Steel Dynamics (STLD) 10-Q 29 Apr 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 25, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		188,690,008
Entity Central Index Key	0001022671
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets
Cash and equivalents	$ 1,189,528	$ 1,243,868
Accounts receivable, net	2,285,245	1,911,385
Accounts receivable-related parties	78,423	5,049
Inventories	3,516,815	3,531,130
Other current assets	79,624	209,591
Total current assets	7,149,635	6,901,023
Property, plant and equipment, net	4,827,962	4,751,430
Intangible assets, net	288,183	295,345
Goodwill	453,088	453,835
Other assets	337,769	129,601
Total assets	13,056,637	12,531,234
Current liabilities
Accounts payable	1,202,033	1,266,833
Accounts payable-related parties	11,525	13,722
Income taxes payable	229,360	13,746
Accrued payroll and benefits	275,621	539,812
Accrued interest	33,539	17,533
Accrued expenses	270,178	278,549
Current maturities of long-term debt	68,390	97,174
Total current liabilities	2,090,646	2,227,369
Long-term debt	3,010,109	3,008,702
Deferred income taxes	856,790	854,905
Other liabilities	120,918	120,087
Total liabilities	6,078,463	6,211,063
Commitments and contingencies
Redeemable noncontrolling interests	227,914	211,414
Equity
Common stock voting, $0.0025 par value; 900,000,000 shares authorized; 267,224,622 and 267,224,622 shares issued; and 189,247,115 and 194,997,922 shares outstanding, as of March 31, 2022 and December 31, 2021, respectively	649	649
Treasury stock, at cost; 77,977,507 and 72,226,700 shares, as of March 31, 2022 and December 31, 2021, respectively	(3,050,497)	(2,674,267)
Additional paid-in capital	1,204,023	1,218,933
Retained earnings	8,800,883	7,761,417
Accumulated other comprehensive income (loss)	9,296	(2,091)
Total Steel Dynamics, Inc. equity	6,964,354	6,304,641
Noncontrolling interests	(214,094)	(195,884)
Total equity	6,750,260	6,108,757
Total liabilities and equity	$ 13,056,637	$ 12,531,234

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
CONSOLIDATED BALANCE SHEETS
Common stock voting, par value (in dollars per share)	$ 0.0025	$ 0.0025
Common stock voting, shares authorized (in shares)	900,000,000	900,000,000
Common stock voting, shares issued (in shares)	267,224,622	267,224,622
Common stock voting, shares outstanding (in shares)	189,247,115	194,997,922
Treasury stock, shares (in shares)	77,977,507	72,226,700

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net sales
Unrelated parties	$ 5,410,801	$ 3,537,625
Related parties	159,101	6,972
Total net sales	5,569,902	3,544,597
Costs of goods sold	3,787,389	2,744,331
Gross profit	1,782,513	800,266
Selling, general and administrative expenses	152,015	149,781
Profit sharing	128,469	48,848
Amortization of intangible assets	7,162	7,438
Operating income	1,494,867	594,199
Interest expense, net of capitalized interest	16,669	17,269
Other (income) expense, net	20,468	10,071
Income before income taxes	1,457,730	566,859
Income tax expense	350,376	128,104
Net income	1,107,354	438,755
Net income attributable to noncontrolling interests	(3,423)	(8,248)
Net income attributable to Steel Dynamics, Inc.	$ 1,103,931	$ 430,507
Basic earnings per share attributable to Steel Dynamics, Inc. stockholders (in dollars per share)	$ 5.74	$ 2.04
Weighted average common shares outstanding (in shares)	192,158	211,015
Diluted earnings per share attributable to Steel Dynamics, Inc. stockholders, including the effect of assumed conversions when dilutive (in dollars per share)	$ 5.71	$ 2.03
Weighted average common shares and share equivalents outstanding (in shares)	193,241	212,254
Dividends declared per share (in dollars per share)	$ 0.34	$ 0.26

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 1,107,354	$ 438,755
Other comprehensive income - net unrealized gain on cash flow hedging derivatives, net of income tax of $3,557 and $1,176 for the three-month periods ended March 31, 2022 and 2021, respectively	11,387	3,765
Comprehensive income	1,118,741	442,520
Comprehensive income attributable to noncontrolling interests	(3,423)	(8,248)
Comprehensive income attributable to Steel Dynamics, Inc.	$ 1,115,318	$ 434,272

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net unrealized gain on cash flow hedging derivatives, net of income tax	$ 3,557	$ 1,176

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities:
Net income	$ 1,107,354	$ 438,755
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	87,546	86,919
Equity-based compensation	16,519	17,040
Deferred income taxes	2,632	66,744
Other adjustments	11,157	(662)
Changes in certain assets and liabilities:
Accounts receivable	(447,234)	(394,545)
Inventories	14,315	(374,588)
Other assets	19,402	5,828
Accounts payable	(75,971)	360,681
Income taxes receivable/payable	341,905	59,593
Accrued expenses	(258,657)	(3,574)
Net cash provided by operating activities	818,968	262,191
Investing activities:
Purchases of property, plant and equipment	(159,330)	(309,863)
Investments in unconsolidated affiliates	(222,480)
Other investing activities	410	390
Net cash used in investing activities	(381,400)	(309,473)
Financing activities:
Issuance of current and long-term debt	319,779	297,441
Repayment of current and long-term debt	(349,272)	(304,284)
Dividends paid	(50,699)	(52,729)
Purchases of treasury stock	(389,190)
Other financing activities	(22,527)	(16,598)
Net cash used in financing activities	(491,909)	(76,170)
Decrease in cash, cash equivalents, and restricted cash	(54,341)	(123,452)
Cash, cash equivalents, and restricted cash at beginning of period	1,249,369	1,374,122
Cash, cash equivalents, and restricted cash at end of period	1,195,028	1,250,670
Supplemental disclosure information:
Cash paid for interest	9,168	11,315
Cash paid for income taxes, net	$ 9,948	$ 2,142

