investor presentation · 1 “free cash flow” is defined as adjusted ebitda – capital...

1 June 2020

Investor Presentation

1 June 2020 1Differentiated and Proven Business Culture

Forward Looking Statements and Non-GAAP Financial Measures

Forward-Looking StatementsThis presentation contains some predictive statements about future events, including statements related to conditions in domestic or global economies, conditions in steel and recycled metals market places, Steel Dynamics’ production capacities, shipments, revenues, costs of purchased materials, future profitability and earnings, and the operation of new, existing or planned facilities. These statements, which we generally precede or accompany by such typical conditional words as “anticipate,” “intend,” “believe,” “estimate,” “plan,” “seek,” “project” or “expect,” or by the words “may,” “will,” or “should,” are intended to be made as “forward-looking,” subject to many risks and uncertainties, within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. These statements speak only as of this date and are based upon information and assumptions, which we consider reasonable as of this date, concerning our businesses and the environments in which they operate. Such predictive statements are not guarantees of future performance, and we undertake no duty to update or revise any such statements. Some factors that could cause such forward-looking statements to turn out differently than anticipated include: (1) the effects of uncertain economic conditions; (2) the effects of pandemics or other health issues, such as the recent novel coronavirus outbreak (COVID-19); (3) cyclical and changing industrial demand; (4) changes in conditions in any of the steel or scrap-consuming sectors of the economy which affect demand for our products, including the strength of the non-residential and residential construction, automotive, manufacturing, appliance, energy, and other steel-consuming industries; (5) fluctuations in the cost of key raw materials and supplies (including steel scrap, iron units, zinc, graphite electrodes, and energy costs) and our ability to pass on any cost increases; (6) the impact of domestic and foreign imports, including trade policy, restrictions, or agreements; (7) unanticipated difficulties in integrating or starting up new, acquired or planned businesses or assets; (8) risks and uncertainties involving product and/or technology development; and (9) occurrences of unexpected plant outages or equipment failures.

More specifically, we refer you to Steel Dynamics’ more detailed explanation of these and other factors and risks that may cause such predictive statements to turn out differently than expected or anticipated, as set forth in our most recent Annual Report on Form 10-K under the headings Special Note Regarding Forward-Looking Statements and Risk Factors, in our quarterly reports on Form 10-Q or in other reports which we from time to time file with the Securities and Exchange Commission. These are available publicly on the SEC website, www.sec.gov, and on the Steel Dynamics website, www.steeldynamics.com: Investors: SEC Filings.

Note Regarding Non-GAAP Financial MeasuresSteel Dynamics reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). Management believes that EBITDA, Adjusted EBITDA, Adjusted Operating Income, Free Cash Flow and Free Cash Flow Conversion, non-GAAP financial measures, provide additional meaningful information regarding Steel Dynamic’s performance and financial strength. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Steel Dynamics’ reported results prepared in accordance with GAAP. In addition, because not all companies use identical calculations, EBITDA, Adjusted EBITDA, Adjusted Operating Income, Free Cash Flow and Free Cash Flow Conversion included in this presentation may not be comparable to similarly titled measures of other companies. The reconciliations of these non-GAAP measures to their most comparable GAAP measures are contained in the appendix at the end of this presentation.


Consistent best-in-class performanceLed North American steel peers in EBITDA margin in each of the last 10 years

Differentiated business model delivering strong profitability and cash flowHigh value-added product mix and diversified customer base drives strong free cash flow conversion

Smart growth — Gaining share and growing with customersOrganic and transactional growth drive supply-chain differentiation and higher steel mill utilization

Strong balance sheet provides strategic flexibility for current operations and prudent growthQ1 2020 net leverage was 1.0x — we are committed to maintaining investment grade ratings

Sustainable shareholder value creation and distribution growthMaintain a positive dividend profile complemented by share repurchases when appropriate

We are a leading North American steel producer with a differentiated and proven business model


15%

10%

5%2%

3%5%

5%8%5%

42%

12%

7%

18%

6%12%

8%7%6%6%

18%

Steel Dynamics – One of the largest and most differentiated steel producers and metals recyclers in North America

Hot Roll and Pickled

& Oiled Sheet

Engineered SBQ

Shapes

MBQ

Other

Cold Roll

Sheet

Coated Sheet

Value-Added Steels 68% Rail

Premium / value-added product mix2

Structural

Hot Roll Sheet

Serving diverse, growing steel end-markets3

2019 Revenue: $10.5B Net Income: $671M Adj. EBITDA: $1.3B1 Steel Shipping Capacity: 13M tons

Metal Building

Heavy Non-Residential

Light Commercial / Residential

Appliance / HVAC

Other Manufacturing

Ag, Equipment, & Mining

EnergyTransportation & Rail

Automotive

Non-Energy Pipe & Tube

Construction-Related

43%

Highly variable (85%), low cost structure

Environmentally-friendly, recycling-based electric-arc-furnace technology

Highly motivated, safety focused and performance-based incentivized team of over 8,400 individuals

Respected and experienced management team, driving our innovative, entrepreneurial culture

Modern, state-of-the-art efficiently configured and flexible production facilities

Vertically connected and controlled supply chain

Market leader producing premium, value-added, diversified steel products, serving growingmarkets

1 The reconciliation to GAAP net income is provided in the appendix to this presentation. 2 Based on 2019 steel sales.³ Based on 2019 steel shipments.


We have a proven track record of delivering smart growth and shareholder value creation

1996 ShipmentsSteel: 794,000 tons

1996: Flat Roll SteelMill - Greenfield

2002: Structural Steel Mill -Greenfield

2002: SBQ Steel Mill Acquisition

2006: Merchant & Specialty Steel

Acquisition – 2 Mills

2014: Flat Roll SteelMill Acquisition -

Columbus

2007: Ferrous and Nonferrous Metals

Recycling Acquisition -OmniSource

2018: Flat Roll Steel Processing Facility

Acquisition -Heartland

2020: Columbus Galvanizing Line

Addition

2019-2021: Planned Sinton, Texas

Greenfield Flat Roll Steel Mill

2000: 1st Steel Fabrication Facility -

Greenfield

2007: Galvanizing Facilities Acquisition –

The Techs

Steel: Record 10.8M tons

Metals Recycling: 4.6M gross tons ferrous and 1.1B pounds nonferrous

Steel Fabrication: Record 644,000 tons

1 Based on the period from 1996 to December 31, 2019.

2019 Shipments

Experienced, entrepreneurial leadership has delivered significant value through disciplined M&A and strategic capital investments

2019: Achieved Investment Grade

Credit Ratings


Consistent best-in-class through-cycle financial performance

EBITDA Margin1

Our six strategic pillars delivering sustained, profitable growth

1

2

3

4

5

6

SafetyGoal of zero incidents – No accidents, no

lost workdays, no injuries

CultureFoster a team of energetic, positive,

driven and innovative individuals

Customer CommitmentFocus on being a preferred partner by providing quality products and unique

supply-chain solutions

GrowthIntentional margin expansion and

consistency through-the-cycle

InnovationDrive innovation to improve safety, quality,

productivity and resource sustainability

Financial StrengthHigher utilization and lower costs

provide strong cash flow generation

1 EBITDA is calculated as earnings before interest, taxes, depreciation, and amortization (excludes non-cash asset impairments). See the reconciliation to GAAP net income for Steel Dynamics in the appendix to this presentation. Peers include: Nucor, AK Steel, US Steel, and Commercial Metals Company (CMC). Source: Respective SEC filings. CMC data for annual periods ended November 30.

Peer 1Peer 2Peer 3

Peer 4

12%

2012 2013 2014 2015 2016 2017 2018 2019


Our differentiated business model maximizes cash generation through-the-cycle

Note: Above representation based on the Company’s est. annual capacity, except for Metals Recycling, Steel Fabrication, and United Steel Supply which are actual 2019 shipments.

– 76% 2019 Revenue

– Low-cost, modern, efficient

– Premium value-added focus

Steel Operations– 11% 2019 Revenue

– Low-cost, efficient, green

– 66% of 2019 ferrous shipments were to our internal steel operations

Metals Recycling

– 9% 2019 Revenue

– Manufacturing operations support base-load, “pull-through” volume for SDI steel operations

Steel Fabrication

Metals Recycling6 Electric-Arc-Furnace Steel Mills


Our differentiated business model results in higher through-cycle steel utilization

Steel Production Utilization

We achieve consistently higher through-cycle steel utilization compared to our domestic peers, driven by our low-cost, vertically connected business

model, and diversified value-added product portfolio and end markets.

