fourth quarter and full-year 2019 investor call presentation · 2020-01-22 · fourth quarter and...
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22 January 2020
Fourth Quarter and Full-Year 2019 Investor Call Presentation
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22 January 2020 1Differentiated and Proven Business Culture
Forward Looking Statements and Non-GAAP Financial Measures
Forward-Looking StatementsThis presentation 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’ production capacities, shipments, 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 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 uncertain economic conditions; (2) cyclical and changing industrial demand; (3) changes in conditions in any of the steel or scrap-consuming sectors of the economy which affect demand for our products, including the strength of the non-residential and residential construction, automotive, manufacturing, appliance, pipe and tube, and other steel-consuming industries; (4) fluctuations in the cost of key raw materials and supplies (including steel scrap, iron units, zinc, graphite electrodes, and energy costs) and our ability to pass on any cost increases; (5) the impact of domestic and foreign imports, including trade policy, restrictions, or agreements; (6) unanticipated difficulties in integrating or starting up new, acquired or planned businesses or assets; (7) risks and uncertainties involving product and/or technology development; and (8) occurrences of unexpected plant outages or equipment failures.
More specifically, we refer you to Steel Dynamics’ more detailed explanation of these and other factors and risks that may cause such predictive statements to turn out differently than expected or anticipated, 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 from time to time file with the Securities and Exchange Commission. These are available publicly on the SEC website, www.sec.gov, and on the Steel Dynamics website, www.steeldynamics.com.
Note Regarding Non-GAAP Financial MeasuresSteel Dynamics reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). Management believes that EBITDA, Adjusted EBITDA, Adjusted Operating Income and Free Cash Flow, non-GAAP financial measures, provide additional meaningful information regarding Steel Dynamic’s performance and financial strength. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Steel Dynamics’ reported results prepared in accordance with GAAP. In addition, because not all companies use identical calculations, EBITDA, Adjusted EBITDA, Adjusted Operating Income and Free Cash Flow included in this presentation may not be comparable to similarly titled measures of other companies. The reconciliations of these non-GAAP measures to their most comparable GAAP measures are contained in the appendix at the end of this presentation.
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22 January 2020 2Differentiated and Proven Business Culture
Total Recordable Injury Rate1
Safety is Our Number One Value
During 2019, each of our platforms performed meaningfully better than industry benchmarks
1 Total Recordable Injury Rate is defined as OSHA recordable incidents x 200,000 / hours worked and Lost Time Injury Rate is defined as OSHA days away from work cases x 200,000 / hours worked2 Source: 2018 U.S. DOL Bureau of Labor Statistics
Steel Steel Fabrication
Metals Recycling
Total 2019 Recordable Injury Rate1 By Platform
Lost Time Injury Rate1
2.3
1.8
1.51.8
1.9
2015 2016 2017 2018 2019
0.66
0.34 0.33
0.25
0.33
2015 2016 2017 2018 2019
1.4
2.42.72.7
5.0 5.1
Steel Dynamics Industry²
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22 January 2020 3Differentiated and Proven Business Culture
Net Income (dollars in millions)
Revenue (dollars in billions) Adjusted Operating Income1 (dollars in millions)
Adjusted EBITDA1 (dollars in millions)
¹ Please see the reconciliation of these amounts to GAAP amounts in the appendix to this presentation.
Record High
Record High
Record High
Record High
Financial Strength in Diverse Market Environments
$7.6 $7.8
$9.5
$11.8$10.5
2015 2016 2017 2018 2019
$398
$861$1,067
$1,738
$987
2015 2016 2017 2018 2019
($130)
$382
$813
$1,258
$671
2015 2016 2017 2018 2019
$706
$1,172$1,405
$2,074
$1,333
2015 2016 2017 2018 2019
3rd Best Year
2nd Best Year
3rd Best Year
3rd Best Year
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22 January 2020 4Differentiated and Proven Business Culture
Net Income (dollars in millions)
Revenue (dollars in billions) Adjusted Operating Income1 (dollars in millions)
Adjusted EBITDA1 (dollars in millions)
¹ Please see the reconciliation of these amounts to GAAP amounts in the appendix to this presentation.
Q4 2019 Consolidated Results
$2.9 $2.8 $2.8
$2.5$2.4
Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
$368
$292 $285
$228
$182
Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
$270
$204 $194
$151 $121
Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
$458
$382 $365$315
$270
Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
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22 January 2020 5Differentiated and Proven Business Culture
Operating Income (dollars in millions)
Q4 2019 Steel Operations Results
Steel Operations Total Shipments (millions of tons)Record
High
Includes the continued ramp-up of Heartland volume since Q3 2018, and the addition of United Steel Supply upon its acquisition in March 2019.
Processing Locations¹ Total Shipments (included above)(thousands of tons)
¹ Processing locations include Heartland, Techs, United Steel Supply and Vulcan.
Our processing locations represented 16% of total steel shipments in Q4 2019, and the associated steel procurement cost represented 16% of our steel operations’ cost of goods sold.
1.8 1.92.0 1.9 1.9
0.8 0.8 0.8 0.8 0.8
2.6 2.7 2.8 2.7 2.7
Q4'18 Q1'19 Q2'19 Q3'19 Q4'19Flat Roll Long Products
$402
$312 $295
$240$201
Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
283
353
445 448422
Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
Annual Operating Income (dollars in millions)
$412
$941$1,114
$1,855
$1,048
2015 2016 2017 2018 2019
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22 January 2020 6Differentiated and Proven Business Culture
Operating Income (Loss) (dollars in millions)
Q4 2019 Metals Recycling Results
Total Ferrous Shipments (millions of gross tons)
Total Nonferrous Shipments (millions of pounds)
67% of Q4 2019 ferrous scrap volume was sold to Steel Dynamics’ steel mills
1.2 1.2 1.2 1.21.1
Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
278292
266257 253
Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
$17 $20
$11
$3
($5)Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
Annual Adjusted Operating Income (Loss)¹ (dollars in millions)
($4)
$40
$85 $88
$28
2015 2016 2017 2018 2019
¹ Adjusted operating income excludes non-cash goodwill and asset impairment charges of $429 million in 2015 and $6 million in 2016.
