2950b791794c236519051bbc46c878d6f6d17e54307b28dbf561701311fe0726

Adjustments for Non-Cash Items

Stock-Based Compensation

Changes in Working Capital

Capital Expenditures (CapEx)

Proceeds from Debt

Repayments of Debt

Share Repurchases

Dividend Payments

Net Change in Cash

c6f41f2ae1ebb8980edf3ad8d2eb0ea6bc38ed7ea46cc010cf326ad79c1030b7

| Metric | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|--------|---------|---------|---------|---------|---------|---------|---------|---------|
| **Steel Operations Segment Shipments (tons)** | 2,994,238 **[0001104659-23-006779_tm234445d2_ex99-1.htm:11]** | 2,974,060 **[0001558370-23-008282_stld-20230331x10q.htm:16]** | 2,886,615 **[0001558370-23-013968_stld-20230630x10q.htm:20]** | 2,750,725 **[0001558370-23-018528_stld-20230930x10q.htm:21]** | 3,063,737 **[0001104659-24-006167_tm244011d1_ex99-1.htm:9]** | 2,922,961 **[0001558370-24-007736_stld-20240331x10q.htm:15]** | 2,854,711 **[0001558370-24-011535_stld-20240630x10q.htm:20]** | 2,860,703 **[0001558370-24-015022_stld-20240930x10q.htm:20]** |
| **Metallic Raw Material Cost (USD/ton)** | $414 **[0001104659-23-006779_tm234445d2_ex99-1.htm:2]** | -$60 **[0001558370-23-008282_stld-20230331x10q.htm:17]** | -$94 **[0001558370-23-013968_stld-20230630x10q.htm:21]** | -$67 **[0001558370-23-018528_stld-20230930x10q.htm:21]** | N/A | +$3 **[0001558370-24-007736_stld-20240331x10q.htm:15]** | -$57 **[0001558370-24-011535_stld-20240630x10q.htm:20]** | -$38 **[0001558370-24-015022_stld-20240930x10q.htm:20]** |
| **Metal Spread (%)** | N/A | -39% **[0001558370-23-008282_stld-20230331x10q.htm:17]** | -19% **[0001558370-23-013968_stld-20230630x10q.htm:21]** | -13% **[0001558370-23-018528_stld-20230930x10q.htm:21]** | N/A | +18% **[0001558370-24-007736_stld-20240331x10q.htm:16]** | -7% **[0001558370-24-011535_stld-20240630x10q.htm:20]** | -12% **[0001558370-24-015022_stld-20240930x10q.htm:20]** |
| **Ferrous Metal Shipments (gross tons)** | 1,357,706 **[0001104659-23-006779_tm234445d2_ex99-1.htm:11]** | 1,452,821 **[0001558370-23-008282_stld-20230331x10q.htm:17]** | 1,520,164 **[0001558370-23-013968_stld-20230630x10q.htm:22]** | 1,442,964 **[0001558370-23-018528_stld-20230930x10q.htm:22]** | 1,363,165 **[0001104659-24-006167_tm244011d1_ex99-1.htm:9]** | 1,453,619 **[0001558370-24-007736_stld-20240331x10q.htm:16]** | 1,507,229 **[0001558370-24-011535_stld-20240630x10q.htm:21]** | 1,459,206 **[0001558370-24-015022_stld-20240930x10q.htm:21]** |
| **Nonferrous Metals Shipments (thousands of pounds)** | 268,471 **[0001104659-23-006779_tm234445d2_ex99-1.htm:11]** | 285,837 **[0001104659-23-048128_tm2313332d1_ex99-1.htm:9]** | 279,763 **[0001558370-23-013968_stld-20230630x10q.htm:22]** | 279,877 **[0001104659-23-110072_tm2328781d2_ex99-1.htm:8]** | 262,734 **[0001104659-24-006167_tm244011d1_ex99-1.htm:9]** | 289,436 **[0001104659-24-051064_tm2412604d1_ex99-1.htm:7]** | 304,017 **[0001104659-24-080714_tm2419718d1_ex99-1.htm:8]** | 293,470 **[0001558370-24-015022_stld-20240930x10q.htm:21]** |
| **Ferrous Scrap Average Selling Prices (%)** | N/A | -13% **[0001558370-23-008282_stld-20230331x10q.htm:17]** | -21% **[0001558370-23-013968_stld-20230630x10q.htm:22]** | N/A | N/A | N/A | -13% **[0001558370-24-011535_stld-20240630x10q.htm:21]** | -5% **[0001558370-24-015022_stld-20240930x10q.htm:21]** |
| **Nonferrous Scrap Average Selling Prices (%)** | N/A | -4% **[0001558370-23-008282_stld-20230331x10q.htm:17]** | -22% **[0001558370-23-013968_stld-20230630x10q.htm:22]** | N/A | N/A | -15% **[0001558370-24-007736_stld-20240331x10q.htm:16]** | N/A | +10% **[0001558370-24-015022_stld-20240930x10q.htm:21]** |
| **Ferrous Metal Spreads (%)** | N/A | -7% **[0001558370-23-008282_stld-20230331x10q.htm:17]** | -19% **[0001558370-23-013968_stld-20230630x10q.htm:21]** | +8% **[0001558370-23-018528_stld-20230930x10q.htm:22]** | N/A | -9% **[0001558370-24-007736_stld-20240331x10q.htm:16]** | +5% **[0001558370-24-011535_stld-20240630x10q.htm:21]** | -12% **[0001558370-24-015022_stld-20240930x10q.htm:20]** |
| **Nonferrous Metal Spreads (%)** | N/A | -7% **[0001558370-23-008282_stld-20230331x10q.htm:17]** | +43% **[0001558370-23-013968_stld-20230630x10q.htm:22]** | +11% **[0001558370-23-018528_stld-20230930x10q.htm:22]** | N/A | -3% **[0001558370-24-007736_stld-20240331x10q.htm:16]** | -22% **[0001558370-24-011535_stld-20240630x10q.htm:21]** | -22% **[0001558370-24-015022_stld-20240930x10q.htm:21]** |

