Steel Dynamics Reports Second Quarter 2020 Results

21 July 2020

Steel Dynamics, Inc. today announced second quarter 2020 financial results. The company reported second quarter 2020 net sales of $2.1 billion and net income of $75 million, or $0.36 per diluted share. Excluding the impact from the following items, the company's second quarter 2020 adjusted net income was $100 million, or $0.47 per diluted share:

  • Additional financing costs related to the company's June 2020 refinancing activities of approximately $25 million, or $0.08 per diluted share, and
  • Costs (net of capitalized interest) associated with the construction of the company's Sinton Texas Flat Roll Steel Mill of approximately $10 million, or $0.03 per diluted share.

Comparatively, prior year second quarter net sales were $2.8 billion, with net income of $194 million, or $0.87 per diluted share, and sequential first quarter 2020 net sales were $2.6 billion, with net income of $187 million, or $0.88 per diluted share.

"I am incredibly proud of the 8,400 individuals that I am fortunate to work alongside at Steel Dynamics," said Mark D. Millett, President and Chief Executive Officer. "The operating, commercial, and financial teams achieved best-in-class performance within the current unprecedented health and economic environment. We are operating safely, providing ongoing customer support, and taking advantage of longer-term financing opportunities. Our spirit of excellence was once again evidenced in our strong second quarter 2020 performance.  Even though earnings were lower than robust sequential first quarter results, the team's performance was tremendous within the circumstances. Our second quarter 2020 consolidated operating income was $159 million, adjusted EBITDA was $217 million, and cash flow generation from operations increased sequentially to $486 million, resulting in near-record liquidity of $2.8 billion.

"Our differentiated business model, coupled with the passion of our people drove strong steel mill production utilization, allowing for cost compression benefits and market share gains.  Our second quarter 2020 steel shipments were only 12 percent lower than our record high sequential first quarter volumes," continued Millett. "Our steel mills operated at almost 80 percent utilization, while the rest of the domestic industry operated at an estimated 55 percent. Our fabrication operations and steel processing locations helped achieve this higher utilization, complementing the market share gains. In addition, our metals recycling platform provided a competitive advantage in sourcing ferrous scrap for our steel mills in a challenging supply environment."

In the second quarter of 2020, the company generated strong cash flow from operations of $486 million and available cash and short-term investments increased $111 million, as working capital management more than offset capital investments of $310 million. The company also executed its second investment grade notes offering, issuing $400 million of 2.400% notes due 2025 and $500 million of 3.250% notes due 2031. These transactions were leverage neutral and proceeds were used to repay $400 million of its 5.250% senior notes due 2023 and $500 million of its 5.500% senior notes due 2024. These transactions combined with the company's December 2019 inaugural investment grade refinancing have extended its overall debt maturity profile and lowered its effective interest rate to four percent.

Second Quarter 2020 Comments

Second quarter 2020 operating income for the company's steel operations was $172 million, or 41 percent lower than sequential first quarter results, due to lower selling values and shipments related to the temporary closures of numerous steel consuming businesses in response to the coronavirus (COVID-19) pandemic. Domestic automotive producers and the related supply chain idled operations beginning in March 2020 and slowly began restarting production in May and June. Construction related steel demand was steadier than industrial manufacturing throughout the second quarter. The second quarter 2020 average external product selling price for the company's steel operations decreased $19 sequentially to $755 per ton. The average ferrous scrap cost per ton melted at the company's steel mills decreased $1 sequentially to $266 per ton.  The company's steel mill's operated at 79 percent of their production capability during the second quarter 2020, with the flat roll group achieving a rate of 89 percent. Additionally, second quarter 2020 steel shipments of 2.5 million tons were only 12 percent lower than record high sequential first quarter shipments of 2.8 million tons, and only nine percent lower than the second quarter of 2019.

As states issued shelter-in-place mandates and domestic manufacturing slowed, scrap supply and collection declined.  In addition, significantly lower second quarter 2020 domestic steel production of an estimated 55 percent, resulted in weak ferrous scrap demand.  As a result, the company's metals recycling operations recorded an operating loss of $6 million for the second quarter 2020, compared to operating income of $8 million in the sequential first quarter. As states have started to reopen, scrap flows have improved, and the company expects its metals recycling operations to return to profitability for the third quarter 2020.  

