Steel Dynamics (STLD) 10-Q 5 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	Apr. 28, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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		169,033,703
Entity Central Index Key	0001022671
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and equivalents	$ 1,604,943	$ 1,628,417
Short-term investments	714,769	628,215
Accounts receivable, net	2,072,619	1,976,282
Accounts receivable-related parties	54,355	79,769
Inventories	2,988,852	3,129,964
Other current assets	127,022	195,371
Total current assets	7,562,560	7,638,018
Property, plant and equipment, net	5,491,201	5,373,665
Intangible assets, net	260,629	267,507
Goodwill	502,067	502,067
Other assets	403,303	378,727
Total assets	14,219,760	14,159,984
Current liabilities
Accounts payable	1,126,795	1,007,304
Accounts payable-related parties	12,171	9,934
Income taxes payable	129,082	6,520
Accrued payroll and benefits	209,522	610,558
Accrued expenses	296,524	340,646
Current maturities of long-term debt	46,452	57,334
Total current liabilities	1,820,546	2,032,296
Long-term debt	3,014,358	3,013,241
Deferred income taxes	898,112	889,103
Other liabilities	180,321	129,539
Total liabilities	5,913,337	6,064,179
Commitments and contingencies
Redeemable noncontrolling interests	186,205	181,503
Equity
Common stock voting, $0.0025 par value; 900,000,000 shares authorized; 267,772,737 and 267,762,488 shares issued; and 170,170,375 and 172,936,163 shares outstanding, as of March 31, 2023 and December 31, 2022, respectively	650	650
Treasury stock, at cost; 97,602,362 and 94,826,325 shares, as of March 31, 2023 and December 31, 2022, respectively	(4,800,513)	(4,459,513)
Additional paid-in capital	1,194,079	1,212,566
Retained earnings	11,940,621	11,375,765
Accumulated other comprehensive income (loss)	1,800	889
Total Steel Dynamics, Inc. equity	8,336,637	8,130,357
Noncontrolling interests	(216,419)	(216,055)
Total equity	8,120,218	7,914,302
Total liabilities and equity	$ 14,219,760	$ 14,159,984

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
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)	267,772,737	267,762,488
Common stock voting, shares outstanding (in shares)	170,170,375	172,936,163
Treasury stock, shares (in shares)	97,602,362	94,826,325

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net sales
Unrelated parties	$ 4,745,353	$ 5,410,801
Related parties	147,853	159,101
Total net sales	4,893,206	5,569,902
Costs of goods sold	3,837,084	3,787,389
Gross profit	1,056,122	1,782,513
Selling, general and administrative expenses	144,309	152,015
Profit sharing	69,575	128,469
Amortization of intangible assets	6,878	7,162
Operating income	835,360	1,494,867
Interest expense, net of capitalized interest	22,507	16,669
Other (income) expense, net	(34,936)	20,468
Income before income taxes	847,789	1,457,730
Income tax expense	203,456	350,376
Net income	644,333	1,107,354
Net income attributable to noncontrolling interests	(7,023)	(3,423)
Net income attributable to Steel Dynamics, Inc.	$ 637,310	$ 1,103,931
Basic earnings per share attributable to Steel Dynamics, Inc. stockholders (in dollars per share)	$ 3.71	$ 5.74
Weighted average common shares outstanding (in shares)	171,597	192,158
Diluted earnings per share attributable to Steel Dynamics, Inc. stockholders, including the effect of assumed conversions when dilutive (in dollars per share)	$ 3.70	$ 5.71
Weighted average common shares and share equivalents outstanding (in shares)	172,479	193,241
Dividends declared per share (in dollars per share)	$ 0.425	$ 0.34

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 644,333	$ 1,107,354
Other comprehensive income - net unrealized gain on cash flow hedging derivatives, net of income tax expense of $291 and $3,557 for the three-month periods ended March 31, 2023 and 2022, respectively	911	11,387
Comprehensive income	645,244	1,118,741
Comprehensive income attributable to noncontrolling interests	(7,023)	(3,423)
Comprehensive income attributable to Steel Dynamics, Inc.	$ 638,221	$ 1,115,318

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net unrealized gain (loss) on cash flow hedging derivatives, net of income tax	$ 291	$ 3,557

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities:
Net income	$ 644,333	$ 1,107,354
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	107,694	87,546
Equity-based compensation	16,078	16,519
Deferred income taxes	9,008	2,632
Other adjustments	(10,006)	11,157
Changes in certain assets and liabilities:
Accounts receivable	(70,922)	(447,234)
Inventories	141,112	14,315
Other assets	7,842	19,402
Accounts payable	117,312	(75,971)
Income taxes receivable/payable	189,247	341,905
Accrued expenses	(417,915)	(258,657)
Net cash provided by operating activities	733,783	818,968
Investing activities:
Purchases of property, plant and equipment	(226,319)	(159,330)
Purchases of short-term investments	(356,777)
Proceeds from maturities of short term investments	271,107
Investments in unconsolidated affiliates		(222,480)
Other investing activities	2,343	410
Net cash used in investing activities	(309,646)	(381,400)
Financing activities:
Issuance of current and long-term debt	393,910	319,779
Repayment of current and long-term debt	(405,279)	(349,272)
Dividends paid	(58,798)	(50,699)
Purchases of treasury stock	(353,997)	(389,190)
Other financing activities	(23,449)	(22,527)
Net cash used in financing activities	(447,613)	(491,909)
Decrease in cash, cash equivalents, and restricted cash	(23,476)	(54,341)
Cash, cash equivalents, and restricted cash at beginning of period	1,633,919	1,249,369
Cash, cash equivalents, and restricted cash at end of period	1,610,443	1,195,028
Supplemental disclosure information:
Cash paid for interest	9,596	9,168
Cash paid for income taxes, net	$ 4,703	$ 9,948

