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17	17	= Brief Company Overview =
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	20	+[[image:2560px-Steel_Dynamics.svg.png||alt="steel dynamics logo"]]
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19	19	Steel Dynamics, Inc. (NASDAQ:STLD), founded in 1993 and publicly listed in 1996, stands as a prominent domestic steel producer and metal recycler in the United States, boasting an estimated steelmaking and coating capacity of around 16 million tons. With diversified operations across steel production, metal recycling, and steel fabrication, the company offers a wide range of products, including hot roll steel, cold roll steel, coated steel, and structural steel beams. Operating in the construction, automotive, manufacturing, and energy sectors, Steel Dynamics maintains a substantial presence in both the U.S. and Mexico through a network of manufacturing facilities. The company's revenue streams are derived from the manufacture and sale of steel products, processing and sale of recycled ferrous and nonferrous metals, and fabrication and sale of steel joists and deck products. Guided by six core strategic pillars, including health and safety, an entrepreneurial culture, customer commitment, sustainable growth, innovation, and financial strength, Steel Dynamics emphasizes adaptability and innovation to ensure operational excellence and financial resilience in varying market conditions.
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21	21	Steel Dynamics strategically locates its steelmaking operations in proximity to sustainable scrap sources, achieving cost-effective freight savings and reliable on-time delivery. The company employs a vertically connected business strategy, adept at minimizing earnings volatility by efficiently managing steel needs—sourcing internally during periods of weak demand and externally during robust market conditions. This approach establishes a mutually beneficial relationship between steel mills and metals recycling operations, ensuring effective working capital management and access to superior-quality scrap. The vertically connected operating model, coupled with a circular manufacturing approach, emphasizes the use of recycled scrap from end-of-life products to manufacture new steel, contributing to cost reduction.
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	27	+[[image:Steel-Dynamics-Building-Exterior.jpg||alt="steel dynamics headquarters"]]
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23	23	As of December 2023, the company had a 52-week share price range of $90.55 to $136.46. The forwarding P/E ratio of the company is 13.76 times, the price-to-sales ratio (ttm) is 1.07 times, the profit margin is 13.73%, the operating margin is 15.99%, the return on assets (ttm) is 14.63%, the return on equity is 31.91%, and the diluted earnings per share (ttm) is $15.69. As of June 30, 2022, the aggregate market value of the voting stock held by non-affiliates of the registrant was approximately $8.5 billion. The registrant does not have non-voting shares. In this calculation, shares held by directors, officers, and 5% stockholders are considered owned by affiliates, but this doesn't imply that these individuals have the power to direct the management or policies of the registrant. As of February 21, 2023, the registrant had 171,577,705 outstanding shares of common stock.
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25	25	= Recent Developments =
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61	61	The steel operations encompass EAF steel mills, utilizing ferrous scrap and scrap substitutes to produce steel through continuous casting, automated rolling mills, and various steel coating and processing lines. Directly catering to end-users, steel fabricators, and service centers, the products find applications across diverse sectors, including construction, automotive, manufacturing, transportation, heavy and agriculture equipment, and pipe and tube markets (including OCTG). These operations contributed to 65%, 72%, and 74% of consolidated net sales in 2022, 2021, and 2020, respectively. Predominantly a domestic entity, exported sales constituted 5% of steel segment net sales in 2022 and 4% in both 2021 and 2020. The steel operations predominantly involve steelmaking and multiple coating processes, boasting an annual shipping capacity of approximately 9.4 million tons of flat roll steel in 2022. Additional capacity of 2.0 million tons is attributed to The Techs and the Heartland Flat Roll Division, along with distribution through United Steel Supply (USS). The company also possesses an annual flat roll galvanizing capability of 4.7 million tons and a painting capability of 1.5 million tons. Long product steel capacity at long products divisions amounts to approximately 4.6 million tons. These capacities are indicative of manufacturing capabilities based on steel mill configuration and related employee support, not reflecting expected volumes in a given year. Notably, estimates of steel mill capacity are influenced by the specific product mix manufactured, considering the diverse range of products each steel mill can roll in terms of types and sizes.
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63		-Sheet Steel Products
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	70	+[[image:Steel-Dynamics--e1612809676585.jpg||alt="steel dynamics production plant"]]
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	72	+//Sheet Steel Products//
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65	65	The sheet steel products, encompassing hot rolled, cold rolled, and coated steel, are presently manufactured by the Butler, Columbus, and Sinton Flat Roll Divisions, along with several downstream coating lines such as The Techs, Heartland Flat Roll Division, and USS (Steel Processing divisions). In 2022, the sheet steel operations contributed to 77% of steel operations net sales, following percentages of 73% in 2021 and 69% in 2020. The facilities collectively produced 8.3 million tons of sheet steel in 2022, inclusive of Sinton, and 7.6 million tons in both 2021 and 2020.
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67		-Long Products
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69	69	The long steel products of the company encompass a diverse range, manufactured by four mills and Vulcan Threaded Products, Inc., a downstream finishing operation.
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91	91	These operations focus on manufacturing steel non-residential building components, such as steel joists, trusses, girders, and steel deck. The range of joist products includes bowstring, arched, scissor, double-pitched, and single-pitched joists, while the deck products encompass various types, including roof, form, cellular, composite floor, specialty architectural, floor systems, and bridge deck.
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93	93	Key customers for the steel fabrication operations include non-residential steel fabricators, metal building companies, general construction contractors, developers, owners, brokers, governmental entities, and e-commerce data centers and warehouses. These customers are dispersed throughout the United States, including national accounts. The steel fabrication operations maintain approximately one-third of the total domestic steel joist and deck market for bookings, accounting for approximately 2.1 million tons, 3.6 million tons, and 2.4 million tons during 2022, 2021, and 2020, respectively.
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95	95	**Other Business Information**