false
0001022671
0001022671
2024-06-17
2024-06-17
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
WASHINGTON, DC
20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (date of earliest event reported)
June 17, 2024
STEEL
DYNAMICS, INC.
(Exact name of registrant as specified in its
charter)
Indiana |
|
0-21719 |
|
35-1929476 |
(State
or other jurisdiction of incorporation) |
|
(Commission
File Number) |
|
(IRS
Employer
Identification No.) |
7575
West Jefferson Blvd, Fort Wayne, Indiana
46804
(Address of principal executive offices) (Zip
Code)
Registrant’s telephone number, including
area code: 260-969-3500
Not Applicable
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of
the Act:
Title of each class |
Trading Symbol |
Name of each exchange on which registered |
Common
Stock voting, $0.0025 par value |
STLD |
NASDAQ
Global Select Market |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ¨
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 7.01. Regulation FD Disclosure.
On June 17, 2024, Steel Dynamics, Inc.
issued a press release titled “Steel Dynamics Provides Second Quarter 2024 Earnings Guidance.” A copy of that press
release is attached hereto as Exhibit 99.1.
The information contained in Exhibit 99.1 is furnished under this
Item 7.01 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended,
or incorporated by reference in any filing thereunder or under the Securities Act of 1933, as amended, except as may be expressly set
forth by specific reference in any such filing.
Item 9.01. Financial Statements and Exhibits
(d ) Exhibits.
The following exhibit is furnished
with this report:
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this Report to be signed on its behalf by the undersigned hereto duly authorized.
|
|
STEEL DYNAMICS, INC. |
|
|
|
|
|
/s/ Theresa E. Wagler |
|
|
|
Date: June 17, 2024 |
By: |
Theresa E. Wagler |
|
Title: |
Executive Vice President and |
|
|
Chief Financial Officer |
Exhibit 99.1
Press Release
June 17, 2024
|
|
|
7575 W. Jefferson Blvd.
Fort Wayne, IN 46804
Steel Dynamics Provides Second Quarter 2024
Earnings Guidance
FORT WAYNE, INDIANA, June 17, 2024 / PRNewswire / Steel Dynamics, Inc.
(NASDAQ/GS: STLD) today provided second quarter 2024 earnings guidance in the range of $2.64 to $2.68 per diluted share. Comparatively,
the company’s sequential first quarter 2024 earnings were $3.67 per diluted share, and prior year second quarter earnings were $4.81
per diluted share.
Second quarter 2024 profitability from the company’s steel operations
are expected to be meaningfully lower than sequential first quarter results, based on lower realized pricing offsetting steady shipments.
Underlying domestic steel demand remains intact although steel buying hesitancy has resulted from a weakening scrap price environment.
The automotive, non-residential construction, energy, and industrial sectors continue to lead demand.
Second quarter 2024 earnings from the company’s metals recycling
operations are expected to be higher than sequential first quarter results, based on stronger volumes in both ferrous and nonferrous materials.
Second quarter 2024 earnings from the company’s steel fabrication
operations are expected to be in line with sequential first quarter results, based on increased shipments offsetting incrementally lower
realized pricing. The non-residential construction sector remains solid, as further evidenced by steel joist and deck order backlog volume
that extends into the fourth quarter of 2024, with historically strong associated product pricing. In addition, the continued onshoring
of manufacturing, coupled with the robust U.S. infrastructure program and industrial buildouts, support strong demand in the coming years.
Based on continued confidence in the company’s earnings outlook
and cash flow generation, the company repurchased $247 million, or 1.1 percent, of its common stock during the second quarter through
June 10, 2024.
The company plans to release its second quarter 2024 earnings after
the markets close on Wednesday, July 17, 2024, and will hold a conference call the following day at 11:00 a.m. Eastern Daylight
Time to review the company's results.
About Steel Dynamics, Inc.
Steel Dynamics is one of the largest domestic steel producers and metals
recyclers in North America, based on estimated annual steelmaking and metals recycling capability, with facilities located throughout
the United States, and in Mexico. Steel Dynamics produces steel products, including hot roll, cold roll, and coated sheet steel, structural
steel beams and shapes, rail, engineered special-bar-quality steel, cold finished steel, merchant bar products, specialty steel sections,
and steel joists and deck. In addition, the company produces liquid pig iron and processes and sells ferrous and nonferrous scrap.
