,545 ​ $ 302 ​ Firm commitments ​ Costs of goods sold $ (2,156) ​ $ (519) ​ ​ ​ ​ ​ ​ ​ ​ ​ Inventory ​ Costs of goods sold ​ (1,682) ​ ​ (182) Derivatives not designated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (3,838) ​ $ (701) as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold $ (10,289) ​ $ 4,536 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 nine months ended ​ Hedged items in ​ in income on nine months ended ​ ​ in income on September 30, ​ fair value hedge ​ related hedged September 30, ​ ​ derivatives 2020 ​ 2019 ​ relationships ​ items 2020 ​ 2019 Derivatives in fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ hedging relationships ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold $ 1,096 ​ $ (560) ​ Firm commitments ​ Costs of goods sold $ (901) ​ $ (603) ​ ​ ​ ​ ​ ​ ​ ​ ​ Inventory ​ Costs of goods sold ​ (342) ​ ​ 245 Derivatives not designated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (1,243) ​ $ (358) as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold $ (639) ​ $ 5,946 ​ ​ ​ ​ ​ ​ ​ ​ ​

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2020
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, 2020, and December 31, 2019 (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, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures – financial assets $ 2,961 ​ $ - ​ $ 2,961 ​ $ - Commodity futures – financial liabilities ​ 1,494 ​ ​ - ​ ​ 1,494 ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term investments $ 262,174 ​ $ - ​ $ 262,174 ​ $ - Commodity futures – financial assets ​ 1,276 ​ ​ - ​ ​ 1,276 ​ ​ - Commodity futures – financial liabilities ​ 1,732 ​ ​ - ​ ​ 1,732 ​ ​ -

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2020
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, 2020 ​ Operations ​ Operations ​ Operations ​ Other ​ Eliminations ​ Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales - disaggregated revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External ​ $ 1,634,122 ​ $ 202,034 ​ $ 241,440 ​ $ 120,175 ​ $ - ​ $ 2,197,771 External Non-U.S. ​ ​ 62,409 ​ ​ 70,429 ​ ​ 98 ​ ​ 125 ​ ​ - ​ ​ 133,061 Other segments ​ ​ 79,253 ​ ​ 364,010 ​ ​ 5,052 ​ ​ 62 ​ ​ (448,377) ​ ​ - ​ ​ ​ 1,775,784 ​ ​ 636,473 ​ ​ 246,590 ​ ​ 120,362 ​ ​ (448,377) ​ ​ 2,330,832 Operating income (loss) ​ ​ 139,466 ​ ​ 12,668 ​ ​ 39,231 ​ ​ (34,384) (1) ​ (1,125) ​ ​ 155,856 Income (loss) before income taxes ​ ​ 126,825 ​ ​ 12,051 ​ ​ 38,374 ​ ​ (42,484) ​ ​ (1,406) (2) ​ 133,360 Depreciation and amortization ​ ​ 63,538 ​ ​ 12,368 ​ ​ 2,634 ​ ​ 3,212 ​ ​ - ​ ​ 81,752 Capital expenditures ​ ​ 309,421 ​ ​ 5,674 ​ ​ 5,113 ​ ​ 7,439 ​ ​ - ​ ​ 327,647 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ $ 5,839,628 ​ $ 1,026,630 ​ $ 373,085 ​ $ 1,442,910 (3) $ (64,697) (4) $ 8,617,556 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Footnotes related to the three months ended September 30, 2020, segment results (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Corporate SG&A $ (14.2) ​ (2) Gross profit decrease from intra-company sales $ 1.4 ​ Company-wide equity-based compensation ​ (9.6) ​ ​ ​ ​ ​ ​ Profit sharing ​ (10.5) ​ ​ ​ ​ ​ ​ Other, net ​ (0.1) ​ ​ ​ ​ ​ ​ ​ $ (34.4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (3) Cash and equivalents $ 1,162.3 ​ (4) Elimination of intra-company receivables $ (49.1) ​ Accounts receivable ​ 12.1 ​ ​ Elimination of intra-company debt ​ (7.2) ​ Inventories ​ 61.9 ​ ​ Other ​ (8.4) ​ Property, plant and equipment, net ​ 152.8 ​ ​ ​ $ (64.7) ​ Intra-company debt ​ 7.2 ​ ​ ​ ​ ​ ​ Other ​ 46.6 ​ ​ ​ ​ ​ ​ ​ $ 1,442.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ 228,045 Income (loss) before income taxes ​ ​ 217,699 ​ ​ (1,159) ​ ​ 34,080 ​ ​ (49,780) ​ ​ 411 (2) ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Metals ​ Steel ​ ​ ​ ​ ​ ​ ​ ​ ​ For the nine months ended ​ Steel ​ Recycling ​ Fabrication ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 ​ Operations ​ Operations ​ Operations ​ Other ​ Eliminations ​ Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales - disaggregated revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External ​ $ 5,072,959 ​ $ 563,685 ​ $ 677,326 ​ $ 334,791 ​ $ - ​ $ 6,648,761 External Non-U.S. ​ ​ 193,305 ​ ​ 157,217 ​ ​ 398 ​ ​ 556 ​ ​ - ​ ​ 351,476 Other segments ​ ​ 225,070 ​ ​ 960,998 ​ ​ 8,735 ​ ​ 150 ​ ​ (1,194,953) ​ ​ - ​ ​ ​ 5,491,334 ​ ​ 1,681,900 ​ ​ 686,459 ​ ​ 335,497 ​ ​ (1,194,953) ​ ​ 7,000,237 Operating income (loss) ​ ​ 595,903 ​ ​ 9,481 ​ ​ 95,549 ​ ​ (112,828) (1) ​ 287 ​ ​ 588,392 Income (loss) before income taxes ​ ​ 551,392 ​ ​ 3,702 ​ ​ 92,251 ​ ​ (162,169) ​ ​ (515) (2) ​ 484,661 Depreciation and amortization ​ ​ 186,651 ​ ​ 36,510 ​ ​ 8,119 ​ ​ 9,452 ​ ​ - ​ ​ 240,732 Capital expenditures ​ ​ 803,873 ​ ​ 27,718 ​ ​ 11,566 ​ ​ 11,741 ​ ​ - ​ ​ 854,898 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Footnotes related to the nine months ended September 30, 2020, segment results (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Corporate SG&A $ (45.9) ​ (2) Gross profit decrease from intra-company sales $ (0.5) ​ Company-wide equity-based compensation ​ (27.5) ​ ​ ​ ​ ​ ​ Profit sharing ​ (40.0) ​ ​ ​ ​ ​ ​ Other, net ​ 0.6 ​ ​ ​ ​ ​ ​ ​ $ (112.8) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) ​ ​ ​ ​ ​