Description of the Business and

Description of the Business and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
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, combined with a meaningful steel fabrication manufacturing platform. 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 Steel Fabrication Operations Segment. Steel fabrication operations include the company’s New Millennium Building Systems’ joist and deck plants located throughout the United States, and in Northern Mexico. Revenues from these plants are generated from the fabrication of trusses, girders, steel joists and steel deck used within the non-residential construction industry. Steel fabrication operations accounted for Other. Other operations consist of subsidiary operations that are below the company’s quantitative thresholds required for reportable segments and primarily consist of joint ventures, including the company’s newly announced aluminum flat roll mill and idled Minnesota ironmaking operations. Also included in “Other” are certain unallocated corporate accounts, such as the company’s senior unsecured credit facility, senior notes, certain other investments and certain profit sharing expenses. 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. Redeemable noncontrolling interests related to USS (owned 87.5% by SDI at March 31, 2023 and December 31, 2022) are $75.0 million at March 31, 2023 and $70.3 million at December 31, 2022. Redeemable noncontrolling interests related to Mesabi Nugget (owned 85% by SDI) are $111.2 million at March 31, 2023, and December 31, 2022. At March 31, 2023, SDI owned 87.5% of the equity interest in USS. Originally, after the fourth anniversary of the initial transaction (March 1, 2023), SDI has an option to purchase, and the noncontrolling members had the option to require the company to purchase, the remaining 12.5% equity interest of USS. On April 1, 2023, a noncontrolling member of USS exercised its option to require SDI to purchase its 2.5% equity interest, increasing SDI’s ownership to 90%. The remaining noncontrolling members’ option to require SDI to purchase the remaining 10% equity interest of USS has been extended to on or after February 28, 2025. 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, 2022. 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 for all periods presented, 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, 2023, and December 31, 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ ​ ​ 2023 ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations Segment ​ $ 272,133 ​ $ 272,133 ​ ​ Metals Recycling Operations Segment ​ ​ 228,009 ​ ​ 228,009 ​ ​ Steel Fabrication Operations Segment ​ ​ 1,925 ​ ​ 1,925 ​ ​ ​ ​ $ 502,067 ​ $ 502,067 ​ ​ 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, 2023, the company reported $2,127 million of accounts receivable, net of allowances for credit losses of $6.4 million. Changes in the allowance were not material for the three-month periods ended March 31, 2023 and 2022.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share
Earnings Per Share	Note 2. 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 and for the three-month periods ended March 31, 2023 and 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three-Month Periods Ended March 31, ​ 2023 ​ 2022 ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ Net Income ​ Shares ​ Per Share ​ Net Income ​ Shares ​ Per Share ​ (Numerator) ​ (Denominator) ​ Amount ​ (Numerator) ​ (Denominator) ​ Amount Basic earnings per share $ 637,310 ​ ​ 171,597 ​ $ 3.71 ​ $ 1,103,931 ​ ​ 192,158 ​ $ 5.74 Dilutive common share equivalents ​ - ​ ​ 882 ​ ​ ​ ​ ​ - ​ ​ 1,083 ​ ​ ​ Diluted earnings per share $ 637,310 ​ ​ 172,479 ​ $ 3.70 ​ $ 1,103,931 ​ ​ 193,241 ​ $ 5.71 ​ ​

Inventories

Inventories	3 Months Ended
	Mar. 31, 2023
Inventories
Inventories	Note 3. 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 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2023 ​ 2022 Raw materials $ 1,404,257 ​ $ 1,608,344 Supplies ​ 661,039 ​ ​ 629,074 Work in progress ​ 291,538 ​ ​ 256,071 Finished goods ​ 632,018 ​ ​ 636,475 Total inventories $ 2,988,852 ​ $ 3,129,964 ​

Changes in Equity

Changes in Equity	3 Months Ended
	Mar. 31, 2023
Changes in Equity
Changes in Equity	Note 4. Changes in Equity The following tables provide a reconciliation of the beginning and ending carrying amounts of total equity, equity attributable to stockholders of Steel Dynamics, Inc., and equity and redeemable amounts attributable to noncontrolling interests (in thousands) for each of the three-month periods ended March 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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, 2022 ​ $ 650 ​ $ (4,459,513) ​ $ 1,212,566 ​ $ 11,375,765 ​ $ 889 ​ $ (216,055) ​ $ 7,914,302 ​ $ 181,503 Dividends declared ​ ​ - ​ ​ - ​ ​ - ​ ​ (72,316) ​ ​ - ​ ​ - ​ ​ (72,316) ​ ​ - Noncontrolling investors, net ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (7,387) ​ ​ (7,387) ​ ​ 4,702 Share repurchases ​ ​ - ​ ​ (353,997) ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (353,997) ​ ​ - Equity-based compensation ​ ​ - ​ ​ 12,997 ​ ​ (18,487) ​ ​ (138) ​ ​ - ​ ​ - ​ ​ (5,628) ​ ​ - Net income ​ ​ - ​ ​ - ​ ​ - ​ ​ 637,310 ​ ​ - ​ ​ 7,023 ​ ​ 644,333 ​ ​ - Other comprehensive income, net of tax ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 911 ​ ​ - ​ ​ 911 ​ ​ - Balances at March 31, 2023 ​ $ 650 ​ $ (4,800,513) ​ $ 1,194,079 ​ $ 11,940,621 ​ $ 1,800 ​ $ (216,419) ​ $ 8,120,218 ​ $ 186,205 ​ Note 4. Changes in Equity (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stockholders of Steel Dynamics, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ Other ​ ​ ​ ​ ​ Redeemable ​ ​ Common ​ Treasury ​ Paid-In ​ Retained ​ Comprehensive ​ Noncontrolling ​ Total ​ Noncontrolling ​ ​ Stock ​ Stock ​ Capital ​ Earnings ​ 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, net of tax ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 11,387 ​ ​ - ​ ​ 11,387 ​ ​ - Balances at March 31, 2022 ​ $ 649 ​ $ (3,050,497) ​ $ 1,204,023 ​ $ 8,800,883 ​ $ 9,296 ​ $ (214,094) ​ $ 6,750,260 ​ $ 227,914 ​ ​

