The company said consolidated operating income for Q1 2024 fell $84.4 million, or 10%, from a year earlier to $751.0 million. It said metal spread contraction in its metals recycling and steel fabrication operations more than offset metal spread expansion in its steel operations.

10-QQuarterly reportFiled May 10, 2024Period of report Mar 31, 2024Summary published (UTC) Oct 24, 2026

Key points

AI summary

The company said consolidated operating income for Q1 2024 fell $84.4 million, or 10%, from a year earlier to $751.0 million. It said metal spread contraction in its metals recycling and steel fabrication operations more than offset metal spread expansion in its steel operations.
Steel Dynamics said operating income for its steel operations segment rose 96% from a year earlier to $670.9 million in Q1 2024. The company said average selling prices rose more than scrap costs, widening metal spread by 18%.
The company said operating income for its steel fabrication operations segment fell 68% in Q1 2024, to $178.3 million from $551.3 million a year earlier. It said average selling prices fell $1,880 per ton, or 37%, and volume declined 17%, which compressed metal spread by 49%.
The company said operating cash flow was $355.2 million in Q1 2024, lower than $733.8 million a year earlier. In the same quarter, it invested $374.3 million in property, plant and equipment, repurchased shares for $298.1 million, and paid cash dividends of $68.0 million.

Key figures

Quarter ended March 31, 2024

Revenue: $4.7B
Operating income: $751M
Net income: $584M
EPS: $3.67
Gross profit: $981M
Operating cash flow: $355M

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Consolidated Operating Income and Net Income Decline

The company said consolidated operating income for Q1 2024 fell $84.4 million, or 10%, from a year earlier to $751.0 million. It said metal spread contraction in its metals recycling and steel fabrication operations more than offset metal spread expansion in its steel operations.

Source · Based on the MD&A text of the filing

Steel Operations Operating Income Up 96%

Steel Dynamics said operating income for its steel operations segment rose 96% from a year earlier to $670.9 million in Q1 2024. The company said average selling prices rose more than scrap costs, widening metal spread by 18%.

Source · Based on the MD&A text of the filing

Steel Fabrication Operating Income Down 68%

The company said operating income for its steel fabrication operations segment fell 68% in Q1 2024, to $178.3 million from $551.3 million a year earlier. It said average selling prices fell $1,880 per ton, or 37%, and volume declined 17%, which compressed metal spread by 49%.

Source · Based on the MD&A text of the filing

Operating Cash Flow and Capital Use

The company said operating cash flow was $355.2 million in Q1 2024, lower than $733.8 million a year earlier. In the same quarter, it invested $374.3 million in property, plant and equipment, repurchased shares for $298.1 million, and paid cash dividends of $68.0 million.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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View the original filing on SEC EDGAR ↗

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