Condensed Consolidating Information (Tables)

6 Months Ended

Jun. 30, 2015

Schedule of Condensed Consolidating Balance Sheets

Condensed Consolidating Balance Sheets (in thousands)

						Combined			Consolidating			Total
	Parent			Guarantors		Non-Guarantors			Adjustments			Consolidated
As of June 30, 2015
Cash and equivalents	$	351,996		$	55,586	$	11,819		$	—		$	419,401
Accounts receivable, net	262,708			1,182,293		36,919			(665,398		)	816,522
Inventories	590,104			658,048		47,494			(3,577		)	1,292,069
Other current assets	69,807			7,343		4,436			(18,186		)	63,400

Total current assets	1,274,615			1,903,270		100,668			(687,161		)	2,591,392
Property, plant and equipment, net	979,749			1,769,536		300,229			(2,113		)	3,047,401
Intangible assets, net	—			358,402		—			—			358,402
Goodwill	—			741,898		—			—			741,898
Other assets, including investments in subs	3,573,407			23,085		6,491			(3,515,313		)	87,670

Total assets	$	5,827,771		$	4,796,191	$	407,388		$	(4,204,587	)	$	6,826,763


Accounts payable	$	140,249		$	314,074	$	89,416		$	(97,041	)	$	446,698
Accrued expenses	126,025			168,859		6,484			(84,553		)	216,815
Current maturities of long-term debt	13,097			809		61,445			(40,276		)	35,075

Total current liabilities	279,371			483,742		157,345			(221,870		)	698,588
Long-term debt	2,585,806			224		167,639			(134,095		)	2,619,574
Other liabilities	35,181			1,505,382		35,490			(992,152		)	583,901

Redeemable noncontrolling interests	—			—		125,972			—			125,972

Common stock	636			1,727,859		18,121			(1,745,980		)	636
Treasury stock	(396,491		)	—		—			—			(396,491		)
Additional paid-in-capital	1,099,669			117,737		641,858			(759,595		)	1,099,669
Retained earnings (deficit)	2,223,599			961,247		(610,352		)	(350,895		)	2,223,599

Total Steel Dynamics, Inc. equity	2,927,413			2,806,843		49,627			(2,856,470		)	2,927,413
Noncontrolling interests	—			—		(128,685		)	—			(128,685		)

Total equity	2,927,413			2,806,843		(79,058		)	(2,856,470		)	2,798,728

Total liabilities and equity	$	5,827,771		$	4,796,191	$	407,388		$	(4,204,587	)	$	6,826,763

Condensed Consolidating Balance Sheets (in thousands)

						Combined			Consolidating			Total
	Parent			Guarantors		Non-Guarantors			Adjustments			Consolidated
As of December 31, 2014
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

Schedule of Condensed Consolidating Statements of Operations

Condensed Consolidating Statements of Operations (in thousands)

							Combined			Consolidating			Total
	Parent			Guarantors			Non-Guarantors			Adjustments			Consolidated
For the three months ended, June 30, 2015
Net sales	$	766,056		$	2,153,141		$	101,880		$	(1,016,070	)	$	2,005,007
Costs of goods sold	669,259			2,019,025			134,335			(989,355		)	1,833,264

Gross profit (loss)	96,797			134,116			(32,455		)	(26,715		)	171,743
Selling, general and administrative	29,905			65,736			2,668			(4,125		)	94,184

Operating income (loss)	66,892			68,380			(35,123		)	(22,590		)	77,559
Interest expense, net of capitalized interest	18,166			18,376			1,658			(1,037		)	37,163
Other (income) expense, net	(773		)	(654		)	(822		)	1,037			(1,212		)

Income (loss) before income taxes and equity in net loss of subsidiaries	49,499			50,658			(35,959		)	(22,590		)	41,608
Income taxes (benefit)	8,097			19,172			(2,510		)	(8,476		)	16,283

	41,402			31,486			(33,449		)	(14,114		)	25,325
Equity in net loss of subsidiaries	(9,852		)	—			—			9,852			—
Net loss attributable to noncontrolling interests	—			—			6,225			—			6,225

Net income (loss) attributable to Steel Dynamics, Inc.	$	31,550		$	31,486		$	(27,224	)	$	(4,262	)	$	31,550

							Combined			Consolidating			Total
	Parent			Guarantors			Non-Guarantors			Adjustments			Consolidated
For the three months ended, June 30, 2014
Net sales	$	1,007,569		$	2,313,459		$	121,239		$	(1,372,506	)	$	2,069,761
Costs of goods sold	860,024			2,183,181			141,362			(1,337,577		)	1,846,990

Gross profit (loss)	147,545			130,278			(20,123		)	(34,929		)	222,771
Selling, general and administrative	35,419			56,411			3,406			(4,370		)	90,866

Operating income (loss)	112,126			73,867			(23,529		)	(30,559		)	131,905
Interest expense, net of capitalized interest	19,031			10,294			1,986			(1,261		)	30,050
Other (income) expense, net	(1,556		)	(46		)	(1,412		)	1,260			(1,754		)

