Condensed Consolidating Information (Tables)

12 Months Ended

Dec. 31, 2014

Condensed Consolidating Information

Schedule of Condensed Consolidating Balance Sheets

Condensed Consolidating Balance Sheets (in thousands)

As of December 31, 2014	Parent			Guarantors		Combined Non-Guarantors			Consolidating Adjustments			Total Consolidated
Cash and equivalents	$	265,313		$	81,690	$	14,360		$	—		$	361,363
Accounts receivable, net		321,493			1,176,849		44,696			(640,213	)		902,825
Inventories		662,970			862,796		94,916			(2,263	)		1,618,419
Other current assets		94,634			8,416		6,577			(18,469	)		91,158
Total current assets		1,344,410			2,129,751		160,549			(660,945	)		2,973,765
Property, plant and equipment, net		1,002,407			1,826,208		297,505			(2,214	)		3,123,906
Intangible assets, net		—			370,669		—			—			370,669
Goodwill		—			745,158		—			—			745,158
Other assets, including investments in subs		3,900,691			24,810		6,635			(3,834,607	)		97,529
Total assets	$	6,247,508		$	5,096,596	$	464,689		$	(4,497,766	)	$	7,311,027
Accounts payable	$	151,517		$	371,037	$	98,886		$	(110,384	)	$	511,056
Accrued expenses		191,433			166,101		11,695			(76,163	)		293,066
Current maturities of long-term debt		13,073			777		73,767			(41,157	)		46,460
Total current liabilities		356,023			537,915		184,348			(227,704	)		850,582
Long-term debt		2,942,360			624		158,665			(123,943	)		2,977,706
Other liabilities		36,110			1,807,989		28,719			(1,311,946	)		560,872
Redeemable noncontrolling interests		—			—		126,340			—			126,340
Common stock		635			1,727,859		18,121			(1,745,980	)		635
Treasury stock		(398,898	)		—		—			—			(398,898	)
Additional paid-in-capital		1,083,435			117,737		635,156			(752,893	)		1,083,435
Retained earnings (deficit)		2,227,843			904,472		(569,172	)		(335,300	)		2,227,843
Total Steel Dynamics, Inc. equity		2,913,015			2,750,068		84,105			(2,834,173	)		2,913,015
Noncontrolling interests		—			—		(117,488	)		—			(117,488	)
Total equity		2,913,015			2,750,068		(33,383	)		(2,834,173	)		2,795,527
Total liabilities and equity	$	6,247,508		$	5,096,596	$	464,689		$	(4,497,766	)	$	7,311,027

As of December 31, 2013	Parent			Guarantors		Combined Non-Guarantors			Consolidating Adjustments			Total Consolidated
Cash and equivalents	$	320,866		$	61,148	$	13,142		$	—		$	395,156
Accounts receivable, net		309,691			874,707		32,018			(495,816	)		720,600
Inventories		673,763			557,640		91,199			(7,855	)		1,314,747
Other current assets		50,228			8,399		3,259			(18,755	)		43,131
Total current assets		1,354,548			1,501,894		139,618			(522,426	)		2,473,634
Property, plant and equipment, net		1,046,093			619,617		562,843			(2,419	)		2,226,134
Intangible assets, net		—			386,159		—			—			386,159
Goodwill		—			731,996		—			—			731,996
Other assets, including investments in subs		2,630,411			21,789		8,092			(2,545,209	)		115,083
Total assets	$	5,031,052		$	3,261,455	$	710,553		$	(3,070,054	)	$	5,933,006
Accounts payable	$	160,255		$	258,406	$	60,987		$	(64,716	)	$	414,932
Accrued expenses		142,055			115,182		10,694			(49,229	)		218,702
Current maturities of long-term debt		315,521			300		52,163			(26,440	)		341,544
Total current liabilities		617,831			373,888		123,844			(140,385	)		975,178
Long-term debt		1,725,433			—		204,385			(163,773	)		1,766,045
Other liabilities		140,465			1,986,260		34,895			(1,582,206	)		579,414
Redeemable noncontrolling interest		—			—		116,514			—			116,514
Common stock		645			33,896		18,121			(52,017	)		645
Treasury stock		(718,529	)		—		—			—			(718,529	)
Additional paid-in-capital		1,085,694			117,737		552,946			(670,683	)		1,085,694
Retained earnings (deficit)		2,179,513			749,674		(288,684	)		(460,990	)		2,179,513
Total Steel Dynamics, Inc. equity		2,547,323			901,307		282,383			(1,183,690	)		2,547,323
Noncontrolling interests		—			—		(51,468	)		—			(51,468	)
Total equity		2,547,323			901,307		230,915			(1,183,690	)		2,495,855
Total liabilities and equity	$	5,031,052		$	3,261,455	$	710,553		$	(3,070,054	)	$	5,933,006

