FORT WAYNE, Ind., Jan. 24, 2012 /PRNewswire/ -- Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced fourth quarter net income of $30 million, or $0.14 per diluted share, on net sales of $1.9 billion. By comparison, prior year fourth quarter net income was $8 million, or $0.04 per diluted share, on net sales of $1.5 billion. Full-year 2011 net income increased 98% to $278 million, or $1.22 per diluted share, on net sales of $8.0 billion, compared to prior year net income of $141 million, or $0.64 per diluted share, on net sales of $6.3 billion.
"We are pleased with the strong revenue and bottom-line performance in both the quarter and for the year in comparison to prior year results," said President and Chief Executive Officer Mark Millett. "We achieved both quarterly and annual organic sales growth of over 20 percent, and nearly doubled our annual pretax earnings in a challenging environment. Many of our operations achieved notable milestones in 2011:
-- Our Flat Roll and Engineered Bar Products divisions achieved record annual production and shipping volumes individually, as did our steel operations in total, -- Our Engineered Bar Products and Steel of West Virginia steel divisions achieved record annual operating income, -- We significantly increased our market share of railroad rail business, shipping 117,000 tons in 2011 (more than double the 55,000 tons shipped during 2010), -- Our metals recycling operations achieved record annual ferrous and nonferrous shipping volumes, as we leveraged improved market dynamics through additional retail yards and increased shredder capacity, -- We achieved record production of iron units at our Iron Dynamics facility, with the lowest cost structure achieved to date, and -- We began operations at three fabrication facilities located strategically in the South and Southwest, providing market expansion.
This solid performance in a difficult economy is driven by our ongoing commitment to provide exceptional value to our customers, while sustaining our innovative, low-cost operating culture."
Fourth Quarter Review
Fourth quarter volumes increased in each of the company's operating segments when compared to the prior-year fourth quarter and decreased when compared to the third quarter of 2011. While the company's operating income increased 76 percent over prior-year performance, it decreased 24 percent in comparison to the third quarter of 2011. The decrease in consecutive quarterly operating income was primarily the result of compressed flat roll margins and Iron Dynamics' planned three week maintenance shutdown, which reduced operating income by $10 million due to associated costs and reduced volume. Despite increased volumes, earnings from flat roll operations declined 26 percent, as lower selling prices in the first half of the quarter were not matched with corresponding declines in the cost of raw materials, resulting in margin compression. However, beginning mid-quarter, increases in both order entry and pricing should benefit the first quarter of 2012.
Fourth quarter margins for the combined steel operations expanded in comparison to prior year fourth quarter results, as the average selling price per ton shipped increased $100 per ton to $853, and the average ferrous scrap cost per ton melted increased $68. In contrast, steel margins compressed in comparison to the third quarter of 2011, as the average selling price per ton shipped decreased $44 per ton across the steel group, and the average ferrous scrap cost per ton melted decreased only $12.
As is typical in the last quarter of the year, metals recycling volumes decreased when compared to the third quarter of 2011, but increases in nonferrous margins more than offset the impact of reduced ferrous and nonferrous shipments. Operating income for OmniSource was $16 million in the fourth quarter, an increase of $7 million in comparison to prior year, and an increase of $4 million compared to the third quarter of 2011. Non-cash unrealized hedging losses were $3 million, or approximately $0.01 per diluted share, in the fourth quarter of 2011, as compared to gains of $2 million in the third quarter of 2011.
The impact of losses from the company's Minnesota operations on fourth quarter 2011 consolidated net income was $10 million, or approximately $0.05 per diluted share. This compares to losses of $8 million, or approximately $0.03 per diluted share in the third quarter of 2011. The increased loss was a function of margin compression as product pricing decreased and the cost of raw materials increased quarter over quarter. Fourth quarter shipments of iron nuggets was 53,000 metric tons, a 62 percent increase over third quarter 2011 levels.
Full-Year Review
Overall 2011 shipping volumes increased in each of the company's operating segments when compared to prior year, and record volumes were achieved in the steel and metals recycling operations. 2011 net sales of $8.0 billion, increased $1.7 billion, or 27 percent, over 2010 results, and were only 1 percent less than the company's record net sales achieved in 2008.
