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Ripple Signed New 28 XRP Production Contracts: Report

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Ripple signed new 28 production contracts as the CEO Of the platform Brad Garlinghouse announced for his XRP remittance platform, as we are reading further in the XRP news today.

Ripple signed the new 28 production contracts for the XRP remittance platform in the first quarter of the year. The CEO Brad Garlinghouse revealed the numbers during a virtual meeting published on YouTube. According to Garlingouse, Ripple exceeded the expectations for a new XRP customer acquisition and started to see a drop in transaction volume in March, right when the Coronavirus impacted the industry. There was also an 85% increase in the RippleNet volume between Q4 and Q1 despite the March crash.

Ripple CEO Brad Garlinghouse
Ripple CEO Brad Garlinghouse

Garlinghouse also commented that Ripple saw some of the biggest clients playing out in Thailand which is a catalyst for an increase in volume. The CEO also said that they foresaw 20 new contracts and ended up signing new products on contracts in the last quarter. Despite the dynamics of the pandemic, they were also able to end the quarter stronger. In response to the global economic slowdown, Ripple dropped the number of new employments and for this reason, the company expected to end this year with a total of 575 employees. Now ripple plans to end the year with 515.

This year, the entire crypto company moved up to new projects slowly. Over the past reports, we explained that Ripple I snow the currency of choice for arbitration. The company also promoted the use of the RippleNet cloud for financial institutions due to the Coronavirus pandemic. Ripple has also managed to conquer the top spot in the global crisis. All of the alliances that it achieved have been of severe importance such as the alliance with WordPress and the alliance with Bitrue that were a catalyst for the XRP price on the market.

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Ripple is also positioned as the third cryptocurrency on the market by market cap but its momentum had dropped over the previous months because of the ongoing pandemic. Ripple will rise up again thanks to the many partnerships and promotions which could also boost the price in the upcoming near term.

Covid-19
Covid-19 (Image Source: Red Laboratories)

The XRP/BTC trading pair broke through another important support level yesterday which led to Ripple (the company) to be called out on Twitter by the veteran chart analyst Peter Brandt. Brandt shared a chart that showed how the Ripple XRP price is down and has fallen below the long-standing support level at BTC 0.00002060. He indicated that Ripple “has blown the wad allocated to support XRPBTC,” and pointed out to a likely next level of support for the token found at around BTC 0.0000194.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/ripple-news/ripple-signed-new-28-xrp-production-contracts-report/

Covid19

Air Travel High: TSA Screens 1 Million For First Time Since March

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Passengers enter a checkpoint at O’Hare International Airport on Monday. The TSA reports it screened over 1 million passengers on Sunday, the highest number since the coronavirus crisis began. Scott Olson/Getty Images hide caption

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How’s this for an October surprise? Despite a significant rise in COVID-19 cases in many parts of the country, it appears that more people are flying on commercial jetliners than at any time over the last seven months.

More than one million people were screened by the Transportation Security Administration at airport security checkpoints Sunday. It’s the first time the TSA’s daily traveler count has topped the one million mark since March 16.

And this wasn’t just a one-day surge in air travel. The TSA’s daily throughput figure has topped 900,000 eight times already this month, and the TSA reports that the 6.1 million people passing through U.S. airport checkpoints between Oct. 12 and Oct. 18 was the greatest weekly traveler volume measured since the start of the pandemic.

But experts say there is a lot of pent-up demand for air travel and it’s important to note that despite the modest increase, the number of people flying is still down more than 60% from the 2.6 million who flew on the same October Sunday last year.

Still, it’s a bit of good news at a time the nation’s airlines are burning through tens of millions of dollars a day and reporting huge financial losses due to the coronavirus pandemic. Delta and United both reported last week that they lost billions in the third quarter, as fewer people than expected dared to get onto airplanes in July, August and September. American and Southwest report their third-quarter results later this week, but are also expected to show billions in losses after many would be passengers canceled summer travel plans or drove to their destinations instead of flying.

The industry group Airlines for America says airlines are in desperate need for additional federal coronavirus relief, as they are collectively losing $5 billion a month.