Description of the Business and

Description of the Business and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Description of the Business and Significant Accounting Policies
Description of the Business and Significant Accounting Policies	Note 1. Description of the Business and Significant Accounting Policies Description of the Business Steel Dynamics, Inc. (SDI), together with its subsidiaries (the company), is 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. Steel Operations Segment. 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 10% and 13% of the company’s consolidated net sales during the three-month periods ended March 31, 2022 and 2021, respectively. Steel Fabrication Operations Segment. Steel fabrication operations include the company’s New Millennium Building Systems’ joist and deck plants located throughout the United States, and in Northern Mexico. Revenues from these plants are generated from the fabrication of trusses, girders, steel joists and steel deck used within the non-residential construction industry. Steel fabrication operations accounted for 17% and 7% of the company’s consolidated net sales during the three-month periods ended March 31, 2022 and 2021, respectively. Other. Other operations consist of subsidiary operations that are below the company’s quantitative thresholds required for reportable segments and primarily consist of joint ventures, and our idle Minnesota ironmaking operations. Also included in “Other” are certain unallocated corporate accounts, such as the company’s senior unsecured credit facility, senior notes, certain other investments and the company’s profit sharing component. Significant Accounting Policies Principles of Consolidation The consolidated financial statements include the accounts of SDI, together with its wholly- and majority-owned or controlled consolidated 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. Redeemable noncontrolling interests related to USS (owned 75% by SDI) are $116.7 million at March 31, 2022 and $100.2 million at December 31, 2021. Noncontrolling members of USS exercised their put option to require the company to purchase an additional 12.5% of the equity interest of USS, increasing SDI’s ownership to 87.5%, on April 1, 2022. Redeemable noncontrolling interests related to Mesabi Nugget (owned 85% by SDI) are $111.2 million at March 31, 2022, and December 31, 2021. ​ Note 1. Description of the Business and 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. In the opinion of management, these financial statements reflect all normal recurring adjustments necessary for a fair presentation of the interim period results. These consolidated financial statements and notes should be read in conjunction with the audited financial statements and notes thereto included in the company’s Annual Report on Form 10-K for the year ended December 31, 2021. Cash and Equivalents, and Restricted Cash Cash and equivalents include all highly liquid investments with a maturity of three months or less at the date of acquisition. Restricted cash is primarily funds held in escrow as required by various insurance and government organizations. The balance of cash, cash equivalents and restricted cash in the consolidated statements of cash flows includes restricted cash of $5.5 million at March 31, 2022, December 31, 2021, March 31, 2021, and December 31, 2020, which are recorded in Other Assets (noncurrent) in the company’s consolidated balance sheets. Goodwill The company’s goodwill consisted of the following at March 31, 2022, and December 31, 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations Segment ​ $ 272,133 ​ $ 272,133 ​ ​ Metals Recycling Operations Segment ​ ​ 179,030 ​ ​ 179,777 ​ ​ Steel Fabrication Operations Segment ​ ​ 1,925 ​ ​ 1,925 ​ ​ ​ ​ $ 453,088 ​ $ 453,835 ​ ​ Metals Recycling Operations Segment goodwill decreased $747,000 from December 31, 2021 to March 31, 2022, in recognition of the 2022 tax benefit related to the normal amortization of the component of Metals Recycling Operations tax-deductible goodwill in excess of book goodwill. ​ Note 1. Description of the Business and Significant Accounting Policies (Continued) 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. ​ At March 31, 2022, the company reported $2.4 billion of accounts receivable, net of allowances for credit losses of $6.3 million. Changes in the allowance were not material for the three-month periods ended March 31, 2022 and 2021.

Investments in Unconsolidated A

Investments in Unconsolidated Affiliates	3 Months Ended
	Mar. 31, 2022
Investments in Unconsolidated Affiliates
Investments	Note 2. Investments in Unconsolidated Affiliates 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. On February 28, 2022, the company also purchased a minority equity interest in Aymium, a producer of renewable biocarbon products. As the company does not have power to control these entities, the company accounts for these investments using the equity method of accounting, which are recorded in Other Assets (noncurrent) in the company’s consolidated balance sheets.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share
Earnings Per Share	Note 3. Earnings Per Share Basic earnings per share is based on the weighted average shares of common stock outstanding during the period. Diluted earnings per share assumes the weighted average dilutive effect of common share equivalents outstanding during the period applied to the company’s basic earnings per share. Common share equivalents represent potentially dilutive restricted stock units, deferred stock units, restricted stock, and performance awards, and are excluded from the computation in periods in which they have an anti-dilutive effect. There were no anti-dilutive common share equivalents as of or for the three-month periods ended March 31, 2022 and 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three-Month Periods Ended March 31, ​ 2022 ​ 2021 ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ Net Income ​ Shares ​ Per Share ​ Net Income ​ Shares ​ Per Share ​ (Numerator) ​ (Denominator) ​ Amount ​ (Numerator) ​ (Denominator) ​ Amount Basic earnings per share $ 1,103,931 ​ ​ 192,158 ​ $ 5.74 ​ $ 430,507 ​ ​ 211,015 ​ $ 2.04 Dilutive common share equivalents ​ - ​ ​ 1,083 ​ ​ ​ ​ ​ - ​ ​ 1,239 ​ ​ ​ Diluted earnings per share $ 1,103,931 ​ ​ 193,241 ​ $ 5.71 ​ $ 430,507 ​ ​ 212,254 ​ $ 2.03 ​

Inventories

Inventories	3 Months Ended
	Mar. 31, 2022
Inventories
Inventories	Note 4. Inventories Inventories are stated at lower of cost or net realizable value. Cost is determined using a weighted average cost method for raw materials and supplies, and on a first-in, first-out basis for other inventory. Inventory consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ ​ ​ Raw materials $ 1,871,749 ​ $ 1,870,300 ​ ​ ​ ​ Supplies ​ 562,204 ​ ​ 552,616 ​ ​ ​ ​ Work in progress ​ 435,896 ​ ​ 402,207 ​ ​ ​ ​ Finished goods ​ 646,966 ​ ​ 706,007 ​ ​ ​ ​ Total inventories $ 3,516,815 ​ $ 3,531,130 ​ ​ ​

Changes in Equity

Changes in Equity	3 Months Ended
	Mar. 31, 2022
Changes in Equity
Changes in Equity	Note 5. Changes in Equity The following tables provide a reconciliation of the beginning and ending carrying amounts of total equity, equity attributable to stockholders of Steel Dynamics, Inc., and equity and redeemable amounts attributable to noncontrolling interests (in thousands) for the three-month periods ended March 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stockholders of Steel Dynamics, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ Other ​ ​ ​ ​ ​ Redeemable ​ ​ Common ​ Treasury ​ Paid-In ​ Retained ​ Comprehensive ​ Noncontrolling ​ Total ​ Noncontrolling ​ Stock Stock Capital Earnings Income (Loss) Interests Equity Interests Balances at December 31, 2021 ​ $ 649 ​ $ (2,674,267) ​ $ 1,218,933 ​ $ 7,761,417 ​ $ (2,091) ​ $ (195,884) ​ $ 6,108,757 ​ $ 211,414 Dividends declared ​ ​ - ​ ​ - ​ ​ - ​ ​ (64,344) ​ ​ - ​ ​ - ​ ​ (64,344) ​ ​ - Noncontrolling investors, net ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (21,633) ​ ​ (21,633) ​ ​ 16,500 Share repurchases ​ ​ - ​ ​ (389,190) ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (389,190) ​ ​ - Equity-based compensation ​ ​ - ​ ​ 12,960 ​ ​ (14,910) ​ ​ (121) ​ ​ - ​ ​ - ​ ​ (2,071) ​ ​ - Net income ​ ​ - ​ ​ - ​ ​ - ​ ​ 1,103,931 ​ ​ - ​ ​ 3,423 ​ ​ 1,107,354 ​ ​ - Other comprehensive income, ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 11,387 ​ ​ - ​ ​ 11,387 ​ ​ - net of tax ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances at March 31, 2022 ​ $ 649 ​ $ (3,050,497) ​ $ 1,204,023 ​ $ 8,800,883 ​ $ 9,296 ​ $ (214,094) ​ $ 6,750,260 ​ $ 227,914 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stockholders of Steel Dynamics, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ Other ​ ​ ​ ​ ​ Redeemable ​ ​ Common ​ Treasury ​ Paid-In ​ Retained ​ Comprehensive ​ Noncontrolling ​ Total ​ Noncontrolling ​ Stock Stock Capital Earnings Income Interests Equity Interests Balances at December 31, 2020 ​ $ 648 ​ $ (1,623,747) ​ $ 1,207,392 ​ $ 4,758,969 ​ $ 1,902 ​ $ (155,552) ​ $ 4,189,612 ​ $ 158,614 Dividends declared ​ ​ - ​ ​ - ​ ​ - ​ ​ (54,917) ​ ​ - ​ ​ - ​ ​ (54,917) ​ ​ - Noncontrolling investors, net ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (9,905) ​ ​ (9,905) ​ ​ 5,000 Equity-based compensation ​ ​ - ​ ​ 8,881 ​ ​ (4,447) ​ ​ (161) ​ ​ - ​ ​ - ​ ​ 4,273 ​ ​ - Net income ​ ​ - ​ ​ - ​ ​ - ​ ​ 430,507 ​ ​ - ​ ​ 8,248 ​ ​ 438,755 ​ ​ - Other comprehensive income, ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 3,765 ​ ​ - ​ ​ 3,765 ​ ​ - net of tax ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances at March 31, 2021 ​ $ 648 ​ $ (1,614,866) ​ $ 1,202,945 ​ $ 5,134,398 ​ $ 5,667 ​ $ (157,209) ​ $ 4,571,583 ​ $ 163,614 ​