The company's operating income increased 60 percent versus the prior year, driven primarily by significant margin improvement within the steel operations in both flat and long products. The average annual selling price per ton shipped for the company's steel operations in 2011 was $897, an increase of $123 per ton compared to 2010. The 2011 average ferrous scrap cost per ton melted increased $71.
Outlook
As previously reported in early January, the company successfully expanded its existing senior secured credit facility by adding a $275 million term loan facility. The net proceeds from the term loan were used to repay approximately $278 million, or 40 percent, of the company's outstanding 7 3/8 % Senior Notes due November 2012, in accordance with the announced cash tender offer. During the first quarter of 2012, the company expects to recognize expenses of approximately $10 million (net of interest cost savings) associated with the refinancing, including the tender premium and unamortized financing fee write-offs. During the remainder of the year beginning in April through maturity in November, the refinancing is expected to result in interest cost savings of approximately $9 million (based on current interest rates).
"Entering the new year," Millett said, "we are optimistic, despite continued uncertainty within the U.S. and global economies. We believe there is the possibility for more stability to develop in 2012 as improvements continue in certain market sectors, such as energy, agriculture, automotive, transportation and construction equipment. If the U.S. economy continues a pattern of slow and steady growth during the year, steel demand should logically follow, given the relatively low levels of inventory across the supply chain. We remain confident that with our exceptional team, coupled with our superior, low-cost operating culture, we are uniquely prepared to capitalize on the opportunities ahead."
Summary Fourth Quarter and Full-Year 2011 Operating Segment Information
The following tables highlight operating results for each of the company's three primary operating segments. References to segment operating income in the following paragraphs exclude profit-sharing costs and amortization pertaining to intangible assets. (Amounts excluding full year 2010 data are unaudited, and dollar amounts are in thousands, excluding per ton data.)
Steel Operations
This segment includes five electric-arc-furnace steel mills and related steel finishing and processing facilities, including The Techs. The company's steel operations produce flat-rolled steel, structural steel, merchant bars, special-bar-quality steel, rebar, rail, and specialty shapes.
Fourth Quarter Full Year -------------- --------- 2011 2010 2011 2010 ---- ---- ---- ---- Segment Net Sales $1,215,966 $966,828 $5,070,306 $3,999,639 % of External Net Sales 63% 60% 61% 61% Operating Income $117,434 $91,389 $668,341 $451,015 Combined Shipments 1,465,962 1,317,664 5,842,694 5,295,852 Average External Sales Price Per Ton $853 $753 $897 $774 Average Ferrous Scrap Cost Per Ton $407 $339 $410 $338
Metals Recycling and Ferrous Resources
This segment principally includes the company's metals recycling operations (OmniSource Corporation), a liquid pig iron production facility (Iron Dynamics), and the company's Minnesota operations, which currently primarily includes an iron nugget manufacturing facility (Mesabi Nugget, which is 81 percent company-owned).
Metals Recycling and Fourth Quarter Full Year -------------- --------- Ferrous Resources 2011 2010 2011 2010 ---- ---- ---- ---- Segment Net Sales $907,025 $769,682 $4,152,568 $3,179,032 % of External Net Sales 32% 35% 35% 35% Operating Income (Loss) $(6,508) $(4,363) $54,723 $52,693
Fourth Quarter Full Year -------------- --------- Metals Recycling 2011 2010 2011 2010 ---- ---- ---- ---- Net Sales $856,481 $735,753 $3,940,693 $3,048,284 % of External Net Sales 32% 35% 35% 35% Operating Income $15,715 $8,916 $94,543 $98,685 Ferrous Shipments (gross tons) 1,314,588 1,237,677 5,879,729 5,179,812 % Shipments to Company Steel Mills 44% 42% 43% 42% Nonferrous Shipments (pounds) 255,137 229,881 1,066,648 961,288 Unrealized Hedging Gains (Losses) $(2,659) $(6,871) $3,768 $(1,874)
Steel Fabrication Operations
Steel fabrication operations include New Millennium Building Systems, which fabricates steel joists, trusses, and decking used in the construction of non-residential buildings. Fourth quarter and annual 2010 operating losses of $13 million and $25 million, respectively, include a $13 million impairment charge.