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2023
Derivative Financial Instruments
Derivative Financial Instruments	Note 5. 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 metals (primarily aluminum and copper) and ferrous metals. The company offsets fair value amounts recognized for derivative instruments executed with the same counterparty under master netting agreements. Commodity Futures Contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity Futures ​ Long/Short ​ Metric Tons ​ ​ Aluminum ​ Long ​ 8,625 ​ ​ Aluminum ​ Short ​ 15,750 ​ ​ Copper ​ Long ​ 14,297 ​ ​ Copper ​ Short ​ 33,348 ​ ​ ​ The following summarizes the location and amounts of the fair values reported on the company’s consolidated balance sheets as of March 31, 2023, and December 31, 2022, and gains and losses related to derivatives included in the company’s statement of income for the three-month periods ended March 31, 2023 and 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Derivatives ​ Liability Derivatives ​ Balance sheet ​ Fair Value ​ Fair Value ​ location ​ March 31, 2023 ​ December 31, 2022 ​ March 31, 2023 ​ December 31, 2022 Derivative instruments designated as hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures Other current assets ​ $ 3,055 ​ $ 2,169 ​ $ 1,958 ​ $ 2,119 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments not designated as hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures Other current assets ​ ​ 3,104 ​ ​ 2,102 ​ ​ 3,234 ​ ​ 5,269 Total derivative instruments ​ ​ $ 6,159 ​ $ 4,271 ​ $ 5,192 ​ $ 7,388 ​ Note 5. 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 $18.7 million at March 31, 2023, and $23.5 million at December 31, 2022, 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 2023 ​ 2022 ​ relationships ​ items 2023 ​ 2022 Derivatives in fair value hedging relationships ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold $ (155) ​ $ 1,326 ​ Firm commitments ​ Costs of goods sold $ 377 ​ $ (1,192) ​ ​ ​ ​ ​ ​ ​ ​ ​ Inventory ​ Costs of goods sold ​ 239 ​ ​ (384) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 616 ​ $ (1,576) Derivatives not designated as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold $ (11,390) ​ $ (11,221) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives accounted for as fair value hedges had ineffectiveness resulting in losses of $301,000 and gains of $285,000 during the three-month periods ended March 31, 2023 and 2022, respectively. Gains excluded from hedge effectiveness testing of $763,000 decreased cost of goods sold during the three-month period ended March 31, 2023, and losses excluded from hedge effectiveness testing of $536,000 increased cost of goods sold during the three-month period ended March 31, 2022. Derivatives accounted for as cash flow hedges resulted in net gains of $2.0 million and $18.1 million recognized in other comprehensive income for the three-month periods ended March 31, 2023 and 2022, respectively. N