Last year and into January and February of this year, airlines were setting passenger volume records. The TSA reported screening between 2.5 and 2.7 million people on the busiest travel days, which are usually Fridays and Sundays. But as the coronavirus outbreak spiked last March, companies halted business travel and millions canceled vacations and weekend getaways.

By mid-April, the number of travelers passing through security checkpoints plummeted to under 100,000, a decline of 96%. Other than the days after the terrorist attacks on Sept. 11, 2001, the group Airlines for America says there hadn’t been that few people flying since the dawn of the jet airplane age in the 1950s.

There were short-lived upticks in air travel demand in early summer, especially around the Memorial Day and Fourth of July holiday weekends. But the number of COVID-19 cases spiked after each holiday, especially in parts of the country that rushed to reopen bars, restaurants and other gathering places. Lingering concerns about spreading the viral illness dampened demand for air travel during the later summer months.

As welcome as this month’s surprising rise in air travel is, there is still a lot of uncertainty over whether the trend will continue, especially heading into the Thanksgiving and Christmas holiday season, which is usually a busy air travel period.

Most airlines have significantly reduced their schedules as demand remains weak, and some have suspended service to smaller cities. In late September, bookings for travel in November were just a fraction of last year’s level, according to the airline data firm OAG.

And with what appears to be a new wave of COVID-19 cases surging, especially in the Midwest, several states are setting records for the daily number of infections being reported. Public health officials in many states are urging residents to stay home to celebrate the holidays in small family groups.

“COVID-19 has changed the way we work, live, and play, and will now change how we plan to celebrate the holidays,” said Illinois Public Health Director Dr. Ngozi Ezike, who added that “the safest way to celebrate is with members of your household and connecting with others virtually.”

Source: https://www.npr.org/sections/coronavirus-live-updates/2020/10/19/925577175/air-travel-high-tsa-screens-1-million-for-first-time-since-march?utm_medium=RSS&utm_campaign=coronavirusliveupdates

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CleanEquity® Monaco 2020 – Apresentando Empresas e Novas Colaborações

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LONDRES, 19 de outubro de 2020 /PRNewswire/ — O CleanEquity®, fórum de inovação em tecnologia sustentável, cofundado por Sua Alteza Sereníssima Príncipe Albert II de Mônaco e o presidente da Innovator Capital, Mungo Park, terá início no dia 22 de outubro.

Ele será transmitido ao vivo pelo canal EarthX TV.

A CEO da Climate-KIC, Dra. Kirsten Dunlop, abrirá a conferência e falará sobre o papel crucial que a inovação tem a desempenhar na descarbonização e como os mercados financeiros devem se adaptar e fazer sua parte.

A equipe CleanEquity® do Innovator Capital (ICL), banco especializado em investimentos com sede em Londres, analisou mais de 600 tecnologias para o 13º aniversário do evento. Estas são as 22 empresas que foram selecionadas para apresentar seus projetos:

O ICL anuncia duas novas colaborações de patrocínio para 2020, com a Climate-KIC e a Taronis Fuels.

Scott Mahoney, CEO da Taronis Fuels disse:

“A Taronis Fuels está comprometida em produzir os melhores combustíveis renováveis e socialmente responsáveis do mundo. Estamos honrados em participar da CleanEquity Monaco 2020 e nos encontrar com inovadores e empreendedores líderes da indústria que compartilham a paixão pelo progresso da tecnologia sustentável. Por meio de nossa rede em expansão de centros de vendas de gás industrial nos Estados Unidos, atendemos a uma variedade grande de consumidores finais. Nossa tecnologia oferece uma alternativa atraente aos combustíveis retrogados à base de carbono. Produzimos combustíveis à base de hidrogênio que são ambientalmente responsáveis e por uma fração do custo do acetileno e do propeno. Nossos produtos são amplamente superiores em termos funcionais. Somos únicos no sentido de que nossas soluções não vêm com concessões ou compensações prejudiciais. Simplesmente oferecemos uma alternativa mais limpa, segura, inteligente e barata. Estamos ansiosos para compartilhar a nossa visão corporativa, nosso desejo de impactar positivamente o meio ambiente e nossa tecnologia atraente com as empresas e investidores presentes.”

