Schedule of operating segment results |
The company's segment results for the years ended December 31, are as follows (in thousands):
For the Year Ended December 31, 2015
|
|
Steel Operations
|
|
Metals Recycling Operations
|
|
Steel Fabrication Operations
|
|
Other
|
|
Eliminations
|
|
Consolidated
|
|
Net Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
External
|
|
$
|
4,935,549
|
|
$
|
1,249,061
|
|
$
|
671,323
|
|
$
|
283,965
|
|
$
|
—
|
|
$
|
7,139,898
|
|
External Non-U.S.
|
|
|
267,963
|
|
|
183,942
|
|
|
2,051
|
|
|
557
|
|
|
—
|
|
|
454,513
|
|
Other segments
|
|
|
218,963
|
|
|
904,713
|
|
|
25
|
|
|
30,325
|
|
|
(1,154,026
|
)
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,422,475
|
|
|
2,337,716
|
|
|
673,399
|
|
|
314,847
|
|
|
(1,154,026
|
)
|
|
7,594,411
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
|
403,216
|
|
|
(448,137)
|
(7)
|
|
115,947
|
|
|
(148,784)
|
(1)
|
|
4,974
|
(2)
|
|
(72,784
|
)
|
Income (loss) before income taxes
|
|
|
312,402
|
|
|
(465,426)
|
(7)
|
|
108,795
|
|
|
(202,862
|
)
|
|
4,974
|
|
|
(242,117
|
)
|
Depreciation and amortization
|
|
|
205,827
|
|
|
65,640
|
|
|
9,587
|
|
|
13,746
|
|
|
(205
|
)
|
|
294,595
|
|
Capital expenditures
|
|
|
71,752
|
|
|
21,874
|
|
|
3,395
|
|
|
17,480
|
|
|
—
|
|
|
114,501
|
|
As of December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
$
|
3,827,108
|
|
$
|
1,067,672
|
|
$
|
341,276
|
|
$
|
1,050,506
|
(3)
|
$
|
(84,480)
|
(4)
|
$
|
6,202,082
|
|
Liabilities
|
|
|
603,505
|
|
|
250,719
|
|
|
88,439
|
|
|
2,667,189
|
(5)
|
|
(79,221)
|
(6)
|
|
3,530,631
|
|
Footnotes related to the year ended December 31, 2015 segment results (in millions):
(1)
|
|
Corporate SG&A
|
|
$
|
(34.7
|
)
|
(2)
|
|
Gross profit increase from intra-company sales
|
|
$
|
5.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-wide equity-based compensation
|
|
|
(27.4
|
)
|
|
|
|
|
|
|
|
|
|
Profit sharing
|
|
|
(17.7
|
)
|
|
|
|
|
|
|
|
|
|
Minnesota ironmaking operations
|
|
|
(55.7
|
)
|
|
|
|
|
|
|
|
|
|
Other, net
|
|
|
(13.3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(148.8
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
|
Cash and equivalents
|
|
$
|
641.9
|
|
(4)
|
|
Elimination of intra-company receivables
|
|
$
|
(74.9
|
)
|
|
|
Accounts receivable
|
|
|
18.8
|
|
|
|
Elimination of intra-company debt
|
|
|
(6.2
|
)
|
|
|
Inventories
|
|
|
35.1
|
|
|
|
Other
|
|
|
(3.4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
|
306.0
|
|
|
|
|
|
$
|
(84.5
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intra-company debt
|
|
|
6.2
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
42.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,050.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5)
|
|
Accounts payable
|
|
$
|
102.3
|
|
(6)
|
|
Elimination of intra-company payables
|
|
$
|
(74.9
|
)
|
|
|
Income taxes payable
|
|
|
2.2
|
|
|
|
Elimination of intra-company debt
|
|
|
(6.2
|
)
|
|
|
Accrued interest
|
|
|
38.3
|
|
|
|
Other
|
|
|
1.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued profit sharing
|
|
|
17.7
|
|
|
|
|
|
$
|
(79.2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt
|
|
|
2,588.7
|
|
|
|
|
|
|
|
|
|
|
Deferred income taxes
|
|
|
(109.0
|
)
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
27.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,667.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7)
|
|
Includes $428.5 million of pretax non-cash asset impairment charges.