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22 January 2020 7Differentiated and Proven Business Culture
162
145157
169174
Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
Operating Income (dollars in millions)
Q4 2019 Steel Fabrication Results
Total Shipments (thousands of tons)Record
High
$15
$21
$31
$35$33
Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
Annual Operating Income (dollars in millions)
$116
$91 $87
$62
$119
2015 2016 2017 2018 2019
Record High
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22 January 2020 8Differentiated and Proven Business Culture
$510 $681 $397 $479 $751 $591
$974 $1,240
$1,835
$881
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
5-year average: $1.1 billion
Our differentiated business model is a proven cash generator
5-year average: $564 million
1 “Free cash flow” is defined as Adjusted EBITDA – Capital Investments. The Adjusted EBITDA and Free Cash Flow reconciliations to GAAP net income are provided in the appendix to this presentation.
Free Cash Flow1 (dollars in millions)
Doubled Average Annual Free Cash Flows
Excluding 2019 funding of $205 million for our new Texas flat roll steel mill, our 2019
free cash flow would have been $1.1 billion.
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22 January 2020 9Differentiated and Proven Business Culture
Timing
Levering expertise to create next-generation EAF production capabilities, while gaining market share from disadvantaged, high-cost competitors and imports
Planned Sinton, Texas Greenfield Flat Roll Steel Mill Current estimated investment of approximately $1.9 billion1
Mid-20211
Continuing to grow and diversify premium, value-added product capabilities and unlock value of existing operations
Planned Columbus Flat Roll Division $140 million Galvanizing Line Mid-20201
Roanoke Bar Division $38 million Reinforcing Bar Expansion Q2 2018
Structural and Rail Division $82 million Reinforcing Bar Expansion Q1 2019
Growing high-margin downstream manufacturing to provide optional base-load, “pull-through” volume for our steel operations
United Steel Supply Coated Flat Roll Steel Distributor, 75% Acquisition of Equity Interest, Valued at $134 million
March 2019
Heartland Flat Roll Steel Acquisition $434 million (includes $98 million of working capital) June 2018
We are operating from a position of strength, investing to deliver our next phase of growth
1 Estimated project cost and start-up timeline.
Collectively, these primary strategic growth investments provide estimated incremental annual EBITDA of over $425M on a through-cycle historical spread basis.
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22 January 2020 10Differentiated and Proven Business Culture
Our planned Sinton, Texas flat roll steel mill is a compelling growth opportunity
Track Record
Strategically Compelling
Smart Growth
Our team has an unparalleled track record for delivering organic investments “on time” and “on budget”, creating significant value
Expertise delivering “Next Generation”, state-of-the-art steel production facilities
“Next Generation” capabilities that are beyond existing EAF-based production capabilities
Latest generation of advanced high strength steel grades, including automotive and energy grades
Diversified, higher-quality value-added product mix
Targeting underserved markets reliant on imports with long lead times and inferior product quality capabilities
Competitively advantaged location
Growth from import share gains and higher-growth, steel-consuming markets Southern U.S. manufacturing hubs growing faster than the rest of the country Mexican flat roll steel consumption grew ~40% from 2013 – 20181, with shipments of 16M tons in 2018 Mexican market imported 7.5M tons of flat roll steel in 20182
1 Source: CRU2 Source: U.S. Department of Commerce
Investment “Next Generation” electric-arc-furnace flat roll steel mill, including a galvanizing line (550k tons) and paint
line (250k tons)
Estimated 3.0 million tons of annual production capability
Differentiated production capabilities, with meaningful customer benefits for certain products Widths (38” to 84”) and gauges from 0.047” to 1.00” / Produce up to 52.5 ton coils
Once completed, represents over a 25% increase in our current annual estimated EAF-based steel production capacity
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22 January 2020 11Differentiated and Proven Business Culture
Planned Sinton, Texas flat roll steel mill drives next generation of growth and EAF steelmaking capability
Location Benefits
Customer-centric logistics, providing shorter lead times and meaningful customer working capital savings
Central to the largest domestic consumption of flat roll Galvalume® and construction painted products, with the anticipated ability to effectively compete with excessive imports
Sufficient acreage to allow customers to locate on-site, providing logistic savings and steel mill volume base-loading opportunities
Proximity to prime ferrous scrap generation via the four-state Texas region and Mexico, and cost-effective access to pig iron through the deep-water port of Corpus Christi, as well as other alternative iron units
Excellent logistics provided by on-site access to two class I railroads, transloading opportunities with a third class I railroad, proximity to a major U.S. highway system, and access to the deep-water port of Corpus Christi
Existing, mature and dependable power, natural gas, and water sources
Estimated 27 million tons1 in Targeted Regional Markets Texas and Surrounding States = 7 million tons West Coast = 4 million tons Mexico = 16 million tons (45%-50% imported)
1 Source: 2017 CANACERO information published through AISI, market study including imports by regional ports, producer shipments and confidential customer information
Houston
Other flat roll steel producers
Steel Dynamics flat roll steel mills
Sinton
Monterrey
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22 January 2020 12Differentiated and Proven Business Culture
10%6%
15%
6%13%
7%6%7%
11%
19%
Planned Sinton, Texas flat roll steel mill provides value-added product diversification
Planned Sinton Product Mix¹
Sinton Target End-Markets¹
Planned Sinton Shipments by Region¹
1 Based on a pro-forma full year of production at the Flat Roll Group Southwest - Sinton Division.2 Based on 2018 steel operations shipments with a pro-forma full year of production at the Flat Roll Group Southwest - Sinton Division.
