Steel Dynamics Reports Third Quarter 2011 Results

FORT WAYNE, Ind., Oct. 17, 2011 /PRNewswire/ — Steel Dynamics, Inc. (NASDAQ-GS:
STLD) today announced third quarter net income of $43 million, or $0.19 per
diluted share, on net sales of $2.0 billion. By comparison, third quarter 2010
net income was $19 million, or $0.09 per diluted share, on net sales of $1.6
billion, and second quarter 2011 net income was $99 million, or $0.43 per
diluted share, on net sales of $2.1 billion.

Third quarter 2011 steel shipments were 1.5 million tons, 12 percent higher than
the third quarter of 2010 and 1 percent higher than the second quarter of 2011.
The average external steel selling price for the third quarter (including sales
by The Techs) increased $115 per ton shipped to $897 from the third quarter 2010
average sales price of $782, and decreased $50 per ton shipped from the second
quarter 2011 average sales price of $947 per ton.

Based on the tons of scrap melted at the five steel mills, the third quarter’s
average ferrous scrap cost per ton melted increased $79 compared to the third
quarter of 2010, and increased $5 compared to the second quarter of 2011.

OmniSource’s ferrous shipments in the third quarter were 1.5 million gross tons,
9 percent higher than the third quarter of 2010, but 5 percent lower than the
second quarter of 2011. OmniSource provided 53 percent of the ferrous scrap
purchased by SDI’s steel mills during the third quarter. Third quarter
non-ferrous shipments were 270 million pounds, 5 percent higher than the third
quarter of 2010, and 6 percent higher than the second quarter of 2011.

“Quarter over quarter operating income was significantly impacted by decreased
flat rolled earnings,” said Keith Busse, Chairman and CEO. “Despite relatively
unchanged volumes, earnings from our flat rolled operations declined 60 percent
in the third quarter as declines in pricing were matched with increased raw
material costs, resulting in significant margin compression. Our average flat
rolled selling price per ton shipped decreased $95 in the third quarter. Orders
remain fairly consistent, and we currently believe flat rolled pricing has
reached a current cycle bottom. The Flat Roll mill operated at an estimated
production capacity of 93 percent during the third quarter.”

Operating income from the company’s steel operations was $139 million, or $96
per ton shipped in the third quarter of 2011, an increase of $51 million, or $28
per ton compared to the same quarter of 2010, but a decrease of $78 million, or
$57 per ton compared to the second quarter of 2011.

“Business at the Engineered Bar Products Division remains strong,” continued
Busse, “and our team is executing very well. The mill’s production of 167,000
tons in the third quarter was at a rate exceeding its theoretical annual
capacity of 625,000 tons. During the third quarter our Structural and Rail
Division achieved a 50 percent utilization rate, its highest production rate
since the recession lows of 2009. Third quarter rail shipments were 31,000 tons,
bringing year-to-date rail shipments to 97,000 tons. Steel of West Virginia is
also experiencing strong demand and operated at 90 percent of capacity during
the third quarter.”

Third quarter operating losses for the fabrication segment narrowed to $250,000,
as compared to $500,000 in the third quarter of 2010, and $1.6 million in the
second quarter of 2011.

“Operating income for OmniSource was $11 million in the third quarter, a
decrease of $11 million in comparison to the third quarter of 2010, and a
decrease of $7 million in comparison to the second quarter of 2011,” said Mark
Millett, President and Chief Operating Officer. “In spite of weaker sequential
volumes, earnings from our ferrous operations improved in the third quarter
through margin expansion. However, the unexpected dramatic slide in copper,
aluminum and nickel prices during late September resulted in negative earnings
from our non-ferrous operations which more than offset the quarter over quarter
ferrous improvement. We recorded non-cash, unrealized losses of $6 million, or
approximately $0.02 per diluted share after-tax, in late September associated
specifically with marking our fixed price forward purchase contracts to lower
market values. However, our complete hedging program, including the offset from
fixed price forward purchase contracts, resulted in a non-cash, unrealized
hedging gain of $2 million in the third quarter.”

The impact of Mesabi Nugget start-up losses on the company’s third quarter 2011
consolidated pre-tax earnings was unchanged from the second quarter at $13
million, or approximately $0.03 per diluted share, after-tax. Third quarter
production of iron nuggets was 33,000 metric tons, a decrease from the 38,000
metric tons produced in the second quarter, due to a planned three week
September outage needed to install equipment to improve plant utilization going
forward.