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2022
Derivative Financial Instruments
Derivative Financial Instruments	Note 6. Derivative Financial Instruments The company is exposed to certain risks relating to its ongoing business operations. The company utilizes derivative instruments to mitigate commodity margin risk, and occasionally to mitigate foreign currency exchange rate risk, and have in the past to mitigate interest rate fluctuation risk. The company routinely enters into forward exchange traded futures and option contracts to manage the price risk associated with nonferrous metals inventory as well as purchases and sales of nonferrous and ferrous metals (primarily aluminum and copper). The company offsets fair value amounts recognized for derivative instruments executed with the same counterparty under master netting agreements. Commodity Futures Contracts The following summarizes the company’s significant futures contract commitments as of March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity Futures ​ Long/Short ​ Metric Tons ​ ​ Aluminum ​ Long ​ 6,220 ​ ​ Aluminum ​ Short ​ 12,225 ​ ​ Copper ​ Long ​ 14,855 ​ ​ Copper ​ Short ​ 27,940 ​ ​ The following summarizes the location and amounts of the fair values reported on the company’s consolidated balance sheets as of March 31, 2022, and December 31, 2021, and gains and losses related to derivatives included in the company’s statement of income for the three-month periods ended March 31, 2022, and 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Derivatives ​ Liability Derivatives ​ Balance sheet ​ Fair Value ​ Fair Value ​ location ​ March 31, 2022 ​ December 31, 2021 ​ March 31, 2022 ​ December 31, 2021 Derivative instruments designated as hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures Other current assets ​ $ 13,920 ​ $ 1,278 ​ $ 3,802 ​ $ 7,430 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments not designated as ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures Other current assets ​ ​ 6,968 ​ ​ 4,319 ​ ​ 9,416 ​ ​ 6,171 Total derivative instruments ​ ​ $ 20,888 ​ $ 5,597 ​ $ 13,218 ​ $ 13,601 ​ ​ Note 6. 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 arrangements totaled $17.5 million at March 31, 2022, and $24.9 million at December 31, 2021, and are reflected in other current assets in the consolidated balance sheets. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) ​ ​ ​ ​ Amount of gain (loss) ​ ​ ​ recognized in income ​ ​ ​ Location of gain recognized in income ​ ​ Location of gain on derivatives for the ​ ​ ​ (loss) recognized on derivatives for the ​ ​ (loss) recognized three-month periods ​ Hedged items in ​ in income on three-month periods ​ ​ in income on ended March 31, ​ fair value hedge ​ related hedged ended March 31, ​ ​ derivatives 2022 ​ 2021 ​ relationships ​ items 2022 ​ 2021 Derivatives in fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ hedging relationships ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold $ 1,326 ​ $ 7,786 ​ Firm commitments ​ Costs of goods sold $ (1,192) ​ $ (1,898) ​ ​ ​ ​ ​ ​ ​ ​ ​ Inventory ​ Costs of goods sold ​ (384) ​ ​ (498) Derivatives not designated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (1,576) ​ $ (2,396) as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold $ (11,221) ​ $ (30,195) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives accounted for as fair value hedges had ineffectiveness resulting in gains of $285,000 and $21,000 during the three-month periods ended March 31, 2022 and 2021, respectively. Losses excluded from hedge effectiveness testing of $536,000 increased cost of goods sold during the three-month period ended March 31, 2022 and gains excluded from hedge effectiveness testing of $5.4 million decreased cost of goods sold during the three-month period ended March 31, 2021. Derivatives accounted for as cash flow hedges resulted in net gains of $18.1 million and $9.3 million recognized in other comprehensive income for the three-month periods ended March 31, 2022 and 2021, respectively. N ​

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Measurements
Fair Value Measurements	Note 7. 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 March 31, 2022 and December 31, 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted Prices ​ Significant ​ ​ ​ ​ ​ ​ ​ in Active ​ Other ​ Significant ​ ​ ​ ​ Markets for ​ Observable ​ Unobservable ​ ​ ​ ​ Identical Assets ​ Inputs ​ Inputs ​ Total ​ (Level 1) ​ (Level 2) ​ (Level 3) March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures – financial assets $ 20,888 ​ $ - ​ $ 20,888 ​ $ - Commodity futures – financial liabilities ​ 13,218 ​ ​ - ​ ​ 13,218 ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures – financial assets $ 5,597 ​ $ - ​ $ 5,597 ​ $ - Commodity futures – financial liabilities ​ 13,601 ​ ​ - ​ ​ 13,601 ​ ​ - ​ 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 $3.0 billion and $3.3 billion at March 31, 2022 and December 31, 2021, respectively (with a corresponding carrying amount in the consolidated balance sheet of $3.1 billion at March 31, 2022 and December 31, 2021).