Metal BuildingHeavy Non-Residential
Light Commercial / Residential
Appliance / HVAC
Other Manufacturing
Ag, Equipment, & Mining
Energy
Transportation & Rail
Automotive
Non-Energy Pipe & Tube
Construction-Related
37%
SDI Steel Operations Pro-forma Sinton End-markets2
60%12%
7%
12%
9%
Hot RollPickled & OiledCold RollGalvanizedPainted
70%
30%
United StatesMexico
30%
15%
15%
10%
5%
5%
20% Energy TubularsAutomotiveConstructionApplianceHeavy EquipmentTransportation & RailOther Manufacturing
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22 January 2020 13Differentiated and Proven Business Culture
Best-in-class performance
Strong cash flow generating business
modelStrong balance sheet Significant strategic optionality
• Strong free cash flow conversion
• Leading EBITDA margin
• Capital investments largely funded through cash flow
• Acquisitions funded to maintain credit flexibility and prudent liquidity while ensuring strong strategic logic, cultural fit, levering core competencies, and clear execution roadmap
• Broad access to low-cost debt
• Net leverage managed to not exceed 2.0x through-cycle
• Subsequent to an acquisition, committed to deleveraging in a timely manner
• Current growth strategy plans funded through free cash flow and debt capacity
• Healthy shareholder distributions – maintain positive dividend profile and use share repurchases as appropriate
Capital allocation framework
Over $1.9 billionGrowth
Almost $1.9 billionCapital Returned to Shareholders
$0.7BDividends
$1.0BRepurchases
$1.0BFixed Assets
1 Period ended December 31, 2019
$2.4BM&A
Balanced Capital Allocation - $5.5 billion Cash Flow from Operations over the last five years1
Conservative net leverage while growing and returning capital to shareholders
$1.2BFixed Assets $0.8B
Dividends
$0.7BM&A $1.1B
Repurchases
2.6
1.3 1.0
0.6 0.8
-
0.5
1.0
1.5
2.0
2.5
3.0
2015 2016 2017 2018 2019
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22 January 2020 14Differentiated and Proven Business Culture
Strong balance sheet provides strategic flexibility
Staggered debt maturity profile2 (dollars in millions)
Strong liquidity
Low leverage, low-cost debt (dollars in millions)Dec 31,
2019x Adjusted EBITDA¹
Cash and cash equivalents and short-term investments $ 1,644
5.250% senior notes, 2023 400 0.3x5.500% senior notes, 2024 500 0.4x2.800% senior notes, 2024 400 0.3x4.125% senior notes, 2025 350 0.3x5.000% senior notes, 2026 400 0.3x3.450% senior notes, 2030 600 0.5xOther obligations 113 0.1xTotal debt $ 2,763 2.1xNet debt $ 1,119 0.8x
As of December 31, 2019Amount
($M)
Revolver availability $1,158
+ Cash and cash equivalents and short-term investments
1,644
Total liquidity $2,802
¹ September 30, 2019 Trailing Twelve Months Adjusted EBITDA. See the reconciliation to GAAP net income in the appendix to this presentation.2 Excludes other debt obligations of 113 million.
Committed to Maintaining Investment Grade Ratings
Moody’s Baa3 / Stable
S&P BBB- / Stable
Fitch BBB / Stable
Completed a new 5 year $1.2B unsecured credit facility on December 3, 2019
Record liquidity
$- 0 $-
$400
$500
$- $- $- $- 0
$400
$350 $400
$600
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Currently Callable
No Near-Term Maturities
In December 2019, refinanced $700M of existing 5.125% senior notes due 2021 with the issuance of $400M of 2.800% notes due 2024 and $600M of 3.450% notes due 2030
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22 January 2020 15Differentiated and Proven Business Culture
1,1481,140
1,117
2015 2016 2017
Energy Intensity2
0.24 0.24
0.21
2015 2016 2017
Greenhouse Gas Emission Intensity1
We are committed to sustainability
Matching operations to sustainability
Source: Our 2017 Sustainability Report located on our website at www.steeldynamics.com/Sustainability.aspx
1 Metric tons of Scope 1 CO2 equivalent emissions/cast steel ton2 KWH / ton of steel produced
99% of our total system water demand was reused during 2017
In 2017, we estimate our CO2 emissions for our six electric-arc-furnace steel mills were 12% of the World
Steel Association average CO2 emissions
In 2017, our energy intensity for our six electric-arc-furnace steel mills was 11% of the World Steel
Association average energy intensity.
EAF steel production uses a fraction of the energy and has a fraction of the carbon footprint vs. blast furnace technology
We are one of the largest nonferrous metals recyclers and the 2nd largest ferrous recycler in the U.S.