“I am pleased to report that we have made progress in assuring a low-cost,
secure alternative future supply of iron concentrate for use at Mesabi Nugget,”
Millett said. “One of the uncertainties of the project has been the timing
related to issuance of the necessary mining permits from the State of Minnesota,
which is necessary for us to benefit from lower cost iron concentrate in the
production process. Progress continues to be made, but we currently believe the
earliest we might receive the permit is the end of 2012. During the third
quarter, as an alternative and complement to mining, we entered into a
joint-venture agreement with Magnetation, Inc. to form a business to supply
sufficient iron concentrate to fully meet the needs of the Mesabi Nugget plant
at full utilization. We anticipate obtaining permits for this venture before the
end of the year, and expect production to begin in the third quarter of 2012.
Iron Dynamics continues to provide a consistent supply of liquid pig iron to the
Flat Roll Division. Its output, combined with our supply of iron nuggets, makes
the company self-sufficient in providing iron resources to our Flat Roll mill.”

In September, the company also amended, restated and expanded its senior secured
revolving credit facility from the prior $924 million level to a renewed five
year $1.1 billion facility. Combined with cash deposits of $457 million, the
company achieved record liquidity of over $1.5 billion at September 30, 2011.
Subject to certain conditions, the company also has the opportunity to increase
the facility size by an additional $400 million.

The company recorded other non-cash expenses of approximately $3.3 million, or
approximately $0.01 per diluted share, after-tax, during the third quarter 2011,
related to an equipment impairment charge and the write off of financing fees
associated with the prior revolving credit facility. In addition, in
appreciation for the dedication and performance demonstrated by the company’s
employees during the past two years, the company awarded each employee with a
$1,000 cash bonus during the third quarter, which totaled $5.8 million, or
approximately $0.02 per diluted share, after-tax.

“Looking ahead to the fourth quarter of 2011,” Busse said, “we believe the
economic climate will remain challenging in light of decreased consumer
confidence, the uncertain domestic political landscape and the European debt
crisis. To a large degree these elements are out of our control; however, we
remain confident that with our low-cost manufacturing structure, exceptional
employee base, and superior operating culture, we are prepared to capitalize on
all opportunities presented. We will provide more definitive quantitative
guidance regarding the fourth quarter in December.”

Third Quarter 2011 Reporting Segment Information

The following highlights third 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 60 percent of the company’s third quarter 2011 external net sales
and 61 percent of external net sales in the second quarter 2011. Third quarter
2011 net sales for steel operations were $1.3 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 $1.4 billion in net sales on shipments
of 1.5 million tons in the second quarter of 2011 (including intra-segment and
intra-company sales). The average external steel selling price for the third
quarter decreased $50 per ton to $897 from the second quarter 2011 average of
$947. The third quarter’s average ferrous scrap cost per ton charged was $5
higher than the second quarter of 2011. Third quarter operating income for the
steel segment was $139 million, or $96 per ton shipped, compared to $88 million,
or $68 per ton, in the third quarter of 2010, and $217 million, or $153 per ton,
in the second 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). Third quarter net
sales (including intra-segment and intra-company sales) and operating income for
the segment were $1.1 billion and $3.7 million, respectively, as compared to
$805 million and $9.4 million during the third quarter of 2010, and $1.1 billion
and operating income of $11 million in the second quarter of 2011. The segment
represented 35 percent of the company’s external net sales for both the second
and third quarters of 2011.

OmniSource’s third quarter 2011 ferrous shipments were 1.5 million gross tons
and non-ferrous shipments were 270 million pounds, compared to ferrous shipments
of 1.4 million gross tons and non-ferrous shipments of 257 million pounds for
the third quarter of 2010, and ferrous shipments of 1.6 million gross tons and
non-ferrous shipments of 255 million pounds for the second quarter of 2011.
OmniSource’s ferrous scrap shipments to SDI’s steel mills were 44 percent of its
ferrous scrap shipments during the third quarter versus 42 percent in the second
quarter of 2011. During the third quarter, OmniSource supplied 646,000 gross
tons of ferrous scrap to SDI’s steel operations, or approximately 53 percent of
the tonnage of ferrous scrap purchased by the mills. Operating income for
OmniSource for the third quarter of 2011 was $11 million as compared to $22
million during the third quarter of 2010 and $18 million in the second 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 4
percent of the company’s external net sales for the third quarter of 2011 as
compared to 3 percent for the second quarter.