Schedule of Condensed Consolidating Statements of Operations

Condensed Consolidating Statements of Operations (in thousands)

For the Year Ended, December 31, 2014	Parent			Guarantors			Combined Non-Guarantors			Consolidating Adjustments			Total Consolidated
Net sales	$	3,904,488		$	9,761,236		$	527,584		$	(5,437,356	)	$	8,755,952
Costs of goods sold		3,305,269			9,212,977			598,428			(5,326,933	)		7,789,741
Gross profit (loss)		599,219			548,259			(70,844	)		(110,423	)		966,211
Selling, general and administrative		149,374			241,163			273,503			(18,149	)		645,891
Operating income (loss)		449,845			307,096			(344,347	)		(92,274	)		320,320
Interest expense, net of capitalized interest		78,442			56,006			7,745			(4,930	)		137,263
Other (income) expense, net		18,976			(23	)		(5,629	)		4,930			18,254
Income (loss) before income taxes and equity in net loss of subsidiaries		352,427			251,113			(346,463	)		(92,274	)		164,803
Income taxes (benefit)		14,064			96,315			(1,095	)		(36,131	)		73,153
		338,363			154,798			(345,368	)		(56,143	)		91,650
Equity in net loss of subsidiaries		(181,339	)		—			—			181,339			—
Net loss attributable to noncontrolling interests		—			—			65,374			—			65,374
Net income (loss) attributable to Steel Dynamics, Inc.	$	157,024		$	154,798		$	(279,994	)	$	125,196		$	157,024

For the Year Ended, December 31, 2013	Parent			Guarantors		Combined Non-Guarantors			Consolidating Adjustments			Total Consolidated
Net sales	$	3,466,691		$	8,219,499	$	347,288		$	(4,660,554	)	$	7,372,924
Costs of goods sold		2,981,591			7,805,367		440,064			(4,573,242	)		6,653,780
Gross profit (loss)		485,100			414,132		(92,776	)		(87,312	)		719,144
Selling, general and administrative		118,975			219,531		10,548			(16,435	)		332,619
Operating income (loss)		366,125			194,601		(103,324	)		(70,877	)		386,525
Interest expense, net of capitalized interest		81,361			43,879		7,259			(4,771	)		127,728
Other (income) expense, net		(7,358	)		3,401		(4,847	)		4,771			(4,033	)
Income (loss) before income taxes and equity in net income of subsidiaries		292,122			147,321		(105,736	)		(70,877	)		262,830
Income taxes		63,670			54,448		6,406			(25,210	)		99,314
		228,452			92,873		(112,142	)		(45,667	)		163,516
Equity in net loss of subsidiaries		(39,138	)		—		—			39,138			—
Net loss attributable to noncontrolling interests		—			—		25,798			—			25,798
Net income (loss) attributable to Steel Dynamics, Inc.	$	189,314		$	92,873	$	(86,344	)	$	(6,529	)	$	189,314

