second quarter 2019 earnings call slides · second quarter 2019 earnings call slides. 23 july 2019...

23 July 2019

Second Quarter 2019 Earnings Call Slides

23 July 2019 1Differentiated and Proven Business Culture

Forward Looking Statements

This presentation contains some predictive statements about future events, including statements related to conditions in the steel and metallic scrap markets, Steel Dynamics’ production capacities, shipments, revenues, costs of purchased materials, future profitability and earnings, and the operation of new or existing 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 andassumptions, 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) cyclical and changing industrial demand; (3) 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, pipe and tube, and other steel-consuming industries; (4) 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; (5) the impact of domestic and foreign import price competition; (6) unanticipated difficulties in integrating or starting up new or acquired businesses or assets; (7) risks and uncertainties involving product and/or technology development; and (8) 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.


Total Recordable Injury Rate1

Safety is Our Number One Value

During 2018, each of our platforms performed meaningfully better than industry benchmarks

1 OSHA recordable incidents x 200,000 / hours worked and OSHA days away from work cases x 200,000 / hours worked2 June 30, 2019 Trailing Twelve Months³ Source: U.S. DOL Bureau of Labor Statistics most recent information available (2017 for Steel and Steel Fabrication and 2016 for Metals Recycling)

Steel Steel Fabrication

Metals Recycling

Total 2018 Recordable Injury Rate1 By Platform

2.3

1.8

1.5

1.8 1.7

2015 2016 2017 2018 Q2'19 TTM²

Lost Time Injury Rate1

1.41.8

2.22.5

4.54.2

Steel Dynamics Industry³

0.66

0.34

0.26 0.25 0.23

2015 2016 2017 2018 Q2'19 TTM²


($130)

$382

$813

$1,258

$1,067

2015 2016 2017 2018 Q2'19 TTM¹

$706

$1,172$1,405

$2,074$1,831

2015 2016 2017 2018 Q2'19 TTM¹

$398

$861$1,067

$1,738

$1,490

2015 2016 2017 2018 Q2'19 TTM¹

Net Income (dollars in millions)

Revenue (dollars in billions) Adjusted Operating Income2 (dollars in millions)

Adjusted EBITDA2 (dollars in millions)

¹ June 30, 2019 Trailing Twelve Months. ² 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

$7.6 $7.8

$9.5

$11.8 $11.7

2015 2016 2017 2018 Q2'19 TTM¹


$590$626

$458$382 $365

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19

$362 $398

$270

$204 $194

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19

$3.1$3.2

$2.9$2.8 $2.8

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19

$502$545

$368

$292 $285

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19

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.

Q2 2019 Consolidated Results

Record High

Record High

Record High

Record High


248

320283

353

445

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19

Operating Income (dollars in millions)

Q2 2019 Steel Operations Results

Steel Operations Total Shipments (millions of tons)

1.8 1.9 1.8 1.92.0

0.9 0.9 0.8 0.8 0.8

2.7 2.8 2.6 2.7 2.8

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19Flat Roll Long Products

$537$577

$402

$312 $295

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19

Record High

Record High

Q2 2019 shipments include the continued ramp-up of Heartland volume and the addition of United Steel Supply upon its acquisition Q1 2019.

Processing Locations¹ Total Shipments (included above)(thousands of tons)

¹ Processing locations include Heartland, Techs, United Steel Supply and Vulcan.

Our processing locations represented 16% of total steel shipments in Q2 2019, and the associated steel procurement cost represented 18% of our steel operations’ cost of goods sold.


$26

$18 $17$20

$11

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19

1.3 1.31.2 1.2 1.2

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19


Q2 2019 Metals Recycling Results

Total Ferrous Shipments (millions of gross tons)

Total Nonferrous Shipments (millions of pounds)

64% of ferrous scrap Q2 2019 volume was sold to Steel Dynamics’ steel mills

304

277 278292

266

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19


$14 $13$15

$21

$31

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19

158172

162

145157

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19


Q2 2019 Steel Fabrication Results

Total Shipments (thousands of tons)