Third quarter 2011 net sales for fabrication operations were $83 million on
shipments of 65,000 tons, compared to $54 million on shipments of 47,000 tons
during the same period in 2010, and $62 million on shipments of 48,000 tons
during the second quarter of 2011 (including intra-company sales and shipments).
Third quarter operating losses for the fabrication segment narrowed to $250,000,
as compared to $500,000 in the third quarter of 2010, and $1.6 million in the
second 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, October 18, 2011, at 10:00 a.m. Eastern time, Steel Dynamics will
host a conference call in which management will discuss third 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
Three Months Ended Nine Months Ended Ended
September 30, September 30, June 30,
————- ————-
2011 2010 2011 2010 2011
—- —- —- —- —-

Net sales $2,043,455 $1,584,164 $6,139,155 $4,772,753 $2,079,731
Costs of goods
sold 1,844,212 1,444,632 5,367,772 4,230,755 1,803,345
——— ——— ——— ——— ———
Gross profit 199,243 139,532 771,383 541,998 276,386

Selling, general
and
administrative
expenses 72,876 54,679 201,648 167,796 63,631
Profit sharing 7,428 4,562 37,085 21,833 14,454
Amortization of
intangible
assets 10,154 11,291 30,320 34,437 10,082
—— —— —— —— ——
Operating income 108,785 69,000 502,330 317,932 188,219

Interest expense,
net of
capitalized
interest 44,702 44,286 132,860 125,249 44,812
Other income, net (3,523) (6,215) (13,835) (12,817) (5,745)
—— —— ——- ——- ——
Income before
income taxes 67,606 30,929 383,305 205,500 149,152

Income taxes 27,749 15,574 143,392 79,959 53,326
—— —— ——- —— ——
Net income 39,857 15,355 239,913 125,541 95,826
Net loss
attributable to
noncontrolling
interests 3,447 3,386 8,004 7,376 2,884

Net income
attributable
to $43,304 $18,741 $247,917 $132,917 $98,710

Steel Dynamics,
Inc.

Basic earnings
per share
attributable
to Steel
Dynamics,
Inc.
stockholders $.20 $.09 $1.14 $.61 $.45

Weighted average
common shares
outstanding 218,674 218,389 218,500
======= ======= =======
216,881 216,600
======= =======

Diluted
earnings per
share
attributable
to Steel
Dynamics,
Inc.
stockholders,
including the
effect of
assumed
conversions
when dilutive $.19 $.09 $1.08 $.60 $.43

Weighted average
common shares
and 235,759 234,543 236,083 234,601 236,266
equivalents
outstanding ======= ======= ======= ======= =======

Dividends
declared per
share $.10 $.075 $.30 $.225 $.10

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

Three Months Ended Nine Months Ended First Second
September 30, September 30, Quarter Quarter
2011 2010 2011 2010 2011 2011
—- —- —- —- —- —-
Steel Operations*

Shipments (net tons)
Flat Roll Division 701,212 621,543 2,091,505 1,993,662 709,614 680,679
Structural and Rail
Division 224,514 156,940 628,543 471,541 190,661 213,368
Engineered Bar
Products Division 160,649 153,279 463,944 407,140 159,015 144,280
Roanoke Bar Division 141,060 145,168 415,271 363,747 121,305 152,906
Steel of West
Virginia 76,487 66,610 223,425 172,735 72,056 74,882
The Techs 166,417 166,858 554,044 569,363 200,724 186,903
——- ——- ——- ——- ——- ——-
Combined 1,470,339 1,310,398 4,376,732 3,978,188 1,453,375 1,453,018
Intra-segment (29,952) (17,673) (102,265) (50,019) (36,471) (35,842)
——- ——- ——– ——- ——- ——-
1,440,387 1,292,725 4,274,467 3,928,169 1,416,904 1,417,176
Intra-company (71,165) (65,186) (224,235) (201,659) (73,502) (79,568)
——- ——- ——– ——– ——- ——-
External 1,369,222 1,227,539 4,050,232 3,726,510 1,343,402 1,337,608
========= ========= ========= ========= ========= =========

Production,
excluding The Techs
(net tons) 1,305,711 1,167,584 3,911,435 3,506,125 1,284,451 1,321,273