We reintroduced 1.1 billion pounds of recycled nonferrous scrap into the manufacturing life cycle in 2019
We reintroduced 11 million tons of recycled ferrous scrap into the manufacturing life cycle in 2019
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22 January 2020 16Differentiated and Proven Business Culture
We are a leading North American steel producer with a differentiated and proven business model
Consistent best-in-class performance
Differentiated business model delivering strong profitability and cash flow
Smart growth — Gaining share and growing with customers
Strong balance sheet provides strategic flexibility for prudent growth
Sustainable shareholder value creation and distribution growth
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APPENDIX
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22 January 2020 18Differentiated and Proven Business Culture
Steel Dynamics – Adjusted EBITDA, Free Cash Flow and Adjusted Operating Income Reconciliations
Dollars in millions 2015 2016 2017 2018 2019Consolidated Operating Income (Loss) (73)$ 728$ 1,067$ 1,722$ 987$
Asset Impairment Charge 429 133 - - - Minnesota Idle & Non-cash Inventory Charges 33 - - - - Iron Dynamics Outage 9 - - - - Non-cash Purchase Accounting - - - 16 -
Adjusted Operating Income 398$ 861$ 1,067$ 1,738$ 987$
Dollars in millions 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Net Income (Loss) 130$ 266$ 142$ 164$ 92$ (145)$ 360$ 806$ 1,256$ 678$
Income Taxes (Benefit) 83 158 62 99 73 (97) 204 129 364 197 Interest Expense 170 177 159 128 137 154 146 134 127 127 Interest Income (4) (5) (5) (5) (2) (1) (5) (10) (23) (28) Depreciation 171 177 180 192 229 263 261 265 283 286 Amortization 46 40 36 32 28 25 29 29 28 30 Noncontrolling Interests 12 13 21 26 65 15 22 7 3 (7)
EBITDA 608$ 826$ 595$ 636$ 622$ 214$ 1,017$ 1,360$ 2,038$ 1,283$
Unrealized Hedging (Gains) / Losses 2 (4) (3) 5 (5) 3 1 5 (6) 3 Inventory Valuation 6 9 6 7 10 28 1 3 2 1 Equity-Based Compensation 14 17 12 16 23 29 30 34 40 43 Asset Impairment Charge 13 - 11 2 213 432 123 3 - - Financing Expenses - - - - - - - - - 3
Adjusted EBITDA 643$ 848$ 621$ 666$ 863$ 706$ 1,172$ 1,405$ 2,074$ 1,333$
Less Capital Investments 133 167 224 187 112 115 198 165 239 452
Free Cash Flow 510$ 681$ 397$ 479$ 751$ 591$ 974$ 1,240$ 1,835$ 881$
Value-Added Product Mix
Graph NameERROR:#VALUE!
ContactBrad Smuts
SourceAnnual Financials (10-K)
Source: 10-K Item 1 support
Standard20%HR Sheet
11%Structural
5%MBQupdated - 2/21/19
1%Other
Value add3%Rail
4%Shapes
7%SBQ (Eng'd Bar)
10%HR and P&O Sheet
5%CR Sheet
34%Coated Sheet
Standard37%
Value-add63%
0.20.110.050.010.030.047.0000000000000007E-20.10.050.34
Steel Op End Market
Steel Operations End Markets
Last Updated: 2/19/19
201320142015201620172018
Construction-Metal Building9%9%8%9%11%10%
Construction-Heavy8%8%6%7%7%7%
Construction-Lt. Commerical / Resi21%18%18%16%16%18%
Applicance / HVA5%4%4%4%6%5%
Automotive15%13%14%15%14%12%
Other Transportation, including Rail8%9%10%8%8%8%
Agriculture, Heavy Equipment, & Mining10%9%6%4%5%6%
Energy3%4%2%2%8%5%
Non-energy Pipe & Tube6%9%8%7%10%
Other Manufacturing21%20%23%27%18%19%
Agriculture5%4%3%2%3%3%
Mining1%1%1%2%
Heavy Equipment4%4%2%2%2%1%
Check100%100%100%100%100%100%
Construction-Metal Building
0.1Construction-Heavy
7.0000000000000007E-2Construction-Lt. Commerical / Resi
0.18Applicance / HVA
0.05Automotive
0.12Other Transportation, including Rail
0.08
Agriculture, Heavy Equipment, & Mining
6.0000000000000005E-2Non-energy Pipe & Tube
0.1Energy
0.05Other Manufacturing
0.19
Growth
DatesCapExDividendsShare Repurchases
12/31/94$ (43.7)$ - 0$ - 0
12/31/95$ (224.4)$ - 0$ - 0
12/31/96$ (83.7)$ - 0$ - 0
12/31/97$ (175.2)$ - 0$ (1.2)
12/31/98$ (194.1)$ - 0$ (18.4)
12/31/99$ (126.7)$ - 0$ - 0
12/31/00$ (110.4)$ - 0$ (26.9)
12/31/01$ (90.7)$ - 0$ - 0
12/31/02$ (142.6)$ - 0$ (0.0)
12/31/03$ (137.1)$ - 0$ - 0
12/31/04$ (102.0)$ (7.5)$ (55.2)CashEquityTotal
12/31/05$ (63.4)$ (18.3)$ (186.8)Qualitech$ 45,000$ 45,000
12/31/06$ (128.6)$ (37.5)$ (247.4)Jeffersonville$ 19,000$ 19,000
12/31/07$ (395.2)$ (55.6)$ (533.7)Roanoke$ 160,400$ 127,700$ 288,100
12/31/08$ (412.5)$ (71.3)$ (501.8)Elizabethton$ 38,200$ 38,200
12/31/09$ (330.1)$ (68.7)$ - 0Techs$ 373,400$ 373,400
12/31/10$ (133.4)$ (65.0)$ - 0OmniSource$ 659,700$ 455,000$ 1,114,700
12/31/11$ (167.0)$ (81.9)$ - 0Sturgis$ 43,400$ 43,400
12/31/12$ (223.5)$ (87.6)$ - 0Recycle South$ 379,400$ 139,800$ 519,200
12/31/13$ (186.8)$ (94.8)$ - 0
12/31/14$ (111.8)$ (105.4)$ - 0Columbus$ 1,625,000$ 1,625,000
12/31/15$ (114.5)$ (127.6)$ - 0CSi$ 45,000$ 45,000
12/31/16$ (198.2)$ (135.8)$ (25.0)Vulcan$ 114,000$ 114,000
12/31/17$ (164.9)$ (145.6)$ (252.2)Heartland$ 400,000$ 400,000
12/31/18$ (239.4)$ (168.9)$ (523.6)$ 4,625,000
$ (4,300.0)$ (3,643.6)internal
bloombergbloomberg
EBITDA Margin (standalone)
Graph NameERROR:#VALUE!