Record High


47% 43%

10% 16%

9% 8%

8% 7%

7% 7%6% 6%6% 6%6% 5%1% 2%

2017 Q2'19 YTD

Electrodes

Utilities

Repairs &Maintenance

Freight

Other DirectMaterials

Payroll & Benefits

Alloys - Steel Mills& Zinc

Process Steel

Scrap

Platform Operational Cost Structure

Steel Operations

Steel Fabrication Operations

Metals Recycling Operations

85% Variable – Steady Conversion Costs

88% 88%

5% 5%3% 3%

2017 Q2'19 YTD

< 1% Utilities

2% Other

2% Repairs &Maintenance

Payroll & Benefits

Freight

Unprocessed ScrapProcurement

70% 70%

13% 14%

8% 7%3% 4%3% 3%

2017 Q2'19 YTD

1% or < 1% Utilities

2% Repairs &Maintenance

Other

Other DirectMaterials

Freight

Payroll & Benefits

Steel

We have been growing our value-add, steel processing volume during the last several years, increasing the amount of steel input costs. While our steel production conversion rates have remained steady.


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

$974 $1,240

$1,835 $1,558

2010 2011 2012 2013 2014 2015 2016 2017 2018 Q2'19 TTM²

5-year average: $1.1 billion

Our Differentiated Business Model is a Proven Cash Generator

5-year average: $564 million

1 “Free cash flow” is defined as Adjusted EBITDA – Capital Investments and “Free cash flow conversion” as Free Cash flow / Adjusted EBITDA. Adjusted EBITDA is reconciled to GAAP amounts in the appendix ² June 30, 2019 Trailing Twelve Months

Free Cash Flow1 (dollars in millions)

Doubled Average Annual Free Cash Flows


Our Planned Southwest U.S. 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

Planned enhanced processing capabilities that are beyond existing EAF-based production capabilities

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

The steel mill will be located in Sinton, Texas, which is strategically located in close proximity to raw material supply and growing customer base

Growth from import share gains and higher-growth, steel-consuming markets Southern U.S. manufacturing hubs growing faster than the rest of the country 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 Electric-arc-furnace flat roll steel mill, including a 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 for certain products — Widths (38” to 84”) and gauges from 0.047” to 1.00”

Once completed, represents over a 25% increase in our current annual estimated EAF-based steel production capacity


Planned Sinton, Texas Flat Roll Steel Mill Drives Next Generation of Growth

Location Benefits

Domestic and Mexican underserved markets

Growing manufacturing demand

Customer “co-location” opportunities

Geographic diversification in the energy, automotive, construction and appliance sectors

Meaningful logistics benefits -Customer time and freight savings

Proximity to raw materials

Existing and planned scrap management relationships

State-of-the-Art Facility

Planned enhanced processing capabilities beyond existing EAF capabilities

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

Diversified, higher-quality value-added product mix

Estimated 27 million tons1 in Targeted Regional Markets Texas and Surrounding States = 7 million tons West Coast = 4 million tons Mexico = 16 million tons

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 - Market Opportunity

Planned Product Mix Target End Markets

Initial Planned Shipments by Region

72%

7%

12%

9%

Hot Roll

Cold Roll

Coated

Painted

30%

15%

15%

10%

30% Energy Tubulars

Automotive

Construction

Appliance

Other

70%

30%

United StatesMexico


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


Steel Dynamics – Adjusted EBITDA and Adjusted Operating Income Reconciliations

Dollars in millions 2010 2011 2012 2013 2014 2015 2016 2017 2018Q2’19TTM¹

Net Income (Loss) $130 $266 $142 $164 $92 $(145) $360 $806 $1,256 $1,069

Income Taxes (Benefit) 83 158 62 99 73 (97) 204 129 364 303Interest Expense 170 177 159 128 137 154 146 134 127 126Interest Income (4) (5) (5) (5) (2) (1) (5) (10) (23) (26)Depreciation 171 177 180 192 229 263 261 265 283 290Amortization 46 40 36 32 28 25 29 29 28 28Non-Controlling Interests 12 13 21 26 65 15 22 7 3 (2)

EBITDA $608 $826 $595 $636 $622 $214 $1,017 $1,360 $2,038 $1,788

Unrealized hedging (gain) loss 2 (4) (3) 5 (5) 3 1 5 (6) (1)Inventory valuation 6 9 6 7 10 28 1 3 2 2Asset impairment charges 13 - 11 2 213 432 123 3 - -Equity-based compensation 14 17 12 16 23 29 30 34 40 42

