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

12 Months Ended

Dec. 31, 2012

Description of the Business and Summary of Significant Accounting Policies

Schedule of inventories

Inventory consisted of the following at December 31 (in thousands):

	2012		2011
Raw materials	$	594,388	$	609,150
Supplies		278,494		251,716
Work in progress		82,934		106,609
Finished goods		246,691		232,109
	$	1,202,507	$	1,199,584

Schedule of property, plant and equipment

The company's property, plant and equipment at December 31 consisted of the following (in thousands):

	2012		2011
Land and improvements	$	288,360	$	271,208
Buildings and improvements		524,530		496,976
Plant, machinery and equipment		2,810,106		2,656,358
Construction in progress		138,763		127,019
		3,761,759		3,551,561
Less accumulated depreciation		1,530,561		1,357,816
Property, plant and equipment, net	$	2,231,198	$	2,193,745

Schedule of intangible assets

The company's intangible assets, at December 31, consisted of the following (in thousands):

	2012		2011		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		215,485		181,227
	$	416,635	$	450,893

Schedule of estimated amortization expense, related to amortizable intangibles

Estimated amortization expense, related to amortizable intangibles, for the years ending December 31 is as follows (in thousands):

2013	$	30,476
2014		26,090
2015		23,390
2016		20,902
2017		18,193
Thereafter		107,784
Total	$	226,835

Schedule of allocation of goodwill to reporting units

The company's goodwill is allocated to the following reporting units at December 31, (in thousands):

	2012		2011
OmniSource—Metals Recycling/Ferrous Resources Segment	$	564,793	$	571,317
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
	$	738,542	$	745,066

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

The following table presents a reconciliation of the numerators and the denominators of the company's basic and diluted earnings per share computations for the years ended December 31 (in thousands, except per share data):

	2012						2011
	Net Income (Numerator)		Shares (Denominator)		Per Share Amount		Net Income (Numerator)		Shares (Denominator)		Per Share Amount
Basic earnings per share	$	163,551		219,159	$	0.75	$	278,120		218,471	$	1.27
Dilutive stock options, deferred stock units, and restricted stock units		—		916				—		1,139
5.125% convertible senior notes		9,432		16,549				9,432		16,382
Diluted earnings per share	$	172,983		236,624	$	0.73	$	287,552		235,992	$	1.22

	2010
	Net Loss (Numerator)		Shares (Denominator)		Per Share Amount
Basic earnings per share	$	140,709		216,760	$	0.65
Dilutive stock options and deferred stock units		—		1,575
5.125% convertible senior notes		9,508		16,382
Diluted earnings per share	$	150,217		234,717	$	0.64