Second quarter 2020 operating income from the company's steel fabrication operations of $27 million was strong, nearly equal to sequential first quarter results of $29 million, based on steady shipments. The steel fabrication platform's customer order backlog remains strong, and customers remain constructive concerning non-residential construction projects. The team has not seen widespread project delays or cancellations.

Year-to-Date June 30, 2020 Comparison

For the six months ended June 30, 2020, net income was $263 million, or $1.24 per diluted share, with net sales of $4.7 billion, as compared to net income of $399 million, or $1.78 per diluted share, with net sales of $5.6 billion for the same period in 2019. Excluding the impact from the following items, the company's first half 2020 adjusted net income was $291 million, or $1.37 per diluted share:

  • Additional financing costs related to the company's June 2020 refinancing activities of approximately $25 million, or $0.08 per diluted share, and
  • Costs (net of capitalized interest) associated with the construction of the company's Sinton Texas Flat Roll Steel Mill of approximately $15 million, or $0.05 per diluted share.

First half 2020 net sales decreased 16 percent and operating income declined 25 percent to $433 million, when compared to the same period in 2019. Lower earnings were primarily the result of steel metal spread compression, as significantly lower average steel selling values, more than offset average ferrous scrap cost reductions across the steel platform. Compared to first half 2019, the average first half 2020 external selling price for the company's steel operations decreased $124 to $766 per ton. The average first half 2020 ferrous scrap cost per ton melted at the company's steel mills decreased $61 to $266 per ton. Even though first half 2020 steel shipments of 5.4 million tons were only two percent lower than 2019 results, the impact of COVID-19 on steel and ferrous scrap demand in the second quarter of 2020 contributed significantly to the year-over-year decline in net sales and earnings.

In contrast, based on the company's differentiated business model and highly, variable cost structure, the company increased cash flow generation from operations to $697 million in the first half 2020, an increase of 28 percent in comparison to prior year. In addition, liquidity at the end of the second quarter 2020 increased $479 million, or 21 percent, when compared to June 30, 2019.  During the first half of 2020, the company invested $527 million in capital investments, paid cash dividends of $104 million, and repurchased $107 million of its common stock, while maintaining strong liquidity.

Outlook

"We entered 2020 in a position of strength with ample cash and available liquidity of $2.8 billion, and we remain in a position of strength maintaining that liquidity at the end of the second quarter 2020," stated Millett. "Our differentiated business model and performance-driven culture have proven our ability to generate strong cash flow during challenging times such as these. We entered 2020 prepared for the capital investment requirements related to the construction of our new state-of-the art, electric-arc-furnace (EAF) flat roll steel mill. We are excited about this strategic project, and the associated long-term value creation it will bring through geographic and value-added product diversification. This facility is designed to have product size and quality capabilities beyond that of existing EAF flat roll steel producers, competing even more effectively with the integrated steel model and foreign competition, as well as providing a much more environmentally friendly steel production alternative for our customers. We have targeted specific regional markets. Our facility is located and designed to have a meaningful competitive advantage in these regions and in the displacement of imports. We have also now signed long-term agreements with two customers to co-locate on our site, and they plan to represent annual steel consuming and processing capability of over 800,000 tons. Construction is going well within our expected capital costs of $1.9 billion, with plans on schedule to commence operations mid-year 2021.

"I also want to congratulate our Columbus Flat Roll Division team for producing their first prime coil July 9th on their new 400,000-ton galvanizing line. This is their fourth value-added line investment and will allow them to sell significantly more higher margin products, while also providing a ready hot band consumer base in the South for our anticipated new Texas flat roll steel mill.

"It is still not possible to determine the full scope of the negative impact COVID-19 will cause to global economies and the related impact to domestic steel demand," continued Millett. "As states continue to determine their reopening guidelines and many steel consuming businesses have resumed operations, we anticipate steel and metals recycling demand will improve in the second half of the year compared to second quarter 2020 trough results. The automotive sector and its related supply chain have restarted production, and we have started to see some resulting increase in steel demand and prime scrap production. The construction sector has remained more resilient and related steel demand has been steady, as evidenced by our Structural and Rail Division volume and steel fabrication platform's customer backlog. The weaker sectors continue to be related to energy and general industrial consumers, which likely require a longer recovery period.

"Our commitment is to the safety of our teams, families, communities and to meet the needs of our customers. Our culture and our business model continue to positively differentiate our performance from the rest of the industry, and we are in a place of strength. We are competitively positioned and focused to deliver long-term value creation for all of our stakeholders," concluded Millett.        