Fourth Quarter Full Year -------------- --------- 2011 2010 2011 2010 ---- ---- ---- ---- Segment Net Sales $78,684 $57,193 $276,408 $177,378 % of External Net Sales 4% 4% 3% 3% Operating Loss $(1,820) $(13,269) $(6,584) $(25,014) Combined Shipments 61,428 49,551 217,838 164,431 Average External Sales Price Per Ton $1,281 $1,157 $1,270 $1,082
About Steel Dynamics, Inc.
Steel Dynamics, Inc. 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 annual sales of $8.0 billion in 2011, 6,500 employees, and manufacturing facilities primarily located throughout the United States (five steel mills, six steel processing facilities, two iron production facilities, over 70 metals recycling locations and six steel fabrication plants).
Forward-Looking Statement
This press release contains some predictive statements about future events, including statements related to conditions in the steel and metallic scrap markets, Steel Dynamics' revenues, costs of purchased materials, future profitability and earnings, and the operation of new or existing facilities. These statements 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 guarantees 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: the effects of a prolonged or deepening recession on industrial demand; (2) changes in economic conditions, either generally or in any of the steel or scrap-consuming sectors which affect demand for our products, including the strength of the non-residential and residential construction, automotive, appliance, and other steel-consuming industries; (3) fluctuations in the cost of key raw materials (including steel scrap, iron units, and energy costs) and our ability to pass-on any cost increases; (4) the impact of domestic and foreign import price competition; (5) risks and uncertainties involving product and/or technology development; and (6) occurrences of unexpected plant outages or equipment failures.
More specifically, we refer you to SDI's 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, 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 SEC Web site, www.sec.gov, and on the Steel Dynamics Web site, www.steeldynamics.com.
Conference Call and Webcast
On Wednesday, January 25, 2012, at 10:00 a.m. Eastern time, Steel Dynamics will host a conference call with investors and analysts to discuss the company's fourth quarter and full-year 2011 results. We invite you to listen to the live audiocast of the conference call accessible from our website (http://steeldynamics.com) , or via telephone (the conference call number may be obtained on our website). A replay of the discussion will be available on our website following the conclusion of the conference call.
Steel Dynamics, Inc. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (in thousands, except per share data) Three Months Three Months Ended Year Ended Ended December 31, December 31, September 30, ------------ ------------ 2011 2010 2011 2010 2011 ---- ---- ---- ---- ---- Net sales $1,858,345 $1,528,134 $7,997,500 $6,300,887 $2,043,455 Costs of goods sold 1,698,210 1,394,466 7,065,982 5,625,221 1,844,212 --------- --------- --------- --------- --------- Gross profit 160,135 133,668 931,518 675,666 199,243 Selling, general and administrative expenses 61,947 59,250 263,595 227,046 72,876 Profit sharing 6,064 3,643 43,149 25,476 7,428 Amortization of intangible assets 9,634 11,149 39,954 45,586 10,154 Impairment charges - 12,805 - 12,805 - --- ------ --- ------ --- Operating income 82,490 46,821 584,820 364,753 108,785 Interest expense, net of capitalized interest 44,117 44,980 176,977 170,229 44,702 Other income, net (2,641) (6,118) (16,476) (18,935) (3,523) ------ ------ ------- ------- ------ Income before income taxes 41,014 7,959 424,319 213,459 67,606 Income taxes 15,235 3,901 158,627 83,860 27,749 ------ ----- ------- ------ ------ Net income 25,779 4,058 265,692 129,599 39,857 Net loss attributable to noncontrolling interests 4,424 3,734 12,428 11,110 3,447 Net income attributable to $30,203 $7,792 $278,120 $140,709 $43,304 Steel Dynamics, Inc. Basic earnings per share attributable to $.14 $.04 $1.27 $.65 $.20 Steel Dynamics, Inc. stockholders Weighted average common shares 218,718 217,239 218,471 216,760 218,674 outstanding ======= ======= ======= ======= ======= Diluted earnings per share attributable to $.14 $.04 $1.22 $.64 $.19 Steel Dynamics, Inc. stockholders, including the effect of assumed conversions when dilutive Weighted average common shares and 219,336 218,686 235,992 234,717 235,759 equivalents outstanding (Note 1) ======= ======= ======= ======= ======= Dividends declared per share $.10 $.075 $.40 $.30 $.10 (Note 1) Excludes the impact of the 4% convertible subordinated notes from net income (numerator) and share equivalents outstanding (denominator) for the three months ended December 31, 2011 and 2010, as the impact to diluted earnings per share is anti-dilutive.
