Steel Dynamics Reports Second Quarter 2011 Results

FORT WAYNE, Ind., July 18, 2011 /PRNewswire/ — Steel Dynamics, Inc. (NASDAQ-GS:
STLD) today announced second quarter net income of $99 million, or $0.43 per
diluted share, on net sales of $2.1 billion. By comparison, second quarter 2010
net income was $49 million, or $0.22 per diluted share, on net sales of $1.6
billion, and first quarter 2011 net income was $106 million, or $0.46 per
diluted share, on net sales of $2.0 billion.

On a consecutive quarterly basis, unrealized hedging gains at the company’s
metals recycling operations were $9.5 million during the first quarter of 2011,
as compared to an unrealized hedging loss of $4.8 million in the second quarter
of 2011, resulting in a non-cash fluctuation in the company’s pretax earnings of
$14.3 million, an estimated impact of approximately $0.04 per diluted share
between quarters. Additionally, the company reduced its deferred income tax
provision due to recent changes in Indiana tax law, which increased second
quarter earnings approximately $0.01 per diluted share.

Second quarter 2011 steel shipments were 1.5 million tons, 15 percent higher
than the second quarter of 2010 and nearly the same as the first quarter of
2011. The average external steel selling price per ton shipped for the second
quarter increased $118 per ton to $947 from the second quarter 2010 average
sales price of $829, and increased $57 per ton from the first quarter 2011
average sales price of $890.

Based on the tons of scrap melted at the five steel mills, the second quarter’s
average ferrous scrap cost per ton charged increased $51 compared to the second
quarter 2010, and increased $15 compared to the first quarter of 2011.

OmniSource’s ferrous shipments in the second quarter were 1.6 million gross
tons, 15 percent higher than the second quarter of 2010 and 2 percent higher
than the first quarter of 2011. OmniSource provided 54 percent of the ferrous
scrap purchased by SDI’s steel mills during the second quarter. Second quarter
non-ferrous shipments were 255 million pounds, 8 percent higher than the second
quarter of 2010, but 11 percent lower than the first quarter of 2011.

“Quarter over quarter operational earnings were essentially the same, although
from different sources,” said Keith Busse, Chairman and CEO. “Operating income
from our steel operations increased $21 million but was offset by a decrease in
our metals recycling and ferrous resources operations of $36 million. Operating
performance of our steel operations improved in the second quarter, resulting in
operating income of $217 million, or $153 per ton shipped, a 62 percent increase
versus the same quarter last year and an 11 percent increase compared to the
first quarter of 2011.

“We experienced some volatility in order bookings for flat-rolled steel during
the second quarter, while bookings for other steel operations remained steady or
slightly improved. While structural steel shipments of 179,000 tons were up 11
percent from the first quarter of 2011, demand for structural steel remains
weak, causing our Structural and Rail Division to continue to operate well below
its capacity. Augmenting the division’s revenues were rail shipments of 35,000
tons, up 14 percent compared to the first quarter of 2011. For the Engineered
Bar Products Division, second quarter shipping volume of 144,000 tons was lower
than the first quarter’s shipments of 159,000 tons due to a planned 10-day
maintenance and equipment upgrade outage. SBQ demand and the mill’s order
backlog remain very strong,” Busse said.

“Operating income for OmniSource was $18 million in the second quarter, a
decrease of $7 million in comparison to the second quarter of 2010, and a
decrease of $31 million in comparison to the nearly record high achieved in the
first quarter of 2011,” said Mark Millett, President and Chief Operating
Officer. “Second quarter non-ferrous stainless margins and shipping volumes
decreased as a result of weaker demand from stainless mills, which were carrying
higher than normal inventory levels. As destocking occurs, we anticipate renewed
ordering activity during the third quarter. Additionally, while ferrous shipping
volumes increased slightly, margins compressed in comparison to those achieved
in the first quarter of this year, which benefited from the sale of lower priced
inventory into the strong January market.

“In our raw materials platform, Iron Dynamics continues to provide a consistent
supply of liquid pig iron to the Flat Roll Division. We are also seeing progress
made at the Mesabi Nugget operation. Second quarter production of iron nuggets
increased to 38,000 metric tons, most of which shipped in April and June, as the
planned May furnace reline outage lasted about three weeks. Start-up losses
incurred by Mesabi Nugget in the second quarter negatively impacted consolidated
earnings by $13 million, or approximately $0.03 per diluted share, after-tax. We
expect nugget production volume to continue to improve in the second half of the
year, and have an additional outage planned for September to install equipment
that should further improve plant utilization,” Millett said.

