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Steel Dynamics Reports Record Third Quarter 2021 Results

FORT WAYNE, Ind., Oct. 18, 2021 /PRNewswire/ —

Third Quarter 2021 Highlights:

  • Record steel fabrication shipments of 211,000 tons
  • Record net sales of $5.1 billion
  • Record operating income of $1.3 billion and record net income of $991 million
  • Record steel and steel fabrication operating income of $1.4 billion and $89 million, respectively.
  • Record cash flow from operations of $631 million and record adjusted EBITDA of $1.4 billion
  • Share repurchases of $338 million of the company’s common stock, representing 3 percent of its outstanding shares

Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced third quarter 2021 financial results. The company reported record third quarter 2021 net sales of $5.1 billion and net income of $991 million, or $4.85 per diluted share. Excluding the impact from the following item, the company’s third quarter 2021 adjusted net income was $1.0 billion, or $4.96 per diluted share:

  • Costs of approximately $30 million, or $0.11 per diluted share (net of capitalized interest), associated with construction of the company’s Sinton Texas Flat Roll Steel Mill growth investment.

Comparatively, prior year third quarter net sales were $2.3 billion, with net income of $100 million, or $0.47 per diluted share, and adjusted earnings were $0.51 per diluted share, excluding the impact of the costs associated with the construction of the company’s Texas steel mill of $0.04 per diluted share. The company’s sequential second quarter 2021 earnings were $3.32 per diluted share, and adjusted earnings were $3.40 per diluted share, also excluding the impact of construction costs related to the Texas steel mill of $0.08 per diluted share.

“The team continued to perform extraordinarily well, achieving record quarterly financial results, including record sales, operating income, cash flow from operations, and adjusted EBITDA,” said Mark D. Millett, Chairman and Chief Executive Officer. “Our third quarter 2021 operating income increased 38 percent sequentially to $1.3 billion, while adjusted EBITDA increased 36 percent to $1.4 billion. This is truly an incredible achievement and a testament to the passion and commitment of our team. We generated record quarterly cash flow from operations of $631 million and maintained strong liquidity, while supporting our working capital needs, growing our business through organic growth investments, and returning capital to our shareholders.

“During the third quarter, steel demand remained strong as product pricing continued its positive trajectory across our entire steel platform. Higher realized steel selling values drove significant metal spread expansion and were again most prominent within our flat roll steel operations, as continued demand strength and low customer inventories persisted throughout the supply chain and supported prices.  Domestic steel consumption was strong from the automotive, construction, and industrial sectors, while the energy sector continued to show signs of recovery.  

“Our segment operating results continue to be outstanding,” continued Millett. “Third quarter operating income from our steel operations was a record $1.4 billion, and our metals recycling operations sustained strong earnings, even as scrap prices declined in August and September. Our steel fabrication operations achieved record operating income over three times sequential second quarter results and once again achieved record quarterly shipments. Our steel fabrication backlog continues grow, remaining at record volumes and forward-pricing.”

Third Quarter 2021 Comments

Third quarter 2021 operating income for the company’s steel operations was a record $1.4 billion, or 33 percent higher than sequential second quarter results, due to significant metal spread expansion. Record flat roll and strong long product steel realized selling values, more than offset higher scrap input costs. The third quarter 2021 average external product selling price for the company’s steel operations increased $258 sequentially to $1,550 per ton. The average ferrous scrap cost per ton melted at the company’s steel mills increased $50 sequentially to $489 per ton.

Third quarter operating income from the company’s metals recycling operations remained strong at $47 million as a result of higher sequential ferrous metal margins offsetting slightly lower volumes. Ferrous scrap prices moderated in August and September after rising early in the quarter. The company anticipates ferrous prime scrap pricing indices to increase slightly for the remainder of the year, after also declining in October. 

The company’s steel fabrication operations reported record operating income of $89 million in the third quarter 2021, more than tripling the sequential second quarter results. Supported by record quarterly shipments, earnings significantly improved as realized pricing increased $586 per ton, more than offsetting higher average steel input costs. Steel joist and deck product pricing has strengthened significantly to record levels, due strong demand.  Order activity remains extremely strong, and customers continue to be optimistic concerning new projects well into 2022. The company’s steel fabrication order backlog is at a record level in terms of volume and forward-pricing at the end of September.

