Steel Dynamics, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Steel Dynamics, Inc. (STLD) has filed its 2023 annual report (10-K) detailing financial performance and corporate structure as of December 31, 2023.</b>

AI Summary

STEEL DYNAMICS INC (STLD) filed a Annual Report (10-K) with the SEC on February 29, 2024. Steel Dynamics, Inc. (STLD) filed its annual report for the fiscal year ended December 31, 2023. The filing covers the period up to December 31, 2023, and was submitted on February 29, 2024. The company's principal business is described as Steel Works, Blast Furnaces, and Rolling Mills. Key dates mentioned include various financial reporting periods and acquisition dates. The report includes details on equity components such as Treasury Stock, Retained Earnings, and Additional Paid-In Capital as of December 31, 2023.

Why It Matters

For investors and stakeholders tracking STEEL DYNAMICS INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Steel Dynamics' financial health, operational segments, and strategic initiatives for the fiscal year 2023, crucial for investors assessing the company's performance and future outlook. The detailed financial statements and disclosures within the report are essential for understanding the company's revenue streams, profitability, debt levels, and capital expenditures, informing investment decisions and risk assessments.

Risk Assessment

Risk Level: medium — STEEL DYNAMICS INC shows moderate risk based on this filing. The filing is a standard annual report (10-K), which typically contains a broad range of financial and operational information. Specific risks are detailed within the full report, but the nature of the steel industry involves cyclicality and commodity price fluctuations, which are inherent risks.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to assess Steel Dynamics' performance and identify potential investment opportunities or risks.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-29 — Filing Date (Filed as of date)
• 3312 — SIC Code (Steel Works, Blast Furnaces Rolling Mills (Coke Ovens))
• 000-21719 — SEC File Number (SEC filing details)

Key Players & Entities

• STEEL DYNAMICS INC (company) — Filer name
• STLD (company) — Ticker symbol
• 20231231 (date) — Conformed period of report
• 20240229 (date) — Filed as of date
• Fort Wayne (location) — Business address city
• IN (location) — Business address state
• United Steel Supply Llc (company) — Subsidiary/segment mentioned
• Mesabi Nugget (company) — Subsidiary/segment mentioned

FAQ

Industry Context

Steel Dynamics operates within the steel manufacturing industry, which is characterized by significant capital investment, cyclical demand tied to construction and automotive sectors, and exposure to global commodity prices.

Regulatory Implications

Companies in the steel industry are subject to environmental regulations, trade policies, and safety standards mandated by governmental bodies.

What Investors Should Do

1. Thoroughly review the 'Risk Factors' section of the 10-K for specific industry and company-related risks.
2. Analyze the financial statements, including the balance sheet, income statement, and cash flow statement, for trends and key performance indicators.
3. Examine management's discussion and analysis (MD&A) for insights into the company's strategic direction and outlook.

Key Dates

• 2023-12-31: Fiscal Year End — Reporting period for the 10-K
• 2024-02-29: Filing Date — Date the 10-K was officially submitted to the SEC

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year ending December 31, 2023, providing a year-over-year comparison of financial performance and position against previous periods.

Key Financial Figures

• $0.0025 — which registered Common Stock voting, $0.0025 par value STLD NASDAQ Global Select
• $2.7 billion — oducts Mill In 2022, we announced our $2.7 billion project to construct and operate a 650,

Filing Documents

• stld-20231231x10k.htm (10-K) — 3443KB
• stld-20231231xex3d2.htm (EX-3.2) — 104KB
• stld-20231231xex21d1.htm (EX-21.1) — 31KB
• stld-20231231xex23d1.htm (EX-23.1) — 7KB
• stld-20231231xex31d1.htm (EX-31.1) — 9KB
• stld-20231231xex31d2.htm (EX-31.2) — 10KB
• stld-20231231xex32d1.htm (EX-32.1) — 7KB
• stld-20231231xex32d2.htm (EX-32.2) — 7KB
• stld-20231231xex97d1.htm (EX-97.1) — 7KB
• stld-20231231x10k001.jpg (GRAPHIC) — 24KB
• stld-20231231x10k002.jpg (GRAPHIC) — 16KB
• stld-20231231x10k004.jpg (GRAPHIC) — 125KB
• stld-20231231x10k005.jpg (GRAPHIC) — 17KB
• stld-20231231x10k006.jpg (GRAPHIC) — 23KB
• stld-20231231x10k008.jpg (GRAPHIC) — 72KB
• stld-20231231x10k009.jpg (GRAPHIC) — 61KB
• stld-20231231x10k010.jpg (GRAPHIC) — 64KB
• stld-20231231xex97d1001.jpg (GRAPHIC) — 7KB
• 0001558370-24-002152.txt (&nbsp;) — 16111KB
• stld-20231231.xsd (EX-101.SCH) — 59KB
• stld-20231231_cal.xml (EX-101.CAL) — 88KB
• stld-20231231_def.xml (EX-101.DEF) — 302KB
• stld-20231231_lab.xml (EX-101.LAB) — 601KB
• stld-20231231_pre.xml (EX-101.PRE) — 494KB
• stld-20231231x10k_htm.xml (XML) — 3645KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 23 Item 1B. Unresolved Staff Comments 31 Item 1C. Cybersecurity 31 Item 2.