Adjusted EBITDA $643 $848 $621 $666 $863 $706 $1,172 $1,405 $2,074 $1,831

Dollars in millions 2015 2016 2017 2018Q2’19TTM¹

Operating Income $(73) $728 $1,067 $1,722 $1,474

Asset Impairment Charge 429 133 - - -Minnesota Idle and Non-Cash Inventory Charge 33 - - - -Iron Dynamics Outage 9 - - - -Non-Cash Purchase Accounting - - - 16 16

Adjusted Operating Income $398 $861 $1,067 $1,738 $1,490

¹ June 30, 2019 Trailing Twelve Months


Steel Dynamics – Quarterly Adjusted EBITDA and Adjusted Operating Income Reconciliations

¹ June 30, 2019 Trailing Twelve Months

Dollars in millions Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019Net Income 362,572$ 397,906$ 269,852$ 204,827$ 196,746$ Income Taxes 112,838 109,209 71,433 62,236 60,214 Interest Expense 31,512 31,560 31,652 31,122 32,321 Interest Income (5,584) (5,666) (6,914) (7,105) (6,723) Depreciation 70,871 73,431 71,765 71,846 72,585 Amortization 6,829 6,591 7,434 7,013 7,013 Noncontrolling Interests (124) 469 151 (499) (2,444) EBITDA 578,914$ 613,500$ 445,373$ 369,440$ 359,712$ Unrealized Hedging (Gains) / Losses 2,836 3,030 (2,510) 1,742 (3,719) Inventory Valuation 265 1,017 666 241 351 Equity-Based Compensation 8,375 7,978 14,457 10,619 9,080 Asset Impairment - - - - - Adjusted EBITDA 590,390$ 625,525$ 457,986$ 382,042$ 365,424$

Dollars in millions Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019Consolidated Operating Income 502$ 532$ 365$ 292$ 285$

Non-cash Asset Impairment Charges - - - - - Non-cash Purchase Accounting - 13 3 - -

Adjusted Operating Income 502$ 545$ 368$ 292$ 285$

Value-Added Product Mix

Graph NameERROR:#VALUE!

ContactBrad Smuts

SourceAnnual Financials (10-K)

Source: 10-K Item 1 support

Standard20%HR Sheet

11%Structural

5%MBQupdated - 2/21/19

1%Other

Value add3%Rail

4%Shapes

7%SBQ (Eng'd Bar)