Steel Dynamics, Inc. UNAUDITED SUPPLEMENTAL OPERATING INFORMATION (dollars in thousands) Three Months Ended Year Ended First Second Third December 31, December 31, Quarter Quarter Quarter 2011 2010 2011 2010 2011 2011 2011 ---- ---- ---- ---- ---- ---- ---- Steel Operations* Shipments (net tons) Flat Roll Division 678,961 649,019 2,770,466 2,642,681 709,614 680,679 701,212 Structural and Rail Division 250,602 158,683 879,145 630,224 190,661 213,368 224,514 Engineered Bar Products Division 171,020 161,220 634,964 568,360 159,015 144,280 160,649 Roanoke Bar Division 129,113 140,866 544,384 504,613 121,305 152,906 141,060 Steel of West Virginia 74,477 61,727 297,902 234,462 72,056 74,882 76,487 The Techs 161,789 146,149 715,833 715,512 200,724 186,903 166,417 ------- ------- ------- ------- ------- ------- ------- Combined 1,465,962 1,317,664 5,842,694 5,295,852 1,453,375 1,453,018 1,470,339 Intra-segment (28,548) (19,686) (130,813) (69,705) (36,471) (35,842) (29,952) ------- ------- -------- ------- ------- ------- ------- 1,437,414 1,297,978 5,711,881 5,226,147 1,416,904 1,417,176 1,440,387 Intra-company (67,910) (74,355) (292,145) (276,014) (73,502) (79,568) (71,165) ------- ------- -------- -------- ------- ------- ------- External 1,369,504 1,223,623 5,419,736 4,950,133 1,343,402 1,337,608 1,369,222 ========= ========= ========= ========= ========= ========= ========= Production, excluding The Techs (net tons) 1,307,117 1,189,012 5,218,552 4,695,137 1,284,451 1,321,273 1,305,711 Net sales Combined $1,236,330 $978,707 $5,162,806 $4,040,649 $1,273,472 $1,354,665 $1,298,339 Intra-segment (20,364) (11,879) (92,500) (41,010) (26,462) (25,199) (20,475) ------- ------- ------- ------- ------- ------- ------- 1,215,966 966,828 5,070,306 3,999,639 1,247,010 1,329,466 1,277,864 Intra-company (47,098) (45,773) (211,089) (169,709) (51,946) (62,191) (49,854) ------- ------- -------- -------- ------- ------- ------- External $1,168,868 $921,055 $4,859,217 $3,829,930 $1,195,064 $1,267,275 $1,228,010 ========== ======== ========== ========== ========== ========== ========== Operating income before amortization of intangibles $117,434 $91,389 $668,341 $451,015 $195,634 $216,647 $138,626 Amortization of intangibles (2,431) (2,679) (10,221) (11,220) (2,679) (2,679) (2,432) ------ ------ ------- ------- ------ ------ ------ Operating income $115,003 $88,710 $658,120 $439,795 $192,955 $213,968 $136,194 ======== ======= ======== ======== ======== ======== ======== Metals Recycling and Ferrous Resources** OmniSource Ferrous metals shipments (gross tons) Combined 1,314,588 1,237,677 5,879,729 5,179,812 1,528,191 1,553,828 1,483,122 Intra-segment (3,441) - (12,227) - - (5,192) (3,594) ------ --- ------- --- --- ------ ------ 1,311,147 1,237,677 5,867,502 5,179,812 1,528,191 1,548,636 1,479,528 Intra-company (582,043) (522,267) (2,552,472) (2,161,145) (669,578) (655,496) (645,355) -------- -------- ---------- ---------- -------- -------- -------- External 729,104 715,410 3,315,030 3,018,667 858,613 893,140 834,173 ======= ======= ========= ========= ======= ======= ======= Non-ferrous