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Steel Dynamics Reports Fourth Quarter 2013 Diluted Earnings Per Share of $0.24

FORT WAYNE, Ind., Jan. 27, 2014 /PRNewswire/ -- Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced fourth quarter net income of $55 million, or $0.24 per diluted share, on net sales of $1.9 billion. By comparison, prior year fourth quarter net income was $61 million, or $0.27 per diluted share, on net sales of $1.7 billion, and sequential third quarter 2013 net income was $57 million, or $0.25 per diluted share, on net sales of $1.9 billion. Full-year 2013 net income was $189 million, or $0.83 per diluted share, on net sales of $ 7.4 billion.  By comparison, fiscal year 2012 net income was $164 million, or $0.73 per diluted share, on net sales of $7.3 billion.

When compared to the third quarter of 2013, fourth quarter 2013 results included an additional $4.5 million, or approximately $0.01 per diluted share, of non-cash equity compensation expense primarily related to the company-wide restricted stock unit benefit plan.  The company's prior year financial results included charges related to refinancing expenses, non-cash impairment charges and certain positive tax adjustments.  Excluding these items from the relevant periods, the company's adjusted earnings per diluted share would have been $0.20 for the fourth quarter 2012 and $0.77 for the full-year 2012.

"We continued to perform at the top of our industry during 2013, both financially and operationally," said Chief Executive Officer, Mark D. Millett.  "Annual 2013 pretax income improved 29 percent as a result of our recent capital structure initiatives.  Our steel operations achieved record annual shipments, with the Flat Roll and Structural and Rail divisions attaining individual records.  As expected, fourth quarter steel shipments declined sequentially due to seasonal declines and scheduled maintenance.  However, the segment's fourth quarter 2013 operating income increased modestly as the expansion in sheet steel metal margins more than offset the lower shipping volumes and reduced long product metal margins. 

"Excluding the impact from non-cash unrealized hedging, 2013 full-year operating income for our metals recycling operations was fairly flat, as improved operating costs offset lower shipments," stated Millett.  "During the fourth quarter, operating income for our metals recycling operations improved slightly, when compared to the third quarter of this year, with improved ferrous metal margins offsetting lower volume and decreased nonferrous profitability.  The ongoing overcapacity of recycled shredding locations throughout the United States, especially in the Southeast, continues to constrain profitability and remains a broad industry challenge."

Fabricated steel consumption improved during 2013 with estimated domestic joist shipments increasing 14 percent when compared to 2012.  The company's fabrication business gained market share during the year, achieving a 24 percent increase in 2013 annual shipments, more than tripling annual operating income, and achieving full-year pretax profitably for the first time since the 2008 economic downturn.  Order inquiry continues to improve and is considerably stronger than experienced during the post-2008 economic environment from 2009 through 2012, further supporting the premise of a nonresidential construction market recovery. 

Fourth Quarter Review

Based on typical seasonal trends, fourth quarter 2013 shipments across the company's operating platforms generally decreased when compared to the sequential quarter, slightly contracting revenues despite increased average pricing.   Fourth quarter 2013 operating income for the company's steel operations was $155 million, an increase of four percent when compared to the third quarter 2013, despite decreased volume.  Steel metal margins expanded in the quarter as average selling values increased more than ferrous raw material costs.  The average selling price per ton for the company's steel operations increased $11 sequentially to $805 in the fourth quarter 2013, while the average ferrous scrap cost per ton melted increased $7 per ton. 

Operating income attributable to the company's steel sheet operations increased ten percent when compared to the sequential quarter, more than offsetting the five percent decline in operating income from long product operations.  Unlike steel sheet, long product pricing did not increase sufficiently to offset increased ferrous raw material costs in the fourth quarter, especially for structural related steel.  The company's steel mill production utilization rate was basically unchanged at 88 percent in the fourth quarter 2013, compared to 89 percent in the sequential third quarter. 