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Measurements
Fair Value Measurements	Note 6. Fair Value Measurements Accounting standards provide a comprehensive framework for measuring fair value and sets forth a definition of fair value and establishes a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable value inputs. Levels within the hierarchy are defined as follows: ● Level 1—Unadjusted quoted prices for identical assets and liabilities in active markets; ● Level 2—Quoted prices for similar assets and liabilities in active markets (other than those included in Level 1) which are observable for the asset or liability, either directly or indirectly; and ● Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. ​ Note 6. Fair Value Measurements (Continued) The following table sets forth financial assets and liabilities measured at fair value on a recurring basis in the consolidated balance sheet and the respective levels to which the fair value measurements are classified within the fair value hierarchy as of March 31, 2023 and December 31, 2022 (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, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term investments $ 714,769 ​ $ - ​ $ 714,769 ​ $ - Commodity futures – financial assets ​ 6,159 ​ ​ - ​ ​ 6,159 ​ ​ - Commodity futures – financial liabilities ​ 5,192 ​ ​ - ​ ​ 5,192 ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term investments $ 628,215 ​ $ - ​ $ 628,215 ​ $ - Commodity futures – financial assets ​ 4,271 ​ ​ - ​ ​ 4,271 ​ ​ - Commodity futures – financial liabilities ​ 7,388 ​ ​ - ​ ​ 7,388 ​ ​ - ​ The carrying amounts of financial instruments including cash and equivalents, and restricted cash approximate fair value (Level 1). The fair values of short-term investments and commodity futures contracts are estimated by the use of quoted market prices, estimates obtained from brokers, and other appropriate valuation techniques based on references available (Level 2). The fair value of long-term debt, including current maturities, as determined by quoted market prices (Level 2), was approximately $2.8 billion and $2.7 billion at March 31, 2023 and December 31, 2022, respectively (with a corresponding carrying amount in the consolidated balance sheet of $3.1 billion at March 31, 2023 and December 31, 2022.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies
Commitments and Contingencies	Note 7. 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, 2023
Segment Information
Segment Information	Note 8. 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 idled Minnesota ironmaking operations. Also included in “Other” are certain unallocated corporate accounts, such as the company’s senior unsecured credit facility, senior notes, certain other investments and certain profit sharing expenses. 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): ​ Note 8. Segment Information (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Metals ​ Steel ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three-month period ended ​ Steel ​ Recycling ​ Fabrication ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ Operations ​ Operations ​ Operations ​ Other ​ Eliminations ​ Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales - disaggregated revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External ​ $ 2,847,186 ​ $ 382,803 ​ $ 868,702 ​ $ 352,329 ​ $ - ​ $ 4,451,020 External Non-U.S. ​ ​ 213,635 ​ ​ 200,665 ​ ​ 66 ​ ​ 27,820 ​ ​ - ​ ​ 442,186 Other segments ​ ​ 124,810 ​ ​ 578,459 ​ ​ 36 ​ ​ - ​ ​ (703,305) ​ ​ - ​ ​ ​ 3,185,631 ​ ​ 1,161,927 ​ ​ 868,804 ​ ​ 380,149 ​ ​ (703,305) ​ ​ 4,893,206 Operating income (loss) ​ ​ 341,760 ​ ​ 39,688 ​ ​ 551,272 ​ ​ (98,940) (1) ​ 1,580 ​ ​ 835,360 Income (loss) before income taxes ​ ​ 342,500 ​ ​ 45,549 ​ ​ 551,412 ​ ​ (92,896) ​ ​ 1,224 ​ ​ 847,789 Depreciation and amortization ​ ​ 83,476 ​ ​ 14,365 ​ ​ 2,331 ​ ​ 7,522 ​ ​ - ​ ​ 107,694 Capital expenditures ​ ​ 120,539 ​ ​ 19,697 ​ ​ 4,496 ​ ​ 81,587 ​ ​ - ​ ​ 226,319 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ $ 8,615,026 ​ $ 1,416,914 ​ $ 1,180,335 ​ $ 3,157,475 (2) $ (149,990) (3) $ 14,219,760 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Footnotes related to the three-month period ended March 31, 2023, segment results (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Corporate SG&A $ (23.6) ​ (2) Cash and equivalents $ 1,462.7 ​ Companywide equity-based compensation ​ (13.6) ​ ​ Short-term investments ​ 714.8 ​ Company profit sharing component ​ (68.9) ​ ​ Accounts receivable ​ 40.9 ​ Other, net ​ 7.2 ​ ​ Inventories ​ 133.0 ​ ​ $ (98.9) ​ ​ Property, plant and equipment, net ​ 450.8 ​ ​ ​ ​ ​ ​ Intra-company debt ​ 38.0 ​ ​ ​ ​ ​ ​ Investments in unconsolidated affiliates ​ 234.3 ​ ​ ​ ​ ​ ​ Other ​ 83.0 ​ ​ ​ ​ ​ ​ ​ $ 3,157.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ (3) Elimination of intra-company receivables $ (93.4) ​ ​ ​ ​ ​ ​ Elimination of intra-company debt ​ (38.0) ​ ​ ​ ​ ​ ​ Other ​ (18.6) ​ ​ ​ ​ ​ ​ ​ $ (150.0) ​ ​ ​ ​ ​ ​ ​ Note 8. Segment Information (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Footnotes related to the three-month period ended March 31, 2022, segment results (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Corporate SG&A $ (19.6) ​ ​ ​ ​ ​ ​ Companywide equity-based compensation ​ (15.9) ​ ​ ​ ​ ​ ​ Company profit sharing component ​ (125.6) ​ ​ ​ ​ ​ ​ Other, net ​ (13.4) ​ ​ ​ ​ ​ ​ ​ $ (174.5) ​ ​ ​ ​ ​ ​

Description of the Business a_2

Description of the Business and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
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 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 87.5% by SDI at March 31, 2023 and December 31, 2022) are $75.0 million at March 31, 2023 and $70.3 million at December 31, 2022. Redeemable noncontrolling interests related to Mesabi Nugget (owned 85% by SDI) are $111.2 million at March 31, 2023, and December 31, 2022. At March 31, 2023, SDI owned 87.5% of the equity interest in USS. Originally, after the fourth anniversary of the initial transaction (March 1, 2023), SDI has an option to purchase, and the noncontrolling members had the option to require the company to purchase, the remaining 12.5% equity interest of USS. On April 1, 2023, a noncontrolling member of USS exercised its option to require SDI to purchase its 2.5% equity interest, increasing SDI’s ownership to 90%. The remaining noncontrolling members’ option to require SDI to purchase the remaining 10% equity interest of USS has been extended to on or after February 28, 2025.
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, 2022.
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 for all periods presented, 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, 2023, and December 31, 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ ​ ​ 2023 ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations Segment ​ $ 272,133 ​ $ 272,133 ​ ​ Metals Recycling Operations Segment ​ ​ 228,009 ​ ​ 228,009 ​ ​ Steel Fabrication Operations Segment ​ ​ 1,925 ​ ​ 1,925 ​ ​ ​ ​ $ 502,067 ​ $ 502,067 ​ ​
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, 2023, the company reported $2,127 million of accounts receivable, net of allowances for credit losses of $6.4 million. Changes in the allowance were not material for the three-month periods ended March 31, 2023 and 2022.