metals shipments (thousands of pounds) Combined 255,137 229,881 1,066,648 961,288 286,645 255,113 269,753 Intra-company (2,230) (2,962) (8,273) (8,886) (2,261) (1,978) (1,804) ------ ------ ------ ------ ------ ------ ------ External 252,907 226,919 1,058,375 952,402 284,384 253,135 267,949 ======= ======= ========= ======= ======= ======= ======= Mesabi Nugget shipments (metric tons) - Intra-company 52,943 18,275 159,641 67,485 35,767 38,265 32,666 ====== ====== ======= ====== ====== ====== ====== Iron Dynamics shipments (metric tons) Liquid pig iron 31,191 46,881 188,688 177,548 54,598 54,141 48,758 Hot briquetted iron 13,683 6,862 31,646 45,365 6,005 4,520 7,438 Other 2,597 1,118 9,168 2,632 540 1,193 4,838 ----- ----- ----- ----- --- ----- ----- Intra-company 47,471 54,861 229,502 225,545 61,143 59,854 61,034 ====== ====== ======= ======= ====== ====== ====== Net sales Combined $908,436 $769,682 $4,157,525 $3,179,032 $1,108,415 $1,080,129 $1,060,545 Intra-segment (1,411) - (4,957) - - (2,258) (1,288) ------ --- ------ --- --- ------ ------ 907,025 769,682 4,152,568 3,179,032 1,108,415 1,077,871 1,059,257 Intra-company (313,844) (235,153) (1,383,505) (963,644) (365,250) (353,192) (351,219) -------- -------- ---------- -------- -------- -------- -------- External $593,181 $534,529 $2,769,063 $2,215,388 $743,165 $724,679 $708,038 ======== ======== ========== ========== ======== ======== ======== Operating income (loss) before amortization of intangibles $(6,508) $(4,363) $54,723 $52,693 $46,571 $10,967 $3,693 Amortization of intangibles (6,882) (8,101) (28,126) (33,007) (7,081) (7,082) (7,081) ------ ------ ------- ------- ------ ------ ------ Operating income (loss) $(13,390) $(12,464) $26,597 $19,686 $39,490 $3,885 $(3,388) ======== ======== ======= ======= ======= ====== ======= Steel Fabrication*** Shipments (net tons) Combined 61,428 49,551 217,838 164,431 44,051 47,770 64,589 Intra-company (11) (205) (632) (826) (558) (51) (12) --- ---- ---- ---- ---- --- --- External 61,417 49,346 217,206 163,605 43,493 47,719 64,577 ====== ====== ======= ======= ====== ====== ====== Net sales Combined $78,684 $57,193 $276,408 $177,378 $52,652 $61,962 $83,110 Intra-company (13) (87) (625) (323) (573) (23) (16) --- --- ---- ---- ---- --- --- External $78,671 $57,106 $275,783 $177,055 $52,079 $61,939 $83,094 ======= ======= ======== ======== ======= ======= ======= Operating loss before amortization of intangibles $(1,820) $(13,269) $(6,584) $(25,014) $(2,883) $(1,635) $(246) Amortization of intangibles - - - (42) - - - --- --- --- --- --- --- --- Operating loss $(1,820) $(13,269) $(6,584) $(25,056) $(2,883) $(1,635) $(246) ======= ======== ======= ======== ======= ======= ===== * Steel Operations include the company's five steelmaking divisions and The Techs three galvanizing plants. ** Metals Recycling and Ferrous Resources Operations include OmniSource; Iron Dynamics (all shipments are internal); and Mesabi Nugget (all shipments, which began in 2010, have been internal). *** Steel Fabrication Operations include the company's joist and deck fabrication operations.
