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) April 18, 2013 (April 17, 2013)
STEEL DYNAMICS, INC.
(Exact name of registrant as specified in its charter)
Indiana |
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0-21719 |
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35-1929476 |
(State or other jurisdiction |
|
(Commission File Number) |
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(IRS Employer |
7575 West Jefferson Blvd, Fort Wayne, Indiana 46804
(Address of principal executive offices) (Zip Code)
Registrants 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 April 17, 2013, Steel Dynamics, Inc. issued a press release titled Steel Dynamics Reports First Quarter 2013 Diluted Earnings Per Share of $0.21.
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 1934, 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 |
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Description |
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|
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99.1 |
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A press release dated April 17, 2013, titled Steel Dynamics Reports First Quarter 2013 Diluted Earnings Per Share of $0.21. |
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.
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STEEL DYNAMICS, INC. |
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/s/Theresa E. Wagler |
Date: April 18, 2013 |
By: |
Theresa E. Wagler |
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Title: |
Chief Financial Officer |
Exhibit 99.1
Press Release
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7575 W. Jefferson Blvd. |
|
Fort Wayne, IN 46804 |
Steel Dynamics Reports First Quarter 2013 Diluted Earnings Per Share of $0.21
FORT WAYNE, INDIANA, April 17, 2013 / PRNewswire / Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced first quarter 2013 net income of $48 million, or $0.21 per diluted share, on net sales of $1.8 billion. By comparison, prior year first quarter net income was $46 million, or $0.20 per diluted share, on net sales of $2.0 billion; and sequential fourth quarter 2012 net income was $61 million, or $0.27 per diluted share, on net sales of $1.7 billion. Prior quarters included the following itemsfirst quarter 2012 earnings were reduced by $0.03 per diluted share due to refinancing costs and fourth quarter 2012 earnings were increased by $0.07 per diluted share due to positive tax adjustments.
The first quarter remained challenging from a market perspective, as customer confidence and buying patterns continued to be impacted by global economic uncertainty; said President and Chief Executive Officer, Mark Millett, but the team did a great job. We hit several production records, and did so safely, as safety records improved from levels already better than industry standards. We are pleased the first quarter financial performance was at the upper range of our March guidance. Operating income improved slightly to $96 million compared to last quarters results.
Compared to the fourth quarter, operating income from our steel operations improved four percent to $122 million, as increased long product volumes more than offset weaker sheet steel shipments and somewhat lower overall metal spreads, stated Millett. An oversupplied northeastern U.S. galvanized sheet market pressured first quarter shipments from The Techs. However, increased shipments of wide flange beams, rail and engineered bar products more than offset the decrease. Despite the slow growth of the commercial construction market, we have seen increased wide flange beam shipments for several consecutive quarters, albeit still very low in relative historical terms, and our fabrication business continues to be profitable.
Operating income from our metals recycling operations decreased three percent to $25 million when compared to the fourth quarter, as increased volumes were more than offset by decreased ferrous and nonferrous margins, said Millett. We noted in our fourth quarter 2012 earnings release that we were anticipating potential challenges in the metals recycling market during the first quarter 2013. Due to ongoing slow U.S. growth and inclement weather, the availability of unprocessed scrap was limited, particularly in the Midwest and along the northeastern corridor, resulting in increased costs to purchase unprocessed material.
The companys continued solid performance in a difficult market environment is driven by our ongoing commitment to provide exceptional value to our customers, while taking advantage of our innovative, low-cost operating culture. We remain committed to leveraging the full complement of our competitive strengths to sustain and grow shareholder value, Millett concluded.
First Quarter Review
First quarter shipments were higher across the companys operating segments when compared to the fourth quarter of 2012, and to the prior year first quarter, aside from metals recycling which decreased year over year. Operating income increased slightly when compared to the fourth quarter of last year, but declined 20 percent from prior years first quarter, primarily due to reduced steel metal spreads, as steel product pricing decreased more than scrap raw material costs.
The companys steel mill utilization rate improved to 89 percent in the first quarter from 80 percent in the fourth quarter of 2012. There was a shift toward higher valued-added products in the companys steel shipments during the first quarter of 2013, when compared to the fourth quarter of 2012. This change helped offset decreased metal spread, resulting in increased operating income of $4 million. The average
selling price per ton shipped increased $5 to $789 in the first quarter, and the average ferrous scrap cost per ton melted increased $8 per ton. Operating income attributable to the companys long product operations increased 16 percent when compared to the sequential quarter, while earnings from sheet operations decreased four percent.