Operating income from the company's metals recycling operations was generally unchanged in the fourth quarter 2013, when compared to the sequential quarter, as a 15 percent improvement in ferrous metal margin was offset by decreased shipments and compressed nonferrous metal margins. 

The impact of losses from the company's Minnesota operations for fourth quarter 2013 consolidated net income was $8.1 million, or $0.03 per diluted share, as compared to $10.6 million, or $0.04 per diluted share, in the third quarter 2013.  As referenced in the company's October earnings release, as production rates and plant availability improved at the iron nugget plant in the third quarter 2013, product yield unexpectedly deteriorated.  During the fourth quarter 2013, the focus to reduce production costs and improve product yield progressed and positive results were achieved.  Certain meaningful adjunct trials that began in the later part of the fourth quarter are planned for completion during the first quarter 2014, at which point we will assess the progress achieved and determine next steps.  Given the increased cost of production while testing occurs, current expectations concerning losses associated with the Minnesota operations for the first quarter of 2014 are anticipated to be similar to those recorded in the fourth quarter.   

Full-Year Review

Consolidated 2013 net sales of $7.4 billion and operating income of $387 million were relatively unchanged from 2012 results, despite generally higher shipments, as 2013 full-year metal margins declined for the company's steel and metals recycling operations.  However, 2013 consolidated pretax income (excluding losses attributable to noncontrolling interests) improved $63 million, or 28 percent, reflecting interest cost savings of $31 million and a reduction in refinancing costs of $38 million, which were associated with the company's 2012 and early 2013 financing activities. 

The company's annual 2013 steel mill production utilization rate was 88 percent, a six percentage point increase over 2012, with increases from the Structural and Rail and Flat Roll divisions.  Notably the Structural and Rail Division operated at an annual rate of 68 percent for 2013, and for the second half of the year operated at a rate of 71 percent, which is significantly higher than any time since the precipitous decline in the nonresidential construction markets at the end of 2008.  The increased utilization is a result of the benefit of product diversification through the introduction of railroad rail, as well as the continued modest growth in construction.  The average selling price per ton shipped for the company's steel operations for 2013 was $793, a decrease of $38 per ton as compared to 2012 and the average ferrous cost per ton melted was $25 lower. 

"We are optimistic entering 2014," said Millett. "The broader U.S. economy continues to improve.  We believe the non-service sector portion of domestic GDP has the ability to grow at a higher rate than overall GDP, driven by strengthened asset values, domestic energy investment and increased infrastructure spending.  Steel consumption would benefit from a recovery in the non-service sector of the U.S. economy.  Among others, these sectors include heavy steel consuming automotive, machinery, heavy equipment and construction industries.  We believe our low-cost operations and preferred customer service, combined with the strength of our exceptional employees, uniquely positions us to capitalize on the opportunities ahead."

Summary Operating Information

The following tables highlight operating results for each of the company's primary operating platforms. References to operating income in the following paragraphs exclude profit-sharing expenses and amortization pertaining to intangible assets.  Dollar amounts are in thousands, except for per ton data. 

Steel Operations

This segment includes five electric-arc-furnace steel mills and related steel finishing and processing facilities, including The Techs. The company's steel operations produce flat-rolled steel, structural steel, merchant bars, special-bar-quality steel, rebar, rail, and specialty shapes.



Fourth Quarter


Full Year


Sequential



2013


2012


2013


2012


3Q 2013

Total Sales


$1,222,907


$1,126,438


$4,768,004


$4,782,240


$1,237,247

External Sales


1,146,701


1,061,419


4,461,457


4,506,788


1,162,429

Operating Income


155,107


117,097


513,227


505,080


148,698












Shipments (tons)


1,542,289


1,457,053


6,119,884


5,832,776


1,585,125

Average External Sales Price Per Ton  


$805


$784


$793


$831


$794

Average Ferrous Scrap Cost Per Ton


$356


$343


$353


$378


$349

Metals Recycling and Ferrous Resources Operations

This segment principally includes the company's metals recycling operations (OmniSource Corporation), a liquid pig iron production facility (Iron Dynamics), and the company's Minnesota operations.