Description of the Business a_3

Description of the Business and Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2023
Description of the Business and Significant Accounting Policies
Schedule of Goodwill	The company’s goodwill consisted of the following at March 31, 2023, and December 31, 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ ​ ​ 2023 ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations Segment ​ $ 272,133 ​ $ 272,133 ​ ​ Metals Recycling Operations Segment ​ ​ 228,009 ​ ​ 228,009 ​ ​ Steel Fabrication Operations Segment ​ ​ 1,925 ​ ​ 1,925 ​ ​ ​ ​ $ 502,067 ​ $ 502,067 ​ ​

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share
Reconciliation of Basic and Diluted Earnings Per Share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three-Month Periods Ended March 31, ​ 2023 ​ 2022 ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ Net Income ​ Shares ​ Per Share ​ Net Income ​ Shares ​ Per Share ​ (Numerator) ​ (Denominator) ​ Amount ​ (Numerator) ​ (Denominator) ​ Amount Basic earnings per share $ 637,310 ​ ​ 171,597 ​ $ 3.71 ​ $ 1,103,931 ​ ​ 192,158 ​ $ 5.74 Dilutive common share equivalents ​ - ​ ​ 882 ​ ​ ​ ​ ​ - ​ ​ 1,083 ​ ​ ​ Diluted earnings per share $ 637,310 ​ ​ 172,479 ​ $ 3.70 ​ $ 1,103,931 ​ ​ 193,241 ​ $ 5.71 ​

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2023
Inventories
Schedule of Inventories	Inventory consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2023 ​ 2022 Raw materials $ 1,404,257 ​ $ 1,608,344 Supplies ​ 661,039 ​ ​ 629,074 Work in progress ​ 291,538 ​ ​ 256,071 Finished goods ​ 632,018 ​ ​ 636,475 Total inventories $ 2,988,852 ​ $ 3,129,964

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 each of the three-month periods ended March 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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, 2022 ​ $ 650 ​ $ (4,459,513) ​ $ 1,212,566 ​ $ 11,375,765 ​ $ 889 ​ $ (216,055) ​ $ 7,914,302 ​ $ 181,503 Dividends declared ​ ​ - ​ ​ - ​ ​ - ​ ​ (72,316) ​ ​ - ​ ​ - ​ ​ (72,316) ​ ​ - Noncontrolling investors, net ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (7,387) ​ ​ (7,387) ​ ​ 4,702 Share repurchases ​ ​ - ​ ​ (353,997) ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (353,997) ​ ​ - Equity-based compensation ​ ​ - ​ ​ 12,997 ​ ​ (18,487) ​ ​ (138) ​ ​ - ​ ​ - ​ ​ (5,628) ​ ​ - Net income ​ ​ - ​ ​ - ​ ​ - ​ ​ 637,310 ​ ​ - ​ ​ 7,023 ​ ​ 644,333 ​ ​ - Other comprehensive income, net of tax ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 911 ​ ​ - ​ ​ 911 ​ ​ - Balances at March 31, 2023 ​ $ 650 ​ $ (4,800,513) ​ $ 1,194,079 ​ $ 11,940,621 ​ $ 1,800 ​ $ (216,419) ​ $ 8,120,218 ​ $ 186,205 ​ Note 4. Changes in Equity (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stockholders of Steel Dynamics, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ Other ​ ​ ​ ​ ​ Redeemable ​ ​ Common ​ Treasury ​ Paid-In ​ Retained ​ Comprehensive ​ Noncontrolling ​ Total ​ Noncontrolling ​ ​ Stock ​ Stock ​ Capital ​ Earnings ​ 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, net of tax ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 11,387 ​ ​ - ​ ​ 11,387 ​ ​ - Balances at March 31, 2022 ​ $ 649 ​ $ (3,050,497) ​ $ 1,204,023 ​ $ 8,800,883 ​ $ 9,296 ​ $ (214,094) ​ $ 6,750,260 ​ $ 227,914 ​

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity Futures ​ Long/Short ​ Metric Tons ​ ​ Aluminum ​ Long ​ 8,625 ​ ​ Aluminum ​ Short ​ 15,750 ​ ​ Copper ​ Long ​ 14,297 ​ ​ Copper ​ Short ​ 33,348 ​
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, 2023, and December 31, 2022, and gains and losses related to derivatives included in the company’s statement of income for the three-month periods ended March 31, 2023 and 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Derivatives ​ Liability Derivatives ​ Balance sheet ​ Fair Value ​ Fair Value ​ location ​ March 31, 2023 ​ December 31, 2022 ​ March 31, 2023 ​ December 31, 2022 Derivative instruments designated as hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures Other current assets ​ $ 3,055 ​ $ 2,169 ​ $ 1,958 ​ $ 2,119 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments not designated as hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures Other current assets ​ ​ 3,104 ​ ​ 2,102 ​ ​ 3,234 ​ ​ 5,269 Total derivative instruments ​ ​ $ 6,159 ​ $ 4,271 ​ $ 5,192 ​ $ 7,388 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 2023 ​ 2022 ​ relationships ​ items 2023 ​ 2022 Derivatives in fair value hedging relationships ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold $ (155) ​ $ 1,326 ​ Firm commitments ​ Costs of goods sold $ 377 ​ $ (1,192) ​ ​ ​ ​ ​ ​ ​ ​ ​ Inventory ​ Costs of goods sold ​ 239 ​ ​ (384) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 616 ​ $ (1,576) Derivatives not designated as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold $ (11,390) ​ $ (11,221) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 and December 31, 2022 (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, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term investments $ 714,769 ​ $ - ​ $ 714,769 ​ $ - Commodity futures – financial assets ​ 6,159 ​ ​ - ​ ​ 6,159 ​ ​ - Commodity futures – financial liabilities ​ 5,192 ​ ​ - ​ ​ 5,192 ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term investments $ 628,215 ​ $ - ​ $ 628,215 ​ $ - Commodity futures – financial assets ​ 4,271 ​ ​ - ​ ​ 4,271 ​ ​ - Commodity futures – financial liabilities ​ 7,388 ​ ​ - ​ ​ 7,388 ​ ​ - ​