Income (loss) before income taxes and equity in net income of subsidiaries	94,651			63,619			(24,103		)	(30,558		)	103,609
Income taxes (benefit)	23,950			23,076			814			(10,572		)	37,268

	70,701			40,543			(24,917		)	(19,986		)	66,341
Equity in net loss of subsidiaries	1,602			—			—			(1,602		)	—
Net loss attributable to noncontrolling interests	—			—			5,962			—			5,962

Net income (loss) attributable to Steel Dynamics, Inc.	$	72,303		$	40,543		$	(18,955	)	$	(21,588	)	$	72,303

						Combined			Consolidating			Total
	Parent			Guarantors		Non-Guarantors			Adjustments			Consolidated
For the six months ended, June 30, 2015
Net sales	$	1,564,774		$	4,344,150	$	206,453		$	(2,062,935	)	$	4,052,442
Costs of goods sold	1,362,834			4,091,150		253,116			(2,013,443		)	3,693,657

Gross profit (loss)	201,940			253,000		(46,663		)	(49,492		)	358,785
Selling, general and administrative	60,648			123,769		6,033			(8,995		)	181,455

Operating income (loss)	141,292			129,231		(52,696		)	(40,497		)	177,330
Interest expense, net of capitalized interest	38,703			40,216		3,392			(2,061		)	80,250
Other (income) expense, net	14,879			34		(1,994		)	2,061			14,980

Income (loss) before income taxes and equity in net loss of subsidiaries	87,710			88,981		(54,094		)	(40,497		)	82,100
Income taxes (benefit)	15,038			32,206		(3,626		)	(13,797		)	29,821

	72,672			56,775		(50,468		)	(26,700		)	52,279
Equity in net loss of subsidiaries	(10,361		)	—		—			10,361			—
Net loss attributable to noncontrolling interests	—			—		10,032			—			10,032

Net income (loss) attributable to Steel Dynamics, Inc.	$	62,311		$	56,775	$	(40,436	)	$	(16,339	)	$	62,311

						Combined			Consolidating			Total
	Parent			Guarantors		Non-Guarantors			Adjustments			Consolidated
For the six months ended, June 30, 2014
Net sales	$	1,871,132		$	4,425,848	$	227,088		$	(2,624,225	)	$	3,899,843
Costs of goods sold	1,621,419			4,198,757		264,935			(2,571,343		)	3,513,768

Gross profit (loss)	249,713			227,091		(37,847		)	(52,882		)	386,075
Selling, general and administrative	64,253			110,700		6,814			(8,529		)	173,238

Operating income (loss)	185,460			116,391		(44,661		)	(44,353		)	212,837
Interest expense, net of capitalized interest	38,392			20,855		3,866			(2,494		)	60,619
Other (income) expense, net	(2,532		)	349		(2,696		)	2,494			(2,385		)

Income (loss) before income taxes and equity in net loss of subsidiaries	149,600			95,187		(45,831		)	(44,353		)	154,603
Income taxes (benefit)	33,875			34,018		1,510			(14,839		)	54,564

	115,725			61,169		(47,341		)	(29,514		)	100,039
Equity in net loss of subsidiaries	(4,843		)	—		—			4,843			—
Net loss attributable to noncontrolling interests	—			—		10,843			—			10,843

Net income (loss) attributable to Steel Dynamics, Inc.	$	110,882		$	61,169	$	(36,498	)	$	(24,671	)	$	110,882

Schedule of Condensed Consolidating Statements of Cash Flows

Condensed Consolidating Statements of Cash Flows (in thousands)

							Combined			Consolidating			Total
	Parent			Guarantors			Non-Guarantors			Adjustments			Consolidated

For the six months ended, June 30, 2015
Net cash provided by operating activities	$	212,624		$	322,486		$	246		$	8,563		$	543,919
Net cash used in investing activities	(31,419		)	(18,495		)	(13,260		)	9,471			(53,703		)
Net cash provided by (used in) financing activities	(94,522		)	(330,095		)	10,473			(18,034		)	(432,178		)

Increase (decrease) in cash and equivalents	86,683			(26,104		)	(2,541		)	—			58,038
Cash and equivalents at beginning of period	265,313			81,690			14,360			—			361,363

Cash and equivalents at end of period	$	351,996		$	55,586		$	11,819		$	—		$	419,401

							Combined			Consolidating			Total
	Parent			Guarantors			Non-Guarantors			Adjustments			Consolidated

For the six months ended, June 30, 2014
Net cash provided by (used in) operating activities	$	94,219		$	(19,938	)	$	(23,559	)	$	(1,955	)	$	48,767
Net cash used in investing activities	(34,747		)	(10,007		)	(13,076		)	30,653			(27,177		)
Net cash provided by (used in) financing activities	(83,113		)	19,258			33,297			(28,698		)	(59,256		)

Decrease in cash and equivalents	(23,641		)	(10,687		)	(3,338		)	—			(37,666		)
Cash and equivalents at beginning of period	320,866			61,148			13,142			—			395,156

Cash and equivalents at end of period	$	297,225		$	50,461		$	9,804		$	—		$	357,490