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, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information
Number of reporting segments			3
Steel Operations
Segment Reporting Information
Percentage of external net sales	73.00%	76.00%	75.00%	76.00%
Metals Recycling Operations
Segment Reporting Information
Percentage of external net sales	12.00%	11.00%	10.00%	12.00%
Steel Fabrication Operations
Segment Reporting Information
Percentage of external net sales	10.00%	10.00%	10.00%	9.00%

Description of the Business a_5

Description of the Business and Significant Accounting Policies (Cash and Equivalents, and Restricted Cash and Equivalents) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Description of the Business and Significant Accounting Policies
Restricted Cash and Cash Equivalents	$ 5.5	$ 5.9	$ 5.9	$ 5.5	$ 6.2	$ 6.2
Restricted Cash and Cash Equivalents, Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssetsNoncurrent	us-gaap:OtherAssetsNoncurrent	us-gaap:OtherAssetsNoncurrent	us-gaap:OtherAssetsNoncurrent	us-gaap:OtherAssetsNoncurrent	us-gaap:OtherAssetsNoncurrent

Description of the Business a_6

Description of the Business and Significant Accounting Policies (Goodwill) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Aug. 03, 2020	Dec. 31, 2019
Goodwill
Goodwill	$ 474,520		$ 452,915
Zimmer, S.A. de C.V.
Goodwill
Goodwill		$ 24,100
Steel Operations
Goodwill
Goodwill	272,133		272,133
Metals Recycling Operations
Goodwill
Goodwill	200,462		178,857
Metals Recycling Operations | Zimmer, S.A. de C.V.
Goodwill
Goodwill		$ 24,100
Metals Recycling Operations | OmniSource
Goodwill
Goodwill decrease due to tax benefit related to the normal amortization of the component	2,500
Steel Fabrication Operations
Goodwill
Goodwill	$ 1,925		$ 1,925