The impact of losses from the companys Minnesota operations on first quarter 2013 consolidated net income was approximately $14 million, or $0.06 per diluted share, which included a unique loss of $2 million (after taxes), or $0.01 per diluted share, related to the sale of excess iron concentrate reserves purchased from third parties. In addition, despite achieving record production levels, the use of higher cost iron concentrate during the quarter also resulted in increased operating losses. Comparatively, the impact of losses on fourth quarter 2012 earnings was $10 million, or approximately $0.04 per diluted share. As previously indicated and according to plan, the installation of additional oxygen-burners and other equipment modifications will be made at the iron nugget facility in April. These modifications are expected to further improve production volumes.
Production at the companys iron concentrate facility continues to proceed well, and the plant is operating at a cash-cost of less than $50 per metric ton, which is substantially less than current market prices in excess of $135 per metric ton. As iron concentrate is the primary raw material for the iron nugget facility, this is a pivotal achievement in lowering the raw material input cost of iron nuggets.
The company plans to start solely using its lower-cost iron concentrate for nugget production in May. However, due to costs related to the outage, the company still anticipates second quarter 2013 losses associated with the Minnesota operations to be similar to those recorded in the fourth quarter of 2012.
During the first quarter the company issued $400 million of new 5¼% senior notes due in 2023 and offered to repay $500 million of its existing 6¾% senior notes due in 2015. At March 31, 2013, the company had repaid $302 million of the existing senior notes, repaying the remaining amount of $198 million on April 9, 2013. After giving effect to the April repayment, total debt decreased $100 million and liquidity remained strong with $1.4 billion in unrestricted cash and available funding under the revolving credit facility. These transactions, along with the resulting repayment of debt with available cash, not only extended the companys overall debt maturity profile, but should also provide an estimated annual interest savings of approximately $13 million.
Outlook
Demand for high-quality steel products has not abated, Millett said. We remain optimistic. The team is on track to complete the organic growth projects scheduled to start at the end of this year, including the engineered special-bar-quality capacity expansion and the premium rail product addition. The automotive market remains strong, and we believe there is potential for manufactured goods to continue to build momentum in 2013. Housing start data also suggests an increasingly higher potential for a recovery in residential construction. We continue to be cautiously optimistic about the nonresidential construction market in 2013, as market indices continue to trend higher. We also view the increase in our long product and fabrication sales as a positive sign, even though they are improving from historically low levels. We are confident that with our exceptional team, and our superior, low-cost operating culture, we are uniquely prepared to capitalize on the opportunities ahead.
Summary First Quarter Operating Segment Information
The following tables highlight operating results for each of the companys 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 companys steel operations produce flat-rolled steel, structural steel, merchant bars, engineered special-bar-quality steel, rebar, rail, and specialty shapes.
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First Quarter |
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Sequential |
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2013 |
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2012 |
|
4Q 2012 |
| |||
Total Sales |
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$ |
1,142,075 |
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$ |
1,254,464 |
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$ |
1,126,438 |
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External Sales |
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1,061,312 |
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1,186,720 |
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1,061,419 |
| |||
Operating Income |
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121,589 |
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139,740 |
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117,097 |
| |||
Total Shipments (tons) |
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1,469,802 |
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1,450,123 |
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1,457,053 |
| |||
Average External Sales Price Per Ton |
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$ |
789 |
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$ |
875 |
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$ |
784 |
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Average Ferrous Scrap Cost Per Ton |
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$ |
351 |
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$ |
417 |
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$ |
343 |
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Metals Recycling and Ferrous Resources Operations
This segment principally includes the companys metals recycling operations (OmniSource Corporation), a liquid pig iron production facility (Iron Dynamics), and the companys Minnesota iron producing operations.