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 ​ Operations ​ Operations ​ Operations ​ Other ​ Eliminations ​ Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales - disaggregated revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External ​ $ 2,847,186 ​ $ 382,803 ​ $ 868,702 ​ $ 352,329 ​ $ - ​ $ 4,451,020 External Non-U.S. ​ ​ 213,635 ​ ​ 200,665 ​ ​ 66 ​ ​ 27,820 ​ ​ - ​ ​ 442,186 Other segments ​ ​ 124,810 ​ ​ 578,459 ​ ​ 36 ​ ​ - ​ ​ (703,305) ​ ​ - ​ ​ ​ 3,185,631 ​ ​ 1,161,927 ​ ​ 868,804 ​ ​ 380,149 ​ ​ (703,305) ​ ​ 4,893,206 Operating income (loss) ​ ​ 341,760 ​ ​ 39,688 ​ ​ 551,272 ​ ​ (98,940) (1) ​ 1,580 ​ ​ 835,360 Income (loss) before income taxes ​ ​ 342,500 ​ ​ 45,549 ​ ​ 551,412 ​ ​ (92,896) ​ ​ 1,224 ​ ​ 847,789 Depreciation and amortization ​ ​ 83,476 ​ ​ 14,365 ​ ​ 2,331 ​ ​ 7,522 ​ ​ - ​ ​ 107,694 Capital expenditures ​ ​ 120,539 ​ ​ 19,697 ​ ​ 4,496 ​ ​ 81,587 ​ ​ - ​ ​ 226,319 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ $ 8,615,026 ​ $ 1,416,914 ​ $ 1,180,335 ​ $ 3,157,475 (2) $ (149,990) (3) $ 14,219,760 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Footnotes related to the three-month period ended March 31, 2023, segment results (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Corporate SG&A $ (23.6) ​ (2) Cash and equivalents $ 1,462.7 ​ Companywide equity-based compensation ​ (13.6) ​ ​ Short-term investments ​ 714.8 ​ Company profit sharing component ​ (68.9) ​ ​ Accounts receivable ​ 40.9 ​ Other, net ​ 7.2 ​ ​ Inventories ​ 133.0 ​ ​ $ (98.9) ​ ​ Property, plant and equipment, net ​ 450.8 ​ ​ ​ ​ ​ ​ Intra-company debt ​ 38.0 ​ ​ ​ ​ ​ ​ Investments in unconsolidated affiliates ​ 234.3 ​ ​ ​ ​ ​ ​ Other ​ 83.0 ​ ​ ​ ​ ​ ​ ​ $ 3,157.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ (3) Elimination of intra-company receivables $ (93.4) ​ ​ ​ ​ ​ ​ Elimination of intra-company debt ​ (38.0) ​ ​ ​ ​ ​ ​ Other ​ (18.6) ​ ​ ​ ​ ​ ​ ​ $ (150.0) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Footnotes related to the three-month period ended March 31, 2022, segment results (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Corporate SG&A $ (19.6) ​ ​ ​ ​ ​ ​ Companywide equity-based compensation ​ (15.9) ​ ​ ​ ​ ​ ​ Company profit sharing component ​ (125.6) ​ ​ ​ ​ ​ ​ Other, net ​ (13.4) ​ ​ ​ ​ ​ ​ ​ $ (174.5) ​ ​ ​ ​ ​

Description of the Business a_4

Description of the Business and Significant Accounting Policies (Description of the Business) (Details) $ in Thousands			3 Months Ended		12 Months Ended
	Apr. 01, 2023	Apr. 01, 2022	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022	Dec. 31, 2022 USD ($)
Segment Reporting Information
Number of reportable segments | segment			3
Redeemable noncontrolling interests			$ 186,205		$ 181,503
United Steel Supply, LLC | Subsequent Event
Segment Reporting Information
Noncontrolling interest, ownership percentage	90%
Percentage of voting equity interests remaining available	10%
Steel Operations
Segment Reporting Information
Percentage of external net sales			63%	68%
Steel Operations | United Steel Supply, LLC
Segment Reporting Information
Noncontrolling interest, ownership percentage		87.50%
Metals Recycling Operations
Segment Reporting Information
Percentage of external net sales			12%	10%
Steel Fabrication Operations
Segment Reporting Information
Percentage of external net sales			18%	17%
United Steel Supply, LLC
Segment Reporting Information
Noncontrolling interest, ownership percentage			87.50%		87.50%
Redeemable noncontrolling interests			$ 75,000		$ 70,300
Percentage of voting equity interests remaining available			12.50%
United Steel Supply, LLC | United Steel Supply, LLC | Subsequent Event
Segment Reporting Information
Acquisition of interest (as a percent)	2.50%
Mesabi Nugget
Segment Reporting Information
Noncontrolling interest, ownership percentage			85%		85%
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, 2023	Mar. 31, 2022
Description of the Business and Significant Accounting Policies
Restricted Cash and Cash Equivalents	$ 5.5	$ 5.5
Restricted Cash and Cash Equivalents, Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets

Description of the Business a_6

Description of the Business and Significant Accounting Policies (Goodwill) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Goodwill
Goodwill	$ 502,067	$ 502,067
Steel Operations
Goodwill
Goodwill	272,133	272,133
Metals Recycling Operations
Goodwill
Goodwill	228,009	228,009
Steel Fabrication Operations
Goodwill
Goodwill	$ 1,925	$ 1,925

Description of the Business a_7

Description of the Business and Significant Accounting Policies (Credit Losses) (Details) $ in Millions	Mar. 31, 2023 USD ($)
Description of the Business and Significant Accounting Policies
Accounts receivable, net	$ 2,127
Allowance for credit losses	$ 6.4