Net sales
Combined $1,298,339 $1,010,916 $3,926,476 $3,061,942 $1,273,472 $1,354,665
Intra-segment (20,475) (10,530) (72,136) (29,131) (26,462) (25,199)
——- ——- ——- ——- ——- ——-
1,277,864 1,000,386 3,854,340 3,032,811 1,247,010 1,329,466
Intra-company (49,854) (40,715) (163,991) (123,936) (51,946) (62,191)
——- ——- ——– ——– ——- ——-
External $1,228,010 $959,671 $3,690,349 $2,908,875 $1,195,064 $1,267,275
========== ======== ========== ========== ========== ==========

Operating income
before amortization
of intangibles $138,626 $87,880 $550,907 $359,626 $195,634 $216,647
Amortization of
intangibles (2,432) (2,679) (7,790) (8,541) (2,679) (2,679)
—— —— —— —— —— ——
Operating income $136,194 $85,201 $543,117 $351,085 $192,955 $213,968
======== ======= ======== ======== ======== ========

Metals Recycling and
Ferrous Resources**

OmniSource
Ferrous metals
shipments (gross
tons)
Combined 1,483,122 1,361,696 4,565,141 3,942,135 1,528,191 1,553,828
Intra-segment (3,594) – (8,786) – – (5,192)
—— — —— — — ——
1,479,528 1,361,696 4,556,355 3,942,135 1,528,191 1,548,636
Intra-company (645,355) (556,222) (1,970,429) (1,638,878) (669,578) (655,496)
——– ——– ———- ———- ——– ——–
External 834,173 805,474 2,585,926 2,303,257 858,613 893,140
======= ======= ========= ========= ======= =======

Non-ferrous metals
shipments
(thousands of
pounds)
Combined 269,753 256,514 811,511 731,407 286,645 255,113
Intra-company (1,804) (1,784) (6,043) (5,924) (2,261) (1,978)
—— —— —— —— —— ——
External 267,949 254,730 805,468 725,483 284,384 253,135
======= ======= ======= ======= ======= =======

Mesabi Nugget
shipments (metric
tons) – Intra-
company 32,666 24,553 106,698 49,210 35,767 38,265
====== ====== ======= ====== ====== ======

Iron Dynamics
shipments (metric
tons)
Liquid pig iron 48,758 45,046 157,497 130,667 54,598 54,141
Hot briquetted iron 7,438 11,774 17,963 38,503 6,005 4,520
Other 4,838 248 6,571 1,514 540 1,193
—– — —– —– — —–
Intra-company 61,034 57,068 182,031 170,684 61,143 59,854
====== ====== ======= ======= ====== ======

Net sales
Combined $1,060,545 $804,680 $3,249,089 $2,409,350 $1,108,415 $1,080,129
Intra-segment (1,288) – (3,546) – – (2,258)
—— — —— — — ——
1,059,257 804,680 3,245,543 2,409,350 1,108,415 1,077,871
Intra-company (351,219) (245,809) (1,069,661) (728,491) (365,250) (353,192)
——– ——– ———- ——– ——– ——–
External $708,038 $558,871 $2,175,882 $1,680,859 $743,165 $724,679
======== ======== ========== ========== ======== ========

Operating income
before amortization
of intangibles $3,693 $9,379 $61,231 $57,056 $46,571 $10,967
Amortization of
intangibles (7,081) (8,302) (21,244) (24,906) (7,081) (7,082)
—— —— ——- ——- —— ——
Operating income
(loss) $(3,388) $1,077 $39,987 $32,150 $39,490 $3,885
======= ====== ======= ======= ======= ======

Steel Fabrication***

Shipments (net tons)
Combined 64,589 47,308 156,410 114,880 44,051 47,770
Intra-company (12) (599) (621) (621) (558) (51)
— —- —- —- —- —
External 64,577 46,709 155,789 114,259 43,493 47,719
====== ====== ======= ======= ====== ======

Net sales
Combined $83,110 $53,920 $197,724 $120,185 $52,652 $61,962
Intra-company (16) (198) (612) (236) (573) (23)
— —- —- —- —- —
External $83,094 $53,722 $197,112 $119,949 $52,079 $61,939
======= ======= ======== ======== ======= =======

Operating loss
before amortization
of intangibles $(246) $(494) $(4,764) $(11,745) $(2,883) $(1,635)
Amortization of
intangibles – – – (42) – -
— — — — — —
Operating loss $(246) $(494) $(4,764) $(11,787) $(2,883) $(1,635)
===== ===== ======= ======== ======= =======