Source: AISI, U.S. Department of Commerce, Accenture

70%74% 75% 77%

78%

70% 71%74%

78% 80% 81%

21% 22%24% 23%

28% 29%25% 27% 23%

19% 17%

73%

82% 82%88% 88%

79%

87% 89%

96%

88%

94%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q1'20

Industry Utilization (%)Domestic Steel Imports Excluding Semi-finished (% of Apparent Domestic Consumption)Steel Dynamics Utilization (%)


$510 $681 $397 $479 $751 $591

$974 $1,240

$1,835

$881 $691

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q1'20 TTM

79% 80%

64%

72%

87%84% 83%

88% 88%

66%

53%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q1'20 TTM

5-year average: $1.1 billion

5-year average: $564 million

1 “Free Cash Flow” is defined as Adjusted EBITDA – Capital Investments. “Free Cash Flow Conversion” is defined as Free Cash Flow / Adjusted EBITDA. The Adjusted EBITDA and Free Cash Flow reconciliations to GAAP net income are provided in the appendix to this presentation.

Free Cash Flow1 (dollars in millions)

Doubled Average Annual Free Cash Flows

Free Cash Flow Conversion1

Strong “Through-Cycle” Cash Generation

Our differentiated business model is a proven cash generator in all demand environments

Excluding 2019 and Q1 2020 TTM funding of $205M and $333M, respectively, for our

new Texas flat roll steel mill, our 2019 and Q1 2020 TTM free cash flow would

have been $1.1B and $1.0B and our 2019 and Q1’20 TTM free cash flow conversion

would have been 81% and 78%.


Strong track record of delivering smart growth and attractive returns

Steel Shipments

Average Market Cap

Net Income

Cash Flow from Operations

Adjusted EBITDA Margin1

ROIC2

5.8 million tons

$3 billion

9%

4%

1 See the reconciliation to GAAP net income in the appendix to this presentation.2 ROIC defined as Net Income / Average Invested Capital; Invested Capital defined as (Total Debt + Total Book Value of Equity)

$7 billion

13%

10%

+85%

+145%

+300%

+200%

+45%

+190%

$164 million

$446 million

$671 million

$1.4 billion

10.8 million tons

2012 2019

Net Leverage 2.9x

Liquidity $1.5 billion

0.8x (2.1x)

$2.8 billion +85%


Timing

Levering expertise to create next generation EAF production capabilities, while gaining market share from disadvantaged, high-cost competitors and imports

Planned Sinton, Texas Greenfield Flat Roll Steel Mill Current estimated investment of approximately $1.9 billion1

Mid-20211

Continuing to grow and diversify premium, value-added product capabilities and unlock value of existing operations

Planned Columbus Flat Roll Division $140 million Galvanizing Line Mid-20201

Roanoke Bar Division $38 million Reinforcing Bar Expansion Q2 2018

Structural and Rail Division $82 million Reinforcing Bar Expansion Q1 2019

Growing high-margin downstream manufacturing to provide optional base-load, “pull-through” volume for our steel operations

United Steel Supply Coated Flat Roll Steel Distributor, 75% Acquisition of Equity Interest, Valued at $134 million

March 2019

Heartland Flat Roll Steel Acquisition $434 million (includes $98 million of working capital) June 2018

We are operating from a position of strength, investing to deliver our next phase of growth

1 Estimated project cost and start-up timeline.

Collectively, these primary strategic growth investments provide estimated incremental annual EBITDA of over $425M on a through-cycle historical spread basis.


Our planned Sinton, Texas flat roll steel mill is a compelling growth opportunity

Track Record

Strategically Compelling

Smart Growth

Our team has an unparalleled track record for delivering organic investments “on time” and “on budget”, creating significant value

Expertise delivering “Next Generation”, state-of-the-art steel production facilities

“Next Generation” capabilities that are beyond existing EAF-based production capabilities

Latest generation of advanced high strength steel grades, including automotive and energy grades

Diversified, higher-quality value-added product mix

Targeting underserved markets reliant on imports with long lead times and inferior product quality

Competitively advantaged location

Growth from import share gains and higher-growth, steel-consuming markets Mexican flat roll steel consumption grew ~40% from 2013 – 20181, with shipments of 16M tons in 2018 Mexican market imported 7.5M tons of flat roll steel in 20182

1 Source: CRU2 Source: U.S. Department of Commerce

Investment “Next Generation” electric-arc-furnace flat (EAF) roll steel mill, including a higher-margin, value-added

galvanizing line (550k tons) and paint line (250k tons)

Estimated 3.0 million tons of annual production capability

Differentiated production capabilities, with meaningful customer benefits Widths (38” to 84”) and gauges from 0.047” to 1.00” / Produce up to 52.5 ton coils

Once completed, represents over a 25% increase in our annual steel production capacity


Planned Sinton, Texas flat roll steel mill drives next generation of growth and next generation EAF steelmaking capability

Location Benefits

Customer-centric logistics, providing shorter lead times and meaningful customer working capital savings

Central to the largest domestic consumption of flat roll Galvalume® and construction painted products, with the ability to effectively compete with excessive imports

Available acreage to allow customers to locate on-site, providing logistic savings and steel mill volume base-loading opportunities, representing over 800,000 annual tons of local steel processing and consumption capability

Proximity to prime ferrous scrap generation via the four-state Texas region and Mexico, and cost-effective access to pig iron through the deep-water port of Corpus Christi, as well as other alternative iron units

Excellent logistics provided by on-site access to two class I railroads, transloading opportunities with a third class I railroad, proximity to a major U.S. highway system, and access to the deep-water port of Corpus Christi

Existing, mature and dependable power, natural gas, and water sources

Estimated 27 million tons1 in Targeted Regional Markets Texas and Surrounding States = 7 million tons West Coast = 4 million tons Mexico = 16 million tons (45%-50% imported)

1 Source: 2017 CANACERO information published through AISI, market study including imports by regional ports, producer shipments and confidential customer information

Houston

Other flat roll steel producers

Steel Dynamics flat roll steel mills

Sinton

Monterrey


Planned Sinton, Texas flat roll steel mill provides value-added product diversification

Initial EstimatedSinton Product Mix¹

Estimated Sinton Shipments by Region¹

1 Based on a pro-forma full year of production at the Flat Roll Group Southwest - Sinton Division.

60%12%

7%

12%

9%

Hot RollPickled & OiledCold RollGalvanizedPainted

70%

30%

United StatesMexico

Sinton’s targeted end-markets are similar to our other flat roll operations including construction, automotive, energy tubulars, appliance and other manufacturing. Like

our other flat roll operations, we can quickly pivot to customers and end markets based on underlying demand.


Best-in-class performance

Strong cash flow generating business

modelStrong balance sheet Significant strategic optionality

• Strong free cash flow conversion

• Leading EBITDA margin

• Capital investments largely funded through cash flow

• Acquisitions funded to maintain credit flexibility and prudent liquidity while ensuring strong strategic logic, cultural fit, levering core competencies, and clear execution roadmap

• Broad access to low-cost debt

• Net leverage managed to not exceed 2.0x through-cycle

• Subsequent to an acquisition, committed to deleveraging in a timely manner

• Current growth strategy plans funded through free cash flow and debt capacity

• Healthy shareholder distributions – maintain positive dividend profile and use share repurchases as appropriate

Capital allocation framework, committed to investment grade ratings

Over $2.0 billionGrowth

Almost $2.1 billionCapital Returned to Shareholders

1 Period ended March 31, 2020.

Balanced Capital Allocation - $5.4 billion Cash Flow from Operations over the last five years1

Conservative net leverage while growing and returning capital to shareholders

1.3

1.0

0.60.8

1.0

0.0

0.5

1.0

1.5

2.0

2.5

2016 2017 2018 2019 Q1' 20

$ 1.3 BFixed Assets $ 0.8 B

Dividends

$ 0.7 BM&A

$ 1.3 BShare

Repurchases


Strong capital foundation provides strategic optionality

Staggered debt maturity profile2 (dollars in millions)

Strong liquidity

Low leverage, low-cost debt (dollars in millions)Mar. 31,

2020x Adjusted EBITDA¹

Cash and cash equivalents and short-term investments $ 1,455

5.250% senior notes, 2023 400 0.3x5.500% senior notes, 2024 500 0.4x2.800% senior notes, 2024 400 0.3x4.125% senior notes, 2025 350 0.3x5.000% senior notes, 2026 400 0.3x3.450% senior notes, 2030 600 0.5xOther obligations 95 0.1xTotal debt $ 2,745 2.1xNet debt $ 1,290 1.0xAdjusted TTM EBITDA¹ $ 1,306

As of March 31, 2020Amount

($M)

Revolver availability $1,188

+ Cash and cash equivalents and short-term investments

1,455

Total liquidity $2,643

¹ March 31, 2020 Trailing Twelve Months Adjusted EBITDA. The reconciliation to GAAP net income is provided in the appendix to this presentation.2 Excludes other debt obligations of 95 million.

