Steel Dynamics (STLD) 10-K 28 Feb 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2021	Feb. 18, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
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 voting, $0.0025 par value
Trading Symbol	STLD
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 8.7
Entity Common Stock, Shares Outstanding		191,299,162
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	Indianapolis, Indiana
Entity Central Index Key	0001022671
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash and equivalents	$ 1,243,868	$ 1,368,618
Accounts receivable, net of allowances for credit losses of $6,161 and $8,209 as of December 31, 2021, and December 31, 2020, respectively	1,911,385	967,981
Accounts receivable-related parties	5,049	3,937
Inventories	3,531,130	1,843,548
Other current assets	209,591	74,363
Total current assets	6,901,023	4,258,447
Property, plant and equipment, net	4,751,430	4,105,569
Intangible assets, net	295,345	324,577
Goodwill	453,835	457,226
Other assets	129,601	119,743
Total assets	12,531,234	9,265,562
Current liabilities
Accounts payable	1,266,833	760,536
Accounts payable-related parties	13,722	8,919
Income taxes payable	13,746	2,386
Accrued payroll and benefits	539,812	201,778
Accrued interest	17,533	19,656
Accrued expenses	278,549	178,618
Current maturities of long-term debt	97,174	86,894
Total current liabilities	2,227,369	1,258,787
Long-term debt	3,008,702	3,015,782
Deferred income taxes	854,905	536,288
Other liabilities	120,087	106,479
Total liabilities	6,211,063	4,917,336
Commitments and contingencies
Redeemable noncontrolling interests	211,414	158,614
Equity
Common stock voting, $.0025 par value; 900,000,000 shares authorized; 267,224,622 and 266,618,566 shares issued; and 194,997,922 and 210,914,264 shares outstanding, as of December 31, 2021, and December 31, 2020, respectively	649	648
Treasury stock, at cost; 72,226,700 and 55,704,302 shares, as of December 31, 2021, and December 31, 2020 respectively	(2,674,267)	(1,623,747)
Additional paid-in capital	1,218,933	1,207,392
Retained earnings	7,761,417	4,758,969
Accumulated other comprehensive income (loss)	(2,091)	1,902
Total Steel Dynamics, Inc. equity	6,304,641	4,345,164
Noncontrolling interests	(195,884)	(155,552)
Total equity	6,108,757	4,189,612
Total liabilities and equity	$ 12,531,234	$ 9,265,562

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts receivable, current (in dollars)	$ 6,161	$ 8,209
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)	267,224,622	266,618,566
Common stock voting, shares outstanding (in shares)	194,997,922	210,914,264
Treasury stock, shares (in shares)	72,226,700	55,704,302

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net sales
Unrelated parties	$ 18,376,743	$ 9,587,691	$ 10,451,132
Related parties	32,107	13,791	13,859
Total net sales	18,408,850	9,601,482	10,464,991
Costs of goods sold	13,046,426	8,166,754	8,934,007
Gross profit	5,362,424	1,434,728	1,530,984
Selling, general and administrative expenses	643,976	477,450	436,498
Profit sharing	388,111	61,728	78,029
Amortization of intangible assets	29,232	28,999	29,577
Asset impairment charges		19,409
Operating income	4,301,105	847,142	986,880
Interest expense, net of capitalized interest	57,209	94,877	127,104
Other (income) expense, net	34,826	46,787	(15,561)
Income before income taxes	4,209,070	705,478	875,337
Income tax expense	962,256	134,650	197,437
Net income	3,246,814	570,828	677,900
Net income attributable to noncontrolling interests	(32,748)	(20,006)	(6,797)
Net income attributable to Steel Dynamics, Inc.	$ 3,214,066	$ 550,822	$ 671,103
Basic earnings per share attributable to Steel Dynamics, Inc. stockholders (in dollars per share)	$ 15.67	$ 2.61	$ 3.06
Weighted average common shares outstanding (in shares)	205,115	211,140	219,639
Diluted earnings per share attributable to Steel Dynamics, Inc. stockholders, including the effect of assumed conversions when dilutive (in dollars per share)	$ 15.56	$ 2.59	$ 3.04
Weighted average common shares and share equivalents outstanding (in shares)	206,615	212,345	220,748
Dividends declared per share (in dollars per share)	$ 1.04	$ 1	$ 0.96

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 3,246,814	$ 570,828	$ 677,900
Other comprehensive income (loss) - net unrealized gain (loss) on cash flow hedging derivatives, net of income tax benefit of $1,247, income tax expense of $594, and income tax benefit of $96 for 2021, 2020 and 2019, respectively	(3,993)	1,909	(308)
Comprehensive income	3,242,821	572,737	677,592
Comprehensive income attributable to noncontrolling interests	(32,748)	(20,006)	(6,797)
Comprehensive income attributable to Steel Dynamics, Inc.	$ 3,210,073	$ 552,731	$ 670,795

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net unrealized gain on cash flow hedging derivatives, net of income tax	$ (1,247)	$ 594	$ (96)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	Redeemable Noncontrolling Interest	Total
Balances at Dec. 31, 2018	$ 645	$ (1,184,243)	$ 1,160,048	$ 3,958,320	$ 301	$ (159,082)	$ 111,240	$ 3,775,989
Balances, Common Shares at Dec. 31, 2018	225,272,000
Balances, Treasury Shares at Dec. 31, 2018		40,550,000
Dividends declared				(209,513)				(209,513)
Noncontrolling investors, net						(2,308)		(2,308)
Noncontrolling investors, net							32,374
Share repurchases		$ (348,608)						$ (348,608)
Share repurchases (in shares)	(11,282,000)	11,282,000						11,300,000
Equity-based compensation	$ 1	$ 7,738	20,964	(614)				$ 28,089
Equity-based compensation (in shares)	513,000	(262,000)
Net income (loss)				671,103		6,797		677,900
Other comprehensive (loss) income, net of tax					(308)			(308)
Balances at Dec. 31, 2019	$ 646	$ (1,525,113)	1,181,012	4,419,296	(7)	(154,593)	143,614	3,921,241
Balances, Common Shares at Dec. 31, 2019	214,503,000
Balances, Treasury Shares at Dec. 31, 2019		51,570,000
Dividends declared				(210,496)				(210,496)
Noncontrolling investors, net						(20,965)		(20,965)
Noncontrolling investors, net							15,000
Share repurchases		$ (106,529)						$ (106,529)
Share repurchases (in shares)	(4,402,000)	4,402,000						4,400,000
Equity-based compensation	$ 2	$ 7,895	26,380	(653)				$ 33,624
Equity-based compensation (in shares)	813,000	(268,000)
Net income (loss)				550,822		20,006		570,828
Other comprehensive (loss) income, net of tax					1,909			1,909
Balances at Dec. 31, 2020	$ 648	$ (1,623,747)	1,207,392	4,758,969	1,902	(155,552)	158,614	$ 4,189,612
Balances, Common Shares at Dec. 31, 2020	210,914,000							210,914,264
Balances, Treasury Shares at Dec. 31, 2020		55,704,000						55,704,302
Dividends declared				(210,939)				$ (210,939)
Noncontrolling investors, net				(150)		(73,080)		(73,230)
Noncontrolling investors, net							52,800
Share repurchases		$ (1,060,632)						$ (1,060,632)
Share repurchases (in shares)	(16,867,000)	16,867,000						16,900,000
Equity-based compensation	$ 1	$ 10,112	11,541	(529)				$ 21,125
Equity-based compensation (in shares)	951,000	(344,000)
Net income (loss)				3,214,066		32,748		3,246,814
Other comprehensive (loss) income, net of tax					(3,993)			(3,993)
Balances at Dec. 31, 2021	$ 649	$ (2,674,267)	$ 1,218,933	$ 7,761,417	$ (2,091)	$ (195,884)	$ 211,414	$ 6,108,757
Balances, Common Shares at Dec. 31, 2021	194,998,000							194,997,922
Balances, Treasury Shares at Dec. 31, 2021		72,227,000						72,226,700

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating activities:
Net income	$ 3,246,814	$ 570,828	$ 677,900
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	347,653	325,789	321,082
Asset impairment charges		19,409
Equity-based compensation	57,715	55,598	47,631
Deferred income taxes	322,007	47,808	51,721
Other adjustments	(3,240)	30,974	1,413
Changes in certain assets and liabilities:
Accounts receivable	(944,516)	(111,920)	237,805
Inventories	(1,685,834)	(150,596)	217,866
Other assets	(2,491)	(1,547)	13,735
Accounts payable	557,735	182,509	(86,445)
Income taxes receivable/payable	(105,921)	32,551	(12,095)
Accrued expenses	414,214	(14,371)	(74,323)
Net cash provided by operating activities	2,204,136	987,032	1,396,290
Investing activities:
Purchases of property, plant and equipment	(1,006,239)	(1,198,055)	(451,945)
Purchases of short-term investments		(149,359)	(396,159)
Proceeds from maturities of short term investments		411,533	362,768
Acquisition of business, net of cash acquired		(60,012)	(97,106)
Other investing activities	6,819	2,634	5,756
Net cash used in investing activities	(999,420)	(993,259)	(576,686)
Financing activities:
Issuance of current and long-term debt	1,516,556	2,523,356	1,573,962
Repayment of current and long-term debt	(1,522,002)	(2,177,527)	(1,264,152)
Dividends paid	(212,968)	(209,248)	(200,271)
Purchases of treasury stock	(1,060,632)	(106,529)	(348,608)
Other financing activities	(50,423)	(37,100)	(27,561)
Net cash used in financing activities	(1,329,469)	(7,048)	(266,630)
Increase (decrease) in cash and equivalents, and restricted cash	(124,753)	(13,275)	552,974
Cash and equivalents, and restricted cash at beginning of period	1,374,122	1,387,397	834,423
Cash and equivalents, and restricted cash at end of period	1,249,369	1,374,122	1,387,397
Supplemental disclosure information:
Cash paid for interest	103,374	111,591	134,550
Cash paid for income taxes, net	$ 737,157	$ 50,417	$ 155,525

Description of the Business and

Description of the Business and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Description of the Business and Summary of Significant Accounting Policies
Description of the Business and Summary of Significant Accounting Policies	Note 1. Description of the Business and Summary of Significant Accounting Policies Description of the Business Steel Dynamics, Inc. (SDI), together with its subsidiaries (the company), is one of the largest and most diversified domestic steel producers and metals recycler. The company has three reporting segments: steel operations, metals recycling operations, and steel fabrication operations. Approximately 6% of the company’s workforce in six locations is represented by collective bargaining agreements, and agreements affecting 5% of the company’s employees at three locations expire during 2022. Steel Operations Segment Steel operations include the company’s electric arc furnace (EAF) steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, Steel of West Virginia, and the Southwest-Sinton Flat Roll Division (Sinton); and steel coating and processing operations at The Techs galvanizing lines, Heartland Flat Roll Division, United Steel Supply (USS) – acquired 75% equity interest March 1, 2019, and Vulcan Threaded Products Inc. (Vulcan). Certain Sinton steel coating lines commenced operations in late 2021, with the rest of the operations commencing in early 2022. Steel operations accounted for 72%, 74%, and 76% of the company’s consolidated net sales during 2021, 2020, and 2019, respectively. Metals Recycling Operations Segment Metals recycling operations include the company’s OmniSource ferrous and nonferrous processing, transportation, marketing, brokerage, and scrap management services primarily throughout the United States and in Central and Northern Mexico. Metals recycling operations accounted for 12% of the company’s consolidated net sales during 2021, and 11% in 2020 and 2019. 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 10% of the company’s consolidated net sales during 2021 and 9% in 2020 and 2019. Other Other operations consist of subsidiary operations that are below the quantitative thresholds required for reportable segments and primarily consist of joint ventures, and the company’s idled Minnesota ironmaking operations. Redeemable noncontrolling interests related to Mesabi Nugget (owned 85% by SDI) are $111.2 million at December 31, 2021, and 2020. Also included in “Other” are certain unallocated corporate accounts, such as the company’s senior unsecured credit facility, senior notes, certain other investments and the company’s profit sharing component. Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements include the accounts of SDI, together with its wholly- and majority-owned or controlled subsidiaries, after elimination of intercompany accounts and transactions. Noncontrolling and redeemable noncontrolling interests represent the noncontrolling owners' proportionate share in the equity, income, or losses of the company’s majority-owned or controlled consolidated subsidiaries. Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued) Use of Estimates These consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States, and accordingly, include amounts that require management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and in the notes thereto. Significant items subject to such estimates and assumptions include the carrying value of property, plant and equipment, intangible assets, and goodwill; valuation allowances for trade receivables, inventories and deferred income tax assets; unrecognized tax benefits; potential environmental liabilities; and litigation claims and settlements. Actual results may differ from these estimates and assumptions. Revenue from Contracts with Customers In the steel and metals recycling operations segments, revenue is recognized at the point in time the performance obligation is satisfied, and control of the product is transferred to the customer upon shipment or delivery, at the amount of consideration the company expects to receive, including any variable consideration. The variable consideration included in the company’s steel operations segment contracts, which is not constrained, include estimated product returns and customer claims based on historical experience, and may include volume rebates which are recorded on an expected value basis. Revenue recognized is limited to the amount the company expects to receive. The company does not exercise significant judgments in determining the timing of satisfaction of performance obligations or the transaction price. Shipment of products to customers is considered a fulfillment activity with amounts billed to customers included in sales and costs associated with such activities included in cost of goods sold. The company’s steel fabrication operations segment recognizes revenue over time at the amount of consideration the company expects to receive. Revenue is measured on an output method representing completed fabricated tons to date as a percentage of total tons required for each contract. Revenue from fabrication of tons remaining on partially fabricated customer contracts as of a reporting date, and future revenue from yet to be fabricated customer contracts, has not been disclosed under the practical expedient in Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers (ASC 606), paragraph ASC 606-10-50-14 related to customer contracts with expected duration of one year or less. The company does not exercise significant judgments in determining the timing of satisfaction of performance obligations or the transaction price. Shipment of products to customers, which occurs after control over the product has transferred to the customer and revenue is recognized, is considered a fulfillment activity with amounts billed to customers included in sales and costs associated with such activities included in cost of goods sold. Payments from customers for all operating segments are generally due within 30 days of invoicing, which generally occurs upon shipment of the products. Shipment for the steel fabrication operations segment generally occurs within 30 days of satisfaction of the performance obligation and revenue recognition. The company does not have financing components. Payments from customers have historically generally been within these terms, however, payments for non-U.S. sales may extend longer. Refer to Note 13. Segment Information Credit Losses 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. ​ Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued) At December 31, 2021 and 2020, the company reported $1,916.4 million and $971.9 million, respectively, of accounts receivable, net of allowances for credit losses of $6.2 million and $8.2 million respectively. Changes in the allowance were not material for the years ended December 31, 2021, or 2020. ​ 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 Inventories Inventories are stated at lower of cost or net realizable value. Cost is determined using a weighted average cost method for raw materials (including scrap and purchased steel substrate) and supplies, and on a first-in, first-out basis for other inventory. Inventory consisted of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ Raw materials $ 1,870,300 ​ $ 790,324 ​ ​ Supplies ​ 552,616 ​ ​ 500,497 ​ ​ Work in progress ​ 402,207 ​ ​ 162,843 ​ ​ Finished goods ​ 706,007 ​ ​ 389,884 ​ ​ Total inventories $ 3,531,130 ​ $ 1,843,548 ​ ​ Property, Plant and Equipment Property, plant and equipment are stated at cost, except for assets acquired in acquisitions which are valued at fair value, which includes capitalized interest on construction in progress amounts, and is reduced by proceeds received from certain state and local government grants and other capital cost reimbursements. The company assigns each fixed asset a useful life ranging from 3 to 20 years for plant, machinery and equipment, and 10 to 40 years for buildings and improvements. Repairs and maintenance are expensed as incurred. Depreciation is provided utilizing the straight-line depreciation methodology, or the units-of-production depreciation methodology for certain production-related steel operations segment assets, based on units produced, subject to minimum and maximum levels. Depreciation expense was $311.4 million, $290.5 million, and $285.6 million for the years ended December 31, 2021, 2020, and 2019, respectively. The company’s property, plant and equipment consisted of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ Land and improvements ​ $ 350,898 ​ $ 340,495 ​ ​ Buildings and improvements ​ ​ 873,131 ​ ​ 860,641 ​ ​ Plant, machinery and equipment ​ ​ 5,193,405 ​ ​ 4,827,791 ​ ​ Construction in progress ​ ​ 1,839,110 ​ ​ 1,302,689 ​ ​ ​ ​ ​ 8,256,544 ​ ​ 7,331,616 ​ ​ Less accumulated depreciation ​ ​ 3,505,114 ​ ​ 3,226,047 ​ ​ Property, plant and equipment, net ​ $ 4,751,430 ​ $ 4,105,569 ​ ​ Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued) Intangible Assets The company’s intangible assets consisted of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ ​ ​ Useful ​ Amortization ​ ​ ​ 2021 ​ 2020 ​ Life ​ Period ​ ​ Customer, vendor and scrap generator relationships $ 526,886 ​ $ 526,886 ​ 5 to 25 years ​ 21 years ​ ​ Trade names ​ 147,950 ​ ​ 147,950 ​ 15 to 25 years ​ 19 years ​ ​ Other ​ 1,350 ​ ​ 1,350 ​ 5 years ​ 5 years ​ ​ ​ ​ 676,186 ​ ​ 676,186 ​ ​ ​ 21 years ​ ​ Less accumulated amortization ​ 380,841 ​ ​ 351,609 ​ ​ ​ ​ ​ ​ ​ $ 295,345 ​ $ 324,577 ​ ​ ​ ​ ​ ​ The company utilizes an accelerated amortization methodology for customer, vendor and scrap generator relationships in order to follow the pattern in which the economic benefits of the amounts are anticipated to be consumed. Trade names are amortized using a straight-line methodology. Amortization of intangible assets was $29.2 million, $29.0 million, and $29.6 million for the years ended December 31, 2021, 2020, and 2019, respectively. Estimated amortization expense related to amortizable intangibles for the years ending December 31 is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ $ 27,840 ​ ​ 2023 ​ ​ 27,439 ​ ​ 2024 ​ ​ 26,701 ​ ​ 2025 ​ ​ 24,783 ​ ​ 2026 ​ ​ 23,820 ​ ​ Thereafter ​ ​ 164,762 ​ ​ Total ​ $ 295,345 ​ ​ Impairment of Long-Lived Tangible and Definite-Lived Intangible Assets The company reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may not be fully recoverable. Impairment losses are recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. The impairment loss is measured by comparing the fair value of the assets to its carrying amount. The company considers various factors and determines whether an impairment test is necessary, including by way of examples, a significant and prolonged deterioration in operating results and/or projected cash flows, significant changes in the extent or manner in which an asset is used, technological advances with respect to assets which would potentially render them obsolete, the company’s strategy and capital planning, and the economic environment in markets to be served. A long-lived asset is classified as held for sale upon meeting specified criteria related to ability and intent to sell. An asset classified as held for sale is measured at the lower of its carrying amount or fair value less cost to sell. As of December 31, 2021, and 2020, the company reported $7.1 and $7.2 million, respectively, of assets held for sale within other current assets in the consolidated balance sheet. An impairment loss is recognized for any initial or subsequent write-down of the asset held for sale to its fair value less cost to sell. For assets determined to be classified as held for sale in the years ended December 31, 2021 and 2020, the asset carrying amounts approximated their fair value less cost to sell. Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued) Events occurred during the fourth quarter of 2020, that represented impairment indicators related to the company’s noncore oil and gas joint ventures. Therefore, the company undertook a fourth quarter 2020 assessment of the recoverability of the carrying amounts of these joint ventures’ property, plant and equipment. Based on the joint ventures’ outlook at the time of this 2020 assessment, the company concluded that the carrying amounts of its property, plant and equipment were fully impaired. This assessment resulted in a total non-cash asset impairment charge of $19.4 million, which include amounts attributable to noncontrolling interests of $2.4 million, that in total served to reduce net income attributable to Steel Dynamics, Inc. by $12.0 million for the year ended December 31, 2020. Goodwill The company’s goodwill consisted of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations Segment ​ $ 272,133 ​ $ 272,133 ​ ​ Metals Recycling Operations Segment ​ ​ 179,777 ​ ​ 183,168 ​ ​ Steel Fabrication Operations Segment ​ ​ 1,925 ​ ​ 1,925 ​ ​ ​ ​ $ 453,835 ​ $ 457,226 ​ ​ Metals Recycling Operations Segment goodwill decreased $3.4 million in 2021 in recognition of the 2021 tax benefit related to the normal amortization of the component of OmniSource tax-deductible goodwill in excess of book goodwill. Cumulative OmniSource goodwill impairment charges were $346.8 million at December 31, 2021 and 2020. Impairment of Goodwill At least once annually (as of October 1), or when indicators of impairment exist, the company performs an impairment test for goodwill. Goodwill is allocated to various reporting units, which are generally one level below the company’s operating segments. The fair value of the reporting unit is determined by using an estimate of future cash flows utilizing a risk-adjusted discount rate to calculate the net present value of future cash flows (income approach), and for some years by using a market approach based upon an analysis of valuation metrics of comparable peer companies, using Level 3 fair value inputs as provided for under ASC 820, Fair Value Measurement. If the fair value exceeds the carrying value of the reporting unit, there is no impairment. If the carrying amount exceeds the fair value, the company recognizes an impairment loss in the amount by which the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the reporting unit. Equity-Based Compensation The company has several stock-based employee compensation plans which are more fully described in Note 6. Equity-Based Incentive Plans Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued) Income Taxes The company accounts for income taxes and the related accounts under the liability method. Deferred tax liabilities and assets are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted rates expected to be in effect during the year in which the basis differences reverse. 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 stock equivalents as of and for the years ended December 31, 2021, 2020, and 2019. The following table presents a reconciliation of the numerators and the denominators of the company’s basic and diluted earnings per share computations for the years ended December 31 (in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ 2020 ​ ​ Net Income ​ Shares ​ Per Share ​ ​ Net Income ​ Shares ​ Per Share ​ ​ (Numerator) ​ (Denominator) ​ Amount ​ ​ (Numerator) ​ (Denominator) ​ Amount Basic earnings per share ​ $ 3,214,066 ​ ​ 205,115 ​ $ 15.67 ​ ​ $ 550,822 ​ ​ 211,140 ​ $ 2.61 Dilutive common share equivalents ​ ​ - ​ ​ 1,500 ​ ​ ​ ​ ​ ​ - ​ ​ 1,205 ​ ​ ​ Diluted earnings per share ​ $ 3,214,066 ​ ​ 206,615 ​ $ 15.56 ​ ​ $ 550,822 ​ ​ 212,345 ​ $ 2.59 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ ​ Net Income ​ Shares ​ Per Share ​ ​ (Numerator) ​ (Denominator) ​ Amount ​ Basic earnings per share $ 671,103 ​ ​ 219,639 ​ $ 3.06 ​ Dilutive common share equivalents ​ - ​ ​ 1,109 ​ ​ ​ ​ Diluted earnings per share $ 671,103 ​ ​ 220,748 ​ $ 3.04 ​ ​ Concentration of Credit Risk Financial instruments that potentially subject the company to significant concentrations of credit risk principally consist of temporary cash investments and accounts receivable. When advantageous, the company places its temporary cash with high credit quality financial institutions and companies and limits the amount of credit exposure from any one entity. The company is exposed to credit risk in the event of nonpayment by customers. The company mitigates its exposure to credit risk, which it generally extends initially 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. Derivative Financial Instruments The company recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. Changes in the fair value of derivatives that are designated as hedges, depending on the nature of the hedge, are recognized as either an offset against the change in fair value of the hedged balance sheet item in the case of fair value hedges or as other comprehensive income in the case of cash flow hedges, until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings for fair Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued) value hedges. The company offsets fair value amounts recognized for derivative instruments executed with the same counterparty under master netting agreements. In the normal course of business, the company has derivative financial instruments in the form of forward contracts in various metallic commodities, may have involvement with derivative financial instruments related to managing fluctuations in foreign exchange rates, and in the past has had derivative financial instruments related to managing fluctuations in interest rates. At the time of acquiring these financial instruments, the company designates and assigns these instruments as hedges of specific assets, liabilities or anticipated transactions. When hedged assets or liabilities are sold or extinguished, or the anticipated transaction being hedged is no longer expected to occur, the company recognizes the gain or loss on the designated hedged financial instrument. The company routinely enters into forward exchange traded futures and option contracts to manage price risk associated with nonferrous metal inventory, as well as purchases and sales of nonferrous and ferrous metals (primarily aluminum and copper), to reduce exposure to commodity related price fluctuations. The company does not enter into these derivative financial instruments for speculative purposes.

