Item 6. SELECTED FINANCIAL DATA

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Item 6. SELECTED FINANCIAL DATA

The following table sets forth the selected consolidated financial and operating data of Steel Dynamics, Inc. The selected consolidated operating, other financial and balance sheet data, as of and for each of the years in the five-year period ended December 31, 2019, were derived from our audited consolidated financial statements. You should read the following data in conjunction with Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and our consolidated financial statements and notes appearing elsewhere in this Form 10-K.

You should also read the following information in conjunction with the data in the table on the following page:

	●	On March 1, 2019, we completed the acquisition of 75% of the equity interest of United Steel Supply, LLC (USS), for a total cash purchase price of $97.1 million. USS operations are reflected in our steel operations from the date of acquisition.

	●	On June 29, 2018, we completed the acquisition of Heartland Steel Processing, LLC (formerly known as Companhia Siderurgica Nacional, LLC) (Heartland), for a total cash purchase price of $434.0 million. Heartland operations are reflected in our steel operations from the date of acquisition.

	●	In the fourth quarter of 2017, we recorded a tax benefit related primarily to the impact of the revaluation of the company’s deferred tax assets and liabilities as of December 31, 2017, using the lower federal tax rate enacted in the Tax Cuts and Jobs Act of 2017, which increased net income and net income attributable to Steel Dynamics, Inc. by $180.6 million, and basic and diluted earnings per share by $0.75.

	●	In the fourth quarter of 2016, we recorded a non-cash asset impairment charge associated with the company’s Minnesota ironmaking operations and certain OmniSource assets, which reduced 2016 operating and pretax income by $132.8 million, net income by $89.5 million, net income attributable to Steel Dynamics, Inc. by $76.4 million, and basic and diluted earnings per share by $0.31.

	●	In the fourth quarter of 2015, we recorded a pretax non-cash asset impairment charge related to goodwill, trade name and certain other assets associated with OmniSource, which reduced 2015 operating income by $428.5 million, and net income and net income attributable to Steel Dynamics, Inc. by $268.7 million, and basic and diluted earnings per share by $1.11.



	Years Ended December 31,
	2019		2018		2017		2016		2015

	(dollars and shares in thousands, except per share data)
Operating data:
Net sales	$	10,464,991	$	11,821,839	$	9,538,797	$	7,777,109	$	7,594,411
Gross profit		1,530,984		2,322,814		1,582,014		1,334,864		731,718
Operating income (loss)		986,880		1,722,409		1,066,881		727,966		(72,784)
Asset impairment charges reflected in operating income (loss)		-		-		-		(132,839)		(428,500)
Net income (loss)		677,900		1,255,805		805,796		360,006		(145,170)
Net income (loss) attributable to Steel Dynamics, Inc.		671,103		1,258,379		812,741		382,115		(130,311)

Basic earnings (loss) per share	$	3.06	$	5.38	$	3.38	$	1.57	$	(0.54)
Weighted average common shares outstanding		219,639		233,923		240,132		243,576		242,017

Diluted earnings (loss) per share	$	3.04	$	5.35	$	3.36	$	1.56	$	(0.54)
Weighted average common shares and share
equivalents outstanding		220,748		235,193		241,781		245,298		242,017

Dividends declared per share	$	0.96	$	0.75	$	0.62	$	0.56	$	0.55

Capital expenditures	$	451,945	$	239,390	$	164,935	$	198,160	$	114,501

Other data (unaudited):
Shipments:
Steel operations segment (net tons)		10,816,641		10,609,763		9,726,977		9,245,946		8,328,150

Metals recycling operations segment
Ferrous metals (gross tons)		4,627,214		5,123,553		4,952,973		5,070,380		5,139,506
Nonferrous metals (thousands of pounds)		1,068,208		1,131,412		1,086,799		1,103,505		1,082,777

Steel fabrication operations segment (net tons)		644,411		641,698		627,274		562,725		492,875

Steel operations segment production (net tons)		10,898,744		10,899,776		9,995,082		9,503,465		8,528,885

Number of employees		8,385		8,200		7,635		7,695		7,510

Balance sheet data:
Cash and equivalents and short-term investments	$	1,643,634	$	1,057,003	$	1,028,649	$	841,483	$	727,032
Property, plant and equipment, net		3,135,886		2,945,767		2,675,904		2,787,215		2,951,210
Total assets		8,275,765		7,703,563		6,855,732		6,423,732		6,202,082
Long-term debt (including current maturities)		2,734,344		2,376,723		2,381,940		2,356,826		2,594,656
Equity		3,921,241		3,775,989		3,195,068		2,777,459		2,545,111

Shares outstanding (in thousands)		214,503		225,272		237,397		243,785		243,090

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