Selected Financial Data
since 2005
Income Statement
Steel Dynamics Inc., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Net sales | Operating income (loss) | Net income (loss) attributable to Steel Dynamics, Inc. |
|---|---|---|---|
| Dec 31, 2021 | 18,408,850) | 4,301,105) | 3,214,066) |
| Dec 31, 2020 | 9,601,482) | 847,142) | 550,822) |
| Dec 31, 2019 | 10,464,991) | 986,880) | 671,103) |
| Dec 31, 2018 | 11,821,839) | 1,722,409) | 1,258,379) |
| Dec 31, 2017 | 9,538,797) | 1,066,881) | 812,741) |
| Dec 31, 2016 | 7,777,109) | 727,966) | 382,115) |
| Dec 31, 2015 | 7,594,411) | (72,784) | (130,311) |
| Dec 31, 2014 | 8,755,952) | 320,320) | 157,024) |
| Dec 31, 2013 | 7,372,924) | 386,525) | 189,314) |
| Dec 31, 2012 | 7,290,234) | 391,165) | 163,551) |
| Dec 31, 2011 | 7,997,500) | 584,820) | 278,120) |
| Dec 31, 2010 | 6,300,887) | 364,753) | 140,709) |
| Dec 31, 2009 | 3,958,806) | 119,531) | (8,184) |
| Dec 31, 2008 | 8,080,521) | 855,240) | 463,386) |
| Dec 31, 2007 | 4,384,549) | 691,154) | 394,566) |
| Dec 31, 2006 | 3,238,787) | 659,114) | 396,707) |
| Dec 31, 2005 | 2,184,866) | 393,175) | 221,785) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
An analysis of the financial performance from 2005 to 2021 reveals a highly cyclical trajectory characterized by significant volatility in both top-line revenue and bottom-line profitability. The period is marked by two distinct contraction phases and a culminating phase of exponential growth.
- Revenue Trends
- Net sales exhibited a rapid ascent from 2.18 billion US dollars in 2005 to a peak of 8.08 billion US dollars in 2008. This was followed by a severe contraction in 2009, where sales dropped to 3.96 billion US dollars. A gradual recovery trend followed, with sales stabilizing between 6 billion and 9 billion US dollars from 2010 to 2016. A secondary growth phase occurred between 2017 and 2018, peaking at 11.82 billion US dollars, before a slight moderation in 2019 and 2020. The period concluded with an unprecedented surge in 2021, reaching 18.41 billion US dollars, representing a nearly 92% increase over the previous year.
- Operating Performance
- Operating income mirrored the volatility of net sales but demonstrated greater sensitivity to market downturns. Operating profits grew steadily until 2008, followed by a sharp decline to 119.5 million US dollars in 2009. A period of instability ensued between 2010 and 2015, culminating in an operating loss of 72.8 million US dollars in 2015. Recovery began in 2016, with operating income climbing to 1.72 billion US dollars by 2018. After a dip in 2019 and 2020, operating income reached a record high of 4.3 billion US dollars in 2021, indicating a significant expansion in operating margins.
- Net Income and Profitability
- Net income attributable to the company showed a pattern of extreme fluctuation. Profitability was positive from 2005 to 2008 but turned negative in 2009 with a net loss of 8.2 million US dollars. While profitability returned in 2010, it remained relatively suppressed until 2016. A second net loss was recorded in 2015 amounting to 130.3 million US dollars. From 2016 to 2018, net income saw a steep increase, peaking at 1.26 billion US dollars. Following a decline in 2019 and 2020, net income experienced a massive spike in 2021 to 3.21 billion US dollars, the highest value in the observed period.
- Cyclical Correlation
- A strong positive correlation is observed between net sales and net income, though the magnitude of profit swings often exceeded the magnitude of revenue swings. The losses recorded in 2009 and 2015 highlight periods of systemic vulnerability, while the 2021 results indicate a period of exceptional profitability and scale compared to the historical baseline established between 2005 and 2020.