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies
Commitments and Contingencies	Note 8. Commitments and Contingencies The company is involved in various routine litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are expected to have a material impact on the company’s financial condition, results of operations, or liquidity

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2022
Segment Information
Segment Information	Note 9. Segment Information The company’s operations are primarily organized and managed by reportable operating segments, which are steel operations, metals recycling operations, and steel fabrication operations. The segment operations are more fully described in Note 1 to the consolidated financial statements. Operating segment performance and resource allocations are primarily based on operating results before income taxes. The accounting policies of the reportable segments are consistent with those described in Note 1 to the consolidated financial statements. Intra-segment sales and any related profits are eliminated in consolidation. Amounts included in the category “Other” are from subsidiary operations that are below the quantitative thresholds required for reportable segments and primarily consist of joint ventures, and the idle Minnesota ironmaking operations. Also included in “Other” are certain unallocated corporate accounts, such as the company’s senior unsecured credit facility, senior notes, certain other investments and the company’s profit sharing component. The company’s segment results, including disaggregated revenue by segment to external, external non-United States, and other segment customers, are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Metals ​ Steel ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three-month period ended ​ Steel ​ Recycling ​ Fabrication ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ Operations ​ Operations ​ Operations ​ Other ​ Eliminations ​ Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales - disaggregated revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External ​ $ 3,573,202 ​ $ 448,043 ​ $ 929,842 ​ $ 297,121 ​ $ - ​ $ 5,248,208 External Non-U.S. ​ ​ 189,294 ​ ​ 131,582 ​ ​ 139 ​ ​ 679 ​ ​ - ​ ​ 321,694 Other segments ​ ​ 169,157 ​ ​ 563,592 ​ ​ 119 ​ ​ 658 ​ ​ (733,526) ​ ​ - ​ ​ ​ 3,931,653 ​ ​ 1,143,217 ​ ​ 930,100 ​ ​ 298,458 ​ ​ (733,526) ​ ​ 5,569,902 Operating income (loss) ​ ​ 1,163,010 ​ ​ 44,960 ​ ​ 466,875 ​ ​ (174,535) (1) ​ (5,443) ​ ​ 1,494,867 Income (loss) before income taxes ​ ​ 1,152,216 ​ ​ 45,730 ​ ​ 465,199 ​ ​ (199,629) ​ ​ (5,786) ​ ​ 1,457,730 Depreciation and amortization ​ ​ 66,682 ​ ​ 13,254 ​ ​ 2,430 ​ ​ 5,180 ​ ​ - ​ ​ 87,546 Capital expenditures ​ ​ 136,190 ​ ​ 11,557 ​ ​ 3,690 ​ ​ 7,893 ​ ​ - ​ ​ 159,330 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ $ 8,841,330 ​ $ 1,365,134 ​ $ 1,457,882 ​ $ 1,540,817 (2) $ (148,526) (3) $ 13,056,637 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Footnotes related to the three-month period ended March 31, 2022, segment results (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Corporate SG&A $ (19.6) ​ (2) Cash and equivalents $ 1,014.4 ​ Companywide equity-based compensation ​ (15.9) ​ ​ Accounts receivable ​ 42.7 ​ Company profit sharing component ​ (125.6) ​ ​ Inventories ​ 78.4 ​ Other, net ​ (13.4) ​ ​ Property, plant and equipment, net ​ 132.1 ​ ​ $ (174.5) ​ ​ Intra-company debt ​ 22.7 ​ ​ ​ ​ ​ ​ Other ​ 250.5 ​ ​ ​ ​ ​ ​ ​ $ 1,540.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ (3) Elimination of intra-company receivables $ (47.5) ​ ​ ​ ​ ​ ​ Elimination of intra-company debt ​ (22.7) ​ ​ ​ ​ ​ ​ Other ​ (78.3) ​ ​ ​ ​ ​ ​ ​ $ (148.5) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Note 9. Segment Information (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Metals ​ Steel ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three-month period ended ​ Steel ​ Recycling ​ Fabrication ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ Operations ​ Operations ​ Operations ​ Other ​ Eliminations ​ Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales - disaggregated revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External ​ $ 2,400,916 ​ $ 363,878 ​ $ 256,962 ​ $ 304,251 ​ $ - ​ $ 3,326,007 External Non-U.S. ​ ​ 109,768 ​ ​ 106,129 ​ ​ 22 ​ ​ 2,671 ​ ​ - ​ ​ 218,590 Other segments ​ ​ 132,163 ​ ​ 609,905 ​ ​ 2,036 ​ ​ 559 ​ ​ (744,663) ​ ​ - ​ ​ ​ 2,642,847 ​ ​ 1,079,912 ​ ​ 259,020 ​ ​ 307,481 ​ ​ (744,663) ​ ​ 3,544,597 Operating income (loss) ​ ​ 637,411 ​ ​ 50,563 ​ ​ 9,854 ​ ​ (90,913) (1) ​ (12,716) ​ ​ 594,199 Income (loss) before income taxes ​ ​ 626,059 ​ ​ 49,339 ​ ​ 9,064 ​ ​ (104,599) ​ ​ (13,004) ​ ​ 566,859 Depreciation and amortization ​ ​ 66,178 ​ ​ 13,870 ​ ​ 2,675 ​ ​ 4,196 ​ ​ - ​ ​ 86,919 Capital expenditures ​ ​ 282,598 ​ ​ 23,918 ​ ​ 2,621 ​ ​ 726 ​ ​ - ​ ​ 309,863 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Footnotes related to the three-month period ended March 31, 2021, segment results (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Corporate SG&A $ (18.0) ​ ​ ​ ​ ​ ​ Companywide equity-based compensation ​ (23.0) ​ ​ ​ ​ ​ ​ Company profit sharing component ​ (48.1) ​ ​ ​ ​ ​ ​ Other, net ​ (1.8) ​ ​ ​ ​ ​ ​ ​ $ (90.9) ​ ​ ​ ​ ​ ​

Description of the Business a_2

Description of the Business and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Description of the Business and Significant Accounting Policies
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of SDI, together with its wholly- and majority-owned or controlled consolidated 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. Redeemable noncontrolling interests related to USS (owned 75% by SDI) are $116.7 million at March 31, 2022 and $100.2 million at December 31, 2021. Noncontrolling members of USS exercised their put option to require the company to purchase an additional 12.5% of the equity interest of USS, increasing SDI’s ownership to 87.5%, on April 1, 2022. Redeemable noncontrolling interests related to Mesabi Nugget (owned 85% by SDI) are $111.2 million at March 31, 2022, and December 31, 2021.
Use of Estimates	Use of Estimates These consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States, and accordingly, include amounts that require management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and in the notes thereto. Significant items subject to such estimates and assumptions include the carrying value of property, plant and equipment, intangible assets, and goodwill; valuation allowances for trade receivables, inventories and deferred income tax assets; unrecognized tax benefits; potential environmental liabilities; and litigation claims and settlements. Actual results may differ from these estimates and assumptions. In the opinion of management, these financial statements reflect all normal recurring adjustments necessary for a fair presentation of the interim period results. These consolidated financial statements and notes should be read in conjunction with the audited financial statements and notes thereto included in the company’s Annual Report on Form 10-K for the year ended December 31, 2021.
Cash and Equivalents, and Restricted Cash	Cash and Equivalents, and Restricted Cash Cash and equivalents include all highly liquid investments with a maturity of three months or less at the date of acquisition. Restricted cash is primarily funds held in escrow as required by various insurance and government organizations. The balance of cash, cash equivalents and restricted cash in the consolidated statements of cash flows includes restricted cash of $5.5 million at March 31, 2022, December 31, 2021, March 31, 2021, and December 31, 2020, which are recorded in Other Assets (noncurrent) in the company’s consolidated balance sheets.
Goodwill	Goodwill The company’s goodwill consisted of the following at March 31, 2022, and December 31, 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations Segment ​ $ 272,133 ​ $ 272,133 ​ ​ Metals Recycling Operations Segment ​ ​ 179,030 ​ ​ 179,777 ​ ​ Steel Fabrication Operations Segment ​ ​ 1,925 ​ ​ 1,925 ​ ​ ​ ​ $ 453,088 ​ $ 453,835 ​ ​ Metals Recycling Operations Segment goodwill decreased $747,000 from December 31, 2021 to March 31, 2022, in recognition of the 2022 tax benefit related to the normal amortization of the component of Metals Recycling Operations tax-deductible goodwill in excess of book goodwill.
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. ​ At March 31, 2022, the company reported $2.4 billion of accounts receivable, net of allowances for credit losses of $6.3 million. Changes in the allowance were not material for the three-month periods ended March 31, 2022 and 2021.