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Year-to-Date September 30, 2021 Comparison

For the nine months ended September 30, 2021, net income was $2.1 billion, or $10.15 per diluted share, with net sales of $13.1 billion, as compared to net income of $363 million, or $1.71 per diluted share, with net sales of $7.0 billion for the same period in 2020. Excluding the impact from the following item, the company’s nine-months ended 2021 adjusted net income was $2.2 billion, or $10.40 per diluted share:

  • Costs of approximately $73 million, or $0.25 per diluted share (net of capitalized interest), associated with construction of the company’s Sinton Texas Flat Roll Steel Mill growth investment.

Similarly, adjusting for the company’s Texas steel mill construction costs and a June 2020 refinancing, nine-months ended September 30, 2020 net income was $398 million, or $1.88 per diluted share.

Net sales for the first nine months of 2021 increased 87 percent and operating income increased 388 percent to $2.9 billion, when compared to the same period in 2020. Higher earnings were primarily the result of steel metal spread expansion, as significantly higher average steel selling values, more than offset higher average ferrous scrap costs across the steel platform, especially within the company’s flat roll steel operations. Compared to the same period in 2020, the average external selling price for the company’s steel operations during the first nine-months of 2021 increased $538 to $1,293 per ton. The average ferrous scrap cost per ton melted at the company’s steel mills for the first nine months increased $169 to $433 per ton.

Based on the company’s differentiated business model and highly, variable cost structure, the company achieved cash flow from operations of $1.5 billion during the first nine months of 2021, representing a record performance. The company also invested $802 million in capital investments, paid cash dividends of $161 million, and repurchased $731 million of its common stock representing over 5 percent of its outstanding shares, while maintaining liquidity of $2.3 billion.

Outlook   

“Current market conditions are in place to support solid domestic steel demand for the fourth quarter and into 2022,” said Millett. “Order entry activity continues to be robust across our businesses. We continue to see strong steel demand coupled with moderating, but still historically low customer inventories throughout the supply chain. These dynamics support continued elevated steel selling values. Domestic steel demand remains solid in our automotive, construction, and industrial end markets.  We believe this momentum will continue and that our fourth quarter consolidated earnings could represent another record performance. Based on strong domestic steel fundamentals and customer confidence, we continue to be positive regarding North American steel market dynamics. This constructive environment coupled with our strategic growth initiatives provide firm drivers for our further growth in the coming years.

“We and our customers continue to be extremely excited about our Sinton Texas EAF Flat Roll Steel Mill investment. It represents transformational competitively-advantaged strategic growth, with associated long-term value creation for all of our stakeholders. I want to thank the entire Sinton team for their tremendous efforts. Actual steel production is still planned to start before the end of 2021, and based on current forecasts, we believe shipments could be in the range of 2.0 million tons to 2.2 million tons in 2022. Based on mid-cycle flat roll metal spreads, we currently believe through-cycle annual EBITDA for our Sinton Texas Flat Roll Steel Mill once fully operational with access to four value-added coating lines is likely in the range of $475 million to $525 million.

“We also plan to invest approximately $500 million to build four additional value-added flat roll steel coating lines comprised of two paint lines and two galvanizing lines with Galvalume® coating capability, a set of which will be located onsite at our new Texas steel mill, providing Sinton with the same diversification and higher-margin product capabilities as our two existing flat roll steel divisions. The other two lines will be placed at our Heartland Flat Roll Division located in Terre Haute, Indiana to support growing coated flat roll steel demand in the region and to further increase the diversification and cash generation capacity of our existing Midwest operations. Based on current estimates, we believe these four lines will likely begin operating mid-2023.

“From our founding over 25 years ago, Steel Dynamics has been intentional in managing our resources sustainably for the benefit of our teams, communities, and the environment. We are a steel industry leader in sustainability, operating exclusively with electric arc furnace technology with a circular manufacturing model. As our journey continues, we are committed to the reduction of our environmental footprint, including a goal for our steel mills to be carbon neutral by 2050. We are starting from a position of strength yet plan to do more. We are competitively positioned and focused toward generating long-term sustainable growth for all of our stakeholders,” concluded Millett.

Conference Call and Webcast

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Steel Dynamics, Inc. will hold a conference call to discuss third quarter 2021 operating and financial results on Tuesday, October 19, 2021, 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, 2021.