Forward-Looking Statements
This report contains some predictive statements about future events,
including statements related to conditions in domestic or global economies, conditions in steel, aluminum, and recycled metals market
places, Steel Dynamics' 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) domestic and global economic factors; (2) global steelmaking overcapacity and imports of steel,
together with increased scrap prices; (3) pandemics, epidemics, widespread illness or other health issues; (4) the cyclical
nature of the steel industry and the industries we serve; (5) volatility and major fluctuations in prices and availability of scrap
metal, scrap substitutes and supplies, and our potential inability to pass higher costs on to our customers; (6) cost and availability
of electricity, natural gas, oil, and other energy resources are subject to volatile market conditions; (7) increased environmental,
greenhouse gas emissions and sustainability considerations from our customers or related regulations; (8) compliance with and changes
in environmental and remediation requirements; (9) significant price and other forms of competition from other steel and aluminum
producers, scrap processors and alternative materials; (10) availability of an adequate source of supply of scrap for our metals
recycling operations; (11) cybersecurity threats and risks to the security of our sensitive data and information technology; (12) the
implementation of our growth strategy; (13) litigation and legal compliance; (14) unexpected equipment downtime or shutdowns; (15) governmental
agencies may refuse to grant or renew some of our licenses and permits; (16) our senior unsecured credit facility contains, and any future
financing agreements may contain, restrictive covenants that may limit our flexibility; and (17) the impacts of impairment charges.
More specifically, we refer you to our 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 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 file with the Securities and Exchange Commission. These reports are available publicly
on the Securities and Exchange Commission website, www.sec.gov, and on our website, www.steeldynamics.com under “Investors –
SEC Filings.”
Contact: Investor Relations — +1.260.969.3500
v3.24.1.1.u2
X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
+ References
+ Details
Name: |
dei_AmendmentFlag |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
+ References
+ Details
Name: |
dei_DocumentPeriodEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
+ References
+ Details
Name: |
dei_DocumentType |
Namespace Prefix: |
dei_ |
Data Type: |
dei:submissionTypeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
+ References
+ Details
Name: |
dei_EntityAddressAddressLine1 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
+ References
+ Details
Name: |
dei_EntityAddressCityOrTown |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCode for the postal or zip code
+ References
+ Details
Name: |
dei_EntityAddressPostalZipCode |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the state or province.
+ References
+ Details
Name: |
dei_EntityAddressStateOrProvince |
Namespace Prefix: |
dei_ |
Data Type: |
dei:stateOrProvinceItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityCentralIndexKey |
Namespace Prefix: |
dei_ |
Data Type: |
dei:centralIndexKeyItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate if registrant meets the emerging growth company criteria.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityEmergingGrowthCompany |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
+ Details
Name: |
dei_EntityFileNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fileNumberItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
+ References
+ Details
Name: |
dei_EntityIncorporationStateCountryCode |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarStateCountryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityRegistrantName |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityTaxIdentificationNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:employerIdItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLocal phone number for entity.
+ References
+ Details
Name: |
dei_LocalPhoneNumber |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 13e -Subsection 4c
+ Details
Name: |
dei_PreCommencementIssuerTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 14d -Subsection 2b
+ Details
Name: |
dei_PreCommencementTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTitle of a 12(b) registered security.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b
+ Details
Name: |
dei_Security12bTitle |
Namespace Prefix: |
dei_ |
Data Type: |
dei:securityTitleItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the Exchange on which a security is registered.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection d1-1
+ Details
Name: |
dei_SecurityExchangeName |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarExchangeCodeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Section 14a -Number 240 -Subsection 12
+ Details
Name: |
dei_SolicitingMaterial |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
+ References
+ Details
Name: |
dei_TradingSymbol |
Namespace Prefix: |
dei_ |
Data Type: |
dei:tradingSymbolItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Securities Act -Number 230 -Section 425
+ Details
Name: |
dei_WrittenCommunications |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
Steel Dynamics (NASDAQ:STLD)
Historical Stock Chart
From Sep 2024 to Oct 2024
Steel Dynamics (NASDAQ:STLD)
Historical Stock Chart
From Oct 2023 to Oct 2024