0001104659-21-116350.txt : 20210916 0001104659-21-116350.hdr.sgml : 20210916 20210916155518 ACCESSION NUMBER: 0001104659-21-116350 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20210915 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210916 DATE AS OF CHANGE: 20210916 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STEEL DYNAMICS INC CENTRAL INDEX KEY: 0001022671 STANDARD INDUSTRIAL CLASSIFICATION: STEEL WORKS, BLAST FURNACES ROLLING MILLS (COKE OVENS) [3312] IRS NUMBER: 351929476 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-21719 FILM NUMBER: 211257903 BUSINESS ADDRESS: STREET 1: 7575 W JEFFERSON BLVD CITY: FORT WAYNE STATE: IN ZIP: 46804 BUSINESS PHONE: 260 459 3553 MAIL ADDRESS: STREET 1: 7575 W JEFFERSON BLVD CITY: FORT WAYNE STATE: IN ZIP: 46804 8-K 1 tm2127752d1_8k.htm FORM 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported) September 16, 2021 (September 15, 2021)

STEEL DYNAMICS, INC.

(Exact name of registrant as specified in its charter)

Indiana		0-21719		35-1929476
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

7575 West Jefferson Blvd, Fort Wayne, Indiana 46804

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: 260-969-3500

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock voting, $0.0025 par value	STLD	NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 7.01. Regulation FD Disclosure.

On September 15, 2021, Steel Dynamics, Inc. issued a press release titled “Steel Dynamics Provides Third Quarter 2021 Record Earnings Guidance.” A copy of that press release is attached hereto as Exhibit 99.1.

The information contained in Exhibit 99.1 is furnished under this Item 7.01 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or incorporated by reference in any filing thereunder or under the Securities Act of 1933, as amended, except as may be expressly set forth by specific reference in any such filing.

Item 9.01. Financial Statements and Exhibits

(d ) Exhibits.

The following exhibit is furnished with this report:

	Exhibit Number		Description

	99.1		A press release dated September 15, 2021, titled “Steel Dynamics Provides Third Quarter 2021 Record Earnings Guidance.”

104

Cover Page Interactive Data File – the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereto duly authorized.

		STEEL DYNAMICS, INC.

		/s/Theresa E. Wagler
Date: September 16, 2021	By:	Theresa E. Wagler
	Title:	Executive Vice President and Chief Financial Officer

EX-99.1 2 tm2127752d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

Steel Dynamics Provides Third Quarter 2021 Record Earnings Guidance

FORT WAYNE, INDIANA, September 15, 2021 / PRNewswire / Steel Dynamics, Inc. (NASDAQ/GS: STLD) today provided third quarter 2021 earnings guidance in the range of $4.78 to $4.82 per diluted share, representing record quarterly performance. Excluding the impact from costs associated with the construction of the company’s Sinton Texas Flat Roll Steel Mill growth investment of approximately $30 million, or $0.10 per diluted share, the company expects third quarter 2021 adjusted earnings to be in the range of $4.88 to $4.92 per diluted share.

Comparatively, the company’s sequential second quarter 2021 earnings were $3.32 per diluted share, and adjusted earnings were $3.40 per diluted share, excluding the impact of construction costs related to the Texas steel mill of $0.08 per diluted share. Prior year third quarter earnings were $0.47 per diluted share, and adjusted earnings were $0.51 per diluted share, also excluding the costs associated with the construction of the company's Texas steel mill of $0.04 per diluted share.

Third quarter 2021 profitability from the company’s steel operations is expected to be meaningfully higher than second quarter results setting a new quarterly record, driven by strong steel demand and significant metal spread expansion across the entire platform, and most pronounced within the flat roll steel operations. Third quarter 2021 steel shipments are expected to be strong across the company’s steel portfolio. Domestic steel demand remains strong, with the automotive, construction, and industrial sectors continuing to lead the momentum. Order entry continues to be robust as strong demand, coupled with continuing low flat roll steel inventories underpin elevated steel selling values. The company believes this momentum will continue, resulting in even stronger fourth quarter results.

Third quarter earnings from the company’s metals recycling operations are expected to be aligned with sequential second quarter results, based on higher sequential ferrous metal margin offsetting lower volume. As many domestic steel mills are taking maintenance outages in the fourth quarter of 2021, the company anticipates ferrous scrap demand to moderate in line with reduced steel production.

Third quarter 2021 earnings from the company’s steel fabrication operations are expected to be more than two and one-half times higher than sequential strong second quarter results, as higher prices and expected record quarterly shipments more than offset higher steel input costs. The non-residential construction sector remains strong as evidenced by robust and increasing order activity, resulting in another record order backlog and record forward-pricing for the company’s steel fabrication platform. The company anticipates this momentum to continue through the remainder of this year and into 2022 based on these dynamics.

Collectively, the company anticipates consolidated fourth quarter 2021 earnings to be even stronger than third quarter 2021 guidance. Based on continued confidence in cash flow generation, the company also repurchased approximately $280 million, or over two percent, of its common stock during the third quarter 2021 through September 10, 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, 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 Diluted Earnings Per Share, a non-GAAP financial measure, provides 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 Diluted Earnings Per Share 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) 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”.

Contact: Investor Relations — +1.260.969.3500

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Cover

Sep. 15, 2021

Cover [Abstract]

Document Type 8-K

Amendment Flag false

Document Period End Date Sep. 15, 2021

Entity File Number 0-21719

Entity Registrant Name STEEL DYNAMICS, INC.

Entity Central Index Key 0001022671

Entity Tax Identification Number 35-1929476

Entity Incorporation, State or Country Code IN

Entity Address, Address Line One 7575 West Jefferson Blvd

Entity Address, City or Town Fort Wayne

Entity Address, State or Province IN

Entity Address, Postal Zip Code 46804

City Area Code 260

Local Phone Number 969-3500

Written Communications false

Soliciting Material false

Pre-commencement Tender Offer false

Pre-commencement Issuer Tender Offer false

Title of 12(b) Security Common Stock voting, $0.0025 par value

Trading Symbol STLD

Security Exchange Name NASDAQ

Entity Emerging Growth Company false

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Cover	Sep. 15, 2021
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Sep. 15, 2021
Entity File Number	0-21719
Entity Registrant Name	STEEL DYNAMICS, INC.
Entity Central Index Key	0001022671
Entity Tax Identification Number	35-1929476
Entity Incorporation, State or Country Code	IN
Entity Address, Address Line One	7575 West Jefferson Blvd
Entity Address, City or Town	Fort Wayne
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	46804
City Area Code	260
Local Phone Number	969-3500
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock voting, $0.0025 par value
Trading Symbol	STLD
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false