ca8a5d3a8eae111097413632d4c88b8f86c18e84e79e7e6d5a9aa6fca1f5a751

| Segment / Quarter | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|-------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Steel Operations ($000) | **2,937,034**  **[0001104659-23-006779_tm234445d2_ex99-1.htm:11]**  | **3,185,600**  **[0001558370-23-008282_stld-20230331x10q.htm:16]**  | **3,397,509**  **[0001104659-23-082573_tm2321683d1_ex99-1.htm:8]**  | **3,261,067**  **[0001558370-23-018528_stld-20230930x10q.htm:15]**  | N/A | **3,514,528**  **[0001558370-24-007736_stld-20240331x10q.htm:15]**  | **3,132,232**  **[0001104659-24-080714_tm2419718d1_ex99-1.htm:8]**  | **2,917,021**  **[0001104659-24-109422_tm2426355d1_ex99-1.htm:8]**  |
| Metals Recycling ($000) | **463,282**  **[0001104659-23-006779_tm234445d2_ex99-1.htm:11]**  | **1,161,900**  **[0001558370-23-008282_stld-20230331x10q.htm:16]**  | **592,373**  **[0001104659-23-082573_tm2321683d1_ex99-1.htm:8]**  | **1,052,305**  **[0001558370-23-018528_stld-20230930x10q.htm:15]**  | N/A | **1,094,041**  **[0001558370-24-007736_stld-20240331x10q.htm:15]**  | **586,432**  **[0001104659-24-080714_tm2419718d1_ex99-1.htm:8]**  | **565,596**  **[0001104659-24-109422_tm2426355d1_ex99-1.htm:8]**  |
| Steel Fabrication ($000) | **1,089,979**  **[0001104659-23-006779_tm234445d2_ex99-1.htm:11]**  | **868,800**  **[0001558370-23-008282_stld-20230331x10q.htm:16]**  | **779,409**  **[0001104659-23-082573_tm2321683d1_ex99-1.htm:8]**  | **633,207**  **[0001558370-23-018528_stld-20230930x10q.htm:15]**  | N/A | **451,763**  **[0001558370-24-007736_stld-20240331x10q.htm:15]**  | **472,832**  **[0001104659-24-080714_tm2419718d1_ex99-1.htm:8]**  | **447,265**  **[0001104659-24-109422_tm2426355d1_ex99-1.htm:8]**  |
| Other ($000) | **335,992**  **[0001104659-23-006779_tm234445d2_ex99-1.htm:11]**  | **380,100**  **[0001558370-23-008282_stld-20230331x10q.htm:16]**  | **312,339**  **[0001104659-23-082573_tm2321683d1_ex99-1.htm:8]**  | **299,854**  **[0001558370-23-018528_stld-20230930x10q.htm:15]**  | N/A | **311,114**  **[0001558370-24-007736_stld-20240331x10q.htm:15]**  | **441,138**  **[0001104659-24-080714_tm2419718d1_ex99-1.htm:8]**  | **411,733**  **[0001104659-24-109422_tm2426355d1_ex99-1.htm:8]**  |

b9cf2e8d61c78903867cdd8ac09a6e365208a6b0f4756871b717532c2fe1d0b1

| Metric [Unit: Thousand USD] | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|-----------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| External U.S. Revenue       | N/A     | **4,451,020**  **[0001558370-23-008282_stld-20230331x10q.htm:12]**  | **3,981,118**  **[0001558370-23-008282_stld-20230331x10q.htm:12]**  | **4,116,294**  **[0001558370-23-018528_stld-20230930x10q.htm:15]**  | N/A     | N/A     | **4,242,936**  **[0001558370-24-011535_stld-20240630x10q.htm:14]**  | **3,989,100**  **[0001558370-24-015022_stld-20240930x10q.htm:14]**  |
| External Non-U.S. Revenue   | N/A     | **442,186**  **[0001558370-23-008282_stld-20230331x10q.htm:12]**    | **550,256**  **[0001558370-23-013968_stld-20230630x10q.htm:15]**    | **470,763**  **[0001558370-23-018528_stld-20230930x10q.htm:15]**    | N/A     | **415,515**  **[0001558370-24-007736_stld-20240331x10q.htm:11]**  | **389,698**  **[0001558370-24-011535_stld-20240630x10q.htm:14]**  | **352,515**  **[0001558370-24-015022_stld-20240930x10q.htm:14]**  |

0bf251efb32cd29ece23deb357d6bab5056aa3195f8acbed2355e8ce410d8c80

Steel Dynamics, Inc. (SDI) is one of the largest and most diversified domestic steel producers and metals recyclers in the United States, with operations organized into four main segments **[0001558370-24-002152_stld-20231231x10k.htm:68]** **[0001558370-24-015022_stld-20240930x10q.htm:6]** **[0001558370-24-002152_stld-20231231x10k.htm:4]** **[0001558370-24-011535_stld-20240630x10q.htm:18]**. The company primarily engages in steel production, metals recycling, and steel fabrication, with a focus on value-added products and supply-chain solutions **[0001558370-24-002152_stld-20231231x10k.htm:5]**. SDI's product offerings include electric arc furnace (EAF) steel mills, ferrous and nonferrous metal processing, steel joists and deck products, and a developing aluminum operations segment **[0001558370-24-002152_stld-20231231x10k.htm:68]** **[0001558370-24-002152_stld-20231231x10k.htm:13]**.

1. **Steel Operations** - Operates electric arc furnace (EAF) steel mills and various processing and coating operations, contributing significantly to the company's revenue **[0001558370-24-002152_stld-20231231x10k.htm:68]** **[0001558370-24-002152_stld-20231231x10k.htm:13]**.
2. **Steel Fabrication Operations** - Produces steel joists and deck products, emphasizing value-added solutions for construction and industrial applications **[0001558370-24-002152_stld-20231231x10k.htm:68]**.
3. **Metals Recycling Operations** - Provides ferrous and nonferrous metal processing primarily through OmniSource, supporting sustainable material sourcing **[0001558370-24-002152_stld-20231231x10k.htm:68]**.
4. **Aluminum Operations** - Developing a recycled aluminum flat rolled products mill and two slab centers, with operations expected to begin in 2025 **[0001558370-24-002152_stld-20231231x10k.htm:68]** **[0001558370-24-015022_stld-20240930x10q.htm:6]**.

b634230c453744e0c339866cf6f921a25a1a107937262cd70fb85b30c0843609

1. Regarding the Sinton mill, you mentioned experiencing difficulties ramping back up after the outage and expect utilization to increase to around **75%** for **Q4 2024**; can you elaborate on the specific challenges faced during ramp-up and how confident are you in achieving the projected utilization rate?  **[STLD_3403007_5]** 