10%HR and P&O Sheet

5%CR Sheet

34%Coated Sheet

Standard37%

Value-add63%

0.20.110.050.010.030.047.0000000000000007E-20.10.050.34

Steel Op End Market

Steel Operations End Markets

Last Updated: 2/19/19

201320142015201620172018

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

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

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

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

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

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

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

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

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

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

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

Mining1%1%1%2%

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

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

Construction-Metal Building

0.1Construction-Heavy

7.0000000000000007E-2Construction-Lt. Commerical / Resi

0.18Applicance / HVA

0.05Automotive

0.12Other Transportation, including Rail

0.08

Agriculture, Heavy Equipment, & Mining

6.0000000000000005E-2Non-energy Pipe & Tube

0.1Energy

0.05Other Manufacturing

0.19

Growth

DatesCapExDividendsShare Repurchases

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$ - 0

12/31/04$ (102.0)$ (7.5)$ (55.2)CashEquityTotal

12/31/05$ (63.4)$ (18.3)$ (186.8)Qualitech$ 45,000$ 45,000

12/31/06$ (128.6)$ (37.5)$ (247.4)Jeffersonville$ 19,000$ 19,000

12/31/07$ (395.2)$ (55.6)$ (533.7)Roanoke$ 160,400$ 127,700$ 288,100

12/31/08$ (412.5)$ (71.3)$ (501.8)Elizabethton$ 38,200$ 38,200

12/31/09$ (330.1)$ (68.7)$ - 0Techs$ 373,400$ 373,400

12/31/10$ (133.4)$ (65.0)$ - 0OmniSource$ 659,700$ 455,000$ 1,114,700

12/31/11$ (167.0)$ (81.9)$ - 0Sturgis$ 43,400$ 43,400

12/31/12$ (223.5)$ (87.6)$ - 0Recycle South$ 379,400$ 139,800$ 519,200

12/31/13$ (186.8)$ (94.8)$ - 0

12/31/14$ (111.8)$ (105.4)$ - 0Columbus$ 1,625,000$ 1,625,000

12/31/15$ (114.5)$ (127.6)$ - 0CSi$ 45,000$ 45,000

12/31/16$ (198.2)$ (135.8)$ (25.0)Vulcan$ 114,000$ 114,000

12/31/17$ (164.9)$ (145.6)$ (252.2)Heartland$ 400,000$ 400,000

12/31/18$ (239.4)$ (168.9)$ (523.6)$ 4,625,000

$ (4,300.0)$ (3,643.6)internal

bloombergbloomberg

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 Updated6/25/19

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

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

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

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

%Old

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

200719.0%16.0%10.0%13.0%7.0%12.0%7.0%1

200813.0%14.4%16.0%4.0%5.0%12.3%4.0%3

20098.5%2.1%-9.3%4.0%2.1%-1.6%-9.3%1

20109.9%5.9%2.7%2.0%0.5%3.4%0.5%1

201110.4%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

Difference1010

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

0.0%0.0%0.0%0.0%0.0%0.0%0.0%

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

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

0.2%0.0%0.0%0.8%0.1%0.1%0.1%

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

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

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

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

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

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

20122013201420152016201720188.2695287970180387E-28.6298733039971653E-29.5417037462060095E-28.4578646059582499E-20.14622413032914930.142569340766975110.17239779699249838Peer 120122013201420152016201720187.2735248508783629E-27.7227453681352642E-29.2003175908656573E-27.5912163041730055E-20.126529896554332440.127822672609602230.16253243920092006Peer 320122013201420152016201720184.7030215231788082E-22.9901285583103766E-27.0543211286913807E-2-5.5123552790737863E-23.4694474222785307E-29.0530612244897959E-20.11602482719706587Peer 420122013201420152016201720189.7746768458128984E-34.8308918569582075E-24.0856479702414808E-25.2891870489623419E-35.9498512537186569E-29.2771975988816716E-28.5462438766829948E-2Peer 220122013201420152016201720185.6270693970236069E-25.1274603876613541E-25.2243849631479516E-27.9366168851540242E-26.1366932039649241E-25.6753341498471097E-27.353350079209045E-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

DataCategoryNet tonsSource%

ShipmentsMetals recycling6,304,08510-K31%

shipmentsSteel fabrication642,00010-K3%

Steel Shipping CapacityThe Techs1,000,00010-K5%

Steel Shipping CapacityHeartland1,000,00010-K5%

Avg annual shipmentsUnited Steel Supply200,0001%

Steel Shipping Capacity6 EAF Steel Mills11,000,00010-K55%

20,146,085100%

Metals RecyclingNet tons

Ferrous5,123,553gross tons5,738,379

Non-Ferrous1,131,412,000pounds565,706

Metals recyclingSteel fabricationThe TechsHeartlandUnited Steel Supply6 EAF Steel Mills0.312918626489925693.1867233188373624E-24.9637434872856115E-24.9637434872856115E-29.9274869745712233E-30.54601178360141722

FCF

Free Cash Flow

5 year average$564$1,078

91%LessAdd

$ in millions201020112012201320142015201620172018Q2'19 TTM¹2018Q2 YTD 2018Q2 YTD 2019Q2'19 TTM¹

Adjusted EBITDA$643$848$621$666$863$706$1,172$1,405$2,074$1,831$2,074$ 990$ 747$1,831

CapEx133167224187112115198165239273239106140273

Free Cash Flow$510$681$397$479$751$591$974$1,240$1,835$1,558$1,835$884$607$1,558

Free Cash Flow Conversion79%80%64%72%87%84%83%88%88%85%88%89%81%85%

MKT Cap

Start Date4/16/11

End DateSource: Bloomberg

STLD US Equity

ERROR:#NAME?

