Description of the Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Description of the Business and Summary of Significant Accounting Policies

Schedule of Inventories

Inventory consisted of the following at December 31 (in thousands):

	2023		2022
Raw materials	$	1,226,272	$	1,608,344
Supplies		711,653		629,074
Work in progress		296,932		256,071
Finished goods		659,775		636,475
Total inventories	$	2,894,632	$	3,129,964

Schedule of Property, Plant and Equipment

The company’s property, plant and equipment consisted of the following at December 31 (in thousands):

	2023		2022
Land and improvements	$	693,166	$	521,881
Buildings and improvements		1,255,274		1,238,824
Plant, machinery and equipment		6,887,985		6,683,237
Construction in progress		2,096,489		780,741
		10,932,914		9,224,683
Less accumulated depreciation		4,198,696		3,851,018
Property, plant and equipment, net	$	6,734,218	$	5,373,665

Schedule of Finite-Lived Intangible Assets

The company’s intangible assets consisted of the following at December 31 (in thousands):

						Weighted
						Average
					Useful	Amortization
	2023		2022		Life	Period
Customer, vendor and scrap generator relationships	$	444,812	$	420,512	8 to 25 years	22 years
Trade names		147,950		147,950	15 to 25 years	19 years
Other		600		600	5 years	5 years
		593,362		569,062		22 years
Less accumulated amortization		335,603		301,555
	$	257,759	$	267,507

Schedule of Intangible Assets, Future Amortization Expense

Estimated amortization expense related to amortizable intangibles for the years ending December 31 is as follows (in thousands):

2024	$	30,526
2025		27,464
2026		25,562
2027		23,163
2028		21,953
Thereafter		129,091
Total	$	257,759

Schedule of Goodwill

The company’s goodwill consisted of the following at December 31 (in thousands):

	2023		2022
Steel Operations Segment	$	272,133	$	272,133
Metals Recycling Operations Segment		203,413		228,009
Steel Fabrication Operations Segment		1,925		1,925
	$	477,471	$	502,067

Reconciliation of Basic and Diluted Earnings Per Share

The following table presents a reconciliation of the numerators and the denominators of the company’s basic and diluted earnings per share computations for the years ended December 31 (in thousands, except per share data):

	2023						2022
	Net Income		Shares		Per Share		Net Income		Shares		Per Share
	(Numerator)		(Denominator)		Amount		(Numerator)		(Denominator)		Amount
Basic earnings per share	$	2,450,882		166,552	$	14.72	$	3,862,674		183,393	$	21.06
Dilutive common share equivalents		-		879				-		1,229
Diluted earnings per share	$	2,450,882		167,431	$	14.64	$	3,862,674		184,622	$	20.92

	2021
	Net Income		Shares		Per Share
	(Numerator)		(Denominator)		Amount
Basic earnings per share	$	3,214,066		205,115	$	15.67
Dilutive common share equivalents		-		1,500
Diluted earnings per share	$	3,214,066		206,615	$	15.56