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Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Information  
Segment Information

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Note 12. Segment Information

The company’s chief operating decision maker (CODM), who is the Chief Executive Officer, analyzes the results of the business through the following reportable segments: steel operations, metals recycling operations, steel fabrication operations, and aluminum operations. In the fourth quarter 2024, results from an entity previously reported within the metals recycling operations segment were moved to the aluminum operations segment, consistent with a change in how the CODM manages the business. Segment information provided within this Form 10-K has been recast for all prior periods presented consistent with the current reportable segment presentation. The segment operations are more fully described in Note 1. Description of the Business and Summary of Significant Accounting Policies to the consolidated financial statements.

The CODM assesses segment performance and allocates resources primarily based on operating income. The CODM uses operating income to allocate operating and capital resources and assesses performance of each segment by comparing actual operating income results to historical and previously forecasted financial information. The accounting policies of the reportable segments are consistent with those described in Note 1 to the consolidated financial statements. Intra-segment sales and any related profits are eliminated in consolidation.

The company’s segment results, with prior periods recast consistent with our current reportable segments presentation, including disaggregated revenue by segment to external, external non-United States, and other segment customers, are as follows (in thousands):

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​

​

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​

​

​

​

​

​

Metals

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Steel

​

​

​

​

​

​

​

​

​

​

​

For the year ended

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Steel

​

Recycling

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Fabrication

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Aluminum

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​

​

​

​

​

​

​

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December 31, 2024

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Operations

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Operations

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Operations

​

Operations

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Other (a)

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Eliminations

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Consolidated

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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Net sales - disaggregated revenue

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

External

​

$

11,311,552

​

$

1,311,124

​

$

1,761,771

​

$

256,051

​

$

1,435,062

​

$

-

​

$

16,075,560

External Non-United States

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​

749,932

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​

694,010

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​

1,731

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​

2,496

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​

16,661

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​

-

​

​

1,464,830

Other segments

​

​

465,582

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​

2,131,779

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​

8,293

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​

60,142

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​

-

​

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(2,665,796)

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​

-

Net sales

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​

12,527,066

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​

4,136,913

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​

1,771,795

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​

318,689

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​

1,451,723

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(2,665,796)

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​

17,540,390

Less:

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cost of goods sold

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​

10,736,557

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​

3,946,457

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​

1,006,211

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​

298,572

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1,420,978

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(2,670,971)

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​

14,737,804

Other segment items (b)

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​

208,135

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​

113,649

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​

98,600

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​

92,448

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348,153

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(1,436)

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859,549

Operating income (loss)

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​

1,582,374

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​

76,807

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​

666,984

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​

(72,331)

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​

(317,408)

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​

6,611

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​

1,943,037

Interest expense, net of capitalized interest

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

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​

56,347

Other (income) expense, net

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​

​

​

​

​

​

​

​

​

​

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​

​

​

​

​

​

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(96,191)

Income before income taxes

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​

​

​

​

​

​

​

​

​

​

​

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​

​

​

​

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$

1,982,881

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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​

Depreciation and amortization

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$

351,558

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$

56,148

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$

11,071

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$

6,786

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$

53,344

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$

-

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$

478,907

Capital expenditures

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​

461,524

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​

83,020

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29,374

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1,309,027

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​

55,183

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(70,122)

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​

1,868,006

Total Assets

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​

8,776,445

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​

1,301,234

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​

665,867

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​

2,802,647

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​

3,319,917

(c)

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(1,930,877)

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​

14,935,233

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​

​

​

​

​

​

​

​

​

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​

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Note 12. Segment Information (Continued)

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​

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​

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Metals

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Steel

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​

​

​

​

​

​

​

​

​

​

For the year ended

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Steel

​

Recycling

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Fabrication

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Aluminum

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​

​

​

​

​

​

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December 31, 2023

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Operations

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Operations

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Operations

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Operations

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Other (a)

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Eliminations

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Consolidated

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Net sales - disaggregated revenue

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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​

External

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$

11,603,139

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$

1,162,246

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$

2,798,262

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$

239,095

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$

1,164,942

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$

-

​

$

16,967,684

External Non-United States

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​

1,037,412

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​

774,211

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​

672

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​

9,105

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​

6,232

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​

-

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​

1,827,632

Other segments

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​

427,071

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2,222,131

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​

7,843

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37,707

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​

727

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(2,695,479)

