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Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Information  
Segment Information

Note 8. 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. 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. 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-Q has been recast for all prior periods presented consistent with the current reportable segment presentation.

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):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Metals

​

Steel

​

​

​

​

​

​

​

​

​

​

​

​

For the three-month period ended

​

Steel

​

Recycling

​

Fabrication

​

Aluminum

​

​

​

​

​

​

​

​

​

September 30, 2025

​

Operations

​

Operations

​

Operations

​

Operations

​

Other (a)

​

Eliminations

​

Consolidated

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net sales - disaggregated revenue

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

External

​

$

3,380,992

​

$

361,107

​

$

376,869

​

$

71,139

​

$

316,942

​

$

-

​

$

4,507,049

External Non-United States

​

​

157,052

​

​

159,879

​

​

814

​

​

-

​

​

3,421

​

​

-

​

​

321,166

Other segments

​

​

112,812

​

​

613,141

​

​

576

​

​

33,305

​

​

400

​

​

(760,234)

​

​

-

Net sales

​

​

3,650,856

​

​

1,134,127

​

​

378,259

​

​

104,444

​

​

320,763

​

​

(760,234)

​

​

4,828,215

Less:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cost of goods sold

​

​

3,095,740

​

​

1,076,364

​

​

244,038

​

​

106,899

​

​

308,130

​

​

(760,836)

​

​

4,070,335

Other segment items (b)

​

​

58,324

​

​

26,230

​

​

27,201

​

​

54,055

​

​

84,684

​

​

(371)

​

​

250,123

Operating income (loss)

​

​

496,792

​

​

31,533

​

​

107,020

​

​

(56,510)

​

​

(72,051)

​

​

973

​

​

507,757

Interest expense, net of capitalized interest

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

13,573

Other (income) expense, net

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(19,662)

Income before income taxes

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

513,846

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization

​

$

101,913

​

$

16,471

​

$

3,415

​

$

3,229

​

$

13,459

​

$

-

​

$

138,487

Capital expenditures

​

​

76,113

​

​

30,858

​

​

4,061

​

​

65,774

​

​

17,371

​

​

(28,485)

​

​

165,692

Total Assets

​

​

8,795,670

​

​

1,465,519

​

​

677,757

​

​

3,659,662

​

​

4,494,314

(c)

​

(3,127,892)

​

​

15,965,030

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Note 8. Segment Information (Continued)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Metals

​

Steel

​

​

​

​

​

​

​

​

​

​

​

​

For the three-month period ended

​

Steel

​

Recycling

​

Fabrication

​

Aluminum

​

​

​

​

​

​

​

​

​

September 30, 2024

​

Operations

​

Operations

​

Operations

​

Operations

​

Other (a)

​

Eliminations

​

Consolidated

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net sales - disaggregated revenue

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

External

​

$

2,745,491

​

$

327,814

​

$

446,663

​

$

66,842

​

$

402,290

​

$

-

​

$

3,989,100

External Non-United States

​

​

171,530

​

​

170,802

​

​

602

​

​

138

​

​

9,443

​

​

-

​

​

352,515

Other segments

​

​

106,987

​

​

531,061

​

​

2,538

​

​

16,229

​

​

-

​

​

(656,815)

​

​

-

Net sales

​

​

3,024,008

​

​

1,029,677

​

​

449,803

​

​

83,209

​

​

411,733

​

​

(656,815)

​

​

4,341,615

Less:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cost of goods sold

​

​

2,665,655

​

​

992,761

​

​

259,109

​

​

79,505

​

​

400,442

​

​

(661,074)

​

​

3,736,398

Other segment items (b)

​

​

57,099

​

​

30,782

​

​

25,102

​

​

25,722

​

​

71,445

​

​

(370)

​

​

209,780

Operating income (loss)

​

​

301,254

​

​

6,134

​

​

165,592

​

​

(22,018)

​

​

(60,154)

​

​

4,629

​

​

395,437

Interest expense, net of capitalized interest

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

17,071

Other (income) expense, net

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(29,659)

Income before income taxes

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

408,025

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization

​

$

91,114

​

$

17,989

​

$

2,829

​

$

1,882

​

$

7,238

​

$

-

​

$

121,052

Capital expenditures

​

​

121,037

​

​

17,226

​

​

5,379

​

​

477,261

​

​

20,518

​

​

(20,066)