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
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)	$ 637,310	$ 1,103,931
Diluted earnings per share (in dollars)	$ 637,310	$ 1,103,931
Weighted Average Shares (Denominator)
Basic earnings per share (in shares)	171,597,000	192,158,000
Dilutive common share equivalents (in shares)	882,000	1,083,000
Diluted earnings per share (in shares)	172,479,000	193,241,000
Per Share Amount
Basic (in dollars per share)	$ 3.71	$ 5.74
Diluted (in dollars per share)	$ 3.70	$ 5.71

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventories
Raw materials	$ 1,404,257	$ 1,608,344
Supplies	661,039	629,074
Work in progress	291,538	256,071
Finished goods	632,018	636,475
Total inventories	$ 2,988,852	$ 3,129,964

Changes in Equity (Details)

Changes in Equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Balances	$ 7,914,302	$ 6,108,757
Dividends declared	(72,316)	(64,344)
Noncontrolling investors, net	(7,387)	(21,633)
Share repurchases	(353,997)	(389,190)
Equity-based compensation	(5,628)	(2,071)
Net income	644,333	1,107,354
Other comprehensive income, net of tax	911	11,387
Balances	8,120,218	6,750,260
Common Stock
Balances	650	649
Balances	650	649
Treasury Stock
Balances	(4,459,513)	(2,674,267)
Share repurchases	(353,997)	(389,190)
Equity-based compensation	12,997	12,960
Balances	(4,800,513)	(3,050,497)
Additional Paid-In Capital
Balances	1,212,566	1,218,933
Equity-based compensation	(18,487)	(14,910)
Balances	1,194,079	1,204,023
Retained Earnings
Balances	11,375,765	7,761,417
Dividends declared	(72,316)	(64,344)
Equity-based compensation	(138)	(121)
Net income	637,310	1,103,931
Balances	11,940,621	8,800,883
Accumulated Other Comprehensive Income
Balances	889	(2,091)
Other comprehensive income, net of tax	911	11,387
Balances	1,800	9,296
Noncontrolling Interests
Balances	(216,055)	(195,884)
Noncontrolling investors, net	(7,387)	(21,633)
Net income	7,023	3,423
Balances	(216,419)	(214,094)
Redeemable Noncontrolling Interest
Balances	181,503	211,414
Noncontrolling investors, net	4,702	16,500
Balances	$ 186,205	$ 227,914

Derivative Financial Instrume_3

Derivative Financial Instruments (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Gains or losses on derivative instruments, statement of income
Ineffectiveness - amount of gain (loss) recognized in income on related hedged items	$ (301,000)	$ (285,000)
Derivative, Excluded Component, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of Goods Sold.	Cost of Goods Sold.
Gain (Loss) excluded from hedge effectiveness testing	$ 763,000	$ (536,000)
Amount of gain (loss) related to cash flow hedges	2,000,000	18,100,000
Net gains (losses) reclassified	786,000	$ 3,200,000
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months	$ 2,400,000
Period Within Which The Company Expects To Reclassify Net Gains On Derivative Instruments From AOCI to Earnings	12 months
Futures | Commodity contract
Commodity contract commitments
Fair value of derivatives including required margin deposits	$ 18,700,000		$ 23,500,000
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Current		Other Assets, Current

Derivative Financial Instrume_4

Derivative Financial Instruments (Schedule of Notional Amounts of Outstanding Derivative Positions) (Details) - Futures	3 Months Ended
	Mar. 31, 2023 T
Aluminum | Long
Derivative [Line Items]
Commodity contract (in MT/Lbs)	8,625
Aluminum | Short
Derivative [Line Items]
Commodity contract (in MT/Lbs)	15,750
Copper | Long
Derivative [Line Items]
Commodity contract (in MT/Lbs)	14,297
Copper | Short
Derivative [Line Items]
Commodity contract (in MT/Lbs)	33,348

Derivative Financial Instrume_5

Derivative Financial Instruments (Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Commodity futures, asset derivatives	$ 6,159	$ 4,271
Commodity futures, liability derivatives	5,192	7,388
Designated as hedging instrument | Commodity contract | Futures | Other current assets
Commodity futures, asset derivatives	3,055	2,169
Commodity futures, liability derivatives	1,958	2,119
Not designated as hedging instrument | Commodity contract | Futures | Other current assets
Commodity futures, asset derivatives	3,104	2,102
Commodity futures, liability derivatives	$ 3,234	$ 5,269

