{
  "ticker": "STLD",
  "company": "Steel Dynamics Inc.",
  "filing_type": "10-K",
  "year_current": "2024",
  "year_prior": "2023",
  "summary": {
    "added": 17,
    "removed": 20,
    "modified": 84,
    "unchanged": 46,
    "total_current": 147,
    "total_prior": 150
  },
  "source": "SEC EDGAR",
  "url": "https://riskdiff.com/stld/2024-vs-2023/",
  "markdown_url": "https://riskdiff.com/stld/2024-vs-2023/index.md",
  "json_url": "https://riskdiff.com/stld/2024-vs-2023/index.json",
  "generated": "2026-06-01",
  "ai_summary": null,
  "risks": [
    {
      "status": "ADDED",
      "current_title": "Pandemics, epidemics, widespread illness or other health issues may adversely affect our business, results of operations, financial condition, cash flows, liquidity, and stock price.",
      "prior_title": null,
      "current_body": "Pandemics, epidemics, widespread illness or other health issues may adversely affect our business, results of operations, financial condition, cash flows, liquidity and stock price. Government actions globally, including United States federal and state governmental actions, related to pandemics, epidemics, widespread illness or other health issues have historically impacted demand for our products, our supply chain, our employees, the economy generally, inflation and high interest rates, and any similar future actions may result in similar or additional impacts."
    },
    {
      "status": "ADDED",
      "current_title": "Volatility and major fluctuations in prices and availability of scrap metal, scrap substitutes and supplies, and our potential inability to pass higher costs on to our customers, may constrain operating levels and reduce profit margins.",
      "prior_title": null,
      "current_body": "Steel producers require large amounts of raw materials, including ferrous scrap metal and scrap substitute products such as pig iron and pelletized iron, and other supplies such as zinc, graphite electrodes and ferroalloys. The principal raw material of our EAF steel operations is recycled ferrous scrap derived from, among other sources, “home scrap,” generated internally at steel mills themselves, industrial scrap, generated as a by-product of manufacturing, obsolete scrap, recycled from end-of-life automobiles, appliances and machinery, and demolition scrap, recycled from obsolete structures, containers and machines. The prices for scrap are subject to market forces largely beyond our control, including demand by United States and foreign steel producers, freight costs and speculation. The scrap metal recycling industry has historically been, and is expected to remain, highly cyclical and the prices for scrap have varied significantly in the past, may vary significantly in the future and do not necessarily fluctuate in tandem with the price of steel. Moreover, some of our integrated steel producer competitors are not as dependent as we are on ferrous scrap as a part of their raw material melt mix, which, during periods of high scrap costs relative to the cost of blast furnace iron used by the integrated producers, give them a raw material cost advantage over EAF mills. However, given environmental considerations of investors, customers and regulators, additional EAF mills may be constructed, or companies currently operating blast furnace mills may invest in EAF mills, leading to increased demand in ferrous scrap possibly resulting in higher scrap prices. While our vertical integration into the metals recycling business and our liquid pig-iron operations are expected to enable us to continue being a cost-effective supplier to our own steelmaking operations, for some of our metallics requirements, we still rely on other metallics and raw material suppliers, as well as upon general industry supply conditions for the balance of our needs. The availability and prices of raw materials and supplies, particularly those with positive environmental attributes, may also be negatively affected by new, existing or changing laws, regulations, sanctions or embargoes, including those that may impose output limitations or higher costs associated with climate change or GHG allocation by suppliers, interruptions in production, accidents or natural disasters, changes in exchange rates, global price fluctuations, the availability and cost of transportation, and competing uses, all of which may be heighted during times of war or hostilities. As a major producer of galvanized steel products, we purchase and consume a large amount of zinc, which if purchased at high prices, may adversely affect our profit margins. Any inability to secure a consistent, cost-effective and timely supply of our raw materials and supplies may adversely affect our business, financial condition, results of operations and cash flows. Additionally, our inability to pass on all or a substantial part of any cost increases, whether due to positive environmental attributes, inflation, supply and demand imbalances, or otherwise, or to provide for our customers’ needs because of the potential unavailability of raw materials, supplies or required environmental attributes, may result in production slowdowns or curtailments or may otherwise adversely affect our business, financial condition, results of operations and cash flows."
    },
    {
      "status": "ADDED",
      "current_title": "Governmental agencies may refuse to grant or renew some of our licenses and permits required to operate our businesses.",
      "prior_title": null,
      "current_body": "Some of our operations must receive licenses and air, water and other permits and approvals from federal, state and local governments to conduct certain of our operations or to build, expand or acquire new facilities. Governmental agencies, non-governmental organizations, and members of the public sometimes resist the establishment of certain types of facilities in their communities. There can be no assurance that future approvals, licenses and permits will be granted or that we will be able to maintain and renew the approvals, licenses and permits we currently hold. Failure to do so may adversely affect our business, financial condition, results of operations and cash flows."
    },
    {
      "status": "ADDED",
      "current_title": "Impairment charges may adversely affect our results of operations.",
      "prior_title": null,
      "current_body": "Occasionally, assumptions that we have made regarding products or businesses we have acquired or sought to develop, about the sustainability of markets we sought to exploit, or about industry conditions that underlie our decision making when we elected to capitalize a venture turn out differently than anticipated. In such instances, the fair value of such assets may fall below their carrying value recorded on our balance sheet. Accordingly, we periodically test goodwill, and other assets such as long-lived tangible and intangible assets, right of use assets and equity method investments when indicators of impairment are present, to determine whether their estimated fair value is in fact less than their value recorded on our balance sheet. If we determine that the fair value of any of these assets, from whatever cause, is less than the value recorded on our balance sheet, we are required to incur non-cash asset impairment charges that adversely affect our results of operations. There can be no assurances that market dynamics or other factors may not result in future impairment charges. ITEM 1B. UNRESOLVED STAFF COMMENTS None. ​ ITEM 1C. CYBERSECURITY We manage risks from cybersecurity threats through our overall companywide risk management process, which is overseen by our Board of Directors and specific Board Committees. Management has created a global information security program, which encompasses a dedicated global information security team and policies, procedures, and processes for assessing, identifying, and managing risks from cybersecurity threats. Our policies, procedures, and processes follow recognized frameworks established by the National Institute of Standards and Technology (“NIST”), as well as other relevant standards. Our program is designed to maintain the confidentiality, integrity, security, and availability of the data that is created, collected, stored, and used to operate our business. ​ 31 31 Table of ContentsRisk Management and StrategyWe recognize the importance of assessing, identifying, and managing material risks associated with cybersecurity threats, utilizing from time to time, tabletop exercises, business unit assessments, threat modeling, impact analyses, internal audits, external audits, third party vulnerability scans, third party penetration tests, and engagement of third parties to conduct analysis of our information security programs, including an overall assessment utilizing the NIST standards. These risks include, among other things: operational risks, intellectual property theft, fraud, extortion, harm to team members or customers and violations of data privacy or security laws.​Our Director of Information Security has twenty years of cybersecurity experience, has completed a Masters in Homeland Security, with an emphasis on cybersecurity, and holds several cybersecurity certifications. Our Director of Information Security is responsible for leading the Information Security Team which has established a cybersecurity risk management program of policies and processes for assessing, identifying, and managing risk from cybersecurity threats. We have integrated these processes into our overall risk management systems and processes, and routinely assess risks from cybersecurity threats, including any potential unauthorized access to or activity conducted through our information systems that may result in material adverse effects on the confidentiality, integrity, or availability of our information systems or any information residing therein. This program includes established reasonable safeguards to minimize the identified risks; processes to reasonably address any identified gaps in existing safeguards; updates to existing safeguards as necessary; and monitoring the effectiveness of those safeguards. ​Our safeguards include continuous network monitoring, complex passwords, team member training that reinforces our policies, standards and practices, incident response capability reviews and exercises, and cybersecurity insurance and disaster recovery plans for the protection of our assets. The information security training and awareness program engages personnel through training modules on how to identify potential cybersecurity risks and protect the Company’s resources and information. This training is mandatory for all team members monthly, and is supplemented by companywide testing initiatives, including periodic phishing tests.​Our cybersecurity risk management program also assesses third party providers, such as vendors, suppliers, and other business partners. Cybersecurity risks are evaluated when determining the selection and oversight of applicable third party providers and potential risks when handling and/or processing our employee, business or customer data. ​Further, we have designated a member of our senior leadership team, our Chief Financial Officer, to oversee the management of the safeguards, cybersecurity risk assessment and mitigation process. From time to time, the Company’s program is reviewed and validated by internal and external experts. ​In general, our incident response process follows the NIST framework and focuses on four phases: (i) preparation; (ii) detection and analysis; (iii) containment, eradication, and recovery; and (iv) post-incident remediation. As cybersecurity incidents occur, including at third party providers, the Director of Information Security leads the Information Security Team through a standardized incident response process that focuses on responding to and containing the threat, minimizing any business impact, and evaluating its severity level. The severity level assessment determines how widespread the incident is and to what degree it could impact our overall business and manufacturing environment. In the event an incident is determined by the Information Security Team to be a high severity level, our cross functional team, with expertise in various disciplines, will assess the incident to determine if it has had a material affect or is reasonably likely of having a material effect on the Company’s business strategy, results of operations or financial condition.​We do not believe that risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect our overall business strategy, results of operations, or financial condition over the long term. In the last three years, the Company has not experienced any material cybersecurity incidents and we have not incurred material expenses from cybersecurity incidents (including penalties and settlements, of which there were none). For additional discussion of whether and how risks from cybersecurity threats could materially affect or are reasonably likely to materially affect the Company, see Item 1A. Risk Factors – “We are subject to cybersecurity threats and may face risks to the security of our sensitive data and 32 Table of Contents Table of Contents Table of Contents Risk Management and StrategyWe recognize the importance of assessing, identifying, and managing material risks associated with cybersecurity threats, utilizing from time to time, tabletop exercises, business unit assessments, threat modeling, impact analyses, internal audits, external audits, third party vulnerability scans, third party penetration tests, and engagement of third parties to conduct analysis of our information security programs, including an overall assessment utilizing the NIST standards. These risks include, among other things: operational risks, intellectual property theft, fraud, extortion, harm to team members or customers and violations of data privacy or security laws.​Our Director of Information Security has twenty years of cybersecurity experience, has completed a Masters in Homeland Security, with an emphasis on cybersecurity, and holds several cybersecurity certifications. Our Director of Information Security is responsible for leading the Information Security Team which has established a cybersecurity risk management program of policies and processes for assessing, identifying, and managing risk from cybersecurity threats. We have integrated these processes into our overall risk management systems and processes, and routinely assess risks from cybersecurity threats, including any potential unauthorized access to or activity conducted through our information systems that may result in material adverse effects on the confidentiality, integrity, or availability of our information systems or any information residing therein. This program includes established reasonable safeguards to minimize the identified risks; processes to reasonably address any identified gaps in existing safeguards; updates to existing safeguards as necessary; and monitoring the effectiveness of those safeguards. ​Our safeguards include continuous network monitoring, complex passwords, team member training that reinforces our policies, standards and practices, incident response capability reviews and exercises, and cybersecurity insurance and disaster recovery plans for the protection of our assets. The information security training and awareness program engages personnel through training modules on how to identify potential cybersecurity risks and protect the Company’s resources and information. This training is mandatory for all team members monthly, and is supplemented by companywide testing initiatives, including periodic phishing tests.​Our cybersecurity risk management program also assesses third party providers, such as vendors, suppliers, and other business partners. Cybersecurity risks are evaluated when determining the selection and oversight of applicable third party providers and potential risks when handling and/or processing our employee, business or customer data. ​Further, we have designated a member of our senior leadership team, our Chief Financial Officer, to oversee the management of the safeguards, cybersecurity risk assessment and mitigation process. From time to time, the Company’s program is reviewed and validated by internal and external experts. ​In general, our incident response process follows the NIST framework and focuses on four phases: (i) preparation; (ii) detection and analysis; (iii) containment, eradication, and recovery; and (iv) post-incident remediation. As cybersecurity incidents occur, including at third party providers, the Director of Information Security leads the Information Security Team through a standardized incident response process that focuses on responding to and containing the threat, minimizing any business impact, and evaluating its severity level. The severity level assessment determines how widespread the incident is and to what degree it could impact our overall business and manufacturing environment. In the event an incident is determined by the Information Security Team to be a high severity level, our cross functional team, with expertise in various disciplines, will assess the incident to determine if it has had a material affect or is reasonably likely of having a material effect on the Company’s business strategy, results of operations or financial condition.​We do not believe that risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect our overall business strategy, results of operations, or financial condition over the long term. In the last three years, the Company has not experienced any material cybersecurity incidents and we have not incurred material expenses from cybersecurity incidents (including penalties and settlements, of which there were none). For additional discussion of whether and how risks from cybersecurity threats could materially affect or are reasonably likely to materially affect the Company, see Item 1A. Risk Factors – “We are subject to cybersecurity threats and may face risks to the security of our sensitive data and"
    },
    {
      "status": "ADDED",
      "current_title": "Steel Fabrication Operations Segment",
      "prior_title": null,
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ New Millennium Building Systems: ​ ​ ​ ​ ​ ​ ​ ​ Joist and Deck Operations ​ Butler, IN ​ Steel Joist and Deck Fabrication Facility ​ 156 ​ — Joist Operations ​ Fallon, NV ​ Steel Joist Fabrication Facility ​ 68 ​ — Joist and Deck Operations ​ Hope, AR ​ Steel Joist and Deck Fabrication Facility ​ 245 ​ 7 Joist Operations ​ Juarez, MX ​ Steel Joist Fabrication Facility ​ 17 ​ — Joist and Deck Operations ​ Lake City, FL ​ Steel Joist and Deck Fabrication Facility ​ 81 ​ — Deck Operations ​ Memphis, TN ​ Deck Fabrication Facility ​ 19 ​ — Joist and Deck Operations ​ Salem, VA ​ Steel Joist and Deck Fabrication Facility ​ 113 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "ADDED",
      "current_title": "Variable Rate",
      "prior_title": null,
      "current_body": "​ ​ ​ ​ ​ ​ Average ​ ​ ​ Average ​ ​ ​ ​ Principal ​ Rate ​ Principal ​ Rate ​ ​ Expected maturity date: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ $ 400,901 ​ ​ 2.8% ​ $ 59,794 ​ ​ 7.2% ​ ​ 2025 ​ ​ 400,653 ​ ​ 2.4 ​ ​ - ​ ​ ​ ​ ​ 2026 ​ ​ 400,453 ​ ​ 5.0 ​ ​ - ​ ​ ​ ​ ​ 2027 ​ ​ 350,035 ​ ​ 1.7 ​ ​ - ​ ​ ​ ​ ​ 2028 ​ ​ - ​ ​ - ​ ​ - ​ ​ ​ ​ ​ Thereafter ​ ​ 1,500,000 ​ ​ 3.3 ​ ​ - ​ ​ ​ ​ ​ Total debt outstanding ​ $ 3,052,042 ​ ​ 3.2% ​ $ 59,794 ​ ​ 7.2% ​ ​ Fair value ​ $ 2,776,826 ​ ​ ​ ​ $ 59,794 ​ ​ ​ ​ ​"
    },
    {
      "status": "ADDED",
      "current_title": "Balances at December 31, 2022",
      "prior_title": null,
      "current_body": "​ 172,936 ​ ​ 94,826 ​ $ 650 ​ $ (4,459,513) ​ $ 1,212,566 ​ $ 11,375,765 ​ $ 889 ​ $ (216,055) ​ $ 7,914,302 ​ $ 181,503 Dividends declared ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (280,501) ​ ​ - ​ ​ - ​ ​ (280,501) ​ ​ - Noncontrolling investors, net ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 1,254 ​ ​ 1,254 ​ ​ (10,291) Share repurchases ​ (13,394) ​ ​ 13,394 ​ ​ - ​ ​ (1,452,203) ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (1,452,203) ​ ​ - Equity-based compensation ​ 476 ​ ​ (125) ​ ​ 1 ​ ​ 14,110 ​ ​ 5,044 ​ ​ (556) ​ ​ - ​ ​ - ​ ​ 18,599 ​ ​ - Net income ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 2,450,882 ​ ​ - ​ ​ 16,450 ​ ​ 2,467,332 ​ ​ - Other comprehensive loss, net of tax ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (468) ​ ​ - ​ ​ (468) ​ ​ -"
    },
    {
      "status": "ADDED",
      "current_title": "Principles of Consolidation",
      "prior_title": null,
      "current_body": "The consolidated financial statements include the accounts of SDI, together with its wholly- and majority-owned or controlled subsidiaries, after elimination of intercompany accounts and transactions. Noncontrolling and redeemable noncontrolling interests represent the noncontrolling owners' proportionate share in the equity, income, or losses of the company’s majority-owned or controlled consolidated subsidiaries."
    },
    {
      "status": "ADDED",
      "current_title": "Credit Losses",
      "prior_title": null,
      "current_body": "The company is exposed to credit risk in the event of nonpayment of accounts receivable by customers. The company mitigates its exposure to credit risk, which it generally extends on an unsecured basis, by performing ongoing credit evaluations and taking further action if necessary, such as requiring letters of credit or other security interests to support the customer receivable. The allowance for credit losses for accounts receivable is based on the company’s reasonable estimate of known credit risks and historical experience, adjusted for current and anticipated economic and other pertinent factors affecting the company’s customers, that may differ from historical experience. Customer accounts receivable are written off when all collection efforts have been exhausted and the amounts are deemed uncollectible. At December 31, 2023 and 2022, the company reported $1,608.3 million and $2,056.1 million, respectively, of accounts receivable, net of allowances for credit losses of $8.5 million and $5.7 million respectively. Changes in the allowance were not material for the years ended December 31, 2023, 2022, or 2021."
    },
    {
      "status": "ADDED",
      "current_title": "(Denominator)",
      "prior_title": null,
      "current_body": "​ Amount Basic earnings per share ​ $ 2,450,882 ​ ​ 166,552 ​ $ 14.72 ​ ​ $ 3,862,674 ​ ​ 183,393 ​ $ 21.06 Dilutive common share equivalents ​ ​ - ​ ​ 879 ​ ​ ​ ​ ​ ​ - ​ ​ 1,229 ​ ​ ​ Diluted earnings per share ​ $ 2,450,882 ​ ​ 167,431 ​ $ 14.64 ​ ​ $ 3,862,674 ​ ​ 184,622 ​ $ 20.92 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ Net Income ​ Shares ​ Per Share ​ ​"
    },
    {
      "status": "ADDED",
      "current_title": "Derivative Financial Instruments",
      "prior_title": null,
      "current_body": "The company recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. Changes in the fair value of derivatives that are designated as hedges, depending on the nature of the hedge, are recognized as either an offset against the change in fair value of the hedged balance sheet item in the case of fair value hedges or as other comprehensive income in the case of cash flow hedges, until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings for fair 68 68 Table of ContentsNote 1. Description of the Business and Summary of Significant Accounting Policies (Continued)value hedges. The company offsets fair value amounts recognized for derivative instruments executed with the same counterparty under master netting agreements.In the normal course of business, the company has derivative financial instruments in the form of forward contracts in various metallic commodities, may have involvement with derivative financial instruments related to managing fluctuations in foreign exchange rates, and in the past has had derivative financial instruments related to managing fluctuations in interest rates. At the time of acquiring these financial instruments, the company designates and assigns these instruments as hedges of specific assets, liabilities or anticipated transactions. When hedged assets or liabilities are sold or extinguished, or the anticipated transaction being hedged is no longer expected to occur, the company recognizes the gain or loss on the designated hedged financial instrument in earnings.The company routinely enters into forward exchange traded futures to manage price risk associated with nonferrous metal inventory, as well as purchases and sales of nonferrous (primarily aluminum and copper) and ferrous metals, to reduce exposure to commodity related price fluctuations. The company does not enter into these derivative financial instruments for speculative purposes. Recently Issued Accounting PronouncementsIn November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The company is currently evaluating the potential impact of adopting this new guidance on the consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which modifies the rules on income tax disclosures to require entities to disclose specific categories in the rate reconciliation, the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 is to be applied on a prospective basis, but retrospective application is permitted. The company is currently evaluating the potential impact of adopting this new guidance on the consolidated financial statements and related disclosures. Note 2. Business Combinations and Investments in Unconsolidated AffiliatesBusiness CombinationsROCAThe company acquired 100% of ROCA ACERO, S.A. de C.V. (ROCA) on October 1, 2022. The acquisition of ROCA is part of the company’s North American raw material procurement strategy. ROCA is headquartered in Monterrey, Mexico, and operates ferrous and nonferrous scrap facilities strategically positioned near high-volume industrial scrap sources located throughout Central and Northern Mexico. The transaction was funded with available cash. Post-acquisition operating results are reflected in the company’s financial statements in the metals recycling operations segment.69 Table of Contents Table of Contents Table of Contents Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued)value hedges. The company offsets fair value amounts recognized for derivative instruments executed with the same counterparty under master netting agreements.In the normal course of business, the company has derivative financial instruments in the form of forward contracts in various metallic commodities, may have involvement with derivative financial instruments related to managing fluctuations in foreign exchange rates, and in the past has had derivative financial instruments related to managing fluctuations in interest rates. At the time of acquiring these financial instruments, the company designates and assigns these instruments as hedges of specific assets, liabilities or anticipated transactions. When hedged assets or liabilities are sold or extinguished, or the anticipated transaction being hedged is no longer expected to occur, the company recognizes the gain or loss on the designated hedged financial instrument in earnings.The company routinely enters into forward exchange traded futures to manage price risk associated with nonferrous metal inventory, as well as purchases and sales of nonferrous (primarily aluminum and copper) and ferrous metals, to reduce exposure to commodity related price fluctuations. The company does not enter into these derivative financial instruments for speculative purposes. Recently Issued Accounting PronouncementsIn November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The company is currently evaluating the potential impact of adopting this new guidance on the consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which modifies the rules on income tax disclosures to require entities to disclose specific categories in the rate reconciliation, the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 is to be applied on a prospective basis, but retrospective application is permitted. The company is currently evaluating the potential impact of adopting this new guidance on the consolidated financial statements and related disclosures. Note 2. Business Combinations and Investments in Unconsolidated AffiliatesBusiness CombinationsROCAThe company acquired 100% of ROCA ACERO, S.A. de C.V. (ROCA) on October 1, 2022. The acquisition of ROCA is part of the company’s North American raw material procurement strategy. ROCA is headquartered in Monterrey, Mexico, and operates ferrous and nonferrous scrap facilities strategically positioned near high-volume industrial scrap sources located throughout Central and Northern Mexico. The transaction was funded with available cash. Post-acquisition operating results are reflected in the company’s financial statements in the metals recycling operations segment."
    },
    {
      "status": "ADDED",
      "current_title": "Recently Issued Accounting Pronouncements",
      "prior_title": null,
      "current_body": "In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The company is currently evaluating the potential impact of adopting this new guidance on the consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which modifies the rules on income tax disclosures to require entities to disclose specific categories in the rate reconciliation, the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 is to be applied on a prospective basis, but retrospective application is permitted. The company is currently evaluating the potential impact of adopting this new guidance on the consolidated financial statements and related disclosures."
    },
    {
      "status": "ADDED",
      "current_title": "Investments in Unconsolidated Affiliates",
      "prior_title": null,
      "current_body": "The company purchased a 45% minority equity interest in New Process Steel, L.P. (NPS) on January 31, 2022. NPS is a metals solutions and distribution supply-chain management company headquartered in Houston, Texas, with a focus toward growing its value-added manufacturing applications. On February 28, 2022, the company also purchased a minority equity interest in Aymium, a producer of renewable biocarbon products. As the company does not have power to control these entities, the company accounts for these investments using the equity method of accounting, which are recorded in Other Assets (noncurrent) in the company’s consolidated balance sheets with related activity recorded in Other (Income) Expense, net. Profits or losses from transactions with NPS are eliminated until realized by the majority equity interest owner. ​"
    },
    {
      "status": "ADDED",
      "current_title": "Other Obligations",
      "prior_title": null,
      "current_body": "Secured Loans. One of the company’s controlled subsidiaries has entered into a financing agreement for certain equipment which bears interest at a rate of 2.8%, with monthly principal and interest payments required through 2027. The outstanding principal balance of these agreements was $2.0 million and $8.6 million at December 31, 2023, and 2022, respectively. One of the company’s controlled subsidiaries amended its secured credit agreement, extending the maturity to June 2028, and provides a revolving variable rate credit facility of up to $125.0 million, subject to a borrowing base determined from eligible accounts receivable and inventory. Interest, which was 7.2% at December 31, 2023, is payable monthly. Amounts due under the credit facility were $59.8 million and $55.1 million at December 31, 2023, and 2022, respectively. Another of the company’s controlled subsidiaries amended its secured credit agreement, extending the maturity to March 2026, and provides a revolving variable rate credit facility of up to $30.0 million, subject to a borrowing base determined from eligible accounts receivable and inventory. Interest, which was 6.7% at December 31, 2023, is payable monthly. There were no amounts due under the credit facility at December 31, 2023 or 2022."
    },
    {
      "status": "ADDED",
      "current_title": "Outstanding Debt Maturities",
      "prior_title": null,
      "current_body": "Maturities of outstanding debt as of December 31, 2023, are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ $ 460,694 ​ ​ 2025 ​ ​ 400,653 ​ ​ 2026 ​ ​ 400,453 ​ ​ 2027 ​ ​ 350,036 ​ ​ 2028 ​ ​ - ​ ​ Thereafter ​ ​ 1,500,000 ​ ​ ​ ​ $ 3,111,836 ​ ​ The company capitalizes interest on all qualifying construction in progress assets. For the years ended December 31, 2023, 2022, and 2021, total interest costs incurred were $109.5 million, $107.4 million, and $107.7 million, respectively, of which $33.0 million, $15.8 million, and $50.5 million, respectively, were capitalized. 72 72 Table of ContentsNote 4. Income TaxesComponents of earnings before income taxes and noncontrolling interests for the years ended December 31 are as follows (in thousands):​​​​​​​​​​​​​2023​2022​2021​​United States$ 3,198,048​$ 4,996,762​$ 4,179,064​​Foreign​ 20,895​​ 24,307​​ 30,006​​ Total income before income taxes$ 3,218,943​$ 5,021,069​$ 4,209,070​​The company files a consolidated federal income tax return. The provision for income tax expense for the years ended December 31 is as follows (in thousands):​​​​​​​​​​​​​​​​​​​​​​​​2023​2022​2021​​Current income tax expense ​​​​​​​​​​Federal$ 600,499​$ 946,016​$ 517,272​​State​ 91,965​​ 152,758​​ 116,448​​Foreign​ 3,482​​ 8,605​​ 9,919​​Total current​ 695,946​​ 1,107,379​​ 643,639​​Deferred income tax expense​​​​​​​​​​Federal​ 38,172​​ 22,168​​ 304,235​​State​ 15,355​​ 13,333​​ 16,226​​Foreign​ 2,138​​ (1,303)​​ (1,844)​​Total deferred​ 55,665​​ 34,198​​ 318,617​​Total income tax expense $ 751,611​$ 1,141,577​$ 962,256​​A reconciliation of the statutory rates to the actual effective tax rates for the years ended December 31 are as follows:​​​​​​​​​​​​​​​​2023​2022​2021​​Statutory federal tax rate ​ 21.0%​​ 21.0%​​ 21.0%​​ State income taxes, net of federal benefit ​ 2.6​​​ 2.6​​​ 2.5​​​ Federal research & development credits​ (0.2)​​​ (0.6)​​​ (0.7)​​​ Other permanent differences ​ (0.1)​​​ (0.3)​​​ 0.1​​​Effective tax rate ​23.3%​​22.7%​​22.9%​​​​73 Table of Contents Table of Contents Table of Contents Note 4. Income TaxesComponents of earnings before income taxes and noncontrolling interests for the years ended December 31 are as follows (in thousands):​​​​​​​​​​​​​2023​2022​2021​​United States$ 3,198,048​$ 4,996,762​$ 4,179,064​​Foreign​ 20,895​​ 24,307​​ 30,006​​ Total income before income taxes$ 3,218,943​$ 5,021,069​$ 4,209,070​​The company files a consolidated federal income tax return. The provision for income tax expense for the years ended December 31 is as follows (in thousands):​​​​​​​​​​​​​​​​​​​​​​​​2023​2022​2021​​Current income tax expense ​​​​​​​​​​Federal$ 600,499​$ 946,016​$ 517,272​​State​ 91,965​​ 152,758​​ 116,448​​Foreign​ 3,482​​ 8,605​​ 9,919​​Total current​ 695,946​​ 1,107,379​​ 643,639​​Deferred income tax expense​​​​​​​​​​Federal​ 38,172​​ 22,168​​ 304,235​​State​ 15,355​​ 13,333​​ 16,226​​Foreign​ 2,138​​ (1,303)​​ (1,844)​​Total deferred​ 55,665​​ 34,198​​ 318,617​​Total income tax expense $ 751,611​$ 1,141,577​$ 962,256​​A reconciliation of the statutory rates to the actual effective tax rates for the years ended December 31 are as follows:​​​​​​​​​​​​​​​​2023​2022​2021​​Statutory federal tax rate ​ 21.0%​​ 21.0%​​ 21.0%​​ State income taxes, net of federal benefit ​ 2.6​​​ 2.6​​​ 2.5​​​ Federal research & development credits​ (0.2)​​​ (0.6)​​​ (0.7)​​​ Other permanent differences ​ (0.1)​​​ (0.3)​​​ 0.1​​​Effective tax rate ​23.3%​​22.7%​​22.9%​​​​"
    },
    {
      "status": "ADDED",
      "current_title": "Treasury Stock",
      "prior_title": null,
      "current_body": "In February 2020, the board of directors authorized a share repurchase program of up to $500.0 million of the company’s common stock. This program was exhausted in July 2021. In July 2021, the board of directors authorized an additional share repurchase program of up to $1.0 billion of the company’s common stock. This program was exhausted in April 2022. In February 2022, the board of directors authorized an additional share repurchase program of up to $1.25 billion of the company’s common stock. This program was exhausted in November 2022. In November 2022, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. This program was exhausted in November 2023. In November 2023, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. Under the above share repurchase programs, and similar prior programs, purchases take place as and when the company determines in open market or private transactions made based upon the market price of the company’s common stock, the nature of other investment opportunities or growth projects, the company’s cash flows from operations, and general economic conditions. The share repurchase programs do not require the company to acquire any specific number of shares, and may be modified, suspended, extended or terminated by the company at any time. The share repurchase programs do not have an expiration date. The company repurchased 13.4 million shares for $1.5 billion during 2023, 23.0 million shares for $1.8 billion during 2022, and 16.9 million shares for $1.1 billion during 2021 under the share repurchase programs. At December 31, 2023, the company had remaining authorization to repurchase $1.4 billion of additional shares under the November 2023 share repurchase program. ​"
    },
    {
      "status": "ADDED",
      "current_title": "Long-Term Incentive Compensation Program (LTIP)",
      "prior_title": null,
      "current_body": "The company maintains an LTIP performance-based program directed toward key senior leadership of the company, as determined at the discretion of the Compensation Committee of the Board of Directors. Awards are in shares of the company’s common stock using the stock price on the first day of the performance period to convert each key senior executive’s predetermined multiple of annual base salary. The performance period is generally three years; however, transition awards can be issued with a shorter performance period. Performance is measured in terms of equal portions of four growth and profitability measures, as compared to the same measures, similarly treated, of a pre-established group of steel sector competitors. Awards earned can range from zero to 100% of the shares awarded, and award shares vest immediately once earned on the basis of performance. The Compensation Committee granted the following three-year performance period awards and transition awards, which have been earned and have or will be issued as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Our level of production and our sales and earnings are subject to significant fluctuations as a result of the cyclical nature of the steel industry and some of the industries we serve.",
      "prior_body": "The steel manufacturing business is cyclical in nature, and the selling price of the steel we make may fluctuate significantly due to many factors beyond our control. Furthermore, a number of our products are commodities, subject to their own cyclical fluctuations in supply and demand in both metal consuming and metal generating industries, including the construction and manufacturing industries. The timing, magnitude and duration of these cycles and the resulting price fluctuations are difficult to predict. The sale of our manufactured steel products is directly affected by demand for our products in other cyclical industries, such as construction, automotive, manufacturing, transportation, heavy and agriculture equipment, and pipe and tube (including OCTG) markets. Economic difficulties, stagnant or slow global economies, supply/demand imbalances, supply chain disruptions, periods of heightened inflation or increased interest rates, and currency fluctuations in the United States or globally may decrease the demand for our products or increase the amount of imports of steel into the United States, which may decrease our sales, margins and profitability."
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "The cost and availability of electricity, natural gas, oil and other energy resources are subject to volatile market conditions.",
      "prior_body": "We consume large amounts of energy to melt scrap, reheat semi-finished products for rolling into finished products and perform other steps necessary to our production process. We rely on third parties for the supply of energy resources we require in our production activities. The prices for and availability of electricity, natural gas, oil and other energy resources, including renewable or other clean energy sources, are subject to regulation and volatile market conditions, often affected by weather conditions as well as political, environmental and economic factors beyond our control. As large consumers of electricity and natural gas, we must have dependable delivery in order to operate. Accordingly, we are at risk in the event of an energy disruption, including power outages, power unavailability or inability to obtain power with sufficient desired environmental attributes. Prolonged blackouts or curtailments or disruptions caused by natural disasters or by political or environmental considerations would substantially disrupt our production. Since a significant portion of our finished products are delivered by truck, unforeseen fluctuations in the price of fuel would also adversely affect our costs or the costs of many of our customers."
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Unexpected equipment downtime or shutdowns may adversely affect our business, financial condition, results of operations and cash flows.",
      "prior_body": "Interruptions in our production capabilities may adversely affect our production costs, products available for sale and earnings during the affected period. In addition to equipment failures, our facilities are subject to the risk of catastrophic loss due to unanticipated events such as fires, explosions or violent weather conditions. Our manufacturing processes are dependent upon critical pieces of steelmaking equipment, such as our EAFs, continuous casters and rolling equipment, some of which are controlled by our information technology systems, as well as electrical equipment, such as transformers. This equipment may, on occasion, be out of service as a result of unanticipated failures or other events, including equipment failure, power surges, cybersecurity breaches or attacks or system failures. Further, we have experienced and may continue to experience start-up inefficiencies at our Sinton Flat Roll Division. We have experienced and in the future may experience plant shutdowns or periods of reduced production as a result of equipment failures or other events. Supply chain disruptions and labor shortages have and may continue to exacerbate the effects of equipment failures. These disruptions may adversely affect our business, financial condition, results of operations and cash flows."
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Variable Rate",
      "prior_body": "​ ​ ​ ​ ​ ​ Average ​ ​ ​ Average ​ ​ ​ ​ Principal ​ Rate ​ Principal ​ Rate ​ ​ Expected maturity date: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ $ 2,254 ​ ​ 4.1% ​ $ 55,080 ​ ​ 5.6% ​ ​ 2024 ​ ​ 401,800 ​ ​ 2.8 ​ ​ - ​ ​ ​ ​ ​ 2025 ​ ​ 401,608 ​ ​ 2.4 ​ ​ - ​ ​ ​ ​ ​ 2026 ​ ​ 401,481 ​ ​ 5.0 ​ ​ - ​ ​ ​ ​ ​ 2027 ​ ​ 351,142 ​ ​ 1.7 ​ ​ - ​ ​ ​ ​ ​ Thereafter ​ ​ 1,500,361 ​ ​ 3.3 ​ ​ - ​ ​ ​ ​ ​ Total debt outstanding ​ $ 3,058,646 ​ ​ 3.2% ​ $ 55,080 ​ ​ 5.6% ​ ​ Fair value ​ $ 2,677,777 ​ ​ ​ ​ $ 55,080 ​ ​ ​ ​ ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "(in thousands, except share data)",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "December 31,",
      "prior_body": "Assets 2022 ​ ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Total liabilities",
      "prior_body": "​ 6,064,179 ​ ​ ​ 6,211,063 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Commitments and contingencies",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Balances at January 1, 2020",
      "prior_body": "​ 214,503 ​ ​ 51,570 ​ $ 646 ​ $ (1,525,113) ​ $ 1,181,012 ​ $ 4,419,296 ​ $ (7) ​ $ (154,593) ​ $ 3,921,241 ​ $ 143,614 Dividends declared ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (210,496) ​ ​ - ​ ​ - ​ ​ (210,496) ​ ​ - Noncontrolling investors, net ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (20,965) ​ ​ (20,965) ​ ​ 15,000 Share repurchases ​ (4,402) ​ ​ 4,402 ​ ​ - ​ ​ (106,529) ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (106,529) ​ ​ - Equity-based compensation ​ 813 ​ ​ (268) ​ ​ 2 ​ ​ 7,895 ​ ​ 26,380 ​ ​ (653) ​ ​ - ​ ​ - ​ ​ 33,624 ​ ​ - Net income ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 550,822 ​ ​ - ​ ​ 20,006 ​ ​ 570,828 ​ ​ - Other comprehensive income, net of tax ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 1,909 ​ ​ - ​ ​ 1,909 ​ ​ -"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Revenue from Contracts with Customers",
      "prior_body": "In the steel and metals recycling operations segments, revenue is recognized at the point in time the performance obligation is satisfied, and control of the product is transferred to the customer upon shipment or delivery, at the amount of consideration the company expects to receive, including any variable consideration. The variable consideration included in the company’s steel operations segment contracts, which is not constrained, include estimated product returns and customer claims based on historical experience, and may include volume rebates which are recorded on an expected value basis. Revenue recognized is limited to the amount the company expects to receive. The company does not exercise significant judgments in determining the timing of satisfaction of performance obligations or the transaction price. Shipment of products to customers is considered a fulfillment activity with amounts billed to customers included in sales and costs associated with such activities included in cost of goods sold. The company’s steel fabrication operations segment recognizes revenue over time at the amount of consideration the company expects to receive. Revenue is measured on an output method representing completed fabricated tons to date as a percentage of total tons required for each contract. Revenue from fabrication of tons remaining on partially fabricated customer contracts as of a reporting date, and future revenue from yet to be fabricated customer contracts, has not been disclosed under the practical expedient in Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers (ASC 606), paragraph ASC 606-10-50-14 related to customer contracts with expected duration of one year or less. The company does not exercise significant judgments in determining the timing of satisfaction of performance obligations or the transaction price. Shipment of products to customers, which occurs after control over the product has transferred to the customer and revenue is recognized, is considered a fulfillment activity with amounts billed to customers included in sales and costs associated with such activities included in cost of goods sold. Payments from customers for all operating segments are generally due within 30 days of invoicing, which generally occurs upon shipment of the products. Shipment for the steel fabrication operations segment generally occurs within 30 days of satisfaction of the performance obligation and revenue recognition. The company does not have financing components. Payments from customers have historically generally been within these terms, however, payments for non-U.S. sales may extend longer. Refer to Note 13. Segment Information for disaggregated revenue by segment to external, external non-United States, and other segment customers."
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "​ Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued)",
      "prior_body": "At December 31, 2022 and 2021, the company reported $2,056.1 million and $1,916.4 million, respectively, of accounts receivable, net of allowances for credit losses of $5.7 million and $6.2 million respectively. Changes in the allowance were not material for the years ended December 31, 2022, 2021, or 2020. ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Equity-Based Compensation",
      "prior_body": "The company has several stock-based employee compensation plans which are more fully described in Note 6. Equity-Based Incentive Plans. Compensation expense for restricted stock units, deferred stock units, restricted stock, stock appreciation awards, and performance awards is recorded over the vesting periods using the fair value as determined by the closing fair market value of the company’s common stock on the grant date, and with respect to performance awards, an estimate of probability of award achievement during the performance period. The company recognizes forfeitures as they occur. Compensation expense for these stock-based employee compensation plans was $69.2 million, $80.2 million, and $50.7 million for the years ended December 31, 2022, 2021, and 2020, respectively."
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "(Denominator)",
      "prior_body": "​ Amount Basic earnings per share ​ $ 3,862,674 ​ ​ 183,393 ​ $ 21.06 ​ ​ $ 3,214,066 ​ ​ 205,115 ​ $ 15.67 Dilutive common share equivalents ​ ​ - ​ ​ 1,229 ​ ​ ​ ​ ​ ​ - ​ ​ 1,500 ​ ​ ​ Diluted earnings per share ​ $ 3,862,674 ​ ​ 184,622 ​ $ 20.92 ​ ​ $ 3,214,066 ​ ​ 206,615 ​ $ 15.56 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ ​ Net Income ​ Shares ​ Per Share ​ ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Business Combinations",
      "prior_body": "ROCA The company acquired 100% of ROCA ACERO, S.A. de C.V. (ROCA) on October 1, 2022. The acquisition of ROCA is part of the company’s North American raw material procurement strategy. ROCA is headquartered in Monterrey, Mexico, and operates five ferrous and nonferrous scrap facilities strategically positioned near high-volume industrial scrap sources located throughout Central and Northern Mexico. The transaction was funded with available cash. Post-acquisition operating results are reflected in the company’s financial statements in the metals recycling operations segment."
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Note 3. Long-Term Debt",
      "prior_body": "The company’s borrowings consisted of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ ​ ​ 2.800% senior notes due 2024 $ 400,000 ​ $ 400,000 ​ ​ ​ ​ 2.400% senior notes due 2025 ​ 400,000 ​ ​ 400,000 ​ ​ ​ ​ 5.000% senior notes due 2026 ​ 400,000 ​ ​ 400,000 ​ ​ ​ ​ 1.650% senior notes due 2027 ​ 350,000 ​ ​ 350,000 ​ ​ ​ ​ 3.450% senior notes due 2030 ​ 600,000 ​ ​ 600,000 ​ ​ ​ ​ 3.250% senior notes due 2031 ​ 500,000 ​ ​ 500,000 ​ ​ ​ ​ 3.250% senior notes due 2050 ​ 400,000 ​ ​ 400,000 ​ ​ ​ ​ Other obligations ​ 63,726 ​ ​ 105,422 ​ ​ ​ ​ Total debt ​ 3,113,726 ​ ​ 3,155,422 ​ ​ ​ ​ Less debt issuance costs and original issue discounts ​ 43,151 ​ ​ 49,546 ​ ​ ​ ​ Total amounts outstanding ​ 3,070,575 ​ ​ 3,105,876 ​ ​ ​ ​ Less current maturities ​ 57,334 ​ ​ 97,174 ​ ​ ​ ​ Long-term debt $ 3,013,241 ​ $ 3,008,702 ​ ​ ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Other Obligations",
      "prior_body": "Secured Loans. Two of the company’s controlled subsidiaries have entered into financing agreements for certain equipment which bear interest at an average rate of 4.8%, with monthly principal and interest payments required through 2028. The outstanding principal balance of these agreements was $8.6 million and $10.4 million at December 31, 2022, and 2021, respectively. One of the company’s controlled subsidiaries has a secured credit agreement, which matures in August 2024, and provides a revolving variable rate credit facility of up to $100.0 million, subject to a borrowing base determined from eligible accounts receivable and inventory, and is further secured with $30.0 million of letter of credit support from Steel Dynamics, Inc. Interest, which was 5.6% at December 31, 2022, is payable monthly. Amounts due under the credit facility were $55.1 million and $94.4 million at December 31, 2022, and 2021, respectively. Another of the company’s controlled subsidiaries has a secured credit agreement, which matures in March 2023, and provides a revolving variable rate credit facility of up to $25.0 million, subject to a borrowing base determined from eligible accounts receivable and inventory. Interest, which was 5.65% at December 31, 2022, is payable monthly. There were no amounts due under the credit facility at December 31, 2022 or 2021. 71 71 Table of ContentsNote 3. Long-Term Debt (Continued)Outstanding Debt MaturitiesMaturities of outstanding debt as of December 31, 2022, are as follows (in thousands):​​​​​​​​2023​$ 57,334​​2024​​ 401,800​​2025​​ 401,608​​2026​​ 401,481​​2027​​ 351,142​​Thereafter ​​ 1,500,361​​​​$ 3,113,726​​The company capitalizes interest on all qualifying construction in progress assets. For the years ended December 31, 2022, 2021, and 2020, total interest costs incurred were $107.4 million, $107.7 million, and $118.8 million, respectively, of which $15.8 million, $50.5 million and $23.9 million, respectively, were capitalized.Financing ActivityIn October 2020, the company issued $350.0 million of 1.650% notes due 2027 and $400.0 million of 3.250% notes due 2050. The net proceeds from these notes were used to fund the October 2020 call and redemption of the $350.0 million outstanding principal amount of the company’s 4.125% senior notes due 2025 at a redemption price of 102.063%, plus accrued and unpaid interest to, but not including, the date of redemption, and for general corporate purposes. The company recorded expenses related to premiums and write off of unamortized debt issuance costs of approximately $10.3 million, which are reflected in other expenses in the consolidated statement of income for the year ended December 31, 2020.In June 2020, the company issued $400.0 million of 2.400% notes due 2025 and $500.0 million of 3.250% notes due 2031. The net proceeds from these notes were used to fund the June 2020 call and redemption of the $400.0 million outstanding principal amount of the company’s 5 1/4% senior notes due 2023 at a redemption price of 100.875%, and the $500.0 million outstanding principal amount of the company’s 5.500% senior notes due 2024 at a redemption price of 102.750%, plus accrued and unpaid interest to, but not including, the date of redemption. The company recorded expenses related to premiums, write off of unamortized debt issuance costs, and other expenses of approximately $22.8 million, which are reflected in other expenses in the consolidated statement of income for the year ended December 31, 2020.Note 4. Income TaxesThe company files a consolidated federal income tax return. The current and deferred federal and state income tax expense for the years ended December 31 is as follows (in thousands):​​​​​​​​​​​​​​​​​​​​​​​​2022​2021​2020​​Current income tax expense $ 1,107,379​$ 643,639​$ 88,914​​Deferred income tax expense​ 34,198​​ 318,617​​ 45,736​​ Total income tax expense $ 1,141,577​$ 962,256​$ 134,650​​​72 Table of Contents Table of Contents Table of Contents Note 3. Long-Term Debt (Continued)Outstanding Debt MaturitiesMaturities of outstanding debt as of December 31, 2022, are as follows (in thousands):​​​​​​​​2023​$ 57,334​​2024​​ 401,800​​2025​​ 401,608​​2026​​ 401,481​​2027​​ 351,142​​Thereafter ​​ 1,500,361​​​​$ 3,113,726​​The company capitalizes interest on all qualifying construction in progress assets. For the years ended December 31, 2022, 2021, and 2020, total interest costs incurred were $107.4 million, $107.7 million, and $118.8 million, respectively, of which $15.8 million, $50.5 million and $23.9 million, respectively, were capitalized.Financing ActivityIn October 2020, the company issued $350.0 million of 1.650% notes due 2027 and $400.0 million of 3.250% notes due 2050. The net proceeds from these notes were used to fund the October 2020 call and redemption of the $350.0 million outstanding principal amount of the company’s 4.125% senior notes due 2025 at a redemption price of 102.063%, plus accrued and unpaid interest to, but not including, the date of redemption, and for general corporate purposes. The company recorded expenses related to premiums and write off of unamortized debt issuance costs of approximately $10.3 million, which are reflected in other expenses in the consolidated statement of income for the year ended December 31, 2020.In June 2020, the company issued $400.0 million of 2.400% notes due 2025 and $500.0 million of 3.250% notes due 2031. The net proceeds from these notes were used to fund the June 2020 call and redemption of the $400.0 million outstanding principal amount of the company’s 5 1/4% senior notes due 2023 at a redemption price of 100.875%, and the $500.0 million outstanding principal amount of the company’s 5.500% senior notes due 2024 at a redemption price of 102.750%, plus accrued and unpaid interest to, but not including, the date of redemption. The company recorded expenses related to premiums, write off of unamortized debt issuance costs, and other expenses of approximately $22.8 million, which are reflected in other expenses in the consolidated statement of income for the year ended December 31, 2020.Note 4. Income TaxesThe company files a consolidated federal income tax return. The current and deferred federal and state income tax expense for the years ended December 31 is as follows (in thousands):​​​​​​​​​​​​​​​​​​​​​​​​2022​2021​2020​​Current income tax expense $ 1,107,379​$ 643,639​$ 88,914​​Deferred income tax expense​ 34,198​​ 318,617​​ 45,736​​ Total income tax expense $ 1,141,577​$ 962,256​$ 134,650​​​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Outstanding Debt Maturities",
      "prior_body": "Maturities of outstanding debt as of December 31, 2022, are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ $ 57,334 ​ ​ 2024 ​ ​ 401,800 ​ ​ 2025 ​ ​ 401,608 ​ ​ 2026 ​ ​ 401,481 ​ ​ 2027 ​ ​ 351,142 ​ ​ Thereafter ​ ​ 1,500,361 ​ ​ ​ ​ $ 3,113,726 ​ ​ The company capitalizes interest on all qualifying construction in progress assets. For the years ended December 31, 2022, 2021, and 2020, total interest costs incurred were $107.4 million, $107.7 million, and $118.8 million, respectively, of which $15.8 million, $50.5 million and $23.9 million, respectively, were capitalized."
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Financing Activity",
      "prior_body": "In October 2020, the company issued $350.0 million of 1.650% notes due 2027 and $400.0 million of 3.250% notes due 2050. The net proceeds from these notes were used to fund the October 2020 call and redemption of the $350.0 million outstanding principal amount of the company’s 4.125% senior notes due 2025 at a redemption price of 102.063%, plus accrued and unpaid interest to, but not including, the date of redemption, and for general corporate purposes. The company recorded expenses related to premiums and write off of unamortized debt issuance costs of approximately $10.3 million, which are reflected in other expenses in the consolidated statement of income for the year ended December 31, 2020. In June 2020, the company issued $400.0 million of 2.400% notes due 2025 and $500.0 million of 3.250% notes due 2031. The net proceeds from these notes were used to fund the June 2020 call and redemption of the $400.0 million outstanding principal amount of the company’s 5 1/4% senior notes due 2023 at a redemption price of 100.875%, and the $500.0 million outstanding principal amount of the company’s 5.500% senior notes due 2024 at a redemption price of 102.750%, plus accrued and unpaid interest to, but not including, the date of redemption. The company recorded expenses related to premiums, write off of unamortized debt issuance costs, and other expenses of approximately $22.8 million, which are reflected in other expenses in the consolidated statement of income for the year ended December 31, 2020."