Acquisitions and Investments

Acquisitions and Investments	12 Months Ended
	Dec. 31, 2021
Acquisitions and Investments
Acquisitions and Investments	Note 2. Acquisitions and Investments New Process Steel , L.P. – 45% Minority Equity Interest On January 31, 2022, the company purchased a 45% minority equity interest in New Process Steel, L.P. (NPS), a metals solutions and distribution supply-chain management company headquartered in Houston, Texas, with a focus toward growing its value-added manufacturing applications. As the company does not have power to control NPS, the company will account for the investment using the equity method of accounting. ​ Zimmer The company acquired 100% of Zimmer in August 2020 for cash consideration of $60.0 million. The acquisition of Zimmer is part of the company’s raw material procurement strategy to support its new Southwest-Sinton Flat Roll Division. Headquartered in Monterrey, Mexico, Zimmer operates several ferrous and nonferrous scrap facilities strategically positioned near high-volume industrial scrap sources, and several third-party scrap processing locations, located throughout Central and Northern Mexico. Zimmer’s post-acquisition operating results are reflected in the company’s financial statements in the metals recycling operations segment. United Steel Supply The company purchased a 75% equity interest in United Steel Supply, LLC (USS) on March 1, 2019, for cash consideration of $97.1 million. Headquartered in Austin, Texas, USS is a leading distributor of painted Galvalume® flat roll steel used for roofing and siding applications, with distribution centers strategically located in Mississippi, Indiana, and Oregon. USS provides the steel operations segment a new, complementary distribution channel and connects it to a rapidly growing industry segment with customers that do not traditionally purchase steel directly from a steel producer. USS’s post-acquisition operating results are reflected in the company’s financial statements in the steel operations segment. The company has an option to purchase, and the sellers have the option to require the company to purchase, after the third anniversary of the transaction (March 1, 2022), 12.5% of the equity interest of USS, and the company has an option to purchase and the sellers have the option to require the company to purchase, after the fourth anniversary of the transaction (March 1, 2023), the remaining 12.5% equity interest of USS. The USS noncontrolling interest is therefore reflected in redeemable noncontrolling interest in the consolidated balance sheets. ​

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2021
Long-Term Debt
Long-Term Debt	Note 3. Long-Term Debt The company’s borrowings consisted of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ ​ ​ 2.800% senior notes due 2024 $ 400,000 ​ $ 400,000 ​ ​ ​ ​ 2.400% senior notes due 2025 ​ 400,000 ​ ​ 400,000 ​ ​ ​ ​ 5.000% senior notes due 2026 ​ 400,000 ​ ​ 400,000 ​ ​ ​ ​ 1.650% senior notes due 2027 ​ 350,000 ​ ​ 350,000 ​ ​ ​ ​ 3.450% senior notes due 2030 ​ 600,000 ​ ​ 600,000 ​ ​ ​ ​ 3.250% senior notes due 2031 ​ 500,000 ​ ​ 500,000 ​ ​ ​ ​ 3.250% senior notes due 2050 ​ 400,000 ​ ​ 400,000 ​ ​ ​ ​ Other obligations ​ 105,422 ​ ​ 108,658 ​ ​ ​ ​ Total debt ​ 3,155,422 ​ ​ 3,158,658 ​ ​ ​ ​ Less debt issuance costs and original issue discounts ​ 49,546 ​ ​ 55,982 ​ ​ ​ ​ Total amounts outstanding ​ 3,105,876 ​ ​ 3,102,676 ​ ​ ​ ​ Less current maturities ​ 97,174 ​ ​ 86,894 ​ ​ ​ ​ Long-term debt $ 3,008,702 ​ $ 3,015,782 ​ ​ ​ Senior Credit Facility due 2024 ​ The company has an unsecured credit agreement which has a senior unsecured revolving credit facility (Facility) which provides a $1.2 billion unsecured Revolver, which matures December 3, 2024. Subject to certain conditions, the company has the opportunity to increase the Facility size by $500.0 million. The unsecured Revolver is available to fund working capital, capital expenditures, and other general corporate purposes. The Facility contains financial covenants and other covenants pertaining to the company’s ability to incur indebtedness and permit liens on certain assets. The company’s ability to borrow funds within the terms of the unsecured Revolver is dependent upon its continued compliance with the financial and other covenants. At December 31, 2021, the company had $1.2 billion of availability on the Revolver, $12.0 million of outstanding letters of credit and other obligations which reduce availability, and there were no borrowings outstanding. ​ The Facility pricing grid is adjusted quarterly and is based on either the company’s leverage of net debt (as defined in the Facility) to last-twelve-months (LTM) consolidated Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, and certain other non-cash items as allowed in the Facility), or the company’s credit ratings. The minimum pricing is LIBOR plus 1.125% or Prime plus 0.125%, and the maximum pricing is LIBOR plus 1.75% or Prime plus 0.75%. In addition, the company is subject to an unused commitment fee of between 0.15% and 0.275% (based on either our leverage of net debt to LTM consolidated adjusted EBITDA, or our credit ratings) which is applied to the unused portion of the Revolver. The financial covenants under the Facility state that the company must maintain an interest coverage ratio of not less than 2.50:1.00. The company’s interest coverage ratio is calculated by dividing its LTM consolidated Adjusted EBITDA by its LTM gross interest expense, less amortization of financing fees. In addition, a debt to capitalization ratio of not more than 0.60:1.00 must be maintained. At December 31, 2021, the company’s interest coverage ratio and debt to capitalization ratio were 45.04:1.00 and 0.33:1.00, respectively. The company was, therefore, in compliance with these covenants at December 31, 2021, and anticipates remaining in compliance during the next twelve months. Senior Unsecured Notes The company has seven different tranches of senior unsecured notes (Notes) outstanding. These Notes are in equal right of payment with all existing and future senior unsecured indebtedness and are senior in right of payment to all subordinated indebtedness. These Notes contain provisions that allow the company to redeem the Notes on or after the dates and at redemption prices (expressed as a percentage of principal amount) listed below. ​ Note 3. Long-Term Debt (Continued) Our $400.0 million of 2.800% senior notes due 2024 mature on December 15, 2024, with interest payable semi-annually. Early redemption is permitted as follows: any time prior to November 15, 2024, at a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.20%; and as of November 15, 2024, at 100.000%. ​ Our $400.0 million of 2.400% senior notes due 2025 mature on June 15, 2025, with interest payable semi-annually. Early redemption is permitted as follows: any time prior to May 15, 2025, at a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.35%; and as of May 15, 2025, at 100.000%. ​ Our $400.0 million of 5.000% senior notes due 2026 mature on December 15, 2026, with interest payable semi-annually. Early redemption is permitted as follows: as of December 15, 2021, at 102.500%; as of December 15, 2022, at 101.667%; as of December 15, 2023, at 100.833%; and as of December 15, 2024, at 100.000%. ​ Our $350.0 million of 1.650% senior notes due 2027 mature on October 15, 2027, with interest payable semi-annually. Early redemption is permitted as follows: any time prior to August 15, 2027, at a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.20%; and as of August 15, 2027, at 100.000%. ​ Our $600.0 million of 3.450% senior notes due 2030 mature on April 15, 2030, with interest payable semi-annually. Early redemption is permitted as follows: any time prior to January 15, 2030, at a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.25%; and as of January 15, 2030, at 100.000%. ​ Our $500.0 million of 3.250% senior notes due 2031 mature on January 15, 2031, with interest payable semi-annually. Early redemption is permitted as follows: any time prior to October 15, 2030, at a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.40%; and as of October 15, 2030, at 100.000%. ​ Our ​ Other Obligations Secured Loans. million at December 31, 2021, and 2020, respectively. One of the company’s controlled subsidiaries has a secured credit agreement, which matures in August 2024, and provides a revolving variable rate credit facility of up to $100.0 million, subject to a borrowing base determined from eligible accounts receivable and inventory, and is further secured with $30.0 million of letter of credit support from Steel Dynamics, Inc. Interest, which was 1.6% at December 31, 2021, is payable monthly. Amounts due under the credit facility were $94.4 million and $82.3 million at December 31, 2021, and 2020, respectively. Note 3. Long-Term Debt (Continued) Another of the company’s controlled subsidiaries has a secured credit agreement, which matures in March 2023, and provides a revolving variable rate credit facility of up to $25.0 million, subject to a borrowing base determined from eligible accounts receivable and inventory. Interest, which was 3.0% at December 31, 2021, is payable monthly. There were no amounts due under the credit facility at December 31, 2021 or 2020. Mesabi Nugget had loans from various Minnesota state agencies related to the construction and ultimate operation of Mesabi Nugget that were paid off in full during 2021. Amounts due under these loans were zero and $15.2 million at December 31, 2021, and 2020, respectively. Outstanding Debt Maturities Maturities of outstanding debt as of December 31, 2021, are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ $ 97,174 ​ ​ 2023 ​ ​ 2,081 ​ ​ 2024 ​ ​ 401,621 ​ ​ 2025 ​ ​ 401,562 ​ ​ 2026 ​ ​ 401,481 ​ ​ Thereafter ​ ​ 1,851,503 ​ ​ ​ ​ $ 3,155,422 ​ ​ The company capitalizes interest on all qualifying construction in progress assets. For the years ended December 31, 2021, 2020, and 2019, total interest costs incurred were $107.7 million, $118.8 million, and $132.6 million, respectively, of which $50.5 million, $23.9 million and $5.5 million, respectively, were capitalized Financing Activity 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 were used to fund the October 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%, plus accrued and unpaid interest to, but not including, the date of redemption, and for general corporate purposes. The company recorded expenses related to premiums and write off of unamortized debt issuance costs of approximately $10.3 million, which are reflected in other expenses in the consolidated statement of income for the year ended December 31, 2020. 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 1/4% senior notes due 2023 at a redemption price of 100.875%, and the $500.0 million outstanding principal amount of the company’s 5.500% senior notes due 2024 at a redemption price of 102.750%, plus accrued and unpaid interest to, but not including, the date of redemption. The company recorded expenses related to premiums, write off of unamortized debt issuance costs, and other expenses of approximately $22.8 million, which are reflected in other expenses in the consolidated statement of income for the year ended December 31, 2020. In December 2019, the company issued $400.0 million of 2.800% senior notes due 2024 and $600.0 million of 3.450% senior notes due 2030, the proceeds of which were used to fund the December 2019 call and redemption of the $700.0 million outstanding principal amount of the company’s 5.125% senior notes due 2021 at a redemption price of 100.000%, plus accrued and unpaid interest to, but not including, the date of repayment, and for general corporate purposes. The company recorded expenses related to write off of unamortized debt issuance costs and other expenses of $3.7 million, which are reflected in other expenses in the consolidated statement of income for the year ended December 31, 2019.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Taxes
Income Taxes	Note 4. Income Taxes The company files a consolidated federal income tax return. The current and deferred federal and state income tax expense for the years ended December 31 is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ Current income tax expense $ 643,639 ​ $ 88,914 ​ $ 149,106 ​ ​ Deferred income tax expense ​ 318,617 ​ ​ 45,736 ​ ​ 48,331 ​ ​ Total income tax expense $ 962,256 ​ $ 134,650 ​ $ 197,437 ​ ​ A reconciliation of the statutory rates to the actual effective tax rates for the years ended December 31 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ Statutory federal tax rate ​ 21.0 % ​ ​ 21.0 % ​ ​ 21.0 % ​ ​ State income taxes, net of federal benefit ​ 2.5 ​ ​ ​ 2.6 ​ ​ ​ 2.1 ​ ​ ​ Release of valuation allowance ​ - ​ ​ ​ (2.9) ​ ​ ​ - ​ ​ ​ Federal research & development credits ​ (0.7) ​ ​ ​ (2.1) ​ ​ ​ (0.6) ​ ​ ​ Other permanent differences ​ 0.1 ​ ​ ​ 0.5 ​ ​ ​ 0.1 ​ ​ ​ Effective tax rate ​ 22.9 % ​ ​ 19.1 % ​ ​ 22.6 % ​ ​ Significant components of the company’s deferred tax assets and liabilities at December 31 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ Deferred tax assets ​ ​ ​ ​ ​ ​ ​ Accrued expenses and allowances $ 24,324 ​ $ 22,912 ​ ​ Inventories ​ 9,088 ​ ​ 5,670 ​ ​ Net operating loss carryforwards ​ 20,333 ​ ​ 25,089 ​ ​ Other ​ 8,776 ​ ​ 7,077 ​ ​ ​ ​ 62,521 ​ ​ 60,748 ​ ​ Less: valuation allowance ​ (805) ​ ​ (805) ​ ​ Total net deferred tax assets ​ 61,716 ​ ​ 59,943 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment ​ (846,942) ​ ​ (538,746) ​ ​ Intangible assets ​ (62,339) ​ ​ (51,835) ​ ​ Other ​ (7,340) ​ ​ (5,650) ​ ​ Total deferred tax liabilities ​ (916,621) ​ ​ (596,231) ​ ​ Net deferred tax liability $ (854,905) ​ $ (536,288) ​ ​ Note 4. Income Taxes (Continued) Certain wholly-owned and controlled subsidiaries of the company file separate federal and state income tax returns. One of the controlled subsidiaries has net operating loss carryforwards in the amount of $71.8 million at December 31, 2021, which expire in the years 2034 through 2039, along with state net operating loss carryforwards which expire in years 2033 through 2039. During the fourth quarter of 2020, the company evaluated the realizability of the net deferred tax assets for this controlled subsidiary. In completing this evaluation, the company considered all available positive and negative evidence in order to determine whether, based on the weight of the evidence, a valuation allowance for its deferred tax assets was necessary. Such evidence included current operating results, historical results, future reversals of existing taxable temporary differences and expectations for future taxable income (exclusive of the reversal of temporary differences and carryforwards), as well as the implementation of feasible and prudent tax planning strategies. Based on the positive evidence, the company concluded that it was more likely than not that the net deferred tax assets would be realized. As a result, $21.2 million of the valuation allowance was reversed in the year ended December 31, 2020. The company continues to maintain a valuation allowance of $805,000 as of December 31, 2021, and 2020, with respect to certain state tax credits of the controlled subsidiary. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ Balance at January 1 $ 12,830 ​ $ 10,162 ​ $ 10,131 ​ ​ Increases related to current year tax positions ​ 8,250 ​ ​ 4,350 ​ ​ 750 ​ ​ Increases related to prior year tax positions ​ 2,095 ​ ​ - ​ ​ 2,198 ​ ​ Decreases related to prior year tax positions ​ (2,709) ​ ​ (1,682) ​ ​ (1,363) ​ ​ Settlements with taxing authorities ​ - ​ ​ - ​ ​ (1,554) ​ ​ Balance at December 31 $ 20,466 ​ $ 12,830 ​ $ 10,162 ​ ​ ​ Included in the balance of unrecognized tax benefits at December 31, 2021 and 2020, are potential benefits of $16.8 million and $9.0 million, respectively, that, if recognized, would affect the effective tax rate. The company recognizes interest and penalties related to its tax contingencies on a net-of-tax basis in income tax expense. During the years ended December 31, 2021, 2020, and 2019, the company recognized benefits from the decrease of interest expense and penalties of $205,000, $450,000, and $400,000, respectively, net of tax. In addition to the unrecognized tax benefits in the table above, the company had $561,000 and $828,000 accrued for the payment of interest and penalties at December 31, 2021 and 2020, respectively. It is reasonably possible that the amount of unrecognized tax benefits could change in the next twelve months in an amount ranging from zero to $3.3 million, as a result of the expiration of the statute of limitations and other federal and state income tax audits. The company files income tax returns in the U.S. federal jurisdiction as well as income tax returns in various state jurisdictions. The tax years 2018 through 2020 remain open to examination by the Internal Revenue Service and various state and local jurisdictions.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2021
Shareholders' Equity
Shareholders' Equity	Note 5. Shareholders’ Equity Cash Dividends The company declared cash dividends of $210.9 million, or $1.04 per common share, during 2021; $210.5 million, or $1.00 per common share, during 2020; and $209.5 million, or $0.96 per common share, during 2019. The company paid cash dividends of $213.0 million, $209.2 million and $200.3 million during 2021, 2020, and 2019, respectively. Note 5. Shareholders’ Equity (Continued) Treasury Stock In February 2020, the board of directors authorized a share repurchase program of up to $500.0 million of the company’s common stock. This program was exhausted in July 2021. In July 2021, the board of directors authorized an additional share repurchase program of up to $1.0 billion of the company’s common stock. Under the above share repurchase programs, and similar prior programs, purchases take place as and when the company determines in open market or private transactions made based upon the market price of the company’s common stock, the nature of other investment opportunities or growth projects, the company’s cash flows from operations, and general economic conditions. The share repurchase programs do not require the company to acquire any specific number of shares, and may be modified, suspended, extended or terminated by the company at any time. The share repurchase programs do not have an expiration date. The company repurchased 16.9 million shares for $1.1 billion during 2021, 4.4 million shares for $106.5 million during 2020, and 11.3 million shares for $348.6 million during 2019 under the share repurchase programs. At December 31, 2021, the company had remaining authorization to repurchase $383.4 million of additional shares under the 2021 share repurchase program.