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, 2023	Mar. 31, 2022
Designated as hedging instrument
Amount of gain (loss) recognized in income on derivatives	$ (155)	$ 1,326
Amount of gain (loss) recognized in income on related hedged items	616	(1,576)
Designated as hedging instrument | Firm commitments
Amount of gain (loss) recognized in income on related hedged items	377	(1,192)
Designated as hedging instrument | Inventory
Amount of gain (loss) recognized in income on related hedged items	239	(384)
Not designated as hedging instrument
Amount of gain (loss) recognized in income on derivatives	$ (11,390)	$ (11,221)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets and liabilities subject to fair value measurements
Commodity futures - financial assets	$ 6,159	$ 4,271
Commodity futures - financial liabilities	5,192	7,388
Carrying amount	3,100,000	3,100,000
Level 2
Assets and liabilities subject to fair value measurements
Fair value of long-term debt, including current maturities	2,800,000	2,700,000
Recurring
Assets and liabilities subject to fair value measurements
Short-term investments	714,769	628,215
Recurring | Level 1
Assets and liabilities subject to fair value measurements
Short-term investments
Recurring | Level 2
Assets and liabilities subject to fair value measurements
Short-term investments	714,769	628,215
Recurring | Level 3
Assets and liabilities subject to fair value measurements
Short-term investments
Futures | Recurring | Commodity contract
Assets and liabilities subject to fair value measurements
Commodity futures - financial assets	6,159	4,271
Commodity futures - financial liabilities	5,192	7,388
Futures | Recurring | Level 1 | Commodity contract
Assets and liabilities subject to fair value measurements
Commodity futures - financial assets
Commodity futures - financial liabilities
Futures | Recurring | Level 2 | Commodity contract
Assets and liabilities subject to fair value measurements
Commodity futures - financial assets	6,159	4,271
Commodity futures - financial liabilities	5,192	7,388
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, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment Reporting Information
Net sales	$ 4,893,206	$ 5,569,902
Operating income (loss)	835,360	1,494,867
Income (loss) before income taxes	847,789	1,457,730
Depreciation and amortization	107,694	87,546
Capital expenditures	226,319	159,330
Assets	14,219,760		$ 14,159,984
U.S.
Segment Reporting Information
Net sales	4,451,020	5,248,208
Non-U.S.
Segment Reporting Information
Net sales	442,186	321,694
Operating Segment | Steel Operations
Segment Reporting Information
Net sales	3,185,631	3,931,653
Operating income (loss)	341,760	1,163,010
Income (loss) before income taxes	342,500	1,152,216
Depreciation and amortization	83,476	66,682
Capital expenditures	120,539	136,190
Assets	8,615,026
Operating Segment | Steel Operations | Other segments
Segment Reporting Information
Net sales	124,810	169,157
Operating Segment | Steel Operations | U.S.
Segment Reporting Information
Net sales	2,847,186	3,573,202
Operating Segment | Steel Operations | Non-U.S.
Segment Reporting Information
Net sales	213,635	189,294
Operating Segment | Metals Recycling Operations
Segment Reporting Information
Net sales	1,161,927	1,143,217
Operating income (loss)	39,688	44,960
Income (loss) before income taxes	45,549	45,730
Depreciation and amortization	14,365	13,254
Capital expenditures	19,697	11,557
Assets	1,416,914
Operating Segment | Metals Recycling Operations | Other segments
Segment Reporting Information
Net sales	578,459	563,592
Operating Segment | Metals Recycling Operations | U.S.
Segment Reporting Information
Net sales	382,803	448,043
Operating Segment | Metals Recycling Operations | Non-U.S.
Segment Reporting Information
Net sales	200,665	131,582
Operating Segment | Steel Fabrication Operations
Segment Reporting Information
Net sales	868,804	930,100
Operating income (loss)	551,272	466,875
Income (loss) before income taxes	551,412	465,199
Depreciation and amortization	2,331	2,430
Capital expenditures	4,496	3,690
Assets	1,180,335
Operating Segment | Steel Fabrication Operations | Other segments
Segment Reporting Information
Net sales	36	119
Operating Segment | Steel Fabrication Operations | U.S.
Segment Reporting Information
Net sales	868,702	929,842
Operating Segment | Steel Fabrication Operations | Non-U.S.
Segment Reporting Information
Net sales	66	139
Operating Segment | Other
Segment Reporting Information
Net sales	380,149	298,458
Operating income (loss)	(98,940)	(174,535)
Income (loss) before income taxes	(92,896)	(199,629)
Depreciation and amortization	7,522	5,180
Capital expenditures	81,587	7,893
Assets	3,157,475
Operating Segment | Other | Other segments
Segment Reporting Information
Net sales		658
Operating Segment | Other | U.S.
Segment Reporting Information
Net sales	352,329	297,121
Operating Segment | Other | Non-U.S.
Segment Reporting Information
Net sales	27,820	679
Eliminations
Segment Reporting Information
Net sales	(703,305)	(733,526)
Operating income (loss)	1,580	(5,443)
Income (loss) before income taxes	1,224	(5,786)
Assets	(149,990)
Eliminations | Other segments
Segment Reporting Information
Net sales	$ (703,305)	$ (733,526)

Segment Information - Results F

Segment Information - Results Footnote (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Operating income (loss)
Corporate SG & A	$ (144,309)	$ (152,015)
Company profit sharing component	(69,575)	(128,469)
Operating income (loss)	835,360	1,494,867
Gross profit decrease from intra-company sales	1,056,122	1,782,513
Assets
Cash and equivalents	1,604,943		$ 1,628,417
Short-term investments	714,769		628,215
Inventories	2,988,852		3,129,964
Property, plant and equipment, net	5,491,201		5,373,665
Other	403,303		378,727
Total assets	14,219,760		$ 14,159,984
Operating Segment | Other
Operating income (loss)
Corporate SG & A	(23,600)	(19,600)
Companywide equity-based compensation	(13,600)	(15,900)
Company profit sharing component	(68,900)	(125,600)
Other, net	7,200	(13,400)
Operating income (loss)	(98,940)	(174,535)
Assets
Cash and equivalents	1,462,700
Short-term investments	714,800
Accounts receivable	40,900
Inventories	133,000
Property, plant and equipment, net	450,800
Intra-company debt	38,000
Investments in unconsolidated affiliates	234,300
Other	83,000
Total assets	3,157,475
Operating Segment | Metals Recycling Operations
Operating income (loss)
Operating income (loss)	39,688	44,960
Assets
Total assets	1,416,914
Eliminations
Operating income (loss)
Operating income (loss)	1,580	$ (5,443)
Assets
Accounts receivable	(93,400)
Intra-company debt	(38,000)
Other	(18,600)
Total assets	$ (149,990)