Metals Recycling & Ferrous Resources


Fourth Quarter


Full Year


Sequential



2013


2012


2013


2012


3Q 2013

Total Sales


$ 907,668


$ 798,163


$ 3,663,486


$3,658,952


$ 948,134

     External Sales


572,840


530,258


2,384,841


2,342,598


605,381

Operating Income (Loss)


(13,020)


507


(30,835)


(11,690)


(11,695)

Unrealized Hedging Gain (Loss), Net


(2,626)


9,656


(4,943)


3,389


(2,451)















Metals Recycling (OmniSource)


Fourth Quarter


Full Year


Sequential



2013


2012


2013


2012


3Q 2013

Total Sales


$  797,034


$  741,342


$3,274,866


$3,441,348


$  848,043

External Sales


535,549


520,931


2,277,550


2,329,096


577,087

Operating Income


11,667


25,818


63,582


72,473


11,166

Unrealized Hedging Gain (Loss), Net


(1,707)


9,820


(3,990)


3,588


(1,391)












Ferrous Shipments (gross tons)


1,356,258


1,238,143


5,505,995


5,647,058


1,472,418

% Shipments to Company Steel Mills


47%


46%


44%


46%


46%

Nonferrous Shipments (pounds 000's)


254,876


251,080


1,052,494


1,051,333


263,467

Steel Fabrication Operations

Steel fabrication operations include New Millennium Building Systems, which fabricates steel joists, trusses, and decking used in the construction of non-residential buildings. 



Fourth Quarter


Full Year


Sequential



2013


2012


2013


2012


3Q 2013

Total Sales


$ 121,853


$ 98,301


$  439,655


$  371,406


$ 119,268

Operating Income (Loss)


(122)


1,448


7,003


2,114


3,265












Shipments (tons)


101,132


76,870


366,676


295,161


101,590

Average External Sales Price Per Ton


$1,205


$1,278


$1,199


$1,258


$1,174

 

About Steel Dynamics, Inc.

Steel Dynamics, Inc. 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 annual sales of $7.4 billion in 2013, over 6,800 employees, and manufacturing facilities primarily located throughout the United States (including five steel mills, six steel processing facilities, two iron production facilities, over 90 metals recycling locations and six steel fabrication plants). 

Forward-Looking Statement

This press release contains some predictive statements about future events, including statements related to conditions in the steel and metallic scrap markets, Steel Dynamics' revenues, costs of purchased materials, future profitability and earnings, and the operation of new or existing facilities. These statements 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 guarantees 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 a recurrent slowing economy on industrial demand; (2) changes in economic conditions, either generally or in any of the steel or scrap-consuming sectors which affect demand for our products, including the strength of the non-residential and residential construction, automotive, appliance, and other steel-consuming industries; (3) fluctuations in the cost of key raw materials (including steel scrap, iron units, and energy costs) and our ability to pass-on any cost increases; (4) the impact of domestic and foreign import price competition; (5) risks and uncertainties involving product and/or technology development; and (6) occurrences of unexpected plant outages or equipment failures.

More specifically, we refer you to SDI's 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, 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 SEC Web site, www.sec.gov, and on the Steel Dynamics Web site, www.steeldynamics.com.

Conference Call and Webcast

On Tuesday, January 28, 2014, at 9:30 a.m. Eastern Time, Steel Dynamics will host a conference call with investors and analysts to discuss the company's fourth quarter and full-year 2013 operating and financial results.  We invite you to listen to the live audiocast of the conference call accessible from our website (http://www.steeldynamics.com), or via telephone (the conference call number may also be obtained on our website).   A replay of the discussion will be available on our website until midnight on February 4, 2014.  A podcast/MP3 file of the event will also be available and can be downloaded from our website.    



Steel Dynamics, Inc.