Description of the Business a_7

Description of the Business and Significant Accounting Policies (Credit Losses) (Details) $ in Millions	Sep. 30, 2020USD ($)
Description of the Business and Significant Accounting Policies
Accounts Receivable, Net	$ 918.8
Accounts Receivable, Allowance for Credit Loss	$ 8.3

Acquisitions (Details)

Acquisitions (Details) $ in Thousands	Aug. 03, 2020USD ($)facility	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Acquisition
Cash consideration		$ 59,012	$ 3,694	$ 59,012	$ 97,106
Goodwill		$ 474,520		$ 474,520		$ 452,915
Zimmer, S.A. de C.V.
Acquisition
Cash consideration	$ 59,000
Number of scrap facilities | facility	6
Current assets	$ 30,000
Property plant and equipment	18,300
Goodwill	24,100
Liabilities assumed	$ 13,400

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
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)	$ 100,143	$ 151,048	$ 362,979	$ 549,678
Diluted earnings per share (in dollars)	$ 100,143	$ 151,048	$ 362,979	$ 549,678
Weighted Average Shares (Denominator)
Basic earnings per share (in shares)	210,366,000	217,873,000	211,321,000	221,145,000
Dilutive common share equivalents (in shares)	1,560,000	1,236,000	1,122,000	1,052,000
Diluted earnings per share (in shares)	211,926,000	219,109,000	212,443,000	222,197,000
Per Share Amount
Basic (in dollars per share)	$ 0.48	$ 0.69	$ 1.72	$ 2.49
Diluted (in dollars per share)	$ 0.47	$ 0.69	$ 1.71	$ 2.47

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Inventories
Raw materials	$ 628,911	$ 686,831
Supplies	497,274	498,298
Work in progress	149,929	154,669
Finished goods	333,102	349,245
Total inventories	$ 1,609,216	$ 1,689,043

Debt (Details)

Debt (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended
	Oct. 31, 2020	Jun. 30, 2020	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Debt [Line Items]
Outstanding Balance				$ 2,700	$ 2,800
Expenses recorded related to call and early payoff of Senior Notes related to call premiums, unamortized debt issuance cost write-off, and related expenses			$ 22.8
Forecast [Member]
Debt [Line Items]
Expenses recorded related to call and early payoff of Senior Notes related to call premiums, unamortized debt issuance cost write-off, and related expenses			$ 10.3
Senior 1.650 Percent Notes Due 2027
Debt [Line Items]
Debt issued	$ 350
Stated interest rate	1.65%
Senior 3.250 Percent Notes Due 2050
Debt [Line Items]
Debt issued	$ 400
Stated interest rate	3.25%
Senior 4.125 Percent Notes Due 2025
Debt [Line Items]
Stated interest rate	4.125%
Outstanding Balance	$ 350
Redemption price of debt instrument (as a percent)	102.063%
Senior 2.400 Percent Notes Due 2025
Debt [Line Items]
Debt issued		$ 400
Stated interest rate		2.40%
Senior 3.250 Percent Notes Due 2031
Debt [Line Items]
Debt issued		$ 500
Stated interest rate		3.25%
Senior 5.250 Percent Notes Due 2023
Debt [Line Items]
Stated interest rate		5.25%
Outstanding Balance		$ 400
Redemption price of debt instrument (as a percent)		100.875%
Senior 5.500 Percent Notes Due 2024
Debt [Line Items]
Stated interest rate		5.50%
Outstanding Balance		$ 500
Redemption price of debt instrument (as a percent)		102.75%

Changes in Equity (Rollforward)