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​

-

Net sales

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​

13,067,622

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4,158,588

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​

2,806,777

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285,907

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1,171,901

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(2,695,479)

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18,795,316

Less:

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​

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​

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​

​

​

​

​

​

​

​

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​

Cost of goods sold

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​

10,977,249

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​

3,971,743

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​

1,115,515

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237,759

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1,147,441

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(2,700,274)

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​

14,749,433

Other segment items (b)

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​

208,773

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139,110

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98,001

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31,002

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419,037

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(1,221)

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​

894,702

Operating income (loss)

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​

1,881,600

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​

47,735

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1,593,261

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​

17,146

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(394,577)

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6,016

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3,151,181

Interest expense, net of capitalized interest

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​

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76,484

Other (income) expense, net

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(144,246)

Income before income taxes

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​

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$

3,218,943

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization

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$

331,225

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$

65,803

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$

9,787

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$

4,917

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$

26,072

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$

-

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$

437,804

Capital expenditures

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​

453,955

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​

185,903

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​

22,044

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​

967,739

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​

28,264

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​

-

​

​

1,657,905

Total Assets

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​

8,650,450

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​

1,340,445

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​

790,399

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​

1,444,335

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​

3,248,822

(c)

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(566,031)

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​

14,908,420

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​

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​

​

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​

​

​

​

​

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​

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​

​

​

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​

​

Metals

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Steel

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​

​

​

​

​

​

​

​

​

​

For the year ended

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Steel

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Recycling

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Fabrication

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Aluminum

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​

​

​

​

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​

​

​

December 31, 2022

​

Operations

​

Operations

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Operations

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Operations

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Other (a)

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Eliminations

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Consolidated

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net sales - disaggregated revenue

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

External

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$

13,783,666

​

$

1,293,258

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$

4,245,803

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$

252,121

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$

1,276,923

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$

-

​

$

20,851,771

External Non-United States

​

​

779,683

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​

602,555

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​

183

​

​

16,806

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​

9,776

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​

-

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​

1,409,003

Other segments

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​

537,647

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​

2,304,414

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​

11,221

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​

23,158

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​

1,281

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(2,877,721)

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​

-

Net sales

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​

15,100,996

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​

4,200,227

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​

4,257,207

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​

292,085

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​

1,287,980

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(2,877,721)

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​

22,260,774

Less:

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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​

Cost of goods sold

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​

11,787,382

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​

3,986,236

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​

1,737,366

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​

266,950

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​

1,295,721

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(2,930,712)

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​

16,142,943

Other segment items (b)

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​

220,925

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​

114,619

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​

95,186

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​

10,365

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​

586,304

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​

(1,390)

​

​

1,026,009

Operating income (loss)

​

​

3,092,689

​

​

99,372

​

​

2,424,655

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​

14,770

​

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(594,045)

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​

54,381

​

​

5,091,822

Interest expense, net of capitalized interest

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

91,538

Other (income) expense, net

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(20,785)

Income before income taxes

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

5,021,069

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization

​

$

295,468

​

$

48,851

​

$

9,727

​

$

5,127

​

$

25,029

​

$

-

​

$

384,202

Capital expenditures

​

​

613,678

​

​

63,967

​

​

17,519

​

​

189,805

​

​

23,933

​

​

-

​

​

908,902

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(a) Amounts included in Other are from subsidiary operations that are below the quantitative thresholds required for reportable segments and primarily consist of joint ventures and the idled Minnesota ironmaking operations. Also included are certain unallocated corporate accounts, such as the company's senior unsecured credit facility, senior notes, certain other investments, amortization of intangible assets and certain profit sharing expenses.

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(b) Other segment items for each reportable operating segment include selling, general, and administrative expenses including payroll & benefit expenses and professional service expenses. Other segment items within Other include selling, general, and administrative expenses such as payroll & benefit expenses, companywide equity-based compensation expenses, and professional service expenses, as well as company-wide profit sharing expense and amortization of intangible assets.

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(c) Asset amounts included in Other consist of assets held by subsidiary operations that are below the quantitative thresholds required for reportable segments and the company's corporate assets. Corporate assets primarily consist of cash, short-term and other investments, and intra-company debt.