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(in thousands, except per share data)








Three Months Ended


Year Ended


Three Months

Ended


December 31,


December 31,


September 30,


2013


2012


2013


2012


2013























Net sales 

$

1,864,150

$

1,705,001

$

7,372,924

$

7,290,234

$

1,911,738

Costs of goods sold               


1,666,154


1,524,904


6,653,780


6,570,336


1,714,546

        Gross profit


197,996


180,097


719,144


719,898


197,192












Selling, general and administrative expenses


74,606


69,340


272,777


257,943


67,553

Profit sharing


7,873


6,750


27,764


26,987


8,469

Amortization of intangible assets


7,695


8,722


31,770


35,553


7,897

Impairment charges


-


356


308


8,250


-

        Operating income         


107,822


94,929


386,525


391,165


113,273












Interest expense, net of capitalized interest


30,664


34,877


127,728


158,585


30,970

Other expense (income), net


111


(3,852)


(4,033)


28,514


(1,852)

        Income before income taxes


77,047


63,904


262,830


204,066


84,155












Income taxes          


29,146


8,810


99,314


61,785


33,065

        Net income


47,901


55,094


163,516


142,281


51,090












Net loss attributable to noncontrolling interests


6,754


5,477


25,798


21,270


6,396












        Net income attributable to Steel        

                Dynamics, Inc.

 

$

54,655

 

$

60,571

 

$

189,314

 

$

163,551

 

$

 

57,486


































Basic earnings per share attributable to

        Steel Dynamics, Inc. stockholders

$

0.25

$

0.28

$

0.86

$

0.75

$

0.26












Weighted average common shares outstanding


222,273


219,346


220,916


219,159


220,926























Diluted earnings per share attributable to        

Steel Dynamics, Inc. stockholders,

including the effect of assumed

conversions when dilutive              

$

0.24

$

0.27

$

0.83

$

0.73

$

0.25












Weighted average common shares and

        equivalents outstanding


240,493


236,890


238,996


236,624


239,001












Dividends declared per share

$

0.11

$

0.10

$

0.44

$

0.40

$

0.11

 

Steel Dynamics, Inc.

UNAUDITED SUPPLEMENTAL OPERATING INFORMATION

(dollars in thousands)












Three Months Ended


Year Ended


Three Months Ended




December 31,


December 31,


March 31,


June 30,


September 30,




2013


2012


2013


2012


2013


2013


2013

Steel Operations*






























Shipments (tons)















Flat Roll Division

738,998


713,770


2,904,149


2,717,995


704,290


720,582


740,279


Structural and Rail Division
















Structural

259,884


225,100


972,798


887,335


228,089


223,700


261,125



Rail

35,043


37,341


205,808


144,169


52,808


63,274


54,683


Engineered Bar Products Division

123,865


98,858


488,393


535,882


112,821


123,919


127,788


Roanoke Bar Division

150,986


127,952


569,260


581,180


139,950


134,001


144,323


Steel of West Virginia

70,972


73,581


309,868


301,730


80,707


77,975


80,214


The Techs

162,541


180,451


669,608


664,485


151,137


179,217


176,713



Total

1,542,289


1,457,053


6,119,884


5,832,776


1,469,802


1,522,668


1,585,125



   Intra-company

(118,336)


(102,772)


(491,252)


(409,612)


(125,370)


(126,288)


(121,258)



External

1,423,953


1,354,281


5,628,632


5,423,164


1,344,432


1,396,380


1,463,867

















Production, excluding The Techs (tons)

1,424,492


1,290,567


5,595,918


5,228,190


1,407,508


1,329,322


1,434,596

















Net sales















Total

$ 1,222,907


$ 1,126,438


$ 4,768,004


$ 4,782,240


$ 1,142,075


$ 1,165,775


$     1,237,247


   Intra-company

(76,206)


(65,019)


(306,547)


(275,452)


(80,763)


(74,760)


(74,818)


External

$ 1,146,701


$ 1,061,419


$ 4,461,457


$ 4,506,788


$ 1,061,312


$ 1,091,015


$     1,162,429































Operating income before amortization of intangibles

$    155,107


$    117,097


$    513,227


$    505,080


$    121,589


$      87,833


$        148,698


Amortization of intangibles

(2,133)