Changes in Equity (Rollforward) (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Balances	$ 3,987,508	$ 3,954,925	$ 3,921,241	$ 3,908,351	$ 3,849,528	$ 3,775,989	$ 3,921,241	$ 3,775,989
Dividends declared	(52,592)	(52,591)	(52,585)	(51,778)	(52,751)	(53,504)
Noncontrolling investors of USS	(4,190)	(2,410)	(7,504)	(1,321)
Share repurchases			(106,529)	(114,950)	(93,136)	(84,308)
Equity-based compensation	8,503	8,633	9,429	7,870	8,016	6,695
Net income	104,277	78,765	190,836	152,608	196,746	204,827	373,878	554,181
Other comprehensive loss, net of tax	(121)	186	37	(39)	(52)	(171)	102	(262)
Balances	4,043,385	3,987,508	3,954,925	3,900,741	3,908,351	3,849,528	4,043,385	3,900,741
Common Stock
Balances	646	646	646	645	645	645	646	645
Balances	646	646	646	645	645	645	646	645
Treasury Stock
Balances	(1,623,855)	(1,624,808)	(1,525,113)	(1,354,157)	(1,261,837)	(1,184,243)	(1,525,113)	(1,184,243)
Share repurchases			(106,529)	(114,950)	(93,136)	(84,308)
Equity-based compensation	50	953	6,834	29	816	6,714
Balances	(1,623,805)	(1,623,855)	(1,624,808)	(1,469,078)	(1,354,157)	(1,261,837)	(1,623,805)	(1,469,078)
Additional Paid-In Capital
Balances	1,191,614	1,183,776	1,181,012	1,167,505	1,160,139	1,160,048	1,181,012	1,160,048
Equity-based compensation	8,614	7,838	2,764	8,007	7,366	91
Balances	1,200,228	1,191,614	1,183,776	1,175,512	1,167,505	1,160,139	1,200,228	1,175,512
Retained Earnings
Balances	4,576,629	4,553,882	4,419,296	4,250,419	4,109,034	3,958,320	4,419,296	3,958,320
Dividends declared	(52,592)	(52,591)	(52,585)	(51,778)	(52,751)	(53,504)
Equity-based compensation	(161)	(158)	(169)	(166)	(166)	(110)
Net income	100,143	75,496	187,340	151,048	194,302	204,328
Balances	4,624,019	4,576,629	4,553,882	4,349,523	4,250,419	4,109,034	4,624,019	4,349,523
Accumulated Other Comprehensive Income (Loss)
Balances	216	30	(7)	78	130	301	(7)	301
Other comprehensive loss, net of tax	(121)	186	37	(39)	(52)	(171)
Balances	95	216	30	39	78	130	95	39
Noncontrolling Interests
Balances	(157,742)	(158,601)	(154,593)	(156,139)	(158,583)	(159,082)	(154,593)	(159,082)
Noncontrolling investors of USS	(4,190)	(2,410)	(7,504)	(1,321)
Net income	4,134	3,269	3,496	1,560	2,444	499
Balances	(157,798)	(157,742)	(158,601)	(155,900)	(156,139)	(158,583)	(157,798)	(155,900)
Redeemable Noncontrolling Interest
Balances	152,414	151,014	143,614	139,930	139,930	111,240	143,614	111,240
Noncontrolling investors of USS						28,690
Noncontrolling investors of USS	3,000	1,400	7,400	3,684
Balances	$ 155,414	$ 152,414	$ 151,014	$ 143,614	$ 139,930	$ 139,930	$ 155,414	$ 143,614

Derivative Financial Instrume_3

Derivative Financial Instruments (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Gains or losses on derivative instruments, statement of income
Ineffectiveness - amount of gain (loss) recognized in income on related hedged items	$ 110,000	$ 69,000	$ 51,000	$ 101,000
Gain (loss) excluded from hedge effectiveness testing	(403,000)	(399,000)	(198,000)	(918,000)
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	(274,000)	(8,000)	217,000	139,000
Net gains (loss) reclassified	(115,000)	$ 43,000	84,000	$ 43,000
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months	124,000		$ 124,000
Period Within Which The Company Expects To Reclassify Net Gains On Derivative Instruments From AOCI to Earnings			12 months
Futures | Commodity contract | Other current assets
Commodity contract commitments
Fair value of derivatives including required margin deposits	$ 3,500,000		$ 3,500,000		$ 3,700,000

Derivative Financial Instrume_4

Derivative Financial Instruments (Schedule of Notional Amounts of Outstanding Derivative Positions) (Details) - Futures	9 Months Ended
	Sep. 30, 2020T
Aluminum | Long
Derivative [Line Items]
Commodity contract (in MT/Lbs)	1,850
Aluminum | Short
Derivative [Line Items]
Commodity contract (in MT/Lbs)	3,450
Copper | Long
Derivative [Line Items]
Commodity contract (in MT/Lbs)	4,831
Copper | Short
Derivative [Line Items]
Commodity contract (in MT/Lbs)	16,284

Derivative Financial Instrume_5

Derivative Financial Instruments (Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Commodity futures, asset derivatives	$ 2,961	$ 1,276
Commodity futures, liability derivatives	1,494	1,732
Designated as hedging instrument | Commodity contract | Futures | Other current assets
Commodity futures, asset derivatives	2,012	966
Commodity futures, liability derivatives	827	1,011
Not designated as hedging instrument | Commodity contract | Futures | Other current assets
Commodity futures, asset derivatives	949	310
Commodity futures, liability derivatives	$ 667	$ 721