DatesCUR_MKT_CAP

ERROR:#NAME?3805.0542

4/19/114022.984

4/20/114027.342620122860.5846732

4/21/114042.5977201810415.2885302789

4/25/114025.1633264%

4/26/114103.618

4/27/114055.6735

4/28/113961.9637

4/29/113964.143

5/2/113918.3777

5/3/113872.6124

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5/9/113723.9603

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5/25/113658.4361

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5/31/113734.881

6/1/113608.2008

6/2/113643.1471

6/3/113597.2801

6/6/113562.3339

6/7/113544.8607

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6/9/113553.5973

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6/16/113352.6563

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11/3/112847.1108

11/4/112947.7

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1/3/123068.2725

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2/10/123381.0045

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2/17/123348.2005

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8/3/122788.9483

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3/22/1810132.1832

3/23/189992.901

3/26/1810278.5474

3/27/1810158.151

3/28/1810084.8411

3/29/1810443.8331

4/2/1810117.9062

4/3/1810406.0445

4/4/1810495.7925

4/5/1810755.5893

4/6/1810269.0607

4/9/1810316.2965

4/10/1810663.4795

4/11/1810382.4266

4/12/1810649.3088

4/13/1810528.8575

4/16/1810628.0527

4/17/1810944.5325

4/18/1811171.2643

4/19/1811135.8374

4/20/1811024.8333

4/23/1810800.4633

4/24/1810802.8251

4/25/1810946.8943

4/26/1811121.6667

4/27/1810762.6747

4/30/1810583.1787

5/1/1810420.2152

5/2/1810557.199

5/3/1810561.9226

5/4/1810906.7439

5/7/1810958.7032

5/8/1810982.3211

5/9/1811070.0063

5/10/1811272.9092

5/11/1811379.0794

5/14/1811456.9375

5/15/1811666.9184

5/16/1812018.4595

5/17/1812122.2703

5/18/1811999.5848

5/21/1811905.2114

5/22/1811895.774

5/23/1811742.4172

5/24/1811747.1358

5/25/1811664.5591

5/29/1811480.5308

5/30/1811770.7292

5/31/1811662.1997

6/1/1811789.6039

6/4/1811749.4952

6/5/1811827.3533

6/6/1811975.9915

6/7/1811860.384

6/8/1811971.2728

6/11/1811836.7906

6/12/1811744.7765

6/13/1811603.2163

6/14/1811563.1076

6/15/1811032.2569

6/18/1811202.1291

6/19/1810966.1955

6/20/1811077.0843

6/21/1810973.2735

6/22/1811301.2213

6/25/1810975.6328

6/26/1811065.2876

6/27/1810791.6046

6/28/1810826.9946

6/29/1810841.1507

7/2/1810890.6967

7/3/1810668.9191

7/5/1811015.7416

7/6/1810944.9615

7/9/1811044.0536

7/10/1811185.6138

7/11/1811027.5382

7/12/1811041.6943

7/13/1811152.5831

7/16/1811053.4909

7/17/1811041.6943

7/18/1811303.5806

7/19/1811008.6635

7/20/1811079.4436

7/23/1811275.2686

7/24/1811589.0603

7/25/1811702.3084

7/26/1811426.2661

7/27/1811322.4553

7/30/1811221.0038

7/31/1811110.115

8/1/1810810.4793

8/2/1810527.3589

8/3/1810437.7041

8/6/1810468.3755

8/7/1810642.9664

8/8/1810595.7797

8/9/1810401.0043

8/10/1810239.0022

8/13/1810255.4372

8/14/1810236.6543

8/15/189987.7816

8/16/1810187.3494

8/17/1810267.1765

8/20/1810534.8321

8/21/1810588.8328

8/22/1810633.4421

8/23/1810347.0036

8/24/1810506.6578

8/27/1810776.6613

8/28/1810750.8349

8/29/1810870.5756

8/30/1810713.2692

8/31/1810736.7478

9/4/1810694.4864

9/5/1810987.9684

9/6/1811119.4484

9/7/1810966.8377

9/10/1810844.7492

9/11/1810844.7492

9/12/1811051.3605

9/13/1811046.6648

9/14/1810992.6641

9/17/1811084.2305