“Looking ahead to the second half of 2011,” Busse said, “we believe continued
slow improvement in the U.S. economy is possible and anticipate continued, yet
uneven, buying activity as service center inventory levels remain relatively
low, and consumption by such sectors as automotive, transportation, energy,
industrial, agricultural, and construction equipment remains steady to growing
slightly. We will provide quantitative guidance regarding the third quarter in
September, but barring any unforeseen changes in the economic climate, the third
quarter should be fairly solid,” Busse concluded.

Second Quarter 2011 Reporting Segment Information

The following highlights second quarter 2011 results for each of SDI’s three
primary reporting segments. References to segment operating income and operating
income per ton in the following paragraphs exclude profit-sharing costs and
amortization related to intangible assets.

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, rail, and specialty shapes. Steel operations
represented 61 percent of the company’s second quarter 2011 external net sales
and 59 percent of external net sales in the first quarter 2011.

Second quarter 2011 net sales for steel operations were $1.4 billion on
shipments of 1.5 million tons, compared to net sales of $1.0 billion on
shipments of 1.3 million tons during the same period in 2010, and $1.3 billion
in net sales on shipments of 1.5 million tons in the first quarter of 2011
(including intra-segment and intra-company sales). The average external steel
selling price for the second quarter increased $57 per ton to $947 from the
first quarter 2011 average of $890. The second quarter’s average ferrous scrap
cost per ton charged was $15 higher than the first quarter of 2011. Second
quarter operating income for the steel segment was $217 million, or $153 per ton
shipped, compared to $134 million, or $108 per ton, in the second quarter of
2010, and $196 million, or $138 per ton, in the first quarter of 2011.

Metals Recycling and Ferrous Resources.This segment principally includes the
company’s metals recycling operations (OmniSource Corporation), liquid pig iron
manufacturing facility (Iron Dynamics), and iron nugget manufacturing start-up
facility (Mesabi Nugget, which is 81 percent company owned). Second quarter net
sales and operating income for the segment were $1.1 billion and $11 million,
respectively, as compared to $848 million and $15 million during the second
quarter of 2010, and $1.1 billion and operating income of $47 million during the
first quarter of 2011 (including intra-segment and intra-company sales). The
segment represented 35 percent of the company’s second quarter 2011 external net
sales versus 37 percent of the first quarter 2011 external net sales.

OmniSource’s second quarter 2011 ferrous shipments were 1.6 million gross tons
and non-ferrous shipments were 255 million pounds, compared to ferrous shipments
of 1.4 million gross tons and non-ferrous shipments of 237 million pounds for
the second quarter of 2010, and ferrous shipments of 1.5 million gross tons and
non-ferrous shipments of 287 million pounds for the first quarter of 2011.
OmniSource’s ferrous scrap shipments to SDI’s steel mills were 42 percent of its
ferrous scrap shipments during the second quarter versus 44 percent in the first
quarter of 2011. During the second quarter, OmniSource supplied 655,000 gross
tons of ferrous scrap to SDI’s steel operations, or approximately 54 percent of
the tonnage of ferrous scrap purchased by the mills. Operating income for
OmniSource for the second quarter of 2011 was $18 million as compared to $25
million during the second quarter of 2010 and $49 million in the first quarter
of 2011.

Steel Fabrication Operations. The New Millennium Building Systems steel
fabrication operations fabricate steel joists, trusses, and decking used in the
construction of non-residential buildings. Fabrication operations represented 3
percent of the company’s external net sales for both the first and second
quarters of 2011.

Second quarter 2011 net sales for fabrication operations were $62 million on
shipments of 48,000 tons, compared to $42 million on shipments of 42,000 tons
during the same period in 2010, and $53 million on shipments of 44,000 tons
during the first quarter of 2011 (including intra-company sales and shipments).
Second quarter operating losses for the fabrication segment were $2 million, as
compared to $5 million in the second quarter of 2010, and $3 million in the
first quarter of 2011.

