Steel Dynamics Inc., balance sheet: debt

US$ in thousands

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Current maturities of long-term debt	97,174)	86,894)	89,356)	24,234)	28,795)
Long-term debt, excluding current maturities	3,008,702)	3,015,782)	2,644,988)	2,352,489)	2,353,145)
Total long-term debt, including current maturities (carrying amount)	3,105,876)	3,102,676)	2,734,344)	2,376,723)	2,381,940)

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Debt item	Description	The company
Total long-term debt, including current maturities (carrying amount)	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	Steel Dynamics Inc. total debt increased from 2019 to 2020 and from 2020 to 2021.

	Dec 31, 2021
Selected Financial Data (US$ in thousands)
Total long-term debt, including current maturities (fair value)	3,300,000)
Financial Ratio
Debt, fair value to carrying amount ratio	1.06

Weighted-average interest rate on long-term debt: 3.12%

Interest rate	Debt amount¹	Interest rate × Debt amount
2.80%	400,000)	11,200)
2.40%	400,000)	9,600)
5.00%	400,000)	20,000)
1.65%	350,000)	5,775)
3.45%	600,000)	20,700)
3.25%	500,000)	16,250)
3.25%	400,000)	13,000)
4.70%	10,400)	489)
1.60%	94,400)	1,510)
Total	3,154,800)	98,524)
3.12%

¹ US$ in thousands

² Weighted-average interest rate = 100 × 98,524 ÷ 3,154,800 = 3.12%

Steel Dynamics Inc., interest costs incurred

US$ in thousands

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Interest expense	57,209)	94,877)	127,104)	126,620)	134,399)
Capitalized interest on construction in progress assets	50,500)	23,900)	5,500)	2,900)	1,700)
Interest costs incurred	107,709)	118,777)	132,604)	129,520)	136,099)

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Debt item	Description	The company
Interest expense	Amount of the cost of borrowed funds accounted for as interest expense for debt.	Steel Dynamics Inc. interest expense decreased from 2019 to 2020 and from 2020 to 2021.
Capitalized interest on construction in progress assets	Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred.	Steel Dynamics Inc. capitalized interest on construction in progress assets increased from 2019 to 2020 and from 2020 to 2021.
Interest costs incurred	Total interest costs incurred during the period and either capitalized or charged against earnings.	Steel Dynamics Inc. interest costs incurred decreased from 2019 to 2020 and from 2020 to 2021.

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Selected Financial Data (US$ in thousands)
Net income attributable to Steel Dynamics, Inc.	3,214,066)	550,822)	671,103)	1,258,379)	812,741)
Add: Net income attributable to noncontrolling interest	32,748)	20,006)	6,797)	(2,574)	(6,945)
Add: Income tax expense	962,256)	134,650)	197,437)	363,969)	129,439)
Add: Interest expense, net of capitalized interest	57,209)	94,877)	127,104)	126,620)	134,399)
Earnings before interest and tax (EBIT)	4,266,279)	800,355)	1,002,441)	1,746,394)	1,069,634)

Interest costs incurred	107,709)	118,777)	132,604)	129,520)	136,099)
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)¹	74.57	8.44	7.89	13.79	7.96
Adjusted interest coverage ratio (with capitalized interest)²	39.61	6.74	7.56	13.48	7.86

2021 Calculations

¹ Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense, net of capitalized interest
= 4,266,279 ÷ 57,209 = 74.57

² Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest costs incurred
= 4,266,279 ÷ 107,709 = 39.61

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Solvency ratio	Description	The company
Adjusted interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest).	Steel Dynamics Inc. adjusted interest coverage ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Steel Dynamics Inc. (NASDAQ:STLD)

Analysis of Debt