Equity-Based Incentive Plans

Equity-Based Incentive Plans	12 Months Ended
	Dec. 31, 2021
Equity-Based Incentive Plans
Equity-Based Incentive Plans	Note 6. Equity-Based Incentive Plans Amended and Restated 2015 Equity Incentive Plan (2015 Plan) The 2015 Plan is designed to attract, motivate and retain qualified persons that are able to make important contributions to the company’s success. To accomplish these objectives, the 2015 Plan provides for awards of equity-based incentives through granting of restricted stock units (RSUs), deferred stock units (DSUs), restricted stock awards, stock options (of which there are none), unrestricted stock awards (of which there are none), stock appreciation rights (SARs), and performance awards, such as long-term incentive compensation program (LTIP). The company’s shareholders approved the 2015 Plan in May 2015, and 12.5 million shares of common stock were reserved for issuance upon exercise of equity grants through December 31, 2025. In May 2019, the 2015 Plan was amended and restated with an additional 8.0 million shares of common stock reserved for issuance upon exercise of equity grants. The 2015 Plan uses a fungible share concept under which any awards that are not a full-value award, such as stock options and stock-settled SARs, will be counted against the share limit as one share for each share of common stock, and awards that are full-value awards, such as RSUs, DSUs, restricted and unrestricted stock awards, and performance awards, will be counted against the share limit as 2.09 shares for each share of common stock. The SARs the company has granted to date can only be settled in cash, and thus do not count against the share reserve. At December 31, 2021, there were 4.2 million shares still available for issuance. Substantially all of the company’s full-time, non-union, U.S. team members receive RSUs, which are granted annually in November at no cost to employees, vest 100% over the shorter of two years from grant date or upon the recipient reaching retirement eligible age ( 59½ years ​ Note 6. Equity-Based Incentive Plans (Continued) Restricted Stock Units A summary of the company’s RSU activity and outstanding RSUs as of December 31, 2021, are presented below (dollars in thousands except grant date fair value): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Aggregate ​ ​ ​ ​ Number ​ Average Grant ​ Intrinsic ​ Unrecognized ​ of RSUs ​ Date Fair Value ​ Value ​ Compensation Outstanding RSUs as of January 1, 2019 1,348,066 ​ $ 36.32 ​ $ 40,496 ​ $ 31,996 Granted 1,038,812 ​ ​ 29.87 ​ ​ ​ ​ ​ ​ Vested (769,291) ​ ​ 35.32 ​ ​ ​ ​ ​ ​ Forfeited (59,593) ​ ​ 36.03 ​ ​ ​ ​ ​ ​ As of December 31, 2019 1,557,994 ​ $ 32.53 ​ $ 53,034 ​ $ 33,581 Granted 1,017,518 ​ ​ 33.54 ​ ​ ​ ​ ​ ​ Vested (811,317) ​ ​ 36.09 ​ ​ ​ ​ ​ ​ Forfeited (65,616) ​ ​ 32.20 ​ ​ ​ ​ ​ ​ As of December 31, 2020 1,698,579 ​ $ 31.44 ​ $ 62,627 ​ $ 35,821 Granted 627,973 ​ ​ 59.38 ​ ​ ​ ​ ​ ​ Vested (895,706) ​ ​ 32.30 ​ ​ ​ ​ ​ ​ Forfeited (82,588) ​ ​ 32.47 ​ ​ ​ ​ ​ ​ As of December 31, 2021 (nonvested) 1,348,258 ​ $ 43.82 ​ $ 83,686 ​ $ 39,657 ​ The weighted average remaining life before vesting of the outstanding RSUs as of December 31, 2021, is ​ Long-Term Incentive Compensation Program (LTIP) The company maintains an LTIP performance-based program directed toward key senior leadership of the company, as determined at the discretion of the Compensation Committee of the Board of Directors. Awards are in shares of the company’s common stock using the stock price on the first day of the performance period to convert each key senior executive’s predetermined multiple of annual base salary. The performance period is generally three years; however, certain transition awards were issued in 2020, 2019, and 2017 with shorter performance periods. Performance is measured in terms of equal portions of four growth and profitability measures, as compared to the same measures, similarly treated, of a pre-established group of steel sector competitors. Awards earned can range from zero to 100% of the shares awarded. Beginning with 2018, award shares vest immediately once earned on the basis of performance. For awards prior to 2018, once earned on the basis of performance, one-third ​ Note 6. Equity-Based Incentive Plans (Continued) The Compensation Committee granted the following three-year performance period awards, and two-year and one-year performance period transition awards, which have been earned and have or will be issued over the vesting period as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum ​ ​ ​ ​ ​ ​ ​ ​ Shares That ​ Award ​ ​ ​ ​ ​ ​ Could Be Issued ​ Earned ​ Award Issued/Issuable ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2016 LTIP Award: ​ ​ ​ ​ ​ ​ ​ ​ Three-year performance period award 324,469 ​ 324,469 ​ 108,158 ​ March 2019 ​ ​ ​ ​ ​ ​ 108,156 ​ March 2020 ​ ​ ​ ​ ​ ​ 108,155 ​ March 2021 ​ 2017 LTIP Award: ​ ​ ​ ​ ​ ​ ​ ​ Three-year performance period award 182,274 ​ 164,047 ​ 54,683 ​ March 2020 ​ ​ ​ ​ ​ ​ 54,682 ​ March 2021 ​ ​ ​ ​ ​ ​ 54,682 ​ March 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Two-year performance period transition award 16,779 ​ 15,101 ​ 5,034 ​ March 2019 ​ ​ ​ ​ ​ ​ 5,034 ​ March 2020 ​ ​ ​ ​ ​ ​ 5,033 ​ March 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2018 LTIP Award: ​ ​ ​ ​ ​ ​ ​ ​ Three-year performance period award 198,397 ​ 188,481 ​ 188,481 ​ March 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 LTIP Award: ​ ​ ​ ​ ​ ​ ​ ​ Three-year performance period award 422,008 ​ 379,811 ​ 379,811 ​ March 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Two-year performance period transition award 15,600 ​ 14,040 ​ 14,040 ​ March 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 LTIP Award: ​ ​ ​ ​ ​ ​ ​ ​ Three-year performance period award 405,922 ​ * ​ * ​ ​ ​ Two-year performance period transition award 9,764 ​ 8,300 ​ 8,300 ​ March 2022 ​ One-year performance period transition award 9,764 ​ 7,812 ​ 7,812 ​ March 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 LTIP Award: ​ ​ ​ ​ ​ ​ ​ ​ Three-year performance period award 400,468 ​ * ​ * ​ ​ * Not yet earned as performance period not complete. 2018 Executive Incentive Compensation Plan (2018 Executive Plan) The company’s shareholders approved the 2018 Executive Plan in May 2018, and 2.0 million shares of company stock were reserved for issuance through February 28, 2028. Pursuant to the company’s 2018 Executive Plan, certain senior leadership of the company are eligible to receive cash bonuses based on predetermined formulas. In the event the bonus exceeds the predetermined maximum cash payout, the excess bonus up to a fixed percentage of base salary is distributed in shares of the company’s stock, of which one-third .

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2021
Derivative Financial Instruments
Derivative Financial Instruments	Note 7. Derivative Financial Instruments The company is exposed to certain risks relating to its ongoing business operations. The company utilizes derivative instruments to mitigate commodity margin risk, occasionally to mitigate foreign currency exchange rate risk, and have in the past to mitigate interest rate fluctuation risk. The company routinely enters into forward exchange traded futures and option contracts to manage the price risk associated with nonferrous metals inventory, as well as purchases and sales of nonferrous and ferrous metals (primarily aluminum and copper). The company offsets fair value amounts recognized for derivative instruments executed with the same counterparty under master netting agreements. If the company is “long” on commodity futures contracts, it means the company has more futures contracts purchased than futures contracts sold for the underlying commodity. If the company is “short” on a futures contract, it means the company has more futures contracts sold than futures contracts purchased for the underlying commodity. The following summarizes the company’s futures contract commitments as of December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity Futures ​ Long/Short ​ Metric Tons ​ ​ Aluminum ​ Long ​ 4,225 ​ ​ Aluminum ​ Short ​ 9,850 ​ ​ Copper ​ Long ​ 16,250 ​ ​ Copper ​ Short ​ 30,255 ​ ​ The following summarizes the location and amounts of the fair values reported on the company’s consolidated balance sheets and gains or losses related to derivatives included in the company’s consolidated statements of income as of and for the years ended December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Derivatives ​ Liability Derivatives ​ ​ ​ ​ Fair Value ​ Fair Value ​ ​ Balance sheet location ​ December 31, 2021 ​ December 31, 2020 ​ December 31, 2021 ​ December 31, 2020 ​ Derivative instruments designated as hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures Other current assets ​ $ 1,278 ​ $ 5,092 ​ $ 7,430 ​ $ 4,635 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments not designated as hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures Other current assets ​ ​ 4,319 ​ ​ 1,705 ​ ​ 6,171 ​ ​ 2,807 ​ Total derivative instruments ​ ​ $ 5,597 ​ $ 6,797 ​ $ 13,601 ​ $ 7,442 ​ ​ ​ Note 7. Derivative Financial Instruments (Continued) The fair value of the above derivative instruments along with required margin deposit amounts with the same counterparty under master netting agreements totaled $24.9 million and $13.2 million at December 31, 2021, and 2020, respectively, and are reflected in other current assets in the consolidated balance sheets. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of ​ ​ ​ ​ ​ ​ ​ ​ ​ Location of gain ​ ​ gain (loss) ​ ​ ​ Location of gain ​ ​ Amount of gain ​ ​ (loss) recognized ​ ​ recognized in ​ Hedged items in ​ (loss) recognized ​ ​ (loss) recognized in ​ ​ in income on ​ ​ income on ​ fair value hedge ​ in income on ​ ​ income on related ​ ​ derivatives ​ ​ derivatives ​ relationships ​ related hedged items ​ ​ hedged items For the Year Ended ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives in fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ hedging relationships ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold ​ $ (1,369) ​ Firm commitments ​ Costs of goods sold ​ $ 3,354 ​ ​ ​ ​ ​ ​ ​ Inventory ​ Costs of goods sold ​ ​ 1,054 Derivatives not designated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 4,408 as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold ​ $ (33,517) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives in fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ hedging relationships ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold ​ $ (2,004) ​ Firm commitments ​ Costs of goods sold ​ $ (79) ​ ​ ​ ​ ​ ​ ​ Inventory ​ Costs of goods sold ​ ​ (482) Derivatives not designated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (561) as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold ​ $ (17,368) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives in fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ hedging relationships ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold ​ $ (801) ​ Firm commitments ​ Costs of goods sold ​ $ (1,613) ​ ​ ​ ​ ​ ​ ​ Inventory ​ Costs of goods sold ​ ​ 832 Derivatives not designated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (781) as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold ​ $ 704 ​ ​ ​ ​ ​ ​ ​ ​ Derivatives accounted for as fair value hedges had ineffectiveness resulting in losses of $101,000, gains of $68,000, and losses of $28,000 for the years ended December 31, 2021, 2020, and 2019, respectively. Gains excluded from hedge effectiveness testing of $3.1 million decreased cost of goods sold for the year ended December 31, 2021. Losses excluded from hedge effectiveness testing of ​ ​ Note 7. Derivative Financial Instruments (Continued) Derivatives accounted for as cash flow hedges resulted in net gains of $40.9 million, $2.8 million and $137,000 recognized in other comprehensive income for the years ended December 31, 2021, 2020, and 2019, respectively. Net gains of $46.1 million, $265,000 , and $541,000 were reclassified from accumulated other comprehensive income into income for the years ended December 31, 2021, 2020, and 2019, respectively. At December 31, 2021, the company expects to reclassify $2.7 million of net losses on derivative instruments from accumulated other comprehensive income to expense during the next 12 months due to the settlement of futures contracts. The maximum term over which the company is hedging its exposure to the variability of future cash flows for forecasted transactions is less than 12 months

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2021
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. 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 December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted Prices ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in Active ​ Other ​ Significant ​ ​ ​ ​ ​ ​ ​ Markets for ​ Observable ​ Unobservable ​ ​ ​ ​ ​ ​ ​ Identical Assets ​ Inputs ​ Inputs ​ ​ ​ ​ Total ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures – financial assets $ 5,597 ​ $ - ​ $ 5,597 ​ $ - ​ ​ ​ Commodity futures – financial liabilities ​ 13,601 ​ ​ - ​ ​ 13,601 ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures – financial assets $ 6,797 ​ $ - ​ $ 6,797 ​ $ - ​ ​ ​ Commodity futures – financial liabilities ​ 7,442 ​ ​ - ​ ​ 7,442 ​ ​ - ​ ​ ​ The carrying amounts of financial instruments including cash and equivalents, and restricted cash approximate fair value (Level 1). The fair values of 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 $3.3 billion and $3.4 billion at December 31, 2021 and 2020 (with a corresponding carrying amount in the consolidated balance sheet of $3.1 billion at December 31, 2021 and 2020).

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies
Commitments and Contingencies	​ ​ Note 9. Commitments and Contingencies The company has entered into certain commitments with suppliers which are of a customary nature. Commitments have been entered into relating to future expected requirements for commodities such as electricity, water, natural gas and its transportation services, fuel, air products, zinc, and electrodes. Certain commitments contain provisions which require that the company “take or pay” for specified quantities at fixed prices without regard to actual usage for periods of generally up to 5 years for physical commodity requirements and commodity transportation requirements, with some extending beyond, and for up to 16 years for air products and 30 years for water products. The company utilized such “take or pay” requirements during the past three years under these contracts, except for certain air products at our idled Minnesota ironmaking operations. The company believes that production requirements will be such that consumption of the products or services purchased under these commitments will occur in the normal production process, other than certain air products related to our idled Minnesota ironmaking operations. The company’s commitments for these agreements with “take or pay” or other similar commitment provisions for the years ending December 31 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ $ 344,881 ​ ​ 2023 ​ ​ 83,139 ​ ​ 2024 ​ ​ 52,962 ​ ​ 2025 ​ ​ 17,423 ​ ​ 2026 ​ ​ 16,452 ​ ​ Thereafter ​ ​ 125,913 ​ ​ ​ ​ $ 640,770 ​ ​ At December 31, 2021, the company has outstanding commitments of $292.8 million related to ongoing construction of property, plant, and equipment related primarily to steel operations expansion projects in 2022. The company’s commitments for operating leases are discussed in Note 12. Leases. The company is involved in various 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 the company’s financial condition, results of operations, or liquidity.