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, 2014
|
|
Steel Operations
|
|
Metals Recycling Operations
|
|
Steel Fabrication Operations
|
|
Other
|
|
Eliminations
|
|
Consolidated
|
|
Net Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
External
|
|
$
|
5,300,762
|
|
$
|
1,985,927
|
|
$
|
631,750
|
|
$
|
354,519
|
|
$
|
—
|
|
$
|
8,272,958
|
|
External Non-U.S.
|
|
|
240,981
|
|
|
240,900
|
|
|
—
|
|
|
1,113
|
|
|
—
|
|
|
482,994
|
|
Other segments
|
|
|
279,835
|
|
|
1,312,379
|
|
|
58
|
|
|
112,873
|
|
|
(1,705,145
|
)
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,821,578
|
|
|
3,539,206
|
|
|
631,808
|
|
|
468,505
|
|
|
(1,705,145
|
)
|
|
8,755,952
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
|
683,609
|
|
|
26,014
|
|
|
51,894
|
|
|
(445,549)
|
(1)
|
|
4,352
|
(2)
|
|
320,320
|
|
Income (loss) before income taxes
|
|
|
614,653
|
|
|
5,670
|
|
|
45,376
|
|
|
(505,248)
|
(7)
|
|
4,352
|
|
|
164,803
|
|
Depreciation and amortization
|
|
|
149,064
|
|
|
75,242
|
|
|
9,712
|
|
|
29,512
|
|
|
(205
|
)
|
|
263,325
|
|
Capital expenditures
|
|
|
62,807
|
|
|
22,223
|
|
|
3,027
|
|
|
23,728
|
|
|
—
|
|
|
111,785
|
|
As of December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
$
|
4,511,436
|
|
$
|
1,767,820
|
|
$
|
301,156
|
|
$
|
793,389
|
(3)
|
$
|
(140,642)
|
(4)
|
$
|
7,233,159
|
|
Liabilities
|
|
|
776,804
|
|
|
352,271
|
|
|
42,074
|
|
|
3,270,878
|
(5)
|
|
(130,735)
|
(6)
|
|
4,311,292
|
|
Footnotes related to the year ended December 31, 2014 segment results (in millions):
(1)
|
|
Corporate SG&A
|
|
$
|
(42.0
|
)
|
(2)
|
|
Gross profit increase from intra-company sales
|
|
$
|
4.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-wide equity-based compensation
|
|
|
(22.8
|
)
|
|
|
|
|
|
|
|
|
|
Profit sharing
|
|
|
(36.8
|
)
|
|
|
|
|
|
|
|
|
|
Minnesota ironmaking operations
|
|
|
(69.8
|
)
|
|
|
|
|
|
|
|
|
|
Minnesota ironmaking operations non-cash asset impairment charges
|
|
|
(260.0
|
)
|
|
|
|
|
|
|
|
|
|
Other, net
|
|
|
(14.1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(445.5
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
|
Cash and equivalents
|
|
$
|
272.3
|
|
(4)
|
|
Elimination of intra-company receivables
|
|
$
|
(125.1
|
)
|
|
|
Accounts receivable
|
|
|
36.8
|
|
|
|
Elimination of intra-company debt
|
|
|
(7.1
|
)
|
|
|
Inventories
|
|
|
95.2
|
|
|
|
Other
|
|
|
(8.4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
|
313.6
|
|
|
|
|
|
$
|
(140.6
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intra-company debt
|
|
|
7.1
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
68.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
793.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5)
|
|
Accounts payable
|
|
$
|
126.9
|
|
(6)
|
|
Elimination of intra-company payables
|
|
$
|
(125.2
|
)
|
|
|
Income taxes payable
|
|
|
6.1
|
|
|
|
Elimination of intra-company debt
|
|
|
(7.1
|
)
|
|
|
Accrued interest
|
|
|
50.2
|
|
|
|
Other
|
|
|
1.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued profit sharing
|
|
|
36.8
|
|
|
|
|
|
$
|
(130.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt
|
|
|
2,975.0
|
|
|
|
|
|
|
|
|
|
|
Deferred income taxes
|
|
|
36.9
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
39.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,270.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7)
|
|
Includes $25.2 million of acquisition and bridge financing costs associated with the acquisition of Columbus.