* 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)

September December
30, 31,
———- ———
2011 2010
—- —-
(Unaudited)
Assets
Current assets
Cash and
equivalents $456,694 $186,513
Accounts
receivable,
net 815,868 622,189
Inventories 1,158,848 1,114,063
Deferred income
taxes 21,652 20,684
Income taxes
receivable 24,519 37,311
Other current
assets 18,646 19,243
—— ——
Total current
assets 2,496,227 2,000,003

Property, plant
and equipment,
net 2,168,444 2,213,333

Restricted cash 20,763 23,132

Intangible
assets, net 460,206 489,240

Goodwill 746,737 751,675

Other assets 111,104 112,551
——- ——-
Total assets $6,003,481 $5,589,934
========== ==========

Liabilities and
Equity
Current
liabilities
Accounts
payable $462,339 $348,601
Income taxes
payable 14,844 5,227
Accrued
expenses 203,191 175,041
Accrued profit
sharing 35,883 23,524
Current
maturities of
long-term
debt 1,210 8,924
—– —–
Total current
liabilities 717,467 561,317

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 41,550 40,397
—— ——
Total long-
term debt 2,379,050 2,377,897

Deferred income
taxes 482,543 457,432

Other
liabilities 77,391 62,159

Commitments and
contingencies

Redeemable
noncontrolling
interest 64,364 54,294

Equity
Common stock 636 633
Treasury stock,
at cost (725,849) (727,624)
Additional
paid-in
capital 1,023,295 998,728
Retained
earnings 2,003,486 1,821,133
——— ———
Total Steel
Dynamics, Inc.
equity 2,301,568 2,092,870
Noncontrolling
interests (18,902) (16,035)
——- ——-
Total equity 2,282,666 2,076,835
——— ———
Total
liabilities
and equity $6,003,481 $5,589,934
========== ==========

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

Three Nine
Months Months
Ended Ended
September September
30, 30,
———- ———-
2011 2010 2011 2010
—- —- —- —-

Operating
activities:
Net
income $39,857 $15,355 $239,913 $125,541

Adjustments
to
reconcile
net
income
to net
cash
provided
by
operating
activities:
Depreciation
and
amortization 55,962 57,278 166,965 168,948
Equity-
based
compensation 3,653 3,626 11,175 9,724
Deferred
income
taxes 7,118 2,735 29,081 21,620
Changes
in
certain
assets
and
liabilities:
Accounts
receivable 33,533 (26,820) (193,679) (228,537)
Inventories 36,346 9,715 (44,787) (155,356)
Accounts
payable (4,375) (12,446) 92,550 83,064
Income
taxes
receivable/
payable (5,910) 8,829 22,410 106,378
Other
working
capital 56,100 31,148 68,590 50,131
—— —— —— ——
Net cash
provided
by
operating
activities 222,284 89,420 392,218 181,513

Investing
activities:
Purchase
of
property,
plant
and
equipment (38,126) (24,224) (91,795) (95,868)
Other
investing
activities 947 936 1,946 2,417
— — —– —–
Net cash
used in
investing
activities (37,179) (23,288) (89,849) (93,451)

Financing
activities:
Issuance
of
current
and
long-
term
debt 10,851 25,428 15,977 571,980
Repayment
of
current
and
long-
term
debt (105) (146) (7,921) (355,952)
Debt
issuance
costs (6,884) – (6,884) (6,707)
Proceeds
from
exercise
of stock
options,
including
related
tax
effect 581 1,566 13,446 8,004
Contributions
from
noncontrolling
investors,
net 11,320 1,805 13,207 4,416
Dividends
paid (21,865) (16,260) (60,013) (48,693)
——- ——- ——- ——-
Net cash
provided
by
(used
in)
financing
activities (6,102) 12,393 (32,188) 173,048
—— —— ——- ——-

Increase
in cash
and
equivalents 179,003 78,525 270,181 261,110
Cash and
equivalents
at
beginning
of
period 277,691 191,593 186,513 9,008
——- ——- ——- —–

Cash
and
equivalents
at end
of
period $456,694 $270,118 $456,694 $270,118

Supplemental
disclosure
information:
Cash
paid
for
interest $14,931 $15,016 $101,088 $90,778

Cash
paid
(received)
for
federal
and
state
income
taxes,
net $12,403 $(12) $74,378 $(55,019)

SOURCE Steel Dynamics, Inc.