Transactions with Affiliated Co

Transactions with Affiliated Companies	12 Months Ended
	Dec. 31, 2021
Transactions with Affiliated Companies
Transactions with Affiliated Companies	Note 10. Transactions with Affiliated Companies The company purchases and sells recycled and scrap metal, and steel with other smaller affiliated companies. These transactions for the years ended December 31, are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ Sales $ 32,107 ​ $ 13,791 ​ $ 13,859 ​ ​ Accounts receivable ​ 5,049 ​ ​ 3,937 ​ ​ 2,958 ​ ​ Purchases ​ 163,453 ​ ​ 132,560 ​ ​ 203,279 ​ ​ Accounts payable ​ 13,722 ​ ​ 8,919 ​ ​ 3,657 ​ ​

Retirement Plans

Retirement Plans	12 Months Ended
	Dec. 31, 2021
Retirement Plans
Retirement Plans	​ ​ Note 11. Retirement Plans The company sponsors several 401(k) retirement savings and profit sharing plans (Plans) for eligible employees, which are considered “qualified plans” for federal income tax purposes. The company’s total expense for the Plans was $382.8 million, $74.5 million, and $98.8 million for the years ended December 31, 2021, 2020, and 2019, respectively. The company’s profit sharing component is 8% of consolidated pretax income excluding noncontrolling interests and other items. The resulting company profit sharing component was $359.8 million, $58.3 million, and $73.6 million for the years ended December 31, 2021, 2020, and 2019, respectively; of which up to $287.8 million (subject to total Plan contribution limitations), $46.7 million, and $58.9 million, respectively, was directed by the company’s board of directors to be contributed to the Plans, with the remaining amounts each year paid directly in cash to the Plans’ participants.

Leases

Leases	12 Months Ended
	Dec. 31, 2021
Leases
Leases	Note 12. Leases 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, 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 sheets at December 31, are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ 2020 ​ Right-of-use assets under operating leases: ​ ​ ​ ​ ​ ​ Other assets - noncurrent $ 100,124 ​ $ 90,280 ​ Lease obligations under operating leases: ​ ​ ​ ​ ​ ​ Accrued liabilities $ 17,822 ​ $ 17,702 ​ Other liabilities - noncurrent ​ 82,252 ​ ​ 72,614 ​ ​ $ 100,074 ​ $ 90,316 ​ The weighted average remaining lease term for our operating leases is nine years, and the weighted-average discount rate is 3.60% and 3.84% as of December 31, 2021 and 2020, respectively. Future operating lease liabilities as of December 31, 2021, for the next five years and thereafter are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 $ 20,769 ​ ​ ​ ​ 2023 ​ 18,158 ​ ​ ​ ​ 2024 ​ 15,341 ​ ​ ​ ​ 2025 ​ 12,444 ​ ​ ​ ​ 2026 ​ 8,261 ​ ​ ​ ​ Thereafter ​ 42,719 ​ ​ ​ ​ Total undiscounted cash flows ​ 117,692 ​ ​ ​ ​ Less imputed interest ​ (17,618) ​ ​ ​ ​ Lease obligations under operating leases $ 100,074 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Note 12. Leases (Continued) Operating lease expense included in the consolidated statements of income was $22.5 million, $21.3 million, and $20.1 million for the years ended December 31, 2021, 2020, and 2019, respectively. Cash paid related to operating lease obligations was $19.0 million, $18.6 million, and $17.5 million for the years ended December 31, 2021, 2020, and 2019, respectively. Variable lease costs were not material for the years ended December 31, 2021, 2020, or 2019. Short-term lease expense included in the consolidated statements of income was $28.0 million, $19.1 million, and $20.0 for the years ended December 31, 2021, 2020, and 2019, respectively. Right-of-use assets obtained in exchange for new operating lease liabilities for the years ended December 31, 2021, 2020, and 2019 was $28.6 million, $33.3 million including $19.7 million related to Zimmer, and $16.1 million, respectively. ​

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2021
Segment Information
Segment Information	Note 13. 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. Description of the Business and Summary of Significant Accounting Policies 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 year ended ​ Steel ​ Recycling ​ Fabrication ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Operations ​ Operations ​ Operations ​ Other ​ Eliminations ​ Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales - disaggregated revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External ​ $ 12,618,917 ​ $ 1,658,843 ​ $ 1,761,078 ​ $ 1,252,095 ​ $ - ​ $ 17,290,933 External Non-United States ​ ​ 580,225 ​ ​ 524,629 ​ ​ 569 ​ ​ 12,494 ​ ​ - ​ ​ 1,117,917 Other segments ​ ​ 823,991 ​ ​ 2,406,649 ​ ​ 3,063 ​ ​ 2,382 ​ ​ (3,236,085) ​ ​ - ​ ​ ​ 14,023,133 ​ ​ 4,590,121 ​ ​ 1,764,710 ​ ​ 1,266,971 ​ ​ (3,236,085) ​ ​ 18,408,850 Operating income (loss) ​ ​ 4,360,488 ​ ​ 181,986 ​ ​ 365,250 ​ ​ (551,725) (1) ​ (54,894) ​ ​ 4,301,105 Income (loss) before income taxes ​ ​ 4,327,300 ​ ​ 181,579 ​ ​ 362,473 ​ ​ (606,021) ​ ​ (56,261) (2) ​ 4,209,070 Depreciation and amortization ​ ​ 263,125 ​ ​ 55,620 ​ ​ 9,961 ​ ​ 18,947 ​ ​ - ​ ​ 347,653 Capital expenditures ​ ​ 937,011 ​ ​ 46,360 ​ ​ 12,939 ​ ​ 9,929 ​ ​ - ​ ​ 1,006,239 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ $ 8,686,216 ​ $ 1,266,920 ​ $ 1,195,396 ​ $ 1,523,830 (3) $ (141,128) (4) $ 12,531,234 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Note 13. Segment Information (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Footnotes related to the year ended December 31, 2021, segment results (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Corporate SG&A $ (78.0) ​ (2) Gross profit decrease from intra-company sales $ (56.3) ​ Company-wide equity-based compensation ​ (78.8) ​ ​ ​ ​ ​ ​ Profit sharing ​ (379.3) ​ ​ ​ ​ ​ ​ Other, net ​ (15.6) ​ ​ ​ ​ ​ ​ ​ $ (551.7) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (3) Cash and equivalents $ 1,088.8 ​ (4) Elimination of intra-company receivables $ (48.9) ​ Accounts receivable ​ 27.5 ​ ​ Elimination of intra-company debt ​ (19.6) ​ Inventories ​ 94.2 ​ ​ Elimination of intra-company profit in inventory ​ (72.6) ​ Property, plant and equipment, net ​ 128.9 ​ ​ ​ $ (141.1) ​ Intra-company debt ​ 19.6 ​ ​ ​ ​ ​ ​ Other ​ 164.8 ​ ​ ​ ​ ​ ​ ​ $ 1,523.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Metals ​ Steel ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ Steel ​ Recycling ​ Fabrication ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ Operations ​ Operations ​ Operations ​ Other ​ Eliminations ​ Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales - disaggregated revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External ​ $ 6,873,209 ​ $ 820,262 ​ $ 895,227 ​ $ 500,496 ​ $ - ​ $ 9,089,194 External Non-United States ​ ​ 263,895 ​ ​ 247,662 ​ ​ 474 ​ ​ 257 ​ ​ - ​ ​ 512,288 Other segments ​ ​ 318,533 ​ ​ 1,335,216 ​ ​ 10,663 ​ ​ 434 ​ ​ (1,664,846) ​ ​ - ​ ​ ​ 7,455,637 ​ ​ 2,403,140 ​ ​ 906,364 ​ ​ 501,187 ​ ​ (1,664,846) ​ ​ 9,601,482 Operating income (loss) ​ ​ 889,480 ​ ​ 32,991 ​ ​ 120,575 ​ ​ (188,525) (1) ​ (7,379) ​ ​ 847,142 Income (loss) before income taxes ​ ​ 833,035 ​ ​ 27,753 ​ ​ 116,625 ​ ​ (263,470) ​ ​ (8,465) (2) ​ 705,478 Depreciation and amortization ​ ​ 251,590 ​ ​ 50,099 ​ ​ 10,819 ​ ​ 13,281 ​ ​ - ​ ​ 325,789 Capital expenditures ​ ​ 1,132,298 ​ ​ 32,875 ​ ​ 15,234 ​ ​ 17,648 ​ ​ - ​ ​ 1,198,055 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ $ 6,288,362 ​ $ 1,116,051 ​ $ 376,658 ​ $ 1,571,188 (3) $ (86,697) (4) $ 9,265,562 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Footnotes related to the year ended December 31, 2020, segment results (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Corporate SG&A $ (57.9) ​ (2) Gross profit decrease from intra-company sales $ (8.5) ​ Company-wide equity-based compensation ​ (48.5) ​ ​ ​ ​ ​ ​ Profit sharing ​ (58.3) ​ ​ ​ ​ ​ ​ Asset impairment charges ​ (19.4) ​ ​ ​ ​ ​ ​ Other, net ​ (4.4) ​ ​ ​ ​ ​ ​ ​ $ (188.5) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (3) Cash and equivalents $ 1,276.1 ​ (4) Elimination of intra-company receivables $ (61.2) ​ Accounts receivable ​ 17.0 ​ ​ Elimination of intra-company debt ​ (9.1) ​ Inventories ​ 84.7 ​ ​ Elimination of intra-company profit in inventory ​ (16.4) ​ Property, plant and equipment, net ​ 136.0 ​ ​ ​ $ (86.7) ​ Intra-company debt ​ 9.1 ​ ​ ​ ​ ​ ​ Other ​ 48.3 ​ ​ ​ ​ ​ ​ ​ $ 1,571.2 ​ ​ ​ ​ ​ Note 13. Segment Information (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Metals ​ Steel ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ Steel ​ Recycling ​ Fabrication ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ Operations ​ Operations ​ Operations ​ Other ​ Eliminations ​ Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales - disaggregated revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External ​ $ 7,606,471 ​ $ 972,200 ​ $ 960,657 ​ $ 388,546 ​ $ - ​ $ 9,927,874 External Non-United States ​ ​ 298,081 ​ ​ 225,807 ​ ​ 1,497 ​ ​ 11,732 ​ ​ - ​ ​ 537,117 Other segments ​ ​ 329,627 ​ ​ 1,296,007 ​ ​ 1,105 ​ ​ 469 ​ ​ (1,627,208) ​ ​ - ​ ​ ​ 8,234,179 ​ ​ 2,494,014 ​ ​ 963,259 ​ ​ 400,747 ​ ​ (1,627,208) ​ ​ 10,464,991 Operating income (loss) ​ ​ 1,030,554 ​ ​ 16,308 ​ ​ 119,099 ​ ​ (186,159) (1) ​ 7,078 ​ ​ 986,880 Income (loss) before income taxes ​ ​ 963,514 ​ ​ 11,432 ​ ​ 114,359 ​ ​ (220,188) ​ ​ 6,220 (2) ​ 875,337 Depreciation and amortization ​ ​ 251,568 ​ ​ 46,538 ​ ​ 11,768 ​ ​ 11,208 ​ ​ - ​ ​ 321,082 Capital expenditures ​ ​ 385,058 ​ ​ 46,959 ​ ​ 12,446 ​ ​ 7,482 ​ ​ - ​ ​ 451,945 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Footnotes related to the year ended December 31, 2019, segment results (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Corporate SG&A $ (66.1) ​ (2) Gross profit increase from intra-company sales $ 6.2 ​ Company-wide equity-based compensation ​ (40.6) ​ ​ ​ ​ ​ ​ Profit sharing ​ (73.6) ​ ​ ​ ​ ​ ​ Other, net ​ (5.9) ​ ​ ​ ​ ​ ​ ​ $ (186.2) ​ ​ ​ ​ ​ ​

Description of the Business a_2

Description of the Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Description of the Business and Summary of Significant Accounting Policies
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of SDI, together with its wholly- and majority-owned or controlled subsidiaries, after elimination of intercompany accounts and transactions. Noncontrolling and redeemable noncontrolling interests represent the noncontrolling owners' proportionate share in the equity, income, or losses of the company’s majority-owned or controlled consolidated subsidiaries.
Use of Estimates	Use of Estimates These consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States, and accordingly, include amounts that require management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and in the notes thereto. Significant items subject to such estimates and assumptions include the carrying value of property, plant and equipment, intangible assets, and goodwill; valuation allowances for trade receivables, inventories and deferred income tax assets; unrecognized tax benefits; potential environmental liabilities; and litigation claims and settlements. Actual results may differ from these estimates and assumptions.
Revenue from Contracts with Customers	Revenue from Contracts with Customers In the steel and metals recycling operations segments, revenue is recognized at the point in time the performance obligation is satisfied, and control of the product is transferred to the customer upon shipment or delivery, at the amount of consideration the company expects to receive, including any variable consideration. The variable consideration included in the company’s steel operations segment contracts, which is not constrained, include estimated product returns and customer claims based on historical experience, and may include volume rebates which are recorded on an expected value basis. Revenue recognized is limited to the amount the company expects to receive. The company does not exercise significant judgments in determining the timing of satisfaction of performance obligations or the transaction price. Shipment of products to customers is considered a fulfillment activity with amounts billed to customers included in sales and costs associated with such activities included in cost of goods sold. The company’s steel fabrication operations segment recognizes revenue over time at the amount of consideration the company expects to receive. Revenue is measured on an output method representing completed fabricated tons to date as a percentage of total tons required for each contract. Revenue from fabrication of tons remaining on partially fabricated customer contracts as of a reporting date, and future revenue from yet to be fabricated customer contracts, has not been disclosed under the practical expedient in Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers (ASC 606), paragraph ASC 606-10-50-14 related to customer contracts with expected duration of one year or less. The company does not exercise significant judgments in determining the timing of satisfaction of performance obligations or the transaction price. Shipment of products to customers, which occurs after control over the product has transferred to the customer and revenue is recognized, is considered a fulfillment activity with amounts billed to customers included in sales and costs associated with such activities included in cost of goods sold. Payments from customers for all operating segments are generally due within 30 days of invoicing, which generally occurs upon shipment of the products. Shipment for the steel fabrication operations segment generally occurs within 30 days of satisfaction of the performance obligation and revenue recognition. The company does not have financing components. Payments from customers have historically generally been within these terms, however, payments for non-U.S. sales may extend longer. Refer to Note 13. Segment Information
Credit Losses	Credit Losses 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. ​ Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued) At December 31, 2021 and 2020, the company reported $1,916.4 million and $971.9 million, respectively, of accounts receivable, net of allowances for credit losses of $6.2 million and $8.2 million respectively. Changes in the allowance were not material for the years ended December 31, 2021, or 2020.
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
Inventories	Inventories Inventories are stated at lower of cost or net realizable value. Cost is determined using a weighted average cost method for raw materials (including scrap and purchased steel substrate) and supplies, and on a first-in, first-out basis for other inventory. Inventory consisted of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ Raw materials $ 1,870,300 ​ $ 790,324 ​ ​ Supplies ​ 552,616 ​ ​ 500,497 ​ ​ Work in progress ​ 402,207 ​ ​ 162,843 ​ ​ Finished goods ​ 706,007 ​ ​ 389,884 ​ ​ Total inventories $ 3,531,130 ​ $ 1,843,548 ​
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment are stated at cost, except for assets acquired in acquisitions which are valued at fair value, which includes capitalized interest on construction in progress amounts, and is reduced by proceeds received from certain state and local government grants and other capital cost reimbursements. The company assigns each fixed asset a useful life ranging from 3 to 20 years for plant, machinery and equipment, and 10 to 40 years for buildings and improvements. Repairs and maintenance are expensed as incurred. Depreciation is provided utilizing the straight-line depreciation methodology, or the units-of-production depreciation methodology for certain production-related steel operations segment assets, based on units produced, subject to minimum and maximum levels. Depreciation expense was $311.4 million, $290.5 million, and $285.6 million for the years ended December 31, 2021, 2020, and 2019, respectively. The company’s property, plant and equipment consisted of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ Land and improvements ​ $ 350,898 ​ $ 340,495 ​ ​ Buildings and improvements ​ ​ 873,131 ​ ​ 860,641 ​ ​ Plant, machinery and equipment ​ ​ 5,193,405 ​ ​ 4,827,791 ​ ​ Construction in progress ​ ​ 1,839,110 ​ ​ 1,302,689 ​ ​ ​ ​ ​ 8,256,544 ​ ​ 7,331,616 ​ ​ Less accumulated depreciation ​ ​ 3,505,114 ​ ​ 3,226,047 ​ ​ Property, plant and equipment, net ​ $ 4,751,430 ​ $ 4,105,569 ​
Intangible Assets	Intangible Assets The company’s intangible assets consisted of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ ​ ​ Useful ​ Amortization ​ ​ ​ 2021 ​ 2020 ​ Life ​ Period ​ ​ Customer, vendor and scrap generator relationships $ 526,886 ​ $ 526,886 ​ 5 to 25 years ​ 21 years ​ ​ Trade names ​ 147,950 ​ ​ 147,950 ​ 15 to 25 years ​ 19 years ​ ​ Other ​ 1,350 ​ ​ 1,350 ​ 5 years ​ 5 years ​ ​ ​ ​ 676,186 ​ ​ 676,186 ​ ​ ​ 21 years ​ ​ Less accumulated amortization ​ 380,841 ​ ​ 351,609 ​ ​ ​ ​ ​ ​ ​ $ 295,345 ​ $ 324,577 ​ ​ ​ ​ ​ ​ The company utilizes an accelerated amortization methodology for customer, vendor and scrap generator relationships in order to follow the pattern in which the economic benefits of the amounts are anticipated to be consumed. Trade names are amortized using a straight-line methodology. Amortization of intangible assets was $29.2 million, $29.0 million, and $29.6 million for the years ended December 31, 2021, 2020, and 2019, respectively. Estimated amortization expense related to amortizable intangibles for the years ending December 31 is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ $ 27,840 ​ ​ 2023 ​ ​ 27,439 ​ ​ 2024 ​ ​ 26,701 ​ ​ 2025 ​ ​ 24,783 ​ ​ 2026 ​ ​ 23,820 ​ ​ Thereafter ​ ​ 164,762 ​ ​ Total ​ $ 295,345 ​
Impairment of Long-Lived Tangible and Definite Lived Intangible Assets	Impairment of Long-Lived Tangible and Definite-Lived Intangible Assets The company reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may not be fully recoverable. Impairment losses are recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. The impairment loss is measured by comparing the fair value of the assets to its carrying amount. The company considers various factors and determines whether an impairment test is necessary, including by way of examples, a significant and prolonged deterioration in operating results and/or projected cash flows, significant changes in the extent or manner in which an asset is used, technological advances with respect to assets which would potentially render them obsolete, the company’s strategy and capital planning, and the economic environment in markets to be served. A long-lived asset is classified as held for sale upon meeting specified criteria related to ability and intent to sell. An asset classified as held for sale is measured at the lower of its carrying amount or fair value less cost to sell. As of December 31, 2021, and 2020, the company reported $7.1 and $7.2 million, respectively, of assets held for sale within other current assets in the consolidated balance sheet. An impairment loss is recognized for any initial or subsequent write-down of the asset held for sale to its fair value less cost to sell. For assets determined to be classified as held for sale in the years ended December 31, 2021 and 2020, the asset carrying amounts approximated their fair value less cost to sell. Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued) Events occurred during the fourth quarter of 2020, that represented impairment indicators related to the company’s noncore oil and gas joint ventures. Therefore, the company undertook a fourth quarter 2020 assessment of the recoverability of the carrying amounts of these joint ventures’ property, plant and equipment. Based on the joint ventures’ outlook at the time of this 2020 assessment, the company concluded that the carrying amounts of its property, plant and equipment were fully impaired. This assessment resulted in a total non-cash asset impairment charge of $19.4 million, which include amounts attributable to noncontrolling interests of $2.4 million, that in total served to reduce net income attributable to Steel Dynamics, Inc. by $12.0 million for the year ended December 31, 2020.
Goodwill	Goodwill The company’s goodwill consisted of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations Segment ​ $ 272,133 ​ $ 272,133 ​ ​ Metals Recycling Operations Segment ​ ​ 179,777 ​ ​ 183,168 ​ ​ Steel Fabrication Operations Segment ​ ​ 1,925 ​ ​ 1,925 ​ ​ ​ ​ $ 453,835 ​ $ 457,226 ​ ​ Metals Recycling Operations Segment goodwill decreased $3.4 million in 2021 in recognition of the 2021 tax benefit related to the normal amortization of the component of OmniSource tax-deductible goodwill in excess of book goodwill. Cumulative OmniSource goodwill impairment charges were $346.8 million at December 31, 2021 and 2020.
Impairment of Goodwill	Impairment of Goodwill At least once annually (as of October 1), or when indicators of impairment exist, the company performs an impairment test for goodwill. Goodwill is allocated to various reporting units, which are generally one level below the company’s operating segments. The fair value of the reporting unit is determined by using an estimate of future cash flows utilizing a risk-adjusted discount rate to calculate the net present value of future cash flows (income approach), and for some years by using a market approach based upon an analysis of valuation metrics of comparable peer companies, using Level 3 fair value inputs as provided for under ASC 820, Fair Value Measurement. If the fair value exceeds the carrying value of the reporting unit, there is no impairment. If the carrying amount exceeds the fair value, the company recognizes an impairment loss in the amount by which the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the reporting unit.
Equity-Based Compensation	Equity-Based Compensation The company has several stock-based employee compensation plans which are more fully described in Note 6. Equity-Based Incentive Plans
Income Taxes	Income Taxes The company accounts for income taxes and the related accounts under the liability method. Deferred tax liabilities and assets are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted rates expected to be in effect during the year in which the basis differences reverse.
Earnings Per Share	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 stock equivalents as of and for the years ended December 31, 2021, 2020, and 2019. The following table presents a reconciliation of the numerators and the denominators of the company’s basic and diluted earnings per share computations for the years ended December 31 (in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ 2020 ​ ​ Net Income ​ Shares ​ Per Share ​ ​ Net Income ​ Shares ​ Per Share ​ ​ (Numerator) ​ (Denominator) ​ Amount ​ ​ (Numerator) ​ (Denominator) ​ Amount Basic earnings per share ​ $ 3,214,066 ​ ​ 205,115 ​ $ 15.67 ​ ​ $ 550,822 ​ ​ 211,140 ​ $ 2.61 Dilutive common share equivalents ​ ​ - ​ ​ 1,500 ​ ​ ​ ​ ​ ​ - ​ ​ 1,205 ​ ​ ​ Diluted earnings per share ​ $ 3,214,066 ​ ​ 206,615 ​ $ 15.56 ​ ​ $ 550,822 ​ ​ 212,345 ​ $ 2.59 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ ​ Net Income ​ Shares ​ Per Share ​ ​ (Numerator) ​ (Denominator) ​ Amount ​ Basic earnings per share $ 671,103 ​ ​ 219,639 ​ $ 3.06 ​ Dilutive common share equivalents ​ - ​ ​ 1,109 ​ ​ ​ ​ Diluted earnings per share $ 671,103 ​ ​ 220,748 ​ $ 3.04 ​
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the company to significant concentrations of credit risk principally consist of temporary cash investments and accounts receivable. When advantageous, the company places its temporary cash with high credit quality financial institutions and companies and limits the amount of credit exposure from any one entity. The company is exposed to credit risk in the event of nonpayment by customers. The company mitigates its exposure to credit risk, which it generally extends initially 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.
Derivative Financial Instruments	Derivative Financial Instruments The company recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. Changes in the fair value of derivatives that are designated as hedges, depending on the nature of the hedge, are recognized as either an offset against the change in fair value of the hedged balance sheet item in the case of fair value hedges or as other comprehensive income in the case of cash flow hedges, until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings for fair Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued) value hedges. The company offsets fair value amounts recognized for derivative instruments executed with the same counterparty under master netting agreements. In the normal course of business, the company has derivative financial instruments in the form of forward contracts in various metallic commodities, may have involvement with derivative financial instruments related to managing fluctuations in foreign exchange rates, and in the past has had derivative financial instruments related to managing fluctuations in interest rates. At the time of acquiring these financial instruments, the company designates and assigns these instruments as hedges of specific assets, liabilities or anticipated transactions. When hedged assets or liabilities are sold or extinguished, or the anticipated transaction being hedged is no longer expected to occur, the company recognizes the gain or loss on the designated hedged financial instrument. The company routinely enters into forward exchange traded futures and option contracts to manage price risk associated with nonferrous metal inventory, as well as purchases and sales of nonferrous and ferrous metals (primarily aluminum and copper), to reduce exposure to commodity related price fluctuations. The company does not enter into these derivative financial instruments for speculative purposes.