ContactDominicNote: 2012-2015 was restated for Nucor and updated here to reflect restatement
SourceSEC Annual Financials (10-K)/Qtrly 10QsNote: AKS restated LIFO to Avg Cost Method on 4/30/18 we updated 2015-2017 here to reflect restatement
Last Updated6/25/19
EBITDA Margin (%)
Industry Group
SDINucorUSSAKCMCAverageMinMax
200318.0%7.0%5.0%1.0%4.0%4.7%1.0%7.0%
200428.0%20.0%16.0%10.0%7.0%15.0%7.0%20.0%
200522.0%19.0%12.0%5.0%8.0%12.6%5.0%19.0%
200624.0%20.0%14.0%3.0%9.0%13.6%3.0%20.0%
200719.0%16.0%10.0%13.0%7.0%11.9%7.0%16.0%
200813.0%14.0%16.0%4.0%5.0%12.1%4.0%16.0%
20099.0%2.1%-9.3%4.0%2.0%-1.6%-9.3%4.0%
20109.7%5.9%2.7%1.3%0.4%3.3%0.4%5.9%
201110.3%9.6%4.5%-0.0%1.3%5.4%-0.0%9.6%
20128.2%7.9%4.7%1.0%5.6%5.3%1.0%7.9%
20138.6%7.6%-7.4%5.0%5.1%1.6%-7.4%7.6%
201410.1%9.5%5.9%4.3%5.2%6.9%4.3%9.5%
20158.7%6.1%-5.7%-3.9%7.8%1.3%-5.7%7.8%
YTD Q2'16
NucorUS SteelAK SteelCMC
Revenue (000s)SDIPeer 1Peer 3Peer 4Peer 2Industry Group
20036,265,8009,458,0004,041,7002,875,90022,641,400
200411,377,00014,108,0005,217,3005,467,36536,169,665
200512,701,00014,039,0005,647,4006,709,32639,096,726
20063,238,78714,751,00015,715,0006,069,0007,896,74644,431,746
20074,384,84416,593,00016,873,0007,003,0008,458,46048,927,460
20088,080,52123,663,32423,754,0007,644,30010,684,20465,745,828
20093,958,80611,190,29611,048,0004,076,8005,867,42432,182,520
20106,300,88715,844,62717,374,0005,968,3006,686,32445,873,251
20117,997,50020,023,56419,884,0006,468,0008,122,77054,498,334
20127,290,23419,429,27319,328,0005,933,7007,630,84652,321,819
20137,372,92419,052,04617,424,0005,570,4006,783,24048,829,686
20148,755,95221,105,14117,507,0006,505,7007,037,05852,154,899
20157,594,41116,439,27611,574,0006,692,9005,463,47440,169,650
20167,777,10916,208,12210,261,0005,882,5004,530,73036,882,352
20179,538,79720,252,39312,250,0006,080,5004,733,13143,316,024
201811,821,83925,067,27914,178,0006,818,2004,682,54650,746,025
EBITDASDINucorUSSAKCMCIndustry Group
2003438,606472,90040,417115,0361,066,959
20042,275,4002,257,280521,730382,7165,437,126
20052,413,1901,684,680282,370536,7464,916,986
2006777,3092,950,2002,200,100182,070710,7076,043,077
2007833,1202,654,8801,687,300910,390592,0925,844,662
20081,050,4683,312,8653,800,640305,772534,2107,953,488
2009337,076230,762(1,030,000)161,800116,712(520,726)AKS Restatment
2010607,982930,579461,00075,80029,5371,496,916Disscussed with Brad - Don't add back the NCI, use Depreciation in total, as that is consistent with SDI calc and others don't provide NCI depreciation detail; use the amortization from this schedule in the PR.