Kirsten Dunlop, CEO da Climate-KIC

“Os desafios que enfrentamos atualmente com as mudanças climáticas causadas pelo homem não têm precedentes. Temos cerca de apenas mais uma década, de acordo com os especialistas do IPCC, para descarbonizar nossas formas de viver e fazer negócios e buscar estratégias sérias de adaptação e resiliência ao clima. Sem uma mudança na maneira como inovamos e nas maneiras como financiamos a inovação, não sobreviveremos. Nossa obsessão por retornos de curto prazo nos mercados financeiros é um dos obstáculos mais substanciais que enfrentamos e deve ser substituído por capital paciente projetado para valorizar plenamente os benefícios sociais e ambientais do investimento. As mudanças climáticas exigem muito mais do que soluções tecnológicas; elas exigem uma infinidade de inovações no próprio sistema financeiro. Um bom ponto de partida seria deixar de apostar nos ativos caducos de uma economia baseada no carbono fóssil quase em extinção e investir em portfólios de modelos de negócios e inovações que integrem soluções sustentáveis na economia real. Na EIT Climate-KIC, trabalhamos para acelerar a transição para um mundo resiliente e com emissão zero de carbono, permitindo a transformação dos sistemas. Reunimos mais de 400 parceiros de negócios, acadêmicos e os setores públicos e sem fins lucrativos para criar redes de especialização, por meio das quais produtos, serviços e sistemas inovadores são desenvolvidos, trazidos ao mercado e ampliados para causar impacto.”

Outros parceiros e patrocinadores incluem  Prince Albert II da  Monaco’s Foundation, BP Ventures, Cision, Climate-KIC, Covington & Burling, Cranfield University, Earth Capital, Edufront, Monaco Economic Board, Parkview e Taronis Fuels.

Para obter mais informações sobre o CleanEquity® 2020, utilize os detalhes de contato abaixo ou visite o site da conferência:www.cleanequitymonaco.com

O CleanEquity pode ser encontrado no EarthX TV, LinkedIn & Twitter

Contato:

Conor Barrett
Innovator Capital
[email protected]

Logotipo – https://mma.prnewswire.com/media/1029336/CEM2020_white_cropped_Logo.jpg

FONTE Innovator Capital

Related Links

http://www.innovator-capital.com

SOURCE Innovator Capital

Source: https://www.prnewswire.com:443/news-releases/cleanequity-r-monaco-2020-apresentando-empresas-e-novas-colaboracoes-821834880.html

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Steel Dynamics Reports Third Quarter 2020 Results

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FORT WAYNE, Ind., Oct. 19, 2020 /PRNewswire/ — Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced third quarter 2020 financial results. The company reported third quarter 2020 net sales of $2.3 billion and net income of $100 million, or $0.47 per diluted share. Excluding the impact from the following item, the company’s third quarter 2020 adjusted net income was $108 million, or $0.51 per diluted share:

  • Costs (net of capitalized interest) associated with the construction of the company’s Sinton, Texas Flat Roll Steel Mill of approximately $11 million, or $0.04 per diluted share. 

Comparatively, prior year third quarter net sales were $2.5 billion, with net income of $151 million, or $0.69 per diluted share. Sequential second quarter 2020 net sales were $2.1 billion, with net income of $75 million, or $0.36 per diluted share, which included refinancing costs of $0.08 per diluted share and costs (net of capitalized interest) related to the construction of the Texas steel mill of $0.03 per diluted share.

“The team delivered a solid performance despite the continued challenges created by the coronavirus pandemic,” said Mark D. Millett, President and Chief Executive Officer. “We continue to operate safely, provide ongoing customer support, and strengthen our capital foundation. Our spirit of excellence was once again evidenced in our strong performance. Our third quarter 2020 consolidated operating income was $156 million and adjusted EBITDA $238 million

“The domestic steel demand recovery has been strong, with automotive representing the most meaningful improvement and construction continuing to be resilient,” continued Millett. “Flat roll steel spot prices rebounded during the third quarter, as customer inventory levels were extremely low and demand steadily improved. We expect to see continued price strength and customer demand throughout 2020 and into 2021. Our differentiated business model continues to drive best-in-class performance. Our steel mills operated at 85 percent of their production capability during the third quarter 2020, with the flat roll group achieving a rate of 99 percent. This contrasts to the domestic steel industry rate of 64 percent. Our continued market share gains coupled with support from our fabrication and steel processing businesses, reinforced our higher operating rates. In addition, our metals recycling platform provided a competitive advantage in sourcing ferrous scrap to support our steel mills.”