Description of the Business a_3

Description of the Business and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Description of the Business and Summary of Significant Accounting Policies
Schedule of Inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ Raw materials $ 1,870,300 ​ $ 790,324 ​ ​ Supplies ​ 552,616 ​ ​ 500,497 ​ ​ Work in progress ​ 402,207 ​ ​ 162,843 ​ ​ Finished goods ​ 706,007 ​ ​ 389,884 ​ ​ Total inventories $ 3,531,130 ​ $ 1,843,548 ​
Schedule of Property, Plant and Equipment	The company’s property, plant and equipment consisted of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ Land and improvements ​ $ 350,898 ​ $ 340,495 ​ ​ Buildings and improvements ​ ​ 873,131 ​ ​ 860,641 ​ ​ Plant, machinery and equipment ​ ​ 5,193,405 ​ ​ 4,827,791 ​ ​ Construction in progress ​ ​ 1,839,110 ​ ​ 1,302,689 ​ ​ ​ ​ ​ 8,256,544 ​ ​ 7,331,616 ​ ​ Less accumulated depreciation ​ ​ 3,505,114 ​ ​ 3,226,047 ​ ​ Property, plant and equipment, net ​ $ 4,751,430 ​ $ 4,105,569 ​
Schedule of Finite-Lived Intangible Assets	The company’s intangible assets consisted of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ ​ ​ Useful ​ Amortization ​ ​ ​ 2021 ​ 2020 ​ Life ​ Period ​ ​ Customer, vendor and scrap generator relationships $ 526,886 ​ $ 526,886 ​ 5 to 25 years ​ 21 years ​ ​ Trade names ​ 147,950 ​ ​ 147,950 ​ 15 to 25 years ​ 19 years ​ ​ Other ​ 1,350 ​ ​ 1,350 ​ 5 years ​ 5 years ​ ​ ​ ​ 676,186 ​ ​ 676,186 ​ ​ ​ 21 years ​ ​ Less accumulated amortization ​ 380,841 ​ ​ 351,609 ​ ​ ​ ​ ​ ​ ​ $ 295,345 ​ $ 324,577 ​ ​ ​ ​ ​
Schedule of Intangible Assets, Future Amortization Expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ $ 27,840 ​ ​ 2023 ​ ​ 27,439 ​ ​ 2024 ​ ​ 26,701 ​ ​ 2025 ​ ​ 24,783 ​ ​ 2026 ​ ​ 23,820 ​ ​ Thereafter ​ ​ 164,762 ​ ​ Total ​ $ 295,345 ​
Schedule of Goodwill	The company’s goodwill consisted of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations Segment ​ $ 272,133 ​ $ 272,133 ​ ​ Metals Recycling Operations Segment ​ ​ 179,777 ​ ​ 183,168 ​ ​ Steel Fabrication Operations Segment ​ ​ 1,925 ​ ​ 1,925 ​ ​ ​ ​ $ 453,835 ​ $ 457,226 ​
Reconciliation of Basic and Diluted Earnings Per Share	The following table presents a reconciliation of the numerators and the denominators of the company’s basic and diluted earnings per share computations for the years ended December 31 (in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ 2020 ​ ​ Net Income ​ Shares ​ Per Share ​ ​ Net Income ​ Shares ​ Per Share ​ ​ (Numerator) ​ (Denominator) ​ Amount ​ ​ (Numerator) ​ (Denominator) ​ Amount Basic earnings per share ​ $ 3,214,066 ​ ​ 205,115 ​ $ 15.67 ​ ​ $ 550,822 ​ ​ 211,140 ​ $ 2.61 Dilutive common share equivalents ​ ​ - ​ ​ 1,500 ​ ​ ​ ​ ​ ​ - ​ ​ 1,205 ​ ​ ​ Diluted earnings per share ​ $ 3,214,066 ​ ​ 206,615 ​ $ 15.56 ​ ​ $ 550,822 ​ ​ 212,345 ​ $ 2.59 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ ​ Net Income ​ Shares ​ Per Share ​ ​ (Numerator) ​ (Denominator) ​ Amount ​ Basic earnings per share $ 671,103 ​ ​ 219,639 ​ $ 3.06 ​ Dilutive common share equivalents ​ - ​ ​ 1,109 ​ ​ ​ ​ Diluted earnings per share $ 671,103 ​ ​ 220,748 ​ $ 3.04 ​

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2021
Long-Term Debt
Schedule of Long-term Debt Instruments	The company’s borrowings consisted of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ ​ ​ 2.800% senior notes due 2024 $ 400,000 ​ $ 400,000 ​ ​ ​ ​ 2.400% senior notes due 2025 ​ 400,000 ​ ​ 400,000 ​ ​ ​ ​ 5.000% senior notes due 2026 ​ 400,000 ​ ​ 400,000 ​ ​ ​ ​ 1.650% senior notes due 2027 ​ 350,000 ​ ​ 350,000 ​ ​ ​ ​ 3.450% senior notes due 2030 ​ 600,000 ​ ​ 600,000 ​ ​ ​ ​ 3.250% senior notes due 2031 ​ 500,000 ​ ​ 500,000 ​ ​ ​ ​ 3.250% senior notes due 2050 ​ 400,000 ​ ​ 400,000 ​ ​ ​ ​ Other obligations ​ 105,422 ​ ​ 108,658 ​ ​ ​ ​ Total debt ​ 3,155,422 ​ ​ 3,158,658 ​ ​ ​ ​ Less debt issuance costs and original issue discounts ​ 49,546 ​ ​ 55,982 ​ ​ ​ ​ Total amounts outstanding ​ 3,105,876 ​ ​ 3,102,676 ​ ​ ​ ​ Less current maturities ​ 97,174 ​ ​ 86,894 ​ ​ ​ ​ Long-term debt $ 3,008,702 ​ $ 3,015,782 ​ ​
Schedule of Maturities of Long-term Debt	Maturities of outstanding debt as of December 31, 2021, are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ $ 97,174 ​ ​ 2023 ​ ​ 2,081 ​ ​ 2024 ​ ​ 401,621 ​ ​ 2025 ​ ​ 401,562 ​ ​ 2026 ​ ​ 401,481 ​ ​ Thereafter ​ ​ 1,851,503 ​ ​ ​ ​ $ 3,155,422 ​

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Taxes
Schedule of Components of Income Tax Expense (Benefit)	The company files a consolidated federal income tax return. The current and deferred federal and state income tax expense for the years ended December 31 is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ Current income tax expense $ 643,639 ​ $ 88,914 ​ $ 149,106 ​ ​ Deferred income tax expense ​ 318,617 ​ ​ 45,736 ​ ​ 48,331 ​ ​ Total income tax expense $ 962,256 ​ $ 134,650 ​ $ 197,437 ​
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of the statutory rates to the actual effective tax rates for the years ended December 31 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ Statutory federal tax rate ​ 21.0 % ​ ​ 21.0 % ​ ​ 21.0 % ​ ​ State income taxes, net of federal benefit ​ 2.5 ​ ​ ​ 2.6 ​ ​ ​ 2.1 ​ ​ ​ Release of valuation allowance ​ - ​ ​ ​ (2.9) ​ ​ ​ - ​ ​ ​ Federal research & development credits ​ (0.7) ​ ​ ​ (2.1) ​ ​ ​ (0.6) ​ ​ ​ Other permanent differences ​ 0.1 ​ ​ ​ 0.5 ​ ​ ​ 0.1 ​ ​ ​ Effective tax rate ​ 22.9 % ​ ​ 19.1 % ​ ​ 22.6 % ​
Schedule of Deferred Tax Assets and Liabilities	Significant components of the company’s deferred tax assets and liabilities at December 31 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ Deferred tax assets ​ ​ ​ ​ ​ ​ ​ Accrued expenses and allowances $ 24,324 ​ $ 22,912 ​ ​ Inventories ​ 9,088 ​ ​ 5,670 ​ ​ Net operating loss carryforwards ​ 20,333 ​ ​ 25,089 ​ ​ Other ​ 8,776 ​ ​ 7,077 ​ ​ ​ ​ 62,521 ​ ​ 60,748 ​ ​ Less: valuation allowance ​ (805) ​ ​ (805) ​ ​ Total net deferred tax assets ​ 61,716 ​ ​ 59,943 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment ​ (846,942) ​ ​ (538,746) ​ ​ Intangible assets ​ (62,339) ​ ​ (51,835) ​ ​ Other ​ (7,340) ​ ​ (5,650) ​ ​ Total deferred tax liabilities ​ (916,621) ​ ​ (596,231) ​ ​ Net deferred tax liability $ (854,905) ​ $ (536,288) ​
Schedule of Unrecognized Tax Benefits Roll Forward	A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ Balance at January 1 $ 12,830 ​ $ 10,162 ​ $ 10,131 ​ ​ Increases related to current year tax positions ​ 8,250 ​ ​ 4,350 ​ ​ 750 ​ ​ Increases related to prior year tax positions ​ 2,095 ​ ​ - ​ ​ 2,198 ​ ​ Decreases related to prior year tax positions ​ (2,709) ​ ​ (1,682) ​ ​ (1,363) ​ ​ Settlements with taxing authorities ​ - ​ ​ - ​ ​ (1,554) ​ ​ Balance at December 31 $ 20,466 ​ $ 12,830 ​ $ 10,162 ​