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, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Designated as hedging instrument
Amount of gain (loss) recognized in income on derivatives	$ 3,545	$ 302	$ 1,096	$ (560)
Amount of gain (loss) recognized in income on related hedged items	(3,838)	(701)	(1,243)	(358)
Designated as hedging instrument | Firm commitments
Amount of gain (loss) recognized in income on related hedged items	(2,156)	(519)	(901)	(603)
Designated as hedging instrument | Inventory
Amount of gain (loss) recognized in income on related hedged items	(1,682)	(182)	(342)	245
Not designated as hedging instrument
Amount of gain (loss) recognized in income on derivatives	$ (10,289)	$ 4,536	$ (639)	$ 5,946

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets and liabilities subject to fair value measurements
Commodity futures - financial assets	$ 2,961	$ 1,276
Commodity futures - financial liabilities	1,494	1,732
Outstanding Balance	2,700,000	2,800,000
Level 2
Assets and liabilities subject to fair value measurements
Fair value of long-term debt, including current maturities	2,900,000	2,800,000
Recurring
Assets and liabilities subject to fair value measurements
Short-term Investments		262,174
Recurring | Level 1
Assets and liabilities subject to fair value measurements
Short-term Investments
Recurring | Level 2
Assets and liabilities subject to fair value measurements
Short-term Investments		262,174
Recurring | Level 3
Assets and liabilities subject to fair value measurements
Short-term Investments
Futures | Recurring | Commodity contract
Assets and liabilities subject to fair value measurements
Commodity futures - financial assets	2,961	1,276
Commodity futures - financial liabilities	1,494	1,732
Futures | Recurring | Level 1 | Commodity contract
Assets and liabilities subject to fair value measurements
Commodity futures - financial assets
Commodity futures - financial liabilities
Futures | Recurring | Level 2 | Commodity contract
Assets and liabilities subject to fair value measurements
Commodity futures - financial assets	2,961	1,276
Commodity futures - financial liabilities	1,494	1,732
Futures | Recurring | Level 3 | Commodity contract
Assets and liabilities subject to fair value measurements
Commodity futures - financial assets
Commodity futures - financial liabilities