2. You included Canada and Mexico in the galvanized trade case due to significant increases in imports; how do you justify this action given existing trade agreements, and are you concerned about potential impact on your relationships and operations in those markets?  **[STLD_3403007_14]** 

3. With capital investments projected to increase to **$700 million to $800 million** in **2025** from **$500 million to $550 million** in **Q4 2024**, can you explain how these investments will be allocated across projects and how they align with your capital allocation strategy focusing on high-return strategic growth?  **[STLD_3403007_3]** 

4. Given that **80%** of your flat-rolled business is contractually based, do you anticipate any risks to this contractual mix with the further ramp-up of Sinton, and how might this affect your exposure to spot market volatility?  **[STLD_3403007_11]** 

5. On the biocarbon project expected to start in **Q1 2025**, since you mentioned you won't have enough product to satisfy all carbon needs at your steel mills, how do you plan to scale this project, and what impact do you expect it to have on your carbon reduction targets and potential product premiums?  **[STLD_3403007_22]** 

af7c000946119348decfd57260195fc5733783fbbbe8ad8f9abaf5941405ac31

External

- United States

- Non-U.S.

Other Segments

Total Revenue

51ca351b8f44a1dcc124f3957f630906b3e1cb685f3d9871b9aa81eb499a2a0b

3ab776445d59b4ad5a6fccd8263cc1cbd6a076b26e0959ec8883d9f2d900acf1

5f70d6bffc1a7cdb75b6f18d0f2cd62d0924f5b5e46f159ca0e8e595dbd3815c

Steel Operations

Metals Recycling Operations

Steel Fabrication Operations

Aluminum Operations

Other

Intra-company Eliminations

4da02f8bf37e40127c191fe61709afd40715484f3052003a944943861bf75766

5a94a0a6fb78ff02239cf3ac9bd6a23d0ad17630e726e51a9d7725b531c509ba

**Steel Operations Segment Shipments (tons)**

**Metallic Raw Material Cost (USD/ton)**

**Metal Spread (%)**

**Ferrous Metal Shipments (gross tons)**

**Nonferrous Metals Shipments (thousands of pounds)**

**Ferrous Scrap Average Selling Prices (%)**

**Nonferrous Scrap Average Selling Prices (%)**

**Ferrous Metal Spreads (%)**

**Nonferrous Metal Spreads (%)**

89e9ff47494119093e9335496bc91483ecf4e92f4bb6533caf8d4071144edf25

**Quarterly guidance for Q1 2025:**
- **Steel business & fabrication volumes**: “Higher volumes”  **[STLD_3413136_12]**  (no prior guidance)  
- **Losses from aluminum operations**: $30–$35 million  **[STLD_3413136_20]**  (no prior guidance)  

**Annual guidance for FY 2025:**
- **Capital expenditures**: ~$1 billion  **[STLD_3413136_3]**  (raised from $700–$800 million  **[STLD_3403007_3]** )  
- **Aluminum operations (EBITDA positive in 2H 2025)**:  **[STLD_3413136_3]**  (no change from prior guidance  **[STLD_3403007_2]** )  
- **Aluminum rolling mill utilization**: 50% by the end of FY 2025  **[STLD_3413136_3]**  (no prior guidance)  
- **Aluminum investments**: $500+ million  **[STLD_3413136_3]**  (no prior guidance)  
- **Steel fabrication margins**: higher on a mid-cycle basis  **[STLD_3413136_18]**  (no prior guidance)  
- **Sinton Steel Mill**: expected to reach profitability in FY 2025  **[STLD_3413136_1]**  (no prior guidance)  

db2b71a34b606954263d57f998ac1a30ae53e0bacef115c458dd568534e22479

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: Q4 2024 and FY 2025
- **Guidance**:
  1. **Capital Investments**: $500 million to $550 million for Q4 2024; $700 million to $800 million for FY 2025  **[STLD_3403007_3]** .
  2. **Aluminum Investments**: EBITDA positive in the second half of 2025; 75% capacity operation in 2026  **[STLD_3403007_2]** .
  3. **Steel Fabrication**: Strong order activity extending through Q1 2025  **[STLD_3403007_2]** .
  4. **Sinton Operations**: 75% product utilization rate for Q4 2024  **[STLD_3403007_5]** .
  5. **Aluminum Facility Production**: Slabs production in Q1 2025; commercial shipments by mid-2025  **[STLD_3403007_7]** .
  6. **Steel Demand and Pricing**: Optimism as they end 2024 and enter 2025  **[STLD_3403007_5]** .
  7. **Sustainability Targets**: 15% reduction in greenhouse gas intensity by 2030  **[STLD_3403007_3]** .
  8. **Financial Metrics**: Strong cash generation capability  **[STLD_3403007_8]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024 and beyond
- **Guidance**:
  1. **Capital Investments**: $2 billion for FY 2024; $793 million funded by mid-year  **[STLD_3393446_3]** .
  2. **Aluminum Project Costs**: $2.7 billion total; $900 million in 2024, $250 million in 2025  **[STLD_3393446_2]** .
  3. **Aluminum Facility Operations**: Start mid-2025; EBITDA positive in the second half of 2025  **[STLD_3393446_2]** .
  4. **Aluminum Product Mix**: 45% can sheet, 30-35% automotive by 2027  **[STLD_3393446_6]** .
  5. **Sinton Operations**: Improvements in production and profitability  **[STLD_3393446_5]** .
  6. **Steel Demand and Pricing**: Optimism for 2024  **[STLD_3393446_5]** **[STLD_3393446_6]** .
  7. **Working Capital**: Neutral or a funding source in the second half of 2024  **[STLD_3393446_20]** .
  8. **Cash Flow and Capital Allocation**: No change expected for 2024  **[STLD_3393446_21]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: N/A (No specific earnings guidance provided)
- **Guidance**:
  1. **Volume Expectations**: Higher volumes expected in fabrication, steel, and mills recycling  **[STLD_3380533_17]** .
  2. **Pricing and Backlog**: Stabilized pricing; backlog extends through Q3 2024  **[STLD_3380533_2]** .
  3. **Capital Expenditures**: $2 billion for FY 2024; $1.4 billion for aluminum investments  **[STLD_3380533_2]** .
  4. **Aluminum Project**: Operations start mid-2025; total cost $2.7 billion  **[STLD_3380533_6]** .
  5. **Utilization Rates**: Sinton division close to 70% capacity  **[STLD_3380533_2]** .
  6. **Cash Flow and Liquidity**: $3.1 billion liquidity  **[STLD_3380533_2]** .
  7. **Share Repurchases**: $1.1 billion available under the plan  **[STLD_3380533_3]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024 and Q1 2024
- **Guidance**:
  1. **Steel Fabrication**: Increased order input rate; expectations for Q2 2024 and beyond  **[STLD_3370745_11]** .
  2. **Sinton Plant Utilization**: 80% target for FY 2024; approaching 75% in January  **[STLD_3370745_24]** .
  3. **Steel Demand and Pricing**: Optimism for 2024  **[STLD_3370745_5]** .
  4. **Capital Investments**: $2 billion for FY 2024; $1.4 billion for aluminum  **[STLD_3370745_3]** .
  5. **Aluminum Facility**: Expected EBITDA $650-$700 million; additional $40-$50 million from OmniSource  **[STLD_3370745_6]** .
  6. **Coating Lines**: All lines operational by Q2 2024  **[STLD_3370745_14]** .
  7. **Steel Operations Volume**: Incremental volume expected in Q1 2024  **[STLD_3370745_28]** .
  8. **Fabrication Pricing**: Steady backlog prices  **[STLD_3370745_10]** .