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, railroad 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 marketplaces, 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) domestic and global economic factors; (2) global steelmaking overcapacity and steel imports, together with increased scrap prices; (3) pandemics, epidemics, widespread illness or other health issues, such as the COVID-19 pandemic; (4) the cyclical nature of the steel industry and the industries we serve; (5) volatility and major fluctuations in prices and availability of scrap metal, scrap substitutes, and our potential inability to pass higher costs on to our customers; (6) cost and availability of electricity, natural gas, oil, or other resources are subject to volatile market conditions; (7) compliance with and changes in environmental and remediation requirements; (8) increased regulation associated with the environment, climate change, greenhouse gas emissions and sustainability; (9) significant price and other forms of competition from other steel producers, scrap processors and alternative materials; (10) availability of an adequate source of supply for our metals recycling operations; (11) cybersecurity threats and risks to the security of our sensitive data and information technology; (12) the implementation of our growth strategy; (13) litigation and legal compliance, (14) unexpected equipment downtime or shutdowns; (15) governmental agencies may refuse to grant or renew some of our licenses and permits; (16) our senior unsecured credit facility contains, and any future financing agreements may contain, restrictive covenants that may limit our flexibility; and (17) the impacts of impairment.

More specifically, refer 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 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

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Nine Months Ended


Three Months



September 30,


September 30,


Ended



2021


2020


2021


2020


June 30, 2021

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Net sales


$

5,088,288


$

2,330,832


$

13,098,193


$

7,000,237


$

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4,465,308

Costs of goods sold



3,487,659



2,038,017



9,497,606



6,007,762



3,265,616

      Gross profit



1,600,629



292,815

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3,600,587



992,475



1,199,692

















Selling, general and administrative expenses



157,526



118,235



461,686



340,432



154,379

Profit sharing

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113,880



11,778



244,868



42,324



82,140

Amortization of intangible assets



7,178



6,946



22,054



21,327

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7,438

      Operating income



1,322,045



155,856



2,871,979



588,392



955,735

















Interest expense, net of capitalized interest



12,704



18,950

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44,871



74,671



14,898

Other expense (income), net



6,776



3,546



26,886



29,060



10,039

      Income before income taxes

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1,302,565



133,360



2,800,222



484,661



930,798

















Income tax expense



302,406



29,083



649,105



110,783

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218,595

      Net income



1,000,159



104,277



2,151,117



373,878



712,203

Net income attributable to noncontrolling interests



(9,396)



(4,134)

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(27,556)



(10,899)



(9,912)

      Net income attributable to Steel Dynamics, Inc.


$

990,763


$

100,143


$

2,123,561

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$

362,979


$

702,291

































Basic earnings per share attributable to
















   Steel Dynamics, Inc. stockholders


$

4.89


$

0.48

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$

10.22


$

1.72


$

3.35

















Weighted average common shares outstanding



202,450



210,366



207,704

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211,321



209,647

















Diluted earnings per share attributable to
















   Steel Dynamics, Inc. stockholders, including the
















   effect of assumed conversions when dilutive


$

4.85


$

0.47


$

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10.15


$

1.71


$

3.32

















Weighted average common shares
















   and share equivalents outstanding



204,167



211,926



209,222

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212,443



211,246

































Dividends declared per share


$

0.26


$

0.25


$

0.78


$

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0.75


$

0.26

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









September 30,



December 31,

Assets

2021



2020


(unaudited)

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Current assets







   Cash and equivalents

$

1,095,701



$

1,368,618

   Accounts receivable, net


1,892,795




971,918

   Inventories

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2,894,970




1,843,548

   Other current assets


104,106




74,363

      Total current assets


5,987,572




4,258,447








Property, plant and equipment, net


4,654,192

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4,105,569








Intangible assets, net


302,522




324,577








Goodwill


454,683




457,226








Other assets


137,016




119,743

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      Total assets

$

11,535,985



$

9,265,562

Liabilities and Equity







Current liabilities







   Accounts payable

$

1,220,437

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$

769,455

   Income taxes payable


80,167




2,386

   Accrued expenses


698,629




400,052

   Current maturities of long-term debt


55,056

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86,894

      Total current liabilities


2,054,289




1,258,787








Long-term debt


3,019,175




3,015,782








Deferred income taxes


722,220




536,288

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Other liabilities


117,367




106,479

      Total liabilities


5,913,051




4,917,336








Commitments and contingencies














Redeemable noncontrolling interests


186,814




158,614

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Equity







   Common stock


648




648

   Treasury stock, at cost


(2,344,477)