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First Quarter |
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Sequential |
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Metals Recycling & Ferrous Resources |
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2013 |
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2012 |
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4Q 2012 |
| |||
Total Sales |
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$ |
914,568 |
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$ |
1,112,340 |
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$ |
798,163 |
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External Sales |
|
621,128 |
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699,600 |
|
530,258 |
| |||
Operating Income (Loss) |
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(4,309 |
) |
10,399 |
|
507 |
| |||
|
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First Quarter |
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Sequential |
| |||||
Metals Recycling (Standalone) |
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2013 |
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2012 |
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4Q 2012 |
| |||
Total Sales |
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$ |
835,039 |
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$ |
1,057,173 |
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$ |
741,342 |
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External Sales |
|
609,918 |
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699,342 |
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520,931 |
| |||
Operating Income |
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24,965 |
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25,004 |
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25,818 |
| |||
Unrealized Hedging Gains |
|
691 |
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2,003 |
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9,820 |
| |||
Ferrous Shipments (gross tons) |
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1,342,929 |
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1,582,840 |
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1,238,143 |
| |||
% Shipments to SDI Steel Mills |
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41 |
% |
48 |
% |
46 |
% | |||
Nonferrous Shipments (pounds 000s) |
|
279,656 |
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291,636 |
|
251,080 |
| |||
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.
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First Quarter |
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Sequential |
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2013 |
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2012 |
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4Q 2012 |
| |||
Total Sales |
|
$ |
94,375 |
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$ |
74,896 |
|
$ |
98,301 |
|
Operating Income (Loss) |
|
1,530 |
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(2,668 |
) |
1,448 |
| |||
Total Shipments (tons) |
|
77,583 |
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60,183 |
|
76,870 |
| |||
Average External Sales Price Per Ton |
|
$ |
1,214 |
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$ |
1,244 |
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$ |
1,278 |
|
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 $7.3 billion in 2012, over 6,600 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 recurrent slowing economy 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 SDIs 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, April 18, 2013, at 10:00 a.m. Eastern Time, Steel Dynamics will host a conference call with investors and analysts to discuss the companys first quarter 2013 operating and financial results. We invite you to listen to the live audiocast of the conference call accessible from our website (http://www.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 April 25, 2013. A downloadable podcast and an MP3 file of the event will also be available on 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 |
|
Three Months |
| |||||
|
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March 31, |
|
December 31, |
| |||||
|
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2013 |
|
2012 |
|
2012 |
| |||
|
|
|
|
|
|
|
| |||
Net sales |
|
$ |
1,795,696 |
|
$ |
1,982,040 |
|
$ |
1,705,001 |
|
Costs of goods sold |
|
1,619,432 |
|
1,780,776 |
|
1,524,904 |
| |||
Gross profit |
|
176,264 |
|
201,264 |
|
180,097 |
| |||
|
|
|
|
|
|
|
| |||
Selling, general and administrative expenses |
|
65,262 |
|
64,384 |
|
69,340 |
| |||
Profit sharing |
|
6,643 |
|
8,072 |
|
6,750 |
| |||
Amortization of intangible assets |
|
8,127 |
|
8,992 |
|
8,722 |
| |||
Impairment charges |
|
|
|
|
|
356 |
| |||
Operating income |
|
96,232 |
|
119,816 |
|
94,929 |
| |||
|
|
|
|
|
|
|
| |||
Interest expense, net of capitalized interest |
|
34,629 |
|
41,112 |
|
34,877 |
| |||
Other expense (income), net |
|
(1,046 |
) |
10,248 |
|
(3,852 |
) | |||
Income before income taxes |
|
62,649 |
|
68,456 |
|
63,904 |
| |||
|
|
|
|
|
|
|
| |||
Income taxes |
|
21,397 |
|
26,679 |
|
8,810 |
| |||
Net income |
|
41,252 |
|
41,777 |
|
55,094 |
| |||
|
|
|
|
|
|
|
| |||
Net loss attributable to noncontrolling interests |
|
6,963 |
|
3,898 |
|
5,477 |
| |||
|
|
|
|
|
|
|
| |||
Net income attributable to Steel Dynamics, Inc. |
|
$ |
48,215 |
|
$ |
45,675 |
|
$ |
60,571 |
|
|
|
|
|
|
|
|
| |||
Basic earnings per share attributable to Steel Dynamics, Inc. stockholders |
|
$ |
.22 |
|
$ |
.21 |
|
$ |
.28 |
|
|
|
|
|
|
|
|
| |||
Weighted average common shares outstanding |
|
219,995 |
|
218,996 |
|
219,346 |
| |||
|
|
|
|
|
|
|
| |||
Diluted earnings per share attributable to Steel Dynamics, Inc. stockholders, including the effect of assumed conversions when dilutive |
|
$ |
.21 |
|
$ |
.20 |
|
$ |
.27 |
|
|
|
|
|
|
|
|
| |||
Weighted average common shares and equivalents outstanding |
|
238,087 |
|
236,526 |
|
236,890 |
| |||
|
|
|
|
|
|
|
| |||
Dividends declared per share |
|
$ |
.11 |
|
$ |
.10 |
|
$ |
.10 |
|
Steel Dynamics, Inc.