Description of the Business a_3

Description of the Business and Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2022
Description of the Business and Significant Accounting Policies
Schedule of Goodwill	The company’s goodwill consisted of the following at March 31, 2022, and December 31, 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations Segment ​ $ 272,133 ​ $ 272,133 ​ ​ Metals Recycling Operations Segment ​ ​ 179,030 ​ ​ 179,777 ​ ​ Steel Fabrication Operations Segment ​ ​ 1,925 ​ ​ 1,925 ​ ​ ​ ​ $ 453,088 ​ $ 453,835 ​

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share
Reconciliation of Basic and Diluted Earnings Per Share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three-Month Periods Ended March 31, ​ 2022 ​ 2021 ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ Net Income ​ Shares ​ Per Share ​ Net Income ​ Shares ​ Per Share ​ (Numerator) ​ (Denominator) ​ Amount ​ (Numerator) ​ (Denominator) ​ Amount Basic earnings per share $ 1,103,931 ​ ​ 192,158 ​ $ 5.74 ​ $ 430,507 ​ ​ 211,015 ​ $ 2.04 Dilutive common share equivalents ​ - ​ ​ 1,083 ​ ​ ​ ​ ​ - ​ ​ 1,239 ​ ​ ​ Diluted earnings per share $ 1,103,931 ​ ​ 193,241 ​ $ 5.71 ​ $ 430,507 ​ ​ 212,254 ​ $ 2.03

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2022
Inventories
Schedule of Inventories	Inventory consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ ​ ​ Raw materials $ 1,871,749 ​ $ 1,870,300 ​ ​ ​ ​ Supplies ​ 562,204 ​ ​ 552,616 ​ ​ ​ ​ Work in progress ​ 435,896 ​ ​ 402,207 ​ ​ ​ ​ Finished goods ​ 646,966 ​ ​ 706,007 ​ ​ ​ ​ Total inventories $ 3,516,815 ​ $ 3,531,130 ​ ​

Changes in Equity (Tables)

Changes in Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Changes in Equity
Schedule of stockholders' equity	The following tables provide a reconciliation of the beginning and ending carrying amounts of total equity, equity attributable to stockholders of Steel Dynamics, Inc., and equity and redeemable amounts attributable to noncontrolling interests (in thousands) for the three-month periods ended March 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stockholders of Steel Dynamics, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ Other ​ ​ ​ ​ ​ Redeemable ​ ​ Common ​ Treasury ​ Paid-In ​ Retained ​ Comprehensive ​ Noncontrolling ​ Total ​ Noncontrolling ​ Stock Stock Capital Earnings Income (Loss) Interests Equity Interests Balances at December 31, 2021 ​ $ 649 ​ $ (2,674,267) ​ $ 1,218,933 ​ $ 7,761,417 ​ $ (2,091) ​ $ (195,884) ​ $ 6,108,757 ​ $ 211,414 Dividends declared ​ ​ - ​ ​ - ​ ​ - ​ ​ (64,344) ​ ​ - ​ ​ - ​ ​ (64,344) ​ ​ - Noncontrolling investors, net ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (21,633) ​ ​ (21,633) ​ ​ 16,500 Share repurchases ​ ​ - ​ ​ (389,190) ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (389,190) ​ ​ - Equity-based compensation ​ ​ - ​ ​ 12,960 ​ ​ (14,910) ​ ​ (121) ​ ​ - ​ ​ - ​ ​ (2,071) ​ ​ - Net income ​ ​ - ​ ​ - ​ ​ - ​ ​ 1,103,931 ​ ​ - ​ ​ 3,423 ​ ​ 1,107,354 ​ ​ - Other comprehensive income, ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 11,387 ​ ​ - ​ ​ 11,387 ​ ​ - net of tax ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances at March 31, 2022 ​ $ 649 ​ $ (3,050,497) ​ $ 1,204,023 ​ $ 8,800,883 ​ $ 9,296 ​ $ (214,094) ​ $ 6,750,260 ​ $ 227,914 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stockholders of Steel Dynamics, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ Other ​ ​ ​ ​ ​ Redeemable ​ ​ Common ​ Treasury ​ Paid-In ​ Retained ​ Comprehensive ​ Noncontrolling ​ Total ​ Noncontrolling ​ Stock Stock Capital Earnings Income Interests Equity Interests Balances at December 31, 2020 ​ $ 648 ​ $ (1,623,747) ​ $ 1,207,392 ​ $ 4,758,969 ​ $ 1,902 ​ $ (155,552) ​ $ 4,189,612 ​ $ 158,614 Dividends declared ​ ​ - ​ ​ - ​ ​ - ​ ​ (54,917) ​ ​ - ​ ​ - ​ ​ (54,917) ​ ​ - Noncontrolling investors, net ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (9,905) ​ ​ (9,905) ​ ​ 5,000 Equity-based compensation ​ ​ - ​ ​ 8,881 ​ ​ (4,447) ​ ​ (161) ​ ​ - ​ ​ - ​ ​ 4,273 ​ ​ - Net income ​ ​ - ​ ​ - ​ ​ - ​ ​ 430,507 ​ ​ - ​ ​ 8,248 ​ ​ 438,755 ​ ​ - Other comprehensive income, ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 3,765 ​ ​ - ​ ​ 3,765 ​ ​ - net of tax ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances at March 31, 2021 ​ $ 648 ​ $ (1,614,866) ​ $ 1,202,945 ​ $ 5,134,398 ​ $ 5,667 ​ $ (157,209) ​ $ 4,571,583 ​ $ 163,614