(1,623,747)

   Additional paid-in capital


1,219,438




1,207,392

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   Retained earnings


6,721,734




4,758,969

   Accumulated other comprehensive income


10,583




1,902

      Total Steel Dynamics, Inc. equity


5,607,926




4,345,164

   Noncontrolling interests

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(171,806)




(155,552)

      Total equity


5,436,120




4,189,612

      Total liabilities and equity

$

11,535,985



$

9,265,562

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














Three Months Ended


Nine Months Ended


September 30,


September 30,


2021


2020


2021


2020













Operating activities:

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   Net income

$

1,000,159


$

104,277


$

2,151,117


$

373,878













   Adjustments to reconcile net income to net cash provided by

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      operating activities:












      Depreciation and amortization


87,407



81,752



261,373



240,732

      Equity-based compensation


9,917



9,486



36,765

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36,850

      Deferred income taxes


71,008



10,388



188,474



30,949

      Other adjustments


(781)



17,237



(2,915)

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21,701

      Changes in certain assets and liabilities:












         Accounts receivable


(321,771)



(58,271)



(920,877)



(57,991)

         Inventories


(412,952)



(38,236)

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(1,052,475)



83,790

         Other assets


(20,361)



(3,894)



(18,818)



5,702

         Accounts payable


48,726



645

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472,562



121,764

         Income taxes receivable/payable


(353)



(27,127)



86,791



33,251

         Accrued expenses


169,817



55,533

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278,240



(41,545)

      Net cash provided by operating activities


630,816



151,790



1,480,237



849,081













Investing activities:












   Purchases of property, plant and equipment


(214,629)

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(327,647)



(801,698)



(854,898)

   Purchases of short-term investments








(149,359)

   Proceeds from maturities of short-term investments


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69,545





411,533

   Acquisition of business, net of cash and restricted cash acquired




(59,012)





(59,012)

   Other investing activities


1,024

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380



3,273



1,701

      Net cash used in investing activities


(213,605)



(316,734)



(798,425)



(650,035)













Financing activities:












   Issuance of current and long-term debt

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343,007



295,814



1,059,912



1,611,849

   Repayment of current and long-term debt


(382,489)



(305,911)



(1,095,338)



(1,645,482)

   Dividends paid

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(53,380)



(52,592)



(161,025)



(156,657)

   Purchase of treasury stock


(337,616)





(730,814)



(106,529)

   Other financing activities

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(4,776)



(1,587)



(27,468)



(16,502)

      Net cash used in financing activities


(435,254)



(64,276)



(954,733)



(313,321)













Decrease in cash, cash equivalents, and restricted cash

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(18,043)



(229,220)



(272,921)



(114,275)

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


1,119,244



1,502,342



1,374,122



1,387,397

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

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$

1,101,201


$

1,273,122


$

1,101,201


$

1,273,122

























Supplemental disclosure information:












   Cash paid for interest

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$

9,174


$

8,597


$

62,216


$

77,050

   Cash paid for income taxes, net

$

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222,691


$

43,900


$

370,835


$

45,848

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
























Third Quarter


Year to Date

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2021



2020



2021



2020



1Q 2021



2Q 2021

External Net Sales




















   Steel



$

3,667,718

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$

1,696,530


$

9,412,921


$

5,266,263


$

2,510,684


$

3,234,519

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   Steel Fabrication




493,804



241,538



1,081,641



677,724



256,985



330,852

   Metals Recycling




587,091



272,463

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1,632,798



720,902



470,007



575,700

   Other




339,675



120,301



970,833



335,348



306,921

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324,237

                                       Consolidated Net Sales



$

5,088,288


$

2,330,832


$

13,098,193


$

7,000,237

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$

3,544,597


$

4,465,308

Operating Income




















   Steel



$

1,350,736


$

143,573

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$

3,009,199


$

608,714


$

641,439


$

1,017,024

   Steel Fabrication




89,430

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39,272



127,775



95,672



9,895



28,450

   Metals Recycling




46,985



15,467



151,883



17,875

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53,933



50,965





1,487,151



198,312



3,288,857



722,261



705,267



1,096,439





















   Non-cash amortization of intangible assets




(7,178)