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Compensation",
      "prior_body": "Outstanding RSUs as of January 1, 2020 1,557,994 ​ $ 32.53 ​ $ 53,034 ​ $ 33,581 Granted 1,017,518 ​ ​ 33.54 ​ ​ ​ ​ ​ ​ Vested (811,317) ​ ​ 36.09 ​ ​ ​ ​ ​ ​ Forfeited (65,616) ​ ​ 32.20 ​ ​ ​ ​ ​ ​ As of December 31, 2020 1,698,579 ​ $ 31.44 ​ $ 62,627 ​ $ 35,821 Granted 627,973 ​ ​ 59.38 ​ ​ ​ ​ ​ ​ Vested (895,706) ​ ​ 32.30 ​ ​ ​ ​ ​ ​ Forfeited (82,588) ​ ​ 32.47 ​ ​ ​ ​ ​ ​ As of December 31, 2021 1,348,258 ​ $ 43.82 ​ $ 83,686 ​ $ 39,657 Granted 481,926 ​ ​ 98.29 ​ ​ ​ ​ ​ ​ Vested (786,622) ​ ​ 37.38 ​ ​ ​ ​ ​ ​ Forfeited (70,011) ​ ​ 46.82 ​ ​ ​ ​ ​ ​ As of December 31, 2022 (nonvested) 973,551 ​ $ 71.80 ​ $ 94,765 ​ $ 44,394 ​ The weighted average remaining life before vesting of the outstanding RSUs as of December 31, 2022, is 1.56 years. The fair value of RSUs vesting during 2022, 2021, and 2020 was $79.1 million, $56.5 million, and $29.9 million, respectively, and was net-share settled such that the company withheld shares with value equivalent to the employees’ minimum statutory obligation for the applicable income and other employment taxes and remitted the cash to the appropriate taxing authorities. The total shares withheld in 2022, 2021, and 2020 were approximately 249,000, 290,000, and 266,000 shares, respectively, and were based on the value of the RSUs on their vesting dates as determined by the company’s closing stock price. ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Note 6. Equity-Based Incentive Plans (Continued)",
      "prior_body": "The Compensation Committee granted the following three-year performance period awards and two-year performance period transition awards, which have been earned and have or will be issued over the vesting period as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Liquidity and Capital Resources",
      "prior_title": "Liquidity and Capital Resources",
      "similarity_score": 0.918,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"Our short-term and long-term liquidity needs arise primarily from working capital requirements, capital expenditures, including expansion projects, principal and interest payments related to our outstanding indebtedness, dividends to our shareholders, and potential stock repurchases and acquisitions or investments.\"",
        "Reworded sentence: \"At December 31, 2023, we had $1.2 billion of availability on the Revolver, $9.1 million of outstanding letters of credit and other obligations which reduce availability, and there were no borrowings outstanding.\"",
        "Reworded sentence: \"Our interest coverage ratio is calculated by dividing our last-twelve-months (LTM) consolidated Adjusted EBITDA as defined in the Facility (earnings before interest, taxes, depreciation, amortization, and certain other non-cash transactions as defined in the Facility) by our LTM gross interest expense, less amortization of financing fees.\"",
        "Reworded sentence: \"At December 31, 2023, our interest coverage ratio and debt to capitalization ratio were 36.13:1.00 and 0.26:1.00, respectively.\"",
        "Reworded sentence: \"Our board of directors has authorized share repurchase programs during prior years, the most recent of which occurred in November 2023 for a program of up to $1.5 billion of the company’s common stock.\""
      ],
      "current_body": "Capital Resources and Long-term Debt. Our business is capital intensive and requires substantial expenditures for, among other things, the purchase and maintenance of equipment used in our operations, and to remain in compliance with environmental laws. Our short-term and long-term liquidity needs arise primarily from working capital requirements, capital expenditures, including expansion projects, principal and interest payments related to our outstanding indebtedness, dividends to our shareholders, and potential stock repurchases and acquisitions or investments. We have met and intend to continue to meet these liquidity requirements primarily with available cash and cash provided by operations, long-term borrowings, and we also have availability under our unsecured Revolver. Our liquidity at December 31, 2023, is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and equivalents ​ $ 1,400,887 ​ ​ ​ ​ ​ ​ Short-term and other investments ​ ​ 951,873 ​ ​ ​ ​ ​ ​ Unsecured revolver availability ​ ​ 1,190,873 ​ ​ ​ ​ ​ ​ Total liquidity ​ $ 3,543,633 ​ ​ ​ ​ Our total outstanding debt of $3.1 billion is consistent with our total outstanding debt at December 31, 2022. Our total long-term debt to capitalization ratio (representing our long-term debt, including current maturities, divided by the sum of our long-term debt, redeemable noncontrolling interests, and our total stockholders’ equity) was 25.8% and 27.7% at December 31, 2023 and December 31, 2022, respectively. In the third quarter of 2023, we entered into a new unsecured credit agreement, replacing the previous one, which has a senior unsecured revolving credit facility (Facility), which provides a $1.2 billion Revolver and matures in July 2028. Subject to certain conditions, we have the ability to increase the Facility size by $500.0 million. The unsecured Revolver is available to fund working capital, capital expenditures, and other general corporate purposes. The Facility contains financial covenants and other covenants pertaining to our ability to incur indebtedness and permit liens on certain assets. Our ability to borrow funds within the terms of the unsecured Revolver is dependent upon our continued compliance with the financial and other covenants. At December 31, 2023, we had $1.2 billion of availability on the Revolver, $9.1 million of outstanding letters of credit and other obligations which reduce availability, and there were no borrowings outstanding. The financial covenants under our Facility state that we must maintain an interest coverage ratio of not less than 2.50:1.00. Our interest coverage ratio is calculated by dividing our last-twelve-months (LTM) consolidated Adjusted EBITDA as defined in the Facility (earnings before interest, taxes, depreciation, amortization, and certain other non-cash transactions as defined in the Facility) by our LTM gross interest expense, less amortization of financing fees. In addition, a debt to capitalization ratio of not more than 0.60:1.00 must be maintained. At December 31, 2023, our interest coverage ratio and debt to capitalization ratio were 36.13:1.00 and 0.26:1.00, respectively. We were, therefore, in compliance with these covenants at December 31, 2023, and we anticipate we will continue to be in compliance during the next twelve months. Working Capital (representing excess of current assets over current liabilities). We generated cash flow from operations of $3.5 billion in 2023 compared to $4.5 billion in 2022. Working capital decreased $1.2 billion, or 21%, during 2023 to $4.5 billion at December 31, 2023, due primarily to our accounts receivable and inventories decreasing $683.1 million, or 13%, compared to December 31, 2022, due to lower sales and inventory values in 2023. In addition, our $400 million 2.800% senior notes were recorded as current at December 31, 2023. 47 47 Table of ContentsCapital Investments. During 2023, we invested $1.7 billion in property, plant and equipment, primarily within our aluminum operations and steel operations segments, compared with $908.9 million invested during 2022. We are currently executing our plan to invest $2.7 billion in a new state-of-the-art low-carbon recycled aluminum flat rolled products mill with two supporting satellite recycled aluminum slab centers, which is planned to be funded by available cash and cash flow from operations. Related expenditures began in the third quarter of 2022 and are expected to continue through early 2025. Our liquidity of $3.5 billion and anticipated future operating cash flow generation is sufficient to provide for our planned 2024 capital requirements. Cash Dividends. As a reflection of continued confidence in our current and future cash flow generation capability and financial position, we increased our quarterly cash dividend by 25% to $0.425 per share in the first quarter of 2023, and continued at that level through the remainder of 2023 (from $0.34 per share in 2022), resulting in declared cash dividends of $280.5 million during 2023, compared to $245.3 million during 2022. We paid cash dividends of $271.3 million and $237.2 million during 2023 and 2022, respectively. Our board of directors, along with executive management, approves the payment of dividends on a quarterly basis. The determination to pay cash dividends in the future is at the discretion of our board of directors, after taking into account various factors, including our financial condition, results of operations, outstanding indebtedness, current and anticipated cash needs and growth plans.Other. Our board of directors has authorized share repurchase programs during prior years, the most recent of which occurred in November 2023 for a program of up to $1.5 billion of the company’s common stock. Under the share repurchase programs, purchases take place as and when we determine in open market or private transactions made based upon the market price of our common stock, the nature of other investment opportunities or growth projects, our cash flows from operations, and general economic conditions. The share repurchase programs do not require us to acquire any specific number of shares, and may be modified, suspended, extended, or terminated by us at any time. The share repurchase programs do not have an expiration date. There were $1.5 billion and $1.8 billion of share repurchases during 2023 and 2022, respectively. As of December 31, 2023, we had $1.4 billion remaining available to purchase under the November 2023 share repurchase program. See Part II, Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities for additional information.Our ability to meet our debt service obligations and reduce our total debt will depend upon our future performance which, in turn, will depend upon general economic, financial, and business conditions, along with competition, legislation and regulatory factors that are largely beyond our control. In addition, we cannot assure that our operating results, cash flows, access to credit markets and capital resources will be sufficient for repayment of our indebtedness in the future. We believe that based upon current levels of operations and anticipated growth, cash flows from operations, together with other available sources of funds, including borrowings under our Facility, if necessary, will be adequate for the next twelve months for making required payments of principal and interest on our indebtedness, funding working capital requirements, and funding anticipated capital expenditures.Contractual Obligations and Other Long-Term LiabilitiesWe have the following minimum commitments under contractual obligations, including purchase obligations, as defined by the Securities and Exchange Commission. A “purchase obligation” is defined as an agreement to purchase goods or services that is enforceable and legally binding and that specifies all significant terms, including fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction.Long-term debt and estimated interest. Refer to Note 3. Long-Term Debt to the consolidated financial statements elsewhere in this report for our long-term debt maturities. Estimated interest payments on our senior unsecured notes were determined based on their outstanding balances through maturity at their contractual interest rates, as detailed in Note 3. Estimated interest payments also include a 0.15% commitment fee on our available Revolver, and an average interest rate of 7.0% on our other debt of $61.8 million. Our estimated interest payments are $102.2 million, $80.1 million, $74.9 million, $54.5 million, $50.0 million, for the years 2024 through 2028, respectively, and $343.2 million thereafter.48 Table of Contents Table of Contents Table of Contents Capital Investments. During 2023, we invested $1.7 billion in property, plant and equipment, primarily within our aluminum operations and steel operations segments, compared with $908.9 million invested during 2022. We are currently executing our plan to invest $2.7 billion in a new state-of-the-art low-carbon recycled aluminum flat rolled products mill with two supporting satellite recycled aluminum slab centers, which is planned to be funded by available cash and cash flow from operations. Related expenditures began in the third quarter of 2022 and are expected to continue through early 2025. Our liquidity of $3.5 billion and anticipated future operating cash flow generation is sufficient to provide for our planned 2024 capital requirements. Cash Dividends. As a reflection of continued confidence in our current and future cash flow generation capability and financial position, we increased our quarterly cash dividend by 25% to $0.425 per share in the first quarter of 2023, and continued at that level through the remainder of 2023 (from $0.34 per share in 2022), resulting in declared cash dividends of $280.5 million during 2023, compared to $245.3 million during 2022. We paid cash dividends of $271.3 million and $237.2 million during 2023 and 2022, respectively. Our board of directors, along with executive management, approves the payment of dividends on a quarterly basis. The determination to pay cash dividends in the future is at the discretion of our board of directors, after taking into account various factors, including our financial condition, results of operations, outstanding indebtedness, current and anticipated cash needs and growth plans.Other. Our board of directors has authorized share repurchase programs during prior years, the most recent of which occurred in November 2023 for a program of up to $1.5 billion of the company’s common stock. Under the share repurchase programs, purchases take place as and when we determine in open market or private transactions made based upon the market price of our common stock, the nature of other investment opportunities or growth projects, our cash flows from operations, and general economic conditions. The share repurchase programs do not require us to acquire any specific number of shares, and may be modified, suspended, extended, or terminated by us at any time. The share repurchase programs do not have an expiration date. There were $1.5 billion and $1.8 billion of share repurchases during 2023 and 2022, respectively. As of December 31, 2023, we had $1.4 billion remaining available to purchase under the November 2023 share repurchase program. See Part II, Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities for additional information.Our ability to meet our debt service obligations and reduce our total debt will depend upon our future performance which, in turn, will depend upon general economic, financial, and business conditions, along with competition, legislation and regulatory factors that are largely beyond our control. In addition, we cannot assure that our operating results, cash flows, access to credit markets and capital resources will be sufficient for repayment of our indebtedness in the future. We believe that based upon current levels of operations and anticipated growth, cash flows from operations, together with other available sources of funds, including borrowings under our Facility, if necessary, will be adequate for the next twelve months for making required payments of principal and interest on our indebtedness, funding working capital requirements, and funding anticipated capital expenditures.Contractual Obligations and Other Long-Term LiabilitiesWe have the following minimum commitments under contractual obligations, including purchase obligations, as defined by the Securities and Exchange Commission. A “purchase obligation” is defined as an agreement to purchase goods or services that is enforceable and legally binding and that specifies all significant terms, including fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction.Long-term debt and estimated interest. Refer to Note 3. Long-Term Debt to the consolidated financial statements elsewhere in this report for our long-term debt maturities. Estimated interest payments on our senior unsecured notes were determined based on their outstanding balances through maturity at their contractual interest rates, as detailed in Note 3. Estimated interest payments also include a 0.15% commitment fee on our available Revolver, and an average interest rate of 7.0% on our other debt of $61.8 million. Our estimated interest payments are $102.2 million, $80.1 million, $74.9 million, $54.5 million, $50.0 million, for the years 2024 through 2028, respectively, and $343.2 million thereafter. Capital Investments. During 2023, we invested $1.7 billion in property, plant and equipment, primarily within our aluminum operations and steel operations segments, compared with $908.9 million invested during 2022. We are currently executing our plan to invest $2.7 billion in a new state-of-the-art low-carbon recycled aluminum flat rolled products mill with two supporting satellite recycled aluminum slab centers, which is planned to be funded by available cash and cash flow from operations. Related expenditures began in the third quarter of 2022 and are expected to continue through early 2025. Our liquidity of $3.5 billion and anticipated future operating cash flow generation is sufficient to provide for our planned 2024 capital requirements. Cash Dividends. As a reflection of continued confidence in our current and future cash flow generation capability and financial position, we increased our quarterly cash dividend by 25% to $0.425 per share in the first quarter of 2023, and continued at that level through the remainder of 2023 (from $0.34 per share in 2022), resulting in declared cash dividends of $280.5 million during 2023, compared to $245.3 million during 2022. We paid cash dividends of $271.3 million and $237.2 million during 2023 and 2022, respectively. Our board of directors, along with executive management, approves the payment of dividends on a quarterly basis. The determination to pay cash dividends in the future is at the discretion of our board of directors, after taking into account various factors, including our financial condition, results of operations, outstanding indebtedness, current and anticipated cash needs and growth plans. Other. Our board of directors has authorized share repurchase programs during prior years, the most recent of which occurred in November 2023 for a program of up to $1.5 billion of the company’s common stock. Under the share repurchase programs, purchases take place as and when we determine in open market or private transactions made based upon the market price of our common stock, the nature of other investment opportunities or growth projects, our cash flows from operations, and general economic conditions. The share repurchase programs do not require us to acquire any specific number of shares, and may be modified, suspended, extended, or terminated by us at any time. The share repurchase programs do not have an expiration date. There were $1.5 billion and $1.8 billion of share repurchases during 2023 and 2022, respectively. As of December 31, 2023, we had $1.4 billion remaining available to purchase under the November 2023 share repurchase program. See Part II, Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities for additional information. Our ability to meet our debt service obligations and reduce our total debt will depend upon our future performance which, in turn, will depend upon general economic, financial, and business conditions, along with competition, legislation and regulatory factors that are largely beyond our control. In addition, we cannot assure that our operating results, cash flows, access to credit markets and capital resources will be sufficient for repayment of our indebtedness in the future. We believe that based upon current levels of operations and anticipated growth, cash flows from operations, together with other available sources of funds, including borrowings under our Facility, if necessary, will be adequate for the next twelve months for making required payments of principal and interest on our indebtedness, funding working capital requirements, and funding anticipated capital expenditures.",
      "prior_body": "Capital Resources and Long-term Debt. Our business is capital intensive and requires substantial expenditures for, among other things, the purchase and maintenance of equipment used in our operations, and to remain in compliance with environmental laws. Our short-term and long-term liquidity needs arise primarily from working capital requirements, capital expenditures, including expansion projects, principal and interest payments related to our outstanding indebtedness (no significant principal payments until 2024), dividends to our shareholders, and potential stock repurchases and acquisitions or investments. We have met and intend to continue to meet these liquidity requirements primarily with available cash and cash provided by operations, and long-term borrowings, and we also have availability under our unsecured Revolver. Our liquidity at December 31, 2022, is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and equivalents ​ $ 1,628,417 ​ ​ ​ ​ ​ ​ Short-term investments ​ ​ 628,215 ​ ​ ​ ​ ​ ​ Unsecured revolver availability ​ ​ 1,190,899 ​ ​ ​ ​ ​ ​ Total liquidity ​ $ 3,447,531 ​ ​ ​ ​ Our total outstanding debt of $3.1 billion at December 31, 2022 is consistent with December 31, 2021. Our total long-term debt to capitalization ratio (representing our long-term debt, including current maturities, divided by the sum of our long-term debt, redeemable noncontrolling interests, and our total stockholders’ equity) was 27.7% and 32.9% at December 31, 2022, and 2021, respectively, decreasing due to the growth in stockholders’ equity from undistributed 2022 earnings. Our unsecured credit agreement has a senior unsecured revolving credit facility (Facility), which provides a $1.2 billion unsecured Revolver, and matures in December 2024. Subject to certain conditions, we have the opportunity to increase the Facility size by $500.0 million. The unsecured Revolver is available to fund working capital, capital expenditures, and other general corporate purposes. The Facility contains financial covenants and other covenants pertaining to our ability to incur indebtedness and permit liens on certain assets. Our ability to borrow funds within the terms of the unsecured Revolver is dependent upon our continued compliance with the financial and other covenants. At December 31, 2022, we had $1.2 billion of availability on the Revolver, $9.1 million of outstanding letters of credit and other obligations which reduce availability, and there were no borrowings outstanding. The financial covenants under our Facility state that we must maintain an interest coverage ratio of not less than 2.50:1.00. Our interest coverage ratio is calculated by dividing our last-twelve-months (LTM) consolidated Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, and certain other non-cash transactions as allowed in the Facility) by our LTM gross interest expense, less amortization of financing fees. In addition, a debt to capitalization ratio of not more than 0.60:1.00 must be maintained. At December 31, 2022, our interest coverage ratio and debt to capitalization ratio were 54.42:1.00 and 0.27:1.00, respectively. We were, therefore, in compliance with these covenants at December 31, 2022, and we anticipate we will continue to be in compliance during the next twelve months. Working Capital. We generated cash flow from operations of $4.5 billion in 2022 compared to $2.2 billion in 2021. Operational working capital (representing amounts invested in trade receivables and inventories, less current liabilities other than income taxes payable and debt) decreased $112.5 million, or 3%, to $3.2 billion at December 31, 2022, due primarily to decreased inventory values, consistent with decreased steel and scrap selling prices as steel fabrication customer accounts increased with higher selling prices in the fourth quarter of 2022 compared to the same period in 2021. 45 45 Table of ContentsCapital Investments. During 2022, we invested $908.9 million in property, plant and equipment, primarily within our steel operations segment, compared with $1.0 billion invested during 2021. Spending at Sinton decreased in 2022 versus 2021 as we completed the construction phase in early 2022. We enter 2023 with ample liquidity of $3.4 billion and anticipated operating cash flow generation to provide for our planned 2023 capital requirements, including the four new flat roll coating lines at Sinton and Heartland. We announced in July our plans to invest $2.5 billion in a new state-of-the-art low-carbon aluminum flat roll mill with two supporting satellite recycled aluminum slab centers, which is planned to be funded by available cash and cash flow from operations. Expenditures began in the third quarter of 2022 and are expected to continue through 2025. Cash Dividends. As a reflection of continued confidence in our current and future cash flow generation capability and financial position, we increased our quarterly cash dividend by 31% to $0.34 per share in the first quarter of 2022 (from $0.26 per share in 2021), resulting in declared cash dividends of $245.3 million during 2022, compared to $210.9 million during 2021. We paid cash dividends of $237.2 million and $213.0 million during 2022 and 2021, respectively. Our board of directors, along with executive management, approves the payment of dividends on a quarterly basis. The determination to pay cash dividends in the future is at the discretion of our board of directors, after taking into account various factors, including our financial condition, results of operations, outstanding indebtedness, current and anticipated cash needs and growth plans.Other. Our board of directors has authorized share repurchase programs during prior years, the most recent of which occurred in November 2022 for a program of up to $1.5 billion of the company’s common stock. Under the share repurchase programs, purchases take place as and when we determine in open market or private transactions made based upon the market price of our common stock, the nature of other investment opportunities or growth projects, our cash flows from operations, and general economic conditions. The share repurchase programs do not require us to acquire any specific number of shares, and may be modified, suspended, extended or terminated by us at any time. The share repurchase programs do not have an expiration date. There were $1.8 billion and $1.1 billion of share repurchases during 2022 and 2021, respectively. As of December 31, 2022, we had $1.3 billion remaining available to purchase under the November 2022 share repurchase program. See Part II, Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities for additional information.Our ability to meet our debt service obligations and reduce our total debt will depend upon our future performance which, in turn, will depend upon general economic, financial, and business conditions, along with competition, legislation and regulatory factors that are largely beyond our control. In addition, we cannot assure that our operating results, cash flows, access to credit markets and capital resources will be sufficient for repayment of our indebtedness in the future. We believe that based upon current levels of operations and anticipated growth, cash flows from operations, together with other available sources of funds, including borrowings under our Revolver, if necessary, will be adequate for the next twelve months for making required payments of principal and interest on our indebtedness, funding working capital requirements, and funding anticipated capital expenditures.Contractual Obligations and Other Long-Term LiabilitiesWe have the following minimum commitments under contractual obligations, including purchase obligations, as defined by the Securities and Exchange Commission. A “purchase obligation” is defined as an agreement to purchase goods or services that is enforceable and legally binding and that specifies all significant terms, including fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction.Long-term debt and estimated interest. Refer to Note 3. Long-Term Debt to the consolidated financial statements elsewhere in this report for our long-term debt maturities. Estimated interest payments on our senior unsecured notes were determined based on their outstanding balances through maturity at their contractual interest rates, as detailed in Note 3. Estimated interest payments also include a 0.175% commitment fee on our available Revolver, and an average interest rate of 5.5% on our other debt of $63.7 million. Our estimated interest payments are $102.2 million, $98.3 million, $80.3 million, $75.0 million, $54.6 million, for the years 2023 through 2027, respectively, and $393.2 million thereafter.46 Table of Contents Table of Contents Table of Contents Capital Investments. During 2022, we invested $908.9 million in property, plant and equipment, primarily within our steel operations segment, compared with $1.0 billion invested during 2021. Spending at Sinton decreased in 2022 versus 2021 as we completed the construction phase in early 2022. We enter 2023 with ample liquidity of $3.4 billion and anticipated operating cash flow generation to provide for our planned 2023 capital requirements, including the four new flat roll coating lines at Sinton and Heartland. We announced in July our plans to invest $2.5 billion in a new state-of-the-art low-carbon aluminum flat roll mill with two supporting satellite recycled aluminum slab centers, which is planned to be funded by available cash and cash flow from operations. Expenditures began in the third quarter of 2022 and are expected to continue through 2025. Cash Dividends. As a reflection of continued confidence in our current and future cash flow generation capability and financial position, we increased our quarterly cash dividend by 31% to $0.34 per share in the first quarter of 2022 (from $0.26 per share in 2021), resulting in declared cash dividends of $245.3 million during 2022, compared to $210.9 million during 2021. We paid cash dividends of $237.2 million and $213.0 million during 2022 and 2021, respectively. Our board of directors, along with executive management, approves the payment of dividends on a quarterly basis. The determination to pay cash dividends in the future is at the discretion of our board of directors, after taking into account various factors, including our financial condition, results of operations, outstanding indebtedness, current and anticipated cash needs and growth plans.Other. Our board of directors has authorized share repurchase programs during prior years, the most recent of which occurred in November 2022 for a program of up to $1.5 billion of the company’s common stock. Under the share repurchase programs, purchases take place as and when we determine in open market or private transactions made based upon the market price of our common stock, the nature of other investment opportunities or growth projects, our cash flows from operations, and general economic conditions. The share repurchase programs do not require us to acquire any specific number of shares, and may be modified, suspended, extended or terminated by us at any time. The share repurchase programs do not have an expiration date. There were $1.8 billion and $1.1 billion of share repurchases during 2022 and 2021, respectively. As of December 31, 2022, we had $1.3 billion remaining available to purchase under the November 2022 share repurchase program. See Part II, Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities for additional information.Our ability to meet our debt service obligations and reduce our total debt will depend upon our future performance which, in turn, will depend upon general economic, financial, and business conditions, along with competition, legislation and regulatory factors that are largely beyond our control. In addition, we cannot assure that our operating results, cash flows, access to credit markets and capital resources will be sufficient for repayment of our indebtedness in the future. We believe that based upon current levels of operations and anticipated growth, cash flows from operations, together with other available sources of funds, including borrowings under our Revolver, if necessary, will be adequate for the next twelve months for making required payments of principal and interest on our indebtedness, funding working capital requirements, and funding anticipated capital expenditures.Contractual Obligations and Other Long-Term LiabilitiesWe have the following minimum commitments under contractual obligations, including purchase obligations, as defined by the Securities and Exchange Commission. A “purchase obligation” is defined as an agreement to purchase goods or services that is enforceable and legally binding and that specifies all significant terms, including fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction.Long-term debt and estimated interest. Refer to Note 3. Long-Term Debt to the consolidated financial statements elsewhere in this report for our long-term debt maturities. Estimated interest payments on our senior unsecured notes were determined based on their outstanding balances through maturity at their contractual interest rates, as detailed in Note 3. Estimated interest payments also include a 0.175% commitment fee on our available Revolver, and an average interest rate of 5.5% on our other debt of $63.7 million. Our estimated interest payments are $102.2 million, $98.3 million, $80.3 million, $75.0 million, $54.6 million, for the years 2023 through 2027, respectively, and $393.2 million thereafter. Capital Investments. During 2022, we invested $908.9 million in property, plant and equipment, primarily within our steel operations segment, compared with $1.0 billion invested during 2021. Spending at Sinton decreased in 2022 versus 2021 as we completed the construction phase in early 2022. We enter 2023 with ample liquidity of $3.4 billion and anticipated operating cash flow generation to provide for our planned 2023 capital requirements, including the four new flat roll coating lines at Sinton and Heartland. We announced in July our plans to invest $2.5 billion in a new state-of-the-art low-carbon aluminum flat roll mill with two supporting satellite recycled aluminum slab centers, which is planned to be funded by available cash and cash flow from operations. Expenditures began in the third quarter of 2022 and are expected to continue through 2025. Cash Dividends. As a reflection of continued confidence in our current and future cash flow generation capability and financial position, we increased our quarterly cash dividend by 31% to $0.34 per share in the first quarter of 2022 (from $0.26 per share in 2021), resulting in declared cash dividends of $245.3 million during 2022, compared to $210.9 million during 2021. We paid cash dividends of $237.2 million and $213.0 million during 2022 and 2021, respectively. Our board of directors, along with executive management, approves the payment of dividends on a quarterly basis. The determination to pay cash dividends in the future is at the discretion of our board of directors, after taking into account various factors, including our financial condition, results of operations, outstanding indebtedness, current and anticipated cash needs and growth plans. Other. Our board of directors has authorized share repurchase programs during prior years, the most recent of which occurred in November 2022 for a program of up to $1.5 billion of the company’s common stock. Under the share repurchase programs, purchases take place as and when we determine in open market or private transactions made based upon the market price of our common stock, the nature of other investment opportunities or growth projects, our cash flows from operations, and general economic conditions. The share repurchase programs do not require us to acquire any specific number of shares, and may be modified, suspended, extended or terminated by us at any time. The share repurchase programs do not have an expiration date. There were $1.8 billion and $1.1 billion of share repurchases during 2022 and 2021, respectively. As of December 31, 2022, we had $1.3 billion remaining available to purchase under the November 2022 share repurchase program. See Part II, Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities for additional information. Our ability to meet our debt service obligations and reduce our total debt will depend upon our future performance which, in turn, will depend upon general economic, financial, and business conditions, along with competition, legislation and regulatory factors that are largely beyond our control. In addition, we cannot assure that our operating results, cash flows, access to credit markets and capital resources will be sufficient for repayment of our indebtedness in the future. We believe that based upon current levels of operations and anticipated growth, cash flows from operations, together with other available sources of funds, including borrowings under our Revolver, if necessary, will be adequate for the next twelve months for making required payments of principal and interest on our indebtedness, funding working capital requirements, and funding anticipated capital expenditures."
    },
    {
      "status": "MODIFIED",
      "current_title": "Steel Fabrication Operations Segment",
      "prior_title": "Steel Fabrication Operations Segment",
      "similarity_score": 0.917,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"Revenues from these plants are generated from the fabrication of trusses, girders, steel joists, and steel deck used within the non-residential construction industry.\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ New Millennium Building Systems: ​ ​ ​ ​ ​ ​ ​ ​ Joist and Deck Operations ​ Butler, IN ​ Steel Joist and Deck Fabrication Facility ​ 156 ​ — Joist Operations ​ Fallon, NV ​ Steel Joist Fabrication Facility ​ 68 ​ — Joist and Deck Operations ​ Hope, AR ​ Steel Joist and Deck Fabrication Facility ​ 245 ​ 7 Joist Operations ​ Juarez, MX ​ Steel Joist Fabrication Facility ​ 17 ​ — Joist and Deck Operations ​ Lake City, FL ​ Steel Joist and Deck Fabrication Facility ​ 81 ​ — Deck Operations ​ Memphis, TN ​ Deck Fabrication Facility ​ 19 ​ — Joist and Deck Operations ​ Salem, VA ​ Steel Joist and Deck Fabrication Facility ​ 113 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ New Millennium Building Systems: ​ ​ ​ ​ ​ ​ ​ ​ Joist and Deck Operations ​ Butler, IN ​ Steel Joist and Deck Fabrication Facility ​ 156 ​ — Joist Operations ​ Fallon, NV ​ Steel Joist Fabrication Facility ​ 53 ​ — Joist and Deck Operations ​ Hope, AR ​ Steel Joist and Deck Fabrication Facility ​ 245 ​ 7 Joist Operations ​ Juarez, MX ​ Steel Joist Fabrication Facility ​ 17 ​ — Joist and Deck Operations ​ Lake City, FL ​ Steel Joist and Deck Fabrication Facility ​ 75 ​ — Deck Operations ​ Memphis, TN ​ Deck Fabrication Facility ​ 19 ​ — Joist and Deck Operations ​ Salem, VA ​ Steel Joist and Deck Fabrication Facility ​ 113 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The company’s corporate headquarters is in Fort Wayne, Indiana on 20 owned acres. Our copper rod and wire facility, a controlled subsidiary, is in New Haven, Indiana on 35 owned acres. *Our 2022 steel mill production utilization was 92% of our estimated annual steelmaking capability, exclusive of Sinton which started up steel operations in 2022. ITEM 3. LEGAL PROCEEDINGS We are involved in various litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are currently expected to have a material impact on our financial condition, results of operations, or liquidity. 32 32 Table of ContentsWe may also be involved from time to time in various governmental investigations, regulatory proceedings or judicial actions seeking penalties, injunctive relief, and/or remediation under federal, state and local environmental laws and regulations. The United States EPA has conducted such investigations and proceedings involving us, in some instances along with state environmental regulators, under various environmental laws, including RCRA, CERCLA, the Clean Water Act and the Clean Air Act. Some of these matters have resulted in fines or penalties, exclusive of interest and costs, which did not exceed $1 million in aggregate, as of December 31, 2022.ITEM 4. MINE SAFETY DISCLOSURESInformation required to be furnished pursuant to Item 4 concerning mine safety disclosure matters by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K (17 CFR 229.104), is included in Exhibit 95 to this annual report.​33 Table of Contents Table of Contents Table of Contents We may also be involved from time to time in various governmental investigations, regulatory proceedings or judicial actions seeking penalties, injunctive relief, and/or remediation under federal, state and local environmental laws and regulations. The United States EPA has conducted such investigations and proceedings involving us, in some instances along with state environmental regulators, under various environmental laws, including RCRA, CERCLA, the Clean Water Act and the Clean Air Act. Some of these matters have resulted in fines or penalties, exclusive of interest and costs, which did not exceed $1 million in aggregate, as of December 31, 2022.ITEM 4. MINE SAFETY DISCLOSURESInformation required to be furnished pursuant to Item 4 concerning mine safety disclosure matters by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K (17 CFR 229.104), is included in Exhibit 95 to this annual report.​ We may also be involved from time to time in various governmental investigations, regulatory proceedings or judicial actions seeking penalties, injunctive relief, and/or remediation under federal, state and local environmental laws and regulations. The United States EPA has conducted such investigations and proceedings involving us, in some instances along with state environmental regulators, under various environmental laws, including RCRA, CERCLA, the Clean Water Act and the Clean Air Act. Some of these matters have resulted in fines or penalties, exclusive of interest and costs, which did not exceed $1 million in aggregate, as of December 31, 2022. ITEM 4. MINE SAFETY DISCLOSURES Information required to be furnished pursuant to Item 4 concerning mine safety disclosure matters by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K (17 CFR 229.104), is included in Exhibit 95 to this annual report. ​ 33 33 Table of ContentsPART IIITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIESThe information required by Item 5 with respect to securities authorized for issuance under equity compensation plans is set forth in Part III, Item 12 of this Form 10-K. Our common stock trades on The NASDAQ Global Select Stock Market under the symbol STLD.As of February 21, 2023, we had 171,577,705 shares of common stock outstanding and held beneficially by approximately 23,700 stockholders based on our security position listing. Because many of the shares were held by depositories, brokers and other nominees, the number of registered holders (approximately 1,320) is not representative of the number of beneficial holders.Issuer Purchases of Equity SecuritiesWe purchased the following equity securities registered by us pursuant to Section 12 of the Exchange Act during the three months ended December 31, 2022.​​​​​​​​​​​​​​​​​​​​​​​​​Period​Total Number of Shares Purchased​Average Price Paid per Share​Total Number of Shares Purchased as Part of Publicly Announced Program(1)​Maximum Dollar Value of Shares That May Yet be Purchased Under the Program (in thousands) (1)​​​​​​​​​​​​Quarter ended December 31, 2022​​​​​​​​​​​​​​​​​​​​​October 1-31​ 1,493,698​$ 83.68​​ 1,493,698​$ 120,501November 1-30​ 1,419,306​​ 99.35​​ 1,419,306​​ 1,479,496December 1 - 31​ 1,402,142​​ 104.85​​ 1,402,142​​ 1,332,506​​ 4,315,146​​​​​ 4,315,146​​​​(1)In February 2022, our board of directors authorized a share repurchase program of up to $1.25 billion of our common stock. This program was exhausted in November 2022. In November 2022, our board of directors authorized an additional share repurchase program of up to $1.5 billion of our common stock.​34 Table of Contents Table of Contents Table of Contents PART IIITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIESThe information required by Item 5 with respect to securities authorized for issuance under equity compensation plans is set forth in Part III, Item 12 of this Form 10-K. Our common stock trades on The NASDAQ Global Select Stock Market under the symbol STLD.As of February 21, 2023, we had 171,577,705 shares of common stock outstanding and held beneficially by approximately 23,700 stockholders based on our security position listing. Because many of the shares were held by depositories, brokers and other nominees, the number of registered holders (approximately 1,320) is not representative of the number of beneficial holders.Issuer Purchases of Equity SecuritiesWe purchased the following equity securities registered by us pursuant to Section 12 of the Exchange Act during the three months ended December 31, 2022.​​​​​​​​​​​​​​​​​​​​​​​​​Period​Total Number of Shares Purchased​Average Price Paid per Share​Total Number of Shares Purchased as Part of Publicly Announced Program(1)​Maximum Dollar Value of Shares That May Yet be Purchased Under the Program (in thousands) (1)​​​​​​​​​​​​Quarter ended December 31, 2022​​​​​​​​​​​​​​​​​​​​​October 1-31​ 1,493,698​$ 83.68​​ 1,493,698​$ 120,501November 1-30​ 1,419,306​​ 99.35​​ 1,419,306​​ 1,479,496December 1 - 31​ 1,402,142​​ 104.85​​ 1,402,142​​ 1,332,506​​ 4,315,146​​​​​ 4,315,146​​​​(1)In February 2022, our board of directors authorized a share repurchase program of up to $1.25 billion of our common stock. This program was exhausted in November 2022. In November 2022, our board of directors authorized an additional share repurchase program of up to $1.5 billion of our common stock.​ PART II ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES The information required by Item 5 with respect to securities authorized for issuance under equity compensation plans is set forth in Part III, Item 12 of this Form 10-K. Our common stock trades on The NASDAQ Global Select Stock Market under the symbol STLD. As of February 21, 2023, we had 171,577,705 shares of common stock outstanding and held beneficially by approximately 23,700 stockholders based on our security position listing. Because many of the shares were held by depositories, brokers and other nominees, the number of registered holders (approximately 1,320) is not representative of the number of beneficial holders."
    },
    {
      "status": "MODIFIED",
      "current_title": "Net income attributable to Steel Dynamics, Inc.",
      "prior_title": "Net income attributable to Steel Dynamics, Inc.",
      "similarity_score": 0.915,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"$ 2,450,882 ​ $ 3,862,674 ​ $ 3,214,066 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​\""
      ],
      "current_body": "$ 2,450,882 ​ $ 3,862,674 ​ $ 3,214,066 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​",
      "prior_body": "$ 3,862,674 ​ $ 3,214,066 ​ $ 550,822 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Other comprehensive income (loss) - net unrealized gain (loss) on cash flow",
      "prior_title": "Other comprehensive income (loss) - net unrealized gain (loss) on cash flow",
      "similarity_score": 0.913,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ ​ ​ hedging derivatives, net of income tax benefit of $149, income tax expense of ​ ​ ​ ​ ​ ​ ​ ​ $937, and income tax benefit of $1,247 for 2023, 2022 and 2021, respectively ​ (468) ​ ​ 2,980 ​ ​ (3,993)\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ hedging derivatives, net of income tax benefit of $149, income tax expense of ​ ​ ​ ​ ​ ​ ​ ​ $937, and income tax benefit of $1,247 for 2023, 2022 and 2021, respectively ​ (468) ​ ​ 2,980 ​ ​ (3,993)",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ hedging derivatives, net of income tax expense of $937, income tax benefit of ​ ​ ​ ​ ​ ​ ​ ​ $1,247, and income tax expense of $594 for 2022, 2021 and 2020, respectively ​ 2,980 ​ ​ (3,993) ​ ​ 1,909"
    },
    {
      "status": "MODIFIED",
      "current_title": "Aluminum Operations Segment",
      "prior_title": "Principles of Consolidation",
      "similarity_score": 0.913,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"Aluminum operations includes the recycled aluminum flat rolled products mill being constructed in Columbus, Mississippi, and two satellite recycled aluminum slab centers in Arizona and Mexico.\"",
        "Reworded sentence: \"Shipment of products to customers, which occurs after control over the product has transferred to the customer and revenue is recognized, is considered a fulfillment activity with amounts billed to customers included in sales and costs associated with such activities included in cost of goods sold.Payments from customers are generally due within 30 days of invoicing, which generally occurs upon shipment of the products.\"",
        "Reworded sentence: \"Payments from customers have historically been within these terms, however, payments for non-U.S.\"",
        "Reworded sentence: \"Segment Information for disaggregated revenue by segment to external, external non-United States, and other segment customers.64 Table of Contents Table of Contents Table of Contents Note 1.\"",
        "Reworded sentence: \"Shipment of products to customers, which occurs after control over the product has transferred to the customer and revenue is recognized, is considered a fulfillment activity with amounts billed to customers included in sales and costs associated with such activities included in cost of goods sold.Payments from customers are generally due within 30 days of invoicing, which generally occurs upon shipment of the products.\""
      ],
      "current_body": "Aluminum Dynamics, LLC ​ Columbus, MS ​ Recycled Aluminum Flat Rolled Products Mill ​ 2,098 ​ — Aluminum Dynamics, Inc. ​ Phoenix, AZ ​ Recycled Aluminum Slab Facility ​ 256 ​ — Aluminum Dynamics of Mexico ​ San Luis Potosi, Mexico ​ Recycled Aluminum Slab Facility ​ 692 ​ — ​ The company’s corporate headquarters is in Fort Wayne, Indiana on 20 owned acres. Our copper rod and wire facility, a controlled subsidiary, is in New Haven, Indiana on 35 owned and 4 leased acres. *Our 2023 steel mill production utilization was 91% exclusive of Sinton (82% including Sinton) of our estimated annual steelmaking capability. 34 34 Table of ContentsITEM 3. LEGAL PROCEEDINGSWe are involved in various litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are currently expected to have a material impact on our financial condition, results of operations, or liquidity.We may also be involved from time to time in various governmental investigations, regulatory proceedings or judicial actions seeking penalties, injunctive relief, and/or remediation under federal, state and local environmental laws and regulations. The United States EPA has conducted such investigations and proceedings involving us, in some instances along with state environmental regulators, under various environmental laws, including RCRA, CERCLA, the Clean Water Act and the Clean Air Act. Some of these matters have resulted in fines or penalties, exclusive of interest and costs, which did not exceed $1 million in aggregate, as of December 31, 2023.ITEM 4. MINE SAFETY DISCLOSURESNone.​35 Table of Contents Table of Contents Table of Contents ITEM 3. LEGAL PROCEEDINGSWe are involved in various litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are currently expected to have a material impact on our financial condition, results of operations, or liquidity.We may also be involved from time to time in various governmental investigations, regulatory proceedings or judicial actions seeking penalties, injunctive relief, and/or remediation under federal, state and local environmental laws and regulations. The United States EPA has conducted such investigations and proceedings involving us, in some instances along with state environmental regulators, under various environmental laws, including RCRA, CERCLA, the Clean Water Act and the Clean Air Act. Some of these matters have resulted in fines or penalties, exclusive of interest and costs, which did not exceed $1 million in aggregate, as of December 31, 2023.ITEM 4. MINE SAFETY DISCLOSURESNone.​ ITEM 3. LEGAL PROCEEDINGS We are involved in various litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are currently expected to have a material impact on our financial condition, results of operations, or liquidity. We may also be involved from time to time in various governmental investigations, regulatory proceedings or judicial actions seeking penalties, injunctive relief, and/or remediation under federal, state and local environmental laws and regulations. The United States EPA has conducted such investigations and proceedings involving us, in some instances along with state environmental regulators, under various environmental laws, including RCRA, CERCLA, the Clean Water Act and the Clean Air Act. Some of these matters have resulted in fines or penalties, exclusive of interest and costs, which did not exceed $1 million in aggregate, as of December 31, 2023. ITEM 4. MINE SAFETY DISCLOSURES None. ​ 35 35 Table of ContentsPART IIITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIESThe information required by Item 5 with respect to securities authorized for issuance under equity compensation plans is set forth in Part III, Item 12 of this Form 10-K. Our common stock trades on The NASDAQ Global Select Stock Market under the symbol STLD.As of February 26, 2024, we had 158,154,594 shares of common stock outstanding and held beneficially by approximately 29,000 stockholders based on our security position listing. Because many of the shares were held by depositories, brokers and other nominees, the number of registered holders (approximately 1,270) is not representative of the number of beneficial holders.Issuer Purchases of Equity SecuritiesWe purchased the following equity securities registered by us pursuant to Section 12 of the Exchange Act during the three months ended December 31, 2023.​​​​​​​​​​​​​​​​​​​​​​​​Period​Total Number of Shares Purchased​Average Price Paid per Share​Total Number of Shares Purchased as Part of Publicly Announced Program(1)​Maximum Dollar Value of Shares That May Yet be Purchased Under the Program (in thousands) (1)​​​​​​​​​​​​Quarter ended December 31, 2023​​​​​​​​​​​​​​​​​​​​​October 1-31​ 1,373,216​$ 104.91​​ 1,373,216​$ 135,125November 1-30​ 1,471,893​​ 112.49​​ 1,471,893​​ 1,471,217December 1-31​ 667,785​​ 115.38​​ 667,785​​ 1,394,232​​ 3,512,894​​​​​ 3,512,894​​​​(1)In November 2022, our board of directors authorized a share repurchase program of up to $1.5 billion of our common stock. This program was exhausted in November 2023. In November 2023, our board of directors authorized an additional share repurchase program of up to $1.5 billion of our common stock.​36 Table of Contents Table of Contents Table of Contents PART IIITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIESThe information required by Item 5 with respect to securities authorized for issuance under equity compensation plans is set forth in Part III, Item 12 of this Form 10-K. Our common stock trades on The NASDAQ Global Select Stock Market under the symbol STLD.As of February 26, 2024, we had 158,154,594 shares of common stock outstanding and held beneficially by approximately 29,000 stockholders based on our security position listing. Because many of the shares were held by depositories, brokers and other nominees, the number of registered holders (approximately 1,270) is not representative of the number of beneficial holders.Issuer Purchases of Equity SecuritiesWe purchased the following equity securities registered by us pursuant to Section 12 of the Exchange Act during the three months ended December 31, 2023.​​​​​​​​​​​​​​​​​​​​​​​​Period​Total Number of Shares Purchased​Average Price Paid per Share​Total Number of Shares Purchased as Part of Publicly Announced Program(1)​Maximum Dollar Value of Shares That May Yet be Purchased Under the Program (in thousands) (1)​​​​​​​​​​​​Quarter ended December 31, 2023​​​​​​​​​​​​​​​​​​​​​October 1-31​ 1,373,216​$ 104.91​​ 1,373,216​$ 135,125November 1-30​ 1,471,893​​ 112.49​​ 1,471,893​​ 1,471,217December 1-31​ 667,785​​ 115.38​​ 667,785​​ 1,394,232​​ 3,512,894​​​​​ 3,512,894​​​​(1)In November 2022, our board of directors authorized a share repurchase program of up to $1.5 billion of our common stock. This program was exhausted in November 2023. In November 2023, our board of directors authorized an additional share repurchase program of up to $1.5 billion of our common stock.​ PART II ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES The information required by Item 5 with respect to securities authorized for issuance under equity compensation plans is set forth in Part III, Item 12 of this Form 10-K. Our common stock trades on The NASDAQ Global Select Stock Market under the symbol STLD. As of February 26, 2024, we had 158,154,594 shares of common stock outstanding and held beneficially by approximately 29,000 stockholders based on our security position listing. Because many of the shares were held by depositories, brokers and other nominees, the number of registered holders (approximately 1,270) is not representative of the number of beneficial holders.",
      "prior_body": "The consolidated financial statements include the accounts of SDI, together with its wholly- and majority-owned or controlled subsidiaries, after elimination of intercompany accounts and transactions. Noncontrolling and redeemable noncontrolling interests represent the noncontrolling owners' proportionate share in the equity, income, or losses of the company’s majority-owned or controlled consolidated subsidiaries. 62 62 Table of ContentsNote 1. Description of the Business and Summary of Significant Accounting Policies (Continued)Use of EstimatesThese consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States, and accordingly, include amounts that require management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and in the notes thereto. Significant items subject to such estimates and assumptions include the carrying value of property, plant and equipment, intangible assets, and goodwill; valuation allowances for trade receivables, inventories and deferred income tax assets; unrecognized tax benefits; potential environmental liabilities; and litigation claims and settlements. Actual results may differ from these estimates and assumptions.Revenue from Contracts with CustomersIn the steel and metals recycling operations segments, revenue is recognized at the point in time the performance obligation is satisfied, and control of the product is transferred to the customer upon shipment or delivery, at the amount of consideration the company expects to receive, including any variable consideration. The variable consideration included in the company’s steel operations segment contracts, which is not constrained, include estimated product returns and customer claims based on historical experience, and may include volume rebates which are recorded on an expected value basis. Revenue recognized is limited to the amount the company expects to receive. The company does not exercise significant judgments in determining the timing of satisfaction of performance obligations or the transaction price. Shipment of products to customers is considered a fulfillment activity with amounts billed to customers included in sales and costs associated with such activities included in cost of goods sold.The company’s steel fabrication operations segment recognizes revenue over time at the amount of consideration the company expects to receive. Revenue is measured on an output method representing completed fabricated tons to date as a percentage of total tons required for each contract. Revenue from fabrication of tons remaining on partially fabricated customer contracts as of a reporting date, and future revenue from yet to be fabricated customer contracts, has not been disclosed under the practical expedient in Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers (ASC 606), paragraph ASC 606-10-50-14 related to customer contracts with expected duration of one year or less. The company does not exercise significant judgments in determining the timing of satisfaction of performance obligations or the transaction price. Shipment of products to customers, which occurs after control over the product has transferred to the customer and revenue is recognized, is considered a fulfillment activity with amounts billed to customers included in sales and costs associated with such activities included in cost of goods sold.Payments from customers for all operating segments are generally due within 30 days of invoicing, which generally occurs upon shipment of the products. Shipment for the steel fabrication operations segment generally occurs within 30 days of satisfaction of the performance obligation and revenue recognition. The company does not have financing components. Payments from customers have historically generally been within these terms, however, payments for non-U.S. sales may extend longer. Refer to Note 13. Segment Information for disaggregated revenue by segment to external, external non-United States, and other segment customers.Credit Losses The company is exposed to credit risk in the event of nonpayment of accounts receivable by customers. The company mitigates its exposure to credit risk, which it generally extends on an unsecured basis, by performing ongoing credit evaluations and taking further action if necessary, such as requiring letters of credit or other security interests to support the customer receivable. The allowance for credit losses for accounts receivable is based on the company’s reasonable estimate of known credit risks and historical experience, adjusted for current and anticipated economic and other pertinent factors affecting the company’s customers, that may differ from historical experience. Customer accounts receivable are written off when all collection efforts have been exhausted and the amounts are deemed uncollectible. 63 Table of Contents Table of Contents Table of Contents Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued)Use of EstimatesThese consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States, and accordingly, include amounts that require management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and in the notes thereto. Significant items subject to such estimates and assumptions include the carrying value of property, plant and equipment, intangible assets, and goodwill; valuation allowances for trade receivables, inventories and deferred income tax assets; unrecognized tax benefits; potential environmental liabilities; and litigation claims and settlements. Actual results may differ from these estimates and assumptions.Revenue from Contracts with CustomersIn the steel and metals recycling operations segments, revenue is recognized at the point in time the performance obligation is satisfied, and control of the product is transferred to the customer upon shipment or delivery, at the amount of consideration the company expects to receive, including any variable consideration. The variable consideration included in the company’s steel operations segment contracts, which is not constrained, include estimated product returns and customer claims based on historical experience, and may include volume rebates which are recorded on an expected value basis. Revenue recognized is limited to the amount the company expects to receive. The company does not exercise significant judgments in determining the timing of satisfaction of performance obligations or the transaction price. Shipment of products to customers is considered a fulfillment activity with amounts billed to customers included in sales and costs associated with such activities included in cost of goods sold.The company’s steel fabrication operations segment recognizes revenue over time at the amount of consideration the company expects to receive. Revenue is measured on an output method representing completed fabricated tons to date as a percentage of total tons required for each contract. Revenue from fabrication of tons remaining on partially fabricated customer contracts as of a reporting date, and future revenue from yet to be fabricated customer contracts, has not been disclosed under the practical expedient in Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers (ASC 606), paragraph ASC 606-10-50-14 related to customer contracts with expected duration of one year or less. The company does not exercise significant judgments in determining the timing of satisfaction of performance obligations or the transaction price. Shipment of products to customers, which occurs after control over the product has transferred to the customer and revenue is recognized, is considered a fulfillment activity with amounts billed to customers included in sales and costs associated with such activities included in cost of goods sold.Payments from customers for all operating segments are generally due within 30 days of invoicing, which generally occurs upon shipment of the products. Shipment for the steel fabrication operations segment generally occurs within 30 days of satisfaction of the performance obligation and revenue recognition. The company does not have financing components. Payments from customers have historically generally been within these terms, however, payments for non-U.S. sales may extend longer. Refer to Note 13. Segment Information for disaggregated revenue by segment to external, external non-United States, and other segment customers.Credit Losses The company is exposed to credit risk in the event of nonpayment of accounts receivable by customers. The company mitigates its exposure to credit risk, which it generally extends on an unsecured basis, by performing ongoing credit evaluations and taking further action if necessary, such as requiring letters of credit or other security interests to support the customer receivable. The allowance for credit losses for accounts receivable is based on the company’s reasonable estimate of known credit risks and historical experience, adjusted for current and anticipated economic and other pertinent factors affecting the company’s customers, that may differ from historical experience. Customer accounts receivable are written off when all collection efforts have been exhausted and the amounts are deemed uncollectible."