Committed to Maintaining Investment Grade Ratings

Moody’s Baa3 / Stable

S&P BBB- / Stable

Fitch BBB / Stable

Completed a new 5 year $1.2B unsecured credit facility December 2019

No Near-Term Maturities

In December 2019, refinanced $700M of existing 5.125% senior notes due 2021 with the issuance of $400M of 2.800% notes due 2024 and $600M of 3.450% notes due 2030

$400 $500

$400

$350 $400 $600

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Currently Callable Senior Notes


We have a strong track record of returning significant cash to shareholders

Cash Dividends (dollars in millions)8 consecutive years of increases,

more than doubling the distribution

65% of net income, or $2.1 billion returned to shareholders over the last five years1

Share Repurchases (dollars in millions)Decreased outstanding

shares by over 15%

We increased our cash dividend 4% in Q1’20, and over 20% in both 2018 and 2019.

1 Period ended March 31, 2020.

$136 $146 $169

$200 $210

2016 2017 2018 2019 Q1'20 TTM

$25

$252

$524

$349 $371

2016 2017 2018 2019 Q1'20 TTM


$382

$813

$1,258

$671 $654

2016 2017 2018 2019 Q1'20 TTM

$861$1,067

$1,738

$987 $969

2016 2017 2018 2019 Q1'20 TTM

$7.8

$9.5

$11.8$10.5 $10.2

2016 2017 2018 2019 Q1'20 TTM

Net Income (dollars in millions)

Revenue (dollars in billions) Adjusted Operating Income1 (dollars in millions)

Adjusted EBITDA1 (dollars in millions)

¹ Please see the reconciliation of these amounts to GAAP amounts in the appendix to this presentation.

Record High

Record High

Record High

Record High

Financial Strength in Diverse Market Environments

3rd Best Year

2nd Best Year

3rd Best Year

3rd Best Year

$1,172$1,405

$2,074

$1,333 $1,306

2016 2017 2018 2019 Q1'20 TTM


Total Recordable Injury Rate1

Safety programs

Core safety group

Safety training

Evaluating safety

Management Commitment

Consistent improvement

Connecting subject matter experts

Gaining and sharing safety insights

Individual Engagement

Shared personal experiences

Teams share “My Story, Our Safety”

Safety alerts share lessons learned and best practices at home and work

Making Safety Conversational

Safety is our number one value

During 2019, each of our platforms

performed meaningfully better

than industry benchmarks

Steel Steel Fabrication

Metals Recycling

Platform Total Recordable Injury Rate1

Lost Time Injury Rate¹

1 Total Recordable Injury Rate is defined as OSHA recordable incidents x 200,000 / hours worked and Lost Time Injury Rate is defined as OSHA days away from work cases x 200,000 / hours worked2 Source: 2018 U.S. DOL Bureau of Labor Statistics

1.4

2.4 2.72.7

5.0 5.1

Steel Dynamics Industry²

2.3

1.81.5

1.81.9

2015 2016 2017 2018 2019

0.66

0.34 0.330.25

0.33

2015 2016 2017 2018 2019


1,1481,140

1,117

1,081

2015 2016 2017 2018

Energy Intensity2

0.24 0.24

0.21 0.21

2015 2016 2017 2018

Greenhouse Gas Emission Intensity1

We are committed to sustainability

Matching operations to sustainability

Source: Our 2018 Sustainability Update located on our website at www.steeldynamics.com/Sustainability.aspx

1 Metric tons of Scope 1 CO2 equivalent emissions/cast steel ton2 KWH / ton of steel produced

99% of our total system water demand was reused during 2018

In 2018, we estimate our CO2 emissions for our six electric-arc-furnace steel mills were 13% of the World

Steel Association average CO2 emissions

In 2018, our energy intensity for our six electric-arc-furnace steel mills was 11% of the World Steel Association average energy intensity.

EAF steel production uses a fraction of the energy and has a fraction of the carbon footprint vs. blast furnace technology

We are one of the largest nonferrous metals recyclers and the 2nd largest ferrous recycler in the U.S.

We reintroduced 1.1 billion pounds of recycled nonferrous scrap into the manufacturing life cycle in 2019

We reintroduced 11 million tons of recycled ferrous scrap into the manufacturing life cycle in 2019


Our highly levered performance-based compensation programs drive opportunity

Our unique compensation culture promotes a balance of innovation, responsible growth, low-cost efficient operations, and risk mitigation

• Base pay rewards an individual for performance and skill levelIndividual Performance

• Teamwork and performance bonuses focus teams on quality, cost control, and efficient use of assets

• Promotes individual division success• Production / Conversion Costs / ROA

Team Performance

• Unites all platforms to promote the success of Steel Dynamics as a whole

• Profit Sharing (8% of pretax earnings)• 401k Match is also performance-based (ROA)

Company-Wide Performance

• Aligns all teams with shareholder interests in pursuit of long-term value creation

• Company-wide annual equity (RSU) award, with two year vesting

Shareholder Alignment

• ~85% of total potential compensation is performance-based

• Based on ROE, ROA, revenue growth, operating margin, and cash flow margin

Performance Based Executive Compensation


We are a leading North American steel producer with a differentiated and proven business model

Consistent best-in-class performance

Differentiated business model delivering strong profitability and cash flow

Smart growth — Gaining share and growing with customers

Strong balance sheet provides strategic flexibility for prudent growth

Sustainable shareholder value creation and distribution growth

APPENDIX


Columbia City, Indiana– Greenfield EAF Steel Mill– 2.2M Tons– Structural and Rail

Pittsboro, Indiana – Acquired / Expanded EAF

Steel Mill– 950K Tons– Special-bar-quality– Value-Added Finishing /

Inspecting Lines

Roanoke, Virginia– Acquired / Expanded EAF

Steel Mill– 720K Tons– Merchant and Rebar

Huntington, WV– Acquired / Expanded

EAF Steel Mill– 555K tons– Specialty Shapes

Pittsburgh, PA¹– The Techs / Acquired Flat

Roll Galvanizing Facilities– 1.0M Tons Galvanized– 3 Galvanizing Lines

Butler, Indiana – Greenfield EAF Steel Mill– 3.2M Tons– 3 Galvanizing Lines– 2 Paint Lines

Columbus, Mississippi– Acquired / Expanded EAF Steel Mill– 3.2M Tons– 2 Galvanizing Lines– 1 Paint Line

Flat Roll Steel Group8.4M Tons Annual Shipping Capacity

Long Product Steel Group4.6M Tons Annual Shipping Capacity

We are one of the largest domestic steel producers, with approx. 13 million tons of steel shipping capabilityWe have one of the most diversified product and end-market portfolios in the domestic steel industry

Terre Haute, IN¹ – Heartland / Acquired Flat Roll

Processing Facility– 1.0M Tons– 1 Galvanizing Line

Our primary steel operations – at a glance

1 Processing locations


Steel Dynamics – Adjusted EBITDA, Free Cash Flow and Adjusted Operating Income Reconciliations

Dollars in millions 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Q1'20 TTM

Net Income (Loss) 130$ 266$ 142$ 164$ 92$ (145)$ 360$ 806$ 1,256$ 678$ 664$

Income Taxes (Benefit) 83 158 62 99 73 (97) 204 129 364 197 193 Net Interest Expense 166 172 154 123 135 153 141 124 104 99 97 Depreciation 171 177 180 192 229 263 261 265 283 286 285 Amortization 46 40 36 32 28 25 29 29 28 30 30 Noncontrolling Interests 12 13 21 26 65 15 22 7 3 (7) (10)

EBITDA 608$ 826$ 595$ 636$ 622$ 214$ 1,017$ 1,360$ 2,038$ 1,283$ 1,259$

Unrealized Hedging (Gains) / Losses 2 (4) (3) 5 (5) 3 1 5 (6) 3 (1) Inventory Valuation 6 9 6 7 10 28 1 3 2 1 2 Equity-Based Compensation 14 17 12 16 23 29 30 34 40 43 43 Asset Impairment Charge 13 - 8 - 213 429 120 - - - - Financing Expenses - - 3 2 - 3 3 3 - 3 3

Adjusted EBITDA 643$ 848$ 621$ 666$ 863$ 706$ 1,172$ 1,405$ 2,074$ 1,333$ 1,306$

Less Capital Investments 133 167 224 187 112 115 198 165 239 452 $615

Free Cash Flow 510$ 681$ 397$ 479$ 751$ 591$ 974$ 1,240$ 1,835$ 881$ 691$

Dollars in millions 2016 2017 2018 2019Q1'20 TTM

Consolidated Operating Income 728$ 1,067$ 1,722$ 987$ 969$

Asset Impairment Charge 133 - - - - Minnesota Idle & Non-cash Inventory Charges - - - - - Iron Dynamics Outage - - - - - Non-cash Purchase Accounting - - 16 - -

Adjusted Operating Income 861$ 1,067$ 1,738$ 987$ 969$

Value-Added Product Mix

Graph NameERROR:#VALUE!