0eff6eec9d6eb7c9b6cf58b2580a54efe2a0327ef9196684588e3464ce6a39c0

| Name                  | Position                                           | Start Date       | Short Bio                                                                                                                                                                                                                                                                                                                                                     |
|-----------------------|----------------------------------------------------|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Mark D. Millett       | Co-founder, Chairman, and Chief Executive Officer  | January 2012     | Mark D. Millett co-founded Steel Dynamics, Inc. in **1993**. He has been the Chairman of the Board since **May 2021** and has served as the Chief Executive Officer since **January 2012**. He has held various positions within the company and was instrumental in the design, construction, and start-up operation of all of the company's steel mills  **[0001558370-24-002152_stld-20231231x10k.htm:8]** **[0001558370-23-002303_stld-20221231x10k.htm:8]** **[0001104659-24-040422_tm242683d2_def14a.htm:30]** . |
| Theresa E. Wagler     | Executive Vice President, Chief Financial Officer, and Corporate Secretary | May 2007         | Theresa E. Wagler has been with Steel Dynamics since **1998** and has served as Executive Vice President, Chief Financial Officer, and Corporate Secretary since **May 2007**. She oversees multiple functions including accounting, taxation, and strategic business development  **[0001558370-24-002152_stld-20231231x10k.htm:9]** **[0001104659-24-040422_tm242683d2_def14a.htm:35]** **[0001104659-23-039039_tm231847d2_def14a.htm:31]** .                                                                       |
| Barry T. Schneider    | President and Chief Operating Officer              | March 2023       | Barry T. Schneider was appointed as President and Chief Operating Officer in **March 2023**. He has been with Steel Dynamics since **1994** and has held various operational and leadership roles, including Senior Vice President of the Flat Roll Steel Group  **[0001558370-24-002152_stld-20231231x10k.htm:9]** **[0001104659-24-040422_tm242683d2_def14a.htm:35]** **[0001558370-24-002152_stld-20231231x10k.htm:8]** .                                                                                     |
| Miguel Alvarez        | Senior Vice President, Metals Recycling            | March 2022       | Miguel Alvarez has been the Senior Vice President, Metals Recycling since **March 2022**. He is responsible for OmniSource's ferrous and nonferrous metals recycling operations. Before joining Steel Dynamics, he held leadership positions at BlueScope  **[0001558370-24-002152_stld-20231231x10k.htm:9]** **[0001558370-23-002303_stld-20221231x10k.htm:9]** .                                                                                               |
| James S. Anderson     | Senior Vice President, Steel Fabrication           | March 2022       | James S. Anderson has been the Senior Vice President, Steel Fabrication since **March 2022**. He previously served as Vice President, Steel Fabrication and President of New Millennium Building Systems  **[0001558370-24-002152_stld-20231231x10k.htm:9]** **[0001558370-23-002303_stld-20221231x10k.htm:10]** .                                                                                                                                                |
| Chris A. Graham       | Senior Vice President, Flat Roll Steel Group       | October 2023     | Christopher A. Graham was appointed as Senior Vice President, Flat Roll Steel Group in **October 2023**. He has held various positions within the company, including Senior Vice President, Long Products Steel Group  **[0001104659-24-040422_tm242683d2_def14a.htm:35]** **[0001558370-24-002152_stld-20231231x10k.htm:10]** .                                                                                                                                  |
| Richard A. Poinsatte  | Senior Vice President and Treasurer                | October 2023     | Richard A. Poinsatte was appointed as Senior Vice President in **October 2023** and serves as Treasurer. He joined Steel Dynamics in 2000 and has been responsible for the company's treasury, risk, and legal applications since 2008  **[0001558370-24-002152_stld-20231231x10k.htm:10]** .                                                                                                                    |
| Glenn A. Pushis       | Senior Vice President, Special Projects            | February 2019    | Glenn A. Pushis has been the Senior Vice President, Special Projects since **February 2019**. He is responsible for the design and construction of the company's new aluminum flat rolled products mill and has been with Steel Dynamics since **1994**  **[0001104659-24-040422_tm242683d2_def14a.htm:36]** **[0001558370-24-002152_stld-20231231x10k.htm:10]** **[0001104659-23-039039_tm231847d2_def14a.htm:31]** **[0001558370-23-002303_stld-20221231x10k.htm:10]** .                                                                                           |

c33e4ea9bbdd9502562237e25002595d9905ead360c3008963796679e98cb63a

| Program Details          | Program 1      |
|--------------------------|----------------|
| Approval Date            | November 2023  **[0001558370-24-015022_stld-20240930x10q.htm:25]**  |
| End Date/Duration        | No expiration date  **[0001558370-24-015022_stld-20240930x10q.htm:25]**  |
| Total additional amount  | **$1.5 billion**  **[0001558370-24-015022_stld-20240930x10q.htm:25]**  |
| Remaining authorization amount | **$486.4 million** (as of September 30, 2024)  **[0001558370-24-015022_stld-20240930x10q.htm:25]**  |
| Details                  | Purchases based on market price, investment opportunities, cash flows, and economic conditions. Can be modified, suspended, extended, or terminated at any time.  **[0001558370-24-002152_stld-20231231x10k.htm:82]** **[0001558370-23-018528_stld-20230930x10q.htm:26]**  |

c8ad63170259e48ece30e1ed081d2c9ddb1060afa06363263feab83a09368cd2

| Name             | Start Date | End Date | Reason for Change |
|------------------|------------|----------|-------------------|
| Ernst & Young LLP | 1999  **[0001558370-24-002152_stld-20231231x10k.htm:64]**  | Present  | Current auditor   |