UNAUDITED SUPPLEMENTAL OPERATING INFORMATION
(dollars in thousands)
|
|
Quarter Ended |
|
Quarter Ended |
| |||||
|
|
March 31, |
|
December 31, |
| |||||
|
|
2013 |
|
2012 |
|
2012 |
| |||
Steel Operations* |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| |||
Shipments (tons) |
|
|
|
|
|
|
| |||
Flat Roll Division |
|
704,290 |
|
658,505 |
|
713,770 |
| |||
Structural and Rail Division |
|
|
|
|
|
|
| |||
Structural |
|
228,089 |
|
227,059 |
|
225,100 |
| |||
Rail |
|
52,808 |
|
33,947 |
|
37,341 |
| |||
Engineered Bar Products Division |
|
112,821 |
|
157,489 |
|
98,858 |
| |||
Roanoke Bar Division |
|
139,950 |
|
151,296 |
|
127,952 |
| |||
Steel of West Virginia |
|
80,707 |
|
77,212 |
|
73,581 |
| |||
The Techs |
|
151,137 |
|
144,615 |
|
180,451 |
| |||
Total |
|
1,469,802 |
|
1,450,123 |
|
1,457,053 |
| |||
Intra-company |
|
(125,370 |
) |
(94,176 |
) |
(102,772 |
) | |||
External |
|
1,344,432 |
|
1,355,947 |
|
1,354,281 |
| |||
|
|
|
|
|
|
|
| |||
Production, excluding The Techs (tons) |
|
1,407,508 |
|
1,351,818 |
|
1,290,567 |
| |||
|
|
|
|
|
|
|
| |||
Net sales |
|
|
|
|
|
|
| |||
Total |
|
$ |
1,142,075 |
|
$ |
1,254,464 |
|
$ |
1,126,438 |
|
Intra-company |
|
(80,763 |
) |
(67,744 |
) |
(65,019 |
) | |||
External |
|
$ |
1,061,312 |
|
$ |
1,186,720 |
|
$ |
1,061,419 |
|
|
|
|
|
|
|
|
| |||
Operating income before amortization of intangibles |
|
$ |
121,589 |
|
$ |
139,740 |
|
$ |
117,097 |
|
Amortization of intangibles |
|
(2,288 |
) |
(2,432 |
) |
(2,289 |
) | |||
Operating income (Note 1) |
|
$ |
119,301 |
|
$ |
137,308 |
|
$ |
114,808 |
|
|
|
|
|
|
|
|
| |||
Metals Recycling and Ferrous Resources Operations** |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| |||
OmniSource |
|
|
|
|
|
|
| |||
Ferrous metals shipments (gross tons) |
|
|
|
|
|
|
| |||
Total |
|
1,342,929 |
|
1,582,840 |
|
1,238,143 |
| |||
Intra-company |
|
(553,890 |
) |
(763,767 |
) |
(573,293 |
) | |||
External |
|
789,039 |
|
819,073 |
|
664,850 |
| |||
|
|
|
|
|
|
|
| |||
Nonferrous metals shipments (thousands of pounds) |
|
|
|
|
|
|
| |||
Total |
|
279,656 |
|
291,636 |
|
251,080 |
| |||
Intra-company |
|
(3,529 |
) |
(1,958 |
) |
(3,456 |
) | |||
External |
|
276,127 |
|
289,678 |
|
247,624 |
| |||
|
|
|
|
|
|
|
| |||
Mesabi Nugget shipments (metric tons) - Intra-company |
|
59,685 |
|
46,230 |
|
36,481 |
| |||
|
|
|
|
|
|
|
| |||
Iron Dynamics (metric tons) - Intra-company |
|
64,685 |
|
56,628 |
|
57,117 |
| |||
|
|
|
|
|
|
|
| |||
Net sales |
|
|
|
|
|
|
| |||
Total |
|
$ |
914,568 |
|
$ |
1,112,340 |
|
$ |
798,163 |
|
Intra-company |
|
(293,440 |
) |
(412,740 |
) |
(267,905 |
) | |||
External |
|
$ |
621,128 |
|
$ |
699,600 |
|
$ |
530,258 |
|
|
|
|
|
|
|
|
| |||
Operating income (loss) before amortization of intangibles |
|
$ |
(4,309 |
) |
$ |
10,399 |
|
$ |
507 |
|
Amortization of intangibles |
|
(5,515 |
) |
(6,236 |
) |
(6,110 |