Forward-Looking Statements

This press release contains some predictive statements about future events,
including statements related to conditions in the steel and scrap metal markets,
Steel Dynamics’ revenues, costs, future earnings, and the operation of new or
existing facilities or technologies. 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. Such
predictive statements are not guarantees of future performance, and actual
results could differ materially from our current expectations.

Factors that could cause such predictive statements to turn out other than as
anticipated or predicted include, among others: the effects of a prolonged or
deepening recession on industrial demand; conditions in such steel consuming
sectors as the automotive, consumer appliance or construction industries; the
impact of domestic or foreign import price competition; difficulties in
integrating or in realizing anticipated values from acquired businesses; risks
and uncertainties involving new products or new technologies; changes in the
availability or cost of steel scrap or scrap substitute materials; increases in
energy costs; occurrence of unanticipated equipment failures and plant outages;
labor unrest; and the effect of the elements on production or consumption.

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, available publicly on the SEC
Web site, www.sec.gov, and on the Steel Dynamics Web site,
www.steeldynamics.com.

Forward-looking or predictive statements we make are based upon information and
assumptions concerning our businesses and the environments in which they
operate, which we consider reasonable as of the date on which these statements
are made. Due to the foregoing risks and uncertainties however, as well as
matters beyond our control which can affect forward-looking statements, we
caution you that these statements speak only as of the date hereof.

Conference Call and Webcast

On Tuesday, July 19, 2011, at 10:00 a.m. Eastern time, Steel Dynamics will host
a conference call in which management will discuss second quarter results. You
are invited to listen to the live audio broadcast of the conference call over
the Internet, accessible from the Steel Dynamics Web site:www.steeldynamics.com

Dial-in information is available on our Web site. An audio replay of the Webcast
and a downloadable podcast will be available from the SDI Web site. No telephone
replay will be available.

Steel Dynamics, Inc.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands, except per share data)

Three Months Ended Six Months Ended
June 30, June 30,
——– ——–
2011 2010 2011
—- —- —-

Net sales $2,079,731 $1,632,799 $4,095,700
Costs of goods
sold 1,803,345 1,440,815 3,523,560
——— ——— ———
Gross profit 276,386 191,984 572,140

Selling, general
and
administrative
expenses 63,631 55,957 128,772
Profit sharing 14,454 7,827 29,657
Amortization of
intangible assets 10,082 11,565 20,166
—— —— ——
Operating income 188,219 116,635 393,545

Interest expense,
net of
capitalized
interest 44,812 43,448 88,158
Other income, net (5,745) (3,521) (10,312)
—— —— ——-
Income before
income taxes 149,152 76,708 315,699

Income taxes 53,326 29,911 115,643
—— —— ——-
Net income 95,826 46,797 200,056
Net loss
attributable to
noncontrolling
interests 2,884 2,410 4,557

Net income
attributable to $98,710 $49,207 $204,613
======= ======= ========
Steel Dynamics,
Inc.
—————

Basic earnings per
share
attributable to
Steel Dynamics,
Inc. stockholders $.45 $.23 $.94
==== ==== ====

Weighted average
common shares
outstanding 218,500 216,635 218,246
======= ======= =======

Diluted earnings
per share
attributable to
Steel Dynamics,
Inc.
stockholders,
including the
effect of assumed
conversions when
dilutive $.43 $.22 $.89
==== ==== ====

Weighted average
common shares and 236,266 234,600 236,245
equivalents
outstanding ======= ======= =======

Dividends declared
per share $.10 $.075 $.20
==== ===== ====

Three
Months
Six Months Ended Ended
June 30, March 31,
——–
2010 2011
—- —-

Net sales $3,188,589 $2,015,969
Costs of goods
sold 2,786,123 1,720,215
——— ———
Gross profit 402,466 295,754

Selling, general
and
administrative
expenses 113,117 65,141
Profit sharing 17,271 15,203
Amortization of
intangible assets 23,146 10,084
—— ——
Operating income 248,932 205,326

Interest expense,
net of
capitalized
interest 80,963 43,346
Other income, net (6,602) (4,567)
—— ——
Income before
income taxes 174,571 166,547

Income taxes 64,385 62,317
—— ——
Net income 110,186 104,230
Net loss
attributable to
noncontrolling
interests 3,990 1,673

Net income
attributable to $114,176 $105,903
======== ========
Steel Dynamics,
Inc.
—————

Basic earnings per
share
attributable to
Steel Dynamics,
Inc. stockholders $.53 $.49
==== ====