9/18/1811013.7948

9/19/1811081.8827

9/20/1810882.3149

9/21/1810706.2256

9/24/1810671.0078

9/25/1810800.1399

9/26/1810701.5299

9/27/1810689.7906

9/28/1810609.9635

10/1/1810727.3563

10/2/1810802.4878

10/3/1810842.4013

10/4/1810741.4435

10/5/1810661.6164

10/8/1810598.2242

10/9/1810525.4407

10/10/1810180.3058

10/11/189938.4766

10/12/189952.5637

10/15/189548.7324

10/16/189452.4703

10/17/189520.5581

10/18/189701.3431

10/19/189633.2552

10/22/189743.6045

10/23/189551.0802

10/24/189060.3782

10/25/189288.1203

10/26/189008.7254

10/29/189060.3782

10/30/189156.6403

10/31/189297.5117

11/1/189501.7753

11/2/189593.3417

11/5/189588.6459

11/6/189680.2123

11/7/189570.0323

11/8/189427.7099

11/9/189246.3637

11/12/189161.4293

11/13/189246.3637

11/14/189007.6293

11/15/189182.089

11/16/189110.9278

11/19/189124.701

11/20/188713.8025

11/21/188833.1697

11/23/188594.4353

11/26/188493.4324

11/27/187733.6145

11/28/188045.8055

11/29/188029.7369

11/30/188080.2384

12/3/188190.4234

12/4/187970.0533

12/6/187607.3608

12/7/187416.8324

12/10/187302.0563

12/11/187175.8026

12/12/187345.6712

12/13/187432.9011

12/14/187391.5817

12/17/187205.6444

12/18/187318.125

12/19/187109.2324

12/20/186907.2265

12/21/186914.113

12/24/186668.4922

12/26/186914.113

12/27/186877.3847

12/28/186856.725

12/31/186895.7489

1/2/196989.8653

1/3/196877.3847

1/4/197240.0772

1/7/197315.8294

1/8/197559.1548

1/9/197598.1787

1/10/197667.0443

1/11/197687.704

1/14/197579.8145

1/15/197522.4264

1/16/197655.5667

1/17/197717.5458

1/18/197873.6414

1/22/198013.6682

1/23/197993.0085

1/24/197967.7578

1/25/198135.3309

1/28/198160.5816

1/29/198238.6294

1/30/198461.2951

1/31/198399.3159

2/1/198527.8652

2/4/198610.504

2/5/198458.9995

2/6/198484.2503

2/7/198263.8801

2/8/198208.7876

2/11/198309.7906

2/12/198493.4324

2/13/198468.1816

2/14/198438.3398

2/15/198514.0921

2/19/198553.1159

2/20/198961.7189

2/21/198858.4204

2/22/198966.3099

2/25/198918.104

2/26/198796.4413

2/27/198504.7941

2/28/198363.6078

3/1/198486.8657

3/4/198509.2762

3/5/198451.0088

3/6/198211.2162

3/7/198074.512

3/8/197767.4878

3/11/197993.8341

3/12/198146.2257

3/13/198179.8415

3/14/197870.5762

3/15/197870.5762

3/18/197832.4783

3/19/197946.772

3/20/197884.0226

3/21/198022.9678

3/22/197612.8552

3/25/197626.3015

3/26/197666.6405

3/27/197722.3397

3/28/197729.0277

3/29/197862.7864

4/1/197951.9589

4/2/197889.5382

4/3/197898.4554

4/4/197853.8692

4/5/197983.1693

4/8/197989.8573

4/9/197731.257

4/10/197729.0277

4/11/197535.0774

4/12/197550.6826

4/15/197503.8671

4/16/197593.0396

4/17/197615.3327

4/18/197570.7464

4/22/197196.2219

4/23/197316.6048

4/24/197240.8081

4/25/197042.3993

4/26/197040.17

4/29/197129.3425

4/30/197062.4631

5/1/197020.1062

5/2/197073.6097

5/3/197379.0255

5/6/197265.3306

5/7/197176.1581

5/8/197272.0185

5/9/197227.4323

5/10/197202.9651

5/13/196871.8198

5/14/196951.828

5/15/196907.379

5/16/196964.0513

ROIC

STLD Equity

Source: Bloomberg

DateNET_INCOMETOTAL_EQUITYSHORT_AND_LONG_TERM_DEBT

12/31/11$ 2,316$ 2,380$ 2,364$ 2,305$ 4,669

3/30/12$ 46$ 2,333$ 2,372$ 164

6/29/12$ 44$ 2,354$ 2,3683.503%

9/28/12$ 13$ 2,339$ 2,204

12/31/12$ 61$ 2,477$ 2,202

3/28/13$ 48$ 2,506$ 2,301

6/28/13$ 29$ 2,515$ 2,098

9/30/13$ 57$ 2,448$ 2,109

12/31/13$ 55$ 2,612$ 2,108

3/31/14$ 39$ 2,634$ 2,099

6/30/14$ 72$ 2,959$ 1,804

9/30/14$ 91$ 3,038$ 3,062