    },
    {
      "status": "MODIFIED",
      "current_title": "Metals Recycling Operations Segment",
      "prior_title": "Metals Recycling Operations Segment",
      "similarity_score": 0.91,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"Metals recycling operations accounted for 12%, 10%, and 12% of the company’s consolidated net sales during 2023, 2022, and 2021, respectively.\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ OmniSource: ​ ​ ​ ​ ​ ​ ​ ​ Alabama ​ Birmingham, AL ​ Ferrous Scrap Processing ​ 59 ​ — Indiana ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 456 ​ 26 Michigan ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 186 ​ — Mississippi ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 43 ​ 13 North Carolina ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 302 ​ — Ohio ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 212 ​ 21 Oklahoma ​ Sand Springs, OK ​ Ferrous Scrap Processing ​ — ​ 10 Tennessee ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 65 ​ — Texas ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 75 ​ — Virginia ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 121 ​ — Mexico ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 17 ​ 61 ​ ​ ​ ​ ​ ​ ​ ​ ​",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ OmniSource: ​ ​ ​ ​ ​ ​ ​ ​ Alabama ​ Birmingham, AL ​ Ferrous Scrap Processing ​ 59 ​ — Indiana ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 456 ​ 26 Michigan ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 186 ​ — Mississippi ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 54 ​ 13 North Carolina ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 346 ​ — Ohio ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 212 ​ 21 Oklahoma ​ Sand Springs, OK ​ Ferrous Scrap Processing ​ — ​ 10 Tennessee ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 65 ​ — Texas ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 75 ​ — Virginia ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 121 ​ — Mexico ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ — ​ 70 ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "We may face risks associated with the implementation of our growth strategy.",
      "prior_title": "We may face risks associated with the implementation of our growth strategy.",
      "similarity_score": 0.902,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"These expansions and transactions, including our planned recycled aluminum flat rolled products mill with an anticipated annual production capacity of 650,000 tonnes of finished products to be located in Columbus, Mississippi, may involve some or all of the following risks: ● the risk of entering business lines or product, domestic, or foreign markets, in which we have little experience, including the aluminum industry; ● the risk of a newly constructed facility being completed over budget or not on time, including due to equipment delays or labor shortages; ● the risk of not being able to adequately obtain sufficient labor to efficiently build or staff a new facility, while maintaining our culture; ● the risk of expected markets, products, customers and demand for products produced by a new facility being lower than expected; ● the risk of new product development, technology development or customer acquisition and penetration being more costly or difficult than expected; ● the difficulty of competing for acquisitions and other growth opportunities with companies having materially greater financial resources than us; ● the inability to realize anticipated synergies or other expected benefits; ● the difficulty of integrating new or acquired operations and personnel into our existing operations, while maintaining our culture; ● the potential disruption of ongoing operations; ● the diversion of financial resources or management attention to new operations or acquired businesses; ● the loss of key employees, customers or suppliers of acquired businesses; ● the potential exposure to unknown liabilities; 29 29 Table of Contents● the inability of management to maintain uniform standards, controls, procedures and policies;● the difficulty of managing the growth of a larger company;● the risk of becoming involved in labor, commercial, or regulatory disputes or litigation related to new operations or acquired businesses;● the risk of becoming more highly leveraged;● the risk of contractual or operational liability to other venture participants or to third parties as a result of our participation;● the inability to work efficiently with joint venture or strategic alliance partners; and● the difficulties of terminating joint ventures or strategic alliances.Delays in achieving full operational capacity at our Sinton Flat Roll Division has and may continue to, and any delays in our announced planned recycled aluminum flat rolled products mill may, adversely affect our prospects, business, financial condition, results of operations and cash flows.These expansions or transactions might be required for us to remain competitive, but we may not be able to complete any such expansions or transactions on favorable terms or obtain financing, if necessary.\"",
        "Reworded sentence: \"Further, we have experienced and may continue to experience ramp-up inefficiencies at our Sinton Flat Roll Division, including those related to major equipment failures.\"",
        "Reworded sentence: \"These disruptions may adversely affect our business, financial condition, results of operations and cash flows.30 Table of Contents Table of Contents Table of Contents ● the inability of management to maintain uniform standards, controls, procedures and policies;● the difficulty of managing the growth of a larger company;● the risk of becoming involved in labor, commercial, or regulatory disputes or litigation related to new operations or acquired businesses;● the risk of becoming more highly leveraged;● the risk of contractual or operational liability to other venture participants or to third parties as a result of our participation;● the inability to work efficiently with joint venture or strategic alliance partners; and● the difficulties of terminating joint ventures or strategic alliances.Delays in achieving full operational capacity at our Sinton Flat Roll Division has and may continue to, and any delays in our announced planned recycled aluminum flat rolled products mill may, adversely affect our prospects, business, financial condition, results of operations and cash flows.These expansions or transactions might be required for us to remain competitive, but we may not be able to complete any such expansions or transactions on favorable terms or obtain financing, if necessary.\"",
        "Reworded sentence: \"Further, we have experienced and may continue to experience ramp-up inefficiencies at our Sinton Flat Roll Division, including those related to major equipment failures.\"",
        "Reworded sentence: \"These disruptions may adversely affect our business, financial condition, results of operations and cash flows.\""
      ],
      "current_body": "Our growth strategy subjects us to various risks. As part of our growth strategy, we may expand existing facilities, enter into new business lines, products or process initiatives, acquire or build additional plants, acquire other businesses and assets, enter into joint ventures, or form strategic alliances that we believe will complement our existing business. These expansions and transactions, including our planned recycled aluminum flat rolled products mill with an anticipated annual production capacity of 650,000 tonnes of finished products to be located in Columbus, Mississippi, may involve some or all of the following risks: ● the risk of entering business lines or product, domestic, or foreign markets, in which we have little experience, including the aluminum industry; ● the risk of a newly constructed facility being completed over budget or not on time, including due to equipment delays or labor shortages; ● the risk of not being able to adequately obtain sufficient labor to efficiently build or staff a new facility, while maintaining our culture; ● the risk of expected markets, products, customers and demand for products produced by a new facility being lower than expected; ● the risk of new product development, technology development or customer acquisition and penetration being more costly or difficult than expected; ● the difficulty of competing for acquisitions and other growth opportunities with companies having materially greater financial resources than us; ● the inability to realize anticipated synergies or other expected benefits; ● the difficulty of integrating new or acquired operations and personnel into our existing operations, while maintaining our culture; ● the potential disruption of ongoing operations; ● the diversion of financial resources or management attention to new operations or acquired businesses; ● the loss of key employees, customers or suppliers of acquired businesses; ● the potential exposure to unknown liabilities; 29 29 Table of Contents● the inability of management to maintain uniform standards, controls, procedures and policies;● the difficulty of managing the growth of a larger company;● the risk of becoming involved in labor, commercial, or regulatory disputes or litigation related to new operations or acquired businesses;● the risk of becoming more highly leveraged;● the risk of contractual or operational liability to other venture participants or to third parties as a result of our participation;● the inability to work efficiently with joint venture or strategic alliance partners; and● the difficulties of terminating joint ventures or strategic alliances.Delays in achieving full operational capacity at our Sinton Flat Roll Division has and may continue to, and any delays in our announced planned recycled aluminum flat rolled products mill may, adversely affect our prospects, business, financial condition, results of operations and cash flows.These expansions or transactions might be required for us to remain competitive, but we may not be able to complete any such expansions or transactions on favorable terms or obtain financing, if necessary. Future expansions and transactions may not improve our competitive position and business prospects as anticipated, and if they do not, our business, financial condition, results of operations and cash flows may be adversely affected.We are subject to litigation and legal compliance risks which may adversely affect our financial condition, results of operations and liquidity.We are involved from time to time in various litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are currently expected to have a material impact on our financial conditions, results of operations or liquidity. For additional information regarding legal proceedings please refer to Item 3. Legal Proceedings.In addition to risks associated with our environmental and other regulatory compliance, our international operations are subject to complex foreign and United States laws and regulations, including the Foreign Corrupt Practices Act and other anti-bribery laws, regulations related to import-export controls, the Office of Foreign Assets Control, and other laws and regulations, each of which may increase our cost of doing business and expose us to increased risk.Unexpected equipment downtime or shutdowns may adversely affect our business, financial condition, results of operations and cash flows.Interruptions in our production capabilities may adversely affect our production costs, products available for sale and earnings during the affected period. In addition to equipment failures, our facilities are subject to the risk of catastrophic loss due to unanticipated events such as fires, explosions or violent weather conditions. Our manufacturing processes are dependent upon critical pieces of steelmaking equipment, such as our EAFs, continuous casters and rolling equipment, some of which are controlled by our information technology systems, as well as electrical equipment, such as transformers. This equipment may, on occasion, be out of service as a result of unanticipated failures or other events, including equipment failure, power surges, cybersecurity breaches or attacks or system failures. Further, we have experienced and may continue to experience ramp-up inefficiencies at our Sinton Flat Roll Division, including those related to major equipment failures. We have experienced and in the future may experience plant shutdowns or periods of reduced production as a result of equipment failures or other events. Supply chain disruptions and labor shortages have and may continue to exacerbate the effects of equipment failures. These disruptions may adversely affect our business, financial condition, results of operations and cash flows.30 Table of Contents Table of Contents Table of Contents ● the inability of management to maintain uniform standards, controls, procedures and policies;● the difficulty of managing the growth of a larger company;● the risk of becoming involved in labor, commercial, or regulatory disputes or litigation related to new operations or acquired businesses;● the risk of becoming more highly leveraged;● the risk of contractual or operational liability to other venture participants or to third parties as a result of our participation;● the inability to work efficiently with joint venture or strategic alliance partners; and● the difficulties of terminating joint ventures or strategic alliances.Delays in achieving full operational capacity at our Sinton Flat Roll Division has and may continue to, and any delays in our announced planned recycled aluminum flat rolled products mill may, adversely affect our prospects, business, financial condition, results of operations and cash flows.These expansions or transactions might be required for us to remain competitive, but we may not be able to complete any such expansions or transactions on favorable terms or obtain financing, if necessary. Future expansions and transactions may not improve our competitive position and business prospects as anticipated, and if they do not, our business, financial condition, results of operations and cash flows may be adversely affected.We are subject to litigation and legal compliance risks which may adversely affect our financial condition, results of operations and liquidity.We are involved from time to time in various litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are currently expected to have a material impact on our financial conditions, results of operations or liquidity. For additional information regarding legal proceedings please refer to Item 3. Legal Proceedings.In addition to risks associated with our environmental and other regulatory compliance, our international operations are subject to complex foreign and United States laws and regulations, including the Foreign Corrupt Practices Act and other anti-bribery laws, regulations related to import-export controls, the Office of Foreign Assets Control, and other laws and regulations, each of which may increase our cost of doing business and expose us to increased risk.Unexpected equipment downtime or shutdowns may adversely affect our business, financial condition, results of operations and cash flows.Interruptions in our production capabilities may adversely affect our production costs, products available for sale and earnings during the affected period. In addition to equipment failures, our facilities are subject to the risk of catastrophic loss due to unanticipated events such as fires, explosions or violent weather conditions. Our manufacturing processes are dependent upon critical pieces of steelmaking equipment, such as our EAFs, continuous casters and rolling equipment, some of which are controlled by our information technology systems, as well as electrical equipment, such as transformers. This equipment may, on occasion, be out of service as a result of unanticipated failures or other events, including equipment failure, power surges, cybersecurity breaches or attacks or system failures. Further, we have experienced and may continue to experience ramp-up inefficiencies at our Sinton Flat Roll Division, including those related to major equipment failures. We have experienced and in the future may experience plant shutdowns or periods of reduced production as a result of equipment failures or other events. Supply chain disruptions and labor shortages have and may continue to exacerbate the effects of equipment failures. These disruptions may adversely affect our business, financial condition, results of operations and cash flows. ● the inability of management to maintain uniform standards, controls, procedures and policies; ● the difficulty of managing the growth of a larger company; ● the risk of becoming involved in labor, commercial, or regulatory disputes or litigation related to new operations or acquired businesses; ● the risk of becoming more highly leveraged; ● the risk of contractual or operational liability to other venture participants or to third parties as a result of our participation; ● the inability to work efficiently with joint venture or strategic alliance partners; and ● the difficulties of terminating joint ventures or strategic alliances. Delays in achieving full operational capacity at our Sinton Flat Roll Division has and may continue to, and any delays in our announced planned recycled aluminum flat rolled products mill may, adversely affect our prospects, business, financial condition, results of operations and cash flows. These expansions or transactions might be required for us to remain competitive, but we may not be able to complete any such expansions or transactions on favorable terms or obtain financing, if necessary. Future expansions and transactions may not improve our competitive position and business prospects as anticipated, and if they do not, our business, financial condition, results of operations and cash flows may be adversely affected.",
      "prior_body": "Our growth strategy subjects us to various risks. As part of our growth strategy, we may expand existing facilities, enter into new business lines, products or process initiatives, acquire or build additional plants, acquire other businesses and assets, enter into joint ventures, or form strategic alliances that we believe will complement our existing business. These expansions and transactions, including our announced planned recycled aluminum flat roll mill with an anticipated annual production capacity of 650,000 tonnes of finished products to be located in Columbus, Mississippi, may involve some or all of the following risks: ● the risk of entering business lines or product, domestic, or foreign markets, in which we have little experience, including the aluminum industry; ● the risk of a newly constructed facility being completed over budget or not on time, including due to equipment delays or labor shortages; ● the risk of not being able to adequately obtain sufficient labor to efficiently build or staff a new facility; ● the risk of expected markets, products, customers and demand for products produced by a new facility being lower than expected; ● the risk of new product development, technology development or customer acquisition and penetration being more costly or difficult than expected; ● the difficulty of competing for acquisitions and other growth opportunities with companies having materially greater financial resources than us; ● the inability to realize anticipated synergies or other expected benefits; ● the difficulty of integrating new or acquired operations and personnel into our existing operations; ● the potential disruption of ongoing operations; ● the diversion of financial resources or management attention to new operations or acquired businesses; ● the loss of key employees, customers or suppliers of acquired businesses; ● the potential exposure to unknown liabilities; ● the inability of management to maintain uniform standards, controls, procedures and policies; ● the difficulty of managing the growth of a larger company; ● the risk of becoming involved in labor, commercial, or regulatory disputes or litigation related to the new operations or acquired businesses; ● the risk of becoming more highly leveraged; ● the risk of contractual or operational liability to other venture participants or to third parties as a result of our participation; ● the inability to work efficiently with joint venture or strategic alliance partners; and ● the difficulties of terminating joint ventures or strategic alliances. 29 29 Table of ContentsAs our Sinton Flat Roll Division ramps up, we have faced and could continue to face start-up inefficiencies. Delays in achieving full operational capacity may adversely affect our prospects, business, financial condition, results of operations and cash flows.These expansions or transactions might be required for us to remain competitive, but we may not be able to complete any such expansions or transactions on favorable terms or obtain financing, if necessary. Future expansions and transactions may not improve our competitive position and business prospects as anticipated, and if they do not, our business, financial condition, results of operations and cash flows may be adversely affected.We are subject to litigation and legal compliance risks which may adversely affect our financial condition, results of operations and liquidity.We are involved from time to time in various litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which at the present time are expected to have a material impact on our financial conditions, results of operations or liquidity. For additional information regarding legal proceedings please refer to Item 3. Legal Proceedings.In addition to risks associated with our environmental and other regulatory compliance, our international operations are subject to complex foreign and United States laws and regulations, including the Foreign Corrupt Practices Act and other anti-bribery laws, regulations related to import-export controls, the Office of Foreign Assets Control, and other laws and regulations, each of which may increase our cost of doing business and expose us to increased risk.Unexpected equipment downtime or shutdowns may adversely affect our business, financial condition, results of operations and cash flows.Interruptions in our production capabilities may adversely affect our production costs, products available for sale and earnings during the affected period. In addition to equipment failures, our facilities are subject to the risk of catastrophic loss due to unanticipated events such as fires, explosions or violent weather conditions. Our manufacturing processes are dependent upon critical pieces of steelmaking equipment, such as our EAFs, continuous casters and rolling equipment, some of which are controlled by our information technology systems, as well as electrical equipment, such as transformers. This equipment may, on occasion, be out of service as a result of unanticipated failures or other events, including equipment failure, power surges, cybersecurity breaches or attacks or system failures. Further, we have experienced and may continue to experience start-up inefficiencies at our Sinton Flat Roll Division. We have experienced and in the future may experience plant shutdowns or periods of reduced production as a result of equipment failures or other events. Supply chain disruptions and labor shortages have and may continue to exacerbate the effects of equipment failures. These disruptions may adversely affect our business, financial condition, results of operations and cash flows.Governmental agencies may refuse to grant or renew some of our licenses and permits required to operate our businesses.Some of our operations must receive licenses and air, water and other permits and approvals from federal, state and local governments to conduct certain of our operations or to build, expand or acquire new facilities. Governmental agencies, non-governmental organizations, and members of the public sometimes resist the establishment of certain types of facilities in their communities. There can be no assurance that future approvals, licenses and permits will be granted or that we will be able to maintain and renew the approvals, licenses and permits we currently hold. Failure to do so may adversely affect our business, financial condition, results of operations and cash flows.30 Table of Contents Table of Contents Table of Contents As our Sinton Flat Roll Division ramps up, we have faced and could continue to face start-up inefficiencies. Delays in achieving full operational capacity may adversely affect our prospects, business, financial condition, results of operations and cash flows.These expansions or transactions might be required for us to remain competitive, but we may not be able to complete any such expansions or transactions on favorable terms or obtain financing, if necessary. Future expansions and transactions may not improve our competitive position and business prospects as anticipated, and if they do not, our business, financial condition, results of operations and cash flows may be adversely affected.We are subject to litigation and legal compliance risks which may adversely affect our financial condition, results of operations and liquidity.We are involved from time to time in various litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which at the present time are expected to have a material impact on our financial conditions, results of operations or liquidity. For additional information regarding legal proceedings please refer to Item 3. Legal Proceedings.In addition to risks associated with our environmental and other regulatory compliance, our international operations are subject to complex foreign and United States laws and regulations, including the Foreign Corrupt Practices Act and other anti-bribery laws, regulations related to import-export controls, the Office of Foreign Assets Control, and other laws and regulations, each of which may increase our cost of doing business and expose us to increased risk.Unexpected equipment downtime or shutdowns may adversely affect our business, financial condition, results of operations and cash flows.Interruptions in our production capabilities may adversely affect our production costs, products available for sale and earnings during the affected period. In addition to equipment failures, our facilities are subject to the risk of catastrophic loss due to unanticipated events such as fires, explosions or violent weather conditions. Our manufacturing processes are dependent upon critical pieces of steelmaking equipment, such as our EAFs, continuous casters and rolling equipment, some of which are controlled by our information technology systems, as well as electrical equipment, such as transformers. This equipment may, on occasion, be out of service as a result of unanticipated failures or other events, including equipment failure, power surges, cybersecurity breaches or attacks or system failures. Further, we have experienced and may continue to experience start-up inefficiencies at our Sinton Flat Roll Division. We have experienced and in the future may experience plant shutdowns or periods of reduced production as a result of equipment failures or other events. Supply chain disruptions and labor shortages have and may continue to exacerbate the effects of equipment failures. These disruptions may adversely affect our business, financial condition, results of operations and cash flows.Governmental agencies may refuse to grant or renew some of our licenses and permits required to operate our businesses.Some of our operations must receive licenses and air, water and other permits and approvals from federal, state and local governments to conduct certain of our operations or to build, expand or acquire new facilities. Governmental agencies, non-governmental organizations, and members of the public sometimes resist the establishment of certain types of facilities in their communities. There can be no assurance that future approvals, licenses and permits will be granted or that we will be able to maintain and renew the approvals, licenses and permits we currently hold. Failure to do so may adversely affect our business, financial condition, results of operations and cash flows. As our Sinton Flat Roll Division ramps up, we have faced and could continue to face start-up inefficiencies. Delays in achieving full operational capacity may adversely affect our prospects, business, financial condition, results of operations and cash flows. These expansions or transactions might be required for us to remain competitive, but we may not be able to complete any such expansions or transactions on favorable terms or obtain financing, if necessary. Future expansions and transactions may not improve our competitive position and business prospects as anticipated, and if they do not, our business, financial condition, results of operations and cash flows may be adversely affected."
    },
    {
      "status": "MODIFIED",
      "current_title": "Note 4. Income Taxes (Continued)",
      "prior_title": "Note 4. Income Taxes (Continued)",
      "similarity_score": 0.897,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"Significant components of the company’s deferred tax assets and liabilities at December 31 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ Deferred tax assets ​ ​ ​ ​ ​ ​ ​ Accrued expenses and allowances $ 41,894 ​ $ 34,052 ​ ​ Inventories ​ 10,685 ​ ​ 8,028 ​ ​ Net operating loss carryforwards ​ 7,663 ​ ​ 16,412 ​ ​ Amortizable assets ​ 5,798 ​ ​ - ​ ​ Other ​ 9,149 ​ ​ 8,091 ​ ​ ​ ​ 75,189 ​ ​ 66,583 ​ ​ Less: valuation allowance ​ (816) ​ ​ (805) ​ ​ Total net deferred tax assets ​ 74,373 ​ ​ 65,778 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment ​ (1,013,045) ​ ​ (951,404) ​ ​ Amortizable assets ​ - ​ ​ (1,304) ​ ​ Other ​ (6,096) ​ ​ (2,173) ​ ​ Total deferred tax liabilities ​ (1,019,141) ​ ​ (954,881) ​ ​ Net deferred tax liability $ (944,768) ​ $ (889,103) ​ ​ Certain wholly-owned and controlled subsidiaries of the company file separate federal and state income tax returns.\"",
        "Reworded sentence: \"During the years ended December 31, 2023 and 2022, the company recognized expense from the increase of interest expense and penalties of $1,560,000 and $480,000, respectively, net of tax and during the year ended December 31, 2021, the company recognized a benefit from the decrease of interest expense and penalties of $205,000, net of tax.\"",
        "Reworded sentence: \"The tax years 2020 through 2022 remain open to examination by the Internal Revenue Service and various state and local jurisdictions.Note 5.\"",
        "Added sentence: \"This program was exhausted in November 2023.\"",
        "Added sentence: \"In November 2023, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock.\""
      ],
      "current_body": "Significant components of the company’s deferred tax assets and liabilities at December 31 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ Deferred tax assets ​ ​ ​ ​ ​ ​ ​ Accrued expenses and allowances $ 41,894 ​ $ 34,052 ​ ​ Inventories ​ 10,685 ​ ​ 8,028 ​ ​ Net operating loss carryforwards ​ 7,663 ​ ​ 16,412 ​ ​ Amortizable assets ​ 5,798 ​ ​ - ​ ​ Other ​ 9,149 ​ ​ 8,091 ​ ​ ​ ​ 75,189 ​ ​ 66,583 ​ ​ Less: valuation allowance ​ (816) ​ ​ (805) ​ ​ Total net deferred tax assets ​ 74,373 ​ ​ 65,778 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment ​ (1,013,045) ​ ​ (951,404) ​ ​ Amortizable assets ​ - ​ ​ (1,304) ​ ​ Other ​ (6,096) ​ ​ (2,173) ​ ​ Total deferred tax liabilities ​ (1,019,141) ​ ​ (954,881) ​ ​ Net deferred tax liability $ (944,768) ​ $ (889,103) ​ ​ Certain wholly-owned and controlled subsidiaries of the company file separate federal and state income tax returns. One of the controlled subsidiaries generated federal net operating loss carryforwards in the years 2018 and prior, which total $11.5 million at December 31, 2023, and which expire in the years 2037 through 2039, along with state net operating loss carryforwards which expire in the years 2034 through 2039. Annually, the company evaluates the realizability of the net deferred tax assets for this controlled subsidiary. In completing this evaluation, the company considers all available positive and negative evidence in order to determine whether, based on the weight of the evidence, a valuation allowance for its deferred tax assets was necessary. Such evidence includes current operating results, historical results, future reversals of existing taxable temporary differences and expectations for future taxable income (exclusive of the reversal of temporary differences and carryforwards), as well as the implementation of feasible and prudent tax planning strategies. Based on the positive evidence, the company concluded that it was more likely than not that the net deferred tax assets would be realized and a valuation allowance was not necessary. The company continues to maintain a valuation allowance of $816,000 and $805,000 as of December 31, 2023, and 2022, respectively, with respect to certain state tax credits of the controlled subsidiary. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ Balance at January 1 $ 28,646 ​ $ 20,466 ​ $ 12,830 ​ ​ Increases related to current year tax positions ​ 1,500 ​ ​ 9,600 ​ ​ 8,250 ​ ​ Increases related to prior year tax positions ​ 1,798 ​ ​ 364 ​ ​ 2,095 ​ ​ Decreases related to prior year tax positions ​ (686) ​ ​ (1,784) ​ ​ (2,709) ​ ​ Balance at December 31 $ 31,258 ​ $ 28,646 ​ $ 20,466 ​ ​ ​ ​ 74 74 Table of ContentsNote 4. Income Taxes (Continued)Included in the balance of unrecognized tax benefits at December 31, 2023 and 2022, are potential benefits of $27.8 million and $25.1 million, respectively, that, if recognized, would affect the effective tax rate. The company recognizes interest and penalties related to its tax contingencies on a net-of-tax basis in income tax expense. During the years ended December 31, 2023 and 2022, the company recognized expense from the increase of interest expense and penalties of $1,560,000 and $480,000, respectively, net of tax and during the year ended December 31, 2021, the company recognized a benefit from the decrease of interest expense and penalties of $205,000, net of tax. In addition to the unrecognized tax benefits in the table above, the company had $3.2 million and $1.2 million accrued for the payment of interest and penalties at December 31, 2023 and 2022, respectively.It is reasonably possible that the amount of unrecognized tax benefits could change in the next twelve months in an amount ranging from zero to $10.0 million, as a result of the expiration of the statute of limitations and other federal and state income tax audits. The company files income tax returns in the U.S. federal jurisdiction as well as income tax returns in various state jurisdictions. The tax years 2020 through 2022 remain open to examination by the Internal Revenue Service and various state and local jurisdictions.Note 5. Shareholders’ EquityCash DividendsThe company declared cash dividends of $280.5 million, or $1.70 per common share, during 2023; $245.3 million, or $1.36 per common share, during 2022; and $210.9 million, or $1.04 per common share, during 2021. The company paid cash dividends of $271.3 million, $237.2 million, and $213.0 million during 2023, 2022, and 2021, respectively.Treasury StockIn February 2020, the board of directors authorized a share repurchase program of up to $500.0 million of the company’s common stock. This program was exhausted in July 2021. In July 2021, the board of directors authorized an additional share repurchase program of up to $1.0 billion of the company’s common stock. This program was exhausted in April 2022. In February 2022, the board of directors authorized an additional share repurchase program of up to $1.25 billion of the company’s common stock. This program was exhausted in November 2022. In November 2022, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. This program was exhausted in November 2023. In November 2023, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. Under the above share repurchase programs, and similar prior programs, purchases take place as and when the company determines in open market or private transactions made based upon the market price of the company’s common stock, the nature of other investment opportunities or growth projects, the company’s cash flows from operations, and general economic conditions. The share repurchase programs do not require the company to acquire any specific number of shares, and may be modified, suspended, extended or terminated by the company at any time. The share repurchase programs do not have an expiration date. The company repurchased 13.4 million shares for $1.5 billion during 2023, 23.0 million shares for $1.8 billion during 2022, and 16.9 million shares for $1.1 billion during 2021 under the share repurchase programs. At December 31, 2023, the company had remaining authorization to repurchase $1.4 billion of additional shares under the November 2023 share repurchase program.​Note 6. Equity-Based Incentive Plans2023 Equity Incentive PlanIn May 2023, the company’s shareholders approved the 2023 Equity Incentive Plan (2023 Plan), which supersedes the prior Amended and Restated 2015 Equity Incentive Plan. The 2023 Plan is designed to attract, motivate and retain qualified persons that are able to make important contributions to the company’s success. To accomplish these objectives, the 2023 Plan provides for awards of equity-based incentives through granting of restricted stock units (RSUs), deferred stock units (DSUs), restricted stock awards (of which none have been granted), stock options (of which75 Table of Contents Table of Contents Table of Contents Note 4. Income Taxes (Continued)Included in the balance of unrecognized tax benefits at December 31, 2023 and 2022, are potential benefits of $27.8 million and $25.1 million, respectively, that, if recognized, would affect the effective tax rate. The company recognizes interest and penalties related to its tax contingencies on a net-of-tax basis in income tax expense. During the years ended December 31, 2023 and 2022, the company recognized expense from the increase of interest expense and penalties of $1,560,000 and $480,000, respectively, net of tax and during the year ended December 31, 2021, the company recognized a benefit from the decrease of interest expense and penalties of $205,000, net of tax. In addition to the unrecognized tax benefits in the table above, the company had $3.2 million and $1.2 million accrued for the payment of interest and penalties at December 31, 2023 and 2022, respectively.It is reasonably possible that the amount of unrecognized tax benefits could change in the next twelve months in an amount ranging from zero to $10.0 million, as a result of the expiration of the statute of limitations and other federal and state income tax audits. The company files income tax returns in the U.S. federal jurisdiction as well as income tax returns in various state jurisdictions. The tax years 2020 through 2022 remain open to examination by the Internal Revenue Service and various state and local jurisdictions.Note 5. Shareholders’ EquityCash DividendsThe company declared cash dividends of $280.5 million, or $1.70 per common share, during 2023; $245.3 million, or $1.36 per common share, during 2022; and $210.9 million, or $1.04 per common share, during 2021. The company paid cash dividends of $271.3 million, $237.2 million, and $213.0 million during 2023, 2022, and 2021, respectively.Treasury StockIn February 2020, the board of directors authorized a share repurchase program of up to $500.0 million of the company’s common stock. This program was exhausted in July 2021. In July 2021, the board of directors authorized an additional share repurchase program of up to $1.0 billion of the company’s common stock. This program was exhausted in April 2022. In February 2022, the board of directors authorized an additional share repurchase program of up to $1.25 billion of the company’s common stock. This program was exhausted in November 2022. In November 2022, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. This program was exhausted in November 2023. In November 2023, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. Under the above share repurchase programs, and similar prior programs, purchases take place as and when the company determines in open market or private transactions made based upon the market price of the company’s common stock, the nature of other investment opportunities or growth projects, the company’s cash flows from operations, and general economic conditions. The share repurchase programs do not require the company to acquire any specific number of shares, and may be modified, suspended, extended or terminated by the company at any time. The share repurchase programs do not have an expiration date. The company repurchased 13.4 million shares for $1.5 billion during 2023, 23.0 million shares for $1.8 billion during 2022, and 16.9 million shares for $1.1 billion during 2021 under the share repurchase programs. At December 31, 2023, the company had remaining authorization to repurchase $1.4 billion of additional shares under the November 2023 share repurchase program.​Note 6. Equity-Based Incentive Plans2023 Equity Incentive PlanIn May 2023, the company’s shareholders approved the 2023 Equity Incentive Plan (2023 Plan), which supersedes the prior Amended and Restated 2015 Equity Incentive Plan. The 2023 Plan is designed to attract, motivate and retain qualified persons that are able to make important contributions to the company’s success. To accomplish these objectives, the 2023 Plan provides for awards of equity-based incentives through granting of restricted stock units (RSUs), deferred stock units (DSUs), restricted stock awards (of which none have been granted), stock options (of which",
      "prior_body": "A reconciliation of the statutory rates to the actual effective tax rates for the years ended December 31 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ Statutory federal tax rate ​ 21.0 % ​ ​ 21.0 % ​ ​ 21.0 % ​ ​ State income taxes, net of federal benefit ​ 2.6 ​ ​ ​ 2.5 ​ ​ ​ 2.6 ​ ​ ​ Release of valuation allowance ​ - ​ ​ ​ - ​ ​ ​ (2.9) ​ ​ ​ Federal research & development credits ​ (0.6) ​ ​ ​ (0.7) ​ ​ ​ (2.1) ​ ​ ​ Other permanent differences ​ (0.3) ​ ​ ​ 0.1 ​ ​ ​ 0.5 ​ ​ ​ Effective tax rate ​ 22.7 % ​ ​ 22.9 % ​ ​ 19.1 % ​ ​ ​ Significant components of the company’s deferred tax assets and liabilities at December 31 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ Deferred tax assets ​ ​ ​ ​ ​ ​ ​ Accrued expenses and allowances $ 34,052 ​ $ 24,324 ​ ​ Inventories ​ 8,028 ​ ​ 9,088 ​ ​ Net operating loss carryforwards ​ 16,412 ​ ​ 20,333 ​ ​ Other ​ 8,091 ​ ​ 8,776 ​ ​ ​ ​ 66,583 ​ ​ 62,521 ​ ​ Less: valuation allowance ​ (805) ​ ​ (805) ​ ​ Total net deferred tax assets ​ 65,778 ​ ​ 61,716 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment ​ (951,404) ​ ​ (846,942) ​ ​ Amortizable assets ​ (1,304) ​ ​ (62,339) ​ ​ Other ​ (2,173) ​ ​ (7,340) ​ ​ Total deferred tax liabilities ​ (954,881) ​ ​ (916,621) ​ ​ Net deferred tax liability $ (889,103) ​ $ (854,905) ​ ​ Certain wholly-owned and controlled subsidiaries of the company file separate federal and state income tax returns. One of the controlled subsidiaries generated federal net operating loss carryforwards in the years 2018 and prior, which total $53.8 million at December 31, 2022, and which expire in the years 2035 through 2039, along with state net operating loss carryforwards which expire in the years 2034 through 2039. During the fourth quarter of 2020, the company evaluated the realizability of the net deferred tax assets for this controlled subsidiary. In completing this evaluation, the company considered all available positive and negative evidence in order to determine whether, based on the weight of the evidence, a valuation allowance for its deferred tax assets was necessary. Such evidence included current operating results, historical results, future reversals of existing taxable temporary differences and expectations for future taxable income (exclusive of the reversal of temporary differences and carryforwards), as well as the implementation of feasible and prudent tax planning strategies. Based on the positive evidence, the company concluded that it was more likely than not that the net deferred tax assets would be realized. As a result, $21.2 million of the valuation allowance was reversed in the year ended December 31, 2020. The company continues to maintain a valuation allowance of $805,000 as of December 31, 2022, and 2021, with respect to certain state tax credits of the controlled subsidiary. ​ 73 73 Table of ContentsNote 4. Income Taxes (Continued)A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):​​​​​​​​​​​​​​​​​​​​​​​​2022​2021​2020​​Balance at January 1 $ 20,466​$ 12,830​$ 10,162​​ Increases related to current year tax positions ​ 9,600​​ 8,250​​ 4,350​​ Increases related to prior year tax positions ​ 364​​ 2,095​​ -​​ Decreases related to prior year tax positions ​ (1,784)​​ (2,709)​​ (1,682)​​Balance at December 31 $ 28,646​$ 20,466​$ 12,830​​​Included in the balance of unrecognized tax benefits at December 31, 2022 and 2021, are potential benefits of $25.1 million and $16.8 million, respectively, that, if recognized, would affect the effective tax rate. The company recognizes interest and penalties related to its tax contingencies on a net-of-tax basis in income tax expense. During the year ended December 31, 2022, the company recognized expense from the increase of interest expense and penalties of $480,000, net of tax and during the years ended December 31, 2021 and 2020, the company recognized benefits from the decrease of interest expense and penalties of $205,000 and $450,000, respectively, net of tax. In addition to the unrecognized tax benefits in the table above, the company had $1.2 million and $561,000 accrued for the payment of interest and penalties at December 31, 2022 and 2021, respectively.It is reasonably possible that the amount of unrecognized tax benefits could change in the next twelve months in an amount ranging from zero to $3.3 million, as a result of the expiration of the statute of limitations and other federal and state income tax audits. The company files income tax returns in the U.S. federal jurisdiction as well as income tax returns in various state jurisdictions. The tax years 2019 through 2021 remain open to examination by the Internal Revenue Service and various state and local jurisdictions.Note 5. Shareholders’ EquityCash DividendsThe company declared cash dividends of $245.3 million, or $1.36 per common share, during 2022; $210.9 million, or $1.04 per common share, during 2021; and $210.5 million, or $1.00 per common share, during 2020. The company paid cash dividends of $237.2 million, $213.0 million and $209.2 million during 2022, 2021, and 2020, respectively.Treasury StockIn February 2020, the board of directors authorized a share repurchase program of up to $500.0 million of the company’s common stock. This program was exhausted in July 2021. In July 2021, the board of directors authorized an additional share repurchase program of up to $1.0 billion of the company’s common stock. This program was exhausted in April 2022. In February 2022, the board of directors authorized an additional share repurchase program of up to $1.25 billion of the company’s common stock. This program was exhausted in November 2022. In November 2022, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. Under the above share repurchase programs, and similar prior programs, purchases take place as and when the company determines in open market or private transactions made based upon the market price of the company’s common stock, the nature of other investment opportunities or growth projects, the company’s cash flows from operations, and general economic conditions. The share repurchase programs do not require the company to acquire any specific number of shares, and may be modified, suspended, extended or terminated by the company at any time. The share repurchase programs do not have an expiration date. The company repurchased 23.0 million shares for $1.8 billion during 2022, 16.9 million shares for $1.1 billion during 2021, and 4.4 million shares for $106.5 million during 2020 under the share repurchase programs. At December 31, 2022, the company had remaining authorization to repurchase $1.3 billion of additional shares under the November 2022 share repurchase program.74 Table of Contents Table of Contents Table of Contents Note 4. Income Taxes (Continued)A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):​​​​​​​​​​​​​​​​​​​​​​​​2022​2021​2020​​Balance at January 1 $ 20,466​$ 12,830​$ 10,162​​ Increases related to current year tax positions ​ 9,600​​ 8,250​​ 4,350​​ Increases related to prior year tax positions ​ 364​​ 2,095​​ -​​ Decreases related to prior year tax positions ​ (1,784)​​ (2,709)​​ (1,682)​​Balance at December 31 $ 28,646​$ 20,466​$ 12,830​​​Included in the balance of unrecognized tax benefits at December 31, 2022 and 2021, are potential benefits of $25.1 million and $16.8 million, respectively, that, if recognized, would affect the effective tax rate. The company recognizes interest and penalties related to its tax contingencies on a net-of-tax basis in income tax expense. During the year ended December 31, 2022, the company recognized expense from the increase of interest expense and penalties of $480,000, net of tax and during the years ended December 31, 2021 and 2020, the company recognized benefits from the decrease of interest expense and penalties of $205,000 and $450,000, respectively, net of tax. In addition to the unrecognized tax benefits in the table above, the company had $1.2 million and $561,000 accrued for the payment of interest and penalties at December 31, 2022 and 2021, respectively.It is reasonably possible that the amount of unrecognized tax benefits could change in the next twelve months in an amount ranging from zero to $3.3 million, as a result of the expiration of the statute of limitations and other federal and state income tax audits. The company files income tax returns in the U.S. federal jurisdiction as well as income tax returns in various state jurisdictions. The tax years 2019 through 2021 remain open to examination by the Internal Revenue Service and various state and local jurisdictions.Note 5. Shareholders’ EquityCash DividendsThe company declared cash dividends of $245.3 million, or $1.36 per common share, during 2022; $210.9 million, or $1.04 per common share, during 2021; and $210.5 million, or $1.00 per common share, during 2020. The company paid cash dividends of $237.2 million, $213.0 million and $209.2 million during 2022, 2021, and 2020, respectively.Treasury StockIn February 2020, the board of directors authorized a share repurchase program of up to $500.0 million of the company’s common stock. This program was exhausted in July 2021. In July 2021, the board of directors authorized an additional share repurchase program of up to $1.0 billion of the company’s common stock. This program was exhausted in April 2022. In February 2022, the board of directors authorized an additional share repurchase program of up to $1.25 billion of the company’s common stock. This program was exhausted in November 2022. In November 2022, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. Under the above share repurchase programs, and similar prior programs, purchases take place as and when the company determines in open market or private transactions made based upon the market price of the company’s common stock, the nature of other investment opportunities or growth projects, the company’s cash flows from operations, and general economic conditions. The share repurchase programs do not require the company to acquire any specific number of shares, and may be modified, suspended, extended or terminated by the company at any time. The share repurchase programs do not have an expiration date. The company repurchased 23.0 million shares for $1.8 billion during 2022, 16.9 million shares for $1.1 billion during 2021, and 4.4 million shares for $106.5 million during 2020 under the share repurchase programs. At December 31, 2022, the company had remaining authorization to repurchase $1.3 billion of additional shares under the November 2022 share repurchase program."
    },
    {
      "status": "MODIFIED",
      "current_title": "Senior Credit Facility due 2028",
      "prior_title": "Senior Credit Facility due 2024",
      "similarity_score": 0.896,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ On July 19, 2023, the company entered into a new unsecured credit agreement comprised of a senior unsecured credit facility (Facility), which provides a $1.2 billion unsecured Revolver, maturing July 2028.\"",
        "Reworded sentence: \"The unsecured Facility is available to fund working capital, capital expenditures, and other general corporate purposes.\"",
        "Reworded sentence: \"The company’s ability to borrow funds within the terms of the unsecured Facility is dependent upon its continued compliance with financial and other covenants.\"",
        "Reworded sentence: \"At December 31, 2023, the company’s interest coverage ratio and debt to capitalization ratio were 36.13:1.00 and 0.26:1.00, respectively.\""
      ],
      "current_body": "​ On July 19, 2023, the company entered into a new unsecured credit agreement comprised of a senior unsecured credit facility (Facility), which provides a $1.2 billion unsecured Revolver, maturing July 2028. The new Credit Agreement replaced the December 3, 2019 Credit Agreement. Subject to certain conditions, the company has the opportunity to increase the Facility size by $500.0 million. The unsecured Facility is available to fund working capital, capital expenditures, and other general corporate purposes. The Facility contains financial covenants and other covenants pertaining to the company’s ability to incur indebtedness and permit liens on certain assets. The company’s ability to borrow funds within the terms of the unsecured Facility is dependent upon its continued compliance with financial and other covenants. At December 31, 2023, the company had $1.2 billion of availability on the Facility, $9.1 million of outstanding letters of credit and other obligations which reduce availability, and there were no borrowings outstanding. ​ The Facility pricing grid is adjusted quarterly and is based on either the company’s leverage of net debt (as defined in the Facility) to last-twelve-months (LTM) consolidated Adjusted EBITDA as defined in the Facility (earnings before interest, taxes, depreciation, amortization, and certain other non-cash items as allowed in the Facility), or the company’s credit ratings. The minimum pricing is adjusted Secured Overnight Financing Rate (SOFR) plus 1.000% and the maximum pricing is adjusted SOFR plus 1.75%. In addition, the company is subject to an unused commitment fee of between 0.11% and 0.275% (based on either the leverage of net debt to LTM consolidated adjusted EBITDA, or the company’s credit ratings) which is applied to the unused portion of the Facility. The financial covenants under the Facility state that the company must maintain an interest coverage ratio of not less than 2.50:1.00. The company’s interest coverage ratio is calculated by dividing its LTM consolidated Adjusted EBITDA by its LTM gross interest expense, less amortization of financing fees. In addition, a debt to capitalization ratio of not more than 0.60:1.00 must be maintained. At December 31, 2023, the company’s interest coverage ratio and debt to capitalization ratio were 36.13:1.00 and 0.26:1.00, respectively. The company was, therefore, in compliance with these covenants at December 31, 2023, and anticipates remaining in compliance during the next twelve months.",
      "prior_body": "​ The company has an unsecured credit agreement which has a senior unsecured revolving credit facility (Facility) which provides a $1.2 billion unsecured Revolver, which matures December 2024. Subject to certain conditions, the company has the opportunity to increase the Facility size by $500.0 million. The unsecured Revolver is available to fund working capital, capital expenditures, and other general corporate purposes. The Facility contains financial covenants and other covenants pertaining to the company’s ability to incur indebtedness and permit liens on certain assets. The company’s ability to borrow funds within the terms of the unsecured Revolver is dependent upon its continued compliance with financial and other covenants. At December 31, 2022, the company had $1.2 billion of availability on the Revolver, $9.1 million of outstanding letters of credit and other obligations which reduce availability, and there were no borrowings outstanding. ​ The Facility pricing grid is adjusted quarterly and is based on either the company’s leverage of net debt (as defined in the Facility) to last-twelve-months (LTM) consolidated Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, and certain other non-cash items as allowed in the Facility), or the company’s credit ratings. The minimum pricing is adjusted Secured Overnight Financing Rate (SOFR) plus 1.125% and the maximum pricing is adjusted SOFR plus 1.75%. In addition, the company is subject to an unused commitment fee of between 0.15% and 0.275% (based on either our leverage of net debt to LTM consolidated adjusted EBITDA, or our credit ratings) which is applied to the unused portion of the Revolver. The financial covenants under the Facility state that the company must maintain an interest coverage ratio of not less than 2.50:1.00. The company’s interest coverage ratio is calculated by dividing its LTM consolidated Adjusted EBITDA by its LTM gross interest expense, less amortization of financing fees. In addition, a debt to capitalization ratio of not more than 0.60:1.00 must be maintained. At December 31, 2022, the company’s interest coverage ratio and debt to capitalization ratio were 54.42:1.00 and 0.27:1.00, respectively. The company was, therefore, in compliance with these covenants at December 31, 2022, and anticipates remaining in compliance during the next twelve months."
    },
    {
      "status": "MODIFIED",
      "current_title": "For the Year Ended December 31, 2022",
      "prior_title": "December 31, 2022",
      "similarity_score": 0.889,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives in fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ hedging relationships ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold ​ $ 2,284 ​ Firm commitments ​ Costs of goods sold ​ $ (2,290) ​ ​ ​ ​ ​ ​ ​ Inventory ​ Costs of goods sold ​ ​ (708) Derivatives not designated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (2,998) as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold ​ $ 24,748 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives in fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ hedging relationships ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold ​ $ 2,284 ​ Firm commitments ​ Costs of goods sold ​ $ (2,290) ​ ​ ​ ​ ​ ​ ​ Inventory ​ Costs of goods sold ​ ​ (708) Derivatives not designated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (2,998) as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold ​ $ 24,748 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives in fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ hedging relationships ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold ​ $ 2,284 ​ Firm commitments ​ Costs of goods sold ​ $ (2,290) ​ ​ ​ ​ ​ ​ ​ Inventory ​ Costs of goods sold ​ ​ (708) Derivatives not designated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (2,998) as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold ​ $ 24,748 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "We are subject to cybersecurity threats and may face risks to the security of our sensitive data and information technology which may adversely affect our business, results of operations, financial condition and cash flows.",
      "prior_title": "We are subject to cybersecurity threats and may face risks to the security of our sensitive data and information technology which may adversely affect our business, results of operations, financial condition and cash flows.",
      "similarity_score": 0.883,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"Increased cybersecurity and information technology security requirements, vulnerabilities and threats and a rise in sophisticated and targeted cybercrime, all of which may be heightened during times of war or hostilities, pose a risk to the security and functionality of our systems and information networks, and to the confidentiality, availability and integrity of sensitive data, including intellectual property, proprietary information, financial information, customer and supplier information, and personally identifiable information.\"",
        "Reworded sentence: \"Any of these cybersecurity 28 28 Table of Contentsand information technology breaches or disruptions may result in reputational harm and may adversely affect our business, results of operations, financial condition and cash flows.\"",
        "Reworded sentence: \"We may face risks associated with the implementation of our growth strategy.Our growth strategy subjects us to various risks.\"",
        "Reworded sentence: \"These expansions and transactions, including our planned recycled aluminum flat rolled products mill with an anticipated annual production capacity of 650,000 tonnes of finished products to be located in Columbus, Mississippi, may involve some or all of the following risks:● the risk of entering business lines or product, domestic, or foreign markets, in which we have little experience, including the aluminum industry;● the risk of a newly constructed facility being completed over budget or not on time, including due to equipment delays or labor shortages;● the risk of not being able to adequately obtain sufficient labor to efficiently build or staff a new facility, while maintaining our culture;● the risk of expected markets, products, customers and demand for products produced by a new facility being lower than expected;● the risk of new product development, technology development or customer acquisition and penetration being more costly or difficult than expected;● the difficulty of competing for acquisitions and other growth opportunities with companies having materially greater financial resources than us;● the inability to realize anticipated synergies or other expected benefits;● the difficulty of integrating new or acquired operations and personnel into our existing operations, while maintaining our culture;● the potential disruption of ongoing operations;● the diversion of financial resources or management attention to new operations or acquired businesses;● the loss of key employees, customers or suppliers of acquired businesses;● the potential exposure to unknown liabilities;29 Table of Contents Table of Contents Table of Contents and information technology breaches or disruptions may result in reputational harm and may adversely affect our business, results of operations, financial condition and cash flows.\"",
        "Reworded sentence: \"These expansions and transactions, including our planned recycled aluminum flat rolled products mill with an anticipated annual production capacity of 650,000 tonnes of finished products to be located in Columbus, Mississippi, may involve some or all of the following risks:● the risk of entering business lines or product, domestic, or foreign markets, in which we have little experience, including the aluminum industry;● the risk of a newly constructed facility being completed over budget or not on time, including due to equipment delays or labor shortages;● the risk of not being able to adequately obtain sufficient labor to efficiently build or staff a new facility, while maintaining our culture;● the risk of expected markets, products, customers and demand for products produced by a new facility being lower than expected;● the risk of new product development, technology development or customer acquisition and penetration being more costly or difficult than expected;● the difficulty of competing for acquisitions and other growth opportunities with companies having materially greater financial resources than us;● the inability to realize anticipated synergies or other expected benefits;● the difficulty of integrating new or acquired operations and personnel into our existing operations, while maintaining our culture;● the potential disruption of ongoing operations;● the diversion of financial resources or management attention to new operations or acquired businesses;● the loss of key employees, customers or suppliers of acquired businesses;● the potential exposure to unknown liabilities; and information technology breaches or disruptions may result in reputational harm and may adversely affect our business, results of operations, financial condition and cash flows.\""
      ],
      "current_body": "Increased cybersecurity and information technology security requirements, vulnerabilities and threats and a rise in sophisticated and targeted cybercrime, all of which may be heightened during times of war or hostilities, pose a risk to the security and functionality of our systems and information networks, and to the confidentiality, availability and integrity of sensitive data, including intellectual property, proprietary information, financial information, customer and supplier information, and personally identifiable information. Additionally, cybersecurity vulnerabilities or attacks could result in an interruption of the functionality of our automated and electronically controlled manufacturing operating systems, which, if compromised, could cease, threaten, delay or slow down our ability to melt, roll or otherwise process steel or any of our other products for the duration of such interruption. Our customers and suppliers may also store certain of our sensitive information on their information technology systems, which if breached or attacked, could likewise expose our sensitive information. Similarly, information system vendors and software suppliers may experience a cybersecurity or information technology breach that exposes our systems or sensitive data. Any of these cybersecurity 28 28 Table of Contentsand information technology breaches or disruptions may result in reputational harm and may adversely affect our business, results of operations, financial condition and cash flows. Although we believe we have adopted procedures, training programs, and controls to adequately protect our sensitive data, networks and information and operating technology and systems, there can be no assurance that a system or network failure, or cybersecurity breach or attack, will be prevented, whether due to attacks by cyber criminals or due to employee, contractor or other error or malfeasance. This could lead to system interruption, production delays or downtimes and operational disruptions, and the disclosure, modification or destruction of sensitive data, which may adversely affect our reputation, customer and supplier relationships, financial results and results of operations, and could result in litigation or regulatory investigations, actions, fines or penalties, as well as increased cybersecurity monitoring and protection costs, including the cost or availability of insurance. Additionally, as cybersecurity threats continue to evolve and become more sophisticated, we may need to invest additional time, resources and finances to protect the security of our sensitive data, systems and information networks. We maintain an information security risk insurance policy to mitigate the impact of cybersecurity threats. We may face risks associated with the implementation of our growth strategy.Our growth strategy subjects us to various risks. As part of our growth strategy, we may expand existing facilities, enter into new business lines, products or process initiatives, acquire or build additional plants, acquire other businesses and assets, enter into joint ventures, or form strategic alliances that we believe will complement our existing business. These expansions and transactions, including our planned recycled aluminum flat rolled products mill with an anticipated annual production capacity of 650,000 tonnes of finished products to be located in Columbus, Mississippi, may involve some or all of the following risks:● the risk of entering business lines or product, domestic, or foreign markets, in which we have little experience, including the aluminum industry;● the risk of a newly constructed facility being completed over budget or not on time, including due to equipment delays or labor shortages;● the risk of not being able to adequately obtain sufficient labor to efficiently build or staff a new facility, while maintaining our culture;● the risk of expected markets, products, customers and demand for products produced by a new facility being lower than expected;● the risk of new product development, technology development or customer acquisition and penetration being more costly or difficult than expected;● the difficulty of competing for acquisitions and other growth opportunities with companies having materially greater financial resources than us;● the inability to realize anticipated synergies or other expected benefits;● the difficulty of integrating new or acquired operations and personnel into our existing operations, while maintaining our culture;● the potential disruption of ongoing operations;● the diversion of financial resources or management attention to new operations or acquired businesses;● the loss of key employees, customers or suppliers of acquired businesses;● the potential exposure to unknown liabilities;29 Table of Contents Table of Contents Table of Contents and information technology breaches or disruptions may result in reputational harm and may adversely affect our business, results of operations, financial condition and cash flows. Although we believe we have adopted procedures, training programs, and controls to adequately protect our sensitive data, networks and information and operating technology and systems, there can be no assurance that a system or network failure, or cybersecurity breach or attack, will be prevented, whether due to attacks by cyber criminals or due to employee, contractor or other error or malfeasance. This could lead to system interruption, production delays or downtimes and operational disruptions, and the disclosure, modification or destruction of sensitive data, which may adversely affect our reputation, customer and supplier relationships, financial results and results of operations, and could result in litigation or regulatory investigations, actions, fines or penalties, as well as increased cybersecurity monitoring and protection costs, including the cost or availability of insurance. Additionally, as cybersecurity threats continue to evolve and become more sophisticated, we may need to invest additional time, resources and finances to protect the security of our sensitive data, systems and information networks. We maintain an information security risk insurance policy to mitigate the impact of cybersecurity threats. We may face risks associated with the implementation of our growth strategy.Our growth strategy subjects us to various risks. As part of our growth strategy, we may expand existing facilities, enter into new business lines, products or process initiatives, acquire or build additional plants, acquire other businesses and assets, enter into joint ventures, or form strategic alliances that we believe will complement our existing business. These expansions and transactions, including our planned recycled aluminum flat rolled products mill with an anticipated annual production capacity of 650,000 tonnes of finished products to be located in Columbus, Mississippi, may involve some or all of the following risks:● the risk of entering business lines or product, domestic, or foreign markets, in which we have little experience, including the aluminum industry;● the risk of a newly constructed facility being completed over budget or not on time, including due to equipment delays or labor shortages;● the risk of not being able to adequately obtain sufficient labor to efficiently build or staff a new facility, while maintaining our culture;● the risk of expected markets, products, customers and demand for products produced by a new facility being lower than expected;● the risk of new product development, technology development or customer acquisition and penetration being more costly or difficult than expected;● the difficulty of competing for acquisitions and other growth opportunities with companies having materially greater financial resources than us;● the inability to realize anticipated synergies or other expected benefits;● the difficulty of integrating new or acquired operations and personnel into our existing operations, while maintaining our culture;● the potential disruption of ongoing operations;● the diversion of financial resources or management attention to new operations or acquired businesses;● the loss of key employees, customers or suppliers of acquired businesses;● the potential exposure to unknown liabilities; and information technology breaches or disruptions may result in reputational harm and may adversely affect our business, results of operations, financial condition and cash flows. Although we believe we have adopted procedures, training programs, and controls to adequately protect our sensitive data, networks and information and operating technology and systems, there can be no assurance that a system or network failure, or cybersecurity breach or attack, will be prevented, whether due to attacks by cyber criminals or due to employee, contractor or other error or malfeasance. This could lead to system interruption, production delays or downtimes and operational disruptions, and the disclosure, modification or destruction of sensitive data, which may adversely affect our reputation, customer and supplier relationships, financial results and results of operations, and could result in litigation or regulatory investigations, actions, fines or penalties, as well as increased cybersecurity monitoring and protection costs, including the cost or availability of insurance. Additionally, as cybersecurity threats continue to evolve and become more sophisticated, we may need to invest additional time, resources and finances to protect the security of our sensitive data, systems and information networks. We maintain an information security risk insurance policy to mitigate the impact of cybersecurity threats.",
      "prior_body": "Increased global cybersecurity and information technology security requirements, vulnerabilities and threats and a rise in sophisticated and targeted cybercrime, all of which may be heightened during times of war or hostilities, pose a risk to the security and functionality of our systems and information networks, and to the confidentiality, availability and integrity of sensitive data, including intellectual property, proprietary information, financial information, customer and supplier information, and personally identifiable information. Additionally, such cybersecurity vulnerabilities or attacks could result in an interruption of the functionality of our automated and electronically controlled manufacturing operating systems, which, if compromised, could cease, threaten, delay or slow down our ability to melt, roll or otherwise process steel or any of our other products for the duration of such interruption. Our customers and suppliers may also store certain of our sensitive information on their information technology systems, which if breached or attacked, could likewise expose our sensitive information. Similarly, information system vendors and software suppliers may experience a cybersecurity or information technology breach that exposes our systems or sensitive data. Any of these cybersecurity and information technology breaches or disruptions may result in reputational harm and may adversely affect our business, results of operations, financial condition and cash flows. Although we believe we have adopted procedures, training programs, and controls to adequately protect our sensitive data, networks and information and operating technology and systems, there can be no assurance that a system or network failure, or cybersecurity breach or attack, will be prevented, whether due to attacks by cyber criminals or due to employee, contractor or other error or malfeasance. This could lead to system interruption, production delays or downtimes and operational disruptions, and the disclosure, modification or destruction of sensitive data, which may adversely affect our reputation, customer and supplier relationships, financial results and results of operations, and could result in litigation or regulatory investigations, actions, fines or penalties, as well as increased cybersecurity monitoring and protection costs, including the cost or availability of insurance. Additionally, as cybersecurity threats continue to evolve and become more sophisticated, we may need to invest additional time, resources and finances to protect the security of our sensitive data, systems and information networks. We maintain an information security risk insurance policy to mitigate the impact of cybersecurity threats. We did not experience any material information security breaches or third-party information security breaches during 2022, 2021, or 2020 and we did not incur any net expenses from information security breach penalties and settlements during 2022, 2021, or 2020. 28 28 Table of ContentsWe may face risks associated with the implementation of our growth strategy.Our growth strategy subjects us to various risks. As part of our growth strategy, we may expand existing facilities, enter into new business lines, products or process initiatives, acquire or build additional plants, acquire other businesses and assets, enter into joint ventures, or form strategic alliances that we believe will complement our existing business. These expansions and transactions, including our announced planned recycled aluminum flat roll mill with an anticipated annual production capacity of 650,000 tonnes of finished products to be located in Columbus, Mississippi, may involve some or all of the following risks:● the risk of entering business lines or product, domestic, or foreign markets, in which we have little experience, including the aluminum industry;● the risk of a newly constructed facility being completed over budget or not on time, including due to equipment delays or labor shortages;● the risk of not being able to adequately obtain sufficient labor to efficiently build or staff a new facility;● the risk of expected markets, products, customers and demand for products produced by a new facility being lower than expected;● the risk of new product development, technology development or customer acquisition and penetration being more costly or difficult than expected;● the difficulty of competing for acquisitions and other growth opportunities with companies having materially greater financial resources than us;● the inability to realize anticipated synergies or other expected benefits;● the difficulty of integrating new or acquired operations and personnel into our existing operations;● the potential disruption of ongoing operations;● the diversion of financial resources or management attention to new operations or acquired businesses;● the loss of key employees, customers or suppliers of acquired businesses;● the potential exposure to unknown liabilities;● the inability of management to maintain uniform standards, controls, procedures and policies;● the difficulty of managing the growth of a larger company;● the risk of becoming involved in labor, commercial, or regulatory disputes or litigation related to the new operations or acquired businesses;● the risk of becoming more highly leveraged;● the risk of contractual or operational liability to other venture participants or to third parties as a result of our participation;● the inability to work efficiently with joint venture or strategic alliance partners; and● the difficulties of terminating joint ventures or strategic alliances.29 Table of Contents Table of Contents Table of Contents We may face risks associated with the implementation of our growth strategy.Our growth strategy subjects us to various risks. As part of our growth strategy, we may expand existing facilities, enter into new business lines, products or process initiatives, acquire or build additional plants, acquire other businesses and assets, enter into joint ventures, or form strategic alliances that we believe will complement our existing business. These expansions and transactions, including our announced planned recycled aluminum flat roll mill with an anticipated annual production capacity of 650,000 tonnes of finished products to be located in Columbus, Mississippi, may involve some or all of the following risks:● the risk of entering business lines or product, domestic, or foreign markets, in which we have little experience, including the aluminum industry;● the risk of a newly constructed facility being completed over budget or not on time, including due to equipment delays or labor shortages;● the risk of not being able to adequately obtain sufficient labor to efficiently build or staff a new facility;● the risk of expected markets, products, customers and demand for products produced by a new facility being lower than expected;● the risk of new product development, technology development or customer acquisition and penetration being more costly or difficult than expected;● the difficulty of competing for acquisitions and other growth opportunities with companies having materially greater financial resources than us;● the inability to realize anticipated synergies or other expected benefits;● the difficulty of integrating new or acquired operations and personnel into our existing operations;● the potential disruption of ongoing operations;● the diversion of financial resources or management attention to new operations or acquired businesses;● the loss of key employees, customers or suppliers of acquired businesses;● the potential exposure to unknown liabilities;● the inability of management to maintain uniform standards, controls, procedures and policies;● the difficulty of managing the growth of a larger company;● the risk of becoming involved in labor, commercial, or regulatory disputes or litigation related to the new operations or acquired businesses;● the risk of becoming more highly leveraged;● the risk of contractual or operational liability to other venture participants or to third parties as a result of our participation;● the inability to work efficiently with joint venture or strategic alliance partners; and● the difficulties of terminating joint ventures or strategic alliances."