Steel Dynamics, Inc. CONSOLIDATED BALANCE SHEETS (in thousands) December December 31, 31, --------- --------- 2011 2010 ---- ---- (Unaudited) Assets Current assets Cash and equivalents $475,591 $186,513 Accounts receivable, net 722,791 622,189 Inventories 1,199,584 1,114,063 Deferred income taxes 25,341 20,684 Income taxes receivable 16,722 37,311 Other current assets 15,229 19,243 ------ ------ Total current assets 2,455,258 2,000,003 Property, plant and equipment, net 2,193,745 2,213,333 Restricted cash 26,528 23,132 Intangible assets, net 450,893 489,240 Goodwill 745,066 751,675 Other assets 107,736 112,551 ------- ------- Total assets $5,979,226 $5,589,934 ========== ========== Liabilities and Equity Current liabilities Accounts payable $420,824 $348,601 Income taxes payable 10,880 5,227 Accrued expenses 185,964 175,041 Accrued profit sharing 38,671 23,524 Current maturities of long- term debt 444,078 8,924 ------- ----- Total current liabilities 1,100,417 561,317 Long- term debt 7 3/8% senior notes, due 2012 261,250 700,000 5.125% convertible senior notes, due 2014 287,500 287,500 6 3/4% senior notes, due 2015 500,000 500,000 7 3/4% senior notes, due 2016 500,000 500,000 7 5/8% senior notes, due 2020 350,000 350,000 Other long- term debt 37,272 40,397 ------ ------ Total long- term debt 1,936,022 2,377,897 Deferred income taxes 489,915 457,432 Other liabilities 82,278 62,159 Commitments and contingencies Redeemable noncontrolling interest 70,694 54,294 Equity Common stock 636 633 Treasury stock, at cost (722,653) (727,624) Additional paid- in capital 1,026,157 998,728 Retained earnings 2,011,801 1,821,133 --------- --------- Total Steel Dynamics, Inc. equity 2,315,941 2,092,870 Noncontrolling interests (16,041) (16,035) ------- ------- Total equity 2,299,900 2,076,835 --------- --------- Total liabilities and equity $5,979,226 $5,589,934 ========== ==========
Steel Dynamics, Inc. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands) Three Months Year Ended Ended December December 31, 31, --------- --------- 2011 2010 2011 2010 ---- ---- ---- ---- Operating activities: Net income $25,779 $4,058 $265,692 $129,599 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 55,642 55,750 222,607 224,698 Impairment charges - 12,805 - 12,805 Equity- based compensation 5,928 4,964 17,283 14,688 Deferred income taxes 5,355 24,477 34,436 46,097 Changes in certain assets and liabilities: Accounts receivable 93,077 31,981 (100,602) (196,556) Inventories (40,736) (105,754) (85,523) (261,110) Accounts payable (35,999) (11,895) 56,551 71,169 Income taxes receivable/ payable 3,832 (7,102) 26,242 99,276 Other working capital (18,921) (21,490) 49,669 28,641 ------- ------- ------ ------ Net cash provided by (used in) operating activities 93,957 (12,206) 486,355 169,307 Investing activities: Purchase of property, plant and equipment (75,212) (37,526) (167,007) (133,394) Other investing activities 14,054 (18,101) 16,000 (15,684) ------ ------- ------ ------- Net cash used in investing activities (61,158) (55,627) (151,007) (149,078) Financing activities: Issuance of current and long- term debt - - 10,103 556,553 Repayment of current and long- term debt (5,693) (6,438) (7,740) (346,963) Proceeds from exercise of stock options, including related tax effect 130 6,010 13,396 14,014 Contributions from noncontrolling investors, net 13,615 932 26,822 5,348 Debt issuance costs (85) - (6,969) (6,707) Dividends paid (21,869) (16,276) (81,882) (64,969) ------- ------- ------- ------- Net cash provided by (used in) financing activities (13,902) (15,772) (46,270) 157,276 ------- ------- ------- ------- Increase (decrease) in cash and equivalents 18,897 (83,605) 289,078 177,505 Cash and equivalents at beginning of period 456,694 270,118 186,513 9,008 ------- ------- ------- ----- Cash and equivalents at end of period $475,591 $186,513 $475,591 $186,513 Supplemental disclosure information: Cash paid for interest $70,720 $71,604 $171,808 $162,382 Cash paid (received) for federal and state income taxes, net $1,549 $(11,278) $75,927 $(66,297)
SOURCE Steel Dynamics, Inc.