Conference Call and Webcast

Steel Dynamics, Inc. will hold a conference call to discuss second quarter 2020 operating and financial results on Tuesday, July 21, 2020, at 10:00 a.m. Eastern Daylight Time. You may access the call and find dial-in information on the Investors section of the company's website at www.steeldynamics.com.  A replay of the call will be available on our website until 11:59 p.m. Eastern Daylight Time on July 26, 2020.

About Steel Dynamics, Inc.

Steel Dynamics is one of the largest domestic steel producers and metals recyclers in the United States based on estimated annual steelmaking and metals recycling capability, with facilities located throughout the United States, and in Mexico. Steel Dynamics produces steel products, including hot roll, cold roll, and coated sheet steel, structural steel beams and shapes, rail, engineered special-bar-quality steel, cold finished steel, merchant bar products, specialty steel sections and steel joists and deck. In addition, the company produces liquid pig iron and processes and sells ferrous and nonferrous scrap.

Note Regarding Non-GAAP Financial Measures

The company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). Management believes that Adjusted Net Income, Adjusted Diluted Earnings Per Share, EBITDA and Adjusted EBITDA, non-GAAP financial measures, provide additional meaningful information regarding the company's performance and financial strength. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the company's reported results prepared in accordance with GAAP. In addition, because not all companies use identical calculations, EBITDA and Adjusted EBITDA included in this release may not be comparable to similarly titled measures of other companies.

Forward-Looking Statements

This press release contains some predictive statements about future events, including statements related to conditions in domestic or global economies, conditions in steel and recycled metals market places, Steel Dynamics' revenues, costs of purchased materials, future profitability and earnings, and the operation of new, existing or planned facilities. These statements, which we generally precede or accompany by such typical conditional words as "anticipate", "intend", "believe", "estimate", "plan", "seek", "project", or "expect", or by the words "may", "will", or "should", are intended to be made as "forward-looking," subject to many risks and uncertainties, within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. These statements speak only as of this date and are based upon information and assumptions, which we consider reasonable as of this date, concerning our businesses and the environments in which they operate. Such predictive statements are not a guarantee of future performance, and we undertake no duty to update or revise any such statements. Some factors that could cause such forward-looking statements to turn out differently than anticipated include: (1) the effects of uncertain economic conditions; (2) the effects of pandemics or other health issues, such as the recent novel coronavirus outbreak (COVID-19); (3) cyclical and changing industrial demand; (4) changes in conditions in any of the steel or scrap-consuming sectors of the economy which affect demand for our products, including the strength of the non-residential and residential construction, automotive, manufacturing, appliance, energy, and other steel-consuming industries; (5) fluctuations in the cost of key raw materials and supplies (including steel scrap, iron units, zinc, graphite electrodes, and energy costs) and our ability to pass on any cost increases; (6) the impact of domestic and foreign imports, including trade policy, restrictions, or agreements; (7) unanticipated difficulties in integrating or starting up new, acquired or planned businesses or assets; (8) risks and uncertainties involving product and/or technology development; and (9) occurrences of unexpected plant outages or equipment failures.

More specifically, we refer you to Steel Dynamics' more detailed explanation of these and other factors and risks that may cause such predictive statements to turn out differently, as set forth in our most recent Annual Report on Form 10-K under the headings Special Note Regarding Forward-Looking Statements and Risk Factors, in our quarterly reports on Form 10-Q, or in other reports which we from time to time file with the Securities and Exchange Commission. These are available publicly on the Securities and Exchange Commission website, www.sec.gov, and on the Steel Dynamics website, www.steeldynamics.com under "Investors — SEC Filings".

Steel Dynamics, Inc.