Equity-Based Incentive Plans (T

Equity-Based Incentive Plans (Tables)	12 Months Ended
	Dec. 31, 2021
Equity-Based Incentive Plans
Schedule of Restricted Stock Units Award Activity	A summary of the company’s RSU activity and outstanding RSUs as of December 31, 2021, are presented below (dollars in thousands except grant date fair value): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Aggregate ​ ​ ​ ​ Number ​ Average Grant ​ Intrinsic ​ Unrecognized ​ of RSUs ​ Date Fair Value ​ Value ​ Compensation Outstanding RSUs as of January 1, 2019 1,348,066 ​ $ 36.32 ​ $ 40,496 ​ $ 31,996 Granted 1,038,812 ​ ​ 29.87 ​ ​ ​ ​ ​ ​ Vested (769,291) ​ ​ 35.32 ​ ​ ​ ​ ​ ​ Forfeited (59,593) ​ ​ 36.03 ​ ​ ​ ​ ​ ​ As of December 31, 2019 1,557,994 ​ $ 32.53 ​ $ 53,034 ​ $ 33,581 Granted 1,017,518 ​ ​ 33.54 ​ ​ ​ ​ ​ ​ Vested (811,317) ​ ​ 36.09 ​ ​ ​ ​ ​ ​ Forfeited (65,616) ​ ​ 32.20 ​ ​ ​ ​ ​ ​ As of December 31, 2020 1,698,579 ​ $ 31.44 ​ $ 62,627 ​ $ 35,821 Granted 627,973 ​ ​ 59.38 ​ ​ ​ ​ ​ ​ Vested (895,706) ​ ​ 32.30 ​ ​ ​ ​ ​ ​ Forfeited (82,588) ​ ​ 32.47 ​ ​ ​ ​ ​ ​ As of December 31, 2021 (nonvested) 1,348,258 ​ $ 43.82 ​ $ 83,686 ​ $ 39,657
Schedule of Performance Period Transition Awards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum ​ ​ ​ ​ ​ ​ ​ ​ Shares That ​ Award ​ ​ ​ ​ ​ ​ Could Be Issued ​ Earned ​ Award Issued/Issuable ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2016 LTIP Award: ​ ​ ​ ​ ​ ​ ​ ​ Three-year performance period award 324,469 ​ 324,469 ​ 108,158 ​ March 2019 ​ ​ ​ ​ ​ ​ 108,156 ​ March 2020 ​ ​ ​ ​ ​ ​ 108,155 ​ March 2021 ​ 2017 LTIP Award: ​ ​ ​ ​ ​ ​ ​ ​ Three-year performance period award 182,274 ​ 164,047 ​ 54,683 ​ March 2020 ​ ​ ​ ​ ​ ​ 54,682 ​ March 2021 ​ ​ ​ ​ ​ ​ 54,682 ​ March 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Two-year performance period transition award 16,779 ​ 15,101 ​ 5,034 ​ March 2019 ​ ​ ​ ​ ​ ​ 5,034 ​ March 2020 ​ ​ ​ ​ ​ ​ 5,033 ​ March 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2018 LTIP Award: ​ ​ ​ ​ ​ ​ ​ ​ Three-year performance period award 198,397 ​ 188,481 ​ 188,481 ​ March 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 LTIP Award: ​ ​ ​ ​ ​ ​ ​ ​ Three-year performance period award 422,008 ​ 379,811 ​ 379,811 ​ March 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Two-year performance period transition award 15,600 ​ 14,040 ​ 14,040 ​ March 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 LTIP Award: ​ ​ ​ ​ ​ ​ ​ ​ Three-year performance period award 405,922 ​ * ​ * ​ ​ ​ Two-year performance period transition award 9,764 ​ 8,300 ​ 8,300 ​ March 2022 ​ One-year performance period transition award 9,764 ​ 7,812 ​ 7,812 ​ March 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 LTIP Award: ​ ​ ​ ​ ​ ​ ​ ​ Three-year performance period award 400,468 ​ * ​ * ​ ​ * Not yet earned as performance period not complete.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2021
Derivative Financial Instruments
Schedule of Notional Amounts of Outstanding Derivative Positions	The following summarizes the company’s futures contract commitments as of December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity Futures ​ Long/Short ​ Metric Tons ​ ​ Aluminum ​ Long ​ 4,225 ​ ​ Aluminum ​ Short ​ 9,850 ​ ​ Copper ​ Long ​ 16,250 ​ ​ Copper ​ Short ​ 30,255 ​
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 and gains or losses related to derivatives included in the company’s consolidated statements of income as of and for the years ended December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Derivatives ​ Liability Derivatives ​ ​ ​ ​ Fair Value ​ Fair Value ​ ​ Balance sheet location ​ December 31, 2021 ​ December 31, 2020 ​ December 31, 2021 ​ December 31, 2020 ​ Derivative instruments designated as hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures Other current assets ​ $ 1,278 ​ $ 5,092 ​ $ 7,430 ​ $ 4,635 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments not designated as hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures Other current assets ​ ​ 4,319 ​ ​ 1,705 ​ ​ 6,171 ​ ​ 2,807 ​ Total derivative instruments ​ ​ $ 5,597 ​ $ 6,797 ​ $ 13,601 ​ $ 7,442 ​ ​ ​ Note 7. Derivative Financial Instruments (Continued) The fair value of the above derivative instruments along with required margin deposit amounts with the same counterparty under master netting agreements totaled $24.9 million and $13.2 million at December 31, 2021, and 2020, respectively, and are reflected in other current assets in the consolidated balance sheets. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of ​ ​ ​ ​ ​ ​ ​ ​ ​ Location of gain ​ ​ gain (loss) ​ ​ ​ Location of gain ​ ​ Amount of gain ​ ​ (loss) recognized ​ ​ recognized in ​ Hedged items in ​ (loss) recognized ​ ​ (loss) recognized in ​ ​ in income on ​ ​ income on ​ fair value hedge ​ in income on ​ ​ income on related ​ ​ derivatives ​ ​ derivatives ​ relationships ​ related hedged items ​ ​ hedged items For the Year Ended ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives in fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ hedging relationships ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold ​ $ (1,369) ​ Firm commitments ​ Costs of goods sold ​ $ 3,354 ​ ​ ​ ​ ​ ​ ​ Inventory ​ Costs of goods sold ​ ​ 1,054 Derivatives not designated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 4,408 as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold ​ $ (33,517) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives in fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ hedging relationships ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold ​ $ (2,004) ​ Firm commitments ​ Costs of goods sold ​ $ (79) ​ ​ ​ ​ ​ ​ ​ Inventory ​ Costs of goods sold ​ ​ (482) Derivatives not designated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (561) as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold ​ $ (17,368) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives in fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ hedging relationships ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold ​ $ (801) ​ Firm commitments ​ Costs of goods sold ​ $ (1,613) ​ ​ ​ ​ ​ ​ ​ Inventory ​ Costs of goods sold ​ ​ 832 Derivatives not designated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (781) as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold ​ $ 704 ​ ​ ​ ​ ​ ​ ​

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2021
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 December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted Prices ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in Active ​ Other ​ Significant ​ ​ ​ ​ ​ ​ ​ Markets for ​ Observable ​ Unobservable ​ ​ ​ ​ ​ ​ ​ Identical Assets ​ Inputs ​ Inputs ​ ​ ​ ​ Total ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures – financial assets $ 5,597 ​ $ - ​ $ 5,597 ​ $ - ​ ​ ​ Commodity futures – financial liabilities ​ 13,601 ​ ​ - ​ ​ 13,601 ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures – financial assets $ 6,797 ​ $ - ​ $ 6,797 ​ $ - ​ ​ ​ Commodity futures – financial liabilities ​ 7,442 ​ ​ - ​ ​ 7,442 ​ ​ - ​ ​

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies
Schedule of Unconditional Purchase Obligations	The company’s commitments for these agreements with “take or pay” or other similar commitment provisions for the years ending December 31 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ $ 344,881 ​ ​ 2023 ​ ​ 83,139 ​ ​ 2024 ​ ​ 52,962 ​ ​ 2025 ​ ​ 17,423 ​ ​ 2026 ​ ​ 16,452 ​ ​ Thereafter ​ ​ 125,913 ​ ​ ​ ​ $ 640,770 ​ ​

Transactions with Affiliated _2

Transactions with Affiliated Companies (Tables)	12 Months Ended
	Dec. 31, 2021
Transactions with Affiliated Companies
Schedule of Related Party Transactions	The company purchases and sells recycled and scrap metal, and steel with other smaller affiliated companies. These transactions for the years ended December 31, are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ Sales $ 32,107 ​ $ 13,791 ​ $ 13,859 ​ ​ Accounts receivable ​ 5,049 ​ ​ 3,937 ​ ​ 2,958 ​ ​ Purchases ​ 163,453 ​ ​ 132,560 ​ ​ 203,279 ​ ​ Accounts payable ​ 13,722 ​ ​ 8,919 ​ ​ 3,657 ​

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2021
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 sheets at December 31, are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ 2020 ​ Right-of-use assets under operating leases: ​ ​ ​ ​ ​ ​ Other assets - noncurrent $ 100,124 ​ $ 90,280 ​ Lease obligations under operating leases: ​ ​ ​ ​ ​ ​ Accrued liabilities $ 17,822 ​ $ 17,702 ​ Other liabilities - noncurrent ​ 82,252 ​ ​ 72,614 ​ ​ $ 100,074 ​ $ 90,316
Schedule of future operating lease liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 $ 20,769 ​ ​ ​ ​ 2023 ​ 18,158 ​ ​ ​ ​ 2024 ​ 15,341 ​ ​ ​ ​ 2025 ​ 12,444 ​ ​ ​ ​ 2026 ​ 8,261 ​ ​ ​ ​ Thereafter ​ 42,719 ​ ​ ​ ​ Total undiscounted cash flows ​ 117,692 ​ ​ ​ ​ Less imputed interest ​ (17,618) ​ ​ ​ ​ Lease obligations under operating leases $ 100,074 ​ ​ ​ ​ ​ ​ ​ ​ ​

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2021
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 year ended ​ Steel ​ Recycling ​ Fabrication ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Operations ​ Operations ​ Operations ​ Other ​ Eliminations ​ Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales - disaggregated revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External ​ $ 12,618,917 ​ $ 1,658,843 ​ $ 1,761,078 ​ $ 1,252,095 ​ $ - ​ $ 17,290,933 External Non-United States ​ ​ 580,225 ​ ​ 524,629 ​ ​ 569 ​ ​ 12,494 ​ ​ - ​ ​ 1,117,917 Other segments ​ ​ 823,991 ​ ​ 2,406,649 ​ ​ 3,063 ​ ​ 2,382 ​ ​ (3,236,085) ​ ​ - ​ ​ ​ 14,023,133 ​ ​ 4,590,121 ​ ​ 1,764,710 ​ ​ 1,266,971 ​ ​ (3,236,085) ​ ​ 18,408,850 Operating income (loss) ​ ​ 4,360,488 ​ ​ 181,986 ​ ​ 365,250 ​ ​ (551,725) (1) ​ (54,894) ​ ​ 4,301,105 Income (loss) before income taxes ​ ​ 4,327,300 ​ ​ 181,579 ​ ​ 362,473 ​ ​ (606,021) ​ ​ (56,261) (2) ​ 4,209,070 Depreciation and amortization ​ ​ 263,125 ​ ​ 55,620 ​ ​ 9,961 ​ ​ 18,947 ​ ​ - ​ ​ 347,653 Capital expenditures ​ ​ 937,011 ​ ​ 46,360 ​ ​ 12,939 ​ ​ 9,929 ​ ​ - ​ ​ 1,006,239 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ $ 8,686,216 ​ $ 1,266,920 ​ $ 1,195,396 ​ $ 1,523,830 (3) $ (141,128) (4) $ 12,531,234 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Note 13. Segment Information (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Footnotes related to the year ended December 31, 2021, segment results (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Corporate SG&A $ (78.0) ​ (2) Gross profit decrease from intra-company sales $ (56.3) ​ Company-wide equity-based compensation ​ (78.8) ​ ​ ​ ​ ​ ​ Profit sharing ​ (379.3) ​ ​ ​ ​ ​ ​ Other, net ​ (15.6) ​ ​ ​ ​ ​ ​ ​ $ (551.7) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (3) Cash and equivalents $ 1,088.8 ​ (4) Elimination of intra-company receivables $ (48.9) ​ Accounts receivable ​ 27.5 ​ ​ Elimination of intra-company debt ​ (19.6) ​ Inventories ​ 94.2 ​ ​ Elimination of intra-company profit in inventory ​ (72.6) ​ Property, plant and equipment, net ​ 128.9 ​ ​ ​ $ (141.1) ​ Intra-company debt ​ 19.6 ​ ​ ​ ​ ​ ​ Other ​ 164.8 ​ ​ ​ ​ ​ ​ ​ $ 1,523.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Metals ​ Steel ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ Steel ​ Recycling ​ Fabrication ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ Operations ​ Operations ​ Operations ​ Other ​ Eliminations ​ Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales - disaggregated revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External ​ $ 6,873,209 ​ $ 820,262 ​ $ 895,227 ​ $ 500,496 ​ $ - ​ $ 9,089,194 External Non-United States ​ ​ 263,895 ​ ​ 247,662 ​ ​ 474 ​ ​ 257 ​ ​ - ​ ​ 512,288 Other segments ​ ​ 318,533 ​ ​ 1,335,216 ​ ​ 10,663 ​ ​ 434 ​ ​ (1,664,846) ​ ​ - ​ ​ ​ 7,455,637 ​ ​ 2,403,140 ​ ​ 906,364 ​ ​ 501,187 ​ ​ (1,664,846) ​ ​ 9,601,482 Operating income (loss) ​ ​ 889,480 ​ ​ 32,991 ​ ​ 120,575 ​ ​ (188,525) (1) ​ (7,379) ​ ​ 847,142 Income (loss) before income taxes ​ ​ 833,035 ​ ​ 27,753 ​ ​ 116,625 ​ ​ (263,470) ​ ​ (8,465) (2) ​ 705,478 Depreciation and amortization ​ ​ 251,590 ​ ​ 50,099 ​ ​ 10,819 ​ ​ 13,281 ​ ​ - ​ ​ 325,789 Capital expenditures ​ ​ 1,132,298 ​ ​ 32,875 ​ ​ 15,234 ​ ​ 17,648 ​ ​ - ​ ​ 1,198,055 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ $ 6,288,362 ​ $ 1,116,051 ​ $ 376,658 ​ $ 1,571,188 (3) $ (86,697) (4) $ 9,265,562 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Footnotes related to the year ended December 31, 2020, segment results (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Corporate SG&A $ (57.9) ​ (2) Gross profit decrease from intra-company sales $ (8.5) ​ Company-wide equity-based compensation ​ (48.5) ​ ​ ​ ​ ​ ​ Profit sharing ​ (58.3) ​ ​ ​ ​ ​ ​ Asset impairment charges ​ (19.4) ​ ​ ​ ​ ​ ​ Other, net ​ (4.4) ​ ​ ​ ​ ​ ​ ​ $ (188.5) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (3) Cash and equivalents $ 1,276.1 ​ (4) Elimination of intra-company receivables $ (61.2) ​ Accounts receivable ​ 17.0 ​ ​ Elimination of intra-company debt ​ (9.1) ​ Inventories ​ 84.7 ​ ​ Elimination of intra-company profit in inventory ​ (16.4) ​ Property, plant and equipment, net ​ 136.0 ​ ​ ​ $ (86.7) ​ Intra-company debt ​ 9.1 ​ ​ ​ ​ ​ ​ Other ​ 48.3 ​ ​ ​ ​ ​ ​ ​ $ 1,571.2 ​ ​ ​ ​ ​ Note 13. Segment Information (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Metals ​ Steel ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ Steel ​ Recycling ​ Fabrication ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ Operations ​ Operations ​ Operations ​ Other ​ Eliminations ​ Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales - disaggregated revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External ​ $ 7,606,471 ​ $ 972,200 ​ $ 960,657 ​ $ 388,546 ​ $ - ​ $ 9,927,874 External Non-United States ​ ​ 298,081 ​ ​ 225,807 ​ ​ 1,497 ​ ​ 11,732 ​ ​ - ​ ​ 537,117 Other segments ​ ​ 329,627 ​ ​ 1,296,007 ​ ​ 1,105 ​ ​ 469 ​ ​ (1,627,208) ​ ​ - ​ ​ ​ 8,234,179 ​ ​ 2,494,014 ​ ​ 963,259 ​ ​ 400,747 ​ ​ (1,627,208) ​ ​ 10,464,991 Operating income (loss) ​ ​ 1,030,554 ​ ​ 16,308 ​ ​ 119,099 ​ ​ (186,159) (1) ​ 7,078 ​ ​ 986,880 Income (loss) before income taxes ​ ​ 963,514 ​ ​ 11,432 ​ ​ 114,359 ​ ​ (220,188) ​ ​ 6,220 (2) ​ 875,337 Depreciation and amortization ​ ​ 251,568 ​ ​ 46,538 ​ ​ 11,768 ​ ​ 11,208 ​ ​ - ​ ​ 321,082 Capital expenditures ​ ​ 385,058 ​ ​ 46,959 ​ ​ 12,446 ​ ​ 7,482 ​ ​ - ​ ​ 451,945 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Footnotes related to the year ended December 31, 2019, segment results (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Corporate SG&A $ (66.1) ​ (2) Gross profit increase from intra-company sales $ 6.2 ​ Company-wide equity-based compensation ​ (40.6) ​ ​ ​ ​ ​ ​ Profit sharing ​ (73.6) ​ ​ ​ ​ ​ ​ Other, net ​ (5.9) ​ ​ ​ ​ ​ ​ ​ $ (186.2) ​ ​ ​ ​ ​

Description of the Business a_4

Description of the Business and Summary of Significant Accounting Policies (Description of the Business) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)itemsegment	Dec. 31, 2020USD ($)	Dec. 31, 2019	Mar. 01, 2019
Segment Reporting Information
Number of reportable segments | segment	3
Workforce represented by collective bargaining agreements (as a percent)	6.00%
Number of locations under collective bargaining arrangements | item	6
Percentage of workforce subject to collective bargaining arrangements expiring during the year	5.00%
Number of locations subject to collective bargaining agreements expiring | item	3
Impairment charges		$ 19,409
Redeemable noncontrolling interests	$ 211,414	$ 158,614
United Steel Supply, LLC
Segment Reporting Information
Acquisition of interest (as a percent)				75.00%
Steel Operations
Segment Reporting Information
Percentage of external net sales	72.00%	74.00%	76.00%
Metals Recycling Operations
Segment Reporting Information
Percentage of external net sales	12.00%	11.00%	11.00%
Steel Fabrication Operations
Segment Reporting Information
Percentage of external net sales	10.00%	9.00%	9.00%
Mesabi Nugget
Segment Reporting Information
Noncontrolling interest, ownership percentage	85.00%
Redeemable noncontrolling interests	$ 111,200	$ 111,200

Description of the Business a_5

Description of the Business and Summary of Significant Accounting Policies (Credit Losses) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Description of the Business and Summary of Significant Accounting Policies
Accounts receivable, net	$ 1,916,400	$ 971,900
Allowance for credit losses	$ 6,161	$ 8,209

Description of the Business a_6

Description of the Business and Summary of Significant Accounting Policies (Cash and Equivalents, and Restricted Cash and Equivalents) (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Description of the Business and Summary of Significant Accounting Policies
Restricted Cash and Cash Equivalents	$ 5.5	$ 5.5	$ 5.9	$ 6.2
Restricted Cash and Cash Equivalents, Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets	Other assets	Other assets

Description of the Business a_7

Description of the Business and Summary of Significant Accounting Policies (Inventories) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Description of the Business and Summary of Significant Accounting Policies
Raw materials	$ 1,870,300	$ 790,324
Supplies	552,616	500,497
Work in progress	402,207	162,843
Finished goods	706,007	389,884
Total inventories	$ 3,531,130	$ 1,843,548

Description of the Business a_8

Description of the Business and Summary of Significant Accounting Policies (Property, Plant and Equipment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, plant and equipment
Depreciation expense	$ 311,400	$ 290,500	$ 285,600
Property, plant and equipment, gross	8,256,544	7,331,616
Less accumulated depreciation	3,505,114	3,226,047
Property, plant and equipment, net	4,751,430	4,105,569
Land and improvements
Property, plant and equipment
Property, plant and equipment, gross	350,898	340,495
Buildings and improvements
Property, plant and equipment
Property, plant and equipment, gross	$ 873,131	860,641
Buildings and improvements | Minimum
Property, plant and equipment
Property, plant and equipment useful life	10 years
Buildings and improvements | Maximum
Property, plant and equipment
Property, plant and equipment useful life	40 years
Plant, machinery and equipment
Property, plant and equipment
Property, plant and equipment, gross	$ 5,193,405	4,827,791
Plant, machinery and equipment | Minimum
Property, plant and equipment
Property, plant and equipment useful life	3 years
Plant, machinery and equipment | Maximum
Property, plant and equipment
Property, plant and equipment useful life	20 years
Construction in progress
Property, plant and equipment
Property, plant and equipment, gross	$ 1,839,110	$ 1,302,689