​

​

621,355

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Metals

​

Steel

​

​

​

​

​

​

​

​

​

​

​

​

For the nine-month period ended

​

Steel

​

Recycling

​

Fabrication

​

Aluminum

​

​

​

​

​

​

​

​

​

September 30, 2025

​

Operations

​

Operations

​

Operations

​

Operations

​

Other (a)

​

Eliminations

​

Consolidated

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net sales - disaggregated revenue

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

External

​

$

9,440,009

​

$

1,108,509

​

$

1,069,333

​

$

203,347

​

$

1,020,233

​

$

-

​

$

12,841,431

External Non-United States

​

​

440,602

​

​

470,093

​

​

1,305

​

​

-

​

​

9,102

​

​

-

​

​

921,102

Other segments

​

​

308,804

​

​

1,790,185

​

​

756

​

​

95,311

​

​

1,265

​

​

(2,196,321)

​

​

-

Net sales

​

​

10,189,415

​

​

3,368,787

​

​

1,071,394

​

​

298,658

​

​

1,030,600

​

​

(2,196,321)

​

​

13,762,533

Less:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cost of goods sold

​

​

8,912,032

​

​

3,210,057

​

​

676,768

​

​

286,219

​

​

1,003,384

​

​

(2,188,819)

​

​

11,899,641

Other segment items (b)

​

​

170,635

​

​

80,197

​

​

77,746

​

​

138,311

​

​

231,359

​

​

(1,112)

​

​

697,136

Operating income (loss)

​

​

1,106,748

​

​

78,533

​

​

316,880

​

​

(125,872)

​

​

(204,143)

​

​

(6,390)

​

​

1,165,756

Interest expense, net of capitalized interest

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

43,085

Other (income) expense, net

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(59,695)

Income before income taxes

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

1,182,366

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization

​

$

298,220

​

$

47,322

​

$

9,621

​

$

8,716

​

$

41,229

​

$

-

​

$

405,108

Capital expenditures

​

​

244,192

​

​

84,911

​

​

12,588

​

​

484,899

​

​

29,084

​

​

(96,145)

​

​

759,529

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Note 8. Segment Information (Continued)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Metals

​

Steel

​

​

​

​

​

​

​

​

​

​

​

​

For the nine-month period ended

​

Steel

​

Recycling

​

Fabrication

​

Aluminum

​

​

​

​

​

​

​

​

​

September 30, 2024

​

Operations

​

Operations

​

Operations

​

Operations

​

Other (a)

​

Eliminations

​

Consolidated

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net sales - disaggregated revenue

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

External

​

$

8,817,086

​

$

982,324

​

$

1,365,549

​

$

195,952

​

$

1,149,613

​

$

-

​

$

12,510,524

External Non-United States

​

​

598,404

​

​

540,729

​

​

1,727

​

​

2,496

​

​

14,372

​

​

-

​

​

1,157,728

Other segments

​

​

371,008

​

​

1,657,993

​

​

8,026

​

​

38,721

​

​

-

​

​

(2,075,748)

​

​

-

Net sales

​

​

9,786,498

​

​

3,181,046

​

​

1,375,302

​

​

237,169

​

​

1,163,985

​

​

(2,075,748)

​

​

13,668,252

Less:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cost of goods sold

​

​

8,212,465

​

​

3,039,962

​

​

778,129

​

​

219,742

​

​

1,135,513

​

​

(2,078,411)

​

​

11,307,400

Other segment items (b)

​

​

163,228

​

​

99,359

​

​

72,501

​

​

60,862

​

​

260,433

​

​

(1,066)

​

​

655,317

Operating income (loss)

​

​

1,410,805

​

​

41,725

​

​

524,672

​

​

(43,435)

​

​

(231,961)

​

​

3,729

​

​

1,705,535

Interest expense, net of capitalized interest

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

41,768

Other (income) expense, net

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(75,151)

Income before income taxes

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

1,738,918

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization

​

$

266,118

​

$

53,454

​

$

8,288

​

$

4,841

​

$

20,656

​

$

-

​

$

353,357

Capital expenditures

​

​

348,532

​

​

62,284

​

​

18,524

​

​

989,859

​

​

38,462

​

​

(42,830)

​

​

1,414,831

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(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.

​

(b) Other segment items for each reportable operating segment include selling, general, and administrative expenses including payroll & benefit expenses and professional service expenses. For the Aluminum Operations segment, other segment items largely consist of construction, start-up, and commissioning costs recorded in selling, general, and administrative 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.

​

(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.