ContactBrad Smuts

SourceAnnual Financials (10-K)

Source: 10-K Item 1 support

Standard15%HR Sheet

10%Structural

5%MBQupdated - 2/18/20

2%Other

Value add3%Rail

5%Shapes and VulcanVulcan should be classified in value-add and with shapes rather than SBQ, per Larry Young.

5%SBQ (Eng'd Bar)

8%HR and P&O Sheet

5%CR Sheet

42%Coated Sheet

Standard32%

Value-add68%

0.150.10.050.020.030.050.050.080.050.42

Steel Op End Market

Steel Operations End Markets

Last Updated: 2/10/20

2013201420152016201720182019

Construction-Metal Building9%9%8%9%11%10%12%

Construction-Heavy8%8%6%7%7%7%7%

Construction-Lt. Commerical / Resi21%18%18%16%16%18%18%

Applicance / HVA5%4%4%4%6%5%6%43%

Automotive15%13%14%15%14%12%12%

Other Transportation, including Rail8%9%10%8%8%8%8%

Agriculture, Heavy Equipment, & Mining10%9%6%4%5%6%6%

Non-energy Pipe & Tube6%9%8%7%10%6%

Energy3%4%2%2%8%5%7%

Other Manufacturing21%20%23%27%18%19%18%

Agriculture5%4%3%2%3%3%3%

Mining1%1%1%2%1%

Heavy Equipment4%4%2%2%2%1%2%

Check100%100%100%100%100%100%100%

Growth

(in millions)(in millions)(in millions)updated: 4/19/20

DatesCapExDividendsShare Repurchases

bloombergbloomberg

12/31/94$ (43.7)$ - 0$ - 0

12/31/95$ (224.4)$ - 0$ - 0

12/31/96$ (83.7)$ - 0$ - 0

12/31/97$ (175.2)$ - 0$ (1.2)

12/31/98$ (194.1)$ - 0$ (18.4)

12/31/99$ (126.7)$ - 0$ - 0

12/31/00$ (110.4)$ - 0$ (26.9)

12/31/01$ (90.7)$ - 0$ - 0

12/31/02$ (142.6)$ - 0$ (0.0)

12/31/03$ (137.1)$ - 0$ - 0Acquisitions

12/31/04$ (102.0)$ (7.5)$ (55.2)(in thousands)internal

12/31/05$ (63.4)$ (18.3)$ (186.8)CashEquityTotal

12/31/06$ (128.6)$ (37.5)$ (247.4)Qualitech$ 45,000$ 45,000

12/31/07$ (395.2)$ (55.6)$ (533.7)Jeffersonville$ 19,000$ 19,000

12/31/08$ (412.5)$ (71.3)$ (501.8)Roanoke$ 160,400$ 127,700$ 288,100

12/31/09$ (330.1)$ (68.7)$ - 0Elizabethton$ 38,200$ 38,200

12/31/10$ (133.4)$ (65.0)$ - 0Techs$ 373,400$ 373,400

12/31/11$ (167.0)$ (81.9)$ - 0OmniSource$ 659,700$ 455,000$ 1,114,700

12/31/12$ (223.5)$ (87.6)$ - 0Sturgis$ 43,400$ 43,400

12/31/13$ (186.8)$ (94.8)$ - 0Recycle South$ 379,400$ 139,800$ 519,200

12/31/14$ (111.8)$ (105.4)$ - 0

12/31/15$ (114.5)$ (127.6)$ - 0Columbus$ 1,625,000$ 1,625,000

12/31/16$ (198.2)$ (135.8)$ (25.0)CSi$ 45,000$ 45,000

12/31/17$ (164.9)$ (145.6)$ (252.2)Vulcan$ 114,000$ 114,000

12/31/18$ (239.4)$ (168.9)$ (523.6)Heartland$ 400,000$ 400,000

12/31/19$ (451.9)PR$ (200.3)$ (348.6)PRU.S.S.$ 134,000$ 134,000

3/31/20$ (217.5)PR$ (51.5)$ (106.5)PR

$ (4,969.4)$ (4,192.4)$ 4,759,000

$ (5.0)$ (4.2)$ 4.8

EBITDA Margin (standalone)

Graph NameERROR:#VALUE!

ContactDominicNote: 2012-2015 was restated for Nucor and updated here to reflect restatement

SourceSEC Annual Financials (10-K)/Qtrly 10QsNote: AKS restated LIFO to Avg Cost Method on 4/30/18 we updated 2015-2017 here to reflect restatement

Last Updated3/2/20

EBITDA Margin (%)

Industry Group

SDINucorUSSAKCMCAverageMinMax

200318.0%7.0%5.0%1.0%4.0%4.7%1.0%7.0%

200428.0%20.0%16.0%10.0%7.0%15.0%7.0%20.0%

200522.0%19.0%12.0%5.0%8.0%12.6%5.0%19.0%

200624.0%20.0%14.0%3.0%9.0%13.6%3.0%20.0%

200719.0%16.0%10.0%13.0%7.0%11.9%7.0%16.0%

200813.0%14.0%16.0%4.0%5.0%12.1%4.0%16.0%

20099.0%2.1%-9.3%4.0%2.0%-1.6%-9.3%4.0%

20109.7%5.9%2.7%1.3%0.4%3.3%0.4%5.9%

201110.3%9.6%4.5%-0.0%1.3%5.4%-0.0%9.6%

20128.2%7.9%4.7%1.0%5.6%5.3%1.0%7.9%

20138.6%7.6%-7.4%5.0%5.1%1.6%-7.4%7.6%

201410.1%9.5%5.9%4.3%5.2%6.9%4.3%9.5%

20158.7%6.1%-5.7%-3.9%7.8%1.3%-5.7%7.8%

YTD Q2'16

NucorUS SteelAK SteelCMC

Revenue (000s)SDIPeer 1Peer 3Peer 4Peer 2Industry Group

20036,265,8009,458,0004,041,7002,875,90022,641,400

200411,377,00014,108,0005,217,3005,467,36536,169,665

200512,701,00014,039,0005,647,4006,709,32639,096,726

20063,238,78714,751,00015,715,0006,069,0007,896,74644,431,746

20074,384,84416,593,00016,873,0007,003,0008,458,46048,927,460

20088,080,52123,663,32423,754,0007,644,30010,684,20465,745,828

20093,958,80611,190,29611,048,0004,076,8005,867,42432,182,520

20106,300,88715,844,62717,374,0005,968,3006,686,32445,873,251

20117,997,50020,023,56419,884,0006,468,0008,122,77054,498,334

20127,290,23419,429,27319,328,0005,933,7007,630,84652,321,819

20137,372,92419,052,04617,424,0005,570,4006,783,24048,829,686

20148,755,95221,105,14117,507,0006,505,7007,037,05852,154,899

20157,594,41116,439,27611,574,0006,692,9005,463,47440,169,650

20167,777,10916,208,12210,261,0005,882,5004,530,73036,882,352

20179,538,79720,252,39312,250,0006,080,5004,733,13143,316,024

201811,821,83925,067,27914,178,0006,818,2004,682,54650,746,025

201910,485,28622,588,85812,937,0006,359,4005,936,36847,821,626

EBITDASDINucorUSSAKCMCIndustry Group

2003438,606472,90040,417115,0361,066,959

20042,275,4002,257,280521,730382,7165,437,126

20052,413,1901,684,680282,370536,7464,916,986

2006777,3092,950,2002,200,100182,070710,7076,043,077

2007833,1202,654,8801,687,300910,390592,0925,844,662

20081,050,4683,312,8653,800,640305,772534,2107,953,488

2009337,076230,762(1,030,000)161,800116,712(520,726)AKS Restatment

2010607,982930,579461,00075,80029,5371,496,916Disscussed with Brad - Don't add back the NCI, use Depreciation in total, as that is consistent with SDI calc and others don't provide NCI depreciation detail; use the amortization from this schedule in the PR.

