Steel Dynamics STLD Q3 2024 Earnings Transcript

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Oct. 17, 2024 astatine 11 a.m. ET

• Chairman and Chief Executive Officer — Mark Millett

• Executive Vice President and Chief Financial Officer — Theresa Wagler

• President and Chief Operating Officer — Barry Schneider

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Mark Millett, Chairman and Chief Executive Officer of Steel Dynamics; Theresa Wagler, Executive Vice President and Chief Financial Officer; and Barry Schneider, President and Chief Operating Officer. The different members of our elder enactment squad are joining america connected the telephone individually. Some of today's statements, which talk lone arsenic of this date, whitethorn beryllium forward-looking and predictive, typically preceded by believe, expect, expect oregon words of akin meaning. They are intended to beryllium protected by the Private Securities Litigation Reform Act of 1995 and should existent results crook retired differently.

Such statements impact risks and uncertainties related to integrating oregon starting up caller assets, the aluminum industry, the usage of estimates and assumptions successful transportation with our anticipated task returns successful our steel, metals recycling and fabrication businesses arsenic good arsenic to wide concern and economical conditions. Examples of these are described successful the related property merchandise arsenic good arsenic successful our annually filed SEC Form 10-K nether the headings Forward-looking Statements and Risk Factors, recovered connected the Internet astatine www.sec.gov, and if applicable, successful immoderate aboriginal SEC Form 10-Q.

You volition besides find immoderate referenced non-GAAP fiscal measures reconciled to the astir straight compared GAAP measures successful the property merchandise issued yesterday entitled Steel Dynamics Reports Third Quarter 2021 Results.

Mark Millett: Thank you, David. Good morning, everyone. Thank you for joining our 3rd 4th '24 net call. As you person work and seemingly galore person concluded, our teams executed good done the quarter, achieving different coagulated fiscal and operational performance. Most gratifying to america to me, successful particular, was achieving different large 4th for safety. The ramp-ups of our 4 caller value-add flat-rolled alloy coating lines person been an unqualified occurrence with the anticipation of afloat net payment successful 2025. These lines correspond an further 1.1 cardinal tons of higher-margin merchandise diversification for us.

In Texas, contempt a mates of challenges aboriginal successful the quarter, the Sinton squad gained sizeable momentum, moving astatine a 72% utilization complaint of scheduled tally clip successful September. We had extended periods successful excess of 90%, and were achieved during that quarter. And I deliberation it proves the mill's eventual capability. Steel shipments were 3.2 cardinal tonnes, 3rd 4th revenues, $4.3 billion. Adjusted EBITDA was $557 cardinal and currency travel from operations of $760 million. As I stated, we had a large 4th successful presumption of safety. Historically, the summertime months tin beryllium a challenging period, but the teams reversed that inclination this twelvemonth with an fantabulous performance.