Third Quarter 2020 Comments

Third quarter 2020 operating income for the company’s steel operations was $144 million, or 17 percent lower than sequential second quarter results, due to metal spread compression caused by lower realized selling values in the company’s flat roll business, mostly related to lagged contract arrangements.  The third quarter 2020 average external product selling price for the company’s steel operations decreased $21 sequentially to $734 per ton. The average ferrous scrap cost per ton melted at the company’s steel mills decreased $7 sequentially to $259 per ton.

As states rescinded shelter-in-place mandates and manufacturing businesses, specifically the automotive sector, restarted, scrap flows dramatically improved in the third quarter. At the same time, domestic steel production increased, resulting in a meaningful increase in the company’s metals recycling volumes and earnings. Third quarter operating income from the company’s metals recycling operations was $15 million, compared to an operating loss of $6 million in the sequential second quarter.   

The company’s steel fabrication operations achieved record quarterly operating income of $39 million, based on record quarterly shipments and metal spread expansion as average selling values improved and steel input costs declined. The steel fabrication platform’s customer order backlog remains strong and is higher than in 2018 or 2019. Customers remain positive concerning non-residential construction projects.  

Year-to-Date September 30, 2020 Comparison

For the nine months ended September 30, 2020, net income was $363 million, or $1.71 per diluted share, with net sales of $7.0 billion, as compared to net income of $550 million, or $2.47 per diluted share, with net sales of $8.1 billion for the same period in 2019. Excluding the impact from the following items, the company’s nine months ended September 30, 2020 adjusted net income was $398 million, or $1.88 per diluted share:

  • Financing costs related to the company’s June 2020 refinancing activities of approximately $25 million, or $0.08 per diluted share, and
  • Costs (net of capitalized interest) associated with the construction of the company’s Sinton Texas Flat Roll Steel Mill of approximately $26 million, or $0.09 per diluted share.

Year-to-date 2020 net sales decreased 14 percent and operating income declined 27 percent to $588 million, when compared to the same period in 2019. Lower earnings were primarily the result of steel metal spread compression, as significantly lower average steel selling values more than offset average ferrous scrap cost reductions across the steel platform. Compared to prior year results, the average year-to-date external product selling price for the company’s steel operations decreased $108 to $755 per ton.  The average year-to-date ferrous scrap cost per ton melted at the company’s steel mills decreased $45 to $264 per ton. Even though year-to-date 2020 steel shipments were only one percent lower than 2019 results, the negative impact related to COVID-19 in the second quarter of 2020 contributed significantly to the year-over-year decline in earnings.

Based on the company’s differentiated business model and highly variable cost structure, the company generated strong cash flow from operations of $849 million during the first nine months of 2020, and invested $855 million in capital investments, of which the new Sinton Texas steel mill represented $640 million. During this period, the company also paid cash dividends of $157 million and repurchased $107 million of its common stock, while maintaining strong liquidity of $2.5 billion as of September 30, 2020.

Outlook 

“We entered 2020 in a position of strength with ample cash and available liquidity of $2.8 billion, and we remain in a position of strength at the end of the third quarter 2020,” stated Millett. “Our differentiated business model and performance-driven culture have proven our ability to generate strong cash flow during the most challenging environments. We entered 2020 prepared for the capital investment requirements related to the construction of our new state-of-the art, electric-arc-furnace (EAF) flat roll steel mill. We are excited about this transformational strategic project, and the associated long-term value creation it will bring through geographic and value-added product diversification. This facility is designed to have product size and quality capabilities beyond that of existing EAF flat roll steel producers, competing even more effectively with the integrated steel model and foreign competition, as well as providing a much more environmentally friendly steel production alternative for our customers. Construction is going well and remains within our expected project cost of $1.9 billion, with plans to commence operations mid-year 2021.