2011825,6701,925,510892,000(1,600)104,5352,920,445

2012594,6181,383,193909,00058,000428,7862,778,979

2013635,9661,471,341(1,285,000)269,100343,232798,673

2014622,4671,941,7401,040,000265,800364,3383,611,878

2015213,8251,003,108(656,000)(262,500)423,776508,384

20161,017,4372,050,812342,000350,000221,7822,964,594

20171,359,9402,588,7151,109,000488,500259,3654,445,580

20182,038,0593,964,2461,645,000582,700331,4326,523,378

20191,283,3952,539,118386,000389,300589,1523,903,570

Asset and Goodwill Impairments10-K (5 yr hist)10-K10-K10-K

2006- 0- 05,000- 0- 0-262.5

2007- 0- 0- 0- 03,400

2008- 0105,200- 0- 01,004

2009- 02,800- 0- 08,468

201012,805- 0- 045,9003,766

20112,90013,943- 0- 024,466

20128,25030,000- 0- 0607

2013308- 01,806,000- 04,576

2014213,000- 0195,000- 03,305

2015428,500244,83318,000297,9009,839

2016119,76414,00056,255

2017- 0- 0- 075,6009,256

2018- 0110,000- 0- 012,892

2019- 066,916- 0- 0384

Old

EBITDA excluding impairments

2006777,3092,950,2002,205,100182,070710,7076,048,077Steel Dynamics

2007833,1202,654,8801,687,300910,390595,4925,848,062Peer Group Avg

20081,050,4683,418,0653,800,640305,772535,2148,059,692Peer Group Low

2009337,076233,562(1,030,000)161,800125,180(509,458)

2010620,787930,579461,000121,70033,3031,546,582

2011828,5701,939,453892,000(1,600)129,0012,958,854

2012602,8681,413,193909,00058,000429,3932,809,586

2013636,2741,471,341521,000269,100347,8082,609,249

2014835,4671,941,7401,235,000265,800367,6433,810,183

2015642,3251,247,941(638,000)35,400433,6151,078,956

20161,137,2012,050,812356,000350,000278,0373,034,849

20171,359,9402,588,7151,109,000564,100268,6214,530,436

20182,038,0594,074,2461,645,000582,700344,3246,646,270

20191,283,3952,606,034386,000389,300589,5363,970,870

%Old

200624.0%20.0%14.0%3.0%9.0%13.6%3.0%1

200719%16.0%10.0%13.0%7.0%12.0%7.0%1

200813%14.4%16.0%4.0%5.0%12.3%4.0%3

20099%2.1%-9.3%4.0%2.1%-1.6%-9.3%1

201010%5.9%2.7%2.0%0.5%3.4%0.5%1

201110%9.7%4.5%-0.0%1.6%5.4%-0.0%1

20128%7%5%1%6%5.4%1.0%1

20139%8%3%5%5%5.3%3.0%1

201410%9%7%4%5%7.3%4.1%1

20158%8%-6%1%8%2.7%-5.5%1

201615%13%3%6%6%8.2%3.5%1

201714%13%9%9%6%10.5%5.7%1

201817%16%12%9%7%13.1%7.4%1

201912%12%3%6%10%8.3%3.0%1

Difference1010

20060.0%0.0%0.0%0.0%0.0%0.0%0.0%Ranked #1 each of the last 10 years

20070.0%0.0%0.0%0.0%0.0%0.0%0.0%

20080.0%0.4%0.0%0.0%0.0%0.2%0.0%

2009-0.5%0.0%0.0%0.0%0.1%0.0%0.0%

20100.2%0.0%0.0%0.8%0.1%0.1%0.1%

20110.0%0.1%0.0%0.0%0.3%0.1%0.0%

20120.1%-0.6%0.0%0.0%0.0%0.1%0.0%

2013-0.0%0.1%10.4%-0.2%0.1%3.7%10.4%

2014-0.5%-0.3%1.1%-0.2%0.0%0.4%-0.2%

2015-0.2%1.5%0.2%4.5%0.2%1.4%0.2%

2016

2017

2014

2019

150000

Steel Dynamics2013201420152016201720188.6298733039971653E-29.5417037462060095E-28.4578646059582499E-20.14622413032914930.142569340766975110.17239779699249838Peer Group Avg2013201420152016201720185.3435710071942713E-27.3055131407693832E-22.6859980109361171E-28.2284584236927194E-20.104590301270495190.13097124356045622Peer Group Low2013201420152016201720182.9901285583103766E-24.0856479702414808E-2-5.5123552790737863E-23.4694474222785307E-25.6753341498471097E-27.353350079209045E-2

Steel Dynamics201420152016201720189.5417037462060095E-28.4578646059582499E-20.14622413032914930.142569340766975110.17239779699249838Peer 1201420152016201720189.2003175908656573E-27.5912163041730055E-20.126529896554332440.127822672609602230.16253243920092006Peer 3201420152016201720187.0543211286913807E-2-5.5123552790737863E-23.4694474222785307E-29.0530612244897959E-20.11602482719706587Peer 4201420152016201720184.0856479702414808E-25.2891870489623419E-35.9498512537186569E-29.2771975988816716E-28.5462438766829948E-2Peer 2201420152016201720185.2243849631479516E-27.9366168851540242E-26.1366932039649241E-25.6753341498471097E-27.353350079209045E-2

Steel Dynamics

201220132014201520162017201820198.2695287970180387E-28.6298733039971653E-29.5417037462060095E-28.4578646059582499E-20.14622413032914930.142569340766975110.172397796992498380.12239961790264949Peer 1201220132014201520162017201820197.2735248508783629E-27.7227453681352642E-29.2003175908656573E-27.5912163041730055E-20.126529896554332440.127822672609602230.162532439200920060.115368116440415Peer 3201220132014201520162017201820194.7030215231788082E-22.9901285583103766E-27.0543211286913807E-2-5.5123552790737863E-23.4694474222785307E-29.0530612244897959E-20.116024827197065872.983690190925253E-2Peer 4201220132014201520162017201820199.7746768458128984E-34.8308918569582075E-24.0856479702414808E-25.2891870489623419E-35.9498512537186569E-29.2771975988816716E-28.5462438766829948E-26.1216466962292042E-2Peer 2201220132014201520162017201820195.6270693970236069E-25.1274603876613541E-25.2243849631479516E-27.9366168851540242E-26.1366932039649241E-25.6753341498471097E-27.353350079209045E-29.9309207245911982E-2

Steel EBITDA per ton

Steel Operating Income/ ton shipped and Steel EBITDA/ton shipped

Steel DynamicsPeer 1Peer 3Peer 4Peer 2Operating Income / TonOperating Income / Ton

SDINucorUS SteelAK SteelCMC

Operating Income / Ton

2004162100704251

200512298451599

20061521194211129

20071351012796117

2008158160835120

200949-25-146-1879

20108847-17-2416

20111229029-3572

20129157251284

201388567385

2014977351391

20155132-22-10111

201610579-03771

201711984384662

2018$ 186141846494

EBITDA / ton

201210576565199

2013102734242101

2014114908439107

201575521524129

201612797347690

2017142100749180

2018$ 209156119108113

DifferenceEBITDA / TonEBITDA / Ton

20121419313815

20131417354017

20141617333616

20152420373418

20162218354018

20172216364518

20182316354419

Tons

200419,464,00015,635,0006,252,6002,380,000

200520,669,00013,296,0006,418,0002,345,000

200622,346,00014,180,0006,169,0002,394,000

200722,347,00014,534,0006,479,0002,318,000

200820,932,00016,845,0005,866,0002,366,000

200914,036,0009,861,0003,936,0001,802,000

201018,573,00015,301,0005,661,0002,230,000

201120,125,00015,509,0005,699,0002,587,000

201220,242,00015,974,0005,431,0002,707,000

201320,650,00014,644,0005,275,8002,571,000

201421,967,00013,908,0006,132,6002,820,000

201519,860,00010,595,0006,974,0002,604,000

201621,941,00010,094,0005,936,4002,625,000

201724,718,0009,887,0005,596,2002,767,000

201824,889,00010,510,0005,683,0003,183,000

Took Operating Income and added back D&A

Operating IncomeAK There is a difference as they don't have segments, and we would maybe want to redo.

20041,946,400,0001,094,450,000262,609,200121,380,000

20052,025,562,000598,320,00096,270,000232,155,000

20062,659,174,000595,560,00067,859,000308,826,000

20072,257,047,000392,418,000621,984,000271,206,000

20083,349,120,0001,390,000,00029,330,000283,920,000

2009(350,338,560)(1,438,029,630)(70,100,160)143,078,800

2010872,559,540(261,035,060)(133,882,650)35,546,200

20111,810,847,500451,932,260(201,288,680)185,487,900

20121,161,485,960399,988,96065,823,720228,524,940CMC - Operating Income as of Nov, but D&A as of Aug YE (Not available quarterly)

20131,156,813,000104,997,48014,800,000217,635,150

20141,594,364,860709,000,00017,600,000257,271,000Note D&A are not available quarterly, so we would not be able to update this with TTM