(2,289)


(8,843)


(9,440)


(2,288)


(2,288)


(2,134)

Operating income (Note 1)

$    152,974


$    114,808


$    504,384


$    495,640


$    119,301


$      85,545


$        146,564

















Metals Recycling and Ferrous Resources Operations**






























OmniSource














  Ferrous metals shipments (gross tons)















Total

1,356,258


1,238,143


5,505,995


5,647,058


1,342,929


1,334,390


1,472,418


   Intra-company

(638,333)


(573,293)


(2,422,736)


(2,586,670)


(553,890)


(548,268)


(682,245)


External

717,925


664,850


3,083,259


3,060,388


789,039


786,122


790,173

















  Nonferrous metals shipments (thousands of pounds)















Total

254,876


251,080


1,052,494


1,051,333


279,656


254,495


263,467


   Intra-company

(3,738)


(3,456)


(18,450)


(18,488)


(3,529)


(6,737)


(4,446)


External

251,138


247,624


1,034,044


1,032,845


276,127


247,758


259,021

















Mesabi Nugget shipments (metric tons) - Intra-company

59,460


36,481


215,833


168,633


59,685


44,454


52,234

















Iron Dynamics (metric tons) - Intra-company

57,659


57,117


255,303


226,396


64,685


66,285


66,674

















Net sales















Total

$    907,668


$    798,163


$ 3,663,486


$ 3,658,952


$    914,568


$    893,116


$        948,134


   Intra-company

(334,828)


(267,905)


(1,278,645)


(1,316,354)


(293,440)


(307,624)


(342,753)


External

$    572,840


$    530,258


$ 2,384,841


$ 2,342,598


$    621,128


$    585,492


$        605,381

















Operating loss before amortization of intangibles

$    (13,020)


$           507


$    (30,835)


$    (11,690)


$      (4,309)


$      (1,811)


$         (11,695)


Amortization of intangibles

(5,238)


(6,110)


(21,633)


(24,818)


(5,515)


(5,440)


(5,440)

Operating loss (Note 1)

$    (18,258)


$      (5,603)


$    (52,468)


$    (36,508)


$      (9,824)


$      (7,251)


$         (17,135)

















Steel Fabrication Operations***






























Shipments (tons)















Total

101,132


76,870


366,676


295,161


77,583


86,371


101,590


   Intra-company

(98)


(187)


(1,030)


(242)


(334)


(460)


(138)


External

101,034


76,683


365,646


294,919


77,249


85,911


101,452

















Net sales















Total

$    121,853


$      98,301


$    439,655


$    371,406


$      94,375


$    104,159


$        119,268


   Intra-company

(125)


(277)


(1,401)


(322)


(578)


(564)


(134)


External

$    121,728


$      98,024


$    438,254


$    371,084


$      93,797


$    103,595


$        119,134

















Operating income (loss) (Note 1)

$         (122)


$        1,448


$        7,003


$        2,114


$        1,530


$        2,330


$            3,265

































*

  Steel Operations include the company's five steelmaking divisions and The Techs three galvanizing plants.








**

  Metals Recycling and Ferrous Resources Operations include OmniSource; Iron Dynamics (all shipments are internal); 




  and Minnesota Operations, including Mesabi Nugget (all shipments have been internal).










***

  Steel Fabrication Operations include the company's joist and deck fabrication operations.










(Note 1) Segment operating income (loss) excludes profit sharing expense.













 

 

Steel Dynamics, Inc.