“We have targeted specific regional steel consuming markets. Our facility is located and designed to have a meaningful competitive advantage in these regions and in the displacement of imports. We have signed long-term agreements with three customers to co-locate on our site, and they plan to represent annual steel consuming and processing capability of between 800,000 to 1.0 million tons of flat roll steel. In August, we also completed the acquisition of Zimmer, a Mexican metals recycling company, which is an important part of our raw material strategy for the facility. I would like to welcome the Zimmer team to the Steel Dynamics family!

“The domestic economy is recovering from the shock of COVID-19 although it is still difficult to know the full extent of its eventual impact.  However, we are currently seeing a solid recovery in domestic steel demand,” continued Millett. “The automotive sector has seen the strongest improvement, and the construction sector has remained resilient. We are seeing pent up demand, as steel service center inventories were extremely low and still remain low compared to historical norms. Energy remains the weakest end market.

“Our commitment is to the safety of our teams, families, communities and to meet the needs of our customers. Our culture and our business model continue to positively differentiate our performance from the rest of the industry, and we are in a place of strength. We are competitively positioned and focused to deliver long-term value creation for all of our stakeholders,” concluded Millett.

Conference Call and Webcast

Steel Dynamics, Inc. will hold a conference call to discuss third quarter 2020 operating and financial results on Tuesday, October 20, 2020, at 10:00 a.m. Eastern Daylight Time. You may access the call and find dial-in information on the Investors section of the company’s website at www.steeldynamics.com.  A replay of the call will be available on our website until 11:59 p.m. Eastern Daylight Time on October 25, 2020.

About Steel Dynamics, Inc.

Steel Dynamics is one of the largest domestic steel producers and metals recyclers in the United States based on estimated annual steelmaking and metals recycling capability, with facilities located throughout the United States, and in Mexico. Steel Dynamics produces steel products, including hot roll, cold roll, and coated sheet steel, structural steel beams and shapes, rail, engineered special-bar-quality steel, cold finished steel, merchant bar products, specialty steel sections and steel joists and deck. In addition, the company produces liquid pig iron and processes and sells ferrous and nonferrous scrap.

Note Regarding Non-GAAP Financial Measures

The company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). Management believes that Adjusted Net Income, Adjusted Diluted Earnings Per Share, EBITDA and Adjusted EBITDA, non-GAAP financial measures, provide additional meaningful information regarding the company’s performance and financial strength. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the company’s reported results prepared in accordance with GAAP. In addition, because not all companies use identical calculations, Adjusted Net Income, Adjusted Diluted Earnings Per Share, EBITDA and Adjusted EBITDA included in this release may not be comparable to similarly titled measures of other companies.

Forward-Looking Statements

This press release contains some predictive statements about future events, including statements related to conditions in domestic or global economies, conditions in steel and recycled metals market places, Steel Dynamics’ revenues, costs of purchased materials, future profitability and earnings, and the operation of new, existing or planned facilities. These statements, which we generally precede or accompany by such typical conditional words as “anticipate”, “intend”, “believe”, “estimate”, “plan”, “seek”, “project”, or “expect”, or by the words “may”, “will”, or “should”, 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. These statements speak only as of this date and are based upon information and assumptions, which we consider reasonable as of this date, concerning our businesses and the environments in which they operate. Such predictive statements are not a guarantee of future performance, and we undertake no duty to update or revise any such statements. Some factors that could cause such forward-looking statements to turn out differently than anticipated include: (1) the effects of uncertain economic conditions; (2) the effects of pandemics or other health issues, such as the recent novel coronavirus outbreak (COVID-19); (3) cyclical and changing industrial demand; (4) changes in conditions in any of the steel or scrap-consuming sectors of the economy which affect demand for our products, including the strength of the non-residential and residential construction, automotive, manufacturing, appliance, energy, and other steel-consuming industries; (5) fluctuations in the cost of key raw materials and supplies (including steel scrap, iron units, zinc, graphite electrodes, and energy costs) and our ability to pass on any cost increases; (6) the impact of domestic and foreign imports, including trade policy, restrictions, or agreements; (7) unanticipated difficulties in integrating or starting up new, acquired or planned businesses or assets; (8) risks and uncertainties involving product and/or technology development; and (9) occurrences of unexpected plant outages or equipment failures.