12/31/14$ (45)$ 2,922$ 3,024

3/31/15$ 31$ 2,923$ 2,654

6/30/15$ 32$ 2,925$ 2,655

9/30/15$ 61$ 2,956$ 2,647

12/31/15$ (253)$ 2,671$ 2,595

3/31/16$ 63$ 2,708$ 2,598

6/30/16$ 142$ 2,825$ 2,591

9/30/16$ 157$ 2,952$ 2,587

12/30/16$ 20$ 2,889$ 2,357

3/31/17$ 201$ 2,995$ 2,357

6/30/17$ 154$ 3,039$ 2,374

9/29/17$ 153$ 3,061$ 2,534

12/29/17$ 305$ 3,306$ 2,382$ 3,661$ 2,372$ 6,032

3/29/18$ 228$ 3,423$ 2,363$ 1,258

6/29/18$ 362$ 3,700$ 2,37020.860%

9/28/18$ 398$ 3,986$ 2,367

12/31/18$ 270$ 3,887$ 2,377

3/29/19$ 204$ 3,989$ 2,435

3.5%

20.9%

495.5%

Slide 9 projects

1000

DateAcquisition / projectConsiderationPurchase pricePurchase price (100%)TonnageCapital investmentPurchase price / tonCapex / tonSalesEBITDAPayback period

Mar-19United Steel Supply75.0%134179----27

Q1 2019Reinforcing Bar expansion8282240-342

Nov-18Flat Roll Steel Mill--3,0001,800600

Sep-18Kentucky Electric Steel Assets-5250-20-

Jun-18CSN Heartland100.0%4344341,000-434-

Q2 2018Roanoke Bar expansion--160

Tricia Meyers: Tricia Meyers:This allows them to produce up to 200,000 tons, but I believe they were able to make about 40K tons before38-238

Jul-17Rail Division expansion--24082-342

Aug-16Vulcan Threaded Products100.0%113113125-904-

Sep-15Decking Asset100.0%4545----

Sep-14Severstal Columbus100.0%1,6251,6253,200-508-2,200254

Mid -2014SBQ mill--32596-295

Mid -2014

Tricia Meyers: Tricia Meyers:first produced at end of 2013 and ramped up 2nd half of 2014 after customer approvalsRail-division expansion--35023-

Sep-10Joist-making assets100.0%1717----

Jun-07The Techs100.0%3603601,000-360-

Jul-07Columbia City, Indiana--2,00075-38

Sep-03Pittsboro, Indiana--60075-125

Total$2,567$1,637

2012 - 2018 Average$466$369

$ 2,172$ 2,039

4,3254,075

$ 502$ 500

Mexico

Mexico growth

20132017ChangeGrowth2018ChangeGrowth

CRU - Apparent Consumption of steel sheet products8.7812.723.9445%12.693.9144%

CRU - Apparent Consumption of steel coil plate2.002.380.382.280.28

metric tons10.7815.104.3240%14.974.1939%~40%

net tons11.8816.644.76164.62

20132017ChangeGrowth2018ChangeGrowth

Steel Research LLC - Paul sheet and coil plate net tons11.3015.904.6041%

Steel Research LLC calculated by:1. Mexico is based on CANACERO data. CANACERO does not provide this information to the general public, but it is published in the AISI Annual Statistical Report. The difference between my numbers and CRU is that I include “coiled plate” as a hot rolled product because it is essentially heavy gauge hot roll (> 0.1875”) that comes off tandem hot strip mills and to a lesser extent Steckel mills (there is only one Steckel mill in Mexico). I use the same methodology in the U.S. and so do most other people. FYI, “coiled plate” shipment numbers in Mexico for the last couple of years were about 1.8 million tons and is roughly the difference between my flat rolled number for Mexico and the CRU number for Mexico in 2017. I cannot speak to the differences in other years because I do not know what CRU is doing. 2. The West Coast is estimated from western producer shipments, imports to western ports, and some product shipped from eastern mills to the west. 3. The 4 state regional estimate was the hardest to do. It was based on detailed customer analysis – location, size, and product mix. The customer analysis should be cited as confidential information to investors. Imports by regional ports of entry were also analyzed.

