Description of the Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2011

Description of the Business and Summary of Significant Accounting Policies

Schedule of inventories

Inventories are stated at lower of cost or market. Cost is determined principally on a first-in, first-out, basis. Inventory consisted of the following at December 31 (in thousands):

	2011		2010
Raw materials	$	609,150	$	589,859
Supplies		251,716		231,816
Work in progress		106,609		94,346
Finished goods		232,109		198,042
	$	1,199,584	$	1,114,063

Schedule of property, plant and equipment

	2011		2010
Land and improvements	$	271,208	$	257,756
Buildings and improvements		496,976		480,434
Plant, machinery and equipment		2,656,358		2,571,850
Construction in progress		127,019		96,586
		3,551,561		3,406,626
Less accumulated depreciation		1,357,816		1,193,293
Property, plant and equipment, net	$	2,193,745	$	2,213,333

Schedule of intangible assets

	2011		2010		Useful Life	Weighted Average Amortization Period
Customer and scrap generator relationships	$	408,400	$	408,400	10 to 25 years		20 years
Trademarks		189,800		189,800	Indefinite		—
Trademarks		19,700		19,700	4 to 12 years		12 years
Other		14,220		14,220	3 months to 6 years		5 years
		632,120		632,120			19 years
Less accumulated amortization		181,227		142,880
	$	450,893	$	489,240

Schedule of estimated amortization expense, related to amortizable intangibles

2012	$	34,258
2013		30,476
2014		26,090
2015		23,390
2016		20,902
Thereafter		125,977
Total	$	261,093

Schedule of allocation of goodwill to reporting units

	2011		2010
OmniSource—Metals Recycling/Ferrous Resources Segment	$	571,317	$	577,926
The Techs—Steel Segment		142,783		142,783
Roanoke Bar Division—Steel Segment		29,041		29,041
New Millennium Building Systems—Steel Fabrication Segment		1,925		1,925
	$	745,066	$	751,675

Reconciliation of the numerators and the denominators of the company's basic and diluted earnings (losses) per share computations

	2011						2010
	Net Income (Numerator)		Shares (Denominator)		Per Share Amount		Net Income (Numerator)		Shares (Denominator)		Per Share Amount
Basic earnings per share	$	278,120		218,471	$	1.27	$	140,709		216,760	$	.65
Dilutive stock options		—		1,139				—		1,575
5.125% convertible senior notes		9,432		16,382				9,508		16,382
Diluted earnings per share	$	287,552		235,992	$	1.22	$	150,217		234,717	$	.64

	2009
	Net Loss (Numerator)			Shares (Denominator)		Per Share Amount
Basic loss per share	$	(8,184	)		200,704	$	(.04	)
Dilutive stock options		—			—
4.0% convertible subordinated notes		—			—
Diluted loss per share	$	(8,184	)		200,704	$	(.04	)