    },
    {
      "status": "MODIFIED",
      "current_title": "Compensation",
      "prior_title": "Long-Term Incentive Compensation Program (LTIP)",
      "similarity_score": 0.883,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"Outstanding RSUs as of January 1, 2021 1,698,579 ​ $ 31.44 ​ $ 62,627 ​ $ 35,821 Granted 627,973 ​ ​ 59.38 ​ ​ ​ ​ ​ ​ Vested (895,706) ​ ​ 32.30 ​ ​ ​ ​ ​ ​ Forfeited (82,588) ​ ​ 32.47 ​ ​ ​ ​ ​ ​ As of December 31, 2021 1,348,258 ​ $ 43.82 ​ $ 83,686 ​ $ 39,657 Granted 481,926 ​ ​ 98.29 ​ ​ ​ ​ ​ ​ Vested (786,622) ​ ​ 37.38 ​ ​ ​ ​ ​ ​ Forfeited (70,011) ​ ​ 46.82 ​ ​ ​ ​ ​ ​ As of December 31, 2022 973,551 ​ $ 71.80 ​ $ 94,765 ​ $ 44,394 Granted 433,810 ​ ​ 108.95 ​ ​ ​ ​ ​ ​ Vested (517,041) ​ ​ 64.03 ​ ​ ​ ​ ​ ​ Forfeited (40,829) ​ ​ 78.70 ​ ​ ​ ​ ​ ​ As of December 31, 2023 (nonvested) 849,491 ​ $ 99.13 ​ $ 101,480 ​ $ 43,073 ​ The weighted average remaining life before vesting of the outstanding RSUs as of December 31, 2023, is 1.6 years.\"",
        "Reworded sentence: \"The performance period is generally three years; however, transition awards can be issued with a shorter performance period.\"",
        "Reworded sentence: \"Awards earned can range from zero to 100% of the shares awarded, and award shares vest immediately once earned on the basis of performance.The Compensation Committee granted the following three-year performance period awards and transition awards, which have been earned and have or will be issued as follows:​​​​​​​​​​​​Maximum​​​​​​​​Shares That​Award​​​​​​Could Be Issued​ Earned​Award Issued/Issuable​​​​​​​​​​2020 LTIP Award:​​​​​​​​Three-year performance period award 405,922​ 356,845​ 356,845​March 2023​Two-year performance period transition award 9,764​ 8,300​ 8,300​March 2022​​​​​​​​​​2021 LTIP Award:​​​​​​​​Three-year performance period award 360,189​ 324,173​ 324,173​March 2024​​​​​​​​​​2022 LTIP Award:​​​​​​​​Three-year performance period award 249,759​*​*​​​​​​​​​​​​2023 LTIP Award:​​​​​​​​Three-year performance period award 193,946​*​*​​​Two-year performance period transition award 5,517​*​*​​​One-year performance period transition award 3,678​ 2,759​ 2,759​March 2024*Not yet earned as performance period not complete.2018 Executive Incentive Compensation Plan (2018 Executive Plan)The 2018 Executive Plan provides for eligibility of certain senior leadership of the company to receive cash and stock bonuses based on predetermined formulas.\"",
        "Reworded sentence: \"At December 31, 2023, 2022, and 2021, 1.3 million, 1.4 million, and 1.4 million shares, respectively, under the 2018 Executive Plan remained available for grant.\"",
        "Reworded sentence: \"At December 31, 2023, 2022, and 2021, 1.3 million, 1.4 million, and 1.4 million shares, respectively, under the 2018 Executive Plan remained available for grant.\""
      ],
      "current_body": "Outstanding RSUs as of January 1, 2021 1,698,579 ​ $ 31.44 ​ $ 62,627 ​ $ 35,821 Granted 627,973 ​ ​ 59.38 ​ ​ ​ ​ ​ ​ Vested (895,706) ​ ​ 32.30 ​ ​ ​ ​ ​ ​ Forfeited (82,588) ​ ​ 32.47 ​ ​ ​ ​ ​ ​ As of December 31, 2021 1,348,258 ​ $ 43.82 ​ $ 83,686 ​ $ 39,657 Granted 481,926 ​ ​ 98.29 ​ ​ ​ ​ ​ ​ Vested (786,622) ​ ​ 37.38 ​ ​ ​ ​ ​ ​ Forfeited (70,011) ​ ​ 46.82 ​ ​ ​ ​ ​ ​ As of December 31, 2022 973,551 ​ $ 71.80 ​ $ 94,765 ​ $ 44,394 Granted 433,810 ​ ​ 108.95 ​ ​ ​ ​ ​ ​ Vested (517,041) ​ ​ 64.03 ​ ​ ​ ​ ​ ​ Forfeited (40,829) ​ ​ 78.70 ​ ​ ​ ​ ​ ​ As of December 31, 2023 (nonvested) 849,491 ​ $ 99.13 ​ $ 101,480 ​ $ 43,073 ​ The weighted average remaining life before vesting of the outstanding RSUs as of December 31, 2023, is 1.6 years. The fair value of RSUs vesting during 2023, 2022, and 2021 was $58.3 million, $79.1 million, and $56.5 million, respectively, and was net-share settled such that the company withheld shares with value equivalent to the employees’ minimum statutory obligation for the applicable income and other employment taxes and remitted the cash to the appropriate taxing authorities. The total shares withheld in 2023, 2022, and 2021 were approximately 342,000, 249,000, and 290,000 shares, respectively, and were based on the value of the RSUs on their vesting dates as determined by the company’s closing stock price. ​ 76 76 Table of ContentsNote 6. Equity-Based Incentive Plans (Continued)Long-Term Incentive Compensation Program (LTIP)The company maintains an LTIP performance-based program directed toward key senior leadership of the company, as determined at the discretion of the Compensation Committee of the Board of Directors. Awards are in shares of the company’s common stock using the stock price on the first day of the performance period to convert each key senior executive’s predetermined multiple of annual base salary. The performance period is generally three years; however, transition awards can be issued with a shorter performance period. Performance is measured in terms of equal portions of four growth and profitability measures, as compared to the same measures, similarly treated, of a pre-established group of steel sector competitors. Awards earned can range from zero to 100% of the shares awarded, and award shares vest immediately once earned on the basis of performance.The Compensation Committee granted the following three-year performance period awards and transition awards, which have been earned and have or will be issued as follows:​​​​​​​​​​​​Maximum​​​​​​​​Shares That​Award​​​​​​Could Be Issued​ Earned​Award Issued/Issuable​​​​​​​​​​2020 LTIP Award:​​​​​​​​Three-year performance period award 405,922​ 356,845​ 356,845​March 2023​Two-year performance period transition award 9,764​ 8,300​ 8,300​March 2022​​​​​​​​​​2021 LTIP Award:​​​​​​​​Three-year performance period award 360,189​ 324,173​ 324,173​March 2024​​​​​​​​​​2022 LTIP Award:​​​​​​​​Three-year performance period award 249,759​*​*​​​​​​​​​​​​2023 LTIP Award:​​​​​​​​Three-year performance period award 193,946​*​*​​​Two-year performance period transition award 5,517​*​*​​​One-year performance period transition award 3,678​ 2,759​ 2,759​March 2024*Not yet earned as performance period not complete.2018 Executive Incentive Compensation Plan (2018 Executive Plan)The 2018 Executive Plan provides for eligibility of certain senior leadership of the company to receive cash and stock bonuses based on predetermined formulas. The company’s shareholders approved the 2018 Executive Plan in May 2018 and 2.0 million shares of company stock were reserved for grant through February 28, 2028. At times a portion of the bonus may be distributed in shares of the company’s stock, of which one-third of the shares vest immediately and the remaining shares vest in equal annual installments over an additional two-year service-based vesting period requirement. At December 31, 2023, 2022, and 2021, 1.3 million, 1.4 million, and 1.4 million shares, respectively, under the 2018 Executive Plan remained available for grant. Pursuant to the 2018 Executive Plan, 29,000, 26,000, and 157,000 shares were awarded with a market value of $3.5 million, $3.2 million, and $8.7 million for the 2023, 2022, and 2021 award years, respectively.​​77 Table of Contents Table of Contents Table of Contents Note 6. Equity-Based Incentive Plans (Continued)Long-Term Incentive Compensation Program (LTIP)The company maintains an LTIP performance-based program directed toward key senior leadership of the company, as determined at the discretion of the Compensation Committee of the Board of Directors. Awards are in shares of the company’s common stock using the stock price on the first day of the performance period to convert each key senior executive’s predetermined multiple of annual base salary. The performance period is generally three years; however, transition awards can be issued with a shorter performance period. Performance is measured in terms of equal portions of four growth and profitability measures, as compared to the same measures, similarly treated, of a pre-established group of steel sector competitors. Awards earned can range from zero to 100% of the shares awarded, and award shares vest immediately once earned on the basis of performance.The Compensation Committee granted the following three-year performance period awards and transition awards, which have been earned and have or will be issued as follows:​​​​​​​​​​​​Maximum​​​​​​​​Shares That​Award​​​​​​Could Be Issued​ Earned​Award Issued/Issuable​​​​​​​​​​2020 LTIP Award:​​​​​​​​Three-year performance period award 405,922​ 356,845​ 356,845​March 2023​Two-year performance period transition award 9,764​ 8,300​ 8,300​March 2022​​​​​​​​​​2021 LTIP Award:​​​​​​​​Three-year performance period award 360,189​ 324,173​ 324,173​March 2024​​​​​​​​​​2022 LTIP Award:​​​​​​​​Three-year performance period award 249,759​*​*​​​​​​​​​​​​2023 LTIP Award:​​​​​​​​Three-year performance period award 193,946​*​*​​​Two-year performance period transition award 5,517​*​*​​​One-year performance period transition award 3,678​ 2,759​ 2,759​March 2024*Not yet earned as performance period not complete.2018 Executive Incentive Compensation Plan (2018 Executive Plan)The 2018 Executive Plan provides for eligibility of certain senior leadership of the company to receive cash and stock bonuses based on predetermined formulas. The company’s shareholders approved the 2018 Executive Plan in May 2018 and 2.0 million shares of company stock were reserved for grant through February 28, 2028. At times a portion of the bonus may be distributed in shares of the company’s stock, of which one-third of the shares vest immediately and the remaining shares vest in equal annual installments over an additional two-year service-based vesting period requirement. At December 31, 2023, 2022, and 2021, 1.3 million, 1.4 million, and 1.4 million shares, respectively, under the 2018 Executive Plan remained available for grant. Pursuant to the 2018 Executive Plan, 29,000, 26,000, and 157,000 shares were awarded with a market value of $3.5 million, $3.2 million, and $8.7 million for the 2023, 2022, and 2021 award years, respectively.​​",
      "prior_body": "The company maintains an LTIP performance-based program directed toward key senior leadership of the company, as determined at the discretion of the Compensation Committee of the Board of Directors. Awards are in shares of the company’s common stock using the stock price on the first day of the performance period to convert each key senior executive’s predetermined multiple of annual base salary. The performance period is generally three years; however, a transition award was issued in 2020 with a shorter performance period. Performance is measured in terms of equal portions of four growth and profitability measures, as compared to the same measures, similarly treated, of a pre-established group of steel sector competitors. Awards earned can range from zero to 100% of the shares awarded. Beginning with 2018, award shares vest immediately once earned on the basis of performance. For awards prior to 2018, once earned on the basis of performance, one-third of the shares vest immediately, and the remaining shares vest in equal annual installments over an additional two-year service-based vesting period requirement. one-third ​ 76 76 Table of ContentsNote 6. Equity-Based Incentive Plans (Continued)The Compensation Committee granted the following three-year performance period awards and two-year performance period transition awards, which have been earned and have or will be issued over the vesting period as follows:​​​​​​​​​​​​Maximum​​​​​​​​Shares That​Award​​​​​​Could Be Issued​ Earned​Award Issued/Issuable​​​​​​​​​​2017 LTIP Award:​​​​​​​​Three-year performance period award 182,274​ 164,047​54,683​March 2020​​​​​​54,682​March 2021​​​​​​54,682​March 2022​2019 LTIP Award:​​​​​​​​Three-year performance period award 422,008​ 379,811​ 379,811​March 2022​​​​​​​​​​2020 LTIP Award:​​​​​​​​Three-year performance period award 405,922​ 356,845​ 356,845​March 2023​Two-year performance period transition award 9,764​ 8,300​ 8,300​March 2022​​​​​​​​​​2021 LTIP Award:​​​​​​​​Three-year performance period award 360,189​*​*​​​​​​​​​​​​2022 LTIP Award:​​​​​​​​Three-year performance period award 249,759​*​*​​*Not yet earned as performance period not complete.2018 Executive Incentive Compensation Plan (2018 Executive Plan)The 2018 Executive Plan provides for eligibility of certain senior leadership of the company to receive cash and stock bonuses based on predetermined formulas. The company’s shareholders approved the 2018 Executive Plan in May 2018 and 2.0 million shares of company stock were reserved for issuance through February 28, 2028. At times a portion of the bonus may be distributed in shares of the company’s stock, of which one-third of the shares vest immediately and the remaining shares vest in equal annual installments over an additional two-year service-based vesting period requirement. At December 31, 2022, 2021, and 2020, 1.4 million, 1.4 million, and 1.5 million shares, respectively, under the 2018 Executive Plan remained available for issuance. Pursuant to the 2018 Executive Plan, 26,000, 157,000, and 148,000 shares were awarded with a market value of $3.2 million, $8.7 million, and $5.1 million for the 2022, 2021, and 2020 award years, respectively.​​77 Table of Contents Table of Contents Table of Contents Note 6. Equity-Based Incentive Plans (Continued)The Compensation Committee granted the following three-year performance period awards and two-year performance period transition awards, which have been earned and have or will be issued over the vesting period as follows:​​​​​​​​​​​​Maximum​​​​​​​​Shares That​Award​​​​​​Could Be Issued​ Earned​Award Issued/Issuable​​​​​​​​​​2017 LTIP Award:​​​​​​​​Three-year performance period award 182,274​ 164,047​54,683​March 2020​​​​​​54,682​March 2021​​​​​​54,682​March 2022​2019 LTIP Award:​​​​​​​​Three-year performance period award 422,008​ 379,811​ 379,811​March 2022​​​​​​​​​​2020 LTIP Award:​​​​​​​​Three-year performance period award 405,922​ 356,845​ 356,845​March 2023​Two-year performance period transition award 9,764​ 8,300​ 8,300​March 2022​​​​​​​​​​2021 LTIP Award:​​​​​​​​Three-year performance period award 360,189​*​*​​​​​​​​​​​​2022 LTIP Award:​​​​​​​​Three-year performance period award 249,759​*​*​​*Not yet earned as performance period not complete.2018 Executive Incentive Compensation Plan (2018 Executive Plan)The 2018 Executive Plan provides for eligibility of certain senior leadership of the company to receive cash and stock bonuses based on predetermined formulas. The company’s shareholders approved the 2018 Executive Plan in May 2018 and 2.0 million shares of company stock were reserved for issuance through February 28, 2028. At times a portion of the bonus may be distributed in shares of the company’s stock, of which one-third of the shares vest immediately and the remaining shares vest in equal annual installments over an additional two-year service-based vesting period requirement. At December 31, 2022, 2021, and 2020, 1.4 million, 1.4 million, and 1.5 million shares, respectively, under the 2018 Executive Plan remained available for issuance. Pursuant to the 2018 Executive Plan, 26,000, 157,000, and 148,000 shares were awarded with a market value of $3.2 million, $8.7 million, and $5.1 million for the 2022, 2021, and 2020 award years, respectively.​​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Steel Operations Segment",
      "prior_title": "Steel Operations Segment",
      "similarity_score": 0.882,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"Steel operations include the company’s electric arc furnace (EAF) steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, and Steel of West Virginia, steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply (USS) – 90% equity interest as of April 1, 2023, Vulcan Threaded Products, Inc., and warehouse operations in Mexico.\""
      ],
      "current_body": "​ Steel operations consist of our electric arc furnace (EAF) steel mills, producing steel from ferrous scrap and scrap substitutes, utilizing continuous casting, automated rolling mills and numerous steel coating, processing lines and warehouse operations. Our steel operations sell directly to end-users, steel fabricators, and service centers. These products are used in numerous industry sectors, including the construction, automotive, manufacturing, transportation, heavy and agriculture equipment, energy and pipe and tube (including OCTG) markets. Steel operations accounted for 67% and 65% of our consolidated net sales during 2023 and 2022, respectively. See Item 1. Business for further information on Steel Operations segment operations.",
      "prior_body": "​ Steel operations consist of our electric arc furnace steel mills, producing steel from ferrous scrap and scrap substitutes, utilizing continuous casting, automated rolling mills, numerous value-added downstream steel coating and processing operations, and distribution operations. Our steel operations sell directly to end-users, steel fabricators, and service centers. These products are used in numerous industry sectors, including the construction, automotive, manufacturing, transportation, heavy and agriculture equipment, and pipe and tube (including OCTG) markets. Steel operations accounted for 65% and 72% of our consolidated net sales during 2022 and 2021, respectively. See Item 1. Business for further information on Steel Operations segment operations."
    },
    {
      "status": "MODIFIED",
      "current_title": "Steel Operations Segment",
      "prior_title": "Steel Operations Segment",
      "similarity_score": 0.88,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ Steel operations consist of our electric arc furnace (EAF) steel mills, producing steel from ferrous scrap and scrap substitutes, utilizing continuous casting, automated rolling mills and numerous steel coating, processing lines and warehouse operations.\"",
        "Reworded sentence: \"These products are used in numerous industry sectors, including the construction, automotive, manufacturing, transportation, heavy and agriculture equipment, energy and pipe and tube (including OCTG) markets.\""
      ],
      "current_body": "​ Steel operations consist of our electric arc furnace (EAF) steel mills, producing steel from ferrous scrap and scrap substitutes, utilizing continuous casting, automated rolling mills and numerous steel coating, processing lines and warehouse operations. Our steel operations sell directly to end-users, steel fabricators, and service centers. These products are used in numerous industry sectors, including the construction, automotive, manufacturing, transportation, heavy and agriculture equipment, energy and pipe and tube (including OCTG) markets. Steel operations accounted for 67% and 65% of our consolidated net sales during 2023 and 2022, respectively. See Item 1. Business for further information on Steel Operations segment operations.",
      "prior_body": "​ Steel operations consist of our electric arc furnace steel mills, producing steel from ferrous scrap and scrap substitutes, utilizing continuous casting, automated rolling mills, numerous value-added downstream steel coating and processing operations, and distribution operations. Our steel operations sell directly to end-users, steel fabricators, and service centers. These products are used in numerous industry sectors, including the construction, automotive, manufacturing, transportation, heavy and agriculture equipment, and pipe and tube (including OCTG) markets. Steel operations accounted for 65% and 72% of our consolidated net sales during 2022 and 2021, respectively. See Item 1. Business for further information on Steel Operations segment operations."
    },
    {
      "status": "MODIFIED",
      "current_title": "Cash Dividends",
      "prior_title": "Cash Dividends",
      "similarity_score": 0.87,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"The company declared cash dividends of $280.5 million, or $1.70 per common share, during 2023; $245.3 million, or $1.36 per common share, during 2022; and $210.9 million, or $1.04 per common share, during 2021.\""
      ],
      "current_body": "The company declared cash dividends of $280.5 million, or $1.70 per common share, during 2023; $245.3 million, or $1.36 per common share, during 2022; and $210.9 million, or $1.04 per common share, during 2021. The company paid cash dividends of $271.3 million, $237.2 million, and $213.0 million during 2023, 2022, and 2021, respectively.",
      "prior_body": "The company declared cash dividends of $245.3 million, or $1.36 per common share, during 2022; $210.9 million, or $1.04 per common share, during 2021; and $210.5 million, or $1.00 per common share, during 2020. The company paid cash dividends of $237.2 million, $213.0 million and $209.2 million during 2022, 2021, and 2020, respectively."
    },
    {
      "status": "MODIFIED",
      "current_title": "Senior Unsecured Notes",
      "prior_title": "Senior Unsecured Notes",
      "similarity_score": 0.869,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ The company’s $400.0 million of 2.800% senior notes due 2024 mature on December 15, 2024, with interest payable semi-annually.\"",
        "Reworded sentence: \"Early redemption is permitted any time prior to October 15, 2030, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S.\"",
        "Reworded sentence: \"Early redemption is permitted any time prior to April 15, 2050, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S.\"",
        "Reworded sentence: \"One of the company’s controlled subsidiaries has entered into a financing agreement for certain equipment which bears interest at a rate of 2.8%, with monthly principal and interest payments required through 2027.\"",
        "Reworded sentence: \"Early redemption is permitted any time prior to October 15, 2030, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S.\""
      ],
      "current_body": "The company has seven different tranches of senior unsecured notes (Notes) outstanding. These Notes are in equal right of payment with all existing and future senior unsecured indebtedness and are senior in right of payment to all subordinated indebtedness. These Notes contain provisions that allow the company to redeem the Notes on or after the dates and at redemption prices (expressed as a percentage of principal amount) listed below. ​ The company’s $400.0 million of 2.800% senior notes due 2024 mature on December 15, 2024, with interest payable semi-annually. Early redemption is permitted any time prior to November 15, 2024, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.20%; and as of November 15, 2024, at 100.000%. ​ The company’s $400.0 million of 2.400% senior notes due 2025 mature on June 15, 2025, with interest payable semi-annually. Early redemption is permitted any time prior to May 15, 2025, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.35%; and as of May 15, 2025, at 100.000%. ​ The company’s $400.0 million of 5.000% senior notes due 2026 mature on December 15, 2026, with interest payable semi-annually. Early redemption is permitted as of December 15, 2023, at 100.833%, and as of December 15, 2024, at 100.000%. ​ The company’s $350.0 million of 1.650% senior notes due 2027 mature on October 15, 2027, with interest payable semi-annually. Early redemption is permitted any time prior to August 15, 2027, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.20%; and as of August 15, 2027, at 100.000%. 71 71 Table of Contents​Note 3. Long-Term Debt (Continued)The company’s $600.0 million of 3.450% senior notes due 2030 mature on April 15, 2030, with interest payable semi-annually. Early redemption is permitted any time prior to January 15, 2030, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.25%; and as of January 15, 2030, at 100.000%.​The company’s $500.0 million of 3.250% senior notes due 2031 mature on January 15, 2031, with interest payable semi-annually. Early redemption is permitted any time prior to October 15, 2030, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.40%; and as of October 15, 2030, at 100.000%.​The company’s $400.0 million of 3.250% senior notes due 2050 mature on October 15, 2050, with interest payable semi-annually. Early redemption is permitted any time prior to April 15, 2050, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.30%; and as of April 15, 2050, at 100.000%.​Other ObligationsSecured Loans. One of the company’s controlled subsidiaries has entered into a financing agreement for certain equipment which bears interest at a rate of 2.8%, with monthly principal and interest payments required through 2027. The outstanding principal balance of these agreements was $2.0 million and $8.6 million at December 31, 2023, and 2022, respectively.One of the company’s controlled subsidiaries amended its secured credit agreement, extending the maturity to June 2028, and provides a revolving variable rate credit facility of up to $125.0 million, subject to a borrowing base determined from eligible accounts receivable and inventory. Interest, which was 7.2% at December 31, 2023, is payable monthly. Amounts due under the credit facility were $59.8 million and $55.1 million at December 31, 2023, and 2022, respectively.Another of the company’s controlled subsidiaries amended its secured credit agreement, extending the maturity to March 2026, and provides a revolving variable rate credit facility of up to $30.0 million, subject to a borrowing base determined from eligible accounts receivable and inventory. Interest, which was 6.7% at December 31, 2023, is payable monthly. There were no amounts due under the credit facility at December 31, 2023 or 2022. Outstanding Debt MaturitiesMaturities of outstanding debt as of December 31, 2023, are as follows (in thousands):​​​​​​​2024​$ 460,694​​2025​​ 400,653​​2026​​ 400,453​​2027​​ 350,036​​2028​​ -​​Thereafter ​​ 1,500,000​​​​$ 3,111,836​​The company capitalizes interest on all qualifying construction in progress assets. For the years ended December 31, 2023, 2022, and 2021, total interest costs incurred were $109.5 million, $107.4 million, and $107.7 million, respectively, of which $33.0 million, $15.8 million, and $50.5 million, respectively, were capitalized.72 Table of Contents Table of Contents Table of Contents ​Note 3. Long-Term Debt (Continued)The company’s $600.0 million of 3.450% senior notes due 2030 mature on April 15, 2030, with interest payable semi-annually. Early redemption is permitted any time prior to January 15, 2030, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.25%; and as of January 15, 2030, at 100.000%.​The company’s $500.0 million of 3.250% senior notes due 2031 mature on January 15, 2031, with interest payable semi-annually. Early redemption is permitted any time prior to October 15, 2030, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.40%; and as of October 15, 2030, at 100.000%.​The company’s $400.0 million of 3.250% senior notes due 2050 mature on October 15, 2050, with interest payable semi-annually. Early redemption is permitted any time prior to April 15, 2050, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.30%; and as of April 15, 2050, at 100.000%.​Other ObligationsSecured Loans. One of the company’s controlled subsidiaries has entered into a financing agreement for certain equipment which bears interest at a rate of 2.8%, with monthly principal and interest payments required through 2027. The outstanding principal balance of these agreements was $2.0 million and $8.6 million at December 31, 2023, and 2022, respectively.One of the company’s controlled subsidiaries amended its secured credit agreement, extending the maturity to June 2028, and provides a revolving variable rate credit facility of up to $125.0 million, subject to a borrowing base determined from eligible accounts receivable and inventory. Interest, which was 7.2% at December 31, 2023, is payable monthly. Amounts due under the credit facility were $59.8 million and $55.1 million at December 31, 2023, and 2022, respectively.Another of the company’s controlled subsidiaries amended its secured credit agreement, extending the maturity to March 2026, and provides a revolving variable rate credit facility of up to $30.0 million, subject to a borrowing base determined from eligible accounts receivable and inventory. Interest, which was 6.7% at December 31, 2023, is payable monthly. There were no amounts due under the credit facility at December 31, 2023 or 2022. Outstanding Debt MaturitiesMaturities of outstanding debt as of December 31, 2023, are as follows (in thousands):​​​​​​​2024​$ 460,694​​2025​​ 400,653​​2026​​ 400,453​​2027​​ 350,036​​2028​​ -​​Thereafter ​​ 1,500,000​​​​$ 3,111,836​​The company capitalizes interest on all qualifying construction in progress assets. For the years ended December 31, 2023, 2022, and 2021, total interest costs incurred were $109.5 million, $107.4 million, and $107.7 million, respectively, of which $33.0 million, $15.8 million, and $50.5 million, respectively, were capitalized. ​",
      "prior_body": "The company has seven different tranches of senior unsecured notes (Notes) outstanding. These Notes are in equal right of payment with all existing and future senior unsecured indebtedness and are senior in right of payment to all subordinated indebtedness. These Notes contain provisions that allow the company to redeem the Notes on or after the dates and at redemption prices (expressed as a percentage of principal amount) listed below. ​ 70 70 Table of ContentsNote 3. Long-Term Debt (Continued)The company’s $400.0 million of 2.800% senior notes due 2024 mature on December 15, 2024, with interest payable semi-annually. Early redemption is permitted as follows: any time prior to November 15, 2024, at a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.20%; and as of November 15, 2024, at 100.000%.​The company’s $400.0 million of 2.400% senior notes due 2025 mature on June 15, 2025, with interest payable semi-annually. Early redemption is permitted as follows: any time prior to May 15, 2025, at a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.35%; and as of May 15, 2025, at 100.000%.​The company’s $400.0 million of 5.000% senior notes due 2026 mature on December 15, 2026, with interest payable semi-annually. Early redemption is permitted as follows: as of December 15, 2022, at 101.667%; as of December 15, 2023, at 100.833%; and as of December 15, 2024, at 100.000%.​The company’s $350.0 million of 1.650% senior notes due 2027 mature on October 15, 2027, with interest payable semi-annually. Early redemption is permitted as follows: any time prior to August 15, 2027, at a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.20%; and as of August 15, 2027, at 100.000%.​The company’s $600.0 million of 3.450% senior notes due 2030 mature on April 15, 2030, with interest payable semi-annually. Early redemption is permitted as follows: any time prior to January 15, 2030, at a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.25%; and as of January 15, 2030, at 100.000%.​The company’s $500.0 million of 3.250% senior notes due 2031 mature on January 15, 2031, with interest payable semi-annually. Early redemption is permitted as follows: any time prior to October 15, 2030, at a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.40%; and as of October 15, 2030, at 100.000%.​The company’s $400.0 million of 3.250% senior notes due 2050 mature on October 15, 2050, with interest payable semi-annually. Early redemption is permitted as follows: any time prior to April 15, 2050, at a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.30%; and as of April 15, 2050, at 100.000%.​Other ObligationsSecured Loans. Two of the company’s controlled subsidiaries have entered into financing agreements for certain equipment which bear interest at an average rate of 4.8%, with monthly principal and interest payments required through 2028. The outstanding principal balance of these agreements was $8.6 million and $10.4 million at December 31, 2022, and 2021, respectively. One of the company’s controlled subsidiaries has a secured credit agreement, which matures in August 2024, and provides a revolving variable rate credit facility of up to $100.0 million, subject to a borrowing base determined from eligible accounts receivable and inventory, and is further secured with $30.0 million of letter of credit support from Steel Dynamics, Inc. Interest, which was 5.6% at December 31, 2022, is payable monthly. Amounts due under the credit facility were $55.1 million and $94.4 million at December 31, 2022, and 2021, respectively.Another of the company’s controlled subsidiaries has a secured credit agreement, which matures in March 2023, and provides a revolving variable rate credit facility of up to $25.0 million, subject to a borrowing base determined from eligible accounts receivable and inventory. Interest, which was 5.65% at December 31, 2022, is payable monthly. There were no amounts due under the credit facility at December 31, 2022 or 2021. 71 Table of Contents Table of Contents Table of Contents Note 3. Long-Term Debt (Continued)The company’s $400.0 million of 2.800% senior notes due 2024 mature on December 15, 2024, with interest payable semi-annually. Early redemption is permitted as follows: any time prior to November 15, 2024, at a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.20%; and as of November 15, 2024, at 100.000%.​The company’s $400.0 million of 2.400% senior notes due 2025 mature on June 15, 2025, with interest payable semi-annually. Early redemption is permitted as follows: any time prior to May 15, 2025, at a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.35%; and as of May 15, 2025, at 100.000%.​The company’s $400.0 million of 5.000% senior notes due 2026 mature on December 15, 2026, with interest payable semi-annually. Early redemption is permitted as follows: as of December 15, 2022, at 101.667%; as of December 15, 2023, at 100.833%; and as of December 15, 2024, at 100.000%.​The company’s $350.0 million of 1.650% senior notes due 2027 mature on October 15, 2027, with interest payable semi-annually. Early redemption is permitted as follows: any time prior to August 15, 2027, at a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.20%; and as of August 15, 2027, at 100.000%.​The company’s $600.0 million of 3.450% senior notes due 2030 mature on April 15, 2030, with interest payable semi-annually. Early redemption is permitted as follows: any time prior to January 15, 2030, at a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.25%; and as of January 15, 2030, at 100.000%.​The company’s $500.0 million of 3.250% senior notes due 2031 mature on January 15, 2031, with interest payable semi-annually. Early redemption is permitted as follows: any time prior to October 15, 2030, at a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.40%; and as of October 15, 2030, at 100.000%.​The company’s $400.0 million of 3.250% senior notes due 2050 mature on October 15, 2050, with interest payable semi-annually. Early redemption is permitted as follows: any time prior to April 15, 2050, at a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.30%; and as of April 15, 2050, at 100.000%.​Other ObligationsSecured Loans. Two of the company’s controlled subsidiaries have entered into financing agreements for certain equipment which bear interest at an average rate of 4.8%, with monthly principal and interest payments required through 2028. The outstanding principal balance of these agreements was $8.6 million and $10.4 million at December 31, 2022, and 2021, respectively. One of the company’s controlled subsidiaries has a secured credit agreement, which matures in August 2024, and provides a revolving variable rate credit facility of up to $100.0 million, subject to a borrowing base determined from eligible accounts receivable and inventory, and is further secured with $30.0 million of letter of credit support from Steel Dynamics, Inc. Interest, which was 5.6% at December 31, 2022, is payable monthly. Amounts due under the credit facility were $55.1 million and $94.4 million at December 31, 2022, and 2021, respectively.Another of the company’s controlled subsidiaries has a secured credit agreement, which matures in March 2023, and provides a revolving variable rate credit facility of up to $25.0 million, subject to a borrowing base determined from eligible accounts receivable and inventory. Interest, which was 5.65% at December 31, 2022, is payable monthly. There were no amounts due under the credit facility at December 31, 2022 or 2021."
    },
    {
      "status": "MODIFIED",
      "current_title": "Aluminum Dynamics",
      "prior_title": "Aluminum Dynamics",
      "similarity_score": 0.868,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"on July 29, 2022, for the construction and operation of a new state-of-the-art low-carbon recycled aluminum flat rolled products mill.\"",
        "Reworded sentence: \"Operating results from and after July 29, 2022, are reflected in the company’s consolidated financial statements in the aluminum operations segment.\""
      ],
      "current_body": "The company attained a 94.4% equity interest in a joint venture concurrently formed with Unity Aluminum, Inc. on July 29, 2022, for the construction and operation of a new state-of-the-art low-carbon recycled aluminum flat rolled products mill. The transaction was funded with available cash. Operating results from and after July 29, 2022, are reflected in the company’s consolidated financial statements in the aluminum operations segment. Prior periods, when amounts were recorded in Other, have been recast to reflect this new segment. ​",
      "prior_body": "The company attained a 94.4% equity interest in a joint venture concurrently formed with Unity Aluminum, Inc. on July 29, 2022, for the construction and operation of a new state-of-the-art low-carbon aluminum flat roll mill. The transaction was funded with available cash. Operating results from and after July 29, 2022, are reflected in the company’s consolidated financial statements, in other operations. ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Award Issued/Issuable",
      "prior_title": "Award Issued/Issuable",
      "similarity_score": 0.865,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 LTIP Award: ​ ​ ​ ​ ​ ​ ​ ​ Three-year performance period award 405,922 ​ 356,845 ​ 356,845 ​ March 2023 ​ Two-year performance period transition award 9,764 ​ 8,300 ​ 8,300 ​ March 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 LTIP Award: ​ ​ ​ ​ ​ ​ ​ ​ Three-year performance period award 360,189 ​ 324,173 ​ 324,173 ​ March 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 LTIP Award: ​ ​ ​ ​ ​ ​ ​ ​ Three-year performance period award 249,759 ​ * ​ * ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 LTIP Award: ​ ​ ​ ​ ​ ​ ​ ​ Three-year performance period award 193,946 ​ * ​ * ​ ​ ​ Two-year performance period transition award 5,517 ​ * ​ * ​ ​ ​ One-year performance period transition award 3,678 ​ 2,759 ​ 2,759 ​ March 2024 * Not yet earned as performance period not complete.\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 LTIP Award: ​ ​ ​ ​ ​ ​ ​ ​ Three-year performance period award 405,922 ​ 356,845 ​ 356,845 ​ March 2023 ​ Two-year performance period transition award 9,764 ​ 8,300 ​ 8,300 ​ March 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 LTIP Award: ​ ​ ​ ​ ​ ​ ​ ​ Three-year performance period award 360,189 ​ 324,173 ​ 324,173 ​ March 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 LTIP Award: ​ ​ ​ ​ ​ ​ ​ ​ Three-year performance period award 249,759 ​ * ​ * ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 LTIP Award: ​ ​ ​ ​ ​ ​ ​ ​ Three-year performance period award 193,946 ​ * ​ * ​ ​ ​ Two-year performance period transition award 5,517 ​ * ​ * ​ ​ ​ One-year performance period transition award 3,678 ​ 2,759 ​ 2,759 ​ March 2024 * Not yet earned as performance period not complete.",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2017 LTIP Award: ​ ​ ​ ​ ​ ​ ​ ​ Three-year performance period award 182,274 ​ 164,047 ​ 54,683 ​ March 2020 ​ ​ ​ ​ ​ ​ 54,682 ​ March 2021 ​ ​ ​ ​ ​ ​ 54,682 ​ March 2022 ​ 2019 LTIP Award: ​ ​ ​ ​ ​ ​ ​ ​ Three-year performance period award 422,008 ​ 379,811 ​ 379,811 ​ March 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 LTIP Award: ​ ​ ​ ​ ​ ​ ​ ​ Three-year performance period award 405,922 ​ 356,845 ​ 356,845 ​ March 2023 ​ Two-year performance period transition award 9,764 ​ 8,300 ​ 8,300 ​ March 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 LTIP Award: ​ ​ ​ ​ ​ ​ ​ ​ Three-year performance period award 360,189 ​ * ​ * ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 LTIP Award: ​ ​ ​ ​ ​ ​ ​ ​ Three-year performance period award 249,759 ​ * ​ * ​ ​ * Not yet earned as performance period not complete."
    },
    {
      "status": "MODIFIED",
      "current_title": "Unexpected equipment downtime or shutdowns may adversely affect our business, financial condition, results of operations and cash flows.",
      "prior_title": "Governmental agencies may refuse to grant or renew some of our licenses and permits required to operate our businesses.",
      "similarity_score": 0.861,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"Interruptions in our production capabilities may adversely affect our production costs, products available for sale and earnings during the affected period.\"",
        "Reworded sentence: \"Failure to do so may adversely affect our business, financial condition, results of operations and cash flows.Our senior unsecured credit facility contains, and any future financing agreements may contain, restrictive covenants that may limit our flexibility.Restrictions and covenants in our existing debt agreements, including our senior unsecured credit facility, and any future financing agreements, may impair our ability to finance future operations or capital needs or to engage in other business activities.\"",
        "Reworded sentence: \"In such instances, the fair value of such assets may fall below their carrying value recorded on our balance sheet.Accordingly, we periodically test goodwill, and other assets such as long-lived tangible and intangible assets, right of use assets and equity method investments when indicators of impairment are present, to determine whether their estimated fair value is in fact less than their value recorded on our balance sheet.\"",
        "Reworded sentence: \"UNRESOLVED STAFF COMMENTSNone.​ITEM 1C.\"",
        "Reworded sentence: \"In such instances, the fair value of such assets may fall below their carrying value recorded on our balance sheet.Accordingly, we periodically test goodwill, and other assets such as long-lived tangible and intangible assets, right of use assets and equity method investments when indicators of impairment are present, to determine whether their estimated fair value is in fact less than their value recorded on our balance sheet.\""
      ],
      "current_body": "Interruptions in our production capabilities may adversely affect our production costs, products available for sale and earnings during the affected period. In addition to equipment failures, our facilities are subject to the risk of catastrophic loss due to unanticipated events such as fires, explosions or violent weather conditions. Our manufacturing processes are dependent upon critical pieces of steelmaking equipment, such as our EAFs, continuous casters and rolling equipment, some of which are controlled by our information technology systems, as well as electrical equipment, such as transformers. This equipment may, on occasion, be out of service as a result of unanticipated failures or other events, including equipment failure, power surges, cybersecurity breaches or attacks or system failures. Further, we have experienced and may continue to experience ramp-up inefficiencies at our Sinton Flat Roll Division, including those related to major equipment failures. We have experienced and in the future may experience plant shutdowns or periods of reduced production as a result of equipment failures or other events. Supply chain disruptions and labor shortages have and may continue to exacerbate the effects of equipment failures. These disruptions may adversely affect our business, financial condition, results of operations and cash flows. 30 30 Table of ContentsGovernmental agencies may refuse to grant or renew some of our licenses and permits required to operate our businesses.Some of our operations must receive licenses and air, water and other permits and approvals from federal, state and local governments to conduct certain of our operations or to build, expand or acquire new facilities. Governmental agencies, non-governmental organizations, and members of the public sometimes resist the establishment of certain types of facilities in their communities. There can be no assurance that future approvals, licenses and permits will be granted or that we will be able to maintain and renew the approvals, licenses and permits we currently hold. Failure to do so may adversely affect our business, financial condition, results of operations and cash flows.Our senior unsecured credit facility contains, and any future financing agreements may contain, restrictive covenants that may limit our flexibility.Restrictions and covenants in our existing debt agreements, including our senior unsecured credit facility, and any future financing agreements, may impair our ability to finance future operations or capital needs or to engage in other business activities. A breach of any of the restrictions or covenants could cause a default under our senior unsecured credit facility, our senior notes, or our other debt. A significant portion of our indebtedness may then become immediately due and payable.Under our senior unsecured credit facility, we are required to maintain certain financial covenants. Our ability to meet such covenants or other restrictions can be affected by events beyond our control. If a default were to occur, the lenders could elect to declare all amounts then outstanding to be immediately due and payable and terminate all commitments to extend further credit.Impairment charges may adversely affect our results of operations.Occasionally, assumptions that we have made regarding products or businesses we have acquired or sought to develop, about the sustainability of markets we sought to exploit, or about industry conditions that underlie our decision making when we elected to capitalize a venture turn out differently than anticipated. In such instances, the fair value of such assets may fall below their carrying value recorded on our balance sheet.Accordingly, we periodically test goodwill, and other assets such as long-lived tangible and intangible assets, right of use assets and equity method investments when indicators of impairment are present, to determine whether their estimated fair value is in fact less than their value recorded on our balance sheet. If we determine that the fair value of any of these assets, from whatever cause, is less than the value recorded on our balance sheet, we are required to incur non-cash asset impairment charges that adversely affect our results of operations. There can be no assurances that market dynamics or other factors may not result in future impairment charges.ITEM 1B. UNRESOLVED STAFF COMMENTSNone.​ITEM 1C. CYBERSECURITYWe manage risks from cybersecurity threats through our overall companywide risk management process, which is overseen by our Board of Directors and specific Board Committees. Management has created a global information security program, which encompasses a dedicated global information security team and policies, procedures, and processes for assessing, identifying, and managing risks from cybersecurity threats. Our policies, procedures, and processes follow recognized frameworks established by the National Institute of Standards and Technology (“NIST”), as well as other relevant standards. Our program is designed to maintain the confidentiality, integrity, security, and availability of the data that is created, collected, stored, and used to operate our business. ​31 Table of Contents Table of Contents Table of Contents Governmental agencies may refuse to grant or renew some of our licenses and permits required to operate our businesses.Some of our operations must receive licenses and air, water and other permits and approvals from federal, state and local governments to conduct certain of our operations or to build, expand or acquire new facilities. Governmental agencies, non-governmental organizations, and members of the public sometimes resist the establishment of certain types of facilities in their communities. There can be no assurance that future approvals, licenses and permits will be granted or that we will be able to maintain and renew the approvals, licenses and permits we currently hold. Failure to do so may adversely affect our business, financial condition, results of operations and cash flows.Our senior unsecured credit facility contains, and any future financing agreements may contain, restrictive covenants that may limit our flexibility.Restrictions and covenants in our existing debt agreements, including our senior unsecured credit facility, and any future financing agreements, may impair our ability to finance future operations or capital needs or to engage in other business activities. A breach of any of the restrictions or covenants could cause a default under our senior unsecured credit facility, our senior notes, or our other debt. A significant portion of our indebtedness may then become immediately due and payable.Under our senior unsecured credit facility, we are required to maintain certain financial covenants. Our ability to meet such covenants or other restrictions can be affected by events beyond our control. If a default were to occur, the lenders could elect to declare all amounts then outstanding to be immediately due and payable and terminate all commitments to extend further credit.Impairment charges may adversely affect our results of operations.Occasionally, assumptions that we have made regarding products or businesses we have acquired or sought to develop, about the sustainability of markets we sought to exploit, or about industry conditions that underlie our decision making when we elected to capitalize a venture turn out differently than anticipated. In such instances, the fair value of such assets may fall below their carrying value recorded on our balance sheet.Accordingly, we periodically test goodwill, and other assets such as long-lived tangible and intangible assets, right of use assets and equity method investments when indicators of impairment are present, to determine whether their estimated fair value is in fact less than their value recorded on our balance sheet. If we determine that the fair value of any of these assets, from whatever cause, is less than the value recorded on our balance sheet, we are required to incur non-cash asset impairment charges that adversely affect our results of operations. There can be no assurances that market dynamics or other factors may not result in future impairment charges.ITEM 1B. UNRESOLVED STAFF COMMENTSNone.​ITEM 1C. CYBERSECURITYWe manage risks from cybersecurity threats through our overall companywide risk management process, which is overseen by our Board of Directors and specific Board Committees. Management has created a global information security program, which encompasses a dedicated global information security team and policies, procedures, and processes for assessing, identifying, and managing risks from cybersecurity threats. Our policies, procedures, and processes follow recognized frameworks established by the National Institute of Standards and Technology (“NIST”), as well as other relevant standards. Our program is designed to maintain the confidentiality, integrity, security, and availability of the data that is created, collected, stored, and used to operate our business. ​",
      "prior_body": "Some of our operations must receive licenses and air, water and other permits and approvals from federal, state and local governments to conduct certain of our operations or to build, expand or acquire new facilities. Governmental agencies, non-governmental organizations, and members of the public sometimes resist the establishment of certain types of facilities in their communities. There can be no assurance that future approvals, licenses and permits will be granted or that we will be able to maintain and renew the approvals, licenses and permits we currently hold. Failure to do so may adversely affect our business, financial condition, results of operations and cash flows. 30 30 Table of ContentsOur senior unsecured credit facility contains, and any future financing agreements may contain, restrictive covenants that may limit our flexibility.Restrictions and covenants in our existing debt agreements, including our senior unsecured credit facility, and any future financing agreements, may impair our ability to finance future operations or capital needs or to engage in other business activities. A breach of any of the restrictions or covenants could cause a default under our senior unsecured credit facility, our senior notes, or our other debt. A significant portion of our indebtedness may then become immediately due and payable.Under our senior unsecured credit facility, we are required to maintain certain financial covenants. Our ability to meet such covenants or other restrictions can be affected by events beyond our control. If a default were to occur, the lenders could elect to declare all amounts then outstanding to be immediately due and payable and terminate all commitments to extend further credit.Impairment charges may adversely affect our results of operations.Occasionally, assumptions that we have made regarding products or businesses we have acquired or sought to develop, about the sustainability of markets we sought to exploit, or about industry conditions that underlie our decision making when we elected to capitalize a venture turn out differently than anticipated. In such instances, the fair value of such assets may fall below their carrying value recorded on our balance sheet.Accordingly, we periodically test goodwill, long-lived tangible and intangible assets and right of use assets to determine whether their estimated fair value is in fact less than their value recorded on our balance sheet. If we determine that the fair value of any of these assets, from whatever cause, is less than the value recorded on our balance sheet, we are required to incur non-cash asset impairment charges that adversely affect our results of operations. There can be no assurances that market dynamics or other factors may not result in future impairment charges.ITEM 1B. UNRESOLVED STAFF COMMENTSNone.​31 Table of Contents Table of Contents Table of Contents Our senior unsecured credit facility contains, and any future financing agreements may contain, restrictive covenants that may limit our flexibility.Restrictions and covenants in our existing debt agreements, including our senior unsecured credit facility, and any future financing agreements, may impair our ability to finance future operations or capital needs or to engage in other business activities. A breach of any of the restrictions or covenants could cause a default under our senior unsecured credit facility, our senior notes, or our other debt. A significant portion of our indebtedness may then become immediately due and payable.Under our senior unsecured credit facility, we are required to maintain certain financial covenants. Our ability to meet such covenants or other restrictions can be affected by events beyond our control. If a default were to occur, the lenders could elect to declare all amounts then outstanding to be immediately due and payable and terminate all commitments to extend further credit.Impairment charges may adversely affect our results of operations.Occasionally, assumptions that we have made regarding products or businesses we have acquired or sought to develop, about the sustainability of markets we sought to exploit, or about industry conditions that underlie our decision making when we elected to capitalize a venture turn out differently than anticipated. In such instances, the fair value of such assets may fall below their carrying value recorded on our balance sheet.Accordingly, we periodically test goodwill, long-lived tangible and intangible assets and right of use assets to determine whether their estimated fair value is in fact less than their value recorded on our balance sheet. If we determine that the fair value of any of these assets, from whatever cause, is less than the value recorded on our balance sheet, we are required to incur non-cash asset impairment charges that adversely affect our results of operations. There can be no assurances that market dynamics or other factors may not result in future impairment charges.ITEM 1B. UNRESOLVED STAFF COMMENTSNone.​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Consolidated Results 2023 vs. 2022",
      "prior_title": "Consolidated Results 2022 vs. 2021",
      "similarity_score": 0.861,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"Selling, general and administrative expenses of $588.6 million during 2023 increased 8% from $545.6 million during 2022 primarily due to a 10% increase in payroll and benefits expense related to the execution of our growth strategy during 2023, including construction and start-up costs of our Aluminum Operations.\"",
        "Reworded sentence: \"During 2023, interest expense of $76.5 million decreased 16% from $91.5 million during 2022, due to higher capitalized interest in 2023 ($33.0 million, compared to $15.8 million in 2022) related to our ongoing expansion projects, most notably within Aluminum Operations.\"",
        "Reworded sentence: \"Net other income was $144.2 million in 2023, compared to $20.8 million in 2022, due primarily to an increase in interest income of $88.2 million associated with an increase in invested balances and an increase in yield earned on our invested cash and short-term investments in 2023.\"",
        "Reworded sentence: \"Included in the balance of unrecognized tax benefits at December 31, 2023, are potential benefits of $27.8 million that, if recognized, would affect the effective tax rate.\"",
        "Reworded sentence: \"During the year ended December 31, 2023, we recognized expense from the increase of interest expense and penalties of $1.6 million, net of tax.\""
      ],
      "current_body": "Selling, General and Administrative Expenses. Selling, general and administrative expenses of $588.6 million during 2023 increased 8% from $545.6 million during 2022 primarily due to a 10% increase in payroll and benefits expense related to the execution of our growth strategy during 2023, including construction and start-up costs of our Aluminum Operations. Selling, general and administrative expenses represented 3.1% and 2.5% of net sales during 2023 and 2022, respectively. Companywide profit sharing expense during 2023 of $272.0 million decreased 40% from $452.6 million during 2022, consistent with decreased pretax earnings. Refer to Note 11. Retirement Plans to the consolidated financial statements elsewhere in this report for further information. Interest Expense, net of Capitalized Interest. During 2023, interest expense of $76.5 million decreased 16% from $91.5 million during 2022, due to higher capitalized interest in 2023 ($33.0 million, compared to $15.8 million in 2022) related to our ongoing expansion projects, most notably within Aluminum Operations. Other (Income) Expense, net. Net other income was $144.2 million in 2023, compared to $20.8 million in 2022, due primarily to an increase in interest income of $88.2 million associated with an increase in invested balances and an increase in yield earned on our invested cash and short-term investments in 2023. Income Tax Expense. During 2023, income tax expense of $751.6 million, at an effective income tax rate of 23.3%, decreased 34% compared to the $1.1 billion, at an effective income tax rate of 22.7%, during 2022, consistent with decreased pretax earnings. Refer to Note 4. Income Taxes to the consolidated financial statements elsewhere in this report for additional information. Included in the balance of unrecognized tax benefits at December 31, 2023, are potential benefits of $27.8 million that, if recognized, would affect the effective tax rate. We recognize interest and penalties related to our tax contingencies on a net-of-tax basis in income tax expense. During the year ended December 31, 2023, we recognized expense from the increase of interest expense and penalties of $1.6 million, net of tax. In addition to the unrecognized tax benefits noted above, we had $3.2 million accrued for the payment of interest and penalties at December 31, 2023. We file income tax returns in the United States federal jurisdiction as well as income tax returns in various state jurisdictions. The tax years 2020 through 2022 remain open to examination by the Internal Revenue Service and various state and local jurisdictions. At this time, we do not believe there will be any significant examination adjustments that would result in a material change to our financial position, results of operations or cash flows. It is reasonably possible that the amount of unrecognized tax benefits could change in the next twelve months in an amount ranging from zero to $10.0 million, as a result of the expiration of the statute of limitations and other federal and state income tax audits. 46 46 Table of ContentsLiquidity and Capital ResourcesCapital Resources and Long-term Debt. Our business is capital intensive and requires substantial expenditures for, among other things, the purchase and maintenance of equipment used in our operations, and to remain in compliance with environmental laws. Our short-term and long-term liquidity needs arise primarily from working capital requirements, capital expenditures, including expansion projects, principal and interest payments related to our outstanding indebtedness, dividends to our shareholders, and potential stock repurchases and acquisitions or investments. We have met and intend to continue to meet these liquidity requirements primarily with available cash and cash provided by operations, long-term borrowings, and we also have availability under our unsecured Revolver. Our liquidity at December 31, 2023, is as follows (in thousands):​​​​​​​​​​​​​​​​​​​​​​​Cash and equivalents​$ 1,400,887​​​​​​Short-term and other investments​​ 951,873​​​​​​Unsecured revolver availability​​ 1,190,873​​​​​​Total liquidity​$ 3,543,633​​​​Our total outstanding debt of $3.1 billion is consistent with our total outstanding debt at December 31, 2022. Our total long-term debt to capitalization ratio (representing our long-term debt, including current maturities, divided by the sum of our long-term debt, redeemable noncontrolling interests, and our total stockholders’ equity) was 25.8% and 27.7% at December 31, 2023 and December 31, 2022, respectively.In the third quarter of 2023, we entered into a new unsecured credit agreement, replacing the previous one, which has a senior unsecured revolving credit facility (Facility), which provides a $1.2 billion Revolver and matures in July 2028. Subject to certain conditions, we have the ability to increase the Facility size by $500.0 million. The unsecured Revolver is available to fund working capital, capital expenditures, and other general corporate purposes. The Facility contains financial covenants and other covenants pertaining to our ability to incur indebtedness and permit liens on certain assets. Our ability to borrow funds within the terms of the unsecured Revolver is dependent upon our continued compliance with the financial and other covenants. At December 31, 2023, we had $1.2 billion of availability on the Revolver, $9.1 million of outstanding letters of credit and other obligations which reduce availability, and there were no borrowings outstanding.The financial covenants under our Facility state that we must maintain an interest coverage ratio of not less than 2.50:1.00. Our interest coverage ratio is calculated by dividing our last-twelve-months (LTM) consolidated Adjusted EBITDA as defined in the Facility (earnings before interest, taxes, depreciation, amortization, and certain other non-cash transactions as defined in the Facility) by our LTM gross interest expense, less amortization of financing fees. In addition, a debt to capitalization ratio of not more than 0.60:1.00 must be maintained. At December 31, 2023, our interest coverage ratio and debt to capitalization ratio were 36.13:1.00 and 0.26:1.00, respectively. We were, therefore, in compliance with these covenants at December 31, 2023, and we anticipate we will continue to be in compliance during the next twelve months.Working Capital (representing excess of current assets over current liabilities). We generated cash flow from operations of $3.5 billion in 2023 compared to $4.5 billion in 2022. Working capital decreased $1.2 billion, or 21%, during 2023 to $4.5 billion at December 31, 2023, due primarily to our accounts receivable and inventories decreasing $683.1 million, or 13%, compared to December 31, 2022, due to lower sales and inventory values in 2023. In addition, our $400 million 2.800% senior notes were recorded as current at December 31, 2023.47 Table of Contents Table of Contents Table of Contents Liquidity and Capital ResourcesCapital Resources and Long-term Debt. Our business is capital intensive and requires substantial expenditures for, among other things, the purchase and maintenance of equipment used in our operations, and to remain in compliance with environmental laws. Our short-term and long-term liquidity needs arise primarily from working capital requirements, capital expenditures, including expansion projects, principal and interest payments related to our outstanding indebtedness, dividends to our shareholders, and potential stock repurchases and acquisitions or investments. We have met and intend to continue to meet these liquidity requirements primarily with available cash and cash provided by operations, long-term borrowings, and we also have availability under our unsecured Revolver. Our liquidity at December 31, 2023, is as follows (in thousands):​​​​​​​​​​​​​​​​​​​​​​​Cash and equivalents​$ 1,400,887​​​​​​Short-term and other investments​​ 951,873​​​​​​Unsecured revolver availability​​ 1,190,873​​​​​​Total liquidity​$ 3,543,633​​​​Our total outstanding debt of $3.1 billion is consistent with our total outstanding debt at December 31, 2022. Our total long-term debt to capitalization ratio (representing our long-term debt, including current maturities, divided by the sum of our long-term debt, redeemable noncontrolling interests, and our total stockholders’ equity) was 25.8% and 27.7% at December 31, 2023 and December 31, 2022, respectively.In the third quarter of 2023, we entered into a new unsecured credit agreement, replacing the previous one, which has a senior unsecured revolving credit facility (Facility), which provides a $1.2 billion Revolver and matures in July 2028. Subject to certain conditions, we have the ability to increase the Facility size by $500.0 million. The unsecured Revolver is available to fund working capital, capital expenditures, and other general corporate purposes. The Facility contains financial covenants and other covenants pertaining to our ability to incur indebtedness and permit liens on certain assets. Our ability to borrow funds within the terms of the unsecured Revolver is dependent upon our continued compliance with the financial and other covenants. At December 31, 2023, we had $1.2 billion of availability on the Revolver, $9.1 million of outstanding letters of credit and other obligations which reduce availability, and there were no borrowings outstanding.The financial covenants under our Facility state that we must maintain an interest coverage ratio of not less than 2.50:1.00. Our interest coverage ratio is calculated by dividing our last-twelve-months (LTM) consolidated Adjusted EBITDA as defined in the Facility (earnings before interest, taxes, depreciation, amortization, and certain other non-cash transactions as defined in the Facility) by our LTM gross interest expense, less amortization of financing fees. In addition, a debt to capitalization ratio of not more than 0.60:1.00 must be maintained. At December 31, 2023, our interest coverage ratio and debt to capitalization ratio were 36.13:1.00 and 0.26:1.00, respectively. We were, therefore, in compliance with these covenants at December 31, 2023, and we anticipate we will continue to be in compliance during the next twelve months.Working Capital (representing excess of current assets over current liabilities). We generated cash flow from operations of $3.5 billion in 2023 compared to $4.5 billion in 2022. Working capital decreased $1.2 billion, or 21%, during 2023 to $4.5 billion at December 31, 2023, due primarily to our accounts receivable and inventories decreasing $683.1 million, or 13%, compared to December 31, 2022, due to lower sales and inventory values in 2023. In addition, our $400 million 2.800% senior notes were recorded as current at December 31, 2023.",
      "prior_body": "Selling, General and Administrative Expenses. Selling, general and administrative expenses decreased $98.4 million, or 15%, to $545.6 million during 2022 compared to 2021, representing 2.5% and 3.5% of net sales, respectively. This decrease is due primarily to a $27.7 million decrease in equity-based compensation expense, as well as decreased costs of $64.5 million related to Sinton that were included in selling, general and administrative expenses prior to the completion of the mill’s construction and start-up in early 2022. Companywide profit sharing expense was $452.6 million in 2022 (including $22.5 million of additional companywide special compensation awarded to all non-executive eligible team members in recognition of the company’s exceptional annual performance), an increase of $64.4 million from the $388.1 million earned during 2021, consistent with increased pretax income. Refer to Note 11. Retirement Plans to the consolidated financial statements elsewhere in this report for further information. Interest Expense, net of Capitalized Interest. During 2022, interest expense of $91.5 million increased 60% from $57.2 million during 2021. The higher interest expense in 2022 compared to 2021 was due to higher capitalized interest in 2021 ($50.5 million, compared to $15.8 million in 2022) related to the construction of Sinton. Other (Income) Expense, net. Net other income was $20.8 million in 2022, compared to net other expense of $34.8 million in 2021. The net other income in 2022 compared to net other expense in 2021 was due primarily to an increase in interest income of $28.0 million associated with our increased invested cash and short-term investment balances, as well as an increase in net earnings from equity investments of $18.6 million. Income Tax Expense. During 2022, income tax expense of $1.1 billion, at an effective income tax rate of 22.7%, increased 19% from the $962.3 million of income tax expense, at an effective income tax rate of 22.9%, during 2021, consistent with increased pretax earnings. Refer to Note 4. Income Taxes to the consolidated financial statements elsewhere in this report for additional information. Included in the balance of unrecognized tax benefits at December 31, 2022, are potential benefits of $25.1 million that, if recognized, would affect the effective tax rate. We recognize interest and penalties related to our tax contingencies on a net-of-tax basis in income tax expense. During the year ended December 31, 2022, we recognized expense from the increase of interest expense and penalties of $480,000, net of tax. In addition to the unrecognized tax benefits noted above, we had $1.2 million accrued for the payment of interest and penalties at December 31, 2022. We file income tax returns in the United States federal jurisdiction as well as income tax returns in various state jurisdictions. The tax years 2019 through 2021 remain open to examination by the Internal Revenue Service and various state and local jurisdictions. At this time, we do not believe there will be any significant examination adjustments that would result in a material change to our financial position, results of operations or cash flows. It is reasonably possible that the amount of unrecognized tax benefits could change in the next twelve months in an amount ranging from zero to $3.3 million, as a result of the expiration of the statute of limitations and other federal and state income tax audits. 44 44 Table of ContentsLiquidity and Capital ResourcesCapital Resources and Long-term Debt. Our business is capital intensive and requires substantial expenditures for, among other things, the purchase and maintenance of equipment used in our operations, and to remain in compliance with environmental laws. Our short-term and long-term liquidity needs arise primarily from working capital requirements, capital expenditures, including expansion projects, principal and interest payments related to our outstanding indebtedness (no significant principal payments until 2024), dividends to our shareholders, and potential stock repurchases and acquisitions or investments. We have met and intend to continue to meet these liquidity requirements primarily with available cash and cash provided by operations, and long-term borrowings, and we also have availability under our unsecured Revolver. Our liquidity at December 31, 2022, is as follows (in thousands):​​​​​​​​​​​​​​​​​​​​​​​​Cash and equivalents​$ 1,628,417​​​​​​Short-term investments​​ 628,215​​​​​​Unsecured revolver availability​​ 1,190,899​​​​​​Total liquidity​$ 3,447,531​​​​Our total outstanding debt of $3.1 billion at December 31, 2022 is consistent with December 31, 2021. Our total long-term debt to capitalization ratio (representing our long-term debt, including current maturities, divided by the sum of our long-term debt, redeemable noncontrolling interests, and our total stockholders’ equity) was 27.7% and 32.9% at December 31, 2022, and 2021, respectively, decreasing due to the growth in stockholders’ equity from undistributed 2022 earnings.Our unsecured credit agreement has a senior unsecured revolving credit facility (Facility), which provides a $1.2 billion unsecured Revolver, and matures in December 2024. Subject to certain conditions, we have the opportunity to increase the Facility size by $500.0 million. The unsecured Revolver is available to fund working capital, capital expenditures, and other general corporate purposes. The Facility contains financial covenants and other covenants pertaining to our ability to incur indebtedness and permit liens on certain assets. Our ability to borrow funds within the terms of the unsecured Revolver is dependent upon our continued compliance with the financial and other covenants. At December 31, 2022, we had $1.2 billion of availability on the Revolver, $9.1 million of outstanding letters of credit and other obligations which reduce availability, and there were no borrowings outstanding.The financial covenants under our Facility state that we must maintain an interest coverage ratio of not less than 2.50:1.00. Our interest coverage ratio is calculated by dividing our last-twelve-months (LTM) consolidated Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, and certain other non-cash transactions as allowed in the Facility) by our LTM gross interest expense, less amortization of financing fees. In addition, a debt to capitalization ratio of not more than 0.60:1.00 must be maintained. At December 31, 2022, our interest coverage ratio and debt to capitalization ratio were 54.42:1.00 and 0.27:1.00, respectively. We were, therefore, in compliance with these covenants at December 31, 2022, and we anticipate we will continue to be in compliance during the next twelve months.Working Capital. We generated cash flow from operations of $4.5 billion in 2022 compared to $2.2 billion in 2021. Operational working capital (representing amounts invested in trade receivables and inventories, less current liabilities other than income taxes payable and debt) decreased $112.5 million, or 3%, to $3.2 billion at December 31, 2022, due primarily to decreased inventory values, consistent with decreased steel and scrap selling prices as steel fabrication customer accounts increased with higher selling prices in the fourth quarter of 2022 compared to the same period in 2021.45 Table of Contents Table of Contents Table of Contents Liquidity and Capital ResourcesCapital Resources and Long-term Debt. Our business is capital intensive and requires substantial expenditures for, among other things, the purchase and maintenance of equipment used in our operations, and to remain in compliance with environmental laws. Our short-term and long-term liquidity needs arise primarily from working capital requirements, capital expenditures, including expansion projects, principal and interest payments related to our outstanding indebtedness (no significant principal payments until 2024), dividends to our shareholders, and potential stock repurchases and acquisitions or investments. We have met and intend to continue to meet these liquidity requirements primarily with available cash and cash provided by operations, and long-term borrowings, and we also have availability under our unsecured Revolver. Our liquidity at December 31, 2022, is as follows (in thousands):​​​​​​​​​​​​​​​​​​​​​​​​Cash and equivalents​$ 1,628,417​​​​​​Short-term investments​​ 628,215​​​​​​Unsecured revolver availability​​ 1,190,899​​​​​​Total liquidity​$ 3,447,531​​​​Our total outstanding debt of $3.1 billion at December 31, 2022 is consistent with December 31, 2021. Our total long-term debt to capitalization ratio (representing our long-term debt, including current maturities, divided by the sum of our long-term debt, redeemable noncontrolling interests, and our total stockholders’ equity) was 27.7% and 32.9% at December 31, 2022, and 2021, respectively, decreasing due to the growth in stockholders’ equity from undistributed 2022 earnings.Our unsecured credit agreement has a senior unsecured revolving credit facility (Facility), which provides a $1.2 billion unsecured Revolver, and matures in December 2024. Subject to certain conditions, we have the opportunity to increase the Facility size by $500.0 million. The unsecured Revolver is available to fund working capital, capital expenditures, and other general corporate purposes. The Facility contains financial covenants and other covenants pertaining to our ability to incur indebtedness and permit liens on certain assets. Our ability to borrow funds within the terms of the unsecured Revolver is dependent upon our continued compliance with the financial and other covenants. At December 31, 2022, we had $1.2 billion of availability on the Revolver, $9.1 million of outstanding letters of credit and other obligations which reduce availability, and there were no borrowings outstanding.The financial covenants under our Facility state that we must maintain an interest coverage ratio of not less than 2.50:1.00. Our interest coverage ratio is calculated by dividing our last-twelve-months (LTM) consolidated Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, and certain other non-cash transactions as allowed in the Facility) by our LTM gross interest expense, less amortization of financing fees. In addition, a debt to capitalization ratio of not more than 0.60:1.00 must be maintained. At December 31, 2022, our interest coverage ratio and debt to capitalization ratio were 54.42:1.00 and 0.27:1.00, respectively. We were, therefore, in compliance with these covenants at December 31, 2022, and we anticipate we will continue to be in compliance during the next twelve months.Working Capital. We generated cash flow from operations of $4.5 billion in 2022 compared to $2.2 billion in 2021. Operational working capital (representing amounts invested in trade receivables and inventories, less current liabilities other than income taxes payable and debt) decreased $112.5 million, or 3%, to $3.2 billion at December 31, 2022, due primarily to decreased inventory values, consistent with decreased steel and scrap selling prices as steel fabrication customer accounts increased with higher selling prices in the fourth quarter of 2022 compared to the same period in 2021."