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Financial Instruments
Schedule of Notional Amounts of Outstanding Derivative Positions	The following summarizes the company’s significant futures contract commitments as of March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity Futures ​ Long/Short ​ Metric Tons ​ ​ Aluminum ​ Long ​ 6,220 ​ ​ Aluminum ​ Short ​ 12,225 ​ ​ Copper ​ Long ​ 14,855 ​ ​ Copper ​ Short ​ 27,940 ​
Schedule of Derivative Instruments Statements of Financial Performance and Financial Position	The following summarizes the location and amounts of the fair values reported on the company’s consolidated balance sheets as of March 31, 2022, and December 31, 2021, and gains and losses related to derivatives included in the company’s statement of income for the three-month periods ended March 31, 2022, and 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Derivatives ​ Liability Derivatives ​ Balance sheet ​ Fair Value ​ Fair Value ​ location ​ March 31, 2022 ​ December 31, 2021 ​ March 31, 2022 ​ December 31, 2021 Derivative instruments designated as hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures Other current assets ​ $ 13,920 ​ $ 1,278 ​ $ 3,802 ​ $ 7,430 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments not designated as ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures Other current assets ​ ​ 6,968 ​ ​ 4,319 ​ ​ 9,416 ​ ​ 6,171 Total derivative instruments ​ ​ $ 20,888 ​ $ 5,597 ​ $ 13,218 ​ $ 13,601 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) ​ ​ ​ ​ Amount of gain (loss) ​ ​ ​ recognized in income ​ ​ ​ Location of gain recognized in income ​ ​ Location of gain on derivatives for the ​ ​ ​ (loss) recognized on derivatives for the ​ ​ (loss) recognized three-month periods ​ Hedged items in ​ in income on three-month periods ​ ​ in income on ended March 31, ​ fair value hedge ​ related hedged ended March 31, ​ ​ derivatives 2022 ​ 2021 ​ relationships ​ items 2022 ​ 2021 Derivatives in fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ hedging relationships ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold $ 1,326 ​ $ 7,786 ​ Firm commitments ​ Costs of goods sold $ (1,192) ​ $ (1,898) ​ ​ ​ ​ ​ ​ ​ ​ ​ Inventory ​ Costs of goods sold ​ (384) ​ ​ (498) Derivatives not designated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (1,576) ​ $ (2,396) as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold $ (11,221) ​ $ (30,195) ​ ​ ​ ​ ​ ​ ​ ​ ​

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Measurements
Schedule of assets and liabilities measured at fair value on a recurring basis	The following table sets forth financial assets and liabilities measured at fair value on a recurring basis in the consolidated balance sheet and the respective levels to which the fair value measurements are classified within the fair value hierarchy as of March 31, 2022 and December 31, 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted Prices ​ Significant ​ ​ ​ ​ ​ ​ ​ in Active ​ Other ​ Significant ​ ​ ​ ​ Markets for ​ Observable ​ Unobservable ​ ​ ​ ​ Identical Assets ​ Inputs ​ Inputs ​ Total ​ (Level 1) ​ (Level 2) ​ (Level 3) March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures – financial assets $ 20,888 ​ $ - ​ $ 20,888 ​ $ - Commodity futures – financial liabilities ​ 13,218 ​ ​ - ​ ​ 13,218 ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures – financial assets $ 5,597 ​ $ - ​ $ 5,597 ​ $ - Commodity futures – financial liabilities ​ 13,601 ​ ​ - ​ ​ 13,601 ​ ​ -

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Information
Schedule of operating segment results	The company’s segment results, including disaggregated revenue by segment to external, external non-United States, and other segment customers, are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Metals ​ Steel ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three-month period ended ​ Steel ​ Recycling ​ Fabrication ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ Operations ​ Operations ​ Operations ​ Other ​ Eliminations ​ Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales - disaggregated revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External ​ $ 3,573,202 ​ $ 448,043 ​ $ 929,842 ​ $ 297,121 ​ $ - ​ $ 5,248,208 External Non-U.S. ​ ​ 189,294 ​ ​ 131,582 ​ ​ 139 ​ ​ 679 ​ ​ - ​ ​ 321,694 Other segments ​ ​ 169,157 ​ ​ 563,592 ​ ​ 119 ​ ​ 658 ​ ​ (733,526) ​ ​ - ​ ​ ​ 3,931,653 ​ ​ 1,143,217 ​ ​ 930,100 ​ ​ 298,458 ​ ​ (733,526) ​ ​ 5,569,902 Operating income (loss) ​ ​ 1,163,010 ​ ​ 44,960 ​ ​ 466,875 ​ ​ (174,535) (1) ​ (5,443) ​ ​ 1,494,867 Income (loss) before income taxes ​ ​ 1,152,216 ​ ​ 45,730 ​ ​ 465,199 ​ ​ (199,629) ​ ​ (5,786) ​ ​ 1,457,730 Depreciation and amortization ​ ​ 66,682 ​ ​ 13,254 ​ ​ 2,430 ​ ​ 5,180 ​ ​ - ​ ​ 87,546 Capital expenditures ​ ​ 136,190 ​ ​ 11,557 ​ ​ 3,690 ​ ​ 7,893 ​ ​ - ​ ​ 159,330 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ $ 8,841,330 ​ $ 1,365,134 ​ $ 1,457,882 ​ $ 1,540,817 (2) $ (148,526) (3) $ 13,056,637 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Footnotes related to the three-month period ended March 31, 2022, segment results (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Corporate SG&A $ (19.6) ​ (2) Cash and equivalents $ 1,014.4 ​ Companywide equity-based compensation ​ (15.9) ​ ​ Accounts receivable ​ 42.7 ​ Company profit sharing component ​ (125.6) ​ ​ Inventories ​ 78.4 ​ Other, net ​ (13.4) ​ ​ Property, plant and equipment, net ​ 132.1 ​ ​ $ (174.5) ​ ​ Intra-company debt ​ 22.7 ​ ​ ​ ​ ​ ​ Other ​ 250.5 ​ ​ ​ ​ ​ ​ ​ $ 1,540.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ (3) Elimination of intra-company receivables $ (47.5) ​ ​ ​ ​ ​ ​ Elimination of intra-company debt ​ (22.7) ​ ​ ​ ​ ​ ​ Other ​ (78.3) ​ ​ ​ ​ ​ ​ ​ $ (148.5) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Metals ​ Steel ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three-month period ended ​ Steel ​ Recycling ​ Fabrication ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ Operations ​ Operations ​ Operations ​ Other ​ Eliminations ​ Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales - disaggregated revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External ​ $ 2,400,916 ​ $ 363,878 ​ $ 256,962 ​ $ 304,251 ​ $ - ​ $ 3,326,007 External Non-U.S. ​ ​ 109,768 ​ ​ 106,129 ​ ​ 22 ​ ​ 2,671 ​ ​ - ​ ​ 218,590 Other segments ​ ​ 132,163 ​ ​ 609,905 ​ ​ 2,036 ​ ​ 559 ​ ​ (744,663) ​ ​ - ​ ​ ​ 2,642,847 ​ ​ 1,079,912 ​ ​ 259,020 ​ ​ 307,481 ​ ​ (744,663) ​ ​ 3,544,597 Operating income (loss) ​ ​ 637,411 ​ ​ 50,563 ​ ​ 9,854 ​ ​ (90,913) (1) ​ (12,716) ​ ​ 594,199 Income (loss) before income taxes ​ ​ 626,059 ​ ​ 49,339 ​ ​ 9,064 ​ ​ (104,599) ​ ​ (13,004) ​ ​ 566,859 Depreciation and amortization ​ ​ 66,178 ​ ​ 13,870 ​ ​ 2,675 ​ ​ 4,196 ​ ​ - ​ ​ 86,919 Capital expenditures ​ ​ 282,598 ​ ​ 23,918 ​ ​ 2,621 ​ ​ 726 ​ ​ - ​ ​ 309,863 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Footnotes related to the three-month period ended March 31, 2021, segment results (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Corporate SG&A $ (18.0) ​ ​ ​ ​ ​ ​ Companywide equity-based compensation ​ (23.0) ​ ​ ​ ​ ​ ​ Company profit sharing component ​ (48.1) ​ ​ ​ ​ ​ ​ Other, net ​ (1.8) ​ ​ ​ ​ ​ ​ ​ $ (90.9) ​ ​ ​ ​ ​