For the Year Ended, December 31, 2012	Parent			Guarantors			Combined Non-Guarantors			Consolidating Adjustments			Total Consolidated
Net sales	$	3,431,978		$	8,322,995		$	177,527		$	(4,642,266	)	$	7,290,234
Costs of goods sold		2,977,756			7,906,392			257,604			(4,571,416	)		6,570,336
Gross profit (loss)		454,222			416,603			(80,077	)		(70,850	)		719,898
Selling, general and administrative		102,142			218,515			24,081			(16,005	)		328,733
Operating income (loss)		352,080			198,088			(104,158	)		(54,845	)		391,165
Interest expense, net of capitalized interest		104,058			53,186			6,630			(5,289	)		158,585
Other (income) expense, net		28,677			(1,531	)		(3,921	)		5,289			28,514
Income (loss) before income taxes and equity in net income of subsidiaries		219,345			146,433			(106,867	)		(54,845	)		204,066
Income taxes		26,611			51,011			247			(16,084	)		61,785
		192,734			95,422			(107,114	)		(38,761	)		142,281
Equity in net income of subsidiaries		(29,183	)		—			—			29,183			—
Net loss attributable to noncontrolling interests		—			—			21,270			—			21,270
Net income (loss) attributable to Steel Dynamics, Inc.	$	163,551		$	95,422		$	(85,844	)	$	(9,578	)	$	163,551

Schedule of Condensed Consolidating Statements of Cash Flows

Condensed Consolidating Statements of Cash Flows (in thousands)

For the Year Ended, December 31, 2014	Parent			Guarantors			Combined Non-Guarantors			Consolidating Adjustments			Total Consolidated
Net cash provided by (used in) operating activities	$	400,204		$	279,080		$	(38,666	)	$	(23,046	)	$	617,572
Net cash used in investing activities		(1,690,363	)		(8,883	)		(23,206	)		(24,815	)		(1,747,267	)
Net cash provided by (used in) financing activities		1,234,606			(249,655	)		63,090			47,861			1,095,902
Increase (decrease) in cash and equivalents		(55,553	)		20,542			1,218			—			(33,793	)
Cash and equivalents at beginning of period		320,866			61,148			13,142			—			395,156
Cash and equivalents at end of period	$	265,313		$	81,690		$	14,360		$	—		$	361,363

For the Year Ended, December 31, 2013	Parent			Guarantors			Combined Non-Guarantors			Consolidating Adjustments			Total Consolidated
Net cash provided by (used in) operating activities	$	190,616		$	190,885		$	(80,525	)	$	11,199		$	312,175
Net cash used in investing activities		(170,561	)		(41,415	)		(23,086	)		82,217			(152,845	)
Net cash provided by (used in) financing activities		(21,896	)		(129,997	)		105,218			(93,416	)		(140,091	)
Increase (decrease) in cash and equivalents		(1,841	)		19,473			1,607			—			19,239
Cash and equivalents at beginning of period		322,707			41,675			11,535			—			375,917
Cash and equivalents at end of period	$	320,866		$	61,148		$	13,142		$	—		$	395,156

For the Year Ended, December 31, 2012	Parent			Guarantors			Combined Non-Guarantors			Consolidating Adjustments			Total Consolidated
Net cash provided by (used in) operating activities	$	306,613		$	209,579		$	(76,363	)	$	5,865		$	445,694
Net cash used in investing activities		(104,242	)		(107,274	)		(95,314	)		115,229			(191,601	)
Net cash provided by (used in) financing activities		(180,737	)		(119,329	)		152,223			(121,094	)		(268,937	)
Increase (decrease) in cash and equivalents		21,634			(17,024	)		(19,454	)		—			(14,844	)
Cash and equivalents at beginning of period		301,073			58,699			30,989			—			390,761
Cash and equivalents at end of period	$	322,707		$	41,675		$	11,535		$	—		$	375,917