More specifically, we refer you to Steel Dynamics’ 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 under the headings Special Note Regarding Forward-Looking Statements and Risk Factors, 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. These are available publicly on the Securities and Exchange Commission website, www.sec.gov, and on the Steel Dynamics website, www.steeldynamics.com under “Investors — SEC Filings”.

Steel Dynamics, Inc.

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(in thousands, except per share data)




















Three Months Ended


Nine Months Ended


Three Months



September 30,


September 30,


Ended



2020


2019


2020


2019


June 30, 2020

















Net sales


$

2,330,832


$

2,526,845


$

7,000,237


$

8,114,795


$

2,094,305

Costs of goods sold



2,038,017



2,167,006



6,007,762



6,900,220



1,809,874

      Gross profit



292,815



359,839



992,475



1,214,575



284,431

















Selling, general and administrative expenses



118,235



107,242



340,432



324,530



109,299

Profit sharing



11,778



17,848



42,324



64,396



9,092

Amortization of intangible assets



6,946



6,704



21,327



20,730



7,190

      Operating income



155,856



228,045



588,392



804,919



158,850

















Interest expense, net of capitalized interest



18,950



31,339



74,671



94,782



27,702

Other expense (income), net



3,546



(4,545)



29,060



(15,137)



28,103

      Income before income taxes



133,360



201,251



484,661



725,274



103,045

















Income tax expense



29,083



48,643



110,783



171,093



24,280

      Net income



104,277



152,608



373,878



554,181



78,765

Net income attributable to noncontrolling interests



(4,134)



(1,560)



(10,899)



(4,503)



(3,269)

      Net income attributable to Steel Dynamics, Inc.


$

100,143


$

151,048


$

362,979


$

549,678


$

75,496

































Basic earnings per share attributable to
















   Steel Dynamics, Inc. stockholders


$

0.48


$

0.69


$

1.72


$

2.49


$

0.36

















Weighted average common shares outstanding



210,366



217,873



211,321



221,145



210,343

















Diluted earnings per share attributable to
















   Steel Dynamics, Inc. stockholders, including the
















   effect of assumed conversions when dilutive


$

0.47


$

0.69


$

1.71


$

2.47


$

0.36

















Weighted average common shares
















   and share equivalents outstanding



211,926



219,109



212,443



222,197



211,378

































Dividends declared per share


$

0.25


$

0.24


$

0.75


$

0.72


$

0.25

Steel Dynamics, Inc.

CONSOLIDATED BALANCE SHEETS

(in thousands)










September 30,



December 31,

Assets

2020



2019


(unaudited)





Current assets







   Cash and equivalents

$

1,267,618



$

1,381,460

   Short-term investments





262,174

   Accounts receivable, net


918,842




844,336

   Inventories


1,609,216




1,689,043

   Other current assets


59,219




76,012

      Total current assets


3,854,895




4,253,025








Property, plant and equipment, net


3,862,375




3,135,886








Intangible assets, net


306,574




327,901








Goodwill


474,520




452,915








Other assets


119,192




106,038

      Total assets

$

8,617,556



$

8,275,765

Liabilities and Equity







Current liabilities







   Accounts payable

$

715,681



$

513,344

   Income taxes payable


827




2,014

   Accrued expenses


376,891




401,984

   Current maturities of long-term debt


82,229




89,356

      Total current liabilities


1,175,628




1,006,698








Long-term debt


2,636,615




2,644,988








Deferred income taxes


512,503




484,169








Other liabilities


94,011




75,055

      Total liabilities


4,418,757




4,210,910








Commitments and contingencies














Redeemable noncontrolling interests


155,414




143,614








Equity







   Common stock


646




646

   Treasury stock, at cost


(1,623,805)