Weighted average
common shares
outstanding 216,459 217,992
======= =======

Diluted earnings
per share
attributable to
Steel Dynamics,
Inc.
stockholders,
including the
effect of assumed
conversions when
dilutive $.51 $.46
==== ====

Weighted average
common shares and 234,630 236,224
equivalents
outstanding ======= =======

Dividends declared
per share $.15 $.10
==== ====

Steel Dynamics, Inc.
UNAUDITED SUPPLEMENTAL OPERATING INFORMATION
(dollars in thousands)

Three Months Ended
June 30,
2011 2010
—- —-
Steel Operations*

Shipments (net tons)
Flat Roll Division 680,679 622,861
Structural and Rail
Division 213,368 159,252
Engineered Bar Products
Division 144,280 128,802
Roanoke Bar Division 152,906 109,393
Steel of West Virginia 74,882 52,720
The Techs 186,903 191,960
——- ——-
Combined 1,453,018 1,264,988
Intra-segment (35,842) (21,259)
——- ——-
1,417,176 1,243,729
Intra-company (79,568) (65,607)
——- ——-
External 1,337,608 1,178,122
========= =========

Production, excluding
The Techs (net tons) 1,321,273 1,147,403
——— ———

Net sales
Combined $1,354,665 $1,032,478
Intra-segment (25,199) (12,549)
——- ——-
1,329,466 1,019,929
Intra-company (62,191) (43,292)
——- ——-
External $1,267,275 $976,637
========== ========

Operating income before
amortization of
intangibles $216,647 $134,077
Amortization of
intangibles (2,679) (2,931)
—— ——
Operating income $213,968 $131,146
======== ========

Metals Recycling and
Ferrous Resources**

OmniSource
Ferrous metals shipments
(gross tons)
Combined 1,553,828 1,350,364
Intra-segment (5,192) -
—— —
1,548,636 1,350,364
Intra-company (655,496) (563,350)
——– ——–
External 893,140 787,014
======= =======

Non-ferrous metals
shipments (thousands of
pounds)
Combined 255,113 236,648
Intra-company (1,978) (1,946)
—— ——
External 253,135 234,702
======= =======

Mesabi Nugget shipments
(metric tons) – Intra-
company 38,265 17,478
====== ======

Iron Dynamics shipments
(metric tons)
Liquid pig iron 54,141 39,193
Hot briquetted iron 4,520 15,357
Other 1,193 568
—– —
Intra-company 59,854 55,118
====== ======

Net sales
Combined $1,080,129 $848,367
Intra-segment (2,258) -
—— —
1,077,871 848,367
Intra-company (353,192) (258,442)
——– ——–
External $724,679 $589,925
======== ========

Operating income (loss)
before amortization of
intangibles $10,967 $15,241
Amortization of
intangibles (7,082) (8,302)
—— ——
Operating income (loss) $3,885 $6,939
====== ======

Steel Fabrication***

Shipments (net tons)
Combined 47,770 41,894
Intra-company (51) (3)
— —
External 47,719 41,891
====== ======

Net sales
Combined $61,962 $42,267
Intra-company (23) (1)
— —
External $61,939 $42,266
======= =======

Operating income (loss)
before amortization of
intangibles $(1,635) $(4,702)
Amortization of
intangibles – (11)
— —
Operating income (loss) $(1,635) $(4,713)
======= =======

Three
Months
Six Months Ended Ended
June 30, March 31,
2011 2010 2011
—- —- —-
Steel
Operations*

Shipments (net
tons)
Flat Roll
Division 1,390,293 1,372,119 709,614
Structural and
Rail Division 404,029 314,601 190,661
Engineered Bar
Products
Division 303,295 253,861 159,015
Roanoke Bar
Division 274,211 218,579 121,305
Steel of West
Virginia 146,938 106,125 72,056
The Techs 387,627 402,505 200,724
——- ——- ——-
Combined 2,906,393 2,667,790 1,453,375
Intra-segment (72,313) (32,346) (36,471)
——- ——- ——-
2,834,080 2,635,444 1,416,904
Intra-company (153,070) (136,473) (73,502)
——– ——– ——-
External 2,681,010 2,498,971 1,343,402
========= ========= =========

Production,
excluding The
Techs (net
tons) 2,605,724 2,338,541 1,284,451
——— ——— ———

