Segment Information (Tables)

6 Months Ended

Jun. 30, 2014

Segment Information

Schedule of operating segment results

The company’s segment results for the three and six-month periods ended June 30, 2014 and 2013 are as follows (in thousands):

For the three months ended			Metals Recycling /			Steel Fabrication
June 30, 2014	Steel Operations		Ferrous Resources			Operations		Other			Eliminations			Consolidated
Net Sales
External	$	1,214,247	$	587,385		$	134,852	$	24,181		$	—		$	1,960,665
External Non-U.S.	50,857		57,831			—		408			—			109,096
Other segments	69,802		303,617			—		7,309			(380,728		)	—
	1,334,906		948,833			134,852		31,898			(380,728		)	2,069,761
Operating income (loss)	155,949		(6,053		)	7,590		(24,159		)(1)	(1,422		)(2)	131,905
Income (loss) before income taxes	142,594		(12,634		)	6,099		(31,028		)	(1,422		)	103,609
Depreciation and amortization	28,869		25,870			2,401		1,352			(51		)	58,441
Capital expenditures	16,332		16,384			536		282			—			33,534
As of June 30, 2014
Assets	2,732,388		2,551,899			297,149		624,518		(3)	(220,752		)(4)	5,985,202
Liabilities	578,124		640,459			20,879		1,996,306		(5)	(209,776		)(6)	3,025,992

Footnotes related to the three months ended June 30, 2014 segment results (in millions):

(1)	Corporate SG&A	$	(11.0	)
	Company-wide equity-based compensation	(4.7		)
	Profit sharing	(8.9		)
	Other, net	0.4
		$	(24.2	)

(2) Gross profit decrease from intra-company sales $ (1.4 )

(3)	Cash and equivalents	$	299.9
	Accounts receivable	14.4
	Inventories	12.4
	Deferred income taxes	17.7
	Property, plant and equipment, net	70.9
	Debt issuance costs	22.9
	Intra-company debt	158.1
	Other	28.2
		$	624.5

(4)	Elimination of intra-company receivables	$	(52.0	)
	Elimination of intra-company debt	(158.1		)
	Other	(10.7		)
		$	(220.8	)

(5)	Accounts payable	$	46.0
	Income taxes payable	19.4
	Accrued interest	30.5
	Accrued profit sharing	13.6
	Debt	1,737.0
	Deferred income taxes	120.5
	Other	29.3
		$	1,996.3

(6)	Elimination of intra-company payables	$	(52.4	)
	Elimination of intra-company debt	(158.1		)
	Other	0.7
		$	(209.8	)

For the three months ended			Metals Recycling /			Steel Fabrication
June 30, 2013	Steel Operations		Ferrous Resources			Operations		Other			Eliminations			Consolidated
Net Sales
External	$	1,038,868	$	538,599		$	103,595	$	20,828		$	—		$	1,701,890
External Non-U.S.	52,148		46,893			—		409			—			99,450
Other segments	52,897		275,666			564		6,885			(336,012		)	—
	1,143,913		861,158			104,159		28,122			(336,012		)	1,801,340
Operating income (loss)	85,545		(7,251		)	2,330		(14,434		)(1)	3,008		(2)	69,198
Income (loss) before income taxes	71,732		(14,439		)	800		(22,122		)	3,008			38,979
Depreciation and amortization	26,496		26,704			2,179		1,498			(51		)	56,826
Capital expenditures	34,533		13,545			822		336			—			49,236
As of June 30, 2013
Assets	2,582,168		2,490,215			261,556		604,195		(3)	(202,224		)(4)	5,735,910
Liabilities	512,634		522,306			16,136		2,362,721		(5)	(193,358		)(6)	3,220,439

Footnotes related to the three months ended June 30, 2013 segment results (in millions):

(1)	Corporate SG&A	$	(9.1	)
	Company-wide equity-based compensation	(2.0		)
	Profit sharing	(3.2		)
	Other, net	(0.1		)
	Total	$	(14.4	)

(2) Gross profit increase from intra-company sales $ 3.0 

(3)	Cash and equivalents	$	218.2
	Accounts receivable	13.6
	Inventories	15.5
	Deferred income taxes	23.6
	Property, plant and equipment, net	73.7
	Debt issuance costs, net	29.3
	Intra-company debt	154.2
	Other	76.1
	Total	$	604.2

(4)	Elimination of intra-company receivables	$	(40.2	)
	Elimination of intra-company debt	(154.2		)
	Other	(7.8		)
	Total	$	(202.2	)

(5)	Accounts payable	$	43.5
	Income taxes payable	2.9
	Accrued interest	32.3
	Accrued profit sharing	9.2
	Debt	2,045.3
	Deferred income taxes	205.1
	Other	24.4
	Total	$	2,362.7

(6)	Elimination of intra-company payables	$	(40.5	)
	Elimination of intra-company debt	(154.2		)
	Other	1.3
	Total	$	(193.4	)

For the six months ended			Metals Recycling /			Steel Fabrication
June 30, 2014	Steel Operations		Ferrous Resources			Operations		Other			Eliminations			Consolidated
Net Sales
External	$	2,275,326	$	1,105,342		$	250,713	$	44,802		$	—		$	3,676,183
External Non-U.S.	107,376		115,648			—		636			—			223,660
Other segments	113,534		647,545			—		13,982			(775,061		)	—
	2,496,236		1,868,535			250,713		59,420			(775,061		)	3,899,843
Operating income (loss)	261,592		(21,572		)	10,716		(40,704		)(1)	2,805		(2)	212,837
Income (loss) before income taxes	234,592		(35,330		)	7,751		(55,215		)	2,805			154,603
Depreciation and amortization	56,246		52,491			4,623		2,751			(102		)	116,009
Capital expenditures	34,938		22,163			847		427			—			58,375

Footnotes related to the six months ended June 30, 2014 segment results (in millions):

(1)	Corporate SG&A	$	(19.3	)
	Company-wide equity-based compensation	(9.3		)
	Profit sharing	(13.6		)
	Other, net	1.5
	Total	$	(40.7	)

(2) Gross profit increase from intra-company sales $ 2.8 

For the six months ended			Metals Recycling /			Steel Fabrication
June 30, 2013	Steel Operations		Ferrous Resources			Operations		Other			Eliminations			Consolidated
Net Sales
External	$	2,050,063	$	1,096,210		$	197,392	$	40,199		$	—		$	3,383,864
External Non-U.S.	102,265		110,410			—		497			—			213,172
Other segments	113,945		552,030			1,142		12,280			(679,397		)	—
	2,266,273		1,758,650			198,534		52,976			(679,397		)	3,597,036
Operating income (loss)	204,846		(17,075		)	3,860		(30,873		)(1)	4,672		(2)	165,430
Income (loss) before income taxes	176,739		(32,293		)	724		(48,214		)	4,672			101,628
Depreciation and amortization	52,883		53,840			4,236		3,030			(102		)	113,887
Capital expenditures	59,259		32,614			1,703		1,006			—			94,582

Footnotes related to the six months ended June 30, 2013 segment results (in millions):

(1)	Corporate SG&A	$	(17.1	)
	Company-wide equity-based compensation	(5.2		)
	Profit sharing	(9.1		)
	Other, net	0.5
	Total	$	(30.9	)

(2) Gross profit increase from intra-company sales $ 4.7