    },
    {
      "status": "MODIFIED",
      "current_title": "Balances at January 1, 2021",
      "prior_title": "Balances at December 31, 2020",
      "similarity_score": 0.86,
      "confidence": "high",
      "current_body": "​ 210,914 ​ ​ 55,704 ​ ​ 648 ​ ​ (1,623,747) ​ ​ 1,207,392 ​ ​ 4,758,969 ​ ​ 1,902 ​ ​ (155,552) ​ ​ 4,189,612 ​ ​ 158,614 Dividends declared ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (210,939) ​ ​ - ​ ​ - ​ ​ (210,939) ​ ​ - Noncontrolling investors, net ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (150) ​ ​ - ​ ​ (73,080) ​ ​ (73,230) ​ ​ 52,800 Share repurchases ​ (16,867) ​ ​ 16,867 ​ ​ - ​ ​ (1,060,632) ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (1,060,632) ​ ​ - Equity-based compensation ​ 951 ​ ​ (344) ​ ​ 1 ​ ​ 10,112 ​ ​ 11,541 ​ ​ (529) ​ ​ - ​ ​ - ​ ​ 21,125 ​ ​ - Net income ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 3,214,066 ​ ​ - ​ ​ 32,748 ​ ​ 3,246,814 ​ ​ - Other comprehensive loss, net of tax ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (3,993) ​ ​ - ​ ​ (3,993) ​ ​ -",
      "prior_body": "​ 210,914 ​ ​ 55,704 ​ ​ 648 ​ ​ (1,623,747) ​ ​ 1,207,392 ​ ​ 4,758,969 ​ ​ 1,902 ​ ​ (155,552) ​ ​ 4,189,612 ​ ​ 158,614 Dividends declared ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (210,939) ​ ​ - ​ ​ - ​ ​ (210,939) ​ ​ - Noncontrolling investors, net ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (150) ​ ​ - ​ ​ (73,080) ​ ​ (73,230) ​ ​ 52,800 Share repurchases ​ (16,867) ​ ​ 16,867 ​ ​ - ​ ​ (1,060,632) ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (1,060,632) ​ ​ - Equity-based compensation ​ 951 ​ ​ (344) ​ ​ 1 ​ ​ 10,112 ​ ​ 11,541 ​ ​ (529) ​ ​ - ​ ​ - ​ ​ 21,125 ​ ​ - Net income ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 3,214,066 ​ ​ - ​ ​ 32,748 ​ ​ 3,246,814 ​ ​ - Other comprehensive loss, net of tax ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (3,993) ​ ​ - ​ ​ (3,993) ​ ​ -"
    },
    {
      "status": "MODIFIED",
      "current_title": "Opinion on Internal Control Over Financial Reporting",
      "prior_title": "Opinion on Internal Control Over Financial Reporting",
      "similarity_score": 0.859,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"We have audited Steel Dynamics, Inc.’s internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria).\"",
        "Reworded sentence: \"(the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2023, based on the COSO criteria.\"",
        "Reworded sentence: \"as of December 31, 2023 and 2022, the related consolidated statements of income, comprehensive income, equity, and cash flows for each of the three years in the period ended December 31, 2023, and the related notes and our report dated February 29, 2024 expressed an unqualified opinion thereon.\""
      ],
      "current_body": "We have audited Steel Dynamics, Inc.’s internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Steel Dynamics, Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2023, based on the COSO criteria. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of Steel Dynamics, Inc. as of December 31, 2023 and 2022, the related consolidated statements of income, comprehensive income, equity, and cash flows for each of the three years in the period ended December 31, 2023, and the related notes and our report dated February 29, 2024 expressed an unqualified opinion thereon.",
      "prior_body": "We have audited Steel Dynamics, Inc.’s internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Steel Dynamics, Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2022, based on the COSO criteria. As indicated in the accompanying Management's Report on Internal Control Over Financial Reporting, management's assessment of and conclusion on the effectiveness of internal control over financial reporting did not include the internal controls of ROCA ACERO, S.A. de C.V., which is included in the 2022 consolidated financial statements of the Company and constituted 1% of total and net assets, respectively, as of December 31, 2022 and 0.3% of net sales for the year then ended. Our audit of internal control over financial reporting of the Company also did not include an evaluation of the internal control over financial reporting of ROCA ACERO, S.A. de C.V. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of Steel Dynamics, Inc. as of December 31, 2022 and 2021, the related consolidated statements of income, comprehensive income, equity, and cash flows for each of the three years in the period ended December 31, 2022, and the related notes and our report dated February 28, 2023 expressed an unqualified opinion thereon."
    },
    {
      "status": "MODIFIED",
      "current_title": "Our level of production and our sales and earnings are subject to significant fluctuations as a result of the cyclical nature of the steel industry and some of the industries we serve.",
      "prior_title": "Pandemics, epidemics, widespread illness or other health issues, such as COVID-19 or its variants, may adversely affect our business, results of operations, financial condition, cash flows, liquidity, and stock price.",
      "similarity_score": 0.848,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"24 24 Table of ContentsThe steel manufacturing business is cyclical in nature, and the selling price of the steel we make may fluctuate significantly due to many factors beyond our control.\"",
        "Reworded sentence: \"The sale of our manufactured steel products is directly affected by demand for our products in other cyclical industries, such as construction, automotive, manufacturing, transportation, heavy and agriculture equipment, energy and pipe and tube (including OCTG) markets.\"",
        "Reworded sentence: \"However, given environmental considerations of investors, customers and regulators, additional EAF mills may be constructed, or companies currently operating blast furnace mills may invest in EAF mills, leading to increased demand in ferrous scrap possibly resulting in higher scrap prices.\"",
        "Reworded sentence: \"Any inability to secure a consistent, cost-effective and timely supply of our raw materials and supplies may adversely affect our business, financial condition, results of operations and cash flows.Additionally, our inability to pass on all or a substantial part of any cost increases, whether due to positive environmental attributes, inflation, supply and demand imbalances, or otherwise, or to provide for our customers’ needs because of the potential unavailability of raw materials, supplies or required environmental attributes, may result in production slowdowns or curtailments or may otherwise adversely affect our business, financial condition, results of operations and cash flows.The cost and availability of electricity, natural gas, oil and other energy resources are subject to volatile market conditions.We consume large amounts of energy to melt scrap, reheat semi-finished products for rolling into finished products and perform other steps necessary to our production process.\"",
        "Reworded sentence: \"The sale of our manufactured steel products is directly affected by demand for our products in other cyclical industries, such as construction, automotive, manufacturing, transportation, heavy and agriculture equipment, energy and pipe and tube (including OCTG) markets.\""
      ],
      "current_body": "24 24 Table of ContentsThe steel manufacturing business is cyclical in nature, and the selling price of the steel we make may fluctuate significantly due to many factors beyond our control. Furthermore, a number of our products are commodities, subject to their own cyclical fluctuations in supply and demand in both metal consuming and metal generating industries, including the construction and manufacturing industries. The timing, magnitude and duration of these cycles and the resulting price fluctuations are difficult to predict. The sale of our manufactured steel products is directly affected by demand for our products in other cyclical industries, such as construction, automotive, manufacturing, transportation, heavy and agriculture equipment, energy and pipe and tube (including OCTG) markets. Economic difficulties, stagnant or slow global economies, supply and demand imbalances, supply chain disruptions, periods of heightened inflation or high interest rates, and currency fluctuations in the United States or globally may decrease the demand for our products or increase the amount of imports of steel into the United States, which may decrease our sales, margins and profitability.Volatility and major fluctuations in prices and availability of scrap metal, scrap substitutes and supplies, and our potential inability to pass higher costs on to our customers, may constrain operating levels and reduce profit margins.Steel producers require large amounts of raw materials, including ferrous scrap metal and scrap substitute products such as pig iron and pelletized iron, and other supplies such as zinc, graphite electrodes and ferroalloys. The principal raw material of our EAF steel operations is recycled ferrous scrap derived from, among other sources, “home scrap,” generated internally at steel mills themselves, industrial scrap, generated as a by-product of manufacturing, obsolete scrap, recycled from end-of-life automobiles, appliances and machinery, and demolition scrap, recycled from obsolete structures, containers and machines. The prices for scrap are subject to market forces largely beyond our control, including demand by United States and foreign steel producers, freight costs and speculation. The scrap metal recycling industry has historically been, and is expected to remain, highly cyclical and the prices for scrap have varied significantly in the past, may vary significantly in the future and do not necessarily fluctuate in tandem with the price of steel. Moreover, some of our integrated steel producer competitors are not as dependent as we are on ferrous scrap as a part of their raw material melt mix, which, during periods of high scrap costs relative to the cost of blast furnace iron used by the integrated producers, give them a raw material cost advantage over EAF mills. However, given environmental considerations of investors, customers and regulators, additional EAF mills may be constructed, or companies currently operating blast furnace mills may invest in EAF mills, leading to increased demand in ferrous scrap possibly resulting in higher scrap prices. While our vertical integration into the metals recycling business and our liquid pig-iron operations are expected to enable us to continue being a cost-effective supplier to our own steelmaking operations, for some of our metallics requirements, we still rely on other metallics and raw material suppliers, as well as upon general industry supply conditions for the balance of our needs.The availability and prices of raw materials and supplies, particularly those with positive environmental attributes, may also be negatively affected by new, existing or changing laws, regulations, sanctions or embargoes, including those that may impose output limitations or higher costs associated with climate change or GHG allocation by suppliers, interruptions in production, accidents or natural disasters, changes in exchange rates, global price fluctuations, the availability and cost of transportation, and competing uses, all of which may be heighted during times of war or hostilities. As a major producer of galvanized steel products, we purchase and consume a large amount of zinc, which if purchased at high prices, may adversely affect our profit margins. Any inability to secure a consistent, cost-effective and timely supply of our raw materials and supplies may adversely affect our business, financial condition, results of operations and cash flows.Additionally, our inability to pass on all or a substantial part of any cost increases, whether due to positive environmental attributes, inflation, supply and demand imbalances, or otherwise, or to provide for our customers’ needs because of the potential unavailability of raw materials, supplies or required environmental attributes, may result in production slowdowns or curtailments or may otherwise adversely affect our business, financial condition, results of operations and cash flows.The cost and availability of electricity, natural gas, oil and other energy resources are subject to volatile market conditions.We consume large amounts of energy to melt scrap, reheat semi-finished products for rolling into finished products and perform other steps necessary to our production process. We rely on third parties for the supply of energy resources 25 Table of Contents Table of Contents Table of Contents The steel manufacturing business is cyclical in nature, and the selling price of the steel we make may fluctuate significantly due to many factors beyond our control. Furthermore, a number of our products are commodities, subject to their own cyclical fluctuations in supply and demand in both metal consuming and metal generating industries, including the construction and manufacturing industries. The timing, magnitude and duration of these cycles and the resulting price fluctuations are difficult to predict. The sale of our manufactured steel products is directly affected by demand for our products in other cyclical industries, such as construction, automotive, manufacturing, transportation, heavy and agriculture equipment, energy and pipe and tube (including OCTG) markets. Economic difficulties, stagnant or slow global economies, supply and demand imbalances, supply chain disruptions, periods of heightened inflation or high interest rates, and currency fluctuations in the United States or globally may decrease the demand for our products or increase the amount of imports of steel into the United States, which may decrease our sales, margins and profitability.Volatility and major fluctuations in prices and availability of scrap metal, scrap substitutes and supplies, and our potential inability to pass higher costs on to our customers, may constrain operating levels and reduce profit margins.Steel producers require large amounts of raw materials, including ferrous scrap metal and scrap substitute products such as pig iron and pelletized iron, and other supplies such as zinc, graphite electrodes and ferroalloys. The principal raw material of our EAF steel operations is recycled ferrous scrap derived from, among other sources, “home scrap,” generated internally at steel mills themselves, industrial scrap, generated as a by-product of manufacturing, obsolete scrap, recycled from end-of-life automobiles, appliances and machinery, and demolition scrap, recycled from obsolete structures, containers and machines. The prices for scrap are subject to market forces largely beyond our control, including demand by United States and foreign steel producers, freight costs and speculation. The scrap metal recycling industry has historically been, and is expected to remain, highly cyclical and the prices for scrap have varied significantly in the past, may vary significantly in the future and do not necessarily fluctuate in tandem with the price of steel. Moreover, some of our integrated steel producer competitors are not as dependent as we are on ferrous scrap as a part of their raw material melt mix, which, during periods of high scrap costs relative to the cost of blast furnace iron used by the integrated producers, give them a raw material cost advantage over EAF mills. However, given environmental considerations of investors, customers and regulators, additional EAF mills may be constructed, or companies currently operating blast furnace mills may invest in EAF mills, leading to increased demand in ferrous scrap possibly resulting in higher scrap prices. While our vertical integration into the metals recycling business and our liquid pig-iron operations are expected to enable us to continue being a cost-effective supplier to our own steelmaking operations, for some of our metallics requirements, we still rely on other metallics and raw material suppliers, as well as upon general industry supply conditions for the balance of our needs.The availability and prices of raw materials and supplies, particularly those with positive environmental attributes, may also be negatively affected by new, existing or changing laws, regulations, sanctions or embargoes, including those that may impose output limitations or higher costs associated with climate change or GHG allocation by suppliers, interruptions in production, accidents or natural disasters, changes in exchange rates, global price fluctuations, the availability and cost of transportation, and competing uses, all of which may be heighted during times of war or hostilities. As a major producer of galvanized steel products, we purchase and consume a large amount of zinc, which if purchased at high prices, may adversely affect our profit margins. Any inability to secure a consistent, cost-effective and timely supply of our raw materials and supplies may adversely affect our business, financial condition, results of operations and cash flows.Additionally, our inability to pass on all or a substantial part of any cost increases, whether due to positive environmental attributes, inflation, supply and demand imbalances, or otherwise, or to provide for our customers’ needs because of the potential unavailability of raw materials, supplies or required environmental attributes, may result in production slowdowns or curtailments or may otherwise adversely affect our business, financial condition, results of operations and cash flows.The cost and availability of electricity, natural gas, oil and other energy resources are subject to volatile market conditions.We consume large amounts of energy to melt scrap, reheat semi-finished products for rolling into finished products and perform other steps necessary to our production process. We rely on third parties for the supply of energy resources The steel manufacturing business is cyclical in nature, and the selling price of the steel we make may fluctuate significantly due to many factors beyond our control. Furthermore, a number of our products are commodities, subject to their own cyclical fluctuations in supply and demand in both metal consuming and metal generating industries, including the construction and manufacturing industries. The timing, magnitude and duration of these cycles and the resulting price fluctuations are difficult to predict. The sale of our manufactured steel products is directly affected by demand for our products in other cyclical industries, such as construction, automotive, manufacturing, transportation, heavy and agriculture equipment, energy and pipe and tube (including OCTG) markets. Economic difficulties, stagnant or slow global economies, supply and demand imbalances, supply chain disruptions, periods of heightened inflation or high interest rates, and currency fluctuations in the United States or globally may decrease the demand for our products or increase the amount of imports of steel into the United States, which may decrease our sales, margins and profitability.",
      "prior_body": "Pandemics, epidemics, widespread illness or other health issues, such as a resurgence of COVID-19 or its variants, may adversely affect our business, results of operations, financial condition, cash flows, liquidity and stock price. Government actions globally, including United States federal and state governmental actions, related to COVID-19 and its variants have impacted and may further impact demand for our products, our supply chain, and our employees. The response to COVID-19 has adversely affected and may continue to adversely affect us and the economy generally, as a result of, among other things, labor shortages, supply chain disruptions, inflation and rising interest rates. 23 23 Table of ContentsAdditionally, while our operations have not been curtailed, virus variants that are more contagious or more severe could reduce demand for our products and thus, reduce the productivity of our operations and adversely affect our business, results of operations, financial condition and cash flows. We or certain of our customers and suppliers have and may continue to experience supply chain disruptions, which may adversely affect our operations. Reduced demand for our products or raw material supply availability due to shutdowns or slowdowns in businesses may further adversely affect our volumes and margins, results of operations, financial condition and cash flows. Industry Risks Related to our BusinessOur level of production and our sales and earnings are subject to significant fluctuations as a result of the cyclical nature of the steel industry and some of the industries we serve.The steel manufacturing business is cyclical in nature, and the selling price of the steel we make may fluctuate significantly due to many factors beyond our control. Furthermore, a number of our products are commodities, subject to their own cyclical fluctuations in supply and demand in both metal consuming and metal generating industries, including the construction and manufacturing industries. The timing, magnitude and duration of these cycles and the resulting price fluctuations are difficult to predict. The sale of our manufactured steel products is directly affected by demand for our products in other cyclical industries, such as construction, automotive, manufacturing, transportation, heavy and agriculture equipment, and pipe and tube (including OCTG) markets. Economic difficulties, stagnant or slow global economies, supply/demand imbalances, supply chain disruptions, periods of heightened inflation or increased interest rates, and currency fluctuations in the United States or globally may decrease the demand for our products or increase the amount of imports of steel into the United States, which may decrease our sales, margins and profitability.Volatility and major fluctuations in prices and availability of scrap metal, scrap substitutes, and supplies, and our potential inability to pass higher costs on to our customers, may constrain operating levels and reduce profit margins.Steel producers require large amounts of raw materials, including ferrous scrap metal and scrap substitute products such as pig iron, pelletized iron and other supplies such as zinc, graphite electrodes and ferroalloys. The principal raw material of our EAF steel operations is recycled ferrous scrap derived from, among other sources, “home scrap”, generated internally at steel mills themselves, industrial scrap, generated as a by-product of manufacturing, obsolete scrap, recycled from end-of-life automobiles, appliances, and machinery, and demolition scrap, recycled from obsolete structures, containers and machines. The prices for scrap are subject to market forces largely beyond our control, including demand by United States and foreign steel producers of which there has been recent capacity additions and expected further additions, freight costs and speculation. The scrap metal recycling industry has historically been, and is expected to remain, highly cyclical and the prices for scrap have varied significantly in the past, may vary significantly in the future and do not necessarily fluctuate in tandem with the price of steel. Moreover, some of our integrated steel producer competitors are not as dependent as we are on ferrous scrap as a part of their raw material melt mix, which, during periods of high scrap costs relative to the cost of blast furnace iron used by the integrated producers, give them a raw material cost advantage over EAF mills. However, given environmental considerations of investors, customers and regulators, additional EAF mills may be constructed, leading to increased demand in ferrous scrap possibly resulting in higher scrap prices. While our vertical integration into the metals recycling business and our liquid pig-iron operations are expected to enable us to continue being a cost-effective supplier to our own steelmaking operations, for some of our metallics requirements, we still rely on other metallics and raw material suppliers, as well as upon general industry supply conditions for the balance of our needs.The availability and prices of raw materials and supplies, particularly those with positive environmental attributes, may also be negatively affected by new, existing, or changing laws, regulations, sanctions or embargoes, including those that may impose output limitations or higher costs associated with climate change or GHG allocation by suppliers, interruptions in production, accidents or natural disasters, changes in exchange rates, global price fluctuations, the availability and cost of transportation, and competing uses, all of which may be heighted during times of war or hostilities, including those occurring in Eastern Europe as it relates to global pig iron supply. As a major producer of galvanized steel products, we purchase and consume a large amount of zinc, which if purchased at high prices, may adversely affect our profit margins. Any inability to secure a consistent, cost-effective and timely supply of our raw materials and supplies may adversely affect our business, financial condition, results of operations and cash flows.24 Table of Contents Table of Contents Table of Contents Additionally, while our operations have not been curtailed, virus variants that are more contagious or more severe could reduce demand for our products and thus, reduce the productivity of our operations and adversely affect our business, results of operations, financial condition and cash flows. We or certain of our customers and suppliers have and may continue to experience supply chain disruptions, which may adversely affect our operations. Reduced demand for our products or raw material supply availability due to shutdowns or slowdowns in businesses may further adversely affect our volumes and margins, results of operations, financial condition and cash flows. Industry Risks Related to our BusinessOur level of production and our sales and earnings are subject to significant fluctuations as a result of the cyclical nature of the steel industry and some of the industries we serve.The steel manufacturing business is cyclical in nature, and the selling price of the steel we make may fluctuate significantly due to many factors beyond our control. Furthermore, a number of our products are commodities, subject to their own cyclical fluctuations in supply and demand in both metal consuming and metal generating industries, including the construction and manufacturing industries. The timing, magnitude and duration of these cycles and the resulting price fluctuations are difficult to predict. The sale of our manufactured steel products is directly affected by demand for our products in other cyclical industries, such as construction, automotive, manufacturing, transportation, heavy and agriculture equipment, and pipe and tube (including OCTG) markets. Economic difficulties, stagnant or slow global economies, supply/demand imbalances, supply chain disruptions, periods of heightened inflation or increased interest rates, and currency fluctuations in the United States or globally may decrease the demand for our products or increase the amount of imports of steel into the United States, which may decrease our sales, margins and profitability.Volatility and major fluctuations in prices and availability of scrap metal, scrap substitutes, and supplies, and our potential inability to pass higher costs on to our customers, may constrain operating levels and reduce profit margins.Steel producers require large amounts of raw materials, including ferrous scrap metal and scrap substitute products such as pig iron, pelletized iron and other supplies such as zinc, graphite electrodes and ferroalloys. The principal raw material of our EAF steel operations is recycled ferrous scrap derived from, among other sources, “home scrap”, generated internally at steel mills themselves, industrial scrap, generated as a by-product of manufacturing, obsolete scrap, recycled from end-of-life automobiles, appliances, and machinery, and demolition scrap, recycled from obsolete structures, containers and machines. The prices for scrap are subject to market forces largely beyond our control, including demand by United States and foreign steel producers of which there has been recent capacity additions and expected further additions, freight costs and speculation. The scrap metal recycling industry has historically been, and is expected to remain, highly cyclical and the prices for scrap have varied significantly in the past, may vary significantly in the future and do not necessarily fluctuate in tandem with the price of steel. Moreover, some of our integrated steel producer competitors are not as dependent as we are on ferrous scrap as a part of their raw material melt mix, which, during periods of high scrap costs relative to the cost of blast furnace iron used by the integrated producers, give them a raw material cost advantage over EAF mills. However, given environmental considerations of investors, customers and regulators, additional EAF mills may be constructed, leading to increased demand in ferrous scrap possibly resulting in higher scrap prices. While our vertical integration into the metals recycling business and our liquid pig-iron operations are expected to enable us to continue being a cost-effective supplier to our own steelmaking operations, for some of our metallics requirements, we still rely on other metallics and raw material suppliers, as well as upon general industry supply conditions for the balance of our needs.The availability and prices of raw materials and supplies, particularly those with positive environmental attributes, may also be negatively affected by new, existing, or changing laws, regulations, sanctions or embargoes, including those that may impose output limitations or higher costs associated with climate change or GHG allocation by suppliers, interruptions in production, accidents or natural disasters, changes in exchange rates, global price fluctuations, the availability and cost of transportation, and competing uses, all of which may be heighted during times of war or hostilities, including those occurring in Eastern Europe as it relates to global pig iron supply. As a major producer of galvanized steel products, we purchase and consume a large amount of zinc, which if purchased at high prices, may adversely affect our profit margins. Any inability to secure a consistent, cost-effective and timely supply of our raw materials and supplies may adversely affect our business, financial condition, results of operations and cash flows. Additionally, while our operations have not been curtailed, virus variants that are more contagious or more severe could reduce demand for our products and thus, reduce the productivity of our operations and adversely affect our business, results of operations, financial condition and cash flows. We or certain of our customers and suppliers have and may continue to experience supply chain disruptions, which may adversely affect our operations. Reduced demand for our products or raw material supply availability due to shutdowns or slowdowns in businesses may further adversely affect our volumes and margins, results of operations, financial condition and cash flows."
    },
    {
      "status": "MODIFIED",
      "current_title": "The cost and availability of electricity, natural gas, oil and other energy resources are subject to volatile market conditions.",
      "prior_title": "Volatility and major fluctuations in prices and availability of scrap metal, scrap substitutes, and supplies, and our potential inability to pass higher costs on to our customers, may constrain operating levels and reduce profit margins.",
      "similarity_score": 0.844,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"We consume large amounts of energy to melt scrap, reheat semi-finished products for rolling into finished products and perform other steps necessary to our production process.\"",
        "Reworded sentence: \"Accordingly, we are at risk in the event of an energy disruption, including power outages, power unavailability or inability to obtain power at a reasonable price or with sufficient desired environmental attributes.\"",
        "Reworded sentence: \"We are taking further action to reduce our environmental footprint through our 2025, 2030, and 2050 goals for GHG emission reduction and increased renewable energy usage.\"",
        "Reworded sentence: \"Any failure to timely meet these goals, or other requirements of customers or investors, may have an adverse effect on our business, results of operations and stock price.Additionally, governmental agencies, regulators, investors or other groups have introduced, and may request or require, environmental monitoring, disclosures or regulations in response to the potential impacts of climate change.\"",
        "Reworded sentence: \"Any adopted regulations could negatively impact our ability, and that of our customers and suppliers, to compete with companies situated in areas not subject to or not complying with such regulations, or could affect our environmental disclosures for any allowances, offsets or credits.\""
      ],
      "current_body": "We consume large amounts of energy to melt scrap, reheat semi-finished products for rolling into finished products and perform other steps necessary to our production process. We rely on third parties for the supply of energy resources 25 25 Table of Contentswe require in our production activities. The prices for and availability of electricity, natural gas, oil and other energy resources, including renewable or other clean energy sources, are subject to regulation and volatile market conditions, often affected by weather conditions as well as political, environmental and economic factors beyond our control. As large consumers of electricity and natural gas, we must have dependable delivery in order to operate. Accordingly, we are at risk in the event of an energy disruption, including power outages, power unavailability or inability to obtain power at a reasonable price or with sufficient desired environmental attributes. Prolonged blackouts, curtailments or disruptions caused by natural disasters or by political or environmental considerations would substantially disrupt our production. Since a significant portion of our finished products are delivered by truck, unforeseen fluctuations in the price of fuel would also adversely affect our costs or the costs of many of our customers.Increased environmental, GHG emissions and sustainability considerations from our customers or related regulations could affect demand for our products and add significant costs.Customers, investors and regulators have increased their focus on the environment, GHG emissions and sustainability. We are committed to the environment and sustainability. We are taking further action to reduce our environmental footprint through our 2025, 2030, and 2050 goals for GHG emission reduction and increased renewable energy usage. We believe that achievement of these goals will comport with expectations of our customers and investors, but certain customers and investors may have differing requirements. To achieve these goals, our operational costs may increase and we have had and will continue to have additional capital expenditures, some of which we may not be able to pass along to our customers. Any failure to timely meet these goals, or other requirements of customers or investors, may have an adverse effect on our business, results of operations and stock price.Additionally, governmental agencies, regulators, investors or other groups have introduced, and may request or require, environmental monitoring, disclosures or regulations in response to the potential impacts of climate change. International treaties or agreements may also result in increasing regulation of GHG emissions, including the introduction of carbon emissions limitations or trading mechanisms. Any such regulation or disclosure requirement could impose significant costs on our operations and on the operations of our customers and suppliers, including increased energy, capital equipment, emissions controls, environmental monitoring and reporting and other costs in order to comply with current or future laws, regulations or demands concerning the environment, climate change, GHG emissions and sustainability. Any adopted regulations could negatively impact our ability, and that of our customers and suppliers, to compete with companies situated in areas not subject to or not complying with such regulations, or could affect our environmental disclosures for any allowances, offsets or credits. We may see an increase in costs relating to our assets that emit GHGs as a result of these initiatives, which may impact our operations directly or through our customers and suppliers. Compliance with and changes in environmental and remediation requirements may result in substantially increased capital requirements and operating costs.Existing laws or regulations, as currently interpreted or as may be interpreted in the future, as well as future laws or regulations, may adversely affect our results of operations and financial condition.We are subject to numerous local, state, federal and international statutory and regulatory environmental requirements relating to, among other things:●the generation, storage, treatment, handling and disposal of solid and hazardous waste and secondary materials;●the discharge of materials into the air, including periodic changes to the National Ambient Air Quality Standards and to emission standards;●the management, treatment and discharge of wastewater and storm water;●the use and treatment of groundwater;●the remediation of soil and groundwater contamination;●climate change legislation or regulation;26 Table of Contents Table of Contents Table of Contents we require in our production activities. The prices for and availability of electricity, natural gas, oil and other energy resources, including renewable or other clean energy sources, are subject to regulation and volatile market conditions, often affected by weather conditions as well as political, environmental and economic factors beyond our control. As large consumers of electricity and natural gas, we must have dependable delivery in order to operate. Accordingly, we are at risk in the event of an energy disruption, including power outages, power unavailability or inability to obtain power at a reasonable price or with sufficient desired environmental attributes. Prolonged blackouts, curtailments or disruptions caused by natural disasters or by political or environmental considerations would substantially disrupt our production. Since a significant portion of our finished products are delivered by truck, unforeseen fluctuations in the price of fuel would also adversely affect our costs or the costs of many of our customers.Increased environmental, GHG emissions and sustainability considerations from our customers or related regulations could affect demand for our products and add significant costs.Customers, investors and regulators have increased their focus on the environment, GHG emissions and sustainability. We are committed to the environment and sustainability. We are taking further action to reduce our environmental footprint through our 2025, 2030, and 2050 goals for GHG emission reduction and increased renewable energy usage. We believe that achievement of these goals will comport with expectations of our customers and investors, but certain customers and investors may have differing requirements. To achieve these goals, our operational costs may increase and we have had and will continue to have additional capital expenditures, some of which we may not be able to pass along to our customers. Any failure to timely meet these goals, or other requirements of customers or investors, may have an adverse effect on our business, results of operations and stock price.Additionally, governmental agencies, regulators, investors or other groups have introduced, and may request or require, environmental monitoring, disclosures or regulations in response to the potential impacts of climate change. International treaties or agreements may also result in increasing regulation of GHG emissions, including the introduction of carbon emissions limitations or trading mechanisms. Any such regulation or disclosure requirement could impose significant costs on our operations and on the operations of our customers and suppliers, including increased energy, capital equipment, emissions controls, environmental monitoring and reporting and other costs in order to comply with current or future laws, regulations or demands concerning the environment, climate change, GHG emissions and sustainability. Any adopted regulations could negatively impact our ability, and that of our customers and suppliers, to compete with companies situated in areas not subject to or not complying with such regulations, or could affect our environmental disclosures for any allowances, offsets or credits. We may see an increase in costs relating to our assets that emit GHGs as a result of these initiatives, which may impact our operations directly or through our customers and suppliers. Compliance with and changes in environmental and remediation requirements may result in substantially increased capital requirements and operating costs.Existing laws or regulations, as currently interpreted or as may be interpreted in the future, as well as future laws or regulations, may adversely affect our results of operations and financial condition.We are subject to numerous local, state, federal and international statutory and regulatory environmental requirements relating to, among other things:●the generation, storage, treatment, handling and disposal of solid and hazardous waste and secondary materials;●the discharge of materials into the air, including periodic changes to the National Ambient Air Quality Standards and to emission standards;●the management, treatment and discharge of wastewater and storm water;●the use and treatment of groundwater;●the remediation of soil and groundwater contamination;●climate change legislation or regulation; we require in our production activities. The prices for and availability of electricity, natural gas, oil and other energy resources, including renewable or other clean energy sources, are subject to regulation and volatile market conditions, often affected by weather conditions as well as political, environmental and economic factors beyond our control. As large consumers of electricity and natural gas, we must have dependable delivery in order to operate. Accordingly, we are at risk in the event of an energy disruption, including power outages, power unavailability or inability to obtain power at a reasonable price or with sufficient desired environmental attributes. Prolonged blackouts, curtailments or disruptions caused by natural disasters or by political or environmental considerations would substantially disrupt our production. Since a significant portion of our finished products are delivered by truck, unforeseen fluctuations in the price of fuel would also adversely affect our costs or the costs of many of our customers.",
      "prior_body": "Steel producers require large amounts of raw materials, including ferrous scrap metal and scrap substitute products such as pig iron, pelletized iron and other supplies such as zinc, graphite electrodes and ferroalloys. The principal raw material of our EAF steel operations is recycled ferrous scrap derived from, among other sources, “home scrap”, generated internally at steel mills themselves, industrial scrap, generated as a by-product of manufacturing, obsolete scrap, recycled from end-of-life automobiles, appliances, and machinery, and demolition scrap, recycled from obsolete structures, containers and machines. The prices for scrap are subject to market forces largely beyond our control, including demand by United States and foreign steel producers of which there has been recent capacity additions and expected further additions, freight costs and speculation. The scrap metal recycling industry has historically been, and is expected to remain, highly cyclical and the prices for scrap have varied significantly in the past, may vary significantly in the future and do not necessarily fluctuate in tandem with the price of steel. Moreover, some of our integrated steel producer competitors are not as dependent as we are on ferrous scrap as a part of their raw material melt mix, which, during periods of high scrap costs relative to the cost of blast furnace iron used by the integrated producers, give them a raw material cost advantage over EAF mills. However, given environmental considerations of investors, customers and regulators, additional EAF mills may be constructed, leading to increased demand in ferrous scrap possibly resulting in higher scrap prices. While our vertical integration into the metals recycling business and our liquid pig-iron operations are expected to enable us to continue being a cost-effective supplier to our own steelmaking operations, for some of our metallics requirements, we still rely on other metallics and raw material suppliers, as well as upon general industry supply conditions for the balance of our needs. The availability and prices of raw materials and supplies, particularly those with positive environmental attributes, may also be negatively affected by new, existing, or changing laws, regulations, sanctions or embargoes, including those that may impose output limitations or higher costs associated with climate change or GHG allocation by suppliers, interruptions in production, accidents or natural disasters, changes in exchange rates, global price fluctuations, the availability and cost of transportation, and competing uses, all of which may be heighted during times of war or hostilities, including those occurring in Eastern Europe as it relates to global pig iron supply. As a major producer of galvanized steel products, we purchase and consume a large amount of zinc, which if purchased at high prices, may adversely affect our profit margins. Any inability to secure a consistent, cost-effective and timely supply of our raw materials and supplies may adversely affect our business, financial condition, results of operations and cash flows. 24 24 Table of ContentsAdditionally, our inability to pass on all or any substantial part of any cost increases, whether due to positive environmental attributes, inflation, supply and demand imbalances, or otherwise, or to provide for our customers’ needs because of the potential unavailability of raw materials, supplies or required environmental attributes, may result in production slowdowns or curtailments or may otherwise adversely affect our business, financial condition, results of operations and cash flows.The cost and availability of electricity, natural gas, oil and other energy resources are subject to volatile market conditions.We consume large amounts of energy to melt scrap, reheat semi-finished products for rolling into finished products and perform other steps necessary to our production process. We rely on third parties for the supply of energy resources we require in our production activities. The prices for and availability of electricity, natural gas, oil and other energy resources, including renewable or other clean energy sources, are subject to regulation and volatile market conditions, often affected by weather conditions as well as political, environmental and economic factors beyond our control. As large consumers of electricity and natural gas, we must have dependable delivery in order to operate. Accordingly, we are at risk in the event of an energy disruption, including power outages, power unavailability or inability to obtain power with sufficient desired environmental attributes. Prolonged blackouts or curtailments or disruptions caused by natural disasters or by political or environmental considerations would substantially disrupt our production. Since a significant portion of our finished products are delivered by truck, unforeseen fluctuations in the price of fuel would also adversely affect our costs or the costs of many of our customers.Increased environmental, GHG emissions and sustainability considerations from our customers or related regulations could affect demand for our products and add significant costs.Customers, investors and regulators have increased their focus on the environment, GHG emissions and sustainability. We are committed to the environment and sustainability. In 2021, we announced that we are taking further action to reduce our environmental footprint through our 2025, 2030, and 2050 goals for GHG emission reduction and increased renewable energy usage. We believe that achievement of these goals will comport with expectations of our customers and investors, but certain customers and investors may have differing requirements. To achieve these goals, our operational costs may increase and we have had and will continue to have additional capital expenditures, some of which we may not be able to pass along to our customers. Any failure to timely meet these goals, or other requirements of customers or investors, may have an adverse effect on our business, results of operations and stock price.Additionally, governmental agencies, regulators, investors or other groups may introduce, request or require environmental monitoring, disclosures or regulations in response to the potential impacts of climate change. International treaties or agreements may also result in increasing regulation of GHG emissions, including the introduction of carbon emissions limitations or trading mechanisms. Any such regulation or disclosure requirement could impose significant costs on our operations and on the operations of our customers and suppliers, including increased energy, capital equipment, emissions controls, environmental monitoring and reporting and other costs in order to comply with current or future laws, regulations or demands concerning the environment, climate change, GHG emissions and sustainability. Any adopted future regulations could negatively impact our ability, and that of our customers and suppliers, to compete with companies situated in areas not subject to or not complying with such limitations, or could affect our environmental disclosures for any allowances, offsets or credits. We may see an increase in costs relating to our assets that emit GHGs as a result of these initiatives, which may impact our operations directly or through our customers and suppliers. Until the timing, scope and extent of any future regulation becomes known, we cannot predict the effect on our financial condition, operating performance and ability to compete.Compliance with and changes in environmental and remediation requirements may result in substantially increased capital requirements and operating costs.Existing laws or regulations, as currently interpreted or as may be interpreted in the future, as well as future laws or regulations, may adversely affect our results of operations and financial condition.25 Table of Contents Table of Contents Table of Contents Additionally, our inability to pass on all or any substantial part of any cost increases, whether due to positive environmental attributes, inflation, supply and demand imbalances, or otherwise, or to provide for our customers’ needs because of the potential unavailability of raw materials, supplies or required environmental attributes, may result in production slowdowns or curtailments or may otherwise adversely affect our business, financial condition, results of operations and cash flows.The cost and availability of electricity, natural gas, oil and other energy resources are subject to volatile market conditions.We consume large amounts of energy to melt scrap, reheat semi-finished products for rolling into finished products and perform other steps necessary to our production process. We rely on third parties for the supply of energy resources we require in our production activities. The prices for and availability of electricity, natural gas, oil and other energy resources, including renewable or other clean energy sources, are subject to regulation and volatile market conditions, often affected by weather conditions as well as political, environmental and economic factors beyond our control. As large consumers of electricity and natural gas, we must have dependable delivery in order to operate. Accordingly, we are at risk in the event of an energy disruption, including power outages, power unavailability or inability to obtain power with sufficient desired environmental attributes. Prolonged blackouts or curtailments or disruptions caused by natural disasters or by political or environmental considerations would substantially disrupt our production. Since a significant portion of our finished products are delivered by truck, unforeseen fluctuations in the price of fuel would also adversely affect our costs or the costs of many of our customers.Increased environmental, GHG emissions and sustainability considerations from our customers or related regulations could affect demand for our products and add significant costs.Customers, investors and regulators have increased their focus on the environment, GHG emissions and sustainability. We are committed to the environment and sustainability. In 2021, we announced that we are taking further action to reduce our environmental footprint through our 2025, 2030, and 2050 goals for GHG emission reduction and increased renewable energy usage. We believe that achievement of these goals will comport with expectations of our customers and investors, but certain customers and investors may have differing requirements. To achieve these goals, our operational costs may increase and we have had and will continue to have additional capital expenditures, some of which we may not be able to pass along to our customers. Any failure to timely meet these goals, or other requirements of customers or investors, may have an adverse effect on our business, results of operations and stock price.Additionally, governmental agencies, regulators, investors or other groups may introduce, request or require environmental monitoring, disclosures or regulations in response to the potential impacts of climate change. International treaties or agreements may also result in increasing regulation of GHG emissions, including the introduction of carbon emissions limitations or trading mechanisms. Any such regulation or disclosure requirement could impose significant costs on our operations and on the operations of our customers and suppliers, including increased energy, capital equipment, emissions controls, environmental monitoring and reporting and other costs in order to comply with current or future laws, regulations or demands concerning the environment, climate change, GHG emissions and sustainability. Any adopted future regulations could negatively impact our ability, and that of our customers and suppliers, to compete with companies situated in areas not subject to or not complying with such limitations, or could affect our environmental disclosures for any allowances, offsets or credits. We may see an increase in costs relating to our assets that emit GHGs as a result of these initiatives, which may impact our operations directly or through our customers and suppliers. Until the timing, scope and extent of any future regulation becomes known, we cannot predict the effect on our financial condition, operating performance and ability to compete.Compliance with and changes in environmental and remediation requirements may result in substantially increased capital requirements and operating costs.Existing laws or regulations, as currently interpreted or as may be interpreted in the future, as well as future laws or regulations, may adversely affect our results of operations and financial condition. Additionally, our inability to pass on all or any substantial part of any cost increases, whether due to positive environmental attributes, inflation, supply and demand imbalances, or otherwise, or to provide for our customers’ needs because of the potential unavailability of raw materials, supplies or required environmental attributes, may result in production slowdowns or curtailments or may otherwise adversely affect our business, financial condition, results of operations and cash flows."