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(in thousands, except per share data)

   
   

Three Months Ended

 

Six Months Ended

 

Three Months

   

June 30,

 

June 30,

 

Ended

   

2020

 

2019

 

2020

 

2019

 

March 31, 2020

                               

Net sales

 

$

2,094,305

 

$

2,770,515

 

$

4,669,405

 

$

5,587,950

 

$

2,575,100

Costs of goods sold

   

1,809,874

   

2,349,349

   

3,969,745

   

4,733,214

   

2,159,871

      Gross profit

   

284,431

   

421,166

   

699,660

   

854,736

   

415,229

                               

Selling, general and administrative expenses

   

109,299

   

106,250

   

222,197

   

217,288

   

112,898

Profit sharing

   

9,092

   

22,871

   

30,546

   

46,548

   

21,454

Amortization of intangible assets

   

7,190

   

7,013

   

14,381

   

14,026

   

7,191

      Operating income

   

158,850

   

285,032

   

432,536

   

576,874

   

273,686

                               

Interest expense, net of capitalized interest

   

27,702

   

32,321

   

55,721

   

63,443

   

28,019

Other expense (income), net

   

28,103

   

(4,249)

   

25,514

   

(10,592)

   

(2,589)

      Income before income taxes

   

103,045

   

256,960

   

351,301

   

524,023

   

248,256

                               

Income tax expense

   

24,280

   

60,214

   

81,700

   

122,450

   

57,420

      Net income

   

78,765

   

196,746

   

269,601

   

401,573

   

190,836

Net income attributable to noncontrolling interests

   

(3,269)

   

(2,444)

   

(6,765)

   

(2,943)

   

(3,496)

      Net income attributable to Steel Dynamics, Inc.

 

$

75,496

 

$

194,302

 

$

262,836

 

$

398,630

 

$

187,340

                               
                               

Basic earnings per share attributable to Steel Dynamics, Inc. stockholders

 

 

 

 

$

0.36

 

$

0.88

 

$

1.24

 

$

1.79

 

$

0.88

                               

Weighted average common shares outstanding

   

210,343

   

221,505

   

211,798

   

222,781

   

213,254

                               

Diluted earnings per share attributable to Steel Dynamics, Inc. stockholders, including the effect of assumed conversions when dilutive

 

 

 

 

$

0.36

 

$

0.87

 

$

1.24

 

$

1.78

 

$

0.88

                               

Weighted average common shares and share equivalents outstanding

   

211,378

   

222,519

   

212,701

   

233,741

   

214,024

                               
                               

Dividends declared per share

 

$

0.25

 

$

0.24

 

$

0.50

 

$

0.48

 

$

0.25

Steel Dynamics, Inc.

CONSOLIDATED BALANCE SHEETS

(in thousands)

 
 

June 30,

   

December 31,

Assets

2020

   

2019

 

(unaudited)

       

Current assets

           

   Cash and equivalents

$

1,496,458

   

$

1,381,460

   Short-term investments

 

69,546

     

262,174

   Accounts receivable, net

 

844,056

     

844,336

   Inventories

 

1,567,017

     

1,689,043

   Other current assets

 

39,043

     

76,012

      Total current assets

 

4,016,120

     

4,253,025

             

Property, plant and equipment, net

 

3,587,450

     

3,135,886

             

Intangible assets, net

 

313,520

     

327,901

             

Goodwill

 

451,220

     

452,915

             

Other assets

 

100,031

     

106,038

      Total assets

$

8,468,341

   

$

8,275,765

Liabilities and Equity

           

Current liabilities

           

   Accounts payable

$

701,932

   

$

513,344

   Income taxes payable

 

25,411

     

2,014

   Accrued expenses

 

314,157

     

401,984

   Current maturities of long-term debt

 

73,926

     

89,356

      Total current liabilities

 

1,115,426

     

1,006,698

             

Long-term debt

 

2,636,722

     

2,644,988

             

Deferred income taxes

 

503,034

     

484,169

             

Other liabilities

 

73,237

     

75,055

      Total liabilities

 

4,328,419

     

4,210,910

             

Commitments and contingencies

           
             

Redeemable noncontrolling interests

 

152,414

     

143,614

             

Equity

           

   Common stock

 

646

     

646

   Treasury stock, at cost

 

(1,623,855)

     

(1,525,113)

   Additional paid-in capital

 

1,191,614

     

1,181,012

   Retained earnings

 

4,576,629

     

4,419,296

   Accumulated other comprehensive income (loss)

 

216

     

(7)

      Total Steel Dynamics, Inc. equity

 

4,145,250

     

4,075,834

   Noncontrolling interests

 

(157,742)

     

(154,593)

      Total equity

 

3,987,508

     

3,921,241

      Total liabilities and equity

$

8,468,341

   

$

8,275,765

Steel Dynamics, Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands)

 
 

Three Months Ended

 

Six Months Ended

 

June 30,

 