2015629,793,000(237,000,000)(67,400,000)287,954,000

20161,724,168,000(3,000,000)217,600,000187,636,000

20172,084,203,000380,000,000260,200,000172,620,000

20183,500,085,000883,000,000364,400,000299,000,000

Depreciation and Amortization

2012374,932,000491,000,000209,000,00040,700,000

2013346,169,000512,000,000209,200,00042,900,000

2014381,837,000457,000,000222,300,00045,400,000

2015400,141,000392,000,000237,200,00046,800,000

2016400,106,000349,000,000235,000,00047,900,000

2017386,916,000352,000,000250,100,00049,400,000

2018387,546,000367,000,000252,200,00061,500,000

EBITDA

20121,536,417,960890,988,960274,823,720269,224,940

20131,502,982,000616,997,480224,000,000260,535,150

20141,976,201,8601,166,000,000239,900,000302,671,000

20151,029,934,000155,000,000169,800,000334,754,000

20162,124,274,000346,000,000452,600,000235,536,000

20172,471,119,000732,000,000510,300,000222,020,000

20183,887,631,0001,250,000,000616,600,000360,500,000

SDI201220132014201520162017201890.7525836398668787.72865975935829497.26175354784319950.767702936096718105.00122726765592119.15712910471709185.56Nucor201220132014201520162017201857.3856.0272.5831.71163141993957978.58201540494964484.319241038919003140.62778737594923US Steel201220132014201520162017201825.047.1750.977854472246186-22.369042000943843-0.297206261145234838.43430767674724584.015223596574685AK Steel201220132014201520162017201812.122.80526176124947882.8699083586080945-9.664468024089474736.65521191294386946.49583646045530864.121062818933666CMC201220132014201520162017201884.4284.6591.230851063829789110.5814132104454671.48038095238095562.38525478857968793.93653785736727

SDI2012201320142015201620172018105.06101.87724138324133113.6965843919093174.836691003474314126.87333107088428141.58691126665573208.62839466083636Nucor201220132014201520162017201875.90247801600632772.78363196125907689.96230072381298751.8597180261832896.81755617337404499.972449227283761156.19876250552454US Steel201220132014201520162017201855.77744835357455642.1331248292816283.83664078228358114.629542236904234.2777887854170874.036613735207851118.93434823977165AK Steel201220132014201520162017201850.60278401767629942.45801584593805739.11880768352737924.34757671350731276.24149316083821891.186876809263424108.49903220130213CMC201220132014201520162017201899.455094200221652101.33611435239206107.33014184397163128.5537634408602289.72799999999999480.238525478857966113.25793276782909

Steel Dynamics

2012201320142015201620172018105.06101.87724138324133113.6965843919093174.836691003474314126.87333107088428141.58691126665573208.62839466083636Peer 1201220132014201520162017201875.90247801600632772.78363196125907689.96230072381298751.8597180261832896.81755617337404499.972449227283761156.19876250552454Peer 3201220132014201520162017201855.77744835357455642.1331248292816283.83664078228358114.629542236904234.2777887854170874.036613735207851118.93434823977165Peer 4201220132014201520162017201850.60278401767629942.45801584593805739.11880768352737924.34757671350731276.24149316083821891.186876809263424108.49903220130213Peer 2201220132014201520162017201899.455094200221652101.33611435239206107.33014184397163128.5537634408602289.72799999999999480.238525478857966113.25793276782909

Steel Dynamics

201220132014201520162017201890.7525836398668787.72865975935829497.26175354784319950.767702936096718105.00122726765592119.15712910471709185.56Peer 1201220132014201520162017201857.3856.0272.5831.71163141993957978.58201540494964484.319241038919003140.62778737594923Peer 3201220132014201520162017201825.047.1750.977854472246186-22.369042000943843-0.297206261145234838.43430767674724584.015223596574685Peer 4201220132014201520162017201812.122.80526176124947882.8699083586080945-9.664468024089474736.65521191294386946.49583646045530864.121062818933666Peer 2201220132014201520162017201884.4284.6591.230851063829789110.5814132104454671.48038095238095562.38525478857968793.93653785736727

Business Model

Business Model Slide

updated: 2/16/20

DataCategoryNet tonsSource%

ShipmentsMetals recycling5,716,58410-K29%

shipmentsSteel fabrication644,00010-K3%

Steel Shipping CapacityThe Techs1,000,00010-K5%

Steel Shipping CapacityHeartland1,000,00010-K5%

Avg annual shipmentsUnited Steel Supply231,0001%

Steel Shipping Capacity6 EAF Steel Mills11,000,00010-K56%

19,591,584100%

Metals RecyclingNet tons

Ferrous4,627,214gross tons5,182,480

Non-Ferrous1,068,208,000pounds534,104

Metals recyclingSteel fabricationThe TechsHeartlandUnited Steel Supply6 EAF Steel Mills0.291787727494217613.287125790945758E-25.1042325946362696E-25.1042325946362696E-21.1790777293609783E-20.5614655854099897

Utilization

Steel Dynamics Utilization (%)

UtilizationIndustry Utilization (%)

Source: Dashboard and Corp AccDomestic Steel Imports Excluding Semi-finished (% of Apparent Domestic Consumption)

Last Updated: 4.17.20Source:

Total ConvertingProductionUtilization %

ShipmentsShipping CapacityCapacitySDI

(000's)(000's)(000's)BFRDCFRDSRDEBPDRBDSWVATotalIndustryImports

20001,9132,20092%92%86%22%

20011,9452,20092%92%79%20%

20022,3582,200108%108%89%20%SRD start up, so excluded

20032,8003,400100%54%87%85%16%EBPD start up, so excluded

20043,4233,950102%70%61%88%95%22%

20053,5594,15095%76%69%87%88%21%

20064,7585,04293%93%95%93%81%93%88%27%RBD & SWVA included post acquisition

20075,5505035,51592%97%103%67%88%91%87%22%Techs effective 7/1/07

20085,6091,0055,51580%74%94%68%77%78%81%24%

20094,0461,0056,32074%28%57%54%52%56%51%21%

20105,2961,0056,39591%35%94%78%74%73%70%21%

20115,8431,0056,39596%49%102%85%84%82%74%22%

20125,8331,0056,39594%54%87%91%92%82%75%24%

20136,1201,0056,395100%68%80%88%93%88%77%23%

20147,3581,0057,305101%87%73%85%86%83%88%78%28%CFRD included post acquisition. Capacity includes additional 325,000 EBD tons effective 7/1/142014 corrected from 89% to 88% to match 2014 10-K - updated on 6/1/20

20158,3281,0059,95590%83%67%54%79%83%79%70%29%

20169,2461,05510,225102%96%72%51%69%81%87%71%25%Vulcan effective 8/1/16

20179,7271,12510,22599%98%75%74%66%80%89%74%27%

201810,6101,62510,225101%102%91%87%80%87%96%78%23%HFRD effective 7/1/18

201910,8172,14010,825100%101%68%69%73%64%88%80%19%

Q1'20104%108%83%73%74%69%94%81%17%This is thru March

Source: AISI, U.S. Department of Commerce

¹Domestic Steel Imports Excluding Semi-finished (% of Apparent Domestic Consumption) for the first quarter 2020 is through February 2020.

Industry Utilization (%)

2010201120122013201420152016201720182019Q1'200.703999999999999960.743999999999999990.7540.767000000000000020.775000000000000020.700999999999999960.704999999999999960.741999999999999990.782000000000000030.799000000000000040.80700000000000005Domestic Steel Imports Excluding Semi-finished (% of Apparent Domestic Consumption)

2010201120122013201420152016201720182019Q1'200.210.215841584158415840.240624324711881780.232255603986241480.281357853843973550.289728592017151340.2540.269000000000000020.229000000000000010.1920.16900000000000001Steel Dynamics Utilization (%)

2010201120122013201420152016201720182019Q1'200.733999999999999990.815999999999999950.817999999999999950.8750.884800000000000030.790.866999999999999990.892000000000000020.961999999999999970.8750.94

FCF

Free Cash Flow

updated: 4/19/20Excluding Sinton

5 year average$564$1,078$1,104$1,145

91%96%103%LessAddExcluding Sinton

$ in millions20102011201220132014201520162017201820192019Q1 2019Q1 2020Q1'20 TTMQ1 2020 TTMSinton CIP

Adjusted EBITDA$643$848$621$666$863$706$1,172$1,405$2,074$1,333$1,333$ 382$ 356$1,306$1,3062019(205,103,718)

CapEx133167224187112115198165239452

tc={C947DAC0-28B8-4532-B277-F1551150B1D3}: [Threaded comment]

Your version of Excel allows you to read this threaded comment; however, any edits to it will get removed if the file is opened in a newer version of Excel. Learn more: https://go.microsoft.com/fwlink/?linkid=870924

Comment: shares outstanding computershare number24754218615282Less Q1 2019(1,496,000)

Free Cash Flow$510$681$397$479$751$591$974$1,240$1,835$881$1,086$328$138$691$1,025Add Q1 2020(129,742,750)

Free Cash Flow Conversion79%80%64%72%87%84%83%88%88%66%81%86%39%53%78%Q1 2020 TTM(333,350,467)

Basic Shares outstanding at end of Q225,272,174

tc={E09AFD4C-6553-4CCB-B76C-B6D8F65A01B8}: [Threaded comment]


Comment: shares outstanding computershare number

tc={28DCE565-BA8C-4904-A9F2-B41F83B199C7}: [Threaded comment]


Comment: shares outstanding computershare numberFree Cash Flow per Share815%

Share Close Price$ 30.04

tc={A886219A-C630-42B2-9792-DCCE03230FEC}: [Threaded comment]


Comment: December 31, 2018

tc={80C3BACE-0D6F-469B-9DAA-7F75495C76B4}: [Threaded comment]


Comment: December 31, 2018

tc={A6D3BFD7-C8B6-468E-B2C4-75E340A39BB2}: [Threaded comment]


Comment: June 28, 2019Free Cash Flow Yield27%

$ 1,835,000,000

27%

FCF/shares outstanding at end of Q$ 8.15

Mkt Cap

Start Date10/25/11

End Date

STLD US Equity

ERROR:#NAME?