    },
    {
      "status": "MODIFIED",
      "current_title": "Amortization",
      "prior_title": "Impairment of Long-Lived Tangible and Definite-Lived Intangible Assets",
      "similarity_score": 0.844,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ 2023 ​ 2022 ​ Life ​ Period ​ ​ Customer, vendor and scrap generator relationships $ 444,812 ​ $ 420,512 ​ 8 to 25 years ​ 22 years ​ ​ Trade names ​ 147,950 ​ ​ 147,950 ​ 15 to 25 years ​ 19 years ​ ​ Other ​ 600 ​ ​ 600 ​ 5 years ​ 5 years ​ ​ ​ ​ 593,362 ​ ​ 569,062 ​ ​ ​ 22 years ​ ​ Less accumulated amortization ​ 335,603 ​ ​ 301,555 ​ ​ ​ ​ ​ ​ ​ $ 257,759 ​ $ 267,507 ​ ​ ​ ​ ​ ​ The company utilizes an accelerated amortization methodology for customer, vendor and scrap generator relationships in order to follow the pattern in which the economic benefits of the amounts are anticipated to be consumed.\"",
        "Reworded sentence: \"GoodwillThe company’s goodwill consisted of the following at December 31 (in thousands):​​​​​​​​​​​​ 2023​ 2022​​​​​​​​​​​Steel Operations Segment​$ 272,133​$ 272,133​​Metals Recycling Operations Segment​​ 203,413​​ 228,009​​Steel Fabrication Operations Segment ​​ 1,925​​ 1,925​​​​$ 477,471​$ 502,067​​Cumulative OmniSource goodwill impairment charges were $346.8 million at December 31, 2023 and 2022.​Impairment of GoodwillAt least once annually (as of October 1), or when indicators of impairment exist, the company performs an impairment test for goodwill.\"",
        "Reworded sentence: \"No impairment was identified during the company’s 2023, 2022 or 2021 annual goodwill impairment analysis.\"",
        "Reworded sentence: \"Compensation expense for these stock-based employee compensation plans was $60.1 million, $69.2 million, and $80.2 million for the years ended December 31, 2023, 2022, and 2021, respectively.67 Table of Contents Table of Contents Table of Contents Note 1.\"",
        "Reworded sentence: \"No impairment was identified during the company’s 2023, 2022 or 2021 annual goodwill impairment analysis.\""
      ],
      "current_body": "​ ​ ​ 2023 ​ 2022 ​ Life ​ Period ​ ​ Customer, vendor and scrap generator relationships $ 444,812 ​ $ 420,512 ​ 8 to 25 years ​ 22 years ​ ​ Trade names ​ 147,950 ​ ​ 147,950 ​ 15 to 25 years ​ 19 years ​ ​ Other ​ 600 ​ ​ 600 ​ 5 years ​ 5 years ​ ​ ​ ​ 593,362 ​ ​ 569,062 ​ ​ ​ 22 years ​ ​ Less accumulated amortization ​ 335,603 ​ ​ 301,555 ​ ​ ​ ​ ​ ​ ​ $ 257,759 ​ $ 267,507 ​ ​ ​ ​ ​ ​ The company utilizes an accelerated amortization methodology for customer, vendor and scrap generator relationships in order to follow the pattern in which the economic benefits of the amounts are anticipated to be consumed. Trade names are amortized using a straight-line methodology. Amortization of intangible assets was $34.0 million, $27.8 million, and $29.2 million for the years ended December 31, 2023, 2022, and 2021, respectively. ​ Estimated amortization expense related to amortizable intangibles for the years ending December 31 is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ $ 30,526 ​ ​ 2025 ​ ​ 27,464 ​ ​ 2026 ​ ​ 25,562 ​ ​ 2027 ​ ​ 23,163 ​ ​ 2028 ​ ​ 21,953 ​ ​ Thereafter ​ ​ 129,091 ​ ​ Total ​ $ 257,759 ​ ​ 66 66 Table of ContentsNote 1. Description of the Business and Summary of Significant Accounting Policies (Continued)Impairment of Long-Lived Tangible and Definite-Lived Intangible AssetsThe company reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may not be fully recoverable. Impairment losses are recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. The impairment loss is measured by comparing the fair value of the assets to its carrying amount. The company considers various factors and determines whether an impairment test is necessary, including by way of examples, a significant and prolonged deterioration in operating results and/or projected cash flows, significant changes in the extent or manner in which an asset is used, technological advances with respect to assets which would potentially render them obsolete, the company’s strategy and capital planning, and the economic environment in markets to be served. GoodwillThe company’s goodwill consisted of the following at December 31 (in thousands):​​​​​​​​​​​​ 2023​ 2022​​​​​​​​​​​Steel Operations Segment​$ 272,133​$ 272,133​​Metals Recycling Operations Segment​​ 203,413​​ 228,009​​Steel Fabrication Operations Segment ​​ 1,925​​ 1,925​​​​$ 477,471​$ 502,067​​Cumulative OmniSource goodwill impairment charges were $346.8 million at December 31, 2023 and 2022.​Impairment of GoodwillAt least once annually (as of October 1), or when indicators of impairment exist, the company performs an impairment test for goodwill. Goodwill is allocated to various reporting units, which are generally one level below the company’s operating segments. The fair value of the reporting unit is determined by using an estimate of future cash flows utilizing a risk-adjusted discount rate to calculate the net present value of future cash flows (income approach), and for some years by using a market approach based upon an analysis of valuation metrics of comparable peer companies, using Level 3 fair value inputs as provided for under ASC 820, Fair Value Measurement. If the fair value exceeds the carrying value of the reporting unit, there is no impairment. If the carrying amount exceeds the fair value, the company recognizes an impairment loss in the amount by which the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the reporting unit. No impairment was identified during the company’s 2023, 2022 or 2021 annual goodwill impairment analysis. Equity-Based CompensationThe company has several stock-based employee compensation plans which are more fully described in Note 6. Equity-Based Incentive Plans. Compensation expense for restricted stock units, deferred stock units, restricted stock, stock appreciation awards, and performance awards is recorded over the vesting periods using the fair value as determined by the closing fair market value of the company’s common stock on the grant date, and with respect to performance awards, an estimate of probability of award achievement during the performance period. The company recognizes forfeitures as they occur. Compensation expense for these stock-based employee compensation plans was $60.1 million, $69.2 million, and $80.2 million for the years ended December 31, 2023, 2022, and 2021, respectively.67 Table of Contents Table of Contents Table of Contents Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued)Impairment of Long-Lived Tangible and Definite-Lived Intangible AssetsThe company reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may not be fully recoverable. Impairment losses are recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. The impairment loss is measured by comparing the fair value of the assets to its carrying amount. The company considers various factors and determines whether an impairment test is necessary, including by way of examples, a significant and prolonged deterioration in operating results and/or projected cash flows, significant changes in the extent or manner in which an asset is used, technological advances with respect to assets which would potentially render them obsolete, the company’s strategy and capital planning, and the economic environment in markets to be served. GoodwillThe company’s goodwill consisted of the following at December 31 (in thousands):​​​​​​​​​​​​ 2023​ 2022​​​​​​​​​​​Steel Operations Segment​$ 272,133​$ 272,133​​Metals Recycling Operations Segment​​ 203,413​​ 228,009​​Steel Fabrication Operations Segment ​​ 1,925​​ 1,925​​​​$ 477,471​$ 502,067​​Cumulative OmniSource goodwill impairment charges were $346.8 million at December 31, 2023 and 2022.​Impairment of GoodwillAt least once annually (as of October 1), or when indicators of impairment exist, the company performs an impairment test for goodwill. Goodwill is allocated to various reporting units, which are generally one level below the company’s operating segments. The fair value of the reporting unit is determined by using an estimate of future cash flows utilizing a risk-adjusted discount rate to calculate the net present value of future cash flows (income approach), and for some years by using a market approach based upon an analysis of valuation metrics of comparable peer companies, using Level 3 fair value inputs as provided for under ASC 820, Fair Value Measurement. If the fair value exceeds the carrying value of the reporting unit, there is no impairment. If the carrying amount exceeds the fair value, the company recognizes an impairment loss in the amount by which the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the reporting unit. No impairment was identified during the company’s 2023, 2022 or 2021 annual goodwill impairment analysis. Equity-Based CompensationThe company has several stock-based employee compensation plans which are more fully described in Note 6. Equity-Based Incentive Plans. Compensation expense for restricted stock units, deferred stock units, restricted stock, stock appreciation awards, and performance awards is recorded over the vesting periods using the fair value as determined by the closing fair market value of the company’s common stock on the grant date, and with respect to performance awards, an estimate of probability of award achievement during the performance period. The company recognizes forfeitures as they occur. Compensation expense for these stock-based employee compensation plans was $60.1 million, $69.2 million, and $80.2 million for the years ended December 31, 2023, 2022, and 2021, respectively.",
      "prior_body": "The company reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may not be fully recoverable. Impairment losses are recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. The impairment loss is measured by comparing the fair value of the assets to its carrying amount. The company considers various factors and determines whether an impairment test is necessary, including by way of examples, a significant and prolonged deterioration in operating results and/or projected cash flows, significant changes in the extent or manner in which an asset is used, technological advances with respect to assets which would potentially render them obsolete, the company’s strategy and capital planning, and the economic environment in markets to be served. Events occurred during the fourth quarter of 2020, that represented impairment indicators related to the company’s noncore oil and gas joint ventures. Therefore, the company undertook a fourth quarter 2020 assessment of the recoverability of the carrying amounts of these joint ventures’ property, plant and equipment. Based on the joint ventures’ outlook at the time of this 2020 assessment, the company concluded that the carrying amounts of its property, plant and equipment were fully impaired. This assessment resulted in a total non-cash asset impairment charge of $19.4 million, which include amounts attributable to noncontrolling interests of $2.4 million, that in total served to reduce net income attributable to Steel Dynamics, Inc. by $12.0 million for the year ended December 31, 2020. Goodwill The company’s goodwill consisted of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations Segment ​ $ 272,133 ​ $ 272,133 ​ ​ Metals Recycling Operations Segment ​ ​ 228,009 ​ ​ 179,777 ​ ​ Steel Fabrication Operations Segment ​ ​ 1,925 ​ ​ 1,925 ​ ​ ​ ​ $ 502,067 ​ $ 453,835 ​ ​ Metals Recycling Operations Segment goodwill includes a decrease of $3.0 million in 2022 in recognition of the 2022 tax benefit related to the normal amortization of the component of OmniSource tax-deductible goodwill in excess of book goodwill. Cumulative OmniSource goodwill impairment charges were $346.8 million at December 31, 2022 and 2021. ​ 66 66 Table of ContentsNote 1. Description of the Business and Summary of Significant Accounting Policies (Continued)Impairment of GoodwillAt least once annually (as of October 1), or when indicators of impairment exist, the company performs an impairment test for goodwill. Goodwill is allocated to various reporting units, which are generally one level below the company’s operating segments. The fair value of the reporting unit is determined by using an estimate of future cash flows utilizing a risk-adjusted discount rate to calculate the net present value of future cash flows (income approach), and for some years by using a market approach based upon an analysis of valuation metrics of comparable peer companies, using Level 3 fair value inputs as provided for under ASC 820, Fair Value Measurement. If the fair value exceeds the carrying value of the reporting unit, there is no impairment. If the carrying amount exceeds the fair value, the company recognizes an impairment loss in the amount by which the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the reporting unit. No impairment was identified during the company’s 2022, 2021 or 2020 annual goodwill impairment analysis. Equity-Based CompensationThe company has several stock-based employee compensation plans which are more fully described in Note 6. Equity-Based Incentive Plans. Compensation expense for restricted stock units, deferred stock units, restricted stock, stock appreciation awards, and performance awards is recorded over the vesting periods using the fair value as determined by the closing fair market value of the company’s common stock on the grant date, and with respect to performance awards, an estimate of probability of award achievement during the performance period. The company recognizes forfeitures as they occur. Compensation expense for these stock-based employee compensation plans was $69.2 million, $80.2 million, and $50.7 million for the years ended December 31, 2022, 2021, and 2020, respectively.Income TaxesThe company accounts for income taxes and the related accounts under the liability method. Deferred tax liabilities and assets are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted rates expected to be in effect during the year in which the basis differences reverse.Earnings Per ShareBasic earnings per share is based on the weighted average shares of common stock outstanding during the period. Diluted earnings per share assumes the weighted average dilutive effect of common share equivalents outstanding during the period applied to the company’s basic earnings per share. Common share equivalents represent potentially dilutive restricted stock units, deferred stock units, restricted stock, and performance awards, and are excluded from the computation in periods in which they have an anti-dilutive effect. There were no anti-dilutive common stock equivalents as of and for the years ended December 31, 2022, 2021, and 2020.​67 Table of Contents Table of Contents Table of Contents Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued)Impairment of GoodwillAt least once annually (as of October 1), or when indicators of impairment exist, the company performs an impairment test for goodwill. Goodwill is allocated to various reporting units, which are generally one level below the company’s operating segments. The fair value of the reporting unit is determined by using an estimate of future cash flows utilizing a risk-adjusted discount rate to calculate the net present value of future cash flows (income approach), and for some years by using a market approach based upon an analysis of valuation metrics of comparable peer companies, using Level 3 fair value inputs as provided for under ASC 820, Fair Value Measurement. If the fair value exceeds the carrying value of the reporting unit, there is no impairment. If the carrying amount exceeds the fair value, the company recognizes an impairment loss in the amount by which the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the reporting unit. No impairment was identified during the company’s 2022, 2021 or 2020 annual goodwill impairment analysis. Equity-Based CompensationThe company has several stock-based employee compensation plans which are more fully described in Note 6. Equity-Based Incentive Plans. Compensation expense for restricted stock units, deferred stock units, restricted stock, stock appreciation awards, and performance awards is recorded over the vesting periods using the fair value as determined by the closing fair market value of the company’s common stock on the grant date, and with respect to performance awards, an estimate of probability of award achievement during the performance period. The company recognizes forfeitures as they occur. Compensation expense for these stock-based employee compensation plans was $69.2 million, $80.2 million, and $50.7 million for the years ended December 31, 2022, 2021, and 2020, respectively.Income TaxesThe company accounts for income taxes and the related accounts under the liability method. Deferred tax liabilities and assets are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted rates expected to be in effect during the year in which the basis differences reverse.Earnings Per ShareBasic earnings per share is based on the weighted average shares of common stock outstanding during the period. Diluted earnings per share assumes the weighted average dilutive effect of common share equivalents outstanding during the period applied to the company’s basic earnings per share. Common share equivalents represent potentially dilutive restricted stock units, deferred stock units, restricted stock, and performance awards, and are excluded from the computation in periods in which they have an anti-dilutive effect. There were no anti-dilutive common stock equivalents as of and for the years ended December 31, 2022, 2021, and 2020.​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Equity-Based Compensation",
      "prior_title": "Earnings Per Share",
      "similarity_score": 0.84,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"The company has several stock-based employee compensation plans which are more fully described in Note 6.\"",
        "Reworded sentence: \"There were no anti-dilutive common stock equivalents as of and for the years ended December 31, 2023, 2022, and 2021.The following table presents a reconciliation of the numerators and the denominators of the company’s basic and diluted earnings per share computations for the years ended December 31 (in thousands, except per share data):​​​​​​​​​​​​​​​​​​​​​​​2023​​2022​​Net Income​Shares​Per Share​​Net Income​Shares​Per Share​​(Numerator)​(Denominator)​Amount​​(Numerator)​(Denominator)​AmountBasic earnings per share​$ 2,450,882​​ 166,552​$ 14.72​​$ 3,862,674​​ 183,393​$ 21.06 Dilutive common share equivalents​​ -​​ 879​​​​​​ -​​ 1,229​​​Diluted earnings per share​$ 2,450,882​​ 167,431​$ 14.64​​$ 3,862,674​​ 184,622​$ 20.92​​​​​​​​​​​​2021​​Net Income​Shares​Per Share​​(Numerator)​(Denominator)​Amount​Basic earnings per share$ 3,214,066​​ 205,115​$ 15.67​ Dilutive common share equivalents​ -​​ 1,500​​​​Diluted earnings per share$ 3,214,066​​ 206,615​$ 15.56​​Concentration of Credit RiskFinancial instruments that potentially subject the company to significant concentrations of credit risk principally consist of temporary cash investments and accounts receivable.\"",
        "Reworded sentence: \"The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings for fair 68 Table of Contents Table of Contents Table of Contents Note 1.\"",
        "Reworded sentence: \"The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings for fair\""
      ],
      "current_body": "The company has several stock-based employee compensation plans which are more fully described in Note 6. Equity-Based Incentive Plans. Compensation expense for restricted stock units, deferred stock units, restricted stock, stock appreciation awards, and performance awards is recorded over the vesting periods using the fair value as determined by the closing fair market value of the company’s common stock on the grant date, and with respect to performance awards, an estimate of probability of award achievement during the performance period. The company recognizes forfeitures as they occur. Compensation expense for these stock-based employee compensation plans was $60.1 million, $69.2 million, and $80.2 million for the years ended December 31, 2023, 2022, and 2021, respectively. 67 67 Table of ContentsNote 1. Description of the Business and Summary of Significant Accounting Policies (Continued)Income TaxesThe company accounts for income taxes and the related accounts under the liability method. Deferred tax liabilities and assets are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted rates expected to be in effect during the year in which the basis differences reverse.Earnings Per ShareBasic earnings per share is based on the weighted average shares of common stock outstanding during the period. Diluted earnings per share assumes the weighted average dilutive effect of common share equivalents outstanding during the period applied to the company’s basic earnings per share. Common share equivalents represent potentially dilutive restricted stock units, deferred stock units, restricted stock, and performance awards, and are excluded from the computation in periods in which they have an anti-dilutive effect. There were no anti-dilutive common stock equivalents as of and for the years ended December 31, 2023, 2022, and 2021.The following table presents a reconciliation of the numerators and the denominators of the company’s basic and diluted earnings per share computations for the years ended December 31 (in thousands, except per share data):​​​​​​​​​​​​​​​​​​​​​​​2023​​2022​​Net Income​Shares​Per Share​​Net Income​Shares​Per Share​​(Numerator)​(Denominator)​Amount​​(Numerator)​(Denominator)​AmountBasic earnings per share​$ 2,450,882​​ 166,552​$ 14.72​​$ 3,862,674​​ 183,393​$ 21.06 Dilutive common share equivalents​​ -​​ 879​​​​​​ -​​ 1,229​​​Diluted earnings per share​$ 2,450,882​​ 167,431​$ 14.64​​$ 3,862,674​​ 184,622​$ 20.92​​​​​​​​​​​​2021​​Net Income​Shares​Per Share​​(Numerator)​(Denominator)​Amount​Basic earnings per share$ 3,214,066​​ 205,115​$ 15.67​ Dilutive common share equivalents​ -​​ 1,500​​​​Diluted earnings per share$ 3,214,066​​ 206,615​$ 15.56​​Concentration of Credit RiskFinancial instruments that potentially subject the company to significant concentrations of credit risk principally consist of temporary cash investments and accounts receivable. When advantageous, the company places its temporary cash with high credit quality financial institutions and companies and limits the amount of credit exposure from any one entity. The company is exposed to credit risk in the event of nonpayment by customers. The company mitigates its exposure to credit risk, which it generally extends initially on an unsecured basis, by performing ongoing credit evaluations and taking further action if necessary, such as requiring letters of credit or other security interests to support the customer receivable.Derivative Financial InstrumentsThe company recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. Changes in the fair value of derivatives that are designated as hedges, depending on the nature of the hedge, are recognized as either an offset against the change in fair value of the hedged balance sheet item in the case of fair value hedges or as other comprehensive income in the case of cash flow hedges, until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings for fair 68 Table of Contents Table of Contents Table of Contents Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued)Income TaxesThe company accounts for income taxes and the related accounts under the liability method. Deferred tax liabilities and assets are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted rates expected to be in effect during the year in which the basis differences reverse.Earnings Per ShareBasic earnings per share is based on the weighted average shares of common stock outstanding during the period. Diluted earnings per share assumes the weighted average dilutive effect of common share equivalents outstanding during the period applied to the company’s basic earnings per share. Common share equivalents represent potentially dilutive restricted stock units, deferred stock units, restricted stock, and performance awards, and are excluded from the computation in periods in which they have an anti-dilutive effect. There were no anti-dilutive common stock equivalents as of and for the years ended December 31, 2023, 2022, and 2021.The following table presents a reconciliation of the numerators and the denominators of the company’s basic and diluted earnings per share computations for the years ended December 31 (in thousands, except per share data):​​​​​​​​​​​​​​​​​​​​​​​2023​​2022​​Net Income​Shares​Per Share​​Net Income​Shares​Per Share​​(Numerator)​(Denominator)​Amount​​(Numerator)​(Denominator)​AmountBasic earnings per share​$ 2,450,882​​ 166,552​$ 14.72​​$ 3,862,674​​ 183,393​$ 21.06 Dilutive common share equivalents​​ -​​ 879​​​​​​ -​​ 1,229​​​Diluted earnings per share​$ 2,450,882​​ 167,431​$ 14.64​​$ 3,862,674​​ 184,622​$ 20.92​​​​​​​​​​​​2021​​Net Income​Shares​Per Share​​(Numerator)​(Denominator)​Amount​Basic earnings per share$ 3,214,066​​ 205,115​$ 15.67​ Dilutive common share equivalents​ -​​ 1,500​​​​Diluted earnings per share$ 3,214,066​​ 206,615​$ 15.56​​Concentration of Credit RiskFinancial instruments that potentially subject the company to significant concentrations of credit risk principally consist of temporary cash investments and accounts receivable. When advantageous, the company places its temporary cash with high credit quality financial institutions and companies and limits the amount of credit exposure from any one entity. The company is exposed to credit risk in the event of nonpayment by customers. The company mitigates its exposure to credit risk, which it generally extends initially on an unsecured basis, by performing ongoing credit evaluations and taking further action if necessary, such as requiring letters of credit or other security interests to support the customer receivable.Derivative Financial InstrumentsThe company recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. Changes in the fair value of derivatives that are designated as hedges, depending on the nature of the hedge, are recognized as either an offset against the change in fair value of the hedged balance sheet item in the case of fair value hedges or as other comprehensive income in the case of cash flow hedges, until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings for fair",
      "prior_body": "Basic earnings per share is based on the weighted average shares of common stock outstanding during the period. Diluted earnings per share assumes the weighted average dilutive effect of common share equivalents outstanding during the period applied to the company’s basic earnings per share. Common share equivalents represent potentially dilutive restricted stock units, deferred stock units, restricted stock, and performance awards, and are excluded from the computation in periods in which they have an anti-dilutive effect. There were no anti-dilutive common stock equivalents as of and for the years ended December 31, 2022, 2021, and 2020. ​ 67 67 Table of ContentsNote 1. Description of the Business and Summary of Significant Accounting Policies (Continued)​The following table presents a reconciliation of the numerators and the denominators of the company’s basic and diluted earnings per share computations for the years ended December 31 (in thousands, except per share data):​​​​​​​​​​​​​​​​​​​​​​​2022​​2021​​Net Income​Shares​Per Share​​Net Income​Shares​Per Share​​(Numerator)​(Denominator)​Amount​​(Numerator)​(Denominator)​AmountBasic earnings per share​$ 3,862,674​​ 183,393​$ 21.06​​$ 3,214,066​​ 205,115​$ 15.67 Dilutive common share equivalents​​ -​​ 1,229​​​​​​ -​​ 1,500​​​Diluted earnings per share​$ 3,862,674​​ 184,622​$ 20.92​​$ 3,214,066​​ 206,615​$ 15.56​​​​​​​​​​​​2020​​Net Income​Shares​Per Share​​(Numerator)​(Denominator)​Amount​Basic earnings per share$ 550,822​​ 211,140​$ 2.61​ Dilutive common share equivalents​ -​​ 1,205​​​​Diluted earnings per share$ 550,822​​ 212,345​$ 2.59​​Concentration of Credit RiskFinancial instruments that potentially subject the company to significant concentrations of credit risk principally consist of temporary cash investments and accounts receivable. When advantageous, the company places its temporary cash with high credit quality financial institutions and companies and limits the amount of credit exposure from any one entity. The company is exposed to credit risk in the event of nonpayment by customers. The company mitigates its exposure to credit risk, which it generally extends initially on an unsecured basis, by performing ongoing credit evaluations and taking further action if necessary, such as requiring letters of credit or other security interests to support the customer receivable.Derivative Financial InstrumentsThe company recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. Changes in the fair value of derivatives that are designated as hedges, depending on the nature of the hedge, are recognized as either an offset against the change in fair value of the hedged balance sheet item in the case of fair value hedges or as other comprehensive income in the case of cash flow hedges, until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings for fair value hedges. The company offsets fair value amounts recognized for derivative instruments executed with the same counterparty under master netting agreements.In the normal course of business, the company has derivative financial instruments in the form of forward contracts in various metallic commodities, may have involvement with derivative financial instruments related to managing fluctuations in foreign exchange rates, and in the past has had derivative financial instruments related to managing fluctuations in interest rates. At the time of acquiring these financial instruments, the company designates and assigns these instruments as hedges of specific assets, liabilities or anticipated transactions. When hedged assets or liabilities are sold or extinguished, or the anticipated transaction being hedged is no longer expected to occur, the company recognizes the gain or loss on the designated hedged financial instrument.​68 Table of Contents Table of Contents Table of Contents Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued)​The following table presents a reconciliation of the numerators and the denominators of the company’s basic and diluted earnings per share computations for the years ended December 31 (in thousands, except per share data):​​​​​​​​​​​​​​​​​​​​​​​2022​​2021​​Net Income​Shares​Per Share​​Net Income​Shares​Per Share​​(Numerator)​(Denominator)​Amount​​(Numerator)​(Denominator)​AmountBasic earnings per share​$ 3,862,674​​ 183,393​$ 21.06​​$ 3,214,066​​ 205,115​$ 15.67 Dilutive common share equivalents​​ -​​ 1,229​​​​​​ -​​ 1,500​​​Diluted earnings per share​$ 3,862,674​​ 184,622​$ 20.92​​$ 3,214,066​​ 206,615​$ 15.56​​​​​​​​​​​​2020​​Net Income​Shares​Per Share​​(Numerator)​(Denominator)​Amount​Basic earnings per share$ 550,822​​ 211,140​$ 2.61​ Dilutive common share equivalents​ -​​ 1,205​​​​Diluted earnings per share$ 550,822​​ 212,345​$ 2.59​​Concentration of Credit RiskFinancial instruments that potentially subject the company to significant concentrations of credit risk principally consist of temporary cash investments and accounts receivable. When advantageous, the company places its temporary cash with high credit quality financial institutions and companies and limits the amount of credit exposure from any one entity. The company is exposed to credit risk in the event of nonpayment by customers. The company mitigates its exposure to credit risk, which it generally extends initially on an unsecured basis, by performing ongoing credit evaluations and taking further action if necessary, such as requiring letters of credit or other security interests to support the customer receivable.Derivative Financial InstrumentsThe company recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. Changes in the fair value of derivatives that are designated as hedges, depending on the nature of the hedge, are recognized as either an offset against the change in fair value of the hedged balance sheet item in the case of fair value hedges or as other comprehensive income in the case of cash flow hedges, until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings for fair value hedges. The company offsets fair value amounts recognized for derivative instruments executed with the same counterparty under master netting agreements.In the normal course of business, the company has derivative financial instruments in the form of forward contracts in various metallic commodities, may have involvement with derivative financial instruments related to managing fluctuations in foreign exchange rates, and in the past has had derivative financial instruments related to managing fluctuations in interest rates. At the time of acquiring these financial instruments, the company designates and assigns these instruments as hedges of specific assets, liabilities or anticipated transactions. When hedged assets or liabilities are sold or extinguished, or the anticipated transaction being hedged is no longer expected to occur, the company recognizes the gain or loss on the designated hedged financial instrument.​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Short-Term Investments",
      "prior_title": "Short-Term Investments",
      "similarity_score": 0.839,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"Short-term investments include investments with maturity dates of longer than three months but less than one year when purchased.\""
      ],
      "current_body": "Short-term investments include investments with maturity dates of longer than three months but less than one year when purchased. The company’s short-term investments are classified as trading securities. Interest income from invested cash and short-term investments was $111.9 million and $29.3 million as of December 31, 2023 and 2022, respectively, and is recorded in other (income) expense, net as earned. The company’s short-term investments were $721.2 million and $628.2 million as of December 31, 2023 and 2022, respectively. The short-term investments held as of December 31, 2023 consisted of commercial paper ($146.2 million), US Treasuries ($564.9 million), and certificates on deposit ($10.1 million). Short-term investments held as of December 31, 2022, consisted of commercial paper ($145.7 million) and US Treasuries ($482.5 million).",
      "prior_body": "Short-term investments are classified as trading securities, and interest income is recorded as earned. The company’s short-term investments were $628.2 million as of December 31, 2022. The short-term investments held as of December 31, 2022, consisted of commercial paper ($145.7 million) and US Treasuries ($482.5 million), with contractual maturities of less than one year, when purchased."
    },
    {
      "status": "MODIFIED",
      "current_title": "Note 4. Income Taxes (Continued)",
      "prior_title": "Note 4. Income Taxes (Continued)",
      "similarity_score": 0.839,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"Included in the balance of unrecognized tax benefits at December 31, 2023 and 2022, are potential benefits of $27.8 million and $25.1 million, respectively, that, if recognized, would affect the effective tax rate.\"",
        "Reworded sentence: \"During the years ended December 31, 2023 and 2022, the company recognized expense from the increase of interest expense and penalties of $1,560,000 and $480,000, respectively, net of tax and during the year ended December 31, 2021, the company recognized a benefit from the decrease of interest expense and penalties of $205,000, net of tax.\"",
        "Reworded sentence: \"The tax years 2020 through 2022 remain open to examination by the Internal Revenue Service and various state and local jurisdictions.\""
      ],
      "current_body": "Significant components of the company’s deferred tax assets and liabilities at December 31 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ Deferred tax assets ​ ​ ​ ​ ​ ​ ​ Accrued expenses and allowances $ 41,894 ​ $ 34,052 ​ ​ Inventories ​ 10,685 ​ ​ 8,028 ​ ​ Net operating loss carryforwards ​ 7,663 ​ ​ 16,412 ​ ​ Amortizable assets ​ 5,798 ​ ​ - ​ ​ Other ​ 9,149 ​ ​ 8,091 ​ ​ ​ ​ 75,189 ​ ​ 66,583 ​ ​ Less: valuation allowance ​ (816) ​ ​ (805) ​ ​ Total net deferred tax assets ​ 74,373 ​ ​ 65,778 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment ​ (1,013,045) ​ ​ (951,404) ​ ​ Amortizable assets ​ - ​ ​ (1,304) ​ ​ Other ​ (6,096) ​ ​ (2,173) ​ ​ Total deferred tax liabilities ​ (1,019,141) ​ ​ (954,881) ​ ​ Net deferred tax liability $ (944,768) ​ $ (889,103) ​ ​ Certain wholly-owned and controlled subsidiaries of the company file separate federal and state income tax returns. One of the controlled subsidiaries generated federal net operating loss carryforwards in the years 2018 and prior, which total $11.5 million at December 31, 2023, and which expire in the years 2037 through 2039, along with state net operating loss carryforwards which expire in the years 2034 through 2039. Annually, the company evaluates the realizability of the net deferred tax assets for this controlled subsidiary. In completing this evaluation, the company considers all available positive and negative evidence in order to determine whether, based on the weight of the evidence, a valuation allowance for its deferred tax assets was necessary. Such evidence includes current operating results, historical results, future reversals of existing taxable temporary differences and expectations for future taxable income (exclusive of the reversal of temporary differences and carryforwards), as well as the implementation of feasible and prudent tax planning strategies. Based on the positive evidence, the company concluded that it was more likely than not that the net deferred tax assets would be realized and a valuation allowance was not necessary. The company continues to maintain a valuation allowance of $816,000 and $805,000 as of December 31, 2023, and 2022, respectively, with respect to certain state tax credits of the controlled subsidiary. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ Balance at January 1 $ 28,646 ​ $ 20,466 ​ $ 12,830 ​ ​ Increases related to current year tax positions ​ 1,500 ​ ​ 9,600 ​ ​ 8,250 ​ ​ Increases related to prior year tax positions ​ 1,798 ​ ​ 364 ​ ​ 2,095 ​ ​ Decreases related to prior year tax positions ​ (686) ​ ​ (1,784) ​ ​ (2,709) ​ ​ Balance at December 31 $ 31,258 ​ $ 28,646 ​ $ 20,466 ​ ​ ​ ​ 74 74 Table of ContentsNote 4. Income Taxes (Continued)Included in the balance of unrecognized tax benefits at December 31, 2023 and 2022, are potential benefits of $27.8 million and $25.1 million, respectively, that, if recognized, would affect the effective tax rate. The company recognizes interest and penalties related to its tax contingencies on a net-of-tax basis in income tax expense. During the years ended December 31, 2023 and 2022, the company recognized expense from the increase of interest expense and penalties of $1,560,000 and $480,000, respectively, net of tax and during the year ended December 31, 2021, the company recognized a benefit from the decrease of interest expense and penalties of $205,000, net of tax. In addition to the unrecognized tax benefits in the table above, the company had $3.2 million and $1.2 million accrued for the payment of interest and penalties at December 31, 2023 and 2022, respectively.It is reasonably possible that the amount of unrecognized tax benefits could change in the next twelve months in an amount ranging from zero to $10.0 million, as a result of the expiration of the statute of limitations and other federal and state income tax audits. The company files income tax returns in the U.S. federal jurisdiction as well as income tax returns in various state jurisdictions. The tax years 2020 through 2022 remain open to examination by the Internal Revenue Service and various state and local jurisdictions.Note 5. Shareholders’ EquityCash DividendsThe company declared cash dividends of $280.5 million, or $1.70 per common share, during 2023; $245.3 million, or $1.36 per common share, during 2022; and $210.9 million, or $1.04 per common share, during 2021. The company paid cash dividends of $271.3 million, $237.2 million, and $213.0 million during 2023, 2022, and 2021, respectively.Treasury StockIn February 2020, the board of directors authorized a share repurchase program of up to $500.0 million of the company’s common stock. This program was exhausted in July 2021. In July 2021, the board of directors authorized an additional share repurchase program of up to $1.0 billion of the company’s common stock. This program was exhausted in April 2022. In February 2022, the board of directors authorized an additional share repurchase program of up to $1.25 billion of the company’s common stock. This program was exhausted in November 2022. In November 2022, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. This program was exhausted in November 2023. In November 2023, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. Under the above share repurchase programs, and similar prior programs, purchases take place as and when the company determines in open market or private transactions made based upon the market price of the company’s common stock, the nature of other investment opportunities or growth projects, the company’s cash flows from operations, and general economic conditions. The share repurchase programs do not require the company to acquire any specific number of shares, and may be modified, suspended, extended or terminated by the company at any time. The share repurchase programs do not have an expiration date. The company repurchased 13.4 million shares for $1.5 billion during 2023, 23.0 million shares for $1.8 billion during 2022, and 16.9 million shares for $1.1 billion during 2021 under the share repurchase programs. At December 31, 2023, the company had remaining authorization to repurchase $1.4 billion of additional shares under the November 2023 share repurchase program.​Note 6. Equity-Based Incentive Plans2023 Equity Incentive PlanIn May 2023, the company’s shareholders approved the 2023 Equity Incentive Plan (2023 Plan), which supersedes the prior Amended and Restated 2015 Equity Incentive Plan. The 2023 Plan is designed to attract, motivate and retain qualified persons that are able to make important contributions to the company’s success. To accomplish these objectives, the 2023 Plan provides for awards of equity-based incentives through granting of restricted stock units (RSUs), deferred stock units (DSUs), restricted stock awards (of which none have been granted), stock options (of which75 Table of Contents Table of Contents Table of Contents Note 4. Income Taxes (Continued)Included in the balance of unrecognized tax benefits at December 31, 2023 and 2022, are potential benefits of $27.8 million and $25.1 million, respectively, that, if recognized, would affect the effective tax rate. The company recognizes interest and penalties related to its tax contingencies on a net-of-tax basis in income tax expense. During the years ended December 31, 2023 and 2022, the company recognized expense from the increase of interest expense and penalties of $1,560,000 and $480,000, respectively, net of tax and during the year ended December 31, 2021, the company recognized a benefit from the decrease of interest expense and penalties of $205,000, net of tax. In addition to the unrecognized tax benefits in the table above, the company had $3.2 million and $1.2 million accrued for the payment of interest and penalties at December 31, 2023 and 2022, respectively.It is reasonably possible that the amount of unrecognized tax benefits could change in the next twelve months in an amount ranging from zero to $10.0 million, as a result of the expiration of the statute of limitations and other federal and state income tax audits. The company files income tax returns in the U.S. federal jurisdiction as well as income tax returns in various state jurisdictions. The tax years 2020 through 2022 remain open to examination by the Internal Revenue Service and various state and local jurisdictions.Note 5. Shareholders’ EquityCash DividendsThe company declared cash dividends of $280.5 million, or $1.70 per common share, during 2023; $245.3 million, or $1.36 per common share, during 2022; and $210.9 million, or $1.04 per common share, during 2021. The company paid cash dividends of $271.3 million, $237.2 million, and $213.0 million during 2023, 2022, and 2021, respectively.Treasury StockIn February 2020, the board of directors authorized a share repurchase program of up to $500.0 million of the company’s common stock. This program was exhausted in July 2021. In July 2021, the board of directors authorized an additional share repurchase program of up to $1.0 billion of the company’s common stock. This program was exhausted in April 2022. In February 2022, the board of directors authorized an additional share repurchase program of up to $1.25 billion of the company’s common stock. This program was exhausted in November 2022. In November 2022, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. This program was exhausted in November 2023. In November 2023, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. Under the above share repurchase programs, and similar prior programs, purchases take place as and when the company determines in open market or private transactions made based upon the market price of the company’s common stock, the nature of other investment opportunities or growth projects, the company’s cash flows from operations, and general economic conditions. The share repurchase programs do not require the company to acquire any specific number of shares, and may be modified, suspended, extended or terminated by the company at any time. The share repurchase programs do not have an expiration date. The company repurchased 13.4 million shares for $1.5 billion during 2023, 23.0 million shares for $1.8 billion during 2022, and 16.9 million shares for $1.1 billion during 2021 under the share repurchase programs. At December 31, 2023, the company had remaining authorization to repurchase $1.4 billion of additional shares under the November 2023 share repurchase program.​Note 6. Equity-Based Incentive Plans2023 Equity Incentive PlanIn May 2023, the company’s shareholders approved the 2023 Equity Incentive Plan (2023 Plan), which supersedes the prior Amended and Restated 2015 Equity Incentive Plan. The 2023 Plan is designed to attract, motivate and retain qualified persons that are able to make important contributions to the company’s success. To accomplish these objectives, the 2023 Plan provides for awards of equity-based incentives through granting of restricted stock units (RSUs), deferred stock units (DSUs), restricted stock awards (of which none have been granted), stock options (of which",
      "prior_body": "A reconciliation of the statutory rates to the actual effective tax rates for the years ended December 31 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ Statutory federal tax rate ​ 21.0 % ​ ​ 21.0 % ​ ​ 21.0 % ​ ​ State income taxes, net of federal benefit ​ 2.6 ​ ​ ​ 2.5 ​ ​ ​ 2.6 ​ ​ ​ Release of valuation allowance ​ - ​ ​ ​ - ​ ​ ​ (2.9) ​ ​ ​ Federal research & development credits ​ (0.6) ​ ​ ​ (0.7) ​ ​ ​ (2.1) ​ ​ ​ Other permanent differences ​ (0.3) ​ ​ ​ 0.1 ​ ​ ​ 0.5 ​ ​ ​ Effective tax rate ​ 22.7 % ​ ​ 22.9 % ​ ​ 19.1 % ​ ​ ​ Significant components of the company’s deferred tax assets and liabilities at December 31 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ Deferred tax assets ​ ​ ​ ​ ​ ​ ​ Accrued expenses and allowances $ 34,052 ​ $ 24,324 ​ ​ Inventories ​ 8,028 ​ ​ 9,088 ​ ​ Net operating loss carryforwards ​ 16,412 ​ ​ 20,333 ​ ​ Other ​ 8,091 ​ ​ 8,776 ​ ​ ​ ​ 66,583 ​ ​ 62,521 ​ ​ Less: valuation allowance ​ (805) ​ ​ (805) ​ ​ Total net deferred tax assets ​ 65,778 ​ ​ 61,716 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment ​ (951,404) ​ ​ (846,942) ​ ​ Amortizable assets ​ (1,304) ​ ​ (62,339) ​ ​ Other ​ (2,173) ​ ​ (7,340) ​ ​ Total deferred tax liabilities ​ (954,881) ​ ​ (916,621) ​ ​ Net deferred tax liability $ (889,103) ​ $ (854,905) ​ ​ Certain wholly-owned and controlled subsidiaries of the company file separate federal and state income tax returns. One of the controlled subsidiaries generated federal net operating loss carryforwards in the years 2018 and prior, which total $53.8 million at December 31, 2022, and which expire in the years 2035 through 2039, along with state net operating loss carryforwards which expire in the years 2034 through 2039. During the fourth quarter of 2020, the company evaluated the realizability of the net deferred tax assets for this controlled subsidiary. In completing this evaluation, the company considered all available positive and negative evidence in order to determine whether, based on the weight of the evidence, a valuation allowance for its deferred tax assets was necessary. Such evidence included current operating results, historical results, future reversals of existing taxable temporary differences and expectations for future taxable income (exclusive of the reversal of temporary differences and carryforwards), as well as the implementation of feasible and prudent tax planning strategies. Based on the positive evidence, the company concluded that it was more likely than not that the net deferred tax assets would be realized. As a result, $21.2 million of the valuation allowance was reversed in the year ended December 31, 2020. The company continues to maintain a valuation allowance of $805,000 as of December 31, 2022, and 2021, with respect to certain state tax credits of the controlled subsidiary. ​ 73 73 Table of ContentsNote 4. Income Taxes (Continued)A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):​​​​​​​​​​​​​​​​​​​​​​​​2022​2021​2020​​Balance at January 1 $ 20,466​$ 12,830​$ 10,162​​ Increases related to current year tax positions ​ 9,600​​ 8,250​​ 4,350​​ Increases related to prior year tax positions ​ 364​​ 2,095​​ -​​ Decreases related to prior year tax positions ​ (1,784)​​ (2,709)​​ (1,682)​​Balance at December 31 $ 28,646​$ 20,466​$ 12,830​​​Included in the balance of unrecognized tax benefits at December 31, 2022 and 2021, are potential benefits of $25.1 million and $16.8 million, respectively, that, if recognized, would affect the effective tax rate. The company recognizes interest and penalties related to its tax contingencies on a net-of-tax basis in income tax expense. During the year ended December 31, 2022, the company recognized expense from the increase of interest expense and penalties of $480,000, net of tax and during the years ended December 31, 2021 and 2020, the company recognized benefits from the decrease of interest expense and penalties of $205,000 and $450,000, respectively, net of tax. In addition to the unrecognized tax benefits in the table above, the company had $1.2 million and $561,000 accrued for the payment of interest and penalties at December 31, 2022 and 2021, respectively.It is reasonably possible that the amount of unrecognized tax benefits could change in the next twelve months in an amount ranging from zero to $3.3 million, as a result of the expiration of the statute of limitations and other federal and state income tax audits. The company files income tax returns in the U.S. federal jurisdiction as well as income tax returns in various state jurisdictions. The tax years 2019 through 2021 remain open to examination by the Internal Revenue Service and various state and local jurisdictions.Note 5. Shareholders’ EquityCash DividendsThe company declared cash dividends of $245.3 million, or $1.36 per common share, during 2022; $210.9 million, or $1.04 per common share, during 2021; and $210.5 million, or $1.00 per common share, during 2020. The company paid cash dividends of $237.2 million, $213.0 million and $209.2 million during 2022, 2021, and 2020, respectively.Treasury StockIn February 2020, the board of directors authorized a share repurchase program of up to $500.0 million of the company’s common stock. This program was exhausted in July 2021. In July 2021, the board of directors authorized an additional share repurchase program of up to $1.0 billion of the company’s common stock. This program was exhausted in April 2022. In February 2022, the board of directors authorized an additional share repurchase program of up to $1.25 billion of the company’s common stock. This program was exhausted in November 2022. In November 2022, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. Under the above share repurchase programs, and similar prior programs, purchases take place as and when the company determines in open market or private transactions made based upon the market price of the company’s common stock, the nature of other investment opportunities or growth projects, the company’s cash flows from operations, and general economic conditions. The share repurchase programs do not require the company to acquire any specific number of shares, and may be modified, suspended, extended or terminated by the company at any time. The share repurchase programs do not have an expiration date. The company repurchased 23.0 million shares for $1.8 billion during 2022, 16.9 million shares for $1.1 billion during 2021, and 4.4 million shares for $106.5 million during 2020 under the share repurchase programs. At December 31, 2022, the company had remaining authorization to repurchase $1.3 billion of additional shares under the November 2022 share repurchase program.74 Table of Contents Table of Contents Table of Contents Note 4. Income Taxes (Continued)A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):​​​​​​​​​​​​​​​​​​​​​​​​2022​2021​2020​​Balance at January 1 $ 20,466​$ 12,830​$ 10,162​​ Increases related to current year tax positions ​ 9,600​​ 8,250​​ 4,350​​ Increases related to prior year tax positions ​ 364​​ 2,095​​ -​​ Decreases related to prior year tax positions ​ (1,784)​​ (2,709)​​ (1,682)​​Balance at December 31 $ 28,646​$ 20,466​$ 12,830​​​Included in the balance of unrecognized tax benefits at December 31, 2022 and 2021, are potential benefits of $25.1 million and $16.8 million, respectively, that, if recognized, would affect the effective tax rate. The company recognizes interest and penalties related to its tax contingencies on a net-of-tax basis in income tax expense. During the year ended December 31, 2022, the company recognized expense from the increase of interest expense and penalties of $480,000, net of tax and during the years ended December 31, 2021 and 2020, the company recognized benefits from the decrease of interest expense and penalties of $205,000 and $450,000, respectively, net of tax. In addition to the unrecognized tax benefits in the table above, the company had $1.2 million and $561,000 accrued for the payment of interest and penalties at December 31, 2022 and 2021, respectively.It is reasonably possible that the amount of unrecognized tax benefits could change in the next twelve months in an amount ranging from zero to $3.3 million, as a result of the expiration of the statute of limitations and other federal and state income tax audits. The company files income tax returns in the U.S. federal jurisdiction as well as income tax returns in various state jurisdictions. The tax years 2019 through 2021 remain open to examination by the Internal Revenue Service and various state and local jurisdictions.Note 5. Shareholders’ EquityCash DividendsThe company declared cash dividends of $245.3 million, or $1.36 per common share, during 2022; $210.9 million, or $1.04 per common share, during 2021; and $210.5 million, or $1.00 per common share, during 2020. The company paid cash dividends of $237.2 million, $213.0 million and $209.2 million during 2022, 2021, and 2020, respectively.Treasury StockIn February 2020, the board of directors authorized a share repurchase program of up to $500.0 million of the company’s common stock. This program was exhausted in July 2021. In July 2021, the board of directors authorized an additional share repurchase program of up to $1.0 billion of the company’s common stock. This program was exhausted in April 2022. In February 2022, the board of directors authorized an additional share repurchase program of up to $1.25 billion of the company’s common stock. This program was exhausted in November 2022. In November 2022, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. Under the above share repurchase programs, and similar prior programs, purchases take place as and when the company determines in open market or private transactions made based upon the market price of the company’s common stock, the nature of other investment opportunities or growth projects, the company’s cash flows from operations, and general economic conditions. The share repurchase programs do not require the company to acquire any specific number of shares, and may be modified, suspended, extended or terminated by the company at any time. The share repurchase programs do not have an expiration date. The company repurchased 23.0 million shares for $1.8 billion during 2022, 16.9 million shares for $1.1 billion during 2021, and 4.4 million shares for $106.5 million during 2020 under the share repurchase programs. At December 31, 2022, the company had remaining authorization to repurchase $1.3 billion of additional shares under the November 2022 share repurchase program."