Description of the Business a_4

Description of the Business and Significant Accounting Policies (Description of the Business) (Details) $ in Thousands	Apr. 01, 2022	Mar. 31, 2022USD ($)segment	Mar. 31, 2021	Dec. 31, 2021USD ($)
Segment Reporting Information
Number of reportable segments | segment		3
Redeemable noncontrolling interests		$ 227,914		$ 211,414
United Steel Supply, LLC | Subsequent Event
Segment Reporting Information
Acquisition of interest (as a percent)	12.50%
Steel Operations
Segment Reporting Information
Percentage of external net sales		68.00%	71.00%
Metals Recycling Operations
Segment Reporting Information
Percentage of external net sales		10.00%	13.00%
Steel Fabrication Operations
Segment Reporting Information
Percentage of external net sales		17.00%	7.00%
United Steel Supply, LLC
Segment Reporting Information
Noncontrolling interest, ownership percentage		75.00%		75.00%
Redeemable noncontrolling interests		$ 116,700		$ 100,200
United Steel Supply, LLC | Subsequent Event
Segment Reporting Information
Noncontrolling interest, ownership percentage	87.50%
Mesabi Nugget
Segment Reporting Information
Noncontrolling interest, ownership percentage		85.00%		85.00%
Redeemable noncontrolling interests		$ 111,200		$ 111,200

Description of the Business a_5

Description of the Business and Significant Accounting Policies (Cash and Equivalents, and Restricted Cash and Equivalents) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Description of the Business and Significant Accounting Policies
Restricted Cash and Cash Equivalents	$ 5.5	$ 5.5	$ 5.5	$ 5.5
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_6

Description of the Business and Significant Accounting Policies (Goodwill) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Goodwill
Goodwill	$ 453,088,000	$ 453,835,000
Steel Operations
Goodwill
Goodwill	272,133,000	272,133,000
Metals Recycling Operations
Goodwill
Goodwill	179,030,000	179,777,000
Metals Recycling Operations | OmniSource
Goodwill
Goodwill decrease due to tax benefit related to the normal amortization of the component	747,000
Steel Fabrication Operations
Goodwill
Goodwill	$ 1,925,000	$ 1,925,000

Description of the Business a_7

Description of the Business and Significant Accounting Policies (Credit Losses) (Details) $ in Millions	Mar. 31, 2022USD ($)
Description of the Business and Significant Accounting Policies
Accounts receivable, net	$ 2,400
Allowance for credit losses	$ 6.3

Investments in Unconsolidated_2

Investments in Unconsolidated Affiliates (Details)	Jan. 31, 2022
New Process Steel LP
Schedule of Equity Method Investments [Line Items]
Minority equity interest acquired	45.00%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share
Antidilutive common share equivalents excluded from computation of earnings per share amount (in shares)	0	0
Net Income (Numerator)
Basic earnings per share (in dollars)	$ 1,103,931	$ 430,507
Diluted earnings per share (in dollars)	$ 1,103,931	$ 430,507
Weighted Average Shares (Denominator)
Basic earnings per share (in shares)	192,158,000	211,015,000
Dilutive common share equivalents (in shares)	1,083,000	1,239,000
Diluted earnings per share (in shares)	193,241,000	212,254,000
Per Share Amount
Basic (in dollars per share)	$ 5.74	$ 2.04
Diluted (in dollars per share)	$ 5.71	$ 2.03

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Inventories
Raw materials	$ 1,871,749	$ 1,870,300
Supplies	562,204	552,616
Work in progress	435,896	402,207
Finished goods	646,966	706,007
Total inventories	$ 3,516,815	$ 3,531,130

Changes in Equity (Details)

Changes in Equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Balances	$ 6,108,757	$ 4,189,612
Dividends declared	(64,344)	(54,917)
Noncontrolling investors, net	(21,633)	(9,905)
Share repurchases	(389,190)
Equity-based compensation	(2,071)	4,273
Net income	1,107,354	438,755
Other comprehensive (loss) income, net of tax	11,387	3,765
Balances	6,750,260	4,571,583
Common Stock
Balances	649	648
Balances	649	648
Treasury Stock
Balances	(2,674,267)	(1,623,747)
Share repurchases	(389,190)
Equity-based compensation	12,960	8,881
Balances	(3,050,497)	(1,614,866)
Additional Paid-In Capital
Balances	1,218,933	1,207,392
Equity-based compensation	(14,910)	(4,447)
Balances	1,204,023	1,202,945
Retained Earnings
Balances	7,761,417	4,758,969
Dividends declared	(64,344)	(54,917)
Equity-based compensation	(121)	(161)
Net income	1,103,931	430,507
Balances	8,800,883	5,134,398
Accumulated Other Comprehensive Income (Loss)
Balances	(2,091)	1,902
Other comprehensive (loss) income, net of tax	11,387	3,765
Balances	9,296	5,667
Noncontrolling Interests
Balances	(195,884)	(155,552)
Noncontrolling investors, net	(21,633)	(9,905)
Net income	3,423	8,248
Balances	(214,094)	(157,209)
Redeemable Noncontrolling Interest
Balances	211,414	158,614
Noncontrolling investors, net	16,500	5,000
Balances	$ 227,914	$ 163,614

Derivative Financial Instrume_3

Derivative Financial Instruments (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Gains or losses on derivative instruments, statement of income
Ineffectiveness - amount of gains recognized in income on related hedged items	$ 285,000	$ 21,000
Gain (loss) excluded from hedge effectiveness testing	(536,000)	5,400,000
Amount of gain (loss) related to cash flow hedges	18,100,000	9,300,000
Net gains (losses) reclassified	3,200,000	$ 4,400,000
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months	$ 12,200,000
Period Within Which The Company Expects To Reclassify Net Gains On Derivative Instruments From AOCI to Earnings	12 months
Futures | Commodity contract | Other current assets
Commodity contract commitments
Fair value of derivatives including required margin deposits	$ 17,500,000		$ 24,900,000

Derivative Financial Instrume_4

Derivative Financial Instruments (Schedule of Notional Amounts of Outstanding Derivative Positions) (Details) - Futures	3 Months Ended
	Mar. 31, 2022T
Aluminum | Long
Derivative [Line Items]
Commodity contract (in MT/Lbs)	6,220
Aluminum | Short
Derivative [Line Items]
Commodity contract (in MT/Lbs)	12,225
Copper | Long
Derivative [Line Items]
Commodity contract (in MT/Lbs)	14,855
Copper | Short
Derivative [Line Items]
Commodity contract (in MT/Lbs)	27,940