2011825,6701,925,510892,000(1,600)104,5352,920,445
2012594,6181,383,193909,00058,000428,7862,778,979
2013635,9661,471,341(1,285,000)269,100343,232798,673
2014622,4671,941,7401,040,000265,800364,3383,611,878
2015213,8251,003,108(656,000)(262,500)423,776508,384
20161,017,4372,050,812342,000350,000221,7822,964,594
20171,359,9402,588,7151,109,000488,500259,3654,445,580
20182,038,0593,964,2461,645,000582,700331,4326,523,378
Asset and Goodwill Impairments10-K (5 yr hist)10-K10-K10-K
2006- 0- 05,000- 0- 0-262.5
2007- 0- 0- 0- 03,400
2008- 0105,200- 0- 01,004
2009- 02,800- 0- 08,468
201012,805- 0- 045,9003,766
20112,90013,943- 0- 024,466
20128,25030,000- 0- 0607
2013308- 01,806,000- 04,576
2014213,000- 0195,000- 03,305
2015428,500244,83318,000297,9009,839
2016119,76414,00056,255
2017- 0- 0- 075,6009,256
2018- 0110,000- 0- 012,892
EBITDA excluding impairments
2006777,3092,950,2002,205,100182,070710,7076,048,077Steel Dynamics
2007833,1202,654,8801,687,300910,390595,4925,848,062Peer Group Avg
20081,050,4683,418,0653,800,640305,772535,2148,059,692Peer Group Low
2009337,076233,562(1,030,000)161,800125,180(509,458)
2010620,787930,579461,000121,70033,3031,546,582
2011828,5701,939,453892,000(1,600)129,0012,958,854
2012602,8681,413,193909,00058,000429,3932,809,586
2013636,2741,471,341521,000269,100347,8082,609,249
2014835,4671,941,7401,235,000265,800367,6433,810,183
2015642,3251,247,941(638,000)35,400433,6151,078,956
20161,137,2012,050,812356,000350,000278,0373,034,849
20171,359,9402,588,7151,109,000564,100268,6214,530,436
20182,038,0594,074,2461,645,000582,700344,3246,646,270
%Old
200624.0%20.0%14.0%3.0%9.0%13.6%3.0%1
200719.0%16.0%10.0%13.0%7.0%12.0%7.0%1
200813.0%14.4%16.0%4.0%5.0%12.3%4.0%3
20098.5%2.1%-9.3%4.0%2.1%-1.6%-9.3%1
20109.9%5.9%2.7%2.0%0.5%3.4%0.5%1
201110.4%9.7%4.5%-0.0%1.6%5.4%-0.0%1
20128%7%5%1%6%5.4%1.0%1
20139%8%3%5%5%5.3%3.0%1
201410%9%7%4%5%7.3%4.1%1
20158%8%-6%1%8%2.7%-5.5%1
201615%13%3%6%6%8.2%3.5%1
201714%13%9%9%6%10.5%5.7%1
201817%16%12%9%7%13.1%7.4%1
201913%12%5%7%9%
Difference1010
0.0%0.0%0.0%0.0%0.0%0.0%0.0%Ranked #1 each of the last 10 years
0.0%0.0%0.0%0.0%0.0%0.0%0.0%
0.0%0.4%0.0%0.0%0.0%0.2%0.0%
-0.5%0.0%0.0%0.0%0.1%0.0%0.0%
0.2%0.0%0.0%0.8%0.1%0.1%0.1%
0.0%0.1%0.0%0.0%0.3%0.1%0.0%
0.1%-0.6%0.0%0.0%0.0%0.1%0.0%
-0.0%0.1%10.4%-0.2%0.1%3.7%10.4%
-0.5%-0.3%1.1%-0.2%0.0%0.4%-0.2%
-0.2%1.5%0.2%4.5%0.2%1.4%0.2%
150000
Steel Dynamics2013201420152016201720188.6298733039971653E-29.5417037462060095E-28.4578646059582499E-20.14622413032914930.142569340766975110.17239779699249838Peer Group Avg2013201420152016201720185.3435710071942713E-27.3055131407693832E-22.6859980109361171E-28.2284584236927194E-20.104590301270495190.13097124356045622Peer Group Low2013201420152016201720182.9901285583103766E-24.0856479702414808E-2-5.5123552790737863E-23.4694474222785307E-25.6753341498471097E-27.353350079209045E-2
Steel Dynamics201420152016201720189.5417037462060095E-28.4578646059582499E-20.14622413032914930.142569340766975110.17239779699249838Peer 1201420152016201720189.2003175908656573E-27.5912163041730055E-20.126529896554332440.127822672609602230.16253243920092006Peer 3201420152016201720187.0543211286913807E-2-5.5123552790737863E-23.4694474222785307E-29.0530612244897959E-20.11602482719706587Peer 4201420152016201720184.0856479702414808E-25.2891870489623419E-35.9498512537186569E-29.2771975988816716E-28.5462438766829948E-2Peer 2201420152016201720185.2243849631479516E-27.9366168851540242E-26.1366932039649241E-25.6753341498471097E-27.353350079209045E-2
Steel Dynamics
20122013201420152016201720188.2695287970180387E-28.6298733039971653E-29.5417037462060095E-28.4578646059582499E-20.14622413032914930.142569340766975110.17239779699249838Peer 120122013201420152016201720187.2735248508783629E-27.7227453681352642E-29.2003175908656573E-27.5912163041730055E-20.126529896554332440.127822672609602230.16253243920092006Peer 320122013201420152016201720184.7030215231788082E-22.9901285583103766E-27.0543211286913807E-2-5.5123552790737863E-23.4694474222785307E-29.0530612244897959E-20.11602482719706587Peer 420122013201420152016201720189.7746768458128984E-34.8308918569582075E-24.0856479702414808E-25.2891870489623419E-35.9498512537186569E-29.2771975988816716E-28.5462438766829948E-2Peer 220122013201420152016201720185.6270693970236069E-25.1274603876613541E-25.2243849631479516E-27.9366168851540242E-26.1366932039649241E-25.6753341498471097E-27.353350079209045E-2Steel Dynamics
201220132014201520162017201820198.2695287970180387E-28.6298733039971653E-29.5417037462060095E-28.4578646059582499E-20.14622413032914930.142569340766975110.172397796992498380.12706544034692188Peer 1201220132014201520162017201820197.2735248508783629E-27.7227453681352642E-29.2003175908656573E-27.5912163041730055E-20.126529896554332440.127822672609602230.162532439200920060.12411050579271073Peer 3201220132014201520162017201820194.7030215231788082E-22.9901285583103766E-27.0543211286913807E-2-5.5123552790737863E-23.4694474222785307E-29.0530612244897959E-20.116024827197065875.270443982992188E-2Peer 4201220132014201520162017201820199.7746768458128984E-34.8308918569582075E-24.0856479702414808E-25.2891870489623419E-35.9498512537186569E-29.2771975988816716E-28.5462438766829948E-27.181960640657753E-2Peer 2201220132014201520162017201820195.6270693970236069E-25.1274603876613541E-25.2243849631479516E-27.9366168851540242E-26.1366932039649241E-25.6753341498471097E-27.353350079209045E-29.2415734039888744E-2