Capital Allocation New

Cash Flow from Ops

TTM 5 Year Chart

in billions

GrowthCapital ReturnedCash Flow from OpsGrowthCapital Returned

Fixed Asset Investment0.80.7Cash Dividends

Acquisitions2.40.9Share Repurchased

3.21.64.84.9

Capital AllocationRounded Footing Check

Last updated 2/19/19

199319941995199619971998199920002001200220032004200520062007200820092010201120122013201420152016201720182014 Q12019 Q1Last 20 Quarters

Cash flow from Ops$ (1,131)$ (2,679)$ (18,970)$ (51,634)$ 85,654$ (51,060)$ 114,811$ 102,792$ 67,373$ 115,022$ 127,606$ 247,919$ 310,756$ 404,952$ 418,203$ 770,301$ 445,556$ 169,307$ 486,355$ 445,694$ 312,175$ 628,224$ 1,053,625$ 852,760

Tricia Meyers: Tricia Meyers:updated number 2/19/2019 due to change in treatment of restricted cash$ 739,420

Tricia Meyers: updated number 2/19/2019 due to change in treatment of restricted cash$ 1,415,469$ (27,247)$ 181,553$ 4.90$ 4.9

CapEx$ 6,189$ 43,709$ 224,449$ 83,720$ 175,193$ 194,131$ 126,673$ 110,379$ 90,714$ 142,600$ 92,269$ 83,046$ 63,386$ 128,618$ 395,198$ 412,497$ 330,052$ 133,394$ 167,007$ 223,525$ 186,843$ 111,785$ 114,501$ 198,160$ 164,935$ 239,930$ 24,841$ 54,436$ (0.86)$ (0.8)rounded down to make total correctly

Acquisitions$ - 0$ - 0$ 1,669,449$ 45,000$ 123,351$ 6,192$ 433,998$ - 0$ 93,412$ (2.37)$ (2.4)

Other Investing$ - 0

Share Issuance$ 13,396$ 3,662$ 37,508$ 304,307

Dominic Freiburger: Dominic Freiburger:includes 2014 convert settled for shares$ 10,781$ 9,564$ - 0$ - 0$ 2,905$ - 0$ 0.32$ 0.3

Dividends$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ 7,452$ 18,276$ 37,545$ 55,642$ 71,288$ 68,672$ 64,969$ 81,882$ 87,633$ 94,812$ 105,379$ 127,569$ 135,767$ 145,565$ 168,913$ 24,515$ 42,239$ (0.70)$ (0.7)

Shares Repurchased$ - 0$ - 0$ - 0$ - 0$ 1,236$ 18,414$ - 0$ 26,876$ - 0$ - 0$ - 0$ 55,179$ 186,764$ 247,411$ 533,654$ 501,777$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ 25,034$ 252,242$ 523,569$ - 0$ 84,308$ (0.89)$ (0.9)

$ 0.4$ 0.4

Total Debt$ 800$ 11,949$ 223,054$ 207,343$ 219,541$ 483,946$ 505,963$ 532,520$ 599,924$ 555,450$ 607,574$ 448,379$ 440,575$ 438,878$ 2,029,845$ 2,650,384$ 2,222,754$ 2,386,821$ 2,380,100$ 2,173,832$ 2,081,110$ 2,981,849$ 2,594,656$ 2,356,826$ 2,534,144$ 2,098,750

Tricia Meyers: Tricia Meyers:Net deferred financing fees

Dominic Freiburger: Dominic Freiburger:includes 2014 convert settled for shares

Tricia Meyers: Tricia Meyers:Proceeds from maturity of ST Commercial Paper$ 2,435,385$ 336,635

Cash & ST$ 117$ 28,108$ 6,884$ 57,460$ 8,6

second quarter 2019 earnings call slides · second quarter 2019 earnings call slides. 23 july 2019...

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