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Balance Sheet: Assets
Steel Dynamics Inc., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2021 | 6,901,023) | 12,531,234) |
| Dec 31, 2020 | 4,258,447) | 9,265,562) |
| Dec 31, 2019 | 4,253,025) | 8,275,765) |
| Dec 31, 2018 | 4,032,657) | 7,703,563) |
| Dec 31, 2017 | 3,508,342) | 6,855,732) |
| Dec 31, 2016 | 2,929,675) | 6,423,732) |
| Dec 31, 2015 | 2,537,941) | 6,202,082) |
| Dec 31, 2014 | 2,973,765) | 7,311,027) |
| Dec 31, 2013 | 2,473,634) | 5,933,006) |
| Dec 31, 2012 | 2,296,225) | 5,815,416) |
| Dec 31, 2011 | 2,455,258) | 5,979,226) |
| Dec 31, 2010 | 2,000,003) | 5,589,934) |
| Dec 31, 2009 | 1,456,803) | 5,129,872) |
| Dec 31, 2008 | 1,709,915) | 5,253,577) |
| Dec 31, 2007 | 1,696,229) | 4,519,453) |
| Dec 31, 2006 | 1,036,197) | 2,247,017) |
| Dec 31, 2005 | 725,733) | 1,757,687) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The asset base of the organization exhibited substantial long-term growth between 2005 and 2021, characterized by a consistent upward trajectory punctuated by periods of volatility and significant expansion.
- Total Asset Expansion
- Total assets grew from 1.76 billion US dollars in 2005 to 12.53 billion US dollars in 2021. A notable surge occurred between 2006 and 2007, where total assets more than doubled from 2.25 billion to 4.52 billion US dollars. Following a period of relative stability and a minor contraction in 2009, assets trended upward again, reaching a peak in 2021. The most aggressive growth phase in the latter half of the period occurred between 2019 and 2021, with assets increasing from 8.28 billion to 12.53 billion US dollars.
- Current Asset Trends
- Current assets followed a similar growth pattern, increasing from 725.7 million US dollars in 2005 to 6.90 billion US dollars in 2021. Growth was steady until 2014, after which a brief decline was observed in 2015. A significant acceleration in liquidity is evident in the final year of the period, where current assets rose from 4.26 billion US dollars in 2020 to 6.90 billion US dollars in 2021, representing an increase of approximately 62%.
- Asset Composition and Liquidity Shift
- An analysis of the relationship between current assets and total assets reveals a shift in the balance sheet structure. For much of the period from 2005 to 2020, current assets generally comprised between 35% and 45% of total assets. However, by December 31, 2021, current assets accounted for approximately 55% of total assets, indicating a substantial increase in the proportion of liquid assets relative to the total asset base.
- Cyclical Volatility
- The data indicates sensitivity to external economic cycles. Dips in both current and total assets are observable around 2009 and 2015, suggesting periods of asset write-downs, divestitures, or reduced working capital requirements during those specific intervals.
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Balance Sheet: Liabilities and Stockholders’ Equity
Steel Dynamics Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Long-term debt, including current maturities | Total Steel Dynamics, Inc. equity | |
|---|---|---|---|---|
| Dec 31, 2021 | 2,227,369) | 6,211,063) | 3,105,876) | 6,304,641) |
| Dec 31, 2020 | 1,258,787) | 4,917,336) | 3,102,676) | 4,345,164) |
| Dec 31, 2019 | 1,006,698) | 4,210,910) | 2,734,344) | 4,075,834) |
| Dec 31, 2018 | 1,019,137) | 3,816,334) | 2,376,723) | 3,935,071) |
| Dec 31, 2017 | 868,519) | 3,549,424) | 2,381,940) | 3,351,574) |
| Dec 31, 2016 | 712,815) | 3,535,033) | 2,356,826) | 2,927,020) |
| Dec 31, 2015 | 535,290) | —) | 2,594,656) | 2,679,727) |
| Dec 31, 2014 | 850,582) | —) | 3,024,166) | 2,913,015) |
| Dec 31, 2013 | 975,178) | —) | 2,107,589) | 2,547,323) |
| Dec 31, 2012 | 609,677) | —) | 2,202,237) | 2,405,465) |
| Dec 31, 2011 | 1,100,417) | —) | 2,380,100) | 2,315,941) |
| Dec 31, 2010 | 561,317) | —) | 2,386,821) | 2,092,870) |
| Dec 31, 2009 | 595,561) | —) | 2,222,754) | 1,988,268) |
| Dec 31, 2008 | 970,981) | —) | 2,650,384) | 1,623,886) |
| Dec 31, 2007 | 904,526) | —) | 2,029,845) | 1,529,196) |
| Dec 31, 2006 | 399,490) | —) | 438,878) | 1,231,108) |
| Dec 31, 2005 | 207,177) | —) | 440,575) | 879,868) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
A comprehensive analysis of the financial position between 2005 and 2021 reveals a period of significant capital expansion and a shifting liability structure. The most prominent trend is the substantial and consistent growth of total equity, which suggests a strong accumulation of retained earnings or capital injections over the sixteen-year period.