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, 2013
|
|
Steel Operations
|
|
Metals Recycling Operations
|
|
Steel Fabrication Operations
|
|
Other
|
|
Eliminations
|
|
Consolidated
|
|
Net Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
External
|
|
$
|
4,256,077
|
|
$
|
2,066,572
|
|
$
|
438,254
|
|
$
|
194,823
|
|
$
|
—
|
|
$
|
6,955,726
|
|
External Non-U.S.
|
|
|
205,380
|
|
|
210,978
|
|
|
—
|
|
|
840
|
|
|
—
|
|
|
417,198
|
|
Other segments
|
|
|
223,390
|
|
|
997,316
|
|
|
1,401
|
|
|
103,416
|
|
|
(1,325,523
|
)
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,684,847
|
|
|
3,274,866
|
|
|
439,655
|
|
|
299,079
|
|
|
(1,325,523
|
)
|
|
7,372,924
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
|
516,125
|
|
|
41,949
|
|
|
7,003
|
|
|
(177,939)
|
(1)
|
|
(613)
|
(2)
|
|
386,525
|
|
Income (loss) before income taxes
|
|
|
461,151
|
|
|
15,831
|
|
|
827
|
|
|
(214,366
|
)
|
|
(613
|
)
|
|
262,830
|
|
Depreciation and amortization
|
|
|
116,533
|
|
|
80,483
|
|
|
8,736
|
|
|
25,381
|
|
|
(205
|
)
|
|
230,928
|
|
Capital expenditures
|
|
|
126,772
|
|
|
32,354
|
|
|
2,166
|
|
|
25,551
|
|
|
—
|
|
|
186,843
|
|
As of December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
$
|
2,760,752
|
|
$
|
1,840,490
|
|
$
|
270,160
|
|
$
|
1,106,856
|
(3)
|
$
|
(89,724)
|
(4)
|
$
|
5,888,534
|
|
Liabilities
|
|
|
572,573
|
|
|
364,231
|
|
|
22,648
|
|
|
2,394,072
|
(5)
|
|
(77,359)
|
(6)
|
|
3,276,165
|
|
Footnotes related to the year ended December 31, 2013 segment results (in millions):
(1)
|
|
Corporate SG&A
|
|
$
|
(36.0
|
)
|
(2)
|
|
Gross profit increase from intra-company sales
|
|
$
|
(0.6
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-wide equity-based compensation
|
|
|
(15.2
|
)
|
|
|
|
|
|
|
|
|
|
Profit sharing
|
|
|
(23.4
|
)
|
|
|
|
|
|
|
|
|
|
Minnesota ironmaking operations
|
|
|
(93.3
|
)
|
|
|
|
|
|
|
|
|
|
Other, net
|
|
|
(10.0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(177.9
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
|
Cash and equivalents
|
|
$
|
328.3
|
|
(4)
|
|
Elimination of intra-company receivables
|
|
$
|
(69.0
|
)
|
|
|
Accounts receivable
|
|
|
24.7
|
|
|
|
Elimination of intra-company debt
|
|
|
(8.0
|
)
|
|
|
Inventories
|
|
|
91.2
|
|
|
|
Other
|
|
|
(12.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
|
579.9
|
|
|
|
|
|
$
|
(89.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intra-company debt
|
|
|
8.0
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
74.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,106.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5)
|
|
Accounts payable
|
|
$
|
82.8
|
|
(6)
|
|
Elimination of intra-company payables
|
|
$
|
(69.0
|
)
|
|
|
Income taxes payable
|
|
|
4.0
|
|
|
|
Elimination of intra-company debt
|
|
|
(8.0
|
)
|
|
|
Accrued interest
|
|
|
31.2
|
|
|
|
Other
|
|
|
(0.4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued profit sharing
|
|
|
23.4
|
|
|
|
|
|
$
|
(77.4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt
|
|
|
2,074.8
|
|
|
|
|
|
|
|
|
|
|
Deferred income taxes
|
|
|
139.1
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
38.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,394.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|