DatesCUR_MKT_CAP

ERROR:#NAME?2637.1856

10/26/112729.0279

10/27/112901.7788

10/28/112973.9406

10/31/112731.2146

11/1/112654.6793

11/2/112759.642

11/3/112847.1108

11/4/112947.7

11/7/112956.4468

11/8/112993.9167

11/9/112832.0834

11/10/112862.7005

11/11/112950.1779

11/14/112982.982

11/15/112978.6081

11/16/112923.9347

11/17/112794.9054

11/18/112742.4189

11/21/112672.437

11/22/112648.3806

11/23/112514.9775

11/25/112477.7996

11/28/112654.9415

11/29/112639.6329

11/30/112882.3829

12/1/112884.5698

12/2/112937.0563

12/5/112967.6734

12/6/112954.5518

12/7/112950.1779

12/8/112792.7185

12/9/112897.6915

12/12/112792.7185

12/13/112722.7365

12/14/112670.25

12/15/112700.8671

12/16/112733.6712

12/19/112633.0721

12/20/112799.2793

12/21/112821.1487

12/22/112875.8221

12/23/112919.5608

12/27/112923.9347

12/28/112862.7005Source: Bloomberg

12/29/112882.3829updated: 2/18/20

12/30/112875.8221

1/3/123068.2725Avg Mkt Cap 20122,861Billion

1/4/123166.6847Avg Mkt Cap 20197,072Billion

1/5/123149.1892Change4,211

1/6/123164.4978Change %147%

1/9/123157.937

1/10/123199.4888

1/11/123271.6577

1/12/123262.9099

1/13/123142.6284

1/17/123220.2647

1/18/123317.5834

1/19/123291.3401

1/20/123313.2095

1/23/123352.5743

1/24/123381.0045

1/25/123501.2861

1/26/123475.0428

1/27/123523.1554

1/30/123494.7252

1/31/123488.1644

2/1/123555.9595

2/2/123483.7906

2/3/123604.0721

2/6/123566.8942

2/7/123523.1554

2/8/123472.8559

2/9/123510.0338

2/10/123381.0045

2/13/123335.0788

2/14/123284.5606

2/15/123278.2185

2/16/123376.6307

2/17/123348.2005

2/21/123387.5653

2/22/123181.9933

2/23/123219.1712

2/24/123232.2928

2/27/123254.8631

2/28/123303.0508

2/29/123243.9113

3/1/123283.3377

3/2/123294.2894

3/5/123193.5332

3/6/123091.6819

3/7/123084.0156

3/8/123086.206

3/9/123143.1551

3/12/123101.5385

3/13/123230.7692

3/14/123250.4824

3/15/123224.1982

3/16/123292.0991

3/19/123392.8553

3/20/123342.4772

3/21/123272.3859

3/22/123130.013

3/23/123213.2464

3/26/123230.7692

3/27/123204.485

3/28/123154.1069

3/29/123186.9622

3/30/123184.7718

4/2/123254.8631

4/3/123208.8657

4/4/123140.9648

4/5/123051.1604

4/9/122981.0691

4/10/122924.1199

4/11/122954.7849

4/12/123103.7288

4/13/123002.9726

4/16/123000.7823

4/17/123040.2086

4/18/123040.2086

4/19/122873.7419

4/20/122823.3638

4/23/122802.5554

4/24/122797.0795

4/25/122788.3181

4/26/122871.5515

4/27/122851.8383

4/30/122799.2699

5/1/122810.2216

5/2/122790.5085

5/3/122762.0339

5/4/122661.2777

5/7/122615.2803

5/8/122591.1864

5/9/122613.6805

5/10/122611.4896

5/11/122596.1537

5/14/122604.9171

5/15/122501.9473

5/16/122393.5004

5/17/122337.6338

5/18/122285.0534

5/21/122359.5422

5/22/122333.2521

5/23/122344.2063

5/24/122315.7253

5/25/122335.4429

5/29/122385.8324

5/30/122320.107

5/31/122309.1528

6/1/122280.6717

6/4/122346.3972

6/5/122317.9161

6/6/122423.0768

6/7/122423.0768

6/8/122414.3134

6/11/122299.2939

6/12/122280.6717

6/13/122304.7711

6/14/122317.9161

6/15/122414.3134

6/18/122449.367

6/19/122637.7798

6/20/122635.589

6/21/122471.2754

6/22/122451.5578

6/25/122412.1226

6/26/122487.7068

6/27/122488.8022

6/28/122510.7107

6/29/122567.6727

7/2/122649.8295

7/3/122747.3222

7/5/122762.6581

7/6/122764.8489

7/9/122699.1235

7/10/122688.1693

7/11/122668.4517

7/12/122642.1615

7/13/122740.7496

7/16/122717.7457

7/17/122705.6961

7/18/122727.6045

7/19/122761.5627

7/20/122722.1274

7/23/122677.2151

7/24/122620.253

7/25/122539.1917

7/26/122639.9707

7/27/122769.2306

7/30/122782.3757

7/31/122824.0018

8/1/122815.2384

8/2/122712.2686

8/3/122788.9483

8/6/122872.2004

8/7/122877.6666

8/8/122890.8167

8/9/122930.2668

8/10/122947.8001

8/13/122862.3249

8/14/122844.7915

8/15/122866.7082

8/16/122868.8999

8/17/122903.9667

8/20/122893.0083

8/21/122908.35

8/22/122862.3249

8/23/122702.3328

8/24/122719.8662

8/27/122706.7161

8/28/122693.5661

8/29/122684.7994

8/30/122654.116

8/31/122678.2244

9/4/122592.7491

9/5/122562.0657

9/6/122616.8575

9/7/122700.1411

9/10/122686.9911

9/11/122691.3744

9/12/122586.1741

9/13/122717.6745

9/14/122851.3665

9/17/122719.8662

9/18/122638.7743

9/19/122656.3076

9/20/122656.3076

9/21/122611.3783

9/24/122609.1867

9/25/122476.5905

9/26/122474.3988

9/27/122489.7405

9/28/122463.4404

10/1/122474.3988

10/2/122474.3988

10/3/122463.4404

10/4/122570.8324

10/5/122610.2825

10/8/122691.3744

10/9/122700.1411

10/10/122651.9243

10/11/122713.2911

10/12/122651.9243

10/15/122708.9078

10/16/122770.2746

10/17/122765.8913

10/18/122849.1749

10/19/122752.7413

10/22/122827.2581

10/23/122807.5331

10/24/122785.6163

10/25/122822.8748

10/26/122800.9581

10/31/122770.2746

11/1/122947.8001

11/2/122897.3917

11/5/122917.1167

11/6/123046.4254

11/7/122914.9251

11/8/122861.1251

11/9/122913.7435

11/12/122911.551

11/13/122874.2797

11/14/122786.5824

11/15/122694.5002

11/16/122716.4245

11/19/122777.8126

11/20/122771.2353

11/21/122777.8126

11/23/122837.0083

11/26/122830.431

11/27/122747.1186

11/28/122786.5824

11/29/122815.084

11/30/122832.6235

12/3/122753.6959

12/4/122775.6202

12/5/122843.5856

12/6/122795.3521

12/7/122806.3143

12/10/122801.9294

12/11/122894.0116

12/12/122845.7781

12/13/122861.1251

12/14/122977.324

12/17/123016.7878

12/18/123100.1003

12/19/123034.3273

12/20/123025.5576

12/21/122986.0938

12/24/122981.7089

12/26/122967.4581

12/27/122933.4754

12/28/122880.857

12/31/123010.2105

1/2/133130.7943

1/3/133124.217

1/4/133200.9522

1/7/133290.842

1/8/133211.9144

1/9/133257.9555

1/10/133277.6874

1/11/133260.1479

1/14/133229.4538

1/15/133314.9587

1/16/133268.9176

1/17/133332.4982

1/18/133314.9587

1/22/133352.2301

1/23/133367.5771

1/24/133339.0755

1/25/133341.2679

1/28/133288.6495

1/29/133382.9241

1/30/133314.9587

1/31/133334.6906

2/1/133376.3468

2/4/133330.3057

2/5/133332.4982

2/6/133431.1577

2/7/133433.3501

2/8/133426.7728

2/11/133433.3501

2/12/133466.2366

2/13/133459.6593

2/14/133527.6247

2/15/133507.8928

2/19/133518.855

2/20/133332.4982

2/21/133264.5328

2/22/133323.7284

2/25/133218.4917

2/26/133238.2236

2/27/133312.7663

2/28/133361.1484

3/1/133268.7004

3/4/133297.3152

3/5/133306.1198

3/6/133400.7691

3/7/133409.5736

3/8/133510.8263

3/11/133488.8149