CONSOLIDATED BALANCE SHEETS

(in thousands)






December 31,

2013


December 31,

2012



(unaudited)



Assets








Current assets








        Cash and equivalents      


$

395,156


$

375,917


        Investments in short-term commercial paper  



-



31,520


        Accounts receivable, net 



720,600



642,363


        Inventories     



1,314,747



1,202,507


        Deferred income taxes    



17,964



23,449


        Other current assets        



25,167



20,469


                     Total current assets         



2,473,634



2,296,225










Property, plant and equipment, net   



2,226,134



2,231,198










Restricted cash     



23,827



27,749










Intangible assets, net



386,159



416,635










Goodwill



731,996



738,542










Other assets          



91,256



105,067


                    Total assets       


$

5,933,006


$

5,815,416










                                Liabilities and Equity








Current liabilities








        Accounts payable           


$

414,932


$

360,097


        Income taxes payable



4,023



16,941


        Accrued expenses          



214,679



203,008


        Current maturities of long-term debt



341,544



29,631


                     Total current liabilities    



975,178



609,677










Long-term debt








        Term note



220,000



247,500


        Senior notes   



1,500,000



1,600,000


        Convertible senior notes



-



287,496


        Other long-term debt      



46,045



37,610


                     Total long-term debt



1,766,045



2,172,606










Deferred income taxes         



556,038



537,304


Other liabilities



23,376



19,173










Commitments and contingencies
















Redeemable noncontrolling interests



116,514



98,814










Equity








        Common stock               



645



637


        Treasury stock, at cost    



(718,529)



(720,479)


        Additional paid-in capital               



1,085,694



1,037,687


        Retained earnings           



2,179,513



2,087,620


                     Total Steel Dynamics, Inc. equity



2,547,323



2,405,465


        Noncontrolling interests



(51,468)



(27,623)


                     Total equity      



2,495,855



2,377,842


                     Total liabilities and equity              


$

5,933,006


$

5,815,416













 

 

Steel Dynamics, Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands)






Three Months Ended


Year Ended


December 31,


December 31,


2013


2012


2013


2012



















Operating activities:









        Net income                     

$

47,901

$

55,094

$

163,516

$

142,281










        Adjustments to reconcile net income to net cash provided by
            operating activities:









                Depreciation and amortization


58,839


55,189


230,928


225,216

                Impairment charges


-


356


308


8,250

                Equity-based compensation


5,892


3,018


15,504


12,481

                Deferred income taxes            


(871)


64


30,737


54,528

                Changes in certain assets and liabilities:









                        Accounts receivable       


52,273


70,373


(78,237)


85,977

                        Inventories     


(118,385)


7,143


(108,025)


13,845

                        Accounts payable           


(12,278)


(13,578)


40,141


(32,593)

                        Income taxes receivable/payable


(2,522)


4,727


(12,494)


21,644

                        Other assets and liabilities              


35,635


23,922


29,797


(85,935)

                Net cash provided by operating activities               


66,484


206,308


312,175


445,694










Investing activities:









        Purchase of property, plant and equipment    


(40,099)


(64,839)


(186,843)


(223,525)

        Other investing activities


(1,643)


(32,527)


33,998


31,924

                Net cash used in investing activities


(41,742)


(97,366)


(152,845)


(191,601)










Financing activities:









        Issuance of current and long-term debt          


5,146


-


423,965


1,049,969

        Repayment of current and long-term debt      


(5,878)


(6,640)


(517,978)


(1,258,842)

        Debt issuance costs        


(3)


(88)


(6,195)


(13,901)

        Proceeds from exercise of stock options, including related tax effect


18,992


1,641


37,508


3,662

        Contributions from noncontrolling investors, net


6,449


6,865


17,421


37,808

        Dividends paid               


(24,348)


(21,923)


(94,812)


(87,633)

                Net cash provided by (used in) financing activities


358


(20,145)


(140,091)


(268,937)










        Increase (decrease) in cash and equivalents    


25,100


88,797


19,239


(14,844)

        Cash and equivalents at beginning of period  


370,056


287,120


375,917


390,761










        Cash and equivalents at end of period

$

395,156

$

375,917

$

395,156

$

375,917























































Supplemental disclosure information:









        Cash paid for interest

$

22,109

$

30,163

$

129,499

$

154,136

        Cash paid for federal and state income taxes, net

$

30,889

$

2,944

$

72,436

$

46,920










 

SOURCE Steel Dynamics, Inc.

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