- Equity Growth and Capital Accumulation
- Total equity demonstrated a steady upward trajectory, rising from 879,868 thousand US dollars in 2005 to 6,304,641 thousand US dollars by 2021. A notable acceleration in equity growth occurred between 2020 and 2021, where the balance increased by approximately 45%, indicating a significant strengthening of the company's net worth in the final year of the observed period.
- Long-Term Debt Dynamics
- The long-term debt profile experienced high volatility in the early years, with a sharp increase from 440,575 thousand US dollars in 2006 to 2,650,384 thousand US dollars by 2008. Following this peak, debt levels remained relatively stable, fluctuating between 2.1 billion and 3.1 billion US dollars. While debt increased in absolute terms toward 2021, the growth rate of equity far outpaced the growth of long-term debt, suggesting a reduction in long-term leverage over time.
- Liability Composition and Current Obligations
- Current liabilities exhibited significant fluctuations, characterized by periodic spikes. Notable increases occurred in 2007, 2011, and most prominently in 2021, where current liabilities reached a peak of 2,227,369 thousand US dollars. In the period from 2016 to 2021, total liabilities grew from 3,535,033 thousand US dollars to 6,211,063 thousand US dollars. The sharp rise in current liabilities in 2021 indicates a shift toward a higher proportion of short-term obligations relative to the total liability structure.
- Capital Structure and Solvency Trends
- The relationship between debt and equity evolved from a period of high leverage around 2008 to a more conservative capital structure by 2021. In 2008, long-term debt significantly exceeded equity; however, by 2021, total equity (6.3 billion US dollars) surpassed both long-term debt (3.1 billion US dollars) and total liabilities (6.2 billion US dollars), reflecting a markedly improved solvency position and a stronger equity cushion.
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Cash Flow Statement
Steel Dynamics Inc., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by operating activities | Net cash used in investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2021 | 2,204,136) | (999,420) | (1,329,469) |
| Dec 31, 2020 | 987,032) | (993,259) | (7,048) |
| Dec 31, 2019 | 1,396,290) | (576,686) | (266,630) |
| Dec 31, 2018 | 1,415,469) | (895,264) | (720,867) |
| Dec 31, 2017 | 739,606) | (139,105) | (413,335) |
| Dec 31, 2016 | 852,769) | (312,893) | (425,425) |
| Dec 31, 2015 | 1,038,483) | (149,627) | (523,187) |
| Dec 31, 2014 | 617,572) | (1,747,267) | 1,095,902) |
| Dec 31, 2013 | 312,175) | (152,845) | (140,091) |
| Dec 31, 2012 | 445,694) | (191,601) | (268,937) |
| Dec 31, 2011 | 486,355) | (235,837) | (46,270) |
| Dec 31, 2010 | 169,307) | (149,078) | 157,276) |
| Dec 31, 2009 | 445,556) | (373,945) | (78,836) |
| Dec 31, 2008 | 775,301) | (669,234) | (118,320) |
| Dec 31, 2007 | 428,203) | (1,246,629) | 817,539) |
| Dec 31, 2006 | 404,952) | (217,413) | (223,684) |
| Dec 31, 2005 | 310,756) | (62,041) | (199,531) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The long-term cash flow profile reflects a transition from a period of volatile growth and strategic borrowing to a phase of high operational self-sufficiency and aggressive capital allocation. Over the period from 2005 to 2021, there is a marked increase in the company's ability to generate cash from its core business operations, which has fundamentally shifted its financing requirements.
- Operating Cash Flow Trends
- Net cash provided by operating activities demonstrates a general upward trajectory, growing from 310.8 million USD in 2005 to a peak of 2.2 billion USD in 2021. While there was a notable contraction in 2010, where cash flow dropped to 169.3 million USD, the subsequent recovery was robust. A significant acceleration in cash generation is observed starting in 2015, with annual operating cash flows consistently exceeding 700 million USD from 2016 onward, indicating improved operational efficiency and scale.