3/12/133446.9931

3/13/133356.7462

3/14/133339.137

3/15/133404.9512

3/18/133383.1599

3/19/133369.953

3/20/133430.4845

3/21/133429.3839

3/22/133422.7805

3/25/133482.2114

3/26/133497.6194

3/27/133524.0332

3/28/133494.3177

4/1/133396.3668

4/2/133262.0969

4/3/133193.8614

4/4/133213.6717

4/5/133226.8786

4/8/133246.6889

4/9/133345.7404

4/10/133363.3496

4/11/133336.9358

4/12/133297.3152

4/15/133145.4362

4/16/133211.4706

4/17/133134.4305

4/18/133165.2465

4/19/133163.0454

4/22/133123.4248

4/23/133147.6374

4/24/133242.2866

4/25/133266.4992

4/26/133235.6832

4/29/133281.9072

4/30/133310.5221

5/1/133229.0797

5/2/133244.4878

5/3/133365.5507

5/6/133339.137

5/7/133369.953

5/8/133446.9931

5/9/133411.7952

5/10/133413.9992

5/13/133345.6752

5/14/133350.0832

5/15/133330.2471

5/16/133314.8191

5/17/133374.3272

5/20/133477.9153

5/21/133535.2193

5/22/133438.2432

5/23/133418.4072

5/24/133389.7552

5/28/133427.2232

5/29/133394.1632

5/30/133411.7952

5/31/133383.1432

6/3/133407.3872

6/4/133425.0192

6/5/133299.3911

6/6/133272.9431

6/7/133268.5351

6/10/133279.5551

6/11/133202.415

6/12/133182.579

6/13/133317.0231

6/14/133288.3711

6/17/133308.2071

6/18/133301.5947

6/19/133279.5546

6/20/133224.4546

6/21/133195.8026

6/24/133129.6825

6/25/133180.3746

6/26/133211.2306

6/27/133317.0227

6/28/133286.1666

7/1/133365.5107

7/2/133361.1027

7/3/133343.4707

7/5/133334.6547

7/8/133325.8387

7/9/133358.8987

7/10/133350.0827

7/11/133394.1627

7/12/133383.1427

7/15/133380.9387

7/16/133385.3467

7/17/133427.2228

7/18/133380.9387

7/19/133352.2867

7/22/133367.7147

7/23/133449.2628

7/24/133405.1827

7/25/133451.4668

7/26/133438.2428

7/29/133425.0188

7/30/133422.8147

7/31/133429.4268

8/1/133480.1188

8/2/133475.7108

8/5/133486.7308

8/6/133431.6308

8/7/133398.0364

8/8/133424.5318

8/9/133492.9783

8/12/133594.5441

8/13/133572.4646

8/14/133618.8315

8/15/133559.2168

8/16/133521.6817

8/19/133473.1068

8/20/133526.0976

8/21/133435.5716

8/22/133528.3055

8/23/133480.8346

8/26/133501.8101

8/27/133398.0364

8/28/133424.5318

8/29/133446.6114

8/30/133369.3331

9/3/133360.5013

9/4/133401.3484

9/5/133415.7

9/6/133433.3636

9/9/133545.9691

9/10/133638.7031

9/11/133713.7734

9/12/133698.3178

9/13/133704.9416

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9/17/133806.5073

9/18/133843.8217

9/19/133764.5563

9/20/133702.7337

9/23/133680.6541

9/24/133660.7826

9/25/133693.9019

9/26/133700.5257

9/27/133645.3269

9/30/133691.6939

10/1/133738.0609

10/2/133751.3086

10/3/133696.1098

10/4/133720.3973

10/7/133669.6144

10/8/133643.119

10/9/133616.6236

10/10/133707.1496

10/11/133742.4768

10/14/133804.2994

10/15/133802.0914

10/16/133799.8835

10/17/133950.0242

10/18/133994.1832

10/21/134038.3422

10/22/134071.4615

10/23/134069.2535

10/24/134025.0945

10/25/133963.2719

10/28/133944.5043

10/29/133945.6083

10/30/133925.7367

10/31/133970.9997

11/1/134071.4615

11/4/134161.9874

11/5/134135.492

11/6/134159.7795

11/7/134086.9171

11/8/134253.2174

11/11/134273.196

11/12/134222.1396

11/13/134227.6892

11/14/134242.1182

11/15/134222.1396

11/18/134201.0511

11/19/134226.5793

11/20/134202.161

11/21/134202.161

11/22/134146.665

11/25/134086.7293

11/26/134075.63

11/27/134029.0134

11/29/134044.5523

12/2/134031.2332

12/3/134024.5737

12/4/134140.0055

12/5/134171.0833

12/6/134175.5229

12/9/134226.5793

12/10/134202.161

12/11/134142.2253

12/12/134142.2253

12/13/134168.8634

12/16/134208.8206

12/17/134204.3809

12/18/134068.9705

12/19/134122.2467

12/20/134113.3674

12/23/134177.7428

12/24/134297.6143

12/26/134293.1746

12/27/134373.0889

12/30/134308.7135

12/31/134337.5714

1/2/144262.0968

1/3/144253.2174

1/6/144188.842

1/7/144214.3702

1/8/144266.5365

1/9/144242.1182

1/10/144239.8984

1/13/144117.807

1/14/144117.807

1/15/144124.4666

1/16/144140.0055

1/17/144082.2896

1/21/143989.0562

1/22/143973.5173

1/23/143900.2625

1/24/143764.8522

1/27/143658.2997

1/28/143740.4339

1/29/143684.9378

1/30/143709.3561

1/31/143662.7394

2/3/143514.01

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2/7/143625.0021

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2/12/143862.5252

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2/18/143997.9356

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3/3/143837.9138

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1/12/178713.9564

1/13/178735.8997

1/17/178682.2604

1/18/179086.9937

1/19/178726.1471

1/20/178728.5853

1/23/178655.4407

1/24/178838.3021

1/25/178255.5837

1/26/178696.8893

1/27/178833.4258

1/30/178572.5435

1/31/178243.393

2/1/178160.4958

2/2/178314.0994

2/3/178258.0219

2/6/178272.6508

2/7/178206.8207

2/8/178414.0636

2/9/178894.3796

2/10/178916.323

2/13/179194.2724

2/14/179218.6539

2/15/179150.3856

2/16/179113.8133

2/17/179060.174

2/21/179165.0145

2/22/179111.3752

2/23/178660.317

2/24/178677.3841

2/27/178948.019

2/28/178870.0013

3/1/179124.4685

3/2/178768.2144

3/3/178763.3674

3/6/178642.1925

3/7/178264.1269

3/8/178361.0668

3/9/178252.0094

3/10/178235.0449

3/13/178336.8318

3/14/178397.4193

3/15/178639.769

3/16/178586.4521

3/17/178806.9903

3/20/178823.9548

3/21/178227.7744

3/22/178433.7717

3/23/178363.4903

3/24/178213.2334

3/27/178174.4575

3/28/178405.8539

3/29/178323.4436

3/30/178374.3441

3/31/178425.2446

4/3/178490.6881

4/4/178558.5554

4/5/178265.2716

4/6/178359.8011

4/7/178541.5886

4/10/178422.8208

4/11/178527.0456

4/12/178202.2519

4/13/177976.8354

4/17/177935.6303

4/18/177918.6634

4/19/177925.9349

4/20/178461.6021

4/21/178573.0984

4/24/178873.6538

4/25/178808.2103

4/26/178868.8061

4/27/178793.6673

4/28/178759.7336

5/1/178919.7066

5/2/178963.3356

5/3/178648.2373

5/4/178694.2901

5/5/178682.1709

5/8/178626.975

5/9/178469.8131

5/10/178346.5016

5/11/178249.7866

5/12/178254.6223

5/15/178353.7552

5/16/178484.3204

5/17/178194.1755

5/18/178186.9219

5/19/178273.9653

5/22/178213.5185

5/23/178530.26

5/24/178460.1416

5/25/178327.1586

5/26/178150.6537

5/30/178288.4726

5/31/178218.3542

6/1/178300.5619

6/2/178307.8156

investor presentation · 1 “free cash flow” is defined as adjusted ebitda – capital...

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