Steel EBITDA per ton
Steel Operating Income/ ton shipped and Steel EBITDA/ton shipped
Steel DynamicsPeer 1Peer 3Peer 4Peer 2Operating Income / TonOperating Income / Ton
SDINucorUS SteelAK SteelCMC
Operating Income / Ton
2004162100704251
200512298451599
20061521194211129
20071351012796117
2008158160835120
200949-25-146-1879
20108847-17-2416
20111229029-3572
20129157251284
201388567385
2014977351391
20155132-22-10111
201610579-03771
201711984384662
2018$ 186141846494
EBITDA / ton
201210576565199
2013102734242101
2014114908439107
201575521524129
201612797347690
2017142100749180
2018$ 209156119108113
DifferenceEBITDA / TonEBITDA / Ton
20121419313815
20131417354017
20141617333616
20152420373418
20162218354018
20172216364518
20182316354419
Tons
200419,464,00015,635,0006,252,6002,380,000
200520,669,00013,296,0006,418,0002,345,000
200622,346,00014,180,0006,169,0002,394,000
200722,347,00014,534,0006,479,0002,318,000
200820,932,00016,845,0005,866,0002,366,000
200914,036,0009,861,0003,936,0001,802,000
201018,573,00015,301,0005,661,0002,230,000
201120,125,00015,509,0005,699,0002,587,000
201220,242,00015,974,0005,431,0002,707,000
201320,650,00014,644,0005,275,8002,571,000
201421,967,00013,908,0006,132,6002,820,000
201519,860,00010,595,0006,974,0002,604,000
201621,941,00010,094,0005,936,4002,625,000
201724,718,0009,887,0005,596,2002,767,000
201824,889,00010,510,0005,683,0003,183,000
Took Operating Income and added back D&A
Operating IncomeAK There is a difference as they don't have segments, and we would maybe want to redo.
20041,946,400,0001,094,450,000262,609,200121,380,000
20052,025,562,000598,320,00096,270,000232,155,000
20062,659,174,000595,560,00067,859,000308,826,000
20072,257,047,000392,418,000621,984,000271,206,000
20083,349,120,0001,390,000,00029,330,000283,920,000
2009(350,338,560)(1,438,029,630)(70,100,160)143,078,800
2010872,559,540(261,035,060)(133,882,650)35,546,200
20111,810,847,500451,932,260(201,288,680)185,487,900
20121,161,485,960399,988,96065,823,720228,524,940CMC - Operating Income as of Nov, but D&A as of Aug YE (Not available quarterly)
20131,156,813,000104,997,48014,800,000217,635,150
20141,594,364,860709,000,00017,600,000257,271,000Note D&A are not available quarterly, so we would not be able to update this with TTM
2015629,793,000(237,000,000)(67,400,000)287,954,000
20161,724,168,000(3,000,000)217,600,000187,636,000
20172,084,203,000380,000,000260,200,000172,620,000
20183,500,085,000883,000,000364,400,000299,000,000
Depreciation and Amortization
2012374,932,000491,000,000209,000,00040,700,000
2013346,169,000512,000,000209,200,00042,900,000
2014381,837,000457,000,000222,300,00045,400,000
2015400,141,000392,000,000237,200,00046,800,000
2016400,106,000349,000,000235,000,00047,900,000
2017386,916,000352,000,000250,100,00049,400,000
2018387,546,000367,000,000252,200,00061,500,000
EBITDA
20121,536,417,960890,988,960274,823,720269,224,940
20131,502,982,000616,997,480224,000,000260,535,150
20141,976,201,8601,166,000,000239,900,000302,671,000
20151,029,934,000155,000,000169,800,000334,754,000
20162,124,274,000346,000,000452,600,000235,536,000
20172,471,119,000732,000,000510,300,000222,020,000
20183,887,631,0001,250,000,000616,600,000360,500,000
SDI201220132014201520162017201890.7525836398668787.72865975935829497.26175354784319950.767702936096718105.00122726765592119.15712910471709185.56Nucor201220132014201520162017201857.3856.0272.5831.71163141993957978.58201540494964484.319241038919003140.62778737594923US Steel201220132014201520162017201825.047.1750.977854472246186-22.369042000943843-0.297206261145234838.43430767674724584.015223596574685AK Steel201220132014201520162017201812.122.80526176124947882.8699083586080945-9.664468024089474736.65521191294386946.49583646045530864.121062818933666CMC201220132014201520162017201884.4284.6591.230851063829789110.5814132104454671.48038095238095562.38525478857968793.93653785736727
SDI2012201320142015201620172018105.06101.87724138324133113.6965843919093174.836691003474314126.87333107088428141.58691126665573208.62839466083636Nucor201220132014201520162017201875.90247801600632772.78363196125907689.96230072381298751.8597180261832896.81755617337404499.972449227283761156.19876250552454US Steel201220132014201520162017201855.77744835357455642.1331248292816283.83664078228358114.629542236904234.2777887854170874.036613735207851118.93434823977165AK Steel201220132014201520162017201850.60278401767629942.45801584593805739.11880768352737924.34757671350731276.24149316083821891.186876809263424108.49903220130213CMC201220132014201520162017201899.455094200221652101.33611435239206107.33014184397163128.5537634408602289.72799999999999480.238525478857966113.25793276782909
