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Description of the Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Description of the Business and Summary of Significant Accounting Policies

Schedule of Inventories

Inventory consisted of the following at December 31 (in thousands):

​

​	​	​	​	​	​	​	​
​	​	2024		​	2023		​
​	Raw materials	$	1,323,920	​	$	1,226,272	​
​	Supplies	​	805,035	​	​	711,653	​
​	Work in progress	​	269,031	​	​	296,932	​
​	Finished goods	​	715,747	​	​	659,775	​
​	Total inventories	$	3,113,733	​	$	2,894,632	​

Schedule of Property, Plant and Equipment

The company’s property, plant and equipment consisted of the following at December 31 (in thousands):

​	​	​	​	​	​	​	​	​
​	​	​	2024		​	2023		​
​	Land and improvements	​	$	801,210	​	$	693,166	​
​	Buildings and improvements	​	​	1,487,742	​	​	1,255,274	​
​	Plant, machinery and equipment	​	​	7,666,513	​	​	6,887,985	​
​	Construction in progress	​	​	2,767,013	​	​	2,096,489	​
​	​	​	​	12,722,478	​	​	10,932,914	​
​	Less accumulated depreciation	​	​	4,604,490	​	​	4,198,696	​
​	Property, plant and equipment, net	​	$	8,117,988	​	$	6,734,218	​

Schedule of Finite-Lived Intangible Assets

The company’s intangible assets consisted of the following at December 31 (in thousands):

​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	Weighted	​
​	​	​	​	​	​	​	​	​	​	Average	​
​	​	​	​	​	​	​	​	Useful	​	Amortization	​
​	​	2024		​	2023		​	Life	​	Period	​
​	Customer, vendor and scrap generator relationships	$	444,812	​	$	444,812	​	8 to 25 years	​	22 years	​
​	Trade names	​	147,950	​	​	147,950	​	15 to 25 years	​	19 years	​
​	Other	​	-	​	​	600	​	​	​	​	​
​	​	​	592,762	​	​	593,362	​	​	​	22 years	​
​	Less accumulated amortization	​	365,528	​	​	335,603	​	​	​	​	​
​	​	$	227,234	​	$	257,759	​	​	​	​	​

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):

​	​	​	​	​	​
​	​	​	​	​	​
​	2025	​	$	27,464	​
​	2026	​	​	25,562	​
​	2027	​	​	23,163	​
​	2028	​	​	21,953	​
​	2029	​	​	19,583	​
​	Thereafter	​	​	109,509	​
​	Total	​	$	227,234	​

Schedule of Goodwill

The company’s goodwill consisted of the following at December 31, 2024 and 2023 (in thousands):

​	​	​	​	​	​	​
​	​	​	​	​	​	​
​	Steel Operations Segment	​	$	272,133	​	​
​	Aluminum Operations Segment	​	​	14,000	​	​
​	Metals Recycling Operations Segment	​	​	189,413	​	​
​	Steel Fabrication Operations Segment	​	​	1,925	​	​
​	​	​	$	477,471	​	​

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):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

​

​

2023

​

​

Net Income

​

Shares

​

Per Share

​

​

Net Income

​

Shares

​

Per Share

​

​

(Numerator)

​

(Denominator)

​

Amount

​

​

(Numerator)

​

(Denominator)

​

Amount

Basic earnings per share

​

$

1,537,134

​

​

155,420

​

$

9.89

​

​

$

2,450,882

​

​

166,552

​

$

14.72

Dilutive common share equivalents

​

​

-

​

​

716

​

​

​

​

​

​

-

​

​

879

​

​

​

Diluted earnings per share

​

$

1,537,134

​

​

156,136

​

$

9.84

​

​

$

2,450,882

​

​

167,431

​

$

14.64

​

​	​	​	​	​	​	​	​	​	​
​	2022								​
​	Net Income		​	Shares		​	Per Share		​
​	(Numerator)		​	(Denominator)		​	Amount		​
Basic earnings per share	$	3,862,674	​	​	183,393	​	$	21.06	​
Dilutive common share equivalents	​	-	​	​	1,229	​	​	​	​
Diluted earnings per share	$	3,862,674	​	​	184,622	​	$	20.92	​

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