Description of the Business a_9

Description of the Business and Summary of Significant Accounting Policies (Intangible Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	$ 676,186	$ 676,186
Less accumulated amortization	380,841	351,609
Intangible Assets, Net (Excluding Goodwill), Total	295,345	324,577
Amortization of intangible assets	29,232	28,999	$ 29,577
Estimated amortization expense
2022	27,840
2023	27,439
2024	26,701
2025	24,783
2026	23,820
Thereafter	164,762
Total	295,345
Impairment of Long-Lived Tangible and Definite-Lived Intangible Assets
Asset impairment charges		19,409
Corporate Joint Venture [Member]
Impairment of Long-Lived Tangible and Definite-Lived Intangible Assets
Asset impairment charges		19,400
Reduction of net income related to asset impairment		12,000
Other current assets
Impairment of Long-Lived Tangible and Definite-Lived Intangible Assets
Assets held for sale	$ 7,100	7,200
Noncontrolling Interests | Corporate Joint Venture [Member]
Impairment of Long-Lived Tangible and Definite-Lived Intangible Assets
Asset impairment charges		2,400
Weighted average
Finite-Lived Intangible Assets [Line Items]
Useful Life	21 years
Customer, vendor and scrap generator relationships
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 526,886	526,886
Customer, vendor and scrap generator relationships | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life	5 years
Customer, vendor and scrap generator relationships | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life	25 years
Customer, vendor and scrap generator relationships | Weighted average
Finite-Lived Intangible Assets [Line Items]
Useful Life	21 years
Trade names
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 147,950	147,950
Trade names | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life	15 years
Trade names | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life	25 years
Trade names | Weighted average
Finite-Lived Intangible Assets [Line Items]
Useful Life	19 years
Other Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 1,350	$ 1,350
Useful Life	5 years
Other Intangible Assets [Member] | Weighted average
Finite-Lived Intangible Assets [Line Items]
Useful Life	5 years

Description of the Business _10

Description of the Business and Summary of Significant Accounting Policies (Goodwill) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill
Goodwill	$ 453,835	$ 457,226
Goodwill impairment loss	0	0	$ 0
Compensation expense for stock-based employee compensation plan	80,200	50,700	$ 43,300
Steel Operations
Goodwill
Goodwill	272,133	272,133
Metals Recycling Operations
Goodwill
Goodwill	179,777	183,168
Metals Recycling Operations | OmniSource
Goodwill
Goodwill decrease due to tax benefit related to the normal amortization of the component	3,400
Goodwill impaired accumulated impairment loss	346,800	346,800
Steel Fabrication Operations
Goodwill
Goodwill	$ 1,925	$ 1,925

Description of the Business _11

Description of the Business and Summary of Significant Accounting Policies (Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share
Antidilutive common share equivalents excluded from computation of earnings per share amount (in shares)	0	0	0
Net Income (Numerator)
Basic earnings per share (in dollars)	$ 3,214,066	$ 550,822	$ 671,103
Diluted earnings per share (in dollars)	$ 3,214,066	$ 550,822	$ 671,103
Weighted Average Shares (Denominator)
Basic earnings per share (in shares)	205,115,000	211,140,000	219,639,000
Dilutive common share equivalents (in shares)	1,500,000	1,205,000	1,109,000
Diluted earnings per share (in shares)	206,615,000	212,345,000	220,748,000
Per Share Amount
Basic (in dollars per share)	$ 15.67	$ 2.61	$ 3.06
Diluted (in dollars per share)	$ 15.56	$ 2.59	$ 3.04

Acquisitions and Investments (N

Acquisitions and Investments (Narrative) (Details) - USD ($) $ in Thousands	Aug. 03, 2020	Mar. 01, 2019	Dec. 31, 2020	Dec. 31, 2019	Jan. 31, 2022	Dec. 31, 2021
Acquisition
Purchase price paid in cash			$ 60,012	$ 97,106
Goodwill			$ 457,226			$ 453,835
New Process Steel LP
Acquisition
Minority equity interest acquired					45.00%
United Steel Supply, LLC
Acquisition
Acquisition of interest (as a percent)		75.00%
Purchase price paid in cash		$ 97,100
United Steel Supply, LLC | Option to Purchase Remaining Equity Interest After Third Anniversary [Member]
Acquisition
Percentage of voting equity interests remaining available		12.50%
United Steel Supply, LLC | Option to Purchase Remaining Equity Interest After Fourth Anniversary [Member]
Acquisition
Percentage of voting equity interests remaining available		12.50%
Zimmer, S.A. de C.V.
Acquisition
Acquisition of interest (as a percent)	100.00%
Purchase price paid in cash	$ 60,000

Long-Term Debt - By Issue (Deta

Long-Term Debt - By Issue (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Long Term Debt
Total debt	$ 3,155,422	$ 3,158,658
Less debt issuance costs and original issue discounts	49,546	55,982
Long-term Debt, Total	3,105,876	3,102,676
Less current maturities	97,174	86,894
Long-term debt	3,008,702	3,015,782
2.800% senior notes due 2024
Long Term Debt
Total debt	$ 400,000	400,000
Stated interest rate	2.80%
2.400% senior notes due 2025
Long Term Debt
Total debt	$ 400,000	400,000
Stated interest rate	2.40%
5.000% Senior Notes Due 2026 [Member]
Long Term Debt
Total debt	$ 400,000	400,000
Stated interest rate	5.00%
1.650% senior notes due 2027
Long Term Debt
Total debt	$ 350,000	350,000
Stated interest rate	1.65%
3.450% senior notes due 2030
Long Term Debt
Total debt	$ 600,000	600,000
Stated interest rate	3.45%
3.250% senior notes due 2031
Long Term Debt
Total debt	$ 500,000	500,000
Stated interest rate	3.25%
3.250% senior notes due 2050
Long Term Debt
Total debt	$ 400,000	400,000
Stated interest rate	3.25%
Other obligations
Long Term Debt
Total debt	$ 105,422	$ 108,658

Long-Term Debt - Senior Secured

Long-Term Debt - Senior Secured Credit Facility (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Long Term Debt
Maximum borrowing capacity of credit facility	$ 25,000
Repayments of debt	$ 1,522,002	$ 2,177,527	$ 1,264,152
Consolidated interest coverage ratio	45.04
Leverage ratio	0.33
Senior secured revolving credit facility
Long Term Debt
Maximum borrowing capacity of credit facility	$ 1,200,000
Additional amount by which facility size can be increased	500,000
Availability on the senior secured revolver	1,200,000
Outstanding letters of credit and other obligations which reduce availability	12,000
Borrowings outstanding	$ 0
Senior secured revolving credit facility | Minimum
Long Term Debt
Unused commitment fee (as a percent)	0.15%
Consolidated interest coverage ratio	2.50
Senior secured revolving credit facility | Minimum | LIBOR
Long Term Debt
Interest rate added to the base rate (as a percent)	1.125%
Senior secured revolving credit facility | Minimum | Prime
Long Term Debt
Interest rate added to the base rate (as a percent)	0.125%
Senior secured revolving credit facility | Maximum
Long Term Debt
Unused commitment fee (as a percent)	0.275%
Leverage ratio	0.60
Senior secured revolving credit facility | Maximum | LIBOR
Long Term Debt
Interest rate added to the base rate (as a percent)	1.75%
Senior secured revolving credit facility | Maximum | Prime
Long Term Debt
Interest rate added to the base rate (as a percent)	0.75%

Long-Term Debt - Senior Unsecur

Long-Term Debt - Senior Unsecured Notes (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)
Long Term Debt
Long-term Debt, Gross		$ 3,155,422	$ 3,158,658
Outstanding Balance		$ 3,105,876	3,102,676
Senior Notes
Long Term Debt
Debt Instrument, Number of Tranches | loan		7
5 1/4% Senior Notes due 2023
Long Term Debt
Redemption price of debt instrument (as a percent)	100.875%
2.800% senior notes due 2024
Long Term Debt
Long-term Debt, Gross		$ 400,000	400,000
Stated interest rate		2.80%
Redemption price of debt instrument (as a percent)		100.00%
2.400% senior notes due 2025
Long Term Debt
Long-term Debt, Gross		$ 400,000	400,000
Stated interest rate		2.40%
Redemption price of debt instrument (as a percent)		100.00%
5.000% Senior Notes Due 2026 [Member]
Long Term Debt
Long-term Debt, Gross		$ 400,000	400,000
Stated interest rate		5.00%
5.000% Senior Notes Due 2026 [Member] | Debt Instrument, Redemption, Period Two [Member]
Long Term Debt
Redemption price of debt instrument (as a percent)		102.50%
5.000% Senior Notes Due 2026 [Member] | Debt Instrument, Redemption, Period Three [Member]
Long Term Debt
Redemption price of debt instrument (as a percent)		101.667%
5.000% Senior Notes Due 2026 [Member] | Debt Instrument, Redemption, Period Four [Member]
Long Term Debt
Redemption price of debt instrument (as a percent)		100.833%
5.000% Senior Notes Due 2026 [Member] | Debt Instrument, Redemption, Period Five [Member]
Long Term Debt
Redemption price of debt instrument (as a percent)		100.00%
1.650% senior notes due 2027
Long Term Debt
Long-term Debt, Gross		$ 350,000	350,000
Stated interest rate		1.65%
Redemption price of debt instrument (as a percent)		100.00%
3.450% senior notes due 2030
Long Term Debt
Long-term Debt, Gross		$ 600,000	600,000
Stated interest rate		3.45%
Redemption price of debt instrument (as a percent)		100.00%
3.250% senior notes due 2031
Long Term Debt
Long-term Debt, Gross		$ 500,000	500,000
Stated interest rate		3.25%
Redemption price of debt instrument (as a percent)		100.00%
3.250% senior notes due 2050
Long Term Debt
Long-term Debt, Gross		$ 400,000	$ 400,000
Stated interest rate		3.25%
Redemption price of debt instrument (as a percent)		100.00%
US Treasury (UST) Interest Rate [Member] | 2.800% senior notes due 2024
Long Term Debt
Debt Instrument, Basis Spread on Variable Rate		0.20%
US Treasury (UST) Interest Rate [Member] | 2.400% senior notes due 2025
Long Term Debt
Debt Instrument, Basis Spread on Variable Rate		0.35%
US Treasury (UST) Interest Rate [Member] | 1.650% senior notes due 2027
Long Term Debt
Debt Instrument, Basis Spread on Variable Rate		0.20%
US Treasury (UST) Interest Rate [Member] | 3.450% senior notes due 2030
Long Term Debt
Debt Instrument, Basis Spread on Variable Rate		0.25%
US Treasury (UST) Interest Rate [Member] | 3.250% senior notes due 2031
Long Term Debt
Debt Instrument, Basis Spread on Variable Rate		0.40%
US Treasury (UST) Interest Rate [Member] | 3.250% senior notes due 2050
Long Term Debt
Debt Instrument, Basis Spread on Variable Rate		0.30%

Long-Term Debt - Other Secured

Long-Term Debt - Other Secured Obligations (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)subsidiary	Dec. 31, 2020USD ($)
Long Term Debt
Outstanding principal balance	$ 3,155,422	$ 3,158,658
Maximum borrowing capacity of credit facility	25,000
Senior secured revolving credit facility
Long Term Debt
Unused stand-by letter of credit	1,200,000
Maximum borrowing capacity of credit facility	1,200,000
Borrowings outstanding	$ 0
Two Subsidiaries [Member] | Secured Debt [Member]
Long Term Debt
Number of subsidiaries | subsidiary	2
Long-term Debt, Weighted Average Interest Rate, at Point in Time	4.70%
Outstanding principal balance	$ 10,400	9,600
Subsidiary One [Member] | Revolving Credit Facility
Long Term Debt
Number of subsidiaries | subsidiary	1
Secured letter of credit	$ 30,000
Maximum borrowing capacity of credit facility	$ 100,000
Line of Credit Facility, Interest Rate at Period End	1.60%
Borrowings outstanding	$ 94,400	82,300
Subsidiary Two [Member] | Revolving Credit Facility
Long Term Debt
Line of Credit Facility, Interest Rate at Period End	3.00%
Borrowings outstanding	$ 0
Mesabi Nugget | Secured Debt [Member]
Long Term Debt
Outstanding principal balance	$ 0	$ 15,200

Long-Term Debt - Outstanding De

Long-Term Debt - Outstanding Debt Maturities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Maturities of outstanding debt
2022	$ 97,174
2023	2,081
2024	401,621
2025	401,562
2026	401,481
Thereafter	1,851,503
Total debt	3,155,422	$ 3,158,658
Interest costs
Interest costs incurred	107,700	118,800	$ 132,600
Interest costs incurred capitalized	$ 50,500	$ 23,900	$ 5,500

Long-Term Debt - Financing Acti

Long-Term Debt - Financing Activity (Details) - USD ($) $ in Thousands	1 Months Ended			12 Months Ended
	Oct. 31, 2020	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Long Term Debt
Repayments of debt				$ 1,522,002	$ 2,177,527	$ 1,264,152
1.650% senior notes due 2027
Long Term Debt
Debt Instrument, Face Amount	$ 350,000
Stated interest rate				1.65%
Redemption price of debt instrument (as a percent)				100.00%
3.250% senior notes due 2050
Long Term Debt
Debt Instrument, Face Amount	400,000
Stated interest rate				3.25%
Redemption price of debt instrument (as a percent)				100.00%
2.400% senior notes due 2025
Long Term Debt
Debt Instrument, Face Amount		$ 400,000
Stated interest rate				2.40%
Redemption price of debt instrument (as a percent)				100.00%
3.250% senior notes due 2031
Long Term Debt
Debt Instrument, Face Amount		500,000
Stated interest rate				3.25%
Redemption price of debt instrument (as a percent)				100.00%
5 1/4% Senior Notes due 2023
Long Term Debt
Debt Instrument, Face Amount		$ 400,000
Redemption price of debt instrument (as a percent)		100.875%
2.800% senior notes due 2024
Long Term Debt
Debt Instrument, Face Amount			$ 400,000			400,000
Stated interest rate				2.80%
Redemption price of debt instrument (as a percent)				100.00%
3.450% senior notes due 2030
Long Term Debt
Debt Instrument, Face Amount			600,000			600,000
Stated interest rate				3.45%
Redemption price of debt instrument (as a percent)				100.00%
5.500% senior notes due 2024
Long Term Debt
Debt Instrument, Face Amount		$ 500,000
Stated interest rate		5.50%
Redemption price of debt instrument (as a percent)		102.75%
Senior Notes 2.80 Percent Due 2024 And Senior Notes 3.450 Percent Due 2030 [Member]
Long Term Debt
Expenses recorded related to tender offer and early payoff of Senior Notes related to tender premiums, unamortized debt issuance cost write-off, and tender expenses						3,700
Senior Notes 1.650 Percent Due 2027 And Senior Notes 3.250 Percent Due 2050[Member]
Long Term Debt
Expenses recorded related to tender offer and early payoff of Senior Notes related to tender premiums, unamortized debt issuance cost write-off, and tender expenses				$ 10,300
Senior Notes 2.400 Percent Due 2025 And Senior Notes 3.250 Percent Due 2031 [Member]
Long Term Debt
Expenses recorded related to tender offer and early payoff of Senior Notes related to tender premiums, unamortized debt issuance cost write-off, and tender expenses					$ 22,800
5.125% senior notes due 2021
Long Term Debt
Debt Instrument, Face Amount			$ 700,000			$ 700,000
Stated interest rate				5.125%
Redemption price of debt instrument (as a percent)			100.00%
4.125% Senior Note due 2025 [Member]
Long Term Debt
Debt Instrument, Face Amount	$ 350,000
Stated interest rate	4.125%
Redemption price of debt instrument (as a percent)	102.063%
5.000% Senior Notes Due 2026 [Member]
Long Term Debt
Stated interest rate				5.00%

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred Tax Assets, Valuation Allowance	$ 805,000	$ 805,000
Change in Valuation Allowance, Deferred Tax Asset		(21,200,000)
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	16,800,000	9,000,000
Benefits (Expenses) from the decrease (increase) of interest expense	205,000	450,000	$ 400,000
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	561,000	$ 828,000
Minimum
Income Tax Examination, Estimate of Possible Loss	0
Maximum
Income Tax Examination, Estimate of Possible Loss	3,300,000
Domestic Tax Authority [Member]
Operating Loss Carryforwards	$ 71,800,000

Income Taxes (Schedule of Compo

Income Taxes (Schedule of Components of Income Tax Expense (Benefit) ) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes
Current income tax expense	$ 643,639	$ 88,914	$ 149,106
Deferred income tax expense	318,617	45,736	48,331
Total income tax expense	$ 962,256	$ 134,650	$ 197,437

Income Taxes (Schedule of Effec

Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes
Statutory federal tax rate	21.00%	21.00%	21.00%
State income taxes, net of federal benefit	2.50%	2.60%	2.10%
Release of valuation allowance		(2.90%)
Federal research & development credits	(0.70%)	(2.10%)	(0.60%)
Other permanent differences	0.10%	0.50%	0.10%
Effective tax rate	22.90%	19.10%	22.60%

Income Taxes (Schedule of Defer

Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets
Accrued expenses and allowances	$ 24,324	$ 22,912
Inventories	9,088	5,670
Net operating loss carryforwards	20,333	25,089
Other	8,776	7,077
Subtotal	62,521	60,748
Less: valuation allowance	(805)	(805)
Total net deferred tax assets	61,716	59,943
Deferred tax liabilities
Property, plant and equipment	(846,942)	(538,746)
Intangible Assets	(62,339)	(51,835)
Other	(7,340)	(5,650)
Total deferred tax liabilities	(916,621)	(596,231)
Net deferred tax liability	$ (854,905)	$ (536,288)

Income Taxes (Schedule of Unrec

Income Taxes (Schedule of Unrecognized Tax Benefits Roll Forward) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes
Unrecognized Tax Benefits, Beginning Balance	$ 12,830	$ 10,162	$ 10,131
Increases related to current year tax positions	8,250	4,350	750
Increases related to prior year tax positions	2,095		2,198
Decreases related to prior year tax positions	(2,709)	(1,682)	(1,363)
Settlements with taxing authorities			(1,554)
Unrecognized Tax Benefits, Ending Balance	$ 20,466	$ 12,830	$ 10,162

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jul. 31, 2021	Feb. 29, 2020
Shareholders' Equity
Dividends, Common Stock, Cash	$ 210,939	$ 210,496	$ 209,513
Common Stock, Dividends, Per Share, Declared	$ 1.04	$ 1	$ 0.96
Payments of Ordinary Dividends, Common Stock	$ 212,968	$ 209,248	$ 200,271
Stock Repurchase Program, Authorized Amount				$ 1,000,000	$ 500,000
Share repurchases (in shares)	16.9	4.4	11.3
Share repurchases	$ 1,060,632	$ 106,529	$ 348,608
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 383,400