Steel Dynamics
2012201320142015201620172018105.06101.87724138324133113.6965843919093174.836691003474314126.87333107088428141.58691126665573208.62839466083636Peer 1201220132014201520162017201875.90247801600632772.78363196125907689.96230072381298751.8597180261832896.81755617337404499.972449227283761156.19876250552454Peer 3201220132014201520162017201855.77744835357455642.1331248292816283.83664078228358114.629542236904234.2777887854170874.036613735207851118.93434823977165Peer 4201220132014201520162017201850.60278401767629942.45801584593805739.11880768352737924.34757671350731276.24149316083821891.186876809263424108.49903220130213Peer 2201220132014201520162017201899.455094200221652101.33611435239206107.33014184397163128.5537634408602289.72799999999999480.238525478857966113.25793276782909
Steel Dynamics
201220132014201520162017201890.7525836398668787.72865975935829497.26175354784319950.767702936096718105.00122726765592119.15712910471709185.56Peer 1201220132014201520162017201857.3856.0272.5831.71163141993957978.58201540494964484.319241038919003140.62778737594923Peer 3201220132014201520162017201825.047.1750.977854472246186-22.369042000943843-0.297206261145234838.43430767674724584.015223596574685Peer 4201220132014201520162017201812.122.80526176124947882.8699083586080945-9.664468024089474736.65521191294386946.49583646045530864.121062818933666Peer 2201220132014201520162017201884.4284.6591.230851063829789110.5814132104454671.48038095238095562.38525478857968793.93653785736727
Business Model
Business Model Slide
DataCategoryNet tonsSource%
ShipmentsMetals recycling6,304,08510-K31%
shipmentsSteel fabrication642,00010-K3%
Steel Shipping CapacityThe Techs1,000,00010-K5%
Steel Shipping CapacityHeartland1,000,00010-K5%
Avg annual shipmentsUnited Steel Supply200,0001%
Steel Shipping Capacity6 EAF Steel Mills11,000,00010-K55%
20,146,085100%
Metals RecyclingNet tons
Ferrous5,123,553gross tons5,738,379
Non-Ferrous1,131,412,000pounds565,706
Metals recyclingSteel fabricationThe TechsHeartlandUnited Steel Supply6 EAF Steel Mills0.312918626489925693.1867233188373624E-24.9637434872856115E-24.9637434872856115E-29.9274869745712233E-30.54601178360141722
FCF
Free Cash Flow
Excluding Sinton
5 year average$564$1,078$1,104$1,145
91%96%ERROR:#DIV/0!LessAddExcluding SintonSinton CIP
$ in millions20102011201220132014201520162017201820192019Q3 2019 TTM¹2018Q3 YTD 2018Q3 YTD 2019Q3 2019 TTMQ3 2019 TTM
Adjusted EBITDA$643$848$621$666$863$706$1,172$1,405$2,074$1,333$1,333$1,520$2,074$ 1,616$ 1,062$1,520$1,520
CapEx133167224187112115198165239452247357239176294357237
Free Cash Flow$510$681$397$479$751$591$974$1,240$1,835$881$1,086$1,163$1,835$1,440$768$1,163$1,283$120
Free Cash Flow Conversion79%80%64%72%87%84%83%88%88%66%81%77%88%89%72%77%84%
Basic Shares outstanding at end of Q225,272,174
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Comment: shares outstanding computershare number
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Comment: shares outstanding computershare number215,740,572
Free Cash Flow per Share815%539%
Share Close Price$ 30.04
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Comment: December 31, 2018
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Comment: December 31, 2018$ 29.80
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Comment: September 30, 2019Reply: Close priceUsed Q end close price, but should also make sense for where price is at time of call - so look to see if price changes much (if much of a difference note both)
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Comment: June 28, 2019Free Cash Flow Yield27%18%
$ 1,835,000,000$ 1,163,000,000
27%18%
FCF/shares outstanding at end of Q$ 8.15$ 5.39
MKT Cap
Start Date4/16/11
End DateSource: Bloomberg
STLD US Equity
ERROR:#NAME?
DatesCUR_MKT_CAP
ERROR:#NAME?3805.0542
4/19/114022.984
4/20/114027.342620122860.5846732
4/21/114042.5977201810415.2885302789
4/25/114025.1633264%
4/26/114103.618
4/27/114055.6735
4/28/113961.9637
4/29/113964.143
5/2/113918.3777
5/3/113872.6124
5/4/113783.2612
5/5/113735.3167
5/6/113686.8299
5/9/113723.9603
5/10/113752.3541
5/11/113732.6968
5/12/113811.3259
5/13/113789.4845
5/16/113717.4079
5/17/113739.2493
5/18/113776.3797
5/19/113734.881
5/20/113682.4616
5/23/113624.5819
5/24/113625.6739
5/25/113658.4361
5/26/113667.1726
5/27/113717.4079
5/31/113734.881
6/1/113608.2008
6/2/113643.1471
6/3/113597.2801
6/6/113562.3339
6/7/113544.8607
6/8/113538.3083
6/9/113553.5973
6/10/113514.2828
6/13/113444.3902
6/14/113523.0193
6/15/113483.7048
6/16/113352.6563
6/17/113291.5004
6/20/113330.8149
6/21/113435.6537
6/22/113450.9427
6/23/113450.9427
6/24/113420.3647
6/27/113429.1013
6/28/113474.9682
6/29/113566.7021
6/30/113549.229
7/1/113584.1753
7/5/113547.0449
7/6/113549.229
7/7/113590.7277
7/8/113544.8607
7/11/113479.3365
7/12/113481.5206
7/13/113496.8096
7/14/113415.9964
7/15/113435.6537
7/18/113370.1295
7/19/113525.2035
7/20/113483.7048
7/21/113597.2801
7/22/113612.5691
7/25/113568.8863
7/26/113454.2189
7/27/113372.3136
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