- Investing Activity Patterns
- Investing activities have remained consistently negative, which is characteristic of a capital-intensive industry requiring ongoing infrastructure and equipment investment. Two primary investment peaks are evident: 2007, with outflows of 1.2 billion USD, and 2014, with outflows reaching 1.7 billion USD. Following these peaks, investment levels generally moderated before increasing again from 2018 through 2021, where annual outflows stabilized near or above 600 million USD, suggesting a sustained period of capacity expansion or modernization.
- Financing Activity Dynamics
- Financing cash flows exhibit a cyclical pattern tied closely to the investment peaks. Positive cash flows in 2007 (817.5 million USD) and 2014 (1.1 billion USD) coincide with the largest periods of investing outflows, indicating that major capital expenditures were partially funded through external financing. Conversely, the latter years show a trend toward significant net outflows, culminating in a 1.3 billion USD reduction in financing in 2021. This shift suggests a transition toward debt repayment or increased shareholder distributions funded by operational strength.
The overall financial narrative is one of increasing maturity. In the earlier stages of the analysis, the company relied on external financing to bridge the gap between operating cash flows and aggressive capital expenditures. In the most recent period, particularly by 2021, the operating cash flow of 2.2 billion USD was sufficient to fully cover both the 999.4 million USD spent on investing activities and the 1.3 billion USD utilized in financing activities, signaling a high degree of financial independence and strong liquidity.
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Per Share Data
Steel Dynamics Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2021 | 15.67 | 15.56 | 1.04 |
| Dec 31, 2020 | 2.61 | 2.59 | 1.00 |
| Dec 31, 2019 | 3.06 | 3.04 | 0.96 |
| Dec 31, 2018 | 5.38 | 5.35 | 0.75 |
| Dec 31, 2017 | 3.38 | 3.36 | 0.62 |
| Dec 31, 2016 | 1.57 | 1.56 | 0.56 |
| Dec 31, 2015 | -0.54 | -0.54 | 0.55 |
| Dec 31, 2014 | 0.68 | 0.67 | 0.46 |
| Dec 31, 2013 | 0.86 | 0.83 | 0.44 |
| Dec 31, 2012 | 0.75 | 0.73 | 0.40 |
| Dec 31, 2011 | 1.27 | 1.22 | 0.40 |
| Dec 31, 2010 | 0.65 | 0.64 | 0.30 |
| Dec 31, 2009 | -0.04 | -0.04 | 0.33 |
| Dec 31, 2008 | 2.45 | 2.38 | 0.40 |
| Dec 31, 2007 | 2.12 | 2.01 | 0.30 |
| Dec 31, 2006 | 2.11 | 1.89 | 0.25 |
| Dec 31, 2005 | 1.24 | 1.09 | 0.10 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The financial performance per share from 2005 to 2021 exhibits a stark contrast between the high volatility of earnings and the consistent, progressive growth of dividend distributions.
- Earnings Per Share Trends
- Basic and diluted earnings per share demonstrate significant cyclicality. An initial growth phase occurred between 2005 and 2008, with basic earnings peaking at 2.45. This was followed by a sharp contraction into negative territory in 2009. A period of instability persisted through 2015, marked by another downturn where basic earnings fell to -0.54. A robust recovery was observed from 2016 to 2018, with earnings reaching 5.38. Following a moderate decline in 2019 and 2020, an exceptional surge occurred in 2021, with basic earnings per share reaching a peak of 15.67.
- Dividend Growth Analysis
- Dividend per share displays a consistent upward trajectory over the analyzed period. Starting at 0.10 in 2005, the payout grew steadily to 1.04 by 2021. While a minor decrease was noted in 2009, the general trend remained positive, with incremental increases occurring almost annually regardless of the fluctuations in profitability.
- Correlation Between Earnings and Dividends
- A decoupling is observed between earnings volatility and dividend policy. During the deficit years of 2009 and 2015, dividend payments were maintained or increased despite negative diluted earnings per share. This pattern indicates a strategic commitment to dividend stability and shareholder returns that outweighs short-term fluctuations in per-share profitability.
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