Derivative Financial Instrume_5

Derivative Financial Instruments (Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Commodity futures, asset derivatives	$ 20,888	$ 5,597
Commodity futures, liability derivatives	13,218	13,601
Designated as hedging instrument | Commodity contract | Futures | Other current assets
Commodity futures, asset derivatives	13,920	1,278
Commodity futures, liability derivatives	3,802	7,430
Not designated as hedging instrument | Commodity contract | Futures | Other current assets
Commodity futures, asset derivatives	6,968	4,319
Commodity futures, liability derivatives	$ 9,416	$ 6,171

Derivative Financial Instrume_6

Derivative Financial Instruments (Schedule of Derivatives Instruments Statements of Financial Position) (Details) - Commodity contract - Futures - Cost of goods sold - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Designated as hedging instrument
Amount of gain (loss) recognized in income on derivatives	$ 1,326	$ 7,786
Amount of gain (loss) recognized in income on related hedged items	(1,576)	(2,396)
Designated as hedging instrument | Firm commitments
Amount of gain (loss) recognized in income on related hedged items	(1,192)	(1,898)
Designated as hedging instrument | Inventory
Amount of gain (loss) recognized in income on related hedged items	(384)	(498)
Not designated as hedging instrument
Amount of gain (loss) recognized in income on derivatives	$ (11,221)	$ (30,195)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets and liabilities subject to fair value measurements
Commodity futures - financial assets	$ 20,888	$ 5,597
Commodity futures - financial liabilities	13,218	13,601
Long-term Debt.	3,100,000	3,100,000
Fair Value, Inputs, Level 2 [Member]
Assets and liabilities subject to fair value measurements
Fair value of long-term debt, including current maturities	3,000,000	3,300,000
Futures | Recurring | Commodity contract
Assets and liabilities subject to fair value measurements
Commodity futures - financial assets	20,888	5,597
Commodity futures - financial liabilities	13,218	13,601
Futures | Recurring | Level 1 | Commodity contract
Assets and liabilities subject to fair value measurements
Commodity futures - financial assets
Commodity futures - financial liabilities
Futures | Recurring | Fair Value, Inputs, Level 2 [Member] | Commodity contract
Assets and liabilities subject to fair value measurements
Commodity futures - financial assets	20,888	5,597
Commodity futures - financial liabilities	13,218	13,601
Futures | Recurring | Level 3 | Commodity contract
Assets and liabilities subject to fair value measurements
Commodity futures - financial assets
Commodity futures - financial liabilities

Segment Information - Results (

Segment Information - Results (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Segment Reporting Information
Net sales	$ 5,569,902	$ 3,544,597
Operating income (loss)	1,494,867	594,199
Income (loss) before income taxes	1,457,730	566,859
Depreciation and amortization	87,546	86,919
Capital expenditures	159,330	309,863
Assets	13,056,637		$ 12,531,234
U.S.
Segment Reporting Information
Net sales	5,248,208	3,326,007
Non-U.S.
Segment Reporting Information
Net sales	321,694	218,590
Operating Segment | Steel Operations
Segment Reporting Information
Net sales	3,931,653	2,642,847
Operating income (loss)	1,163,010	637,411
Income (loss) before income taxes	1,152,216	626,059
Depreciation and amortization	66,682	66,178
Capital expenditures	136,190	282,598
Assets	8,841,330
Operating Segment | Steel Operations | Other segments
Segment Reporting Information
Net sales	169,157	132,163
Operating Segment | Steel Operations | U.S.
Segment Reporting Information
Net sales	3,573,202	2,400,916
Operating Segment | Steel Operations | Non-U.S.
Segment Reporting Information
Net sales	189,294	109,768
Operating Segment | Metals Recycling Operations
Segment Reporting Information
Net sales	1,143,217	1,079,912
Operating income (loss)	44,960	50,563
Income (loss) before income taxes	45,730	49,339
Depreciation and amortization	13,254	13,870
Capital expenditures	11,557	23,918
Assets	1,365,134
Operating Segment | Metals Recycling Operations | Other segments
Segment Reporting Information
Net sales	563,592	609,905
Operating Segment | Metals Recycling Operations | U.S.
Segment Reporting Information
Net sales	448,043	363,878
Operating Segment | Metals Recycling Operations | Non-U.S.
Segment Reporting Information
Net sales	131,582	106,129
Operating Segment | Steel Fabrication Operations
Segment Reporting Information
Net sales	930,100	259,020
Operating income (loss)	466,875	9,854
Income (loss) before income taxes	465,199	9,064
Depreciation and amortization	2,430	2,675
Capital expenditures	3,690	2,621
Assets	1,457,882
Operating Segment | Steel Fabrication Operations | Other segments
Segment Reporting Information
Net sales	119	2,036
Operating Segment | Steel Fabrication Operations | U.S.
Segment Reporting Information
Net sales	929,842	256,962
Operating Segment | Steel Fabrication Operations | Non-U.S.
Segment Reporting Information
Net sales	139	22
Operating Segment | Other
Segment Reporting Information
Net sales	298,458	307,481
Operating income (loss)	(174,535)	(90,913)
Income (loss) before income taxes	(199,629)	(104,599)
Depreciation and amortization	5,180	4,196
Capital expenditures	7,893	726
Assets	1,540,817
Operating Segment | Other | Other segments
Segment Reporting Information
Net sales	658	559
Operating Segment | Other | U.S.
Segment Reporting Information
Net sales	297,121	304,251
Operating Segment | Other | Non-U.S.
Segment Reporting Information
Net sales	679	2,671
Eliminations
Segment Reporting Information
Net sales	(733,526)	(744,663)
Operating income (loss)	(5,443)	(12,716)
Income (loss) before income taxes	(5,786)	(13,004)
Assets	(148,526)
Eliminations | Other segments
Segment Reporting Information
Net sales	$ (733,526)	$ (744,663)

Segment Information - Results F

Segment Information - Results Footnote (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Operating income (loss)
Corporate SG & A	$ (152,015)	$ (149,781)
Company profit sharing component	(128,469)	(48,848)
Operating income (loss)	1,494,867	594,199
Gross profit decrease from intra-company sales	1,782,513	800,266
Assets
Cash and equivalents	1,189,528		$ 1,243,868
Inventories	3,516,815		3,531,130
Property, plant and equipment, net	4,827,962		4,751,430
Other assets	337,769		129,601
Total assets	13,056,637		$ 12,531,234
Operating Segment | Other
Operating income (loss)
Corporate SG & A	(19,600)	(18,000)
Company-wide equity-based compensation	(15,900)	(23,000)
Company profit sharing component	(125,600)	(48,100)
Other, net	(13,400)	(1,800)
Operating income (loss)	(174,535)	(90,913)
Assets
Cash and equivalents	1,014,400
Accounts receivable	42,700
Inventories	78,400
Property, plant and equipment, net	132,100
Intra-company debt	22,700
Other assets	250,500
Total assets	1,540,817
Operating Segment | Metals Recycling Operations
Operating income (loss)
Operating income (loss)	44,960	50,563
Assets
Total assets	1,365,134
Eliminations
Operating income (loss)
Operating income (loss)	(5,443)	$ (12,716)
Assets
Accounts receivable	(47,500)
Intra-company debt	(22,700)
Other assets	(78,300)
Total assets	$ (148,526)