    },
    {
      "status": "MODIFIED",
      "current_title": "Note 3. Long-Term Debt (Continued)",
      "prior_title": "Note 3. Long-Term Debt (Continued)",
      "similarity_score": 0.834,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"The company’s $600.0 million of 3.450% senior notes due 2030 mature on April 15, 2030, with interest payable semi-annually.\"",
        "Reworded sentence: \"Early redemption is permitted any time prior to October 15, 2030, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S.\"",
        "Reworded sentence: \"Early redemption is permitted any time prior to April 15, 2050, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S.\""
      ],
      "current_body": "The company’s $600.0 million of 3.450% senior notes due 2030 mature on April 15, 2030, with interest payable semi-annually. Early redemption is permitted any time prior to January 15, 2030, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.25%; and as of January 15, 2030, at 100.000%. ​ The company’s $500.0 million of 3.250% senior notes due 2031 mature on January 15, 2031, with interest payable semi-annually. Early redemption is permitted any time prior to October 15, 2030, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.40%; and as of October 15, 2030, at 100.000%. ​ The company’s $400.0 million of 3.250% senior notes due 2050 mature on October 15, 2050, with interest payable semi-annually. Early redemption is permitted any time prior to April 15, 2050, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.30%; and as of April 15, 2050, at 100.000%.​",
      "prior_body": "The company’s $400.0 million of 2.800% senior notes due 2024 mature on December 15, 2024, with interest payable semi-annually. Early redemption is permitted as follows: any time prior to November 15, 2024, at a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.20%; and as of November 15, 2024, at 100.000%. ​ The company’s $400.0 million of 2.400% senior notes due 2025 mature on June 15, 2025, with interest payable semi-annually. Early redemption is permitted as follows: any time prior to May 15, 2025, at a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.35%; and as of May 15, 2025, at 100.000%. ​ The company’s $400.0 million of 5.000% senior notes due 2026 mature on December 15, 2026, with interest payable semi-annually. Early redemption is permitted as follows: as of December 15, 2022, at 101.667%; as of December 15, 2023, at 100.833%; and as of December 15, 2024, at 100.000%. ​ The company’s $350.0 million of 1.650% senior notes due 2027 mature on October 15, 2027, with interest payable semi-annually. Early redemption is permitted as follows: any time prior to August 15, 2027, at a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.20%; and as of August 15, 2027, at 100.000%. ​ The company’s $600.0 million of 3.450% senior notes due 2030 mature on April 15, 2030, with interest payable semi-annually. Early redemption is permitted as follows: any time prior to January 15, 2030, at a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.25%; and as of January 15, 2030, at 100.000%. ​ The company’s $500.0 million of 3.250% senior notes due 2031 mature on January 15, 2031, with interest payable semi-annually. Early redemption is permitted as follows: any time prior to October 15, 2030, at a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.40%; and as of October 15, 2030, at 100.000%. ​ The company’s $400.0 million of 3.250% senior notes due 2050 mature on October 15, 2050, with interest payable semi-annually. Early redemption is permitted as follows: any time prior to April 15, 2050, at a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.30%; and as of April 15, 2050, at 100.000%.​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Metric Tons",
      "prior_title": "Metric Tons",
      "similarity_score": 0.822,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ ​ Aluminum ​ Long ​ 3,550 ​ ​ Aluminum ​ Short ​ 8,800 ​ ​ Copper ​ Long ​ 12,837 ​ ​ Copper ​ Short ​ 33,589 ​ ​ The following summarizes the location and amounts of the fair values reported on the company’s consolidated balance sheets and gains or losses related to derivatives included in the company’s consolidated statements of income as of and for the years ended December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​\""
      ],
      "current_body": "​ ​ Aluminum ​ Long ​ 3,550 ​ ​ Aluminum ​ Short ​ 8,800 ​ ​ Copper ​ Long ​ 12,837 ​ ​ Copper ​ Short ​ 33,589 ​ ​ The following summarizes the location and amounts of the fair values reported on the company’s consolidated balance sheets and gains or losses related to derivatives included in the company’s consolidated statements of income as of and for the years ended December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​",
      "prior_body": "​ ​ Aluminum ​ Long ​ 8,750 ​ ​ Aluminum ​ Short ​ 13,850 ​ ​ Copper ​ Long ​ 10,250 ​ ​ Copper ​ Short ​ 28,822 ​ ​ The following summarizes the location and amounts of the fair values reported on the company’s consolidated balance sheets and gains or losses related to derivatives included in the company’s consolidated statements of income as of and for the years ended December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "For the Year Ended December 31, 2021",
      "prior_title": "December 31, 2020",
      "similarity_score": 0.82,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives in fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ hedging relationships ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold ​ $ (1,369) ​ Firm commitments ​ Costs of goods sold ​ $ 3,354 ​ ​ ​ ​ ​ ​ ​ Inventory ​ Costs of goods sold ​ ​ 1,054 Derivatives not designated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 4,408 as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold ​ $ (33,517) ​ ​ ​ ​ ​ ​ ​ ​ Derivatives accounted for as fair value hedges had ineffectiveness resulting in gains of $440,000, $72,000, and losses of $101,000 for the years ended December 31, 2023, 2022, and 2021, respectively.\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives in fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ hedging relationships ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold ​ $ (1,369) ​ Firm commitments ​ Costs of goods sold ​ $ 3,354 ​ ​ ​ ​ ​ ​ ​ Inventory ​ Costs of goods sold ​ ​ 1,054 Derivatives not designated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 4,408 as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold ​ $ (33,517) ​ ​ ​ ​ ​ ​ ​ ​ Derivatives accounted for as fair value hedges had ineffectiveness resulting in gains of $440,000, $72,000, and losses of $101,000 for the years ended December 31, 2023, 2022, and 2021, respectively. Gains excluded from hedge effectiveness testing of $732,000 decreased cost of goods sold, losses excluded from hedge effectiveness testing of $786,000 increased cost of goods sold, and gains excluded from hedge effectiveness testing of $3.1 million decreased cost of goods sold for the years ended December 31, 2023, 2022, and 2021, respectively. ​ 79 79",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives in fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ hedging relationships ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold ​ $ (2,004) ​ Firm commitments ​ Costs of goods sold ​ $ (79) ​ ​ ​ ​ ​ ​ ​ Inventory ​ Costs of goods sold ​ ​ (482) Derivatives not designated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (561) as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold ​ $ (17,368) ​ ​ ​ ​ ​ ​ ​ ​ Derivatives accounted for as fair value hedges had ineffectiveness resulting in gains of $72,000, losses of $101,000, and gains of $68,000 for the years ended December 31, 2022, 2021, and 2020, respectively. Losses excluded from hedge effectiveness testing of $786,000 and $2.6 million increased cost of goods sold for the years ended December 31, 2022 and 2020, respectively. Gains excluded from hedge effectiveness testing of $3.1 million decreased cost of goods sold for the year ended December 31, 2021. 79 79"
    },
    {
      "status": "MODIFIED",
      "current_title": "Note 4. Income Taxes",
      "prior_title": "Note 4. Income Taxes",
      "similarity_score": 0.806,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"Components of earnings before income taxes and noncontrolling interests for the years ended December 31 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ United States $ 3,198,048 ​ $ 4,996,762 ​ $ 4,179,064 ​ ​ Foreign ​ 20,895 ​ ​ 24,307 ​ ​ 30,006 ​ ​ Total income before income taxes $ 3,218,943 ​ $ 5,021,069 ​ $ 4,209,070 ​ ​ The company files a consolidated federal income tax return.\""
      ],
      "current_body": "Components of earnings before income taxes and noncontrolling interests for the years ended December 31 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ United States $ 3,198,048 ​ $ 4,996,762 ​ $ 4,179,064 ​ ​ Foreign ​ 20,895 ​ ​ 24,307 ​ ​ 30,006 ​ ​ Total income before income taxes $ 3,218,943 ​ $ 5,021,069 ​ $ 4,209,070 ​ ​ The company files a consolidated federal income tax return. The provision for income tax expense for the years ended December 31 is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ Current income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal $ 600,499 ​ $ 946,016 ​ $ 517,272 ​ ​ State ​ 91,965 ​ ​ 152,758 ​ ​ 116,448 ​ ​ Foreign ​ 3,482 ​ ​ 8,605 ​ ​ 9,919 ​ ​ Total current ​ 695,946 ​ ​ 1,107,379 ​ ​ 643,639 ​ ​ Deferred income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ 38,172 ​ ​ 22,168 ​ ​ 304,235 ​ ​ State ​ 15,355 ​ ​ 13,333 ​ ​ 16,226 ​ ​ Foreign ​ 2,138 ​ ​ (1,303) ​ ​ (1,844) ​ ​ Total deferred ​ 55,665 ​ ​ 34,198 ​ ​ 318,617 ​ ​ Total income tax expense $ 751,611 ​ $ 1,141,577 ​ $ 962,256 ​ ​ A reconciliation of the statutory rates to the actual effective tax rates for the years ended December 31 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ Statutory federal tax rate ​ 21.0 % ​ ​ 21.0 % ​ ​ 21.0 % ​ ​ State income taxes, net of federal benefit ​ 2.6 ​ ​ ​ 2.6 ​ ​ ​ 2.5 ​ ​ ​ Federal research & development credits ​ (0.2) ​ ​ ​ (0.6) ​ ​ ​ (0.7) ​ ​ ​ Other permanent differences ​ (0.1) ​ ​ ​ (0.3) ​ ​ ​ 0.1 ​ ​ ​ Effective tax rate ​ 23.3 % ​ ​ 22.7 % ​ ​ 22.9 % ​ ​ ​ ​ 73 73 Table of ContentsNote 4. Income Taxes (Continued)Significant components of the company’s deferred tax assets and liabilities at December 31 are as follows (in thousands):​​​​​​​​​​2023​2022​​Deferred tax assets​​​​​​​ Accrued expenses and allowances $ 41,894​$ 34,052​​ Inventories ​ 10,685​​ 8,028​​ Net operating loss carryforwards ​ 7,663​​ 16,412​​ Amortizable assets​ 5,798​​ -​​ Other ​ 9,149​​ 8,091​​​​ 75,189​​ 66,583​​ Less: valuation allowance ​ (816)​​ (805)​​Total net deferred tax assets ​ 74,373​​ 65,778​​​​​​​​​​Deferred tax liabilities​​​​​​​ Property, plant and equipment ​ (1,013,045)​​ (951,404)​​ Amortizable assets ​ -​​ (1,304)​​ Other ​ (6,096)​​ (2,173)​​Total deferred tax liabilities ​ (1,019,141)​​ (954,881)​​ Net deferred tax liability $ (944,768)​$ (889,103)​​Certain wholly-owned and controlled subsidiaries of the company file separate federal and state income tax returns. One of the controlled subsidiaries generated federal net operating loss carryforwards in the years 2018 and prior, which total $11.5 million at December 31, 2023, and which expire in the years 2037 through 2039, along with state net operating loss carryforwards which expire in the years 2034 through 2039. Annually, the company evaluates the realizability of the net deferred tax assets for this controlled subsidiary. In completing this evaluation, the company considers all available positive and negative evidence in order to determine whether, based on the weight of the evidence, a valuation allowance for its deferred tax assets was necessary. Such evidence includes current operating results, historical results, future reversals of existing taxable temporary differences and expectations for future taxable income (exclusive of the reversal of temporary differences and carryforwards), as well as the implementation of feasible and prudent tax planning strategies. Based on the positive evidence, the company concluded that it was more likely than not that the net deferred tax assets would be realized and a valuation allowance was not necessary. The company continues to maintain a valuation allowance of $816,000 and $805,000 as of December 31, 2023, and 2022, respectively, with respect to certain state tax credits of the controlled subsidiary.A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):​​​​​​​​​​​​​​​​​​​​​​​​2023​2022​2021​​Balance at January 1 $ 28,646​$ 20,466​$ 12,830​​ Increases related to current year tax positions ​ 1,500​​ 9,600​​ 8,250​​ Increases related to prior year tax positions ​ 1,798​​ 364​​ 2,095​​ Decreases related to prior year tax positions ​ (686)​​ (1,784)​​ (2,709)​​Balance at December 31 $ 31,258​$ 28,646​$ 20,466​​​​74 Table of Contents Table of Contents Table of Contents Note 4. Income Taxes (Continued)Significant components of the company’s deferred tax assets and liabilities at December 31 are as follows (in thousands):​​​​​​​​​​2023​2022​​Deferred tax assets​​​​​​​ Accrued expenses and allowances $ 41,894​$ 34,052​​ Inventories ​ 10,685​​ 8,028​​ Net operating loss carryforwards ​ 7,663​​ 16,412​​ Amortizable assets​ 5,798​​ -​​ Other ​ 9,149​​ 8,091​​​​ 75,189​​ 66,583​​ Less: valuation allowance ​ (816)​​ (805)​​Total net deferred tax assets ​ 74,373​​ 65,778​​​​​​​​​​Deferred tax liabilities​​​​​​​ Property, plant and equipment ​ (1,013,045)​​ (951,404)​​ Amortizable assets ​ -​​ (1,304)​​ Other ​ (6,096)​​ (2,173)​​Total deferred tax liabilities ​ (1,019,141)​​ (954,881)​​ Net deferred tax liability $ (944,768)​$ (889,103)​​Certain wholly-owned and controlled subsidiaries of the company file separate federal and state income tax returns. One of the controlled subsidiaries generated federal net operating loss carryforwards in the years 2018 and prior, which total $11.5 million at December 31, 2023, and which expire in the years 2037 through 2039, along with state net operating loss carryforwards which expire in the years 2034 through 2039. Annually, the company evaluates the realizability of the net deferred tax assets for this controlled subsidiary. In completing this evaluation, the company considers all available positive and negative evidence in order to determine whether, based on the weight of the evidence, a valuation allowance for its deferred tax assets was necessary. Such evidence includes current operating results, historical results, future reversals of existing taxable temporary differences and expectations for future taxable income (exclusive of the reversal of temporary differences and carryforwards), as well as the implementation of feasible and prudent tax planning strategies. Based on the positive evidence, the company concluded that it was more likely than not that the net deferred tax assets would be realized and a valuation allowance was not necessary. The company continues to maintain a valuation allowance of $816,000 and $805,000 as of December 31, 2023, and 2022, respectively, with respect to certain state tax credits of the controlled subsidiary.A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):​​​​​​​​​​​​​​​​​​​​​​​​2023​2022​2021​​Balance at January 1 $ 28,646​$ 20,466​$ 12,830​​ Increases related to current year tax positions ​ 1,500​​ 9,600​​ 8,250​​ Increases related to prior year tax positions ​ 1,798​​ 364​​ 2,095​​ Decreases related to prior year tax positions ​ (686)​​ (1,784)​​ (2,709)​​Balance at December 31 $ 31,258​$ 28,646​$ 20,466​​​​",
      "prior_body": "The company files a consolidated federal income tax return. The current and deferred federal and state income tax expense for the years ended December 31 is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ Current income tax expense $ 1,107,379 ​ $ 643,639 ​ $ 88,914 ​ ​ Deferred income tax expense ​ 34,198 ​ ​ 318,617 ​ ​ 45,736 ​ ​ Total income tax expense $ 1,141,577 ​ $ 962,256 ​ $ 134,650 ​ ​ ​ 72 72 Table of ContentsNote 4. Income Taxes (Continued)A reconciliation of the statutory rates to the actual effective tax rates for the years ended December 31 are as follows:​​​​​​​​​​​​​​​​2022​2021​2020​​Statutory federal tax rate ​ 21.0%​​ 21.0%​​ 21.0%​​ State income taxes, net of federal benefit ​ 2.6​​​ 2.5​​​ 2.6​​​ Release of valuation allowance​ -​​​ -​​​ (2.9)​​​ Federal research & development credits​ (0.6)​​​ (0.7)​​​ (2.1)​​​ Other permanent differences ​ (0.3)​​​ 0.1​​​ 0.5​​​Effective tax rate ​22.7%​​22.9%​​19.1%​​​Significant components of the company’s deferred tax assets and liabilities at December 31 are as follows (in thousands):​​​​​​​​​​2022​2021​​Deferred tax assets​​​​​​​ Accrued expenses and allowances $ 34,052​$ 24,324​​ Inventories ​ 8,028​​ 9,088​​ Net operating loss carryforwards ​ 16,412​​ 20,333​​ Other ​ 8,091​​ 8,776​​​​ 66,583​​ 62,521​​ Less: valuation allowance ​ (805)​​ (805)​​Total net deferred tax assets ​ 65,778​​ 61,716​​​​​​​​​​Deferred tax liabilities​​​​​​​ Property, plant and equipment ​ (951,404)​​ (846,942)​​ Amortizable assets ​ (1,304)​​ (62,339)​​ Other ​ (2,173)​​ (7,340)​​Total deferred tax liabilities ​ (954,881)​​ (916,621)​​ Net deferred tax liability $ (889,103)​$ (854,905)​​Certain wholly-owned and controlled subsidiaries of the company file separate federal and state income tax returns. One of the controlled subsidiaries generated federal net operating loss carryforwards in the years 2018 and prior, which total $53.8 million at December 31, 2022, and which expire in the years 2035 through 2039, along with state net operating loss carryforwards which expire in the years 2034 through 2039. During the fourth quarter of 2020, the company evaluated the realizability of the net deferred tax assets for this controlled subsidiary. In completing this evaluation, the company considered all available positive and negative evidence in order to determine whether, based on the weight of the evidence, a valuation allowance for its deferred tax assets was necessary. Such evidence included current operating results, historical results, future reversals of existing taxable temporary differences and expectations for future taxable income (exclusive of the reversal of temporary differences and carryforwards), as well as the implementation of feasible and prudent tax planning strategies. Based on the positive evidence, the company concluded that it was more likely than not that the net deferred tax assets would be realized. As a result, $21.2 million of the valuation allowance was reversed in the year ended December 31, 2020. The company continues to maintain a valuation allowance of $805,000 as of December 31, 2022, and 2021, with respect to certain state tax credits of the controlled subsidiary.​73 Table of Contents Table of Contents Table of Contents Note 4. Income Taxes (Continued)A reconciliation of the statutory rates to the actual effective tax rates for the years ended December 31 are as follows:​​​​​​​​​​​​​​​​2022​2021​2020​​Statutory federal tax rate ​ 21.0%​​ 21.0%​​ 21.0%​​ State income taxes, net of federal benefit ​ 2.6​​​ 2.5​​​ 2.6​​​ Release of valuation allowance​ -​​​ -​​​ (2.9)​​​ Federal research & development credits​ (0.6)​​​ (0.7)​​​ (2.1)​​​ Other permanent differences ​ (0.3)​​​ 0.1​​​ 0.5​​​Effective tax rate ​22.7%​​22.9%​​19.1%​​​Significant components of the company’s deferred tax assets and liabilities at December 31 are as follows (in thousands):​​​​​​​​​​2022​2021​​Deferred tax assets​​​​​​​ Accrued expenses and allowances $ 34,052​$ 24,324​​ Inventories ​ 8,028​​ 9,088​​ Net operating loss carryforwards ​ 16,412​​ 20,333​​ Other ​ 8,091​​ 8,776​​​​ 66,583​​ 62,521​​ Less: valuation allowance ​ (805)​​ (805)​​Total net deferred tax assets ​ 65,778​​ 61,716​​​​​​​​​​Deferred tax liabilities​​​​​​​ Property, plant and equipment ​ (951,404)​​ (846,942)​​ Amortizable assets ​ (1,304)​​ (62,339)​​ Other ​ (2,173)​​ (7,340)​​Total deferred tax liabilities ​ (954,881)​​ (916,621)​​ Net deferred tax liability $ (889,103)​$ (854,905)​​Certain wholly-owned and controlled subsidiaries of the company file separate federal and state income tax returns. One of the controlled subsidiaries generated federal net operating loss carryforwards in the years 2018 and prior, which total $53.8 million at December 31, 2022, and which expire in the years 2035 through 2039, along with state net operating loss carryforwards which expire in the years 2034 through 2039. During the fourth quarter of 2020, the company evaluated the realizability of the net deferred tax assets for this controlled subsidiary. In completing this evaluation, the company considered all available positive and negative evidence in order to determine whether, based on the weight of the evidence, a valuation allowance for its deferred tax assets was necessary. Such evidence included current operating results, historical results, future reversals of existing taxable temporary differences and expectations for future taxable income (exclusive of the reversal of temporary differences and carryforwards), as well as the implementation of feasible and prudent tax planning strategies. Based on the positive evidence, the company concluded that it was more likely than not that the net deferred tax assets would be realized. As a result, $21.2 million of the valuation allowance was reversed in the year ended December 31, 2020. The company continues to maintain a valuation allowance of $805,000 as of December 31, 2022, and 2021, with respect to certain state tax credits of the controlled subsidiary.​"
    },
    {
      "status": "MODIFIED",
      "current_title": "when dilutive",
      "prior_title": "when dilutive",
      "similarity_score": 0.8,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"$ 14.64 ​ $ 20.92 ​ $ 15.56 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares and share equivalents outstanding ​ 167,431 ​ ​ 184,622 ​ ​ 206,615 ​ ​ ​ ​ ​ ​ ​ ​ ​\""
      ],
      "current_body": "$ 14.64 ​ $ 20.92 ​ $ 15.56 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares and share equivalents outstanding ​ 167,431 ​ ​ 184,622 ​ ​ 206,615 ​ ​ ​ ​ ​ ​ ​ ​ ​",
      "prior_body": "$ 20.92 ​ $ 15.56 ​ $ 2.59 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares and share equivalents outstanding ​ 184,622 ​ ​ 206,615 ​ ​ 212,345 ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Investing activities:",
      "prior_title": "Investing activities:",
      "similarity_score": 0.797,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ ​ ​ Purchases of property, plant and equipment ​ (1,657,905) ​ ​ (908,902) ​ ​ (1,006,239) Purchases of short-term investments ​ (1,145,493) ​ ​ (927,584) ​ ​ - Proceeds from maturities of short-term investments ​ 1,054,742 ​ ​ 297,950 ​ ​ - Business combinations, net of cash acquired ​ - ​ ​ (134,090) ​ ​ - Investments in unconsolidated affiliates ​ - ​ ​ (222,480) ​ ​ - Other investing activities ​ (221,593) ​ ​ 15,837 ​ ​ 6,819 Net cash used in investing activities ​ (1,970,249) ​ ​ (1,879,269) ​ ​ (999,420) ​ ​ ​ ​ ​ ​ ​ ​ ​\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ Purchases of property, plant and equipment ​ (1,657,905) ​ ​ (908,902) ​ ​ (1,006,239) Purchases of short-term investments ​ (1,145,493) ​ ​ (927,584) ​ ​ - Proceeds from maturities of short-term investments ​ 1,054,742 ​ ​ 297,950 ​ ​ - Business combinations, net of cash acquired ​ - ​ ​ (134,090) ​ ​ - Investments in unconsolidated affiliates ​ - ​ ​ (222,480) ​ ​ - Other investing activities ​ (221,593) ​ ​ 15,837 ​ ​ 6,819 Net cash used in investing activities ​ (1,970,249) ​ ​ (1,879,269) ​ ​ (999,420) ​ ​ ​ ​ ​ ​ ​ ​ ​",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ Purchases of property, plant and equipment ​ (908,902) ​ ​ (1,006,239) ​ ​ (1,198,055) Purchases of short-term investments ​ (927,584) ​ ​ - ​ ​ (149,359) Proceeds from maturities of short-term investments ​ 297,950 ​ ​ - ​ ​ 411,533 Business combinations, net of cash acquired ​ (134,090) ​ ​ - ​ ​ (60,012) Investments in unconsolidated affiliates ​ (222,480) ​ ​ - ​ ​ - Other investing activities ​ 15,837 ​ ​ 6,819 ​ ​ 2,634 Net cash used in investing activities ​ (1,879,269) ​ ​ (999,420) ​ ​ (993,259) ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Inc. stockholders",
      "prior_title": "Inc. stockholders",
      "similarity_score": 0.785,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"$ 14.72 ​ $ 21.06 ​ $ 15.67 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ 166,552 ​ ​ 183,393 ​ ​ 205,115 ​ ​ ​ ​ ​ ​ ​ ​ ​\""
      ],
      "current_body": "$ 14.72 ​ $ 21.06 ​ $ 15.67 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ 166,552 ​ ​ 183,393 ​ ​ 205,115 ​ ​ ​ ​ ​ ​ ​ ​ ​",
      "prior_body": "$ 21.06 ​ $ 15.67 ​ $ 2.61 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ 183,393 ​ ​ 205,115 ​ ​ 211,140 ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Aluminum Operations Segment",
      "prior_title": "Steel Fabrication Operations Segment",
      "similarity_score": 0.784,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"Aluminum Dynamics, LLC ​ Columbus, MS ​ Recycled Aluminum Flat Rolled Products Mill ​ 2,098 ​ — Aluminum Dynamics, Inc.\"",
        "Reworded sentence: \"We may also be involved from time to time in various governmental investigations, regulatory proceedings or judicial actions seeking penalties, injunctive relief, and/or remediation under federal, state and local environmental laws and regulations.\"",
        "Reworded sentence: \"Some of these matters have resulted in fines or penalties, exclusive of interest and costs, which did not exceed $1 million in aggregate, as of December 31, 2023.\"",
        "Reworded sentence: \"Our common stock trades on The NASDAQ Global Select Stock Market under the symbol STLD.As of February 26, 2024, we had 158,154,594 shares of common stock outstanding and held beneficially by approximately 29,000 stockholders based on our security position listing.\"",
        "Reworded sentence: \"Our common stock trades on The NASDAQ Global Select Stock Market under the symbol STLD.As of February 26, 2024, we had 158,154,594 shares of common stock outstanding and held beneficially by approximately 29,000 stockholders based on our security position listing.\""
      ],
      "current_body": "Aluminum Dynamics, LLC ​ Columbus, MS ​ Recycled Aluminum Flat Rolled Products Mill ​ 2,098 ​ — Aluminum Dynamics, Inc. ​ Phoenix, AZ ​ Recycled Aluminum Slab Facility ​ 256 ​ — Aluminum Dynamics of Mexico ​ San Luis Potosi, Mexico ​ Recycled Aluminum Slab Facility ​ 692 ​ — ​ The company’s corporate headquarters is in Fort Wayne, Indiana on 20 owned acres. Our copper rod and wire facility, a controlled subsidiary, is in New Haven, Indiana on 35 owned and 4 leased acres. *Our 2023 steel mill production utilization was 91% exclusive of Sinton (82% including Sinton) of our estimated annual steelmaking capability. 34 34 Table of ContentsITEM 3. LEGAL PROCEEDINGSWe are involved in various litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are currently expected to have a material impact on our financial condition, results of operations, or liquidity.We may also be involved from time to time in various governmental investigations, regulatory proceedings or judicial actions seeking penalties, injunctive relief, and/or remediation under federal, state and local environmental laws and regulations. The United States EPA has conducted such investigations and proceedings involving us, in some instances along with state environmental regulators, under various environmental laws, including RCRA, CERCLA, the Clean Water Act and the Clean Air Act. Some of these matters have resulted in fines or penalties, exclusive of interest and costs, which did not exceed $1 million in aggregate, as of December 31, 2023.ITEM 4. MINE SAFETY DISCLOSURESNone.​35 Table of Contents Table of Contents Table of Contents ITEM 3. LEGAL PROCEEDINGSWe are involved in various litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are currently expected to have a material impact on our financial condition, results of operations, or liquidity.We may also be involved from time to time in various governmental investigations, regulatory proceedings or judicial actions seeking penalties, injunctive relief, and/or remediation under federal, state and local environmental laws and regulations. The United States EPA has conducted such investigations and proceedings involving us, in some instances along with state environmental regulators, under various environmental laws, including RCRA, CERCLA, the Clean Water Act and the Clean Air Act. Some of these matters have resulted in fines or penalties, exclusive of interest and costs, which did not exceed $1 million in aggregate, as of December 31, 2023.ITEM 4. MINE SAFETY DISCLOSURESNone.​ ITEM 3. LEGAL PROCEEDINGS We are involved in various litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are currently expected to have a material impact on our financial condition, results of operations, or liquidity. We may also be involved from time to time in various governmental investigations, regulatory proceedings or judicial actions seeking penalties, injunctive relief, and/or remediation under federal, state and local environmental laws and regulations. The United States EPA has conducted such investigations and proceedings involving us, in some instances along with state environmental regulators, under various environmental laws, including RCRA, CERCLA, the Clean Water Act and the Clean Air Act. Some of these matters have resulted in fines or penalties, exclusive of interest and costs, which did not exceed $1 million in aggregate, as of December 31, 2023. ITEM 4. MINE SAFETY DISCLOSURES None. ​ 35 35 Table of ContentsPART IIITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIESThe information required by Item 5 with respect to securities authorized for issuance under equity compensation plans is set forth in Part III, Item 12 of this Form 10-K. Our common stock trades on The NASDAQ Global Select Stock Market under the symbol STLD.As of February 26, 2024, we had 158,154,594 shares of common stock outstanding and held beneficially by approximately 29,000 stockholders based on our security position listing. Because many of the shares were held by depositories, brokers and other nominees, the number of registered holders (approximately 1,270) is not representative of the number of beneficial holders.Issuer Purchases of Equity SecuritiesWe purchased the following equity securities registered by us pursuant to Section 12 of the Exchange Act during the three months ended December 31, 2023.​​​​​​​​​​​​​​​​​​​​​​​​Period​Total Number of Shares Purchased​Average Price Paid per Share​Total Number of Shares Purchased as Part of Publicly Announced Program(1)​Maximum Dollar Value of Shares That May Yet be Purchased Under the Program (in thousands) (1)​​​​​​​​​​​​Quarter ended December 31, 2023​​​​​​​​​​​​​​​​​​​​​October 1-31​ 1,373,216​$ 104.91​​ 1,373,216​$ 135,125November 1-30​ 1,471,893​​ 112.49​​ 1,471,893​​ 1,471,217December 1-31​ 667,785​​ 115.38​​ 667,785​​ 1,394,232​​ 3,512,894​​​​​ 3,512,894​​​​(1)In November 2022, our board of directors authorized a share repurchase program of up to $1.5 billion of our common stock. This program was exhausted in November 2023. In November 2023, our board of directors authorized an additional share repurchase program of up to $1.5 billion of our common stock.​36 Table of Contents Table of Contents Table of Contents PART IIITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIESThe information required by Item 5 with respect to securities authorized for issuance under equity compensation plans is set forth in Part III, Item 12 of this Form 10-K. Our common stock trades on The NASDAQ Global Select Stock Market under the symbol STLD.As of February 26, 2024, we had 158,154,594 shares of common stock outstanding and held beneficially by approximately 29,000 stockholders based on our security position listing. Because many of the shares were held by depositories, brokers and other nominees, the number of registered holders (approximately 1,270) is not representative of the number of beneficial holders.Issuer Purchases of Equity SecuritiesWe purchased the following equity securities registered by us pursuant to Section 12 of the Exchange Act during the three months ended December 31, 2023.​​​​​​​​​​​​​​​​​​​​​​​​Period​Total Number of Shares Purchased​Average Price Paid per Share​Total Number of Shares Purchased as Part of Publicly Announced Program(1)​Maximum Dollar Value of Shares That May Yet be Purchased Under the Program (in thousands) (1)​​​​​​​​​​​​Quarter ended December 31, 2023​​​​​​​​​​​​​​​​​​​​​October 1-31​ 1,373,216​$ 104.91​​ 1,373,216​$ 135,125November 1-30​ 1,471,893​​ 112.49​​ 1,471,893​​ 1,471,217December 1-31​ 667,785​​ 115.38​​ 667,785​​ 1,394,232​​ 3,512,894​​​​​ 3,512,894​​​​(1)In November 2022, our board of directors authorized a share repurchase program of up to $1.5 billion of our common stock. This program was exhausted in November 2023. In November 2023, our board of directors authorized an additional share repurchase program of up to $1.5 billion of our common stock.​ PART II ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES The information required by Item 5 with respect to securities authorized for issuance under equity compensation plans is set forth in Part III, Item 12 of this Form 10-K. Our common stock trades on The NASDAQ Global Select Stock Market under the symbol STLD. As of February 26, 2024, we had 158,154,594 shares of common stock outstanding and held beneficially by approximately 29,000 stockholders based on our security position listing. Because many of the shares were held by depositories, brokers and other nominees, the number of registered holders (approximately 1,270) is not representative of the number of beneficial holders.",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ New Millennium Building Systems: ​ ​ ​ ​ ​ ​ ​ ​ Joist and Deck Operations ​ Butler, IN ​ Steel Joist and Deck Fabrication Facility ​ 156 ​ — Joist Operations ​ Fallon, NV ​ Steel Joist Fabrication Facility ​ 53 ​ — Joist and Deck Operations ​ Hope, AR ​ Steel Joist and Deck Fabrication Facility ​ 245 ​ 7 Joist Operations ​ Juarez, MX ​ Steel Joist Fabrication Facility ​ 17 ​ — Joist and Deck Operations ​ Lake City, FL ​ Steel Joist and Deck Fabrication Facility ​ 75 ​ — Deck Operations ​ Memphis, TN ​ Deck Fabrication Facility ​ 19 ​ — Joist and Deck Operations ​ Salem, VA ​ Steel Joist and Deck Fabrication Facility ​ 113 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The company’s corporate headquarters is in Fort Wayne, Indiana on 20 owned acres. Our copper rod and wire facility, a controlled subsidiary, is in New Haven, Indiana on 35 owned acres. *Our 2022 steel mill production utilization was 92% of our estimated annual steelmaking capability, exclusive of Sinton which started up steel operations in 2022. ITEM 3. LEGAL PROCEEDINGS We are involved in various litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are currently expected to have a material impact on our financial condition, results of operations, or liquidity. 32 32 Table of ContentsWe may also be involved from time to time in various governmental investigations, regulatory proceedings or judicial actions seeking penalties, injunctive relief, and/or remediation under federal, state and local environmental laws and regulations. The United States EPA has conducted such investigations and proceedings involving us, in some instances along with state environmental regulators, under various environmental laws, including RCRA, CERCLA, the Clean Water Act and the Clean Air Act. Some of these matters have resulted in fines or penalties, exclusive of interest and costs, which did not exceed $1 million in aggregate, as of December 31, 2022.ITEM 4. MINE SAFETY DISCLOSURESInformation required to be furnished pursuant to Item 4 concerning mine safety disclosure matters by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K (17 CFR 229.104), is included in Exhibit 95 to this annual report.​33 Table of Contents Table of Contents Table of Contents We may also be involved from time to time in various governmental investigations, regulatory proceedings or judicial actions seeking penalties, injunctive relief, and/or remediation under federal, state and local environmental laws and regulations. The United States EPA has conducted such investigations and proceedings involving us, in some instances along with state environmental regulators, under various environmental laws, including RCRA, CERCLA, the Clean Water Act and the Clean Air Act. Some of these matters have resulted in fines or penalties, exclusive of interest and costs, which did not exceed $1 million in aggregate, as of December 31, 2022.ITEM 4. MINE SAFETY DISCLOSURESInformation required to be furnished pursuant to Item 4 concerning mine safety disclosure matters by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K (17 CFR 229.104), is included in Exhibit 95 to this annual report.​ We may also be involved from time to time in various governmental investigations, regulatory proceedings or judicial actions seeking penalties, injunctive relief, and/or remediation under federal, state and local environmental laws and regulations. The United States EPA has conducted such investigations and proceedings involving us, in some instances along with state environmental regulators, under various environmental laws, including RCRA, CERCLA, the Clean Water Act and the Clean Air Act. Some of these matters have resulted in fines or penalties, exclusive of interest and costs, which did not exceed $1 million in aggregate, as of December 31, 2022. ITEM 4. MINE SAFETY DISCLOSURES Information required to be furnished pursuant to Item 4 concerning mine safety disclosure matters by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K (17 CFR 229.104), is included in Exhibit 95 to this annual report. ​ 33 33 Table of ContentsPART IIITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIESThe information required by Item 5 with respect to securities authorized for issuance under equity compensation plans is set forth in Part III, Item 12 of this Form 10-K. Our common stock trades on The NASDAQ Global Select Stock Market under the symbol STLD.As of February 21, 2023, we had 171,577,705 shares of common stock outstanding and held beneficially by approximately 23,700 stockholders based on our security position listing. Because many of the shares were held by depositories, brokers and other nominees, the number of registered holders (approximately 1,320) is not representative of the number of beneficial holders.Issuer Purchases of Equity SecuritiesWe purchased the following equity securities registered by us pursuant to Section 12 of the Exchange Act during the three months ended December 31, 2022.​​​​​​​​​​​​​​​​​​​​​​​​​Period​Total Number of Shares Purchased​Average Price Paid per Share​Total Number of Shares Purchased as Part of Publicly Announced Program(1)​Maximum Dollar Value of Shares That May Yet be Purchased Under the Program (in thousands) (1)​​​​​​​​​​​​Quarter ended December 31, 2022​​​​​​​​​​​​​​​​​​​​​October 1-31​ 1,493,698​$ 83.68​​ 1,493,698​$ 120,501November 1-30​ 1,419,306​​ 99.35​​ 1,419,306​​ 1,479,496December 1 - 31​ 1,402,142​​ 104.85​​ 1,402,142​​ 1,332,506​​ 4,315,146​​​​​ 4,315,146​​​​(1)In February 2022, our board of directors authorized a share repurchase program of up to $1.25 billion of our common stock. This program was exhausted in November 2022. In November 2022, our board of directors authorized an additional share repurchase program of up to $1.5 billion of our common stock.​34 Table of Contents Table of Contents Table of Contents PART IIITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIESThe information required by Item 5 with respect to securities authorized for issuance under equity compensation plans is set forth in Part III, Item 12 of this Form 10-K. Our common stock trades on The NASDAQ Global Select Stock Market under the symbol STLD.As of February 21, 2023, we had 171,577,705 shares of common stock outstanding and held beneficially by approximately 23,700 stockholders based on our security position listing. Because many of the shares were held by depositories, brokers and other nominees, the number of registered holders (approximately 1,320) is not representative of the number of beneficial holders.Issuer Purchases of Equity SecuritiesWe purchased the following equity securities registered by us pursuant to Section 12 of the Exchange Act during the three months ended December 31, 2022.​​​​​​​​​​​​​​​​​​​​​​​​​Period​Total Number of Shares Purchased​Average Price Paid per Share​Total Number of Shares Purchased as Part of Publicly Announced Program(1)​Maximum Dollar Value of Shares That May Yet be Purchased Under the Program (in thousands) (1)​​​​​​​​​​​​Quarter ended December 31, 2022​​​​​​​​​​​​​​​​​​​​​October 1-31​ 1,493,698​$ 83.68​​ 1,493,698​$ 120,501November 1-30​ 1,419,306​​ 99.35​​ 1,419,306​​ 1,479,496December 1 - 31​ 1,402,142​​ 104.85​​ 1,402,142​​ 1,332,506​​ 4,315,146​​​​​ 4,315,146​​​​(1)In February 2022, our board of directors authorized a share repurchase program of up to $1.25 billion of our common stock. This program was exhausted in November 2022. In November 2022, our board of directors authorized an additional share repurchase program of up to $1.5 billion of our common stock.​ PART II ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES The information required by Item 5 with respect to securities authorized for issuance under equity compensation plans is set forth in Part III, Item 12 of this Form 10-K. Our common stock trades on The NASDAQ Global Select Stock Market under the symbol STLD. As of February 21, 2023, we had 171,577,705 shares of common stock outstanding and held beneficially by approximately 23,700 stockholders based on our security position listing. Because many of the shares were held by depositories, brokers and other nominees, the number of registered holders (approximately 1,320) is not representative of the number of beneficial holders."
    },
    {
      "status": "MODIFIED",
      "current_title": "Comprehensive income attributable to Steel Dynamics, Inc.",
      "prior_title": "Comprehensive income attributable to Steel Dynamics, Inc.",
      "similarity_score": 0.777,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"$ 2,450,414 ​ $ 3,865,654 ​ $ 3,210,073 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ See notes to consolidated financial statements.\""
      ],
      "current_body": "$ 2,450,414 ​ $ 3,865,654 ​ $ 3,210,073 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ See notes to consolidated financial statements. ​ 60 60 Table of ContentsSTEEL DYNAMICS, INC.CONSOLIDATED STATEMENTS OF EQUITY(in thousands)​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Accumulated​​​​​​​​​​​​​​​​​​​​​​Additional ​​​Other​​​​​Redeemable​Shares​Common​Treasury​Paid-In​Retained​Comprehensive​Noncontrolling​Total​Noncontrolling​Common​Treasury​Stock​Stock​Capital​Earnings​Income (Loss)​Interests​Equity​InterestsBalances at January 1, 2021​ 210,914​​ 55,704​​ 648​​ (1,623,747)​​ 1,207,392​​ 4,758,969​​ 1,902​​ (155,552)​​ 4,189,612​​ 158,614Dividends declared​ -​​ -​​ -​​ -​​ -​​ (210,939)​​ -​​ -​​ (210,939)​​ -Noncontrolling investors, net​ -​​ -​​ -​​ -​​ -​​ (150)​​ -​​ (73,080)​​ (73,230)​​ 52,800Share repurchases​ (16,867)​​ 16,867​​ -​​ (1,060,632)​​ -​​ -​​ -​​ -​​ (1,060,632)​​ -Equity-based compensation ​ 951​​ (344)​​ 1​​ 10,112​​ 11,541​​ (529)​​ -​​ -​​ 21,125​​ -Net income​ -​​ -​​ -​​ -​​ -​​ 3,214,066​​ -​​ 32,748​​ 3,246,814​​ -Other comprehensive loss, net of tax​ -​​ -​​ -​​ -​​ -​​ -​​ (3,993)​​ -​​ (3,993)​​ -Balances at December 31, 2021​ 194,998​​ 72,227​​ 649​​ (2,674,267)​​ 1,218,933​​ 7,761,417​​ (2,091)​​ (195,884)​​ 6,108,757​​ 211,414Dividends declared​ -​​ -​​ -​​ -​​ -​​ (245,287)​​ -​​ -​​ (245,287)​​ -Noncontrolling investors, net​ -​​ -​​ -​​ -​​ 630​​ (2,495)​​ -​​ (36,989)​​ (38,854)​​ (29,911)Share repurchases​ (22,996)​​ 22,996​​ -​​ (1,800,905)​​ -​​ -​​ -​​ -​​ (1,800,905)​​ -Equity-based compensation ​ 934​​ (397)​​ 1​​ 15,659​​ (6,997)​​ (544)​​ -​​ -​​ 8,119​​ -Net income​ -​​ -​​ -​​ -​​ -​​ 3,862,674​​ -​​ 16,818​​ 3,879,492​​ -Other comprehensive income, net of tax​ -​​ -​​ -​​ -​​ -​​ -​​ 2,980​​ -​​ 2,980​​ -Balances at December 31, 2022​ 172,936​​ 94,826​$ 650​$ (4,459,513)​$ 1,212,566​$ 11,375,765​$ 889​$ (216,055)​$ 7,914,302​$ 181,503Dividends declared​ -​​ -​​ -​​ -​​ -​​ (280,501)​​ -​​ -​​ (280,501)​​ -Noncontrolling investors, net​ -​​ -​​ -​​ -​​ -​​ -​​ -​​ 1,254​​ 1,254​​ (10,291)Share repurchases​ (13,394)​​ 13,394​​ -​​ (1,452,203)​​ -​​ -​​ -​​ -​​ (1,452,203)​​ -Equity-based compensation ​ 476​​ (125)​​ 1​​ 14,110​​ 5,044​​ (556)​​ -​​ -​​ 18,599​​ -Net income​ -​​ -​​ -​​ -​​ -​​ 2,450,882​​ -​​ 16,450​​ 2,467,332​​ -Other comprehensive loss, net of tax​ -​​ -​​ -​​ -​​ -​​ -​​ (468)​​ -​​ (468)​​ -Balances at December 31, 2023​ 160,018​​ 108,095​$ 651​$ (5,897,606)​$ 1,217,610​$ 13,545,590​$ 421​$ (198,351)​$ 8,668,315​$ 171,212​​​​​​​​​​​​​​​​​​​​​​​​​​​​​See notes to consolidated financial statements.​​61 Table of Contents Table of Contents Table of Contents STEEL DYNAMICS, INC.CONSOLIDATED STATEMENTS OF EQUITY(in thousands)​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Accumulated​​​​​​​​​​​​​​​​​​​​​​Additional ​​​Other​​​​​Redeemable​Shares​Common​Treasury​Paid-In​Retained​Comprehensive​Noncontrolling​Total​Noncontrolling​Common​Treasury​Stock​Stock​Capital​Earnings​Income (Loss)​Interests​Equity​InterestsBalances at January 1, 2021​ 210,914​​ 55,704​​ 648​​ (1,623,747)​​ 1,207,392​​ 4,758,969​​ 1,902​​ (155,552)​​ 4,189,612​​ 158,614Dividends declared​ -​​ -​​ -​​ -​​ -​​ (210,939)​​ -​​ -​​ (210,939)​​ -Noncontrolling investors, net​ -​​ -​​ -​​ -​​ -​​ (150)​​ -​​ (73,080)​​ (73,230)​​ 52,800Share repurchases​ (16,867)​​ 16,867​​ -​​ (1,060,632)​​ -​​ -​​ -​​ -​​ (1,060,632)​​ -Equity-based compensation ​ 951​​ (344)​​ 1​​ 10,112​​ 11,541​​ (529)​​ -​​ -​​ 21,125​​ -Net income​ -​​ -​​ -​​ -​​ -​​ 3,214,066​​ -​​ 32,748​​ 3,246,814​​ -Other comprehensive loss, net of tax​ -​​ -​​ -​​ -​​ -​​ -​​ (3,993)​​ -​​ (3,993)​​ -Balances at December 31, 2021​ 194,998​​ 72,227​​ 649​​ (2,674,267)​​ 1,218,933​​ 7,761,417​​ (2,091)​​ (195,884)​​ 6,108,757​​ 211,414Dividends declared​ -​​ -​​ -​​ -​​ -​​ (245,287)​​ -​​ -​​ (245,287)​​ -Noncontrolling investors, net​ -​​ -​​ -​​ -​​ 630​​ (2,495)​​ -​​ (36,989)​​ (38,854)​​ (29,911)Share repurchases​ (22,996)​​ 22,996​​ -​​ (1,800,905)​​ -​​ -​​ -​​ -​​ (1,800,905)​​ -Equity-based compensation ​ 934​​ (397)​​ 1​​ 15,659​​ (6,997)​​ (544)​​ -​​ -​​ 8,119​​ -Net income​ -​​ -​​ -​​ -​​ -​​ 3,862,674​​ -​​ 16,818​​ 3,879,492​​ -Other comprehensive income, net of tax​ -​​ -​​ -​​ -​​ -​​ -​​ 2,980​​ -​​ 2,980​​ -Balances at December 31, 2022​ 172,936​​ 94,826​$ 650​$ (4,459,513)​$ 1,212,566​$ 11,375,765​$ 889​$ (216,055)​$ 7,914,302​$ 181,503Dividends declared​ -​​ -​​ -​​ -​​ -​​ (280,501)​​ -​​ -​​ (280,501)​​ -Noncontrolling investors, net​ -​​ -​​ -​​ -​​ -​​ -​​ -​​ 1,254​​ 1,254​​ (10,291)Share repurchases​ (13,394)​​ 13,394​​ -​​ (1,452,203)​​ -​​ -​​ -​​ -​​ (1,452,203)​​ -Equity-based compensation ​ 476​​ (125)​​ 1​​ 14,110​​ 5,044​​ (556)​​ -​​ -​​ 18,599​​ -Net income​ -​​ -​​ -​​ -​​ -​​ 2,450,882​​ -​​ 16,450​​ 2,467,332​​ -Other comprehensive loss, net of tax​ -​​ -​​ -​​ -​​ -​​ -​​ (468)​​ -​​ (468)​​ -Balances at December 31, 2023​ 160,018​​ 108,095​$ 651​$ (5,897,606)​$ 1,217,610​$ 13,545,590​$ 421​$ (198,351)​$ 8,668,315​$ 171,212​​​​​​​​​​​​​​​​​​​​​​​​​​​​​See notes to consolidated financial statements.​​",
      "prior_body": "$ 3,865,654 ​ $ 3,210,073 ​ $ 552,731 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ See notes to consolidated financial statements. ​ 59 59 Table of ContentsSTEEL DYNAMICS, INC.CONSOLIDATED STATEMENTS OF EQUITY(in thousands)​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Accumulated​​​​​​​​​​​​​​​​​​​​​​Additional ​​​Other​​​​​Redeemable​Shares​Common​Treasury​Paid-In​Retained​Comprehensive​Noncontrolling​Total​Noncontrolling​Common​Treasury​Stock​Stock​Capital​Earnings​Income (Loss)​Interests​Equity​InterestsBalances at January 1, 2020​ 214,503​​ 51,570​$ 646​$ (1,525,113)​$ 1,181,012​$ 4,419,296​$ (7)​$ (154,593)​$ 3,921,241​$ 143,614Dividends declared​ -​​ -​​ -​​ -​​ -​​ (210,496)​​ -​​ -​​ (210,496)​​ -Noncontrolling investors, net​ -​​ -​​ -​​ -​​ -​​ -​​ -​​ (20,965)​​ (20,965)​​ 15,000Share repurchases​ (4,402)​​ 4,402​​ -​​ (106,529)​​ -​​ -​​ -​​ -​​ (106,529)​​ -Equity-based compensation ​ 813​​ (268)​​ 2​​ 7,895​​ 26,380​​ (653)​​ -​​ -​​ 33,624​​ -Net income​ -​​ -​​ -​​ -​​ -​​ 550,822​​ -​​ 20,006​​ 570,828​​ -Other comprehensive income, net of tax​ -​​ -​​ -​​ -​​ -​​ -​​ 1,909​​ -​​ 1,909​​ -Balances at December 31, 2020​ 210,914​​ 55,704​​ 648​​ (1,623,747)​​ 1,207,392​​ 4,758,969​​ 1,902​​ (155,552)​​ 4,189,612​​ 158,614Dividends declared​ -​​ -​​ -​​ -​​ -​​ (210,939)​​ -​​ -​​ (210,939)​​ -Noncontrolling investors, net​ -​​ -​​ -​​ -​​ -​​ (150)​​ -​​ (73,080)​​ (73,230)​​ 52,800Share repurchases​ (16,867)​​ 16,867​​ -​​ (1,060,632)​​ -​​ -​​ -​​ -​​ (1,060,632)​​ -Equity-based compensation ​ 951​​ (344)​​ 1​​ 10,112​​ 11,541​​ (529)​​ -​​ -​​ 21,125​​ -Net income​ -​​ -​​ -​​ -​​ -​​ 3,214,066​​ -​​ 32,748​​ 3,246,814​​ -Other comprehensive loss, net of tax​ -​​ -​​ -​​ -​​ -​​ -​​ (3,993)​​ -​​ (3,993)​​ -Balances at December 31, 2021​ 194,998​​ 72,227​​ 649​​ (2,674,267)​​ 1,218,933​​ 7,761,417​​ (2,091)​​ (195,884)​​ 6,108,757​​ 211,414Dividends declared​ -​​ -​​ -​​ -​​ -​​ (245,287)​​ -​​ -​​ (245,287)​​ -Noncontrolling investors, net​ -​​ -​​ -​​ -​​ 630​​ (2,495)​​ -​​ (36,989)​​ (38,854)​​ (29,911)Share repurchases​ (22,996)​​ 22,996​​ -​​ (1,800,905)​​ -​​ -​​ -​​ -​​ (1,800,905)​​ -Equity-based compensation ​ 934​​ (397)​​ 1​​ 15,659​​ (6,997)​​ (544)​​ -​​ -​​ 8,119​​ -Net income​ -​​ -​​ -​​ -​​ -​​ 3,862,674​​ -​​ 16,818​​ 3,879,492​​ -Other comprehensive income, net of tax​ -​​ -​​ -​​ -​​ -​​ -​​ 2,980​​ -​​ 2,980​​ -Balances at December 31, 2022​ 172,936​​ 94,826​$ 650​$ (4,459,513)​$ 1,212,566​$ 11,375,765​$ 889​$ (216,055)​$ 7,914,302​$ 181,503​​​​​​​​​​​​​​​​​​​​​​​​​​​​​See notes to consolidated financial statements.​​60 Table of Contents Table of Contents Table of Contents STEEL DYNAMICS, INC.CONSOLIDATED STATEMENTS OF EQUITY(in thousands)​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Accumulated​​​​​​​​​​​​​​​​​​​​​​Additional ​​​Other​​​​​Redeemable​Shares​Common​Treasury​Paid-In​Retained​Comprehensive​Noncontrolling​Total​Noncontrolling​Common​Treasury​Stock​Stock​Capital​Earnings​Income (Loss)​Interests​Equity​InterestsBalances at January 1, 2020​ 214,503​​ 51,570​$ 646​$ (1,525,113)​$ 1,181,012​$ 4,419,296​$ (7)​$ (154,593)​$ 3,921,241​$ 143,614Dividends declared​ -​​ -​​ -​​ -​​ -​​ (210,496)​​ -​​ -​​ (210,496)​​ -Noncontrolling investors, net​ -​​ -​​ -​​ -​​ -​​ -​​ -​​ (20,965)​​ (20,965)​​ 15,000Share repurchases​ (4,402)​​ 4,402​​ -​​ (106,529)​​ -​​ -​​ -​​ -​​ (106,529)​​ -Equity-based compensation ​ 813​​ (268)​​ 2​​ 7,895​​ 26,380​​ (653)​​ -​​ -​​ 33,624​​ -Net income​ -​​ -​​ -​​ -​​ -​​ 550,822​​ -​​ 20,006​​ 570,828​​ -Other comprehensive income, net of tax​ -​​ -​​ -​​ -​​ -​​ -​​ 1,909​​ -​​ 1,909​​ -Balances at December 31, 2020​ 210,914​​ 55,704​​ 648​​ (1,623,747)​​ 1,207,392​​ 4,758,969​​ 1,902​​ (155,552)​​ 4,189,612​​ 158,614Dividends declared​ -​​ -​​ -​​ -​​ -​​ (210,939)​​ -​​ -​​ (210,939)​​ -Noncontrolling investors, net​ -​​ -​​ -​​ -​​ -​​ (150)​​ -​​ (73,080)​​ (73,230)​​ 52,800Share repurchases​ (16,867)​​ 16,867​​ -​​ (1,060,632)​​ -​​ -​​ -​​ -​​ (1,060,632)​​ -Equity-based compensation ​ 951​​ (344)​​ 1​​ 10,112​​ 11,541​​ (529)​​ -​​ -​​ 21,125​​ -Net income​ -​​ -​​ -​​ -​​ -​​ 3,214,066​​ -​​ 32,748​​ 3,246,814​​ -Other comprehensive loss, net of tax​ -​​ -​​ -​​ -​​ -​​ -​​ (3,993)​​ -​​ (3,993)​​ -Balances at December 31, 2021​ 194,998​​ 72,227​​ 649​​ (2,674,267)​​ 1,218,933​​ 7,761,417​​ (2,091)​​ (195,884)​​ 6,108,757​​ 211,414Dividends declared​ -​​ -​​ -​​ -​​ -​​ (245,287)​​ -​​ -​​ (245,287)​​ -Noncontrolling investors, net​ -​​ -​​ -​​ -​​ 630​​ (2,495)​​ -​​ (36,989)​​ (38,854)​​ (29,911)Share repurchases​ (22,996)​​ 22,996​​ -​​ (1,800,905)​​ -​​ -​​ -​​ -​​ (1,800,905)​​ -Equity-based compensation ​ 934​​ (397)​​ 1​​ 15,659​​ (6,997)​​ (544)​​ -​​ -​​ 8,119​​ -Net income​ -​​ -​​ -​​ -​​ -​​ 3,862,674​​ -​​ 16,818​​ 3,879,492​​ -Other comprehensive income, net of tax​ -​​ -​​ -​​ -​​ -​​ -​​ 2,980​​ -​​ 2,980​​ -Balances at December 31, 2022​ 172,936​​ 94,826​$ 650​$ (4,459,513)​$ 1,212,566​$ 11,375,765​$ 889​$ (216,055)​$ 7,914,302​$ 181,503​​​​​​​​​​​​​​​​​​​​​​​​​​​​​See notes to consolidated financial statements.​​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Income before income taxes",
      "prior_title": "Income before income taxes",
      "similarity_score": 0.774,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ 3,218,943 ​ ​ 5,021,069 ​ ​ 4,209,070 ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax expense ​ 751,611 ​ ​ 1,141,577 ​ ​ 962,256 Net income ​ 2,467,332 ​ ​ 3,879,492 ​ ​ 3,246,814 ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to noncontrolling interests ​ (16,450) ​ ​ (16,818) ​ ​ (32,748)\""
      ],
      "current_body": "​ 3,218,943 ​ ​ 5,021,069 ​ ​ 4,209,070 ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax expense ​ 751,611 ​ ​ 1,141,577 ​ ​ 962,256 Net income ​ 2,467,332 ​ ​ 3,879,492 ​ ​ 3,246,814 ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to noncontrolling interests ​ (16,450) ​ ​ (16,818) ​ ​ (32,748)",
      "prior_body": "​ 5,021,069 ​ ​ 4,209,070 ​ ​ 705,478 ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax expense ​ 1,141,577 ​ ​ 962,256 ​ ​ 134,650 Net income ​ 3,879,492 ​ ​ 3,246,814 ​ ​ 570,828 ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to noncontrolling interests ​ (16,818) ​ ​ (32,748) ​ ​ (20,006)"
    },
    {
      "status": "MODIFIED",
      "current_title": "Comprehensive income",
      "prior_title": "Comprehensive income",
      "similarity_score": 0.772,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ 2,466,864 ​ ​ 3,882,472 ​ ​ 3,242,821 ​ ​ ​ ​ ​ ​ ​ ​ ​ Comprehensive income attributable to noncontrolling interests ​ (16,450) ​ ​ (16,818) ​ ​ (32,748)\""
      ],
      "current_body": "​ 2,466,864 ​ ​ 3,882,472 ​ ​ 3,242,821 ​ ​ ​ ​ ​ ​ ​ ​ ​ Comprehensive income attributable to noncontrolling interests ​ (16,450) ​ ​ (16,818) ​ ​ (32,748)",
      "prior_body": "​ 3,882,472 ​ ​ 3,242,821 ​ ​ 572,737 ​ ​ ​ ​ ​ ​ ​ ​ ​ Comprehensive income attributable to noncontrolling interests ​ (16,818) ​ ​ (32,748) ​ ​ (20,006)"
    },
    {
      "status": "MODIFIED",
      "current_title": "Operating Statement Classifications",
      "prior_title": "Operating Statement Classifications",
      "similarity_score": 0.772,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"39 39 Table of ContentsSelling, General and Administrative Expenses.\"",
        "Reworded sentence: \"Interest expense consists of interest associated with our senior credit facilities and other debt, net of interest costs that are required to be capitalized during the construction period of certain capital investment projects.Other (Income) Expense, net.\"",
        "Reworded sentence: \"for 2023 decreased $1.4 billion, or 37%, to $2.5 billion, compared to a record in 2022.\"",
        "Reworded sentence: \"was $14.64 for 2023, compared to $20.92 for 2022.\"",
        "Reworded sentence: \"Interest expense consists of interest associated with our senior credit facilities and other debt, net of interest costs that are required to be capitalized during the construction period of certain capital investment projects.Other (Income) Expense, net.\""
      ],
      "current_body": "Net Sales. Net sales from our operations are a factor of volumes shipped, product mix and related pricing. We charge premium prices for certain grades of steel, product dimensions, certain smaller volumes, and for value-added processing or coating of our steel products. Except for the steel fabrication operations, we recognize revenues from sales and the allowance for estimated returns and claims from these sales at the point in time control of the product transfers to the customer, upon shipment or delivery. Our steel fabrication operations recognize revenues over time based on completed fabricated tons to date as a percentage of total tons required for each contract. Costs of Goods Sold. Our costs of goods sold represent all direct and indirect costs associated with the manufacture of our products. The principal elements of these costs are scrap and scrap substitutes (which represent the most significant single component of our consolidated costs of goods sold), steel substrate, direct and indirect labor and related benefits, alloys, zinc, transportation and freight, repairs and maintenance, utilities such as electricity and natural gas, and depreciation. 39 39 Table of ContentsSelling, General and Administrative Expenses. Selling, general and administrative expenses consist of all costs associated with our sales, finance and accounting, and administrative departments, including, among other items, labor and related benefits, and professional services. Companywide profit sharing and amortization of intangible assets are each separately presented in the statement of income.Interest Expense, net of Capitalized Interest. Interest expense consists of interest associated with our senior credit facilities and other debt, net of interest costs that are required to be capitalized during the construction period of certain capital investment projects.Other (Income) Expense, net. Other income consists of interest income earned on our temporary cash deposits, short-term and other investments, and any other non-operating income activity, including income from investments in unconsolidated affiliates accounted for under the equity method. Other expense consists of any non-operating costs, such as certain acquisition and financing expenses.2023 OverviewDuring 2023, underlying domestic steel demand was firm, supported by the construction, automotive, and energy sectors. Customer steel inventories also remained below historical averages, in combination resulting in generally steady order patterns. This solid market environment, coupled with the continued ramp-up of Sinton, drove record annual shipments of 12.8 million tons for our steel operations. Despite a challenging pricing environment throughout much of the year, our metals recycling teams meaningfully increased volume during 2023 compared to 2022. Our steel fabrication business achieved its second highest annual earnings during 2023, on continued solid non-residential construction demand. Our consolidated net sales of $18.8 billion and cash flow from operations of $3.5 billion were our second-best and our consolidated operating income of $3.2 billion was our third-best performance in company history. Metal spread compression among each of our operating segments resulted in significantly lower operating income in 2023 compared to our record 2022 earnings despite continued strong market demand and volumes.Consolidated operating income for 2023 decreased $1.9 billion, or 38%, to $3.2 billion, compared to a record $5.1 billion in 2022. Net income attributable to Steel Dynamics, Inc. for 2023 decreased $1.4 billion, or 37%, to $2.5 billion, compared to a record in 2022. Diluted earnings per share attributable to Steel Dynamics, Inc. was $14.64 for 2023, compared to $20.92 for 2022. Effective the fourth quarter 2023, the company changed its reportable segments, consistent with how it currently manages the business, representing four reporting segments: steel operations (now including warehouse operations previously included in Other), metals recycling operations, steel fabrication operations, and a new reportable segment, aluminum operations. Segment information provided within this Form 10-K has been recast for all prior periods consistent with the current reportable segment presentation. Aluminum Operations includes the results of the recycled aluminum flat rolled products mill in Columbus, Mississippi, and two satellite recycled aluminum slab centers located in Arizona and Mexico, all of which are currently being constructed. The results of this segment currently consist of construction and start-up costs recorded in selling, general and administrative expenses, included within the discussion of consolidated results within the Other Operations section below. During 2023, there were no additional results of operations, such as those related to shipments or production, to be discussed. Operations are expected to begin in 2025. Refer to Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II of our Annual Report on Form 10-K for the year ended December 31, 2022, for additional information regarding results of operations for the year ended December 31, 2022, as compared to the year ended December 31, 2021, and segment operating results for 2022 as compared to 2021. Our 2023 change in reportable segments did not change the discussion previously provided. ​40 Table of Contents Table of Contents Table of Contents Selling, General and Administrative Expenses. Selling, general and administrative expenses consist of all costs associated with our sales, finance and accounting, and administrative departments, including, among other items, labor and related benefits, and professional services. Companywide profit sharing and amortization of intangible assets are each separately presented in the statement of income.Interest Expense, net of Capitalized Interest. Interest expense consists of interest associated with our senior credit facilities and other debt, net of interest costs that are required to be capitalized during the construction period of certain capital investment projects.Other (Income) Expense, net. Other income consists of interest income earned on our temporary cash deposits, short-term and other investments, and any other non-operating income activity, including income from investments in unconsolidated affiliates accounted for under the equity method. Other expense consists of any non-operating costs, such as certain acquisition and financing expenses.2023 OverviewDuring 2023, underlying domestic steel demand was firm, supported by the construction, automotive, and energy sectors. Customer steel inventories also remained below historical averages, in combination resulting in generally steady order patterns. This solid market environment, coupled with the continued ramp-up of Sinton, drove record annual shipments of 12.8 million tons for our steel operations. Despite a challenging pricing environment throughout much of the year, our metals recycling teams meaningfully increased volume during 2023 compared to 2022. Our steel fabrication business achieved its second highest annual earnings during 2023, on continued solid non-residential construction demand. Our consolidated net sales of $18.8 billion and cash flow from operations of $3.5 billion were our second-best and our consolidated operating income of $3.2 billion was our third-best performance in company history. Metal spread compression among each of our operating segments resulted in significantly lower operating income in 2023 compared to our record 2022 earnings despite continued strong market demand and volumes.Consolidated operating income for 2023 decreased $1.9 billion, or 38%, to $3.2 billion, compared to a record $5.1 billion in 2022. Net income attributable to Steel Dynamics, Inc. for 2023 decreased $1.4 billion, or 37%, to $2.5 billion, compared to a record in 2022. Diluted earnings per share attributable to Steel Dynamics, Inc. was $14.64 for 2023, compared to $20.92 for 2022. Effective the fourth quarter 2023, the company changed its reportable segments, consistent with how it currently manages the business, representing four reporting segments: steel operations (now including warehouse operations previously included in Other), metals recycling operations, steel fabrication operations, and a new reportable segment, aluminum operations. Segment information provided within this Form 10-K has been recast for all prior periods consistent with the current reportable segment presentation. Aluminum Operations includes the results of the recycled aluminum flat rolled products mill in Columbus, Mississippi, and two satellite recycled aluminum slab centers located in Arizona and Mexico, all of which are currently being constructed. The results of this segment currently consist of construction and start-up costs recorded in selling, general and administrative expenses, included within the discussion of consolidated results within the Other Operations section below. During 2023, there were no additional results of operations, such as those related to shipments or production, to be discussed. Operations are expected to begin in 2025. Refer to Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II of our Annual Report on Form 10-K for the year ended December 31, 2022, for additional information regarding results of operations for the year ended December 31, 2022, as compared to the year ended December 31, 2021, and segment operating results for 2022 as compared to 2021. Our 2023 change in reportable segments did not change the discussion previously provided. ​ Selling, General and Administrative Expenses. Selling, general and administrative expenses consist of all costs associated with our sales, finance and accounting, and administrative departments, including, among other items, labor and related benefits, and professional services. Companywide profit sharing and amortization of intangible assets are each separately presented in the statement of income. Interest Expense, net of Capitalized Interest. Interest expense consists of interest associated with our senior credit facilities and other debt, net of interest costs that are required to be capitalized during the construction period of certain capital investment projects. Other (Income) Expense, net. Other income consists of interest income earned on our temporary cash deposits, short-term and other investments, and any other non-operating income activity, including income from investments in unconsolidated affiliates accounted for under the equity method. Other expense consists of any non-operating costs, such as certain acquisition and financing expenses.",
      "prior_body": "Net Sales. Net sales from our operations are a factor of volumes shipped, product mix and related pricing. We charge premium prices for certain grades of steel, product dimensions, certain smaller volumes, and for value-added processing or coating of our steel products. Except for the steel fabrication operations, we recognize revenues from sales and the allowance for estimated returns and claims from these sales at the point in time control of the product transfers to the customer, upon shipment or delivery. Our steel fabrication operations recognize revenues over time based on completed fabricated tons to date as a percentage of total tons required for each contract. Costs of Goods Sold. Our costs of goods sold represent all direct and indirect costs associated with the manufacture of our products. The principal elements of these costs are scrap and scrap substitutes (which represent the most significant single component of our consolidated costs of goods sold), steel substrate, direct and indirect labor and related benefits, alloys, zinc, transportation and freight, repairs and maintenance, utilities such as electricity and natural gas, and depreciation. 37 37 Table of ContentsSelling, General and Administrative Expenses. Selling, general and administrative expenses consist of all costs associated with our sales, finance and accounting, and administrative departments, including, among other items, labor and related benefits, and professional services. Companywide profit sharing and amortization of intangible assets are each separately presented in the statement of income.Interest Expense, net of Capitalized Interest. Interest expense consists of interest associated with our senior credit facilities and other debt, net of interest costs that are required to be capitalized during the construction period of certain capital investment projectsOther (Income) Expense, net. Other income consists of interest income earned on our temporary cash deposits and short-term investments; any other non-operating income activity, including income from investments in unconsolidated affiliates accounted for under the equity method. Other expense consists of any non-operating costs, such as certain acquisition and financing expenses.2022 OverviewDuring 2022, domestic steel demand continued to be strong throughout the year, supported most significantly by the construction, automotive, industrial, and energy sectors. Customer steel inventories remained below historical averages for most of the year, allowing for steady order patterns. This strong market environment allowed annual average steel selling prices to remain at historically high levels, with steady steel operations segment metal spreads compared to 2021, partially offset by additional costs of $439 million during start-up at Sinton. Our metals recycling operations experienced a challenging pricing environment in 2022, with ferrous scrap prices generally falling throughout the year. Metal spread compression, coupled with lower volumes, resulted in significantly lower operating income. Our steel fabrication operations segment achieved significantly higher record operating income and record shipments during 2022, on continued strong non-residential construction demand, record average selling prices and stable average steel product pricing. The symbiotic relationship among our three operating segments resulted in record companywide financial and operational performance during 2022.We achieved record 2022 operational and financial results. ​●Record net sales of $22.3 billion●Record operating income of $5.1 billion and net income of $3.9 billion●Record cash flow from operations of $4.5 billion●Record steel and steel fabrication shipments of 12.2 million and 856,000 tons, respectively●Record steel fabrication operating income of $2.4 billion●Share repurchases of $1.8 billion of our common stock, representing 12% of our outstanding shares​Consolidated operating income for 2022 increased $790.7 million, or 18%, to $5.1 billion, compared to $4.3 billion in 2021. Net income attributable to Steel Dynamics, Inc. for 2022 increased $648.6 million, or 20%, to $3.9 billion, compared to 2021. Diluted earnings per share attributable to Steel Dynamics, Inc. was $20.92 for 2022, compared to $15.56 for 2021.Refer to Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II of our Annual Report on Form 10-K for the year ended December 31, 2021, for additional information regarding results of operations for the year ended December 31, 2021, as compared to the year ended December 31, 2020, and segment operating results for 2021 as compared to 2020.​38 Table of Contents Table of Contents Table of Contents Selling, General and Administrative Expenses. Selling, general and administrative expenses consist of all costs associated with our sales, finance and accounting, and administrative departments, including, among other items, labor and related benefits, and professional services. Companywide profit sharing and amortization of intangible assets are each separately presented in the statement of income.Interest Expense, net of Capitalized Interest. Interest expense consists of interest associated with our senior credit facilities and other debt, net of interest costs that are required to be capitalized during the construction period of certain capital investment projectsOther (Income) Expense, net. Other income consists of interest income earned on our temporary cash deposits and short-term investments; any other non-operating income activity, including income from investments in unconsolidated affiliates accounted for under the equity method. Other expense consists of any non-operating costs, such as certain acquisition and financing expenses.2022 OverviewDuring 2022, domestic steel demand continued to be strong throughout the year, supported most significantly by the construction, automotive, industrial, and energy sectors. Customer steel inventories remained below historical averages for most of the year, allowing for steady order patterns. This strong market environment allowed annual average steel selling prices to remain at historically high levels, with steady steel operations segment metal spreads compared to 2021, partially offset by additional costs of $439 million during start-up at Sinton. Our metals recycling operations experienced a challenging pricing environment in 2022, with ferrous scrap prices generally falling throughout the year. Metal spread compression, coupled with lower volumes, resulted in significantly lower operating income. Our steel fabrication operations segment achieved significantly higher record operating income and record shipments during 2022, on continued strong non-residential construction demand, record average selling prices and stable average steel product pricing. The symbiotic relationship among our three operating segments resulted in record companywide financial and operational performance during 2022.We achieved record 2022 operational and financial results. ​●Record net sales of $22.3 billion●Record operating income of $5.1 billion and net income of $3.9 billion●Record cash flow from operations of $4.5 billion●Record steel and steel fabrication shipments of 12.2 million and 856,000 tons, respectively●Record steel fabrication operating income of $2.4 billion●Share repurchases of $1.8 billion of our common stock, representing 12% of our outstanding shares​Consolidated operating income for 2022 increased $790.7 million, or 18%, to $5.1 billion, compared to $4.3 billion in 2021. Net income attributable to Steel Dynamics, Inc. for 2022 increased $648.6 million, or 20%, to $3.9 billion, compared to 2021. Diluted earnings per share attributable to Steel Dynamics, Inc. was $20.92 for 2022, compared to $15.56 for 2021.Refer to Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II of our Annual Report on Form 10-K for the year ended December 31, 2021, for additional information regarding results of operations for the year ended December 31, 2021, as compared to the year ended December 31, 2020, and segment operating results for 2021 as compared to 2020.​ Selling, General and Administrative Expenses. Selling, general and administrative expenses consist of all costs associated with our sales, finance and accounting, and administrative departments, including, among other items, labor and related benefits, and professional services. Companywide profit sharing and amortization of intangible assets are each separately presented in the statement of income. Interest Expense, net of Capitalized Interest. Interest expense consists of interest associated with our senior credit facilities and other debt, net of interest costs that are required to be capitalized during the construction period of certain capital investment projects Other (Income) Expense, net. Other income consists of interest income earned on our temporary cash deposits and short-term investments; any other non-operating income activity, including income from investments in unconsolidated affiliates accounted for under the equity method. Other expense consists of any non-operating costs, such as certain acquisition and financing expenses."