Net sales
Combined $2,628,137 $2,051,026 $1,273,472
Intra-segment (51,661) (18,601) (26,462)
——- ——- ——-
2,576,476 2,032,425 1,247,010
Intra-company (114,137) (83,221) (51,946)
——– ——- ——-
External $2,462,339 $1,949,204 $1,195,064
========== ========== ==========

Operating income
before
amortization of
intangibles $412,281 $271,746 $195,634
Amortization of
intangibles (5,358) (5,862) (2,679)
—— —— ——
Operating income $406,923 $265,884 $192,955
======== ======== ========

Metals Recycling
and Ferrous
Resources**

OmniSource
Ferrous metals
shipments
(gross tons)
Combined 3,082,019 2,580,439 1,528,191
Intra-segment (5,192) – -
—— — —
3,076,827 2,580,439 1,528,191
Intra-company (1,325,124) (1,082,656) (669,628)
———- ———- ——–
External 1,751,703 1,497,783 858,563
========= ========= =======

Non-ferrous
metals
shipments
(thousands of
pounds)
Combined 541,758 474,893 286,645
Intra-company (4,239) (4,140) (2,261)
—— —— ——
External 537,519 470,753 284,384
======= ======= =======

Mesabi Nugget
shipments
(metric tons) -
Intra-company 74,032 24,657 35,767
====== ====== ======

Iron Dynamics
shipments
(metric tons)
Liquid pig iron 108,739 85,621 54,598
Hot briquetted
iron 10,525 26,729 6,005
Other 1,733 1,266 540
—– —– —
Intra-company 120,997 113,616 61,143
======= ======= ======

Net sales
Combined $2,188,544 $1,604,670 $1,108,415
Intra-segment (2,258) – -
—— — —
2,186,286 1,604,670 1,108,415
Intra-company (718,442) (482,682) (365,250)
——– ——– ——–
External $1,467,844 $1,121,988 $743,165
========== ========== ========

Operating income
(loss) before
amortization of
intangibles $57,538 $47,677 $46,571
Amortization of
intangibles (14,163) (16,604) (7,081)
——- ——- ——
Operating income
(loss) $43,375 $31,073 $39,490
======= ======= =======

Steel
Fabrication***

Shipments (net
tons)
Combined 91,821 67,572 44,051
Intra-company (609) (22) (558)
—- — —-
External 91,212 67,550 43,493
====== ====== ======

Net sales
Combined $114,614 $66,265 $52,652
Intra-company (596) (38) (573)
—- — —-
External $114,018 $66,227 $52,079
======== ======= =======

Operating income
(loss) before
amortization of
intangibles $(4,518) $(11,251) $(2,883)
Amortization of
intangibles – (42) -
— — —
Operating income
(loss) $(4,518) $(11,293) $(2,883)
======= ======== =======

* 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, which began in 2010, have been internal).
*** Steel Fabrication Operations include the company’s joist and deck
fabrication operations.

Steel Dynamics, Inc.
CONSOLIDATED BALANCE SHEETS
(in thousands)

December
June 30, 31,
——– ———
2011 2010
—- —-
(Unaudited)
Assets
Current assets
Cash and equivalents $277,691 $186,513
Accounts receivable,
net 849,401 622,189
Inventories 1,195,194 1,114,063
Deferred income taxes 21,114 20,684
Income taxes
receivable 15,295 37,311
Other current assets 15,164 19,243
—— ——
Total current assets 2,373,859 2,000,003

Property, plant and
equipment, net 2,176,314 2,213,333

Restricted cash 21,717 23,132

Intangible assets,
net 469,719 489,240

Goodwill 748,383 751,675

Other assets 110,461 112,551
——- ——-
Total assets $5,900,453 $5,589,934
========== ==========

Liabilities and
Equity
Current liabilities
Accounts payable $455,859 $348,601
Income taxes payable 11,531 5,227
Accrued expenses 173,440 175,041
Accrued profit
sharing 28,464 23,524
Current maturities of
long-term debt 1,552 8,924
—– —–
Total current
liabilities 670,846 561,317

Long-term debt
7 3/8% senior notes,
due 2012 700,000 700,000
5.125% convertible
senior notes, due
2014 287,500 287,500
6 3/4% senior notes,
due 2015 500,000 500,000
7 3/4% senior notes,
due 2016 500,000 500,000
7 5/8% senior notes,
due 2020 350,000 350,000
Other long-term debt 40,293 40,397
—— ——
Total long-term debt 2,377,793 2,377,897