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(6,946)



(22,054)



(21,327)



(7,438)



(7,438)

   Profit sharing expense




(113,880)



(11,778)



(244,868)



(42,324)

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(48,848)



(82,140)

   Non-segment operations




(44,048)



(23,732)



(149,956)



(70,218)



(54,782)



(51,126)

                         Consolidated Operating Income

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$

1,322,045


$

155,856


$

2,871,979


$

588,392


$

594,199

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$

955,735

Adjusted EBITDA




















      Net income



$

1,000,159


$

104,277


$

2,151,117

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$

373,878


$

438,755


$

712,203

      Income taxes




302,406



29,083



649,105

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110,783



128,104



218,595

      Net interest expense




12,434



18,401



43,853



66,040



16,815



14,604

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      Depreciation




78,631



73,364



234,534



215,213



77,888



78,015

      Amortization of intangible assets




7,178



6,946

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22,054



21,327



7,438



7,438

      Noncontrolling interest (a)




(9,928)



(4,133)



(28,015)



(10,899)



(8,422)

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(9,665)

                                                             EBITDA




1,390,880



227,938



3,072,648



776,342



660,578



1,021,190

      Non-cash adjustments




















         Unrealized (gains) losses

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6,355



915



808



(555)



(6,852)



1,305

         Inventory valuation



141



47



394

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1,164



109



144

         Equity-based compensation




9,917



9,487



29,935



29,818



10,210



9,808

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         Refinancing charges










4,907





                                             Adjusted EBITDA



$

1,407,293

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$

238,387


$

3,103,785


$

811,676


$

664,045


$

1,032,447

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Other Operating Information




















   Steel




















      Average external sales price (Per ton) (b)



$

1,550


$

734


$

1,293


$

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755


$

1,041


$

1,292

      Average ferrous cost (Per ton melted) (c)



$

489


$

259

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$

433


$

264


$

372


$

439





















      Flat Roll shipments




















         Butler, Columbus, and Sinton Flat Roll divisions

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1,442,783



1,499,873



4,451,844



4,442,610



1,496,531



1,512,530

         Steel Processing divisions (d)




415,254



460,854



1,248,700

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1,285,672



422,850



410,596

      Long Product shipments




















         Structural and Rail Division




497,016



393,519



1,472,782



1,228,551



478,687

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497,079

         Engineered Bar Products Division




204,429



138,948



610,262



466,135



200,628



205,205

         Roanoke Bar Division




151,751

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113,898



463,561



379,224



136,420



175,390

         Steel of West Virginia




92,338



75,594



269,972



245,695

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87,158



90,476

                                      Total Shipments (Tons)




2,803,571



2,682,686



8,517,121



8,047,887



2,822,274



2,891,276





















                            External Shipments (Tons) (b)

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2,366,928



2,310,004



7,281,752



6,958,024



2,410,817



2,504,007





















                              Steel Mill Production (Tons)




2,528,480



2,320,134



7,448,733

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6,987,533



2,476,939



2,443,314

   Metals Recycling




















      Nonferrous shipments (000’s of pounds)




271,325



267,338



818,993



706,330



280,809

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266,859

      Ferrous shipments (Gross tons)




1,371,126



1,256,351



4,167,416



3,250,565



1,395,843



1,400,447

            External ferrous shipments (Gross tons)



475,567

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369,576



1,433,475



961,197



437,182



520,726

   Steel Fabrication




















      Average sales price (Per ton)



$

2,339


$

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1,375


$

1,855


$

1,365


$

1,406


$

1,753

      Shipments (Tons)

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211,197



179,375



584,621



502,854



184,243



189,180





















(a)   All 2021 periods are net of income tax expense (benefit) on noncontrolling interests.







(b)   Represents all steel operations







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







(d)   Includes Heartland, The Techs, and United Steel Supply operations

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SOURCE Steel Dynamics, Inc.

Related Links

http://www.steeldynamics.com

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Source: https://www.prnewswire.com:443/news-releases/steel-dynamics-reports-record-third-quarter-2021-results-301402582.html

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