) | |||
Operating income (loss) (Note 1) |
|
$ |
(9,824 |
) |
$ |
4,163 |
|
$ |
(5,603 |
) |
|
|
|
|
|
|
|
| |||
Steel Fabrication Operations*** |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| |||
Shipments (tons) |
|
|
|
|
|
|
| |||
Total |
|
77,583 |
|
60,183 |
|
76,870 |
| |||
Intra-company |
|
(334 |
) |
(2 |
) |
(187 |
) | |||
External |
|
77,249 |
|
60,181 |
|
76,683 |
| |||
|
|
|
|
|
|
|
| |||
Net sales |
|
|
|
|
|
|
| |||
Total |
|
$ |
94,375 |
|
$ |
74,896 |
|
$ |
98,301 |
|
Intra-company |
|
(578 |
) |
(4 |
) |
(277 |
) | |||
External |
|
$ |
93,797 |
|
$ |
74,892 |
|
$ |
98,024 |
|
|
|
|
|
|
|
|
| |||
Operating income (loss) (Note 1) |
|
$ |
1,530 |
|
$ |
(2,668 |
) |
$ |
1,448 |
|
* |
Steel Operations include the companys five steelmaking divisions and The Techs three galvanizing plants. |
** |
Metals Recycling and Ferrous Resources Operations include OmniSource; Iron Dynamics (all shipments are internal); and Minnesota Operations, including Mesabi Nugget (all shipments have been internal). |
*** |
Steel Fabrication Operations include the companys joist and deck fabrication operations. |
(Note 1) Segment operating income (loss) excludes profit sharing expense.
Steel Dynamics, Inc.
CONSOLIDATED BALANCE SHEETS
(in thousands)
|
|
March 31, |
|
December 31, |
| ||
|
|
(unaudited) |
|
|
| ||
Assets |
|
|
|
|
| ||
Current assets |
|
|
|
|
| ||
Cash and equivalents |
|
$ |
477,861 |
|
$ |
375,917 |
|
Investments in short-term commercial paper |
|
|
|
31,520 |
| ||
Accounts receivable, net |
|
753,301 |
|
642,363 |
| ||
Inventories |
|
1,170,159 |
|
1,202,507 |
| ||
Deferred income taxes |
|
23,564 |
|
23,449 |
| ||
Income taxes receivable |
|
412 |
|
893 |
| ||
Other current assets |
|
23,644 |
|
19,576 |
| ||
Total current assets |
|
2,448,941 |
|
2,296,225 |
| ||
|
|
|
|
|
| ||
Property, plant and equipment, net |
|
2,232,413 |
|
2,231,198 |
| ||
|
|
|
|
|
| ||
Restricted cash |
|
23,400 |
|
27,749 |
| ||
|
|
|
|
|
| ||
Intangible assets, net |
|
408,832 |
|
416,635 |
| ||
|
|
|
|
|
| ||
Goodwill |
|
736,912 |
|
738,542 |
| ||
|
|
|
|
|
| ||
Other assets |
|
106,076 |
|
105,067 |
| ||
Total assets |
|
$ |
5,956,574 |
|
$ |
5,815,416 |
|
|
|
|
|
|
| ||
Liabilities and Equity |
|
|
|
|
| ||
Current liabilities |
|
|
|
|
| ||
Accounts payable |
|
$ |
410,632 |
|
$ |
360,097 |
|
Income taxes payable |
|
13,438 |
|
16,941 |
| ||
Accrued expenses |
|
159,035 |
|
203,008 |
| ||
Current maturities of long-term debt |
|
231,582 |
|
29,631 |
| ||
Total current liabilities |
|
814,687 |
|
609,677 |
| ||
|
|
|
|
|
| ||
Long-term debt |
|
|
|
|
| ||
Term note |
|
240,625 |
|
247,500 |
| ||
Senior notes |
|
1,500,000 |
|
1,600,000 |
| ||
Convertible senior notes |
|
287,496 |
|
287,496 |
| ||
Other long-term debt |
|
41,093 |
|
37,610 |
| ||
Total long-term debt |
|
2,069,214 |
|
2,172,606 |
| ||
|
|
|
|
|
| ||
Deferred income taxes |