June 30,

 

2020

 

2019

 

2020

 

2019

                       

Operating activities:

                     

   Net income

$

78,765

 

$

196,746

 

$

269,601

 

$

401,573

                       

   Adjustments to reconcile net income to net cash provided by operating activities:

                     

      Depreciation and amortization

 

78,721

   

80,911

   

158,980

   

161,085

      Equity-based compensation

 

9,520

   

9,080

   

27,364

   

24,388

      Deferred income taxes

 

14,634

   

11,550

   

20,561

   

23,641

      Other adjustments

 

4,728

   

(564)

   

4,464

   

164

      Changes in certain assets and liabilities:

                     

         Accounts receivable

 

154,352

   

70,624

   

280

   

9,562

         Inventories

 

77,521

   

64,941

   

122,026

   

104,410

         Other assets

 

11,137

   

7,292

   

9,596

   

7,593

         Accounts payable

 

69,523

   

(58,484)

   

121,119

   

(55,278)

         Income taxes receivable/payable

 

7,993

   

(36,428)

   

60,378

   

13,422

         Accrued expenses

 

(20,884)

   

15,805

   

(97,078)

   

(147,534)

      Net cash provided by operating activities

 

486,010

   

361,473

   

697,291

   

543,026

                       

Investing activities:

                     

   Purchases of property, plant and equipment

 

(309,716)

   

(85,120)

   

(527,251)

   

(139,556)

   Purchases of short term investments

 

-

   

(49,465)

   

(149,359)

   

(99,142)

   Proceeds from maturities of short-term investments

 

149,648

   

109,034

   

341,988

   

213,771

   Acquisition of business, net of cash and restricted cash acquired

 

-

   

-

   

-

   

(93,412)

   Other investing activities

 

803

   

913

   

1,321

   

1,277

      Net cash used in investing activities

 

(159,265)

   

(24,638)

   

(333,301)

   

(117,062)

                       

Financing activities:

                     

   Issuance of current and long-term debt

 

1,099,774

   

125,222

   

1,316,035

   

246,456

   Repayment of current and long-term debt

 

(1,103,814)

   

(133,875)

   

(1,339,571)

   

(249,146)

   Dividends paid

 

(52,584)

   

(53,503)

   

(104,065)

   

(95,742)

   Purchase of treasury stock

 

-

   

(93,136)

   

(106,529)

   

(177,444)

   Other financing activities

 

(8,763)

   

(12)

   

(14,915)

   

(5,732)

      Net cash used in financing activities

 

(65,387)

   

(155,304)

   

(249,045)

   

(281,608)

                       

Increase in cash, cash equivalents, and restricted cash

 

261,358

   

181,531

   

114,945

   

144,356

Cash, cash equivalents, and restricted cash at beginning of period

 

1,240,984

   

797,248

   

1,387,397

   

834,423

Cash, cash equivalents, and restricted cash at end of period

$

1,502,342

 

$

978,779

 

$

1,502,342

 

$

978,779

                       
                       

Supplemental disclosure information:

                     

   Cash paid for interest

$

59,668

 

$

53,981

 

$

68,453

 

$

62,587

   Cash paid for income taxes, net

$

1,430

 

$

84,516

 

$

1,948

 

$

86,355

Steel Dynamics, Inc.

SUPPLEMENTAL INFORMATION

(dollars in thousands)

 
   

Second Quarter

   

Year to Date

     
     

2020

   

2019

   

2020

   

2019

   

1Q 2020

External Net Sales

                             

   Steel

 

$

1,628,027

 

$

2,106,350

 

$

3,569,733

 

$

4,230,920

 

$

1,941,706

   Fabrication

   

215,250

   

241,424

   

436,186

   

469,904

   

220,936

   Metals Recycling

   

156,583

   

323,100

   

448,439

   

674,237

   

291,856

   Other

   

94,445

   

99,641

   

215,047

   

212,889

   

120,602

      Consolidated Net Sales

 

$

2,094,305

 

$

2,770,515

 

$

4,669,405

 

$

5,587,950

 

$

2,575,100

Operating Income

                             

   Steel

 

$

172,395

 

$

294,769

 

$

465,141

 

$

607,206

 

$

292,746

   Fabrication

   

27,196

   

30,706

   

56,400

   

51,369

   

29,204

   Metals Recycling

   

(5,918)

   

10,614

   