Properties

Properties 34 Item 3.

Legal Proceedings

Legal Proceedings 35 Item 4. Mine Safety Disclosures 35 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 36 Item 6. [Reserved] 38 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 39 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 52 Item 8. Consolidated Financial Statements and Supplementary Data 53 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 86 Item 9A.

Controls and Procedures

Controls and Procedures 86 Item 9B. Other Information 86 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 86 Part III Item 10. Directors, Executive Officers, and Corporate Governance 87 Item 11.

Executive Compensation

Executive Compensation 87 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 87 Item 13. Certain Relationships and Related Transactions, and Director Independence 88 Item 14. Principal Accountant Fees and Services 88 Part IV Item 15. Exhibits and Financial Statement Schedules 89 Item 16. Form 10-K Summary 89 Exhibit Index 90

Signatures

Signatures 93 Table of Contents PART I Special Note Regarding Forward-Looking Statements Throughout this report, or in other reports or registration statements filed from time to time with the Securities and Exchange Commission under the Securities Exchange Act of 1934, or under the Securities Act of 1933, as well as in documents we incorporate by reference herein or here-from, or in press releases or oral statements made by our officers or Regulation FD authorized representatives, we may make statements that express our opinions, expectations, or projections regarding future events or future results, in contrast with statements that reflect present or historical facts. These predictive 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 operate as "forward-looking statements" of the kind permitted by the Private Securities Litigation Reform Act of 1995, incorporated in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve both known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. That legislation protects such predictive and cautionary statements by creating a "safe harbor" from liability in the event that a particular prediction does not turn out as anticipated. While we always intend to express our best judgment when we make statements about what we believe will occur in the future, and although we base these statements on assumptions that we believe to be reasonable when made, these forward-looking statements are not a guarantee of performance, and you should not place undue reliance on such s

BUSINESS

ITEM 1. BUSINESS Steel Dynamics, Inc. is one of the largest domestic steel producers and metal recyclers in the United States, based on estimated steelmaking and steel coating capacity of approximately 16 million tons and actual metals recycling volumes as of December 31, 2023, with one of the most diversified product and end market portfolios in the domestic steel industry, combined with meaningful downstream steel fabrication operations. The company's primary sources of revenue are currently from the manufacture and sale of steel products, the processing and sale of recycled ferrous and nonferrous metals, and the fabrication and sale of steel joists and deck products. We refer to our founding principles as our six core strategic pillars. They bring us together with a common focus, and they provide the foundation upon which we operate and grow. Our unique entrepreneurial culture and business model benefit us operationally, financially, and through the responsible use of our resources in diverse economic environments. Innovation in all forms is essential to our success, and our teams focus on how to do things "smarter" within our current operations, as well as how we continue to grow. This means creating solutions for our teammates, customers, suppliers, and other stakeholders. It also includes finding ways to "do business" with fewer resources and less environmental impact. Our six strategic pillars and the team's execution of them each day has driven our success and sustainability. Health & Safety – Safety is our primary focus and core value. Nothing surpasses the importance of creating and maintaining a safe work environment. Our goal is zero injuries—no accidents. Entrepreneurial Culture – Fosters a team of energetic, positive, driven, innovative and diverse individuals by utilizing open communication and meaningful performance-based compensation aligned to our strategic focus. Customer Commitment – We focus on being a preferred partner of our customers b

View Full Filing

View this 10-K filing on SEC EDGAR