Segment Information - Results (

Segment Information - Results (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Segment Reporting Information
Net sales	$ 2,330,832	$ 2,526,845	$ 7,000,237	$ 8,114,795
Operating income (loss)	155,856	228,045	588,392	804,919
Income (loss) before income taxes	133,360	201,251	484,661	725,274
Depreciation and amortization	81,752	79,470	240,732	240,555
Capital expenditures	327,647	154,131	854,898	293,687
Assets	8,617,556		8,617,556		$ 8,275,765
U.S.
Segment Reporting Information
Net sales	2,197,771	2,392,012	6,648,761	7,701,827
Non-U.S.
Segment Reporting Information
Net sales	133,061	134,833	351,476	412,968
Operating Segment | Steel Operations
Segment Reporting Information
Net sales	1,775,784	2,008,205	5,491,334	6,396,555
Operating income (loss)	139,466	234,683	595,903	835,172
Income (loss) before income taxes	126,825	217,699	551,392	784,873
Depreciation and amortization	63,538	63,170	186,651	188,832
Capital expenditures	309,421	40,818	803,873	128,069
Assets	5,839,628		5,839,628
Operating Segment | Steel Operations | Other segments
Segment Reporting Information
Net sales	79,253	85,678	225,070	243,107
Operating Segment | Steel Operations | U.S.
Segment Reporting Information
Net sales	1,634,122	1,838,682	5,072,959	5,918,189
Operating Segment | Steel Operations | Non-U.S.
Segment Reporting Information
Net sales	62,409	83,845	193,305	235,259
Operating Segment | Metals Recycling Operations
Segment Reporting Information
Net sales	636,473	574,908	1,681,900	1,968,719
Operating income (loss)	12,668	(101)	9,481	24,480
Income (loss) before income taxes	12,051	(1,159)	3,702	20,846
Depreciation and amortization	12,368	11,769	36,510	34,733
Capital expenditures	5,674	11,498	27,718	30,313
Assets	1,026,630		1,026,630
Operating Segment | Metals Recycling Operations | Other segments
Segment Reporting Information
Net sales	364,010	293,999	960,998	1,013,574
Operating Segment | Metals Recycling Operations | U.S.
Segment Reporting Information
Net sales	202,034	230,086	563,685	778,637
Operating Segment | Metals Recycling Operations | Non-U.S.
Segment Reporting Information
Net sales	70,429	50,823	157,217	176,508
Operating Segment | Steel Fabrication Operations
Segment Reporting Information
Net sales	246,590	246,716	686,459	716,809
Operating income (loss)	39,231	35,280	95,549	86,567
Income (loss) before income taxes	38,374	34,080	92,251	82,897
Depreciation and amortization	2,634	2,941	8,119	8,882
Capital expenditures	5,113	3,759	11,566	8,771
Assets	373,085		373,085
Operating Segment | Steel Fabrication Operations | Other segments
Segment Reporting Information
Net sales	5,052	637	8,735	826
Operating Segment | Steel Fabrication Operations | U.S.
Segment Reporting Information
Net sales	241,440	245,914	677,326	714,782
Operating Segment | Steel Fabrication Operations | Non-U.S.
Segment Reporting Information
Net sales	98	165	398	1,201
Operating Segment | Other
Segment Reporting Information
Net sales	120,362	77,430	335,497	290,688
Operating income (loss)	(34,384)	(42,441)	(112,828)	(148,514)
Income (loss) before income taxes	(42,484)	(49,780)	(162,169)	(169,914)
Depreciation and amortization	3,212	1,590	9,452	8,108
Capital expenditures	7,439	98,056	11,741	126,534
Assets	1,442,910		1,442,910
Operating Segment | Other | Other segments
Segment Reporting Information
Net sales	62	100	150	469
Operating Segment | Other | U.S.
Segment Reporting Information
Net sales	120,175	77,330	334,791	290,219
Operating Segment | Other | Non-U.S.
Segment Reporting Information
Net sales	125		556
Eliminations
Segment Reporting Information
Net sales	(448,377)	(380,414)	(1,194,953)	(1,257,976)
Operating income (loss)	(1,125)	624	287	7,214
Income (loss) before income taxes	(1,406)	411	(515)	6,572
Assets	(64,697)		(64,697)
Eliminations | Other segments
Segment Reporting Information
Net sales	$ (448,377)	$ (380,414)	$ (1,194,953)	$ (1,257,976)

Segment Information - Results F

Segment Information - Results Footnote (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Operating income (loss)
Corporate SG & A	$ (118,235)	$ (107,242)	$ (340,432)	$ (324,530)
Profit sharing	(11,778)	(17,848)	(42,324)	(64,396)
Operating income (loss)	155,856	228,045	588,392	804,919
Gross profit	292,815	359,839	992,475	1,214,575
Assets
Cash and equivalents	1,267,618		1,267,618		$ 1,381,460
Accounts receivable	918,800		918,800
Inventories	1,609,216		1,609,216		1,689,043
Property, plant and equipment, net	3,862,375		3,862,375		3,135,886
Other assets	119,192		119,192		106,038
Total assets	8,617,556		8,617,556		$ 8,275,765
Operating Segment | Other
Operating income (loss)
Corporate SG & A	(14,200)	(15,400)	(45,900)	(56,000)
Company-wide equity-based compensation	(9,600)	(8,700)	(27,500)	(26,100)
Profit sharing	(10,500)	(17,000)	(40,000)	(61,300)
Other, net	(100)	(1,300)	600	(5,100)
Operating income (loss)	(34,384)	(42,441)	(112,828)	(148,514)
Assets
Cash and equivalents	1,162,300		1,162,300
Accounts receivable	12,100		12,100
Inventories	61,900		61,900
Property, plant and equipment, net	152,800		152,800
Intra-company debt	7,200		7,200
Other assets	46,600		46,600
Total assets	1,442,910		1,442,910
Operating Segment | Metals Recycling Operations
Operating income (loss)
Operating income (loss)	12,668	(101)	9,481	24,480
Assets
Total assets	1,026,630		1,026,630
Eliminations
Operating income (loss)
Operating income (loss)	(1,125)	624	287	7,214
Gross profit	1,400	$ 400	(500)	$ 6,600
Assets
Accounts receivable	(49,100)		(49,100)
Intra-company debt	(7,200)		(7,200)
Other assets	(8,400)		(8,400)
Total assets	$ (64,697)		$ (64,697)