2,408

   

30,572

   

8,326

      Operations

   

193,673

   

336,089

   

523,949

   

689,147

   

330,276

                               

   Non-cash amortization of intangible assets

   

(7,190)

   

(7,013)

   

(14,381)

   

(14,026)

   

(7,191)

   Profit sharing expense

   

(9,092)

   

(22,871)

   

(30,546)

   

(46,548)

   

(21,454)

   Non-segment operations

   

(18,541)

   

(21,173)

   

(46,486)

   

(51,699)

   

(27,945)

      Consolidated Operating Income 

 

$

158,850

 

$

285,032

 

$

432,536

 

$

576,874

 

$

273,686

Adjusted EBITDA

                             

      Net income

 

$

78,765

 

$

196,746

 

$

269,601

 

$

401,573

 

$

190,836

      Income taxes

   

24,280

   

60,214

   

81,700

   

122,450

   

57,420

      Net interest expense

   

25,849

   

25,598

   

47,639

   

49,615

   

21,790

      Depreciation

   

70,116

   

72,585

   

141,849

   

144,431

   

71,733

      Amortization of intangible assets

   

7,190

   

7,013

   

14,381

   

14,026

   

7,191

      Noncontrolling interest

   

(3,270)

   

(2,444)

   

(6,766)

   

(2,943)

   

(3,496)

            EBITDA 

   

202,930

   

359,712

   

548,404

   

729,152

   

345,474

      Non-cash adjustments

                             

         Unrealized hedging gain

   

(208)

   

(3,719)

   

(1,470)

   

(1,977)

   

(1,262)

         Inventory valuation

   

258

   

351

   

1,117

   

592

   

859

         Equity-based compensation

   

9,519

   

9,080

   

20,331

   

19,699

   

10,812

         Refinancing charges

   

4,907

   

-

   

4,907

   

-

   

-

            Adjusted EBITDA 

 

$

217,406

 

$

365,424

 

$

573,289

 

$

747,466

 

$

355,883

Other Operating Information

                             

   Steel

                             

      Average external sales price (Per ton) (a)

 

$

755

 

$

879

 

$

766

 

$

890

 

$

774

      Average ferrous cost (Per ton melted) (b)

 

$

266

 

$

316

 

$

266

 

$

327

 

$

267

                               

      Flat Roll shipments

                             

         Butler and Columbus Flat Roll divisions

   

1,358,473

   

1,574,463

   

2,942,737

   

3,101,314

   

1,584,264

         Steel Processing divisions (c)

   

418,837

   

422,849

   

824,818

   

753,624

   

405,981

      Long Product shipments

                             

         Structural and Rail Division

   

400,150

   

352,013

   

835,032

   

728,276

   

434,882

         Engineered Bar Products Division

   

137,386

   

195,644

   

327,187

   

402,518

   

189,801

         Roanoke Bar Division

   

125,104

   

128,460

   

265,326

   

280,860

   

140,222

         Steel of West Virginia

   

78,069

   

95,929

   

170,101

   

187,177

   

92,032

            Total Shipments (Tons

   

2,518,019

   

2,769,358

   

5,365,201

   

5,453,769

   

2,847,182

                               

            External Shipments (Tons) (a) 

   

2,152,856

   

2,386,851

   

4,648,020

   

4,734,060

   

2,495,164

                               

            Steel Mill Production (Tons)

   

2,132,167

   

2,401,289

   

4,667,400

   

4,812,455

   

2,535,233

   Metals Recycling

                             

      Nonferrous shipments (000's of pounds)

   

166,914

   

266,222

   

438,992

   

558,260

   

272,078

      Ferrous shipments (Gross tons)

   

802,070

   

1,189,679

   

1,994,214

   

2,361,040

   

1,192,144

            External ferrous shipments (Gross tons)

   

197,970

   

425,477

   

591,621

   

808,318

   

393,651

   Fabrication

                             

      Average sales price (Per ton)

 

$

1,364

 

$

1,538

 

$

1,360

 

$

1,556

 

$

1,356

      Shipments (Tons)

   

160,168

   

156,983

   

323,480

   

302,205

   

163,312

 

(a)   Represents all steel operations

(b)   Represents ferrous cost per ton melted at our six electric arc furnace steel mills

(c)   Includes Heartland, The Techs, and United Steel Supply locations

 

Source: prnewswire.com