1199bf6ced07ae2602d08352ab5738766d834cccf1e9a3352ece0690fa9c195a

f435b3787bea4b8f667ec5defa5c4dc73a2f73b5926352c7cc4eeb93972553fe

- Total Revenue: $3.872B (-8% YoY)  **[0001104659-25-005488_tm254167d1_ex99-1.htm:6]** **[0001558370-24-002152_stld-20231231x10k.htm:65]**   
- Operating Income: $237.5M (down **54%** YoY)  **[0001104659-25-005488_tm254167d1_ex99-1.htm:6]** **[0001558370-24-002152_stld-20231231x10k.htm:65]**   
- Net Income: $209.9M (down **49%** YoY)  **[0001104659-25-005488_tm254167d1_ex99-1.htm:6]** **[0001558370-24-002152_stld-20231231x10k.htm:65]**   
- SG&A: $176.9M (+13% YoY)  **[0001104659-25-005488_tm254167d1_ex99-1.htm:6]** **[0001558370-24-002152_stld-20231231x10k.htm:65]**   
- Share Repurchases: $295.1M (vs. -$2.52B in Q4 2023)  **[0001104659-25-005488_tm254167d1_ex99-1.htm:8]** **[0001558370-24-002152_stld-20231231x10k.htm:67]**   

f07753e926b233dce67dfbf620c0c4f087655dfbdb1994e6b492c4a8c65da36b

- **Steel fabrication shipments in Q4 were the lowest in 5 years**, indicating potential weakness in this segment.  **[STLD_3370745_11]**
- The **aluminum segment is incurring start-up losses** that will be reflected in **higher SG&A expenses**, potentially affecting profitability.  **[STLD_3370745_20]**
- Challenges at the Sinton mill, including **transporter problems** and **lower power input**, may hinder the company's ability to achieve its **80% utilization target** for the year.  **[STLD_3370745_24]**

65fd5a77695c52d2c1e7dc74cd1de18496bc5f367d6b99f4b1641941ace6fd65

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3550ba51b77032a704f4a020960dcb589fb0dd759a27b3328c962b3bb0b219c8

| Year | Amount Due (millions) | Debt Type                  | Interest Rate (%) | % of Total Debt |
|------|-----------------------|----------------------------|-------------------|-----------------|
| 2024 | 400                   | Senior Notes               | 2.800             | 10.8% = (400M / 3700M) * 100 **[0001558370-24-015022_stld-20240930x10q.htm:24]** **[0001558370-24-015022_stld-20240930x10q.htm:10]** |
| 2024 | 882                   | Current Maturities of Long-Term Debt | N/A               | 23.8% = (882M / 3700M) * 100 **[0001558370-24-015022_stld-20240930x10q.htm:2]** **[0001558370-24-015022_stld-20240930x10q.htm:24]** |
| 2025 | 400                   | Senior Notes               | 2.400             | 10.8% = (400M / 3700M) * 100 **[0001558370-24-015022_stld-20240930x10q.htm:25]** **[0001558370-24-015022_stld-20240930x10q.htm:24]** |
| 2034 | 600                   | Senior Unsecured Notes     | 5.375             | 16.2% = (600M / 3700M) * 100 **[0001558370-24-015022_stld-20240930x10q.htm:10]** **[0001558370-24-015022_stld-20240930x10q.htm:24]** |

6800f7ef683d864c78c402625847bdec94799629e30fc2ed111ca108d44c6009

- **Potential trade tensions with Mexico may negatively impact STLD's export market**, as increased rhetoric and possible tariffs could lead to reduced demand from Mexico.  **[STLD_3393446_22]** **[STLD_3393446_14]**
- **Rising steel imports, particularly in coated products (up **60%** year-to-date), are increasing competition** and could pressure STLD's pricing and market share.  **[STLD_3393446_18]**
- **Operational challenges at the Sinton facility are delaying profitability**, with the plant operating below full capacity and only expected to achieve 75% utilization in the second half of the year.  **[STLD_3393446_12]** **[STLD_3393446_14]**

7f4cd02aeaad6534cacbadd11b2369c951714606e3a387df415276c2be63bf00

- **Decline in long steel volumes:** Steel Dynamics experienced a significant year-on-year decline in long steel product volumes in the first quarter of 2024 due to changes in market dynamics and seasonal factors.  **[STLD_3380533_11]** **[STLD_3380533_13]**
- **Potential impact from U.S.-Mexico trade tensions:** Worsening trade relations between the U.S. and Mexico, including talks of tariffs and retaliation, could negatively affect Steel Dynamics' operations and sales in Mexico.  **[STLD_3380533_18]**
- **Uncertainty in securing customer contracts for the aluminum project:** The company has not yet secured definitive contracts with customers for its new aluminum flat-rolled products facility, posing risks to the project's success and financial returns.  **[STLD_3380533_12]** **[STLD_3380533_9]**

2544fdd5a81026f1e1282828ad538f0e78449f962de2626071b741ea69afff38

- **Steel Dynamics expects significant earnings impact in 2025 from their four new value-added flat-rolled steel coating lines, which had a $600 million investment and a payback period of 2 to 2.5 years**  **[STLD_3403007_19]** . These lines are currently operating at **65% to 75% capacity** and are expanding product mix and customer relationships  **[STLD_3403007_19]** .
- **Approximately 65% of the company's flat-rolled product mix is now value-added products**, showing successful diversification and innovation that strengthens their ability to succeed regardless of external factors like trade cases  **[STLD_3403007_15]** .
- **Anticipated strong demand and potential price appreciation in steel fabrication in 2025**, driven by **interest rate changes and additional demand from public funding**, positions Steel Dynamics for robust performance ahead  **[STLD_3403007_10]** .

c99dd31f90edf40437c9f0d79134d329846d2a8fd6723dce0d84dfb9313354e4

- **STLD expects increased volume and profitability from its Sinton plant in the second half of the year**, with strong customer demand for high-value products in the region.  **[STLD_3393446_12]**
- **The company is making significant progress on its aluminum flat-rolled investments**, with plans to begin production in mid-2025 and expectations of adding **$650 million to $700 million** of annual EBITDA through the cycle.  **[STLD_3393446_7]**
- **STLD remains confident in its strong cash flow generation**, allowing it to maintain its capital allocation policy and shareholder returns despite significant capital expenditures.  **[STLD_3393446_21]**

e60d479e4bd9761e5161cae668e31da7bbd59a3c3f90d98eeb0fa3a555fb9964

1. **Aluminum Project CapEx and Breakeven**  
   **Q:** When will the aluminum project reach breakeven, and is CapEx guidance unchanged?  
   **A:** We expect aluminum operations to start mid-2025, with early qualifications. We're confident in matching customer demand with our ramp-up. From an EBITDA breakeven standpoint, we hope to reach that position by the end of the first year of operations. Our CapEx guidance remains at **$2.7 billion**, with no expected expansion despite inflationary pressures.  **[STLD_3380533_9]** 

2. **Fabrication Segment Outlook**  
   **Q:** What is the outlook for fabrication volumes and margins?  
   **A:** Bookings increased in March and are up meaningfully in April, with backlogs around **6 months**. We consider volumes to have reached a trough and expect an increase in Q2 and beyond. Despite slight price erosion, operating income remains strong at over **$1,200 per ton**, significantly higher than historical levels of $150 to $200 per ton, indicating a structural market shift.  **[STLD_3380533_10]** 

3. **Sinton Ramp-Up and Costs**  
   **Q:** Will Sinton's ramp-up reduce conversion costs further?  
   **A:** Yes, increasing production at Sinton, improving into Q2 and the second half of the year, will compress costs across the spectrum. We expect the conversion rate to continue reducing, though exact magnitude is uncertain.  **[STLD_3380533_8]** 

4. **Long Products Volume Decline**  
   **Q:** Why did long steel volumes decline, and what is the outlook?  
   **A:** The decline is largely due to seasonality and weather-related issues. We have a robust level of order input, and backlogs are healthy. We're confident moving forward for the rest of the year in this space.  **[STLD_3380533_11]** **[STLD_3380533_13]** 

5. **Mexico Trade Relations Impact**  
   **Q:** How do U.S.-Mexico trade tensions affect your business?  
   **A:** We haven't seen any direct impact. We grew substantial market share in Mexico last year, shipping around **600,000 tons**. It's a wait-and-see situation, but we believe issues will be resolved given the strong trade relationship between the U.S. and Mexico.  **[STLD_3380533_18]** 

6. **Processing Lines Start-Up**  
   **Q:** What's the status of new paint and galvanizing lines?  
   **A:** All four lines have run product. The paint line in Terre Haute is shipping prime product and ramping up through Q2 and Q3. The galvanizing line in Sinton started up in January and is contributing at a high rate. The second galvanizing line in Terre Haute and the new paint line in Sinton will progress operationally through the year. All four units will contribute soundly in Q2 and beyond.  **[STLD_3380533_13]** 

7. **Carbon-Based Tariffs Outlook**  
   **Q:** What's your view on potential carbon-based tariffs?  
   **A:** We don't see any meaningful change in U.S. policy on carbon border adjustments. Europe is proceeding with their plans, and after the election, we expect efforts to maintain trade with Europe. This development is positive for us due to our incredibly low sustainability position, positioning us to lead in such tariffs.  **[STLD_3380533_19]** 

8. **CRC-HRC Spread Dynamics**  
   **Q:** What's driving robust CRC-HRC spreads?  
   **A:** Coated products are gaining market share, with dynamic changes like the booming solar market consuming around **25 tons** of coated product per megawatt. We supply over **300,000 tons** annually into the solar market. Increased applications for coated products tighten the market and support higher spreads.  **[STLD_3380533_15]** 

9. **Data Centers vs. Warehouses**  
   **Q:** How does data center build-out compare to warehouses?  
   **A:** Each project varies, but generally, steel intensity isn't wildly different from warehousing. The data center market remains strong due to factors like artificial intelligence and cloud computing needs. We're actively providing solutions to stakeholders building these facilities.  **[STLD_3380533_20]** 

10. **CapEx Timing Guidance**  
    **Q:** How will CapEx spending progress through the year?  
    **A:** The largest portion of CapEx relates to the aluminum investment. We expect CapEx to increase in Q2 and Q3 as equipment arrives and milestones are met, with spending likely about equal in those quarters. In Q4, CapEx will likely decrease to levels similar to Q1.  **[STLD_3380533_21]** 

2a6e4b7cd3ce2a61dee25ea7264c58a284249e55ffe2e2a5d861bc715d78f8e9

- **Steel Dynamics expects strong performance from its Sinton mill in 2024, aiming for utilization rates of **80%** for the year, with utilization already approaching **75%** in January despite operational challenges, demonstrating significant improvements and confidence in meeting targets.**  **[STLD_3370745_11]** **[STLD_3370745_24]**
- **The company experienced increased order input rates in Q4, achieving the highest fabrication order input in the prior **six quarters**, indicating that volumes and pricing have stabilized and are expected to improve throughout 2024.**  **[STLD_3370745_11]** **[STLD_3370745_10]**
- **Steel Dynamics is confident in strong customer reception for its upcoming aluminum flat-rolled investments, anticipating successful ramp-up starting mid-2025 due to high customer interest and support.**  **[STLD_3370745_13]**

6fc4dec5c50c097aa3c007ace17219d7dac103d99af92939825dbba526988d97

- **Strong progress on the aluminum flat-rolled investments**, with **customer commitments supporting the first 12 to 18 months of ramp-up**  **[STLD_3380533_12]** , and **confidence in keeping the project cost at $2.7 billion despite inflationary pressures**.  **[STLD_3380533_9]**  The company expects the aluminum rolling mill to start operating in **mid-2025**  **[STLD_3380533_6]** , and is optimistic about the **EBITDA breakeven by the end of the first operational year**.  **[STLD_3380533_9]**
- **Positive outlook for steel fabrication demand**, with **healthy backlogs extending through the third quarter of 2024**  **[STLD_3380533_4]** , **stabilized pricing at historically strong levels**  **[STLD_3380533_4]** , and expectations of **increased volumes in the second quarter and beyond** due to infrastructure spending and onshoring.  **[STLD_3380533_10]**
- **Successful start-up and ramp-up of new value-added flat-rolled steel coating lines**, with **all four lines contributing to increased volume and profitability in the second quarter and progressing through the year**.  **[STLD_3380533_10]**  This is expected to **enhance margins and support higher through-cycle utilization**.  **[STLD_3380533_10]**

55a417b200df66956f707d4cc0b3c3a9044f39b093262533d39ada60a00c7194

- **Dependence on favorable trade rulings**: Steel Dynamics is relying on success in ongoing antidumping cases, especially concerning galvanized steel imports, to maintain competitive pricing. If these rulings do not go in their favor, it could negatively impact margins.  **[STLD_3403007_14]** ,  **[STLD_3403007_15]**
- **Pressure on value-added product margins**: The spread between galvanized steel and cold-rolled coil has been depressed, reaching levels that are potentially not economical, putting pressure on value-added products like **Galvalume**.  **[STLD_3403007_15]** ,  **[STLD_3403007_19]**
- **Delayed earnings contribution from new investments**: Despite a **$600 million** investment in four new value-add lines, they have not significantly contributed to earnings yet, with full impact expected in **2025**.  **[STLD_3403007_19]**

72f40bfac2a5fef0071617183697416e4e7505e7daaaa040f74fcc817a21cb59

1. **2025 Market Outlook**  
   **Q:** What if demand doesn't recover in 2025?  
   **A:** We are **very constructive** on the 2025 market, expecting a **lower interest rate environment** to boost nonresidential construction.  **[STLD_3403007_23]**  Our customer base is positive, and we will produce according to their needs.  **[STLD_3403007_23]**  Even in a pessimistic scenario, our **diversified product mix** and **pull-through volume** strategies enable us to maintain strong cash generation.  **[STLD_3403007_23]** 

2. **Dividend Expectations**  
   **Q:** Will dividends increase significantly in February?  
   **A:** While the Board decides on dividends, we anticipate a **positive move** in the first quarter.  **[STLD_3403007_18]**  With Sinton becoming a **significant EBITDA contributor** next year and our aluminum assets expected to be **EBITDA positive** in the second half of 2025, we foresee dividends reflecting this growth, possibly more in 2026.  **[STLD_3403007_18]** 

3. **Sinton Profitability**  
   **Q:** When will Sinton be EBITDA positive?  
   **A:** Despite not being EBITDA positive in Q3 due to maintenance costs  **[STLD_3403007_21]** , we expect Sinton to be profitable in Q4 and certainly next year.  **[STLD_3403007_21]**  We're reducing unplanned downtime and improving equipment reliability, which gives us confidence in reaching **optimal utilization**.  **[STLD_3403007_17]** 

4. **Trade Case Impact**  
   **Q:** How will the galvanized trade case affect you?  
   **A:** Including ten countries, the trade case aims to address the **surge of imports** impacting fair trade.  **[STLD_3403007_14]**  We anticipate success, especially against egregious offenders, which should allow us to adjust our product mix favorably.  **[STLD_3403007_15]**  This process is necessary to ensure competitive markets in the U.S..  **[STLD_3403007_14]** 

5. **Value-Add Lines Ramp-Up**  
   **Q:** What is the status of the new coating lines?  
   **A:** Our four new lines are operating at **65% to 75%** utilization.  **[STLD_3403007_19]**  Their earnings impact hasn't been significant yet, but with a **$600 million investment** and typical **2 to 2.5 years** payback, we'll see more benefits in 2025 as they ramp up.  **[STLD_3403007_19]** 

6. **Biocarbon Project**  
   **Q:** When will biocarbon be used in production?  
   **A:** Our biocarbon facility is on track for a **Q1 2025 start**.  **[STLD_3403007_22]**  We'll begin integrating biocarbon into steel production in the first half of next year, aiding our decarbonization journey.  **[STLD_3403007_22]**  While it's not for specific customers, it supports our use of **lower-carbon raw materials**.  **[STLD_3403007_22]** 

7. **Steel Fabrication Outlook**  
   **Q:** What's the outlook for steel fabrication pricing and volumes?  
   **A:** We expect normal seasonality in Q4 but anticipate **much stronger volumes** next year, which should support pricing.  **[STLD_3403007_16]**  We're feeling good about the steady demand over the last **6 to 9 months** and believe 2025 will be robust.  **[STLD_3403007_10]** 

8. **Future Investments**  
   **Q:** Where will you invest next?  
   **A:** We're focusing on **value-add opportunities** and products we don't currently make.  **[STLD_3403007_25]**  While we don't see a need for another large greenfield steel site, we will expand our aluminum supply chain, as aluminum's volume growth is expected to be **much stronger than steel**.  **[STLD_3403007_25]** 

9. **Long Products Strength**  
   **Q:** What's driving strength in long products?  
   **A:** Our ability to optimize our product mix and the **diversification** across all businesses keeps long products resilient.  **[STLD_3403007_13]**  We benefit from our metals recycling platform and are excited about opportunities from **investment and reshoring**.  **[STLD_3403007_13]** 

10. **Contractual Business Mix**  
    **Q:** Will 80% contractual business change with Sinton's ramp-up?  
    **A:** Contractual relationships remain important, keeping contract concentration around **70% to 80%**.  **[STLD_3403007_11]**  As we establish customer bases and supply chains in each region, this may slightly decrease but will stay significant.  **[STLD_3403007_11]** 

f885aad056ddff4293bfde07cf24395264f83bb2875414d80c3c32b3aa4105bd

1. **Sinton's EBITDA Turnaround**  
   **Q:** Will Sinton be EBITDA positive in Q1?  
   **A:** Yes, after two years of negative EBITDA, Sinton will be EBITDA positive in the first quarter and thereafter, contributing significantly to earnings.  **[STLD_3370745_12]** 

2. **Aluminum Mill Startup**  
   **Q:** When will the new aluminum mill start operations?  
   **A:** The aluminum mill is on schedule to start mid-2025, expected to contribute through-cycle earnings of **$650–$700 million**, with most of the incremental CapEx spent in 2024.  **[STLD_3370745_12]** 

3. **Fabrication Demand Outlook**  
   **Q:** Has fabrication demand stabilized?  
   **A:** Yes, fabrication volumes and pricing have stabilized, with the highest order input rate in Q4 over the past six quarters, indicating a trough and expected upward trend.  **[STLD_3370745_10]** 

4. **CapEx Guidance**  
   **Q:** What is the CapEx outlook for 2024–2025?  
   **A:** Total CapEx for 2024 remains at **$2 billion**, with most aluminum project spending in 2024; 2025 CapEx is expected to be a minimum of **$500 million**, focusing on ongoing projects.  **[STLD_3370745_12]** **[STLD_3370745_26]** 

5. **Conversion Costs Decline**  
   **Q:** Will steel conversion costs decline in Q1?  
   **A:** Overall conversion costs are expected to come down due to ramping up Sinton's volumes, absent other factors.  **[STLD_3370745_8]** 

6. **Share Repurchase Program**  
   **Q:** Will share repurchases continue in 2024?  
   **A:** Yes, the company expects to generate cash in 2024 and plans to continue its share repurchase program alongside growth investments.  **[STLD_3370745_12]** **[STLD_3370745_26]** 

7. **Infrastructure and Onshoring Impact**  
   **Q:** How will infrastructure spending affect you?  
   **A:** Infrastructure and onshoring investments are driving demand in manufacturing, education, healthcare, and data centers, benefiting steel joist, deck operations, and flat roll products.  **[STLD_3370745_25]** 

8. **Aluminum Scrap Sourcing**  
   **Q:** Can you source enough aluminum scrap?  
   **A:** Yes, with OmniSource's existing operations handling **500 million pounds** of aluminum and strategic scrap collection facilities, sourcing is not expected to be an issue.  **[STLD_3370745_22]** 

9. **Sinton's Utilization Rate**  
   **Q:** What is Sinton's expected utilization in 2024?  
   **A:** Sinton aims to achieve **80% utilization** for the year, with current rates approaching 75% despite power constraints.  **[STLD_3370745_24]** 

10. **Backlog Pricing in Fabrication**  
    **Q:** Is fabrication backlog pricing steady?  
    **A:** Yes, backlog prices are holding steady with no dramatic difference from the Q4 average selling price of **$3,500 per ton**.  **[STLD_3370745_10]** 

7ba8cfdfd913f5e7c495f8ab808a935726b2eec471280562781a4cad2810a27c

1. **Sinton Mill EBITDA**  
   **Q:** Was Sinton EBITDA positive in Q2; expectations for Q3?  
   **A:** Sinton was **breakeven in EBITDA** for Q2, and there are **high expectations** for increased profitability in the second half of the year as operations ramp up.  **[STLD_3393446_12]** 

2. **Sinton Capacity Utilization**  
   **Q:** Why is Sinton guided at 75% utilization in H2, not full?  
   **A:** We anticipate reaching 75% utilization at Sinton in the second half as we continue to **gradually increase production**; steel plants can't be turned on like a light switch.  **[STLD_3393446_14]** 

3. **Market Absorption of Sinton Output**  
   **Q:** Can the market absorb increased Sinton volume?  
   **A:** Yes, we're confident. Our products, especially **higher-strength steels**, are in demand, particularly in Mexico where we're seeing **strong growth** and can sell **every ton we produce**.  **[STLD_3393446_13]** **[STLD_3393446_14]** 

4. **Mexico Trade Concerns**  
   **Q:** Are you concerned about trade tensions with Mexico?  
   **A:** While there's some noise, we don't foresee material problems. **Mexico's steel demand is growing**, and they'll continue to need our products, especially **coated and downstream products**.  **[STLD_3393446_22]** 

5. **Balance Sheet and Leverage**  
   **Q:** Can you carry more leverage; plans for balance sheet?  
   **A:** We have capacity for more leverage but prefer to maintain optionality for **growth opportunities**. We'll continue strong **shareholder distributions** and are open to disciplined **acquisitions**.  **[STLD_3393446_16]** 

6. **Aluminum Mill Utilization**  
   **Q:** Is 75% utilization in 2026 an average or exit rate?  
   **A:** The **75% utilization** in 2026 is the full-year average; we expect to **exit 2026 at close to full capacity**.  **[STLD_3393446_17]** 

7. **Aluminum Mill Contracts**  
   **Q:** When will you lock in long-term aluminum contracts?  
   **A:** Initial qualification of can sheet and auto products starts in 2025; we expect **longer-term contracts of 3–4 years** to begin by end of 2026.  **[STLD_3393446_17]** 

8. **Aluminum Product Margins**  
   **Q:** Are margins different among aluminum products?  
   **A:** Yes, **can sheet has thinner margins** due to volume, while **industrial products**, especially when painted, can be as valuable as any output.  **[STLD_3393446_15]** 

9. **Scrap Processing Capacity**  
   **Q:** Update on low copper shred processing capacity?  
   **A:** We're expanding low copper shred processing to all shredding operations and are confident we'll achieve volumes **matching our sheet mills' productivity**.  **[STLD_3393446_10]** 

10. **Fabrication Backlog Pricing**  
    **Q:** Can you comment on fabrication backlog pricing?  
    **A:** While we can't be specific, pricing remains **historically strong** with stabilization around **joist and decking products**.  **[STLD_3393446_19]** 

11. **Cash Flow and Working Capital**  
    **Q:** How will working capital affect cash flow ahead?  
    **A:** Working capital should not be a significant draw in H2; inventory builds for value-added lines are largely complete, and **cash flow generation remains strong**.  **[STLD_3393446_20]** **[STLD_3393446_21]** 

12. **Steel Imports Impact**  
    **Q:** Thoughts on rising steel imports affecting the market?  
    **A:** Imports are up about **10% year-to-date**, particularly in **coated products**. The spread over hot band is above **$200**, encouraging imports, but we're monitoring the situation.  **[STLD_3393446_18]** 

5b42457698f9ce729438e44452a44f4fac958f9cf4b516047f0072b6f1183efe

Steel Dynamics Inc (STLD)

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