(1,525,113)

   Additional paid-in capital


1,200,228




1,181,012

   Retained earnings


4,624,019




4,419,296

   Accumulated other comprehensive income (loss)


95




(7)

      Total Steel Dynamics, Inc. equity


4,201,183




4,075,834

   Noncontrolling interests


(157,798)




(154,593)

      Total equity


4,043,385




3,921,241

      Total liabilities and equity

$

8,617,556



$

8,275,765

Steel Dynamics, Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands)















Three Months Ended


Nine Months Ended


September 30,


September 30,


2020


2019


2020


2019













Operating activities:












   Net income

$

104,277


$

152,608


$

373,878


$

554,181













   Adjustments to reconcile net income to net cash provided by












      operating activities:












      Depreciation and amortization


81,752



79,470



240,732



240,555

      Equity-based compensation


9,486



8,841



36,850



33,229

      Deferred income taxes


10,388



11,311



30,949



34,952

      Other adjustments


17,237



(1,116)



21,701



(952)

      Changes in certain assets and liabilities:












         Accounts receivable


(58,271)



85,633



(57,991)



95,195

         Inventories


(38,236)



35,479



83,790



139,889

         Other assets


(3,894)



39



5,702



7,632

         Accounts payable


645



1,111



121,764



(54,167)

         Income taxes receivable/payable


(27,127)



6,293



33,251



19,715

         Accrued expenses


55,533



64,533



(41,545)



(83,001)

      Net cash provided by operating activities


151,790



444,202



849,081



987,228













Investing activities:












   Purchases of property, plant and equipment


(327,647)



(154,131)



(854,898)



(293,687)

   Purchases of short-term investments




(34,884)



(149,359)



(134,026)

   Proceeds from maturities of short-term investments


69,545



79,508



411,533



293,279

   Acquisition of business, net of cash and restricted cash acquired


(59,012)



(3,694)



(59,012)



(97,106)

   Other investing activities


380



2,746



1,701



4,023

      Net cash used in investing activities


(316,734)



(110,455)



(650,035)



(227,517)













Financing activities:












   Issuance of current and long-term debt


295,814



128,230



1,611,849



374,686

   Repayment of current and long-term debt


(305,911)



(119,988)



(1,645,482)



(369,134)

   Dividends paid


(52,592)



(52,751)



(156,657)



(148,493)

   Purchase of treasury stock




(114,950)



(106,529)



(292,394)

   Other financing activities


(1,587)



(1,527)



(16,502)



(7,259)

      Net cash used in financing activities


(64,276)



(160,986)



(313,321)



(442,594)













Increase (decrease) in cash, cash equivalents, and restricted cash


(229,220)



172,761



(114,275)



317,117

Cash, cash equivalents, and restricted cash at beginning of period


1,502,342



978,779



1,387,397



834,423

Cash, cash equivalents, and restricted cash at end of period

$

1,273,122


$

1,151,540


$

1,273,122


$

1,151,540

























Supplemental disclosure information:












   Cash paid for interest

$

8,597


$

9,115


$

77,050


$

71,702

   Cash paid for income taxes, net

$

43,900


$

29,794


$

45,848


$

116,149

Steel Dynamics, Inc.

SUPPLEMENTAL INFORMATION

(dollars in thousands)





Third Quarter



Year to Date











2020



2019



2020



2019



1Q 2020



2Q 2020

External Net Sales




















   Steel



$

1,696,530


$

1,922,528


$

5,266,263


$

6,153,448


$

1,941,706


$

1,628,027

   Fabrication




241,538



246,078



677,724



715,982



220,936



215,250

   Metals Recycling




272,463



280,908



720,902



955,145



291,856



156,583

   Other




120,301



77,331



335,348



290,220



120,602



94,445

      Consolidated Net Sales


$

2,330,832


$

2,526,845


$

7,000,237


$

8,114,795


$

2,575,100


$

2,094,305

Operating Income




















   Steel



$

143,573


$

239,587


$

608,714


$

846,793


$

292,746


$

172,395

   Fabrication




39,272



35,321



95,672



86,690



29,204



27,196

   Metals Recycling




15,467



2,894



17,875



33,466



8,326



(5,918)