    },
    {
      "status": "MODIFIED",
      "current_title": "Property, Plant and Equipment",
      "prior_title": "Property, Plant and Equipment",
      "similarity_score": 0.77,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"The company assigns each fixed asset a 65 65 Table of ContentsNote 1.\"",
        "Reworded sentence: \"Depreciation expense was $397.0 million, $349.4 million, and $311.4 million for the years ended December 31, 2023, 2022, and 2021, respectively.\"",
        "Reworded sentence: \"Amortization of intangible assets was $34.0 million, $27.8 million, and $29.2 million for the years ended December 31, 2023, 2022, and 2021, respectively.\"",
        "Reworded sentence: \"Amortization of intangible assets was $34.0 million, $27.8 million, and $29.2 million for the years ended December 31, 2023, 2022, and 2021, respectively.\""
      ],
      "current_body": "Property, plant and equipment are stated at cost, except for assets acquired in acquisitions which are valued at fair value, which includes capitalized interest on construction in progress amounts, and is reduced by proceeds received from certain state and local government grants and other capital cost reimbursements. The company assigns each fixed asset a 65 65 Table of ContentsNote 1. Description of the Business and Summary of Significant Accounting Policies (Continued)useful life ranging from 3 to 15 years for plant, machinery and equipment, and 10 to 40 years for buildings and improvements. Repairs and maintenance are expensed as incurred. Depreciation is provided utilizing the straight-line depreciation methodology, or the units-of-production depreciation methodology for certain production-related steel operations segment assets, based on units produced, subject to minimum and maximum levels. Depreciation expense was $397.0 million, $349.4 million, and $311.4 million for the years ended December 31, 2023, 2022, and 2021, respectively. The company’s property, plant and equipment consisted of the following at December 31 (in thousands):​​​​​​​​​​​​2023​2022​​Land and improvements ​$ 693,166​$ 521,881​​Buildings and improvements ​​ 1,255,274​​ 1,238,824​​Plant, machinery and equipment ​​ 6,887,985​​ 6,683,237​​Construction in progress ​​ 2,096,489​​ 780,741​​​​​ 10,932,914​​ 9,224,683​​Less accumulated depreciation ​​ 4,198,696​​ 3,851,018​​Property, plant and equipment, net ​$ 6,734,218​$ 5,373,665​​Intangible AssetsThe company’s intangible assets consisted of the following at December 31 (in thousands):​​​​​​​​​​​​​​​​​​​​​​Weighted​​​​​​​​​​​Average​​​​​​​​​Useful​Amortization​​​2023​2022​Life​ Period​​Customer, vendor and scrap generator relationships $ 444,812​$ 420,512​8 to 25 years​22 years​​Trade names ​ 147,950​​ 147,950​15 to 25 years​19 years​​Other​ 600​​ 600​5 years​5 years​​​​ 593,362​​ 569,062​​​22 years​​Less accumulated amortization ​ 335,603​​ 301,555​​​​​​​$ 257,759​$ 267,507​​​​​​The company utilizes an accelerated amortization methodology for customer, vendor and scrap generator relationships in order to follow the pattern in which the economic benefits of the amounts are anticipated to be consumed. Trade names are amortized using a straight-line methodology. Amortization of intangible assets was $34.0 million, $27.8 million, and $29.2 million for the years ended December 31, 2023, 2022, and 2021, respectively. ​Estimated amortization expense related to amortizable intangibles for the years ending December 31 is as follows (in thousands):​​​​​​​​​​​​​2024​$ 30,526​​2025​​ 27,464​​2026​​ 25,562​​2027​​ 23,163​​2028​​ 21,953​​Thereafter ​​ 129,091​​Total ​$ 257,759​​66 Table of Contents Table of Contents Table of Contents Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued)useful life ranging from 3 to 15 years for plant, machinery and equipment, and 10 to 40 years for buildings and improvements. Repairs and maintenance are expensed as incurred. Depreciation is provided utilizing the straight-line depreciation methodology, or the units-of-production depreciation methodology for certain production-related steel operations segment assets, based on units produced, subject to minimum and maximum levels. Depreciation expense was $397.0 million, $349.4 million, and $311.4 million for the years ended December 31, 2023, 2022, and 2021, respectively. The company’s property, plant and equipment consisted of the following at December 31 (in thousands):​​​​​​​​​​​​2023​2022​​Land and improvements ​$ 693,166​$ 521,881​​Buildings and improvements ​​ 1,255,274​​ 1,238,824​​Plant, machinery and equipment ​​ 6,887,985​​ 6,683,237​​Construction in progress ​​ 2,096,489​​ 780,741​​​​​ 10,932,914​​ 9,224,683​​Less accumulated depreciation ​​ 4,198,696​​ 3,851,018​​Property, plant and equipment, net ​$ 6,734,218​$ 5,373,665​​Intangible AssetsThe company’s intangible assets consisted of the following at December 31 (in thousands):​​​​​​​​​​​​​​​​​​​​​​Weighted​​​​​​​​​​​Average​​​​​​​​​Useful​Amortization​​​2023​2022​Life​ Period​​Customer, vendor and scrap generator relationships $ 444,812​$ 420,512​8 to 25 years​22 years​​Trade names ​ 147,950​​ 147,950​15 to 25 years​19 years​​Other​ 600​​ 600​5 years​5 years​​​​ 593,362​​ 569,062​​​22 years​​Less accumulated amortization ​ 335,603​​ 301,555​​​​​​​$ 257,759​$ 267,507​​​​​​The company utilizes an accelerated amortization methodology for customer, vendor and scrap generator relationships in order to follow the pattern in which the economic benefits of the amounts are anticipated to be consumed. Trade names are amortized using a straight-line methodology. Amortization of intangible assets was $34.0 million, $27.8 million, and $29.2 million for the years ended December 31, 2023, 2022, and 2021, respectively. ​Estimated amortization expense related to amortizable intangibles for the years ending December 31 is as follows (in thousands):​​​​​​​​​​​​​2024​$ 30,526​​2025​​ 27,464​​2026​​ 25,562​​2027​​ 23,163​​2028​​ 21,953​​Thereafter ​​ 129,091​​Total ​$ 257,759​​",
      "prior_body": "Property, plant and equipment are stated at cost, except for assets acquired in acquisitions which are valued at fair value, which includes capitalized interest on construction in progress amounts, and is reduced by proceeds received from certain state and local government grants and other capital cost reimbursements. The company assigns each fixed asset a useful life ranging from 3 to 20 years for plant, machinery and equipment, and 10 to 40 years for buildings and improvements. Repairs and maintenance are expensed as incurred. Depreciation is provided utilizing the straight-line depreciation methodology, or the units-of-production depreciation methodology for certain production-related steel operations segment assets, based on units produced, subject to minimum and maximum levels. Depreciation expense was $349.4 million, $311.4 million, and $290.5 million for the years ended December 31, 2022, 2021, and 2020, respectively. ​ 64 64 Table of ContentsNote 1. Description of the Business and Summary of Significant Accounting Policies (Continued)The company’s property, plant and equipment consisted of the following at December 31 (in thousands):​​​​​​​​​​​​2022​2021​​Land and improvements ​$ 521,881​$ 350,898​​Buildings and improvements ​​ 1,238,824​​ 873,131​​Plant, machinery and equipment ​​ 6,683,237​​ 5,193,405​​Construction in progress ​​ 780,741​​ 1,839,110​​​​​ 9,224,683​​ 8,256,544​​Less accumulated depreciation ​​ 3,851,018​​ 3,505,114​​Property, plant and equipment, net ​$ 5,373,665​$ 4,751,430​​Intangible AssetsThe company’s intangible assets consisted of the following at December 31 (in thousands):​​​​​​​​​​​​​​​​​​​​​​Weighted​​​​​​​​​​​Average​​​​​​​​​Useful​Amortization​​​2022​2021​Life​ Period​​Customer, vendor and scrap generator relationships $ 420,512​$ 526,886​10 to 25 years​23 years​​Trade names ​ 147,950​​ 147,950​15 to 25 years​19 years​​Other​ 600​​ 1,350​5 years​5 years​​​​ 569,062​​ 676,186​​​22 years​​Less accumulated amortization ​ 301,555​​ 380,841​​​​​​​$ 267,507​$ 295,345​​​​​​The company utilizes an accelerated amortization methodology for customer, vendor and scrap generator relationships in order to follow the pattern in which the economic benefits of the amounts are anticipated to be consumed. Trade names are amortized using a straight-line methodology. Amortization of intangible assets was $27.8 million, $29.2 million, and $29.0 million for the years ended December 31, 2022, 2021, and 2020, respectively. In 2022, a customer relationship of $105 million became fully amortized. ​Estimated amortization expense related to amortizable intangibles for the years ending December 31 is as follows (in thousands):​​​​​​​​​​​​​​2023​$ 27,439​​2024​​ 26,701​​2025​​ 24,783​​2026​​ 23,820​​2027​​ 21,837​​Thereafter ​​ 142,927​​Total ​$ 267,507​​​65 Table of Contents Table of Contents Table of Contents Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued)The company’s property, plant and equipment consisted of the following at December 31 (in thousands):​​​​​​​​​​​​2022​2021​​Land and improvements ​$ 521,881​$ 350,898​​Buildings and improvements ​​ 1,238,824​​ 873,131​​Plant, machinery and equipment ​​ 6,683,237​​ 5,193,405​​Construction in progress ​​ 780,741​​ 1,839,110​​​​​ 9,224,683​​ 8,256,544​​Less accumulated depreciation ​​ 3,851,018​​ 3,505,114​​Property, plant and equipment, net ​$ 5,373,665​$ 4,751,430​​Intangible AssetsThe company’s intangible assets consisted of the following at December 31 (in thousands):​​​​​​​​​​​​​​​​​​​​​​Weighted​​​​​​​​​​​Average​​​​​​​​​Useful​Amortization​​​2022​2021​Life​ Period​​Customer, vendor and scrap generator relationships $ 420,512​$ 526,886​10 to 25 years​23 years​​Trade names ​ 147,950​​ 147,950​15 to 25 years​19 years​​Other​ 600​​ 1,350​5 years​5 years​​​​ 569,062​​ 676,186​​​22 years​​Less accumulated amortization ​ 301,555​​ 380,841​​​​​​​$ 267,507​$ 295,345​​​​​​The company utilizes an accelerated amortization methodology for customer, vendor and scrap generator relationships in order to follow the pattern in which the economic benefits of the amounts are anticipated to be consumed. Trade names are amortized using a straight-line methodology. Amortization of intangible assets was $27.8 million, $29.2 million, and $29.0 million for the years ended December 31, 2022, 2021, and 2020, respectively. In 2022, a customer relationship of $105 million became fully amortized. ​Estimated amortization expense related to amortizable intangibles for the years ending December 31 is as follows (in thousands):​​​​​​​​​​​​​​2023​$ 27,439​​2024​​ 26,701​​2025​​ 24,783​​2026​​ 23,820​​2027​​ 21,837​​Thereafter ​​ 142,927​​Total ​$ 267,507​​​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Supplemental disclosure information:",
      "prior_title": "Supplemental disclosure information:",
      "similarity_score": 0.768,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ ​ ​ Cash paid for interest $ 103,165 ​ $ 100,994 ​ $ 103,374 Cash paid for income taxes, net $ 642,667 ​ $ 1,063,844 ​ $ 737,157 ​ See notes to consolidated financial statements.\"",
        "Reworded sentence: \"Effective the fourth quarter 2023, the company changed its reportable segments, consistent with how it currently manages the business, representing four reporting segments: steel operations, metals recycling operations, steel fabrication operations, and aluminum operations.\"",
        "Reworded sentence: \"Steel fabrication operations accounted for 15%, 19%, and 10% of the company’s consolidated net sales during 2023, 2022, and 2021, respectively.Aluminum Operations SegmentAluminum operations includes the recycled aluminum flat rolled products mill being constructed in Columbus, Mississippi, and two satellite recycled aluminum slab centers in Arizona and Mexico.\"",
        "Reworded sentence: \"Effective the fourth quarter 2023, the company changed its reportable segments, consistent with how it currently manages the business, representing four reporting segments: steel operations, metals recycling operations, steel fabrication operations, and aluminum operations.\"",
        "Reworded sentence: \"Steel fabrication operations accounted for 15%, 19%, and 10% of the company’s consolidated net sales during 2023, 2022, and 2021, respectively.Aluminum Operations SegmentAluminum operations includes the recycled aluminum flat rolled products mill being constructed in Columbus, Mississippi, and two satellite recycled aluminum slab centers in Arizona and Mexico.\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ Cash paid for interest $ 103,165 ​ $ 100,994 ​ $ 103,374 Cash paid for income taxes, net $ 642,667 ​ $ 1,063,844 ​ $ 737,157 ​ See notes to consolidated financial statements. ​ 62 62 Table of ContentsNote 1. Description of the Business and Summary of Significant Accounting PoliciesDescription of the BusinessSteel Dynamics, Inc. (SDI), together with its subsidiaries (the company), is one of the largest and most diversified domestic steel producers and metals recycler, combined with a meaningful steel fabrication manufacturing platform. Effective the fourth quarter 2023, the company changed its reportable segments, consistent with how it currently manages the business, representing four reporting segments: steel operations, metals recycling operations, steel fabrication operations, and aluminum operations. Segment information provided within this Form 10-K, including that within Note 13. Segment Information, has been recast for all prior periods consistent with the current reportable segment presentation. Approximately 6% of the company’s workforce in five locations is represented by collective bargaining agreements, none of which are expiring in 2023.Steel Operations SegmentSteel operations include the company’s electric arc furnace (EAF) steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, and Steel of West Virginia, steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply (USS) – 90% equity interest as of April 1, 2023, Vulcan Threaded Products, Inc., and warehouse operations in Mexico. Steel operations accounted for 67%, 65%, and 72% of the company’s consolidated net sales during 2023, 2022, and 2021, respectively.Metals Recycling Operations SegmentMetals recycling operations include the company’s OmniSource ferrous and nonferrous processing, transportation, marketing, brokerage, and scrap management services primarily throughout the United States and in Central and Northern Mexico. Metals recycling operations accounted for 12%, 10%, and 12% of the company’s consolidated net sales during 2023, 2022, and 2021, respectively.Steel Fabrication Operations SegmentSteel fabrication operations include the company’s New Millennium Building Systems’ joist and deck plants located throughout the United States, and in Northern Mexico. Revenues from these plants are generated from the fabrication of trusses, girders, steel joists and steel deck used within the non-residential construction industry. Steel fabrication operations accounted for 15%, 19%, and 10% of the company’s consolidated net sales during 2023, 2022, and 2021, respectively.Aluminum Operations SegmentAluminum operations includes the recycled aluminum flat rolled products mill being constructed in Columbus, Mississippi, and two satellite recycled aluminum slab centers in Arizona and Mexico. The flat rolled products mill is a joint venture concurrently formed with Unity Aluminum, Inc. of which SDI has a 94.4% equity interest. Construction has begun on the flat rolled products mill and the recycled aluminum slab centers with the flat rolled mill operations expected to begin mid-2025 and operations at the Mexico and Arizona recycled slab centers in late 2024 and mid-2025, respectively. OtherOther operations consist of subsidiary operations that are below the quantitative thresholds required for reportable segments and primarily consist of joint ventures and the company’s idled Minnesota ironmaking operations. Redeemable noncontrolling interests related to Mesabi Nugget (owned 86% by SDI) are $111.2 million at December 31, 2023 and 2022. Also included in “Other” are certain unallocated corporate accounts, such as the company’s senior unsecured credit facility, senior notes, certain other investments and certain profit sharing expenses.63 Table of Contents Table of Contents Table of Contents Note 1. Description of the Business and Summary of Significant Accounting PoliciesDescription of the BusinessSteel Dynamics, Inc. (SDI), together with its subsidiaries (the company), is one of the largest and most diversified domestic steel producers and metals recycler, combined with a meaningful steel fabrication manufacturing platform. Effective the fourth quarter 2023, the company changed its reportable segments, consistent with how it currently manages the business, representing four reporting segments: steel operations, metals recycling operations, steel fabrication operations, and aluminum operations. Segment information provided within this Form 10-K, including that within Note 13. Segment Information, has been recast for all prior periods consistent with the current reportable segment presentation. Approximately 6% of the company’s workforce in five locations is represented by collective bargaining agreements, none of which are expiring in 2023.Steel Operations SegmentSteel operations include the company’s electric arc furnace (EAF) steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, and Steel of West Virginia, steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply (USS) – 90% equity interest as of April 1, 2023, Vulcan Threaded Products, Inc., and warehouse operations in Mexico. Steel operations accounted for 67%, 65%, and 72% of the company’s consolidated net sales during 2023, 2022, and 2021, respectively.Metals Recycling Operations SegmentMetals recycling operations include the company’s OmniSource ferrous and nonferrous processing, transportation, marketing, brokerage, and scrap management services primarily throughout the United States and in Central and Northern Mexico. Metals recycling operations accounted for 12%, 10%, and 12% of the company’s consolidated net sales during 2023, 2022, and 2021, respectively.Steel Fabrication Operations SegmentSteel fabrication operations include the company’s New Millennium Building Systems’ joist and deck plants located throughout the United States, and in Northern Mexico. Revenues from these plants are generated from the fabrication of trusses, girders, steel joists and steel deck used within the non-residential construction industry. Steel fabrication operations accounted for 15%, 19%, and 10% of the company’s consolidated net sales during 2023, 2022, and 2021, respectively.Aluminum Operations SegmentAluminum operations includes the recycled aluminum flat rolled products mill being constructed in Columbus, Mississippi, and two satellite recycled aluminum slab centers in Arizona and Mexico. The flat rolled products mill is a joint venture concurrently formed with Unity Aluminum, Inc. of which SDI has a 94.4% equity interest. Construction has begun on the flat rolled products mill and the recycled aluminum slab centers with the flat rolled mill operations expected to begin mid-2025 and operations at the Mexico and Arizona recycled slab centers in late 2024 and mid-2025, respectively. OtherOther operations consist of subsidiary operations that are below the quantitative thresholds required for reportable segments and primarily consist of joint ventures and the company’s idled Minnesota ironmaking operations. Redeemable noncontrolling interests related to Mesabi Nugget (owned 86% by SDI) are $111.2 million at December 31, 2023 and 2022. Also included in “Other” are certain unallocated corporate accounts, such as the company’s senior unsecured credit facility, senior notes, certain other investments and certain profit sharing expenses.",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ Cash paid for interest $ 100,994 ​ $ 103,374 ​ $ 111,591 Cash paid for income taxes, net $ 1,063,844 ​ $ 737,157 ​ $ 50,417 ​ See notes to consolidated financial statements. 61 61 Table of Contents​Note 1. Description of the Business and Summary of Significant Accounting PoliciesDescription of the BusinessSteel Dynamics, Inc. (SDI), together with its subsidiaries (the company), is one of the largest and most diversified domestic steel producers and metals recycler, combined with a meaningful steel fabrication manufacturing platform. The company has three reporting segments: steel operations, metals recycling operations, and steel fabrication operations. Approximately 5% of the company’s workforce in six locations is represented by collective bargaining agreements, none of which are expiring in 2023.Steel Operations SegmentSteel operations include the company’s electric arc furnace (EAF) steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division (Sinton), Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, Steel of West Virginia, and steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply (USS) – 87.5% equity interest as of April 1, 2022, and Vulcan Threaded Products, Inc. Steel operations accounted for 65%, 72%, and 74% of the company’s consolidated net sales during 2022, 2021, and 2020, respectively.Metals Recycling Operations SegmentMetals recycling operations include the company’s OmniSource ferrous and nonferrous processing, transportation, marketing, brokerage, and scrap management services primarily throughout the United States and in Central and Northern Mexico. Metals recycling operations accounted for 10%, 12%, and 11% of the company’s consolidated net sales during 2022, 2021, and 2020, respectively.Steel Fabrication Operations SegmentSteel fabrication operations include the company’s New Millennium Building Systems’ joist and deck plants located throughout the United States, and in Northern Mexico. Revenues from these plants are generated from the fabrication of trusses, girders, steel joists and steel deck used within the non-residential construction industry. Steel fabrication operations accounted for 19%, 10%, and 9% of the company’s consolidated net sales during 2022, 2021, and 2020, respectively.OtherOther operations consist of subsidiary operations that are below the quantitative thresholds required for reportable segments and primarily consist of joint ventures, including our newly announced aluminum flat roll mill, and the company’s idled Minnesota ironmaking operations. Redeemable noncontrolling interests related to Mesabi Nugget (owned 85% by SDI) are $111.2 million at December 31, 2022 and 2021. Also included in “Other” are certain unallocated corporate accounts, such as the company’s senior unsecured credit facility, senior notes, certain other investments and certain profit sharing expenses.Summary of Significant Accounting PoliciesPrinciples of ConsolidationThe consolidated financial statements include the accounts of SDI, together with its wholly- and majority-owned or controlled subsidiaries, after elimination of intercompany accounts and transactions. Noncontrolling and redeemable noncontrolling interests represent the noncontrolling owners' proportionate share in the equity, income, or losses of the company’s majority-owned or controlled consolidated subsidiaries.62 Table of Contents Table of Contents Table of Contents ​Note 1. Description of the Business and Summary of Significant Accounting PoliciesDescription of the BusinessSteel Dynamics, Inc. (SDI), together with its subsidiaries (the company), is one of the largest and most diversified domestic steel producers and metals recycler, combined with a meaningful steel fabrication manufacturing platform. The company has three reporting segments: steel operations, metals recycling operations, and steel fabrication operations. Approximately 5% of the company’s workforce in six locations is represented by collective bargaining agreements, none of which are expiring in 2023.Steel Operations SegmentSteel operations include the company’s electric arc furnace (EAF) steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division (Sinton), Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, Steel of West Virginia, and steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply (USS) – 87.5% equity interest as of April 1, 2022, and Vulcan Threaded Products, Inc. Steel operations accounted for 65%, 72%, and 74% of the company’s consolidated net sales during 2022, 2021, and 2020, respectively.Metals Recycling Operations SegmentMetals recycling operations include the company’s OmniSource ferrous and nonferrous processing, transportation, marketing, brokerage, and scrap management services primarily throughout the United States and in Central and Northern Mexico. Metals recycling operations accounted for 10%, 12%, and 11% of the company’s consolidated net sales during 2022, 2021, and 2020, respectively.Steel Fabrication Operations SegmentSteel fabrication operations include the company’s New Millennium Building Systems’ joist and deck plants located throughout the United States, and in Northern Mexico. Revenues from these plants are generated from the fabrication of trusses, girders, steel joists and steel deck used within the non-residential construction industry. Steel fabrication operations accounted for 19%, 10%, and 9% of the company’s consolidated net sales during 2022, 2021, and 2020, respectively.OtherOther operations consist of subsidiary operations that are below the quantitative thresholds required for reportable segments and primarily consist of joint ventures, including our newly announced aluminum flat roll mill, and the company’s idled Minnesota ironmaking operations. Redeemable noncontrolling interests related to Mesabi Nugget (owned 85% by SDI) are $111.2 million at December 31, 2022 and 2021. Also included in “Other” are certain unallocated corporate accounts, such as the company’s senior unsecured credit facility, senior notes, certain other investments and certain profit sharing expenses.Summary of Significant Accounting PoliciesPrinciples of ConsolidationThe consolidated financial statements include the accounts of SDI, together with its wholly- and majority-owned or controlled subsidiaries, after elimination of intercompany accounts and transactions. Noncontrolling and redeemable noncontrolling interests represent the noncontrolling owners' proportionate share in the equity, income, or losses of the company’s majority-owned or controlled consolidated subsidiaries. ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Financing activities:",
      "prior_title": "Financing activities:",
      "similarity_score": 0.765,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ ​ ​ Issuance of current and long-term debt ​ 1,365,664 ​ ​ 1,465,257 ​ ​ 1,516,556 Repayment of current and long-term debt ​ (1,367,553) ​ ​ (1,507,475) ​ ​ (1,522,002) Dividends paid ​ (271,317) ​ ​ (237,163) ​ ​ (212,968) Purchases of treasury stock ​ (1,452,203) ​ ​ (1,800,905) ​ ​ (1,060,632) Other financing activities ​ (51,725) ​ ​ (116,298) ​ ​ (50,423) Net cash used in financing activities ​ (1,777,134) ​ ​ (2,196,584) ​ ​ (1,329,469) ​ ​ ​ ​ ​ ​ ​ ​ ​ Increase (decrease) in cash and equivalents, and restricted cash ​ (227,455) ​ ​ 384,550 ​ ​ (124,753) Cash and equivalents, and restricted cash at beginning of period ​ 1,633,919 ​ ​ 1,249,369 ​ ​ 1,374,122 ​ ​ ​ ​ ​ ​ ​ ​ ​\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ Issuance of current and long-term debt ​ 1,365,664 ​ ​ 1,465,257 ​ ​ 1,516,556 Repayment of current and long-term debt ​ (1,367,553) ​ ​ (1,507,475) ​ ​ (1,522,002) Dividends paid ​ (271,317) ​ ​ (237,163) ​ ​ (212,968) Purchases of treasury stock ​ (1,452,203) ​ ​ (1,800,905) ​ ​ (1,060,632) Other financing activities ​ (51,725) ​ ​ (116,298) ​ ​ (50,423) Net cash used in financing activities ​ (1,777,134) ​ ​ (2,196,584) ​ ​ (1,329,469) ​ ​ ​ ​ ​ ​ ​ ​ ​ Increase (decrease) in cash and equivalents, and restricted cash ​ (227,455) ​ ​ 384,550 ​ ​ (124,753) Cash and equivalents, and restricted cash at beginning of period ​ 1,633,919 ​ ​ 1,249,369 ​ ​ 1,374,122 ​ ​ ​ ​ ​ ​ ​ ​ ​",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ Issuance of current and long-term debt ​ 1,465,257 ​ ​ 1,516,556 ​ ​ 2,523,356 Repayment of current and long-term debt ​ (1,507,475) ​ ​ (1,522,002) ​ ​ (2,177,527) Dividends paid ​ (237,163) ​ ​ (212,968) ​ ​ (209,248) Purchases of treasury stock ​ (1,800,905) ​ ​ (1,060,632) ​ ​ (106,529) Other financing activities ​ (116,298) ​ ​ (50,423) ​ ​ (37,100) Net cash used in financing activities ​ (2,196,584) ​ ​ (1,329,469) ​ ​ (7,048) ​ ​ ​ ​ ​ ​ ​ ​ ​ Increase (decrease) in cash and equivalents, and restricted cash ​ 384,550 ​ ​ (124,753) ​ ​ (13,275) Cash and equivalents, and restricted cash at beginning of period ​ 1,249,369 ​ ​ 1,374,122 ​ ​ 1,387,397 ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Years Ended December 31,",
      "prior_title": "Years Ended December 31,",
      "similarity_score": 0.764,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ 2023 ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income $ 2,467,332 ​ $ 3,879,492 ​ $ 3,246,814\""
      ],
      "current_body": "​ ​ ​ 2023 ​ % Change ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 13,067,622 ​ (13)% ​ $ 15,100,996 ​ ​ Metals Recycling Operations ​ 4,360,127 ​ (1)% ​ ​ 4,395,668 ​ ​ Steel Fabrication Operations ​ 2,806,777 ​ (34)% ​ ​ 4,257,207 ​ ​ Aluminum Operations ​ - ​ - ​ ​ - ​ ​ Other ​ 1,171,901 ​ (9)% ​ ​ 1,287,980 ​ ​ ​ ​ 21,406,427 ​ ​ ​ ​ 25,041,851 ​ ​ Intra-company ​ (2,611,111) ​ ​ ​ ​ (2,781,077) ​ ​ ​ $ 18,795,316 ​ (16)% ​ $ 22,260,774 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 1,881,600 ​ (39)% ​ $ 3,092,689 ​ ​ Metals Recycling Operations ​ 88,654 ​ (24)% ​ ​ 116,497 ​ ​ Steel Fabrication Operations ​ 1,593,261 ​ (34)% ​ ​ 2,424,655 ​ ​ Aluminum Operations ​ (23,773) ​ (909)% ​ ​ (2,355) ​ ​ Other ​ (394,577) ​ 34% ​ ​ (594,045) ​ ​ ​ ​ 3,145,165 ​ ​ ​ ​ 5,037,441 ​ ​ Intra-company ​ 6,016 ​ ​ ​ ​ 54,381 ​ ​ ​ $ 3,151,181 ​ (38)% ​ $ 5,091,822 ​ ​ ​ 41 41 Table of Contents​Steel Operations Segment​Steel operations consist of our electric arc furnace (EAF) steel mills, producing steel from ferrous scrap and scrap substitutes, utilizing continuous casting, automated rolling mills and numerous steel coating, processing lines and warehouse operations. Our steel operations sell directly to end-users, steel fabricators, and service centers. These products are used in numerous industry sectors, including the construction, automotive, manufacturing, transportation, heavy and agriculture equipment, energy and pipe and tube (including OCTG) markets. Steel operations accounted for 67% and 65% of our consolidated net sales during 2023 and 2022, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2023​% Change​2022​​Total shipments 12,821,753​5% ​ 12,159,189​​Intra-segment shipments (1,449,832)​​​ (1,354,940)​​Steel Operations Segment shipments 11,371,921​5% ​ 10,804,249​​​​​​​​​​External shipments 10,976,707​5% ​ 10,411,490​​​42 Table of Contents Table of Contents Table of Contents ​Steel Operations Segment​Steel operations consist of our electric arc furnace (EAF) steel mills, producing steel from ferrous scrap and scrap substitutes, utilizing continuous casting, automated rolling mills and numerous steel coating, processing lines and warehouse operations. Our steel operations sell directly to end-users, steel fabricators, and service centers. These products are used in numerous industry sectors, including the construction, automotive, manufacturing, transportation, heavy and agriculture equipment, energy and pipe and tube (including OCTG) markets. Steel operations accounted for 67% and 65% of our consolidated net sales during 2023 and 2022, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2023​% Change​2022​​Total shipments 12,821,753​5% ​ 12,159,189​​Intra-segment shipments (1,449,832)​​​ (1,354,940)​​Steel Operations Segment shipments 11,371,921​5% ​ 10,804,249​​​​​​​​​​External shipments 10,976,707​5% ​ 10,411,490​​​ ​",
      "prior_body": "​ ​ ​ 2022 ​ % Change ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 15,100,917 ​ 8% ​ $ 14,023,133 ​ ​ Metals Recycling Operations ​ 4,395,636 ​ (4)% ​ ​ 4,590,121 ​ ​ Steel Fabrication Operations ​ 4,257,207 ​ 141% ​ ​ 1,764,710 ​ ​ Other ​ 1,288,984 ​ 2% ​ ​ 1,266,971 ​ ​ ​ ​ 25,042,744 ​ ​ ​ ​ 21,644,935 ​ ​ Intra-company ​ (2,781,970) ​ ​ ​ ​ (3,236,085) ​ ​ ​ $ 22,260,774 ​ 21% ​ $ 18,408,850 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 3,095,348 ​ (29)% ​ $ 4,360,488 ​ ​ Metals Recycling Operations ​ 117,266 ​ (36)% ​ ​ 181,986 ​ ​ Steel Fabrication Operations ​ 2,424,655 ​ 564% ​ ​ 365,250 ​ ​ Other ​ (599,828) ​ (9)% ​ ​ (551,725) ​ ​ ​ ​ 5,037,441 ​ ​ ​ ​ 4,355,999 ​ ​ Intra-company ​ 54,381 ​ ​ ​ ​ (54,894) ​ ​ ​ $ 5,091,822 ​ 18% ​ $ 4,301,105 ​ ​ ​ 39 39 Table of Contents​Steel Operations Segment​Steel operations consist of our electric arc furnace steel mills, producing steel from ferrous scrap and scrap substitutes, utilizing continuous casting, automated rolling mills, numerous value-added downstream steel coating and processing operations, and distribution operations. Our steel operations sell directly to end-users, steel fabricators, and service centers. These products are used in numerous industry sectors, including the construction, automotive, manufacturing, transportation, heavy and agriculture equipment, and pipe and tube (including OCTG) markets. Steel operations accounted for 65% and 72% of our consolidated net sales during 2022 and 2021, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2022​% Change​2021​​Total shipments 12,158,168​8% ​ 11,217,640​​Intra-segment shipments (1,353,824)​​​ (1,106,525)​​Steel Operations Segment shipments 10,804,344​7% ​ 10,111,115​​​​​​​​​​External shipments 10,410,469​9% ​ 9,559,617​​​40 Table of Contents Table of Contents Table of Contents ​Steel Operations Segment​Steel operations consist of our electric arc furnace steel mills, producing steel from ferrous scrap and scrap substitutes, utilizing continuous casting, automated rolling mills, numerous value-added downstream steel coating and processing operations, and distribution operations. Our steel operations sell directly to end-users, steel fabricators, and service centers. These products are used in numerous industry sectors, including the construction, automotive, manufacturing, transportation, heavy and agriculture equipment, and pipe and tube (including OCTG) markets. Steel operations accounted for 65% and 72% of our consolidated net sales during 2022 and 2021, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2022​% Change​2021​​Total shipments 12,158,168​8% ​ 11,217,640​​Intra-segment shipments (1,353,824)​​​ (1,106,525)​​Steel Operations Segment shipments 10,804,344​7% ​ 10,111,115​​​​​​​​​​External shipments 10,410,469​9% ​ 9,559,617​​​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Segment Results 2023 vs. 2022",
      "prior_title": "Segment Results 2022 vs. 2021",
      "similarity_score": 0.763,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"Our steel fabrication operations continue to benefit from the solid non-residential construction market, as evidenced by our historically strong order backlog that extends through the first half of 2024.\"",
        "Reworded sentence: \"During 2023, interest expense of $76.5 million decreased 16% from $91.5 million during 2022, due to higher capitalized interest in 2023 ($33.0 million, compared to $15.8 million in 2022) related to our ongoing expansion projects, most notably within Aluminum Operations.Other (Income) Expense, net.\"",
        "Reworded sentence: \"During the year ended December 31, 2023, we recognized expense from the increase of interest expense and penalties of $1.6 million, net of tax.\"",
        "Reworded sentence: \"It is reasonably possible that the amount of unrecognized tax benefits could change in the next twelve months in an amount ranging from zero to $10.0 million, as a result of the expiration of the statute of limitations and other federal and state income tax audits.46 Table of Contents Table of Contents Table of Contents Other Operations​Consolidated Results 2023 vs.\"",
        "Reworded sentence: \"During 2023, interest expense of $76.5 million decreased 16% from $91.5 million during 2022, due to higher capitalized interest in 2023 ($33.0 million, compared to $15.8 million in 2022) related to our ongoing expansion projects, most notably within Aluminum Operations.Other (Income) Expense, net.\""
      ],
      "current_body": "During 2023, our steel operations achieved record annual shipments of 12.8 million tons (11.4 million excluding intra-segment) a 5% increase over 2022 shipments, including 1.4 million tons from Sinton during 2023, an increase of 67% over 2022. Customer order activity and steel demand were strong during 2023, with the construction, automotive, industrial, and energy sectors continuing to lead demand. In spite of strong market demand, average selling prices were lower during 2023 compared to 2022, as total steel segment average selling prices decreased 18%, or $249 per ton, compared to 2022. Sheet steel pricing was 22% lower, while long products pricing decreased 6%. Net sales for the steel operations segment were 13% lower in 2023 when compared to historically high prices in 2022, due to lower average steel selling prices more than offsetting record volumes. ​ Metallic raw materials used in our electric arc furnaces represent our single most significant steel manufacturing cost, generally comprising approximately 55% to 65% of our steel mill operations’ manufacturing costs. Our metallic raw material cost consumed in our steel mills decreased $61 per net ton, or 13%, in 2023 compared to 2022, consistent with overall decreased domestic scrap pricing noted below in the metals recycling operations segment discussion. ​ As a result of average selling prices decreasing more than scrap costs, specifically for sheet steel products, metal spread (which we define as the difference between average steel mill selling prices and the cost of ferrous scrap consumed in our steel mills) decreased 20% in 2023 compared to 2022. Due to this metal spread compression, operating income for the steel operations decreased 39%, to $1.9 billion, in 2023 compared to 2022. 43 43 Table of ContentsMetals Recycling Operations Segment​Metals recycling operations includes both ferrous and nonferrous scrap metal processing, transportation, marketing, brokerage, and scrap management services. Our steel mills utilize a large portion of the ferrous scrap sold by our metals recycling operations as raw material in our steelmaking operations, and the remainder is sold to other consumers, such as other steel manufacturers and foundries. In 2023 and 2022, 62% and 66%, respectively, of metals recycling operations ferrous scrap was sold to our own steel mills, while our steel mill utilization was 82% and 77% including Sinton (91% and 92% exclusive of Sinton) in 2023 and 2022, respectively. Metals recycling operations accounted for 12% and 10% of our consolidated net sales during 2023 and 2022, respectively.Metals Recycling Operations Shipments:​​​​​​​​​​​​​​​​​​​​​Years Ended December 31,​​​​2023​% Change​2022​​Ferrous metal (gross tons)​​​​​​​​Total​ 5,779,114​9% ​ 5,301,774​​Inter-company​ (3,579,958)​​​ (3,475,662)​​External shipments​ 2,199,156​20% ​ 1,826,112​​​​​​​​​​​Nonferrous metal (thousands of pounds)​​​​​​​​Total​ 1,108,211​5% ​ 1,053,852​​Inter-company​ (157,892)​​​ (138,407)​​External shipments​ 950,319​4% ​ 915,445​​Segment Results 2023 vs. 2022During 2023, our metals recycling operations continued to benefit from solid domestic steel industry demand, resulting in higher ferrous and nonferrous scrap shipments compared to 2022. We were able to increase shipments even as domestic steel mill utilization rates declined slightly to approximately 75% in 2023, as compared to approximately 78% in 2022. Ferrous and nonferrous shipments increased 9% and 5%, respectively, in 2023 compared to 2022. Net sales for our metals recycling operations in 2023 were comparable to 2022, as increased shipments were offset by ferrous and nonferrous average selling prices that decreased 7% and 8%, respectively, during 2023 compared to 2022.​Ferrous metal spread (which we define as the difference between average selling prices and the cost of purchased scrap) decreased 7% and nonferrous metal spread increased 9% during 2023 compared to 2022. As a result of the overall decreased metals spreads, metals recycling operations operating income decreased 24% to $88.7 million in 2023 compared to 2022.​44 Table of Contents Table of Contents Table of Contents Metals Recycling Operations Segment​Metals recycling operations includes both ferrous and nonferrous scrap metal processing, transportation, marketing, brokerage, and scrap management services. Our steel mills utilize a large portion of the ferrous scrap sold by our metals recycling operations as raw material in our steelmaking operations, and the remainder is sold to other consumers, such as other steel manufacturers and foundries. In 2023 and 2022, 62% and 66%, respectively, of metals recycling operations ferrous scrap was sold to our own steel mills, while our steel mill utilization was 82% and 77% including Sinton (91% and 92% exclusive of Sinton) in 2023 and 2022, respectively. Metals recycling operations accounted for 12% and 10% of our consolidated net sales during 2023 and 2022, respectively.Metals Recycling Operations Shipments:​​​​​​​​​​​​​​​​​​​​​Years Ended December 31,​​​​2023​% Change​2022​​Ferrous metal (gross tons)​​​​​​​​Total​ 5,779,114​9% ​ 5,301,774​​Inter-company​ (3,579,958)​​​ (3,475,662)​​External shipments​ 2,199,156​20% ​ 1,826,112​​​​​​​​​​​Nonferrous metal (thousands of pounds)​​​​​​​​Total​ 1,108,211​5% ​ 1,053,852​​Inter-company​ (157,892)​​​ (138,407)​​External shipments​ 950,319​4% ​ 915,445​​Segment Results 2023 vs. 2022During 2023, our metals recycling operations continued to benefit from solid domestic steel industry demand, resulting in higher ferrous and nonferrous scrap shipments compared to 2022. We were able to increase shipments even as domestic steel mill utilization rates declined slightly to approximately 75% in 2023, as compared to approximately 78% in 2022. Ferrous and nonferrous shipments increased 9% and 5%, respectively, in 2023 compared to 2022. Net sales for our metals recycling operations in 2023 were comparable to 2022, as increased shipments were offset by ferrous and nonferrous average selling prices that decreased 7% and 8%, respectively, during 2023 compared to 2022.​Ferrous metal spread (which we define as the difference between average selling prices and the cost of purchased scrap) decreased 7% and nonferrous metal spread increased 9% during 2023 compared to 2022. As a result of the overall decreased metals spreads, metals recycling operations operating income decreased 24% to $88.7 million in 2023 compared to 2022.​",
      "prior_body": "During 2022, domestic steel demand remained strong from the construction, automotive, industrial, and energy sectors, resulting in record shipments of 10.8 million tons in 2022, including 828,000 tons from Sinton. Average product pricing for our steel operations, though higher year over year compared to 2021, experienced steady declines throughout 2022 for sheet steel products, which had risen to record levels at the end of 2021. Conversely, long products realized higher selling prices through the majority of 2022. Steel operations segment shipments increased 7% in 2022 compared to 2021, as Sinton started up production throughout the year, with average selling prices remaining steady. Net sales for the steel operations segment were 8% higher in 2022 when compared to 2021, due to stable average steel selling prices and record volumes. ​ Metallic raw materials used in our electric arc furnaces represent our single most significant steel manufacturing cost, generally comprising approximately 55% to 65% of our steel mill operations’ manufacturing costs. Our metallic raw material cost consumed in our steel mills increased $28 per net ton, or 6%, in 2022 compared to 2021. ​ As a result of scrap costs increasing more than average selling prices, specifically for sheet steel products, metal spread (which we define as the difference between average steel mill selling prices and the cost of ferrous scrap consumed in our steel mills) decreased slightly in 2022 compared to 2021. Due to metal spread compression and additional costs during start-up at Sinton, operating income for the steel operations decreased 29%, to $3.1 billion, in 2022 compared to 2021. ​ ​ 41 41 Table of ContentsMetals Recycling Operations Segment​Metals recycling operations includes both ferrous and nonferrous scrap metal processing, transportation, marketing, brokerage, and scrap management services. In October 2022, we completed our acquisition of ROCA ACERO, S.A. de C.V. (ROCA), whose post-acquisition operations are included in 2022 results. Our steel mills utilize a large portion (approximately 66% in 2022 and 2021) of the ferrous scrap sold by our metals recycling operations as raw material in our steelmaking operations, and the remainder is sold to other consumers, such as other steel manufacturers and foundries. Metals recycling operations accounted for 10% and 12% of our consolidated net sales during 2022 and 2021, respectively.Metals Recycling Operations Shipments:​​​​​​​​​​​​​​​​​​​​​Years Ended December 31,​​​​2022​% Change​2021​​Ferrous metal (gross tons)​​​​​​​​Total​ 5,301,774​(3)%​ 5,442,478​​Inter-company​ (3,475,662)​3% ​ (3,574,668)​​External shipments​ 1,826,112​(2)%​ 1,867,810​​​​​​​​​​​Nonferrous metal (thousands of pounds)​​​​​​​​Total​ 1,053,852​(4)%​ 1,093,472​​Inter-company​ (138,407)​(2)%​ (135,914)​​External shipments​ 915,445​(4)%​ 957,558​​Segment Results 2022 vs. 2021Our metals recycling operations faced a challenging price environment during 2022. Domestic steel mill utilization rates decreased to approximately 78% in 2022 from 81% in the prior year, impacting demand for ferrous scrap. Net sales for our metals recycling operations decreased 4% in 2022 as compared to 2021, driven by lower shipments and average selling values. Ferrous scrap average selling prices decreased 4% during 2022 compared to 2021, falling nine out of twelve months during the year, while nonferrous average selling prices increased 3%. Ferrous metal spread (which we define as the difference between average selling prices and the cost of purchased scrap) decreased 2%, while nonferrous metal spread also decreased 2% in 2022 compared to 2021. Metals recycling operations operating income in 2022 of $117.3 million decreased $64.7 million, or 36%, from the record in 2021, due to decreased ferrous and nonferrous shipments and metal spread.​42 Table of Contents Table of Contents Table of Contents Metals Recycling Operations Segment​Metals recycling operations includes both ferrous and nonferrous scrap metal processing, transportation, marketing, brokerage, and scrap management services. In October 2022, we completed our acquisition of ROCA ACERO, S.A. de C.V. (ROCA), whose post-acquisition operations are included in 2022 results. Our steel mills utilize a large portion (approximately 66% in 2022 and 2021) of the ferrous scrap sold by our metals recycling operations as raw material in our steelmaking operations, and the remainder is sold to other consumers, such as other steel manufacturers and foundries. Metals recycling operations accounted for 10% and 12% of our consolidated net sales during 2022 and 2021, respectively.Metals Recycling Operations Shipments:​​​​​​​​​​​​​​​​​​​​​Years Ended December 31,​​​​2022​% Change​2021​​Ferrous metal (gross tons)​​​​​​​​Total​ 5,301,774​(3)%​ 5,442,478​​Inter-company​ (3,475,662)​3% ​ (3,574,668)​​External shipments​ 1,826,112​(2)%​ 1,867,810​​​​​​​​​​​Nonferrous metal (thousands of pounds)​​​​​​​​Total​ 1,053,852​(4)%​ 1,093,472​​Inter-company​ (138,407)​(2)%​ (135,914)​​External shipments​ 915,445​(4)%​ 957,558​​Segment Results 2022 vs. 2021Our metals recycling operations faced a challenging price environment during 2022. Domestic steel mill utilization rates decreased to approximately 78% in 2022 from 81% in the prior year, impacting demand for ferrous scrap. Net sales for our metals recycling operations decreased 4% in 2022 as compared to 2021, driven by lower shipments and average selling values. Ferrous scrap average selling prices decreased 4% during 2022 compared to 2021, falling nine out of twelve months during the year, while nonferrous average selling prices increased 3%. Ferrous metal spread (which we define as the difference between average selling prices and the cost of purchased scrap) decreased 2%, while nonferrous metal spread also decreased 2% in 2022 compared to 2021. Metals recycling operations operating income in 2022 of $117.3 million decreased $64.7 million, or 36%, from the record in 2021, due to decreased ferrous and nonferrous shipments and metal spread.​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Inventories",
      "prior_title": "Inventories",
      "similarity_score": 0.76,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"Inventory consisted of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ Raw materials $ 1,226,272 ​ $ 1,608,344 ​ ​ Supplies ​ 711,653 ​ ​ 629,074 ​ ​ Work in progress ​ 296,932 ​ ​ 256,071 ​ ​ Finished goods ​ 659,775 ​ ​ 636,475 ​ ​ Total inventories $ 2,894,632 ​ $ 3,129,964 ​ ​\""
      ],
      "current_body": "Inventories are stated at lower of cost or net realizable value. Cost is determined using a weighted average cost method for raw materials (including scrap and purchased steel substrate) and supplies, and on a first-in, first-out basis for other inventory. Inventory consisted of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ Raw materials $ 1,226,272 ​ $ 1,608,344 ​ ​ Supplies ​ 711,653 ​ ​ 629,074 ​ ​ Work in progress ​ 296,932 ​ ​ 256,071 ​ ​ Finished goods ​ 659,775 ​ ​ 636,475 ​ ​ Total inventories $ 2,894,632 ​ $ 3,129,964 ​ ​",
      "prior_body": "Inventories are stated at lower of cost or net realizable value. Cost is determined using a weighted average cost method for raw materials (including scrap and purchased steel substrate) and supplies, and on a first-in, first-out basis for other inventory. Inventory consisted of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ Raw materials $ 1,608,344 ​ $ 1,870,300 ​ ​ Supplies ​ 629,074 ​ ​ 552,616 ​ ​ Work in progress ​ 256,071 ​ ​ 402,207 ​ ​ Finished goods ​ 636,475 ​ ​ 706,007 ​ ​ Total inventories $ 3,129,964 ​ $ 3,531,130 ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Note 3. Long-Term Debt",
      "prior_title": "Investments in Unconsolidated Affiliates",
      "similarity_score": 0.753,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"The company’s borrowings consisted of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ ​ ​ 2.800% senior notes due 2024 $ 400,000 ​ $ 400,000 ​ ​ ​ ​ 2.400% senior notes due 2025 ​ 400,000 ​ ​ 400,000 ​ ​ ​ ​ 5.000% senior notes due 2026 ​ 400,000 ​ ​ 400,000 ​ ​ ​ ​ 1.650% senior notes due 2027 ​ 350,000 ​ ​ 350,000 ​ ​ ​ ​ 3.450% senior notes due 2030 ​ 600,000 ​ ​ 600,000 ​ ​ ​ ​ 3.250% senior notes due 2031 ​ 500,000 ​ ​ 500,000 ​ ​ ​ ​ 3.250% senior notes due 2050 ​ 400,000 ​ ​ 400,000 ​ ​ ​ ​ Other obligations ​ 61,836 ​ ​ 63,726 ​ ​ ​ ​ Total debt ​ 3,111,836 ​ ​ 3,113,726 ​ ​ ​ ​ Less debt issuance costs and original issue discounts ​ 40,780 ​ ​ 43,151 ​ ​ ​ ​ Total amounts outstanding ​ 3,071,056 ​ ​ 3,070,575 ​ ​ ​ ​ Less current maturities ​ 459,987 ​ ​ 57,334 ​ ​ ​ ​ Long-term debt $ 2,611,069 ​ $ 3,013,241 ​ ​ ​ ​ 70 70 Table of ContentsNote 3.\"",
        "Reworded sentence: \"The unsecured Facility is available to fund working capital, capital expenditures, and other general corporate purposes.\"",
        "Reworded sentence: \"The company’s ability to borrow funds within the terms of the unsecured Facility is dependent upon its continued compliance with financial and other covenants.\"",
        "Reworded sentence: \"At December 31, 2023, the company’s interest coverage ratio and debt to capitalization ratio were 36.13:1.00 and 0.26:1.00, respectively.\"",
        "Reworded sentence: \"​The company’s $400.0 million of 2.800% senior notes due 2024 mature on December 15, 2024, with interest payable semi-annually.\""
      ],
      "current_body": "The company’s borrowings consisted of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ ​ ​ 2.800% senior notes due 2024 $ 400,000 ​ $ 400,000 ​ ​ ​ ​ 2.400% senior notes due 2025 ​ 400,000 ​ ​ 400,000 ​ ​ ​ ​ 5.000% senior notes due 2026 ​ 400,000 ​ ​ 400,000 ​ ​ ​ ​ 1.650% senior notes due 2027 ​ 350,000 ​ ​ 350,000 ​ ​ ​ ​ 3.450% senior notes due 2030 ​ 600,000 ​ ​ 600,000 ​ ​ ​ ​ 3.250% senior notes due 2031 ​ 500,000 ​ ​ 500,000 ​ ​ ​ ​ 3.250% senior notes due 2050 ​ 400,000 ​ ​ 400,000 ​ ​ ​ ​ Other obligations ​ 61,836 ​ ​ 63,726 ​ ​ ​ ​ Total debt ​ 3,111,836 ​ ​ 3,113,726 ​ ​ ​ ​ Less debt issuance costs and original issue discounts ​ 40,780 ​ ​ 43,151 ​ ​ ​ ​ Total amounts outstanding ​ 3,071,056 ​ ​ 3,070,575 ​ ​ ​ ​ Less current maturities ​ 459,987 ​ ​ 57,334 ​ ​ ​ ​ Long-term debt $ 2,611,069 ​ $ 3,013,241 ​ ​ ​ ​ 70 70 Table of ContentsNote 3. Long-Term Debt (Continued)Senior Credit Facility due 2028​On July 19, 2023, the company entered into a new unsecured credit agreement comprised of a senior unsecured credit facility (Facility), which provides a $1.2 billion unsecured Revolver, maturing July 2028. The new Credit Agreement replaced the December 3, 2019 Credit Agreement. Subject to certain conditions, the company has the opportunity to increase the Facility size by $500.0 million. The unsecured Facility is available to fund working capital, capital expenditures, and other general corporate purposes. The Facility contains financial covenants and other covenants pertaining to the company’s ability to incur indebtedness and permit liens on certain assets. The company’s ability to borrow funds within the terms of the unsecured Facility is dependent upon its continued compliance with financial and other covenants. At December 31, 2023, the company had $1.2 billion of availability on the Facility, $9.1 million of outstanding letters of credit and other obligations which reduce availability, and there were no borrowings outstanding.​The Facility pricing grid is adjusted quarterly and is based on either the company’s leverage of net debt (as defined in the Facility) to last-twelve-months (LTM) consolidated Adjusted EBITDA as defined in the Facility (earnings before interest, taxes, depreciation, amortization, and certain other non-cash items as allowed in the Facility), or the company’s credit ratings. The minimum pricing is adjusted Secured Overnight Financing Rate (SOFR) plus 1.000% and the maximum pricing is adjusted SOFR plus 1.75%. In addition, the company is subject to an unused commitment fee of between 0.11% and 0.275% (based on either the leverage of net debt to LTM consolidated adjusted EBITDA, or the company’s credit ratings) which is applied to the unused portion of the Facility. The financial covenants under the Facility state that the company must maintain an interest coverage ratio of not less than 2.50:1.00. The company’s interest coverage ratio is calculated by dividing its LTM consolidated Adjusted EBITDA by its LTM gross interest expense, less amortization of financing fees. In addition, a debt to capitalization ratio of not more than 0.60:1.00 must be maintained. At December 31, 2023, the company’s interest coverage ratio and debt to capitalization ratio were 36.13:1.00 and 0.26:1.00, respectively. The company was, therefore, in compliance with these covenants at December 31, 2023, and anticipates remaining in compliance during the next twelve months.Senior Unsecured NotesThe company has seven different tranches of senior unsecured notes (Notes) outstanding. These Notes are in equal right of payment with all existing and future senior unsecured indebtedness and are senior in right of payment to all subordinated indebtedness. These Notes contain provisions that allow the company to redeem the Notes on or after the dates and at redemption prices (expressed as a percentage of principal amount) listed below. ​The company’s $400.0 million of 2.800% senior notes due 2024 mature on December 15, 2024, with interest payable semi-annually. Early redemption is permitted any time prior to November 15, 2024, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.20%; and as of November 15, 2024, at 100.000%.​The company’s $400.0 million of 2.400% senior notes due 2025 mature on June 15, 2025, with interest payable semi-annually. Early redemption is permitted any time prior to May 15, 2025, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.35%; and as of May 15, 2025, at 100.000%.​The company’s $400.0 million of 5.000% senior notes due 2026 mature on December 15, 2026, with interest payable semi-annually. Early redemption is permitted as of December 15, 2023, at 100.833%, and as of December 15, 2024, at 100.000%.​The company’s $350.0 million of 1.650% senior notes due 2027 mature on October 15, 2027, with interest payable semi-annually. Early redemption is permitted any time prior to August 15, 2027, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.20%; and as of August 15, 2027, at 100.000%.71 Table of Contents Table of Contents Table of Contents Note 3. Long-Term Debt (Continued)Senior Credit Facility due 2028​On July 19, 2023, the company entered into a new unsecured credit agreement comprised of a senior unsecured credit facility (Facility), which provides a $1.2 billion unsecured Revolver, maturing July 2028. The new Credit Agreement replaced the December 3, 2019 Credit Agreement. Subