8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported) October 19, 2012 (October 17, 2012)

STEEL DYNAMICS, INC.

(Exact name of registrant as specified in its charter)

Indiana	0-21719	35-1929476
(State or other jurisdiction	(Commission File Number)	(IRS Employer
of incorporation)		Identification No.)

7575 West Jefferson Blvd, Fort Wayne, Indiana 46804

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code:  260-969-3500

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02.  Results of Operations and Financial Condition.

On October 17, 2012, Steel Dynamics, Inc. issued a press release titled “Steel Dynamics Reports Third Quarter 2012 Earnings.”

The full text of the press release, together with the exhibit thereto, is furnished herewith as Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1954, as amended, and shall not be deemed incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended.

Item 9.01.  Financial Statements and Exhibits.

(d) Exhibits.

The following exhibit is furnished with this report:

Exhibit Number	Description
99.1	A press release dated October 17, 2012, titled “Steel Dynamics Reports Third Quarter 2012 Earnings.”

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereto duly authorized.

		STEEL DYNAMICS, INC.
		/s/Theresa E. Wagler
Date: October 19, 2012	By:	Theresa E. Wagler
	Title:	Chief Financial Officer

3

EX-99.1

Exhibit 99.1

Press Release October 17, 2012 7575 W. Jefferson Blvd. Fort Wayne, IN  46804

Steel Dynamics Reports Third Quarter 2012 Earnings

FORT WAYNE, INDIANA, October 17, 2012 / PRNewswire / Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced third quarter net income of $12.8 million, or $0.06 per diluted share, on net sales of $1.7 billion.  By comparison, prior year third quarter net income was $43.3 million, or $0.19 per diluted share, on net sales of $2.0 billion, and sequential second quarter 2012 net income was $44.5 million, or $0.20 per diluted share, on net sales of $1.9 billion.   In the nine months ended September 30, 2012 net income was $103.0 million, or $0.47 per diluted share, on net sales of $ 5.6 billion.  By comparison, in the nine months ended September 30, 2011 net income was $247.9 million, or $1.08 per diluted share, on net sales of $ 6.1 billion.

A significant portion of the decrease in earnings from the prior quarter was attributable to the following unique items announced on September 11, 2012:

·The incurrence of non-operating charges related to the company’s third quarter refinancing activities of $26.3 million, or $0.07 per diluted share, which were primarily associated with prepayment fees. These transactions, along with the resulting repayment of $170 million of debt with available cash, not only extended the company’s overall debt maturity profile, but should also provide an estimated interest savings of approximately $20 million in 2013.

·The incurrence of non-cash impairment charges of $7.9 million, or $0.02 per diluted share, related to the intended termination of two small joint venture entities, which were not aligned with the company’s long term strategic focus.

Excluding these charges, the company’s adjusted third quarter 2012 results would have been $0.15 per diluted share.

“Relative to overall market demand, our operating performance was commendable for the third quarter,” said Chief Executive Officer Mark Millett. “The U.S. market in general remains tepid, as uncertainty surrounding the strength of Europe, growth in China, and the near-term U.S. economic and political environment continues to weigh heavily on customers’ purchasing decisions. Aside from our fabrication operations, this reluctance in customer buying resulted in reduced selling volumes across our major operating platforms.

“Compared to the second quarter, operating income from our steel platform decreased $30 million,” stated Millett, “primarily caused by reduced volumes, most notably within the special-bar-quality arena.  Earlier customer estimates of robust growth have not been fully realized during the year, resulting in excess special-bar-quality inventory build throughout the customer supply chain.  Inventory realignment seems to have begun later in the second quarter, and could continue through the remainder of 2012.  However, we believe there is steady underlying demand that will support volumes as the destocking subsides.

“Within our metals recycling platform, despite a challenging environment that resulted in decreased volumes,” continued Millett, “ferrous operating margins improved significantly, as metal spreads expanded 23 percent and initiatives to reduce operating expenses were achieved, resulting in operating income of $16.6 million in the third quarter, compared to $5.1 million in the second quarter of this year.  The ferrous scrap market continues to be oversupplied, as the export market and U.S. steel mill utilization rates have moderated.  However, we believe an inflection point has been reached and ferrous scrap pricing is likely near a bottom.”

Third Quarter Review

The company’s steel operations third quarter margins and operating income declined in comparison to second quarter 2012. Operating income from the company’s steel operations was $109.2 million for the third quarter 2012, a decrease of $29.8 million as compared to the second quarter 2012. The average selling price per ton shipped decreased $45 per ton to $809, and the average ferrous scrap cost per ton melted decreased $44. As the combined steel metal spread was generally consistent quarter over quarter, reduced profitability was largely a function of decreased volume and product mix changes.  Operating income attributable to the company’s long product operations declined 32 percent, while declining 11 percent for the company’s sheet operations.  The most notable volume decrease occurred within the company’s Engineered Bar Products Division, as shipments sequentially declined 32 percent based on customer inventory realignment.

Despite lower volumes and selling values in the company’s metals recycling business, ferrous metal spreads expanded 23 percent in the third quarter, as compared to second quarter 2012. Operating income for OmniSource increased $11.5 million sequentially to $16.6 million for the third quarter 2012 as compared to $5.1 million in the prior quarter.

In spite of continued non-residential construction market weakness, the company’s fabrication operations reported increased positive quarterly operating income, based on pricing improvement, increased volumes, and better associated manpower utilization.

The impact of losses from the company’s Minnesota operations for third quarter 2012 consolidated net income was $11 million (net of tax), or approximately $0.05 per diluted share, unchanged from the impact for the second quarter 2012.  As previously indicated, during periods of time between June and August of this year, higher operating rates at the company’s iron nugget facility were achieved for extended periods of time, which provided the opportunity to identify a number of key process optimization options necessary to increase both productivity and product quality.  Beginning mid-September, the company proceeded with a six week outage of the nugget facility in order to lay the groundwork necessary for the implementation of the improvements.  The company expects to recommence operations in November, with final equipment installation expected during the first half of 2013, at an estimated investment of $25 million.

The company’s iron concentrate facility commenced operations late September and supplied its first shipment of low-cost iron concentrate to the nugget facility just prior to the end of the third quarter. This is a pivotal achievement toward lowering the eventual cost structure of the company’s iron nuggets.  As previously discussed, higher priced third-party iron concentrate remains in inventory for use through the remainder of the year.

The company’s liquidity position remains strong with $1.4 billion in unrestricted cash and available funding under the revolving credit facility at September 30, 2012.  The decrease in liquidity from June 30, 2012 of $144 million was due to the company’s refinancing initiative which reduced overall debt by $170 million.   The company’s debt to equity capitalization rate was 47.5 percent as of September 30, 2012, or 2 percent lower than the end of the second quarter 2012.

2011 Comparison

A general overall decline in volume for the nine months ended September 30, 2012 resulted in net sales of $5.6 billion, or 9 percent, less than those achieved for the same period in 2011. Operating income decreased 41 percent, as margins decreased within the company’s flat roll steel and special bar quality operations.  The average selling price per ton shipped for the company’s steel operations in the nine months ended September 30, 2012 was $847, a decrease of $64 per ton compared to the same period last year.  The average ferrous scrap cost per ton melted was $22 lower than the comparative period for 2011.  Charges related to the refinancing activities transacted in the first and third quarters of 2012, resulted in year-to-date decreased pretax earnings of $40 million, or approximately $0.11 per diluted share.

Outlook

“Looking ahead,” Millett said, “we have seen softening in agriculture, transportation and certain areas within energy, related to natural gas exploration; however, automotive and manufacturing appears strong and residential construction has shown incremental improvement, as housing starts and rents have improved in face of declining inventories.  We believe volumes could continue to be challenged in the fourth quarter, as fluctuations in immediate customer needs and hesitancy for customers to carry inventory persists.  Ferrous scrap pricing fell further in October, which could challenge our metals recycling operations, while benefiting our steel operations early in the fourth quarter.  While U.S. and world economies remain anemic, we remain uniquely equipped to capitalize on the opportunities ahead, supported by our superior low-cost, highly-variable cost structure, our diversified, value-added product mix, our vertical integration and our exceptional team of employees.”

Summary Operating Information

The following tables highlight operating results for each of the company’s primary operating platforms. References to operating income in the following paragraphs exclude profit-sharing expenses and amortization pertaining to intangible assets.  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.

	Third Quarter				Year To Date				Sequential
	2012		2011		2012		2011		2Q 2012
Total Sales	$	1,120,571	$	1,298,339	$	3,655,802	$	3,926,476	$	1,280,767
External Sales	1,051,349		1,228,010		3,445,369		3,690,349		1,207,300
Operating Income	109,215		138,626		387,983		550,907		139,028
Total Shipments (tons)	1,405,021		1,470,339		4,375,723		4,376,732		1,520,579
Average External Sales Price Per Ton	$	809	$	897	$	847	$	911	$	854
Average Ferrous Scrap Cost Per Ton	$	352	$	419	$	389	$	411	$	396

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 & Ferrous Resources

	Third Quarter					Year To Date					Sequential
	2012			2011		2012			2011		2Q 2012
Total Sales	$	821,357		$	1,060,545	$	2,860,789		$	3,249,089	$	927,092
External Sales	522,231			708,038		1,812,340			2,175,882		590,509
Operating Income (Loss)	(9,461		)	3,693		(12,197		)	61,231		(13,135		)

Metals Recycling

	Third Quarter						Year To Date						Sequential
	2012			2011			2012			2011			2Q 2012
Total Sales	$	766,102		$	1,006,747		$	2,700,006		$	3,084,212		$	876,731
External Sales	519,101			708,038			1,808,165			2,175,882			589,722
Operating Income	16,566			11,439			46,655			78,828			5,085
Unrealized Hedging Gains (Losses)	(9,315		)	1,749			(6,232		)	6,427			1,080
Ferrous Shipments (gross tons)	1,339,853			1,483,122			4,408,915			4,565,141			1,486,222
% Shipments to Company Steel Mills	43		%	44		%	45		%	43		%	45		%
Nonferrous Shipments (pounds 000’s)	249,685			269,753			800,253			811,511			258,932

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.

	Third Quarter					Year To Date					Sequential
	2012		2011			2012		2011			2Q 2012
Total Sales	$	102,442	$	83,110		$	273,105	$	197,724		$	95,767
Operating Income (Loss)	3,141		(246		)	666		(4,764		)	193
Total Shipments (tons)	80,176		64,589			218,291		156,410			77,932
Average External Sales Price Per Ton	$	1,278	$	1,287		$	1,251	$	1,265		$	1,229

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, over 6,500 employees, and manufacturing facilities primarily located throughout the United States (including 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: (1) 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 Thursday, October 18, 2012, at 10:00 a.m. Eastern time, Steel Dynamics will host a conference call with investors and analysts to discuss the company’s third quarter operating and financial 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 also be obtained on our website).   A replay of the discussion will be available on our website until midnight on November 16, 2012.  A podcast of the event will also be available and can be downloaded from our website.

Contact:  Marlene Owen, Director Investor Relations —+1.260.969.3500

Steel Dynamics, Inc.

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(in thousands, except per share data)

	Three Months Ended					Nine Months Ended					Three Months Ended
	September 30,					September 30,					June 30,
	2012		2011			2012		2011			2012
Net sales	$	1,693,390	$	2,043,455		$	5,585,233	$	6,139,155		$	1,909,803
Costs of goods sold	1,536,989		1,844,212			5,045,432		5,367,772			1,727,667
Gross profit	156,401		199,243			539,801		771,383			182,136
Selling, general and administrative expenses	62,984		72,876			188,603		201,648			61,235
Profit sharing	3,954		7,428			20,237		37,085			8,211
Amortization of intangible assets	8,848		10,154			26,831		30,320			8,991
Impairment charges	7,894		—			7,894		—			—
Operating income	72,721		108,785			296,236		502,330			103,699
Interest expense, net of capitalized interest	41,490		44,702			123,708		132,860			41,106
Other expense (income), net	24,010		(3,523		)	32,366		(13,835		)	(1,892		)
Income before income taxes	7,221		67,606			140,162		383,305			64,485
Income taxes	1,116		27,749			52,975		143,392			25,180
Net income	6,105		39,857			87,187		239,913			39,305
Net loss attributable to noncontrolling interests	6,728		3,447			15,793		8,004			5,167
Net income attributable to Steel Dynamics, Inc.	$	12,833	$	43,304		$	102,980	$	247,917		$	44,472
Basic earnings per share attributable to Steel Dynamics, Inc. stockholders	$	.06	$	.20		$	.47	$	1.14		$	.20
Weighted average common shares outstanding	219,191		218,674			219,097		218,389			219,104
Diluted earnings per share attributable to Steel Dynamics, Inc. stockholders, including the effect of assumed conversions when dilutive	$	.06	$	.19		$	.47	$	1.08		$	.20
Weighted average common shares and equivalents outstanding (Note 1)	220,044		235,759			236,536		236,083			236,208
Dividends declared per share	$	.10	$	.10		$	.30	$	.30		$	.10

(Note 1) Excludes the impact of the 5.125% convertible senior notes from net income (numerator) and share equivalents outstanding (denominator) for the three months ended September 30, 2012, as the impact to diluted earnings per share is anti-dilutive.

Steel Dynamics, Inc.

UNAUDITED SUPPLEMENTAL OPERATING INFORMATION

(dollars in thousands)

	Quarter Ended						Nine Months Ended						Quarter Ended			Quarter Ended
	September 30,						September 30,						March 31,			June 30,
	2012			2011			2012			2011			2012			2012
Steel Operations*
Shipments (tons)
Flat Roll Division	638,776			701,212			2,004,225			2,091,505			658,505			706,944
Structural and Rail Division
Structural	220,829			193,197			662,235			531,934			227,059			214,347
Rail	34,704			31,317			106,828			96,609			33,947			38,177
Engineered Bar Products Division	113,327			160,649			437,024			463,944			157,489			166,208
Roanoke Bar Division	152,922			141,060			453,228			415,271			151,296			149,010
Steel of West Virginia	76,481			76,487			228,149			223,425			77,212			74,456
The Techs	167,982			166,417			484,034			554,044			144,615			171,437
Total	1,405,021			1,470,339			4,375,723			4,376,732			1,450,123			1,520,579
Intra-company	(105,789		)	(101,117		)	(306,840		)	(326,500		)	(94,176		)	(106,875		)
External	1,299,232			1,369,222			4,068,883			4,050,232			1,355,947			1,413,704
Production, excluding The Techs (tons)	1,257,515			1,305,711			3,937,623			3,911,435			1,351,818			1,328,290
Net sales
Total	$	1,120,571		$	1,298,339		$	3,655,802		$	3,926,476		$	1,254,464		$	1,280,767
Intra-company	(69,222		)	(70,329		)	(210,433		)	(236,127		)	(67,744		)	(73,467		)
External	$	1,051,349		$	1,228,010		$	3,445,369		$	3,690,349		$	1,186,720		$	1,207,300
Operating income before amortization of intangibles	$	109,215		$	138,626		$	387,983		$	550,907		$	139,740		$	139,028
Amortization of intangibles	(2,288		)	(2,432		)	(7,151		)	(7,790		)	(2,432		)	(2,431		)
Operating income (Note 1)	$	106,927		$	136,194		$	380,832		$	543,117		$	137,308		$	136,597
Metals Recycling and Ferrous Resources**
OmniSource
Ferrous metals shipments (gross tons)
Total	1,339,853			1,483,122			4,408,915			4,565,141			1,582,840			1,486,222
Intra-company	(582,942		)	(648,949		)	(2,013,377		)	(1,979,215		)	(763,767		)	(666,668		)
External	756,911			834,173			2,395,538			2,585,926			819,073			819,554
Non-ferrous metals shipments (thousands of pounds)
Total	249,685			269,753			800,253			811,511			291,636			258,932
Intra-company	(8,476		)	(1,804		)	(15,032		)	(6,043		)	(1,958		)	(4,598		)
External	241,209			267,949			785,221			805,468			289,678			254,334
Mesabi Nugget shipments (metric tons) - Intra-company	52,082			32,666			132,152			106,698			46,230			33,840
Iron Dynamics (metric tons) - Intra-company	53,548			61,034			169,279			182,031			56,628			59,103
Net sales
Total	$	821,357		$	1,060,545		$	2,860,789		$	3,249,089		$	1,112,340		$	927,092
Intra-company	(299,126		)	(352,507		)	(1,048,449		)	(1,073,207		)	(412,740		)	(336,583		)
External	$	522,231		$	708,038		$	1,812,340		$	2,175,882		$	699,600		$	590,509
Operating income (loss) before amortization of intangibles	$	(9,461	)	$	3,693		$	(12,197	)	$	61,231		$	10,399		$	(13,135	)
Amortization of intangibles	(6,236		)	(7,081		)	(18,708		)	(21,244		)	(6,236		)	(6,236		)
Operating income (loss) (Note 1)	$	(15,697	)	$	(3,388	)	$	(30,905	)	$	39,987		$	4,163		$	(19,371	)
Steel Fabrication***
Shipments (tons)
Total	80,176			64,589			218,291			156,410			60,183			77,932
Intra-company	(53		)	(12		)	(55		)	(621		)	(2		)	—
External	80,123			64,577			218,236			155,789			60,181			77,932
Net sales
Total	$	102,442		$	83,110		$	273,105		$	197,724		$	74,896		$	95,767
Intra-company	(41		)	(16		)	(45		)	(612		)	(4		)	—
External	$	102,401		$	83,094		$	273,060		$	197,112		$	74,892		$	95,767
Operating income (loss) (Note 1)	$	3,141		$	(246	)	$	666		$	(4,764	)	$	(2,668	)	$	193

*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 have been internal).

***Steel Fabrication Operations include the company’s joist and deck fabrication operations.

(Note 1) Segment operating income (loss) excludes profit sharing expense.

Steel Dynamics, Inc.

CONSOLIDATED BALANCE SHEETS

(in thousands)

	September 30, 2012			December 31, 2011
	(unaudited)
Assets
Current assets
Cash and equivalents	$	287,120		$	390,761
Investments in short-term commercial paper	—			84,830
Accounts receivable, net	712,750			722,791
Inventories	1,209,079			1,199,584
Deferred income taxes	28,229			25,341
Income taxes receivable	939			16,722
Other current assets	24,107			15,229
Total current assets	2,262,224			2,455,258
Property, plant and equipment, net	2,213,703			2,193,745
Restricted cash	27,436			26,528
Intangible assets, net	425,034			450,893
Goodwill	740,192			745,066
Other assets	106,927			107,736
Total assets	$	5,775,516		$	5,979,226
Liabilities and Equity
Current liabilities
Accounts payable	$	377,213		$	420,824
Income taxes payable	12,014			10,880
Accrued expenses	166,845			185,964
Accrued profit sharing	19,213			38,671
Current maturities of long-term debt	30,114			444,078
Total current liabilities	605,399			1,100,417
Long-term debt
Term note	250,938			—
7 3/8% senior notes, due 2012	—			261,250
5.125% convertible senior notes, due 2014	287,496			287,500
6 3/4% senior notes, due 2015	500,000			500,000
7 3/4% senior notes, due 2016	—			500,000
6 1/8% senior notes, due 2019	400,000			—
7 5/8% senior notes, due 2020	350,000			350,000
6 3/8% senior notes, due 2022	350,000			—
Other long-term debt	35,491			37,272
Total long-term debt	2,173,925			1,936,022
Deferred income taxes	544,800			489,915
Other liabilities	18,564			82,278
Commitments and contingencies
Redeemable noncontrolling interests	93,774			70,694
Equity
Common stock	636			636
Treasury stock, at cost	(720,479		)	(722,653		)
Additional paid-in capital	1,033,857			1,026,157
Retained earnings	2,049,011			2,011,801
Total Steel Dynamics, Inc. equity	2,363,025			2,315,941
Noncontrolling interests	(23,971		)	(16,041		)
Total equity	2,339,054			2,299,900
Total liabilities and equity	$	5,775,516		$	5,979,226

Steel Dynamics, Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2012			2011			2012			2011
Operating activities:
Net income	$	6,105		$	39,857		$	87,187		$	239,913
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	58,953			55,962			170,027			166,965
Equity-based compensation	738			3,833			9,463			11,355
Deferred income taxes	34,633			7,118			54,464			29,081
Impairment charges	7,894			—			7,894			—
Changes in certain assets and liabilities:
Accounts receivable	2,690			33,533			15,604			(193,679		)
Inventories	43,005			36,346			6,702			(44,787		)
Accounts payable	6,920			(4,375		)	(19,015		)	92,550
Income taxes receivable/payable	25,993			(5,911		)	16,917			22,409
Other assets and liabilities	(69,565		)	56,100			(109,857		)	68,590
Net cash provided by operating activities	117,366			222,463			239,386			392,397
Investing activities:
Purchase of property, plant and equipment	(58,342		)	(38,126		)	(158,686		)	(91,795		)
Other investing activities	10,653			947			64,451			1,946
Net cash used in investing activities	(47,689		)	(37,179		)	(94,235		)	(89,849		)
Financing activities:
Issuance of current and long-term debt	760,000			10,851			1,049,969			15,977
Repayment of current and long-term debt	(946,858		)	(105		)	(1,252,202		)	(7,921		)
Debt issuance costs	(11,626		)	(6,884		)	(13,814		)	(6,884		)
Proceeds from exercise of stock options, including related tax effect	583			402			2,021			13,267
Contributions from noncontrolling investors, net	16,321			11,320			30,944			13,207
Dividends paid	(21,915		)	(21,865		)	(65,710		)	(60,013		)
Net cash used in financing activities	(203,495		)	(6,281		)	(248,792		)	(32,367		)
Increase (decrease) in cash and equivalents	(133,818		)	179,003			(103,641		)	270,181
Cash and equivalents at beginning of period	420,938			277,691			390,761			186,513
Cash and equivalents at end of period	$	287,120		$	456,694		$	287,120		$	456,694
Supplemental disclosure information:
Cash paid for interest	$	42,413		$	14,931		$	123,973		$	101,088
Cash paid for federal and state income taxes, net	$	3,629		$	12,403		$	43,976		$	74,378