Deferred income taxes 476,532 457,432

Other liabilities 63,794 62,159

Commitments and
contingencies

Redeemable
noncontrolling
interest 54,294 54,294

Equity
Common stock 636 633
Treasury stock, at
cost (725,849) (727,624)
Additional paid-in
capital 1,019,061 998,728
Retained earnings 1,982,051 1,821,133
——— ———
Total Steel Dynamics,
Inc. equity 2,275,899 2,092,870
Noncontrolling
interests (18,705) (16,035)
——- ——-
Total equity 2,257,194 2,076,835
——— ———
Total liabilities and
equity $5,900,453 $5,589,934
========== ==========

Steel Dynamics, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)

Three Months
Ended
June 30,
——–
2011 2010
—- —-

Operating activities:
Net income $95,826 $46,797

Adjustments to
reconcile net income
to net cash provided
by
(used in) operating
activities:
Depreciation and
amortization 56,257 55,398
Equity-based
compensation 3,812 3,329

Deferred income taxes 9,028 10,417
Changes in certain
assets and
liabilities:
Accounts receivable 34,536 21,423
Inventories (9,026) (117,013)
Accounts payable 2,750 (22,707)
Income taxes
receivable/payable (17,119) 60,416
Other working capital (10,067) (38,709)
——- ——-
Net cash provided by
operating activities 165,997 19,351

Investing activities:
Purchase of property,
plant and equipment (34,976) (40,960)
Other investing
activities 2,142 977
—– —
Net cash used in
investing activities (32,834) (39,983)

Financing activities:
Issuance of current
and long-term debt – 2,002
Repayment of current
and long-term debt (491) (4,476)
Debt issuance costs – (169)
Proceeds from
exercise of stock
options, including
related tax effect 4,569 2,984
Contributions from
noncontrolling
investors, net 1,470 2,611
Dividends paid (21,830) (16,233)
——- ——-
Net cash provided by
(used in) financing
activities (16,282) (13,281)
——- ——-

Increase (decrease)
in cash and
equivalents 116,881 (33,913)
Cash and equivalents
at beginning of
period 160,810 225,506
——- ——-

Cash and equivalents
at end of period $277,691 $191,593
======== ========

Supplemental
disclosure
information:
Cash paid for
interest $71,047 $71,993
======= =======
Cash paid (received)
for federal and
state income taxes,
net $60,455 $(41,997)
======= ========

Six Months Ended
June 30,
——–
2011 2010
—- —-

Operating
activities:
Net income $ $200,056 $110,186

Adjustments to
reconcile net
income to net cash
provided by
(used in) operating
activities:
Depreciation and
amortization 111,003 111,670
Equity-based
compensation 7,522 6,098

Deferred income
taxes 21,963 18,885
Changes in certain
assets and
liabilities:
Accounts receivable (227,212) (201,717)
Inventories (81,133) (165,071)
Accounts payable 96,925 95,510
Income taxes
receivable/payable 28,320 97,549
Other working
capital 12,490 18,983
—— ——
Net cash provided by
operating
activities 169,934 92,093

Investing
activities:
Purchase of
property, plant and
equipment (53,669) (71,644)
Other investing
activities 999 1,481
— —–
Net cash used in
investing
activities (52,670) (70,163)

Financing
activities:
Issuance of current
and long-term debt 5,126 546,552
Repayment of current
and long-term debt (7,816) (355,806)
Debt issuance costs – (6,707)
Proceeds from
exercise of stock
options, including
related tax effect 12,865 6,438
Contributions from
noncontrolling
investors, net 1,887 2,611
Dividends paid (38,148) (32,433)
——- ——-
Net cash provided by
(used in) financing
activities (26,086) 160,655
——- ——-

Increase (decrease)
in cash and
equivalents 91,178 182,585
Cash and equivalents
at beginning of
period 186,513 9,008
——- —–

Cash and equivalents
at end of period $ $277,691 $191,593
======== ========

Supplemental
disclosure
information:
Cash paid for
interest $ $86,157 $75,762
======= =======
Cash paid (received)
for federal and
state income taxes,
net $ $61,975 $(55,007)
======= ========

SOURCE Steel Dynamics, Inc.