|
546,722 |
|
537,304 |
| ||
Other liabilities |
|
19,947 |
|
19,173 |
| ||
|
|
|
|
|
| ||
Commitments and contingencies |
|
|
|
|
| ||
|
|
|
|
|
| ||
Redeemable noncontrolling interests |
|
99,414 |
|
98,814 |
| ||
|
|
|
|
|
| ||
Equity |
|
|
|
|
| ||
Common stock |
|
639 |
|
637 |
| ||
Treasury stock, at cost |
|
(719,076 |
) |
(720,479 |
) | ||
Additional paid-in capital |
|
1,045,973 |
|
1,037,687 |
| ||
Retained earnings |
|
2,111,597 |
|
2,087,620 |
| ||
Total Steel Dynamics, Inc. equity |
|
2,439,133 |
|
2,405,465 |
| ||
Noncontrolling interests |
|
(32,543 |
) |
(27,623 |
) | ||
Total equity |
|
2,406,590 |
|
2,377,842 |
| ||
Total liabilities and equity |
|
$ |
5,956,574 |
|
$ |
5,815,416 |
|
Steel Dynamics, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
|
|
Three Months Ended |
| ||||
|
|
March 31, |
| ||||
|
|
2013 |
|
2012 |
| ||
|
|
|
|
|
| ||
Operating activities: |
|
|
|
|
| ||
Net income |
|
$ |
41,252 |
|
$ |
41,777 |
|
|
|
|
|
|
| ||
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
| ||
Depreciation and amortization |
|
57,061 |
|
55,572 |
| ||
Equity-based compensation |
|
4,753 |
|
6,123 |
| ||
Deferred income taxes |
|
10,935 |
|
9,197 |
| ||
Changes in certain assets and liabilities: |
|
|
|
|
| ||
Accounts receivable |
|
(110,938 |
) |
(60,820 |
) | ||
Inventories |
|
32,348 |
|
(55,090 |
) | ||
Accounts payable |
|
38,988 |
|
34,902 |
| ||
Income taxes receivable/payable |
|
(3,022 |
) |
17,392 |
| ||
Other assets and liabilities |
|
(41,667 |
) |
(27,632 |
) | ||
Net cash provided by operating activities |
|
29,710 |
|
21,421 |
| ||
|
|
|
|
|
| ||
Investing activities: |
|
|
|
|
| ||
Purchase of property, plant and equipment |
|
(45,346 |
) |
(45,555 |
) | ||
Other investing activities |
|
33,934 |
|
(1,864 |
) | ||
Net cash used in investing activities |
|
(11,412 |
) |
(47,419 |
) | ||
|
|
|
|
|
| ||
Financing activities: |
|
|
|
|
| ||
Issuance of current and long-term debt |
|
409,261 |
|
289,969 |
| ||
Repayment of current and long-term debt |
|
(305,691 |
) |
(283,448 |
) | ||
Debt issuance costs |
|
(5,997 |
) |
(2,191 |
) | ||
Proceeds from exercise of stock options, including related tax effect |
|
7,614 |
|
1,097 |
| ||
Contributions from noncontrolling investors, net |
|
411 |
|
9,506 |
| ||
Dividends paid |
|
(21,952 |
) |
(21,887 |
) | ||
Net cash provided by (used in) financing activities |
|
83,646 |
|
(6,954 |
) | ||
|
|
|
|
|
| ||
Increase (decrease) in cash and equivalents |
|
101,944 |
|
(32,952 |
) | ||
Cash and equivalents at beginning of period |
|
375,917 |
|
390,761 |
| ||
|
|
|
|
|
| ||
Cash and equivalents at end of period |
|
$ |
477,861 |
|
$ |
357,809 |
|
|
|
|
|
|
| ||
Supplemental disclosure information: |
|
|
|
|
| ||
Cash paid for interest |
|
$ |
49,732 |
|
$ |
18,753 |
|
Cash paid (received) for federal and state income taxes, net |
|
$ |
11,165 |
|
$ |
(955 |
) |