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Description of the Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2023
Description of the Business and Summary of Significant Accounting Policies |
Schedule of Inventories | Inventory consisted of the following at December 31 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023 | ​ | 2022 | ​
​ | Raw materials | $ | 1,226,272 | ​ | $ | 1,608,344 | ​
​ | Supplies | ​ | 711,653 | ​ | ​ | 629,074 | ​
​ | Work in progress | ​ | 296,932 | ​ | ​ | 256,071 | ​
​ | Finished goods | ​ | 659,775 | ​ | ​ | 636,475 | ​
​ | Total inventories | $ | 2,894,632 | ​ | $ | 3,129,964 | ​
Schedule of Property, Plant and Equipment | The company’s property, plant and equipment consisted of the following at December 31 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | 2023 | ​ | 2022 | ​
​ | Land and improvements | ​ | $ | 693,166 | ​ | $ | 521,881 | ​
​ | Buildings and improvements | ​ | ​ | 1,255,274 | ​ | ​ | 1,238,824 | ​
​ | Plant, machinery and equipment | ​ | ​ | 6,887,985 | ​ | ​ | 6,683,237 | ​
​ | Construction in progress | ​ | ​ | 2,096,489 | ​ | ​ | 780,741 | ​
​ | ​ | ​ | ​ | 10,932,914 | ​ | ​ | 9,224,683 | ​
​ | Less accumulated depreciation | ​ | ​ | 4,198,696 | ​ | ​ | 3,851,018 | ​
​ | Property, plant and equipment, net | ​ | $ | 6,734,218 | ​ | $ | 5,373,665 | ​
Schedule of Finite-Lived Intangible Assets | The company’s intangible assets consisted of the following at December 31 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Average | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Useful | ​ | Amortization | ​
​ | ​ | 2023 | ​ | 2022 | ​ | Life | ​ | Period | ​
​ | Customer, vendor and scrap generator relationships | $ | 444,812 | ​ | $ | 420,512 | ​ | 8 to 25 years | ​ | 22 years | ​
​ | Trade names | ​ | 147,950 | ​ | ​ | 147,950 | ​ | 15 to 25 years | ​ | 19 years | ​
​ | Other | ​ | 600 | ​ | ​ | 600 | ​ | 5 years | ​ | 5 years | ​
​ | ​ | ​ | 593,362 | ​ | ​ | 569,062 | ​ | ​ | ​ | 22 years | ​
​ | Less accumulated amortization | ​ | 335,603 | ​ | ​ | 301,555 | ​ | ​ | ​ | ​ | ​
​ | ​ | $ | 257,759 | ​ | $ | 267,507 | ​ | ​ | ​ | ​ | ​
Schedule of Intangible Assets, Future Amortization Expense | Estimated amortization expense related to amortizable intangibles for the years ending December 31 is as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​
​ | 2024 | ​ | $ | 30,526 | ​
​ | 2025 | ​ | ​ | 27,464 | ​
​ | 2026 | ​ | ​ | 25,562 | ​
​ | 2027 | ​ | ​ | 23,163 | ​
​ | 2028 | ​ | ​ | 21,953 | ​
​ | Thereafter | ​ | ​ | 129,091 | ​
​ | Total | ​ | $ | 257,759 | ​
Schedule of Goodwill | The company’s goodwill consisted of the following at December 31 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | 2023 | ​ | 2022 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Steel Operations Segment | ​ | $ | 272,133 | ​ | $ | 272,133 | ​
​ | Metals Recycling Operations Segment | ​ | ​ | 203,413 | ​ | ​ | 228,009 | ​
​ | Steel Fabrication Operations Segment | ​ | ​ | 1,925 | ​ | ​ | 1,925 | ​
​ | ​ | ​ | $ | 477,471 | ​ | $ | 502,067 | ​
Reconciliation of Basic and Diluted Earnings Per Share | The following table presents a reconciliation of the numerators and the denominators of the company’s basic and diluted earnings per share computations for the years ended December 31 (in thousands, except per share data): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023 | ​ | ​ | 2022
​ | ​ | Net Income | ​ | Shares | ​ | Per Share | ​ | ​ | Net Income | ​ | Shares | ​ | Per Share
​ | ​ | (Numerator) | ​ | (Denominator) | ​ | Amount | ​ | ​ | (Numerator) | ​ | (Denominator) | ​ | Amount
Basic earnings per share | ​ | $ | 2,450,882 | ​ | ​ | 166,552 | ​ | $ | 14.72 | ​ | ​ | $ | 3,862,674 | ​ | ​ | 183,393 | ​ | $ | 21.06
Dilutive common share equivalents | ​ | ​ | - | ​ | ​ | 879 | ​ | ​ | ​ | ​ | ​ | ​ | - | ​ | ​ | 1,229 | ​ | ​ | ​
Diluted earnings per share | ​ | $ | 2,450,882 | ​ | ​ | 167,431 | ​ | $ | 14.64 | ​ | ​ | $ | 3,862,674 | ​ | ​ | 184,622 | ​ | $ | 20.92
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | 2021 | ​
​ | Net Income | ​ | Shares | ​ | Per Share | ​
​ | (Numerator) | ​ | (Denominator) | ​ | Amount | ​
Basic earnings per share | $ | 3,214,066 | ​ | ​ | 205,115 | ​ | $ | 15.67 | ​
Dilutive common share equivalents | ​ | - | ​ | ​ | 1,500 | ​ | ​ | ​ | ​
Diluted earnings per share | $ | 3,214,066 | ​ | ​ | 206,615 | ​ | $ | 15.56 | ​

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