Equity-Based Incentive Plans (2

Equity-Based Incentive Plans (2015 Equity Incentive Plan ) (Details)	1 Months Ended	12 Months Ended
	May 31, 2019shares	Dec. 31, 2021$ / sharesshares	Dec. 31, 2020shares	Dec. 31, 2019shares	May 31, 2015shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Retirement Eligible Age For Vesting Of Awards		59 years 6 months
Performance/Service period one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		100.00%
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		2 years
Deferred Stock Units (DSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		25,000	52,000	54,000
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		171,200	325,500	300,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested And Vested, Number		447,100
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Intrinsic Value, Amount Per Share | $ / shares		$ 35.52
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		627,973	1,017,518	1,038,812
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested And Vested, Number		0
Unrestricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested And Vested, Number		0
Equity Incentive 2015 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized					12,500,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized	8,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		4,200,000
Equity Incentive 2015 Plan [Member] | Stock Options And Stock Appreciation Rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Share Limit Against Which Full Value Awards Will Be Counted		1
Equity Incentive 2015 Plan [Member] | Restricted Stock Units, Deferred Stock Units, Restricted Stock And Unrestricted Stock Awards, And Performance Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Share Limit Against Which Full Value Awards Will Be Counted		2.09

Equity-Based Incentive Plans (R

Equity-Based Incentive Plans (Restricted Stock Units) (Details) - Restricted Stock Units (RSUs) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Number of RSUs
Outstanding	1,698,579	1,557,994	1,348,066
Granted	627,973	1,017,518	1,038,812
Vested	(895,706)	(811,317)	(769,291)
Forfeited	(82,588)	(65,616)	(59,593)
Outstanding	1,348,258	1,698,579	1,557,994
Weighted Average Grant Date Fair Value
Outstanding	$ 31.44	$ 32.53	$ 36.32
Granted	59.38	33.54	29.87
Vested	32.30	36.09	35.32
Forfeited	32.47	32.20	36.03
Outstanding	$ 43.82	$ 31.44	$ 32.53
Aggregate Intrinsic Value
Outstanding	$ 83,686	$ 62,627	$ 53,034	$ 40,496
Unrecognized Compensation
Outstanding	$ 39,657	35,821	33,581	$ 31,996
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Weighted average remaining life	1 year 7 months 2 days
Fair value of instruments vested during the period	$ 56,500	$ 29,900	$ 26,200
Total shares withheld	290,000	266,000	250,000

Equity-Based Incentive Plans (L

Equity-Based Incentive Plans (Long-Term Incentive Compensation Program) (Details)	12 Months Ended
	Dec. 31, 2021shares
Performance/Service period one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	100.00%
Vesting period	2 years
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
General performance period	3 years
Growth and profitability measures	4
Vesting percentage	33.33%
Vesting period	2 years
Performance Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards earned as percentage of specified compensation	0.00%
Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards earned as percentage of specified compensation	100.00%
2016 Award | Senior Executive Officers | Three-year performance period award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum Shares That Could Be Issued	324,469
Award Earned	324,469
2016 Award | Senior Executive Officers | Three-year performance period award | Performance/Service period one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards Issued/Issuable	108,158
2016 Award | Senior Executive Officers | Three-year performance period award | Performance/Service period two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards Issued/Issuable	108,156
2016 Award | Senior Executive Officers | Three-year performance period award | Performance/Service period three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards Issued/Issuable	108,155
2017 Award | Senior Executive Officers | Two-year performance period transition award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum Shares That Could Be Issued	16,779
Award Earned	15,101
2017 Award | Senior Executive Officers | Two-year performance period transition award | Performance/Service period one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards Issued/Issuable	5,034
2017 Award | Senior Executive Officers | Two-year performance period transition award | Performance/Service period two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards Issued/Issuable	5,034
2017 Award | Senior Executive Officers | Two-year performance period transition award | Performance/Service period three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards Issued/Issuable	5,033
2017 Award | Senior Executive Officers | Three-year performance period award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum Shares That Could Be Issued	182,274
Award Earned	164,047
2017 Award | Senior Executive Officers | Three-year performance period award | Performance/Service period one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards Issued/Issuable	54,683
2017 Award | Senior Executive Officers | Three-year performance period award | Performance/Service period two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards Issued/Issuable	54,682
2017 Award | Senior Executive Officers | Three-year performance period award | Performance/Service period three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards Issued/Issuable	54,682
2018 Award | Senior Executive Officers | Three-year performance period award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum Shares That Could Be Issued	198,397
Award Earned	188,481
2018 Award | Senior Executive Officers | Three-year performance period award | Performance/Service period one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards Issued/Issuable	188,481
2019 Award | Senior Executive Officers | Two-year performance period transition award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum Shares That Could Be Issued	15,600
Award Earned	14,040
2019 Award | Senior Executive Officers | Two-year performance period transition award | Performance/Service period one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards Issued/Issuable	14,040
2019 Award | Senior Executive Officers | Three-year performance period award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum Shares That Could Be Issued	422,008
Award Earned	379,811
2019 Award | Senior Executive Officers | Three-year performance period award | Performance/Service period one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards Issued/Issuable	379,811
2020 Award | Senior Executive Officers | One-year performance period transition award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum Shares That Could Be Issued	9,764
Award Earned	7,812
2020 Award | Senior Executive Officers | One-year performance period transition award | Performance/Service period one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards Issued/Issuable	7,812
2020 Award | Senior Executive Officers | Two-year performance period transition award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum Shares That Could Be Issued	9,764
Award Earned	8,300
2020 Award | Senior Executive Officers | Two-year performance period transition award | Performance/Service period one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards Issued/Issuable	8,300
2020 Award | Senior Executive Officers | Three-year performance period award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum Shares That Could Be Issued	405,922
2021 Award | Senior Executive Officers | Three-year performance period award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum Shares That Could Be Issued	400,468

Equity-Based Incentive Plans _2

Equity-Based Incentive Plans (2018 Executive Incentive Compensation Plan) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Performance/Service period one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	100.00%
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	2 years
Executive Incentive Compensation Plan 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	2,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	33.33%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	1,400,000	1,500,000	1,700,000
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted	157,000	148,000	149,000
Award Market Value	$ 8.7	$ 5.1	$ 4.5
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	2 years

Derivative Financial Instrume_3

Derivative Financial Instruments (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Gains or losses on derivative instruments, statement of income
Ineffectiveness - amount of gain (loss) recognized in income on related hedged items	$ (101,000)	$ 68,000	$ (28,000)
Gain (loss) excluded from hedge effectiveness testing	3,100,000	(2,600,000)	(1,600,000)
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	40,900,000	2,800,000	137,000
Net gains (loss) reclassified	46,100,000	265,000	$ 541,000
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months	(2,700,000)
Futures | Commodity contract | Other current assets
Commodity contract commitments
Fair value of derivatives including required margin deposits	$ 24,900,000	$ 13,200,000

Derivative Financial Instrume_4

Derivative Financial Instruments (Schedule of Notional Amounts of Outstanding Derivative Positions) (Details) - Futures	12 Months Ended
	Dec. 31, 2021T
Aluminum | Long
Derivative [Line Items]
Commodity contract (in MT/Lbs)	4,225
Aluminum | Short
Derivative [Line Items]
Commodity contract (in MT/Lbs)	9,850
Copper | Long
Derivative [Line Items]
Commodity contract (in MT/Lbs)	16,250
Copper | Short
Derivative [Line Items]
Commodity contract (in MT/Lbs)	30,255

Derivative Financial Instrume_5

Derivative Financial Instruments (Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Commodity futures, asset derivatives	$ 5,597	$ 6,797
Commodity futures, liability derivatives	13,601	7,442
Designated as hedging instrument | Commodity contract | Futures | Other current assets
Commodity futures, asset derivatives	1,278	5,092
Commodity futures, liability derivatives	7,430	4,635
Not designated as hedging instrument | Commodity contract | Futures | Other current assets
Commodity futures, asset derivatives	4,319	1,705
Commodity futures, liability derivatives	$ 6,171	$ 2,807

Derivative Financial Instrume_6

Derivative Financial Instruments (Schedule of Derivatives Instruments Statements of Financial Position) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Designated as hedging instrument
Amount of gain (loss) recognized in income on related hedged items	$ 4,408	$ (561)	$ (781)
Designated as hedging instrument | Commodity contract | Futures | Cost of goods sold
Amount of gain (loss) recognized in income on derivatives	(1,369)	(2,004)	(801)
Designated as hedging instrument | Commodity contract | Firm commitments | Futures | Cost of goods sold
Amount of gain (loss) recognized in income on related hedged items	3,354	(79)	(1,613)
Designated as hedging instrument | Commodity contract | Inventory | Futures | Cost of goods sold
Amount of gain (loss) recognized in income on related hedged items	1,054	(482)	832
Not designated as hedging instrument | Commodity contract | Futures | Cost of goods sold
Amount of gain (loss) recognized in income on derivatives	$ (33,517)	$ (17,368)	$ 704

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets and liabilities subject to fair value measurements
Commodity futures - financial assets	$ 5,597	$ 6,797
Commodity futures - financial liabilities	13,601	7,442
Long-term Debt.	3,105,876	3,102,676
Fair Value, Inputs, Level 2 [Member]
Assets and liabilities subject to fair value measurements
Fair value of long-term debt, including current maturities	3,300,000	3,400,000
Futures | Recurring | Commodity contract
Assets and liabilities subject to fair value measurements
Commodity futures - financial assets	5,597	6,797
Commodity futures - financial liabilities	13,601	7,442
Futures | Recurring | Fair Value, Inputs, Level 2 [Member] | Commodity contract
Assets and liabilities subject to fair value measurements
Commodity futures - financial assets	5,597	6,797
Commodity futures - financial liabilities	$ 13,601	$ 7,442

Commitments and Contingencies_2

Commitments and Contingencies (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Commitments and Contingencies [Line Items]
Purchase Commitments Physical Commodity Requirements Utilization Period	3 years
Unrecorded Unconditional Purchase Obligation, Total	$ 640,770
Capital Addition Purchase Commitments [Member]
Commitments and Contingencies [Line Items]
Unrecorded Unconditional Purchase Obligation, Total	$ 292,800
Water Products [Member]
Commitments and Contingencies [Line Items]
Long-term Purchase Commitment, Period	30 years
Maximum | Physical Commodity and Commodity Transportation [Member]
Commitments and Contingencies [Line Items]
Long-term Purchase Commitment, Period	5 years
Maximum | Air Products [Member]
Commitments and Contingencies [Line Items]
Long-term Purchase Commitment, Period	16 years

Commitments and Contingencies_3

Commitments and Contingencies (Schedule of Unconditional Purchase Obligations) (Details) $ in Thousands	Dec. 31, 2021USD ($)
Commitments and Contingencies
2022	$ 344,881
2023	83,139
2024	52,962
2025	17,423
2026	16,452
Thereafter	125,913
Unrecorded Unconditional Purchase Obligation, Total	$ 640,770

Transactions with Affiliated _3

Transactions with Affiliated Companies (Schedule of Related Party Transactions) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Sales	$ 32,107	$ 13,791	$ 13,859
Accounts receivable	5,049	3,937
Other Smaller Affiliated Entities [Member]
Related Party Transaction [Line Items]
Sales	32,107	13,791	13,859
Accounts receivable	5,049	3,937	2,958
Purchases	163,453	132,560	203,279
Accounts payable	$ 13,722	$ 8,919	$ 3,657

Retirement Plans (Details)

Retirement Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Retirement Plans
Defined Contribution Plan, Cost Recognized	$ 382.8	$ 74.5	$ 98.8
Profit sharing component	$ 359.8	$ 58.3	$ 73.6
Percentage of employer's profit sharing contribution	8.00%	8.00%	8.00%
Employer's contribution to profit sharing plans for eligible employees	$ 287.8	$ 46.7	$ 58.9

Leases (Narrative) (Details)

Leases (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Right of use asset	$ 100,124	$ 90,280
Lease liability	$ 100,074	$ 90,316
Option to extend operating lease	true
Option to terminate operating lease	true
Weighted average remaining lease term	9 years	9 years
Weighted average discount rate	3.60%	3.84%
Operating lease expenses	$ 22,500	$ 21,300	$ 20,100
Short term lease expenses	28,000	19,100	20,000
Cash paid related to operating lease obligations	19,000	18,600	17,500
Right-of-use assets obtained in exchange for operating lease liabilities	$ 28,600	33,300	$ 16,100
Zimmer, S.A. de C.V.
Right-of-use assets obtained in exchange for operating lease liabilities		$ 19,700

Leases (Schedule of Operating l

Leases (Schedule of Operating lease right-of-use assets and lease obligations) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Leases
Right of use asset	$ 100,124	$ 90,280
Right of use asset included in balance sheet	Other assets	Other assets
Current lease liability	$ 17,822	$ 17,702
Current lease liability included in balance sheet	Accrued expenses	Accrued expenses
Non current lease liability	$ 82,252	$ 72,614
Non current lease liability included in balance sheet	Other liabilities	Other liabilities
Lease liability	$ 100,074	$ 90,316

Leases (Future operating lease

Leases (Future operating lease liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Future operating lease liabilities
2022	$ 20,769
2023	18,158
2024	15,341
2025	12,444
2026	8,261
Thereafter	42,719
Total undiscounted cash flows	117,692
Less imputed interest	(17,618)
Lease obligations under operating leases	$ 100,074	$ 90,316

Segment Information - Results (

Segment Information - Results (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information
Net sales	$ 18,408,850	$ 9,601,482	$ 10,464,991
Operating income (loss)	4,301,105	847,142	986,880
Income (loss) before income taxes	4,209,070	705,478	875,337
Depreciation and amortization	347,653	325,789	321,082
Capital expenditures	1,006,239	1,198,055	451,945
Assets	12,531,234	9,265,562
U.S.
Segment Reporting Information
Net sales	17,290,933	9,089,194	9,927,874
Non-U.S.
Segment Reporting Information
Net sales	1,117,917	512,288	537,117
Operating Segment | Steel Operations
Segment Reporting Information
Net sales	14,023,133	7,455,637	8,234,179
Operating income (loss)	4,360,488	889,480	1,030,554
Income (loss) before income taxes	4,327,300	833,035	963,514
Depreciation and amortization	263,125	251,590	251,568
Capital expenditures	937,011	1,132,298	385,058
Assets	8,686,216	6,288,362
Operating Segment | Steel Operations | Other segments
Segment Reporting Information
Net sales	823,991	318,533	329,627
Operating Segment | Steel Operations | U.S.
Segment Reporting Information
Net sales	12,618,917	6,873,209	7,606,471
Operating Segment | Steel Operations | Non-U.S.
Segment Reporting Information
Net sales	580,225	263,895	298,081
Operating Segment | Metals Recycling Operations
Segment Reporting Information
Net sales	4,590,121	2,403,140	2,494,014
Operating income (loss)	181,986	32,991	16,308
Income (loss) before income taxes	181,579	27,753	11,432
Depreciation and amortization	55,620	50,099	46,538
Capital expenditures	46,360	32,875	46,959
Assets	1,266,920	1,116,051
Operating Segment | Metals Recycling Operations | Other segments
Segment Reporting Information
Net sales	2,406,649	1,335,216	1,296,007
Operating Segment | Metals Recycling Operations | U.S.
Segment Reporting Information
Net sales	1,658,843	820,262	972,200
Operating Segment | Metals Recycling Operations | Non-U.S.
Segment Reporting Information
Net sales	524,629	247,662	225,807
Operating Segment | Steel Fabrication Operations
Segment Reporting Information
Net sales	1,764,710	906,364	963,259
Operating income (loss)	365,250	120,575	119,099
Income (loss) before income taxes	362,473	116,625	114,359
Depreciation and amortization	9,961	10,819	11,768
Capital expenditures	12,939	15,234	12,446
Assets	1,195,396	376,658
Operating Segment | Steel Fabrication Operations | Other segments
Segment Reporting Information
Net sales	3,063	10,663	1,105
Operating Segment | Steel Fabrication Operations | U.S.
Segment Reporting Information
Net sales	1,761,078	895,227	960,657
Operating Segment | Steel Fabrication Operations | Non-U.S.
Segment Reporting Information
Net sales	569	474	1,497
Operating Segment | Other
Segment Reporting Information
Net sales	1,266,971	501,187	400,747
Operating income (loss)	(551,725)	(188,525)	(186,159)
Income (loss) before income taxes	(606,021)	(263,470)	(220,188)
Depreciation and amortization	18,947	13,281	11,208
Capital expenditures	9,929	17,648	7,482
Assets	1,523,830	1,571,188
Operating Segment | Other | Other segments
Segment Reporting Information
Net sales	2,382	434	469
Operating Segment | Other | U.S.
Segment Reporting Information
Net sales	1,252,095	500,496	388,546
Operating Segment | Other | Non-U.S.
Segment Reporting Information
Net sales	12,494	257	11,732
Eliminations
Segment Reporting Information
Net sales	(3,236,085)	(1,664,846)	(1,627,208)
Operating income (loss)	(54,894)	(7,379)	7,078
Income (loss) before income taxes	(56,261)	(8,465)	6,220
Assets	(141,128)	(86,697)
Eliminations | Other segments
Segment Reporting Information
Net sales	$ (3,236,085)	$ (1,664,846)	$ (1,627,208)

Segment Information - Results F

Segment Information - Results Footnote (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating income (loss)
Corporate SG & A	$ (643,976)	$ (477,450)	$ (436,498)
Company-wide equity-based compensation	(80,200)	(50,700)	(43,300)
Profit sharing	(388,111)	(61,728)	(78,029)
Asset impairment charges		(19,409)
Operating income (loss)	4,301,105	847,142	986,880
Gross profit decrease from intra-company sales	5,362,424	1,434,728	1,530,984
Assets
Cash and equivalents	1,243,868	1,368,618
Inventories	3,531,130	1,843,548
Property, plant and equipment, net	4,751,430	4,105,569
Other assets	129,601	119,743
Total assets	12,531,234	9,265,562
Operating Segment | Other
Operating income (loss)
Corporate SG & A	(78,000)	(57,900)	(66,100)
Company-wide equity-based compensation	(78,800)	(48,500)	(40,600)
Profit sharing	(379,300)	(58,300)	(73,600)
Asset impairment charges		(19,400)
Other, net	(15,600)	(4,400)	(5,900)
Operating income (loss)	(551,725)	(188,525)	(186,159)
Assets
Cash and equivalents	1,088,800	1,276,100
Accounts receivable	27,500	17,000
Inventories	94,200	84,700
Property, plant and equipment, net	128,900	136,000
Intra-company debt	19,600	9,100
Other assets	164,800	48,300
Total assets	1,523,830	1,571,188
Operating Segment | Metals Recycling Operations
Operating income (loss)
Operating income (loss)	181,986	32,991	16,308
Assets
Total assets	1,266,920	1,116,051
Eliminations
Operating income (loss)
Operating income (loss)	(54,894)	(7,379)	7,078
Gross profit decrease from intra-company sales	(56,300)	(8,500)	$ 6,200
Assets
Inventories	(72,600)	(16,400)
Accounts receivable	(48,900)	(61,200)
Intra-company debt	(19,600)	(9,100)
Total assets	$ (141,128)	$ (86,697)