      Operations




198,312



277,802



722,261



966,949



330,276



193,673





















   Non-cash amortization of intangible assets




(6,946)



(6,704)



(21,327)



(20,730)



(7,191)



(7,190)

   Profit sharing expense




(11,778)



(17,848)



(42,324)



(64,396)



(21,454)



(9,092)

   Non-segment operations




(23,732)



(25,205)



(70,218)



(76,904)



(27,945)



(18,541)

      Consolidated Operating Income 


$

155,856


$

228,045


$

588,392


$

804,919


$

273,686


$

158,850

Adjusted EBITDA




















      Net income



$

104,277


$

152,608


$

373,878


$

554,181


$

190,836


$

78,765

      Income taxes




29,083



48,643



110,783



171,093



57,420



24,280

      Net interest expense




18,401



24,107



66,040



73,722



21,790



25,849

      Depreciation




73,364



71,456



215,213



215,887



71,733



70,116

      Amortization of intangible assets




6,946



6,704



21,327



20,730



7,191



7,190

      Noncontrolling interest




(4,133)



(1,560)



(10,899)



(4,503)



(3,496)



(3,270)

            EBITDA 



227,938



301,958



776,342



1,031,110



345,474



202,930

      Non-cash adjustments




















         Unrealized hedging gain




915



3,697



(555)



1,720



(1,262)



(208)

         Inventory valuation



47



278



1,164



870



859



258

         Equity-based compensation




9,487



8,842



29,818



28,541



10,812



9,519

         Refinancing charges








4,907







4,907

            Adjusted EBITDA 


$

238,387


$

314,775


$

811,676


$

1,062,241


$

355,883


$

217,406

Other Operating Information




















   Steel




















      Average external sales price (Per ton) (a)



$

734


$

809


$

755


$

863


$

774


$

755

      Average ferrous cost (Per ton melted) (b)



$

259


$

275


$

264


$

309


$

267


$

266





















      Flat Roll shipments




















         Butler and Columbus Flat Roll divisions




1,499,873



1,527,230



4,442,610



4,628,544



1,584,264



1,358,473

         Steel Processing divisions (c)




460,854



427,645



1,285,672



1,181,269



405,981



418,837

      Long Product shipments




















         Structural and Rail Division




393,519



366,306



1,228,551



1,094,582



434,882



400,150

         Engineered Bar Products Division




138,948



176,564



466,135



579,082



189,801



137,386

         Roanoke Bar Division




113,898



123,495



379,224



404,355



140,222



125,104

         Steel of West Virginia




75,594



90,669



245,695



277,846



92,032



78,069

            Total Shipments (Tons



2,682,686



2,711,909



8,047,887



8,165,678



2,847,182



2,518,019





















            External Shipments (Tons) (a) 



2,310,004



2,362,915



6,958,024



7,096,975



2,495,164



2,152,856





















            Steel Mill Production (Tons)



2,320,134



2,369,423



6,987,533



7,181,878



2,535,233



2,132,167

   Metals Recycling




















      Nonferrous shipments (000’s of pounds)




267,338



257,087



706,330



815,347



272,078



166,914

      Ferrous shipments (Gross tons)




1,256,351



1,169,963



3,250,565



3,531,003



1,192,144



802,070

            External ferrous shipments (Gross tons)



369,576



396,135



961,197



1,204,453



393,651



197,970

   Fabrication




















      Average sales price (Per ton)



$

1,375


$

1,464


$

1,365


$

1,523


$

1,356


$

1,364

      Shipments (Tons)




179,375



168,571



502,854



470,776



163,312



160,168





















(a)   Represents all steel operations

(b)   Represents ferrous cost per ton melted at our six electric arc furnace steel mills

(c)   Includes Heartland, The Techs, and United Steel Supply locations

SOURCE Steel Dynamics, Inc.

Related Links

http://www.steeldynamics.com

Source: https://www.prnewswire.com:443/news-releases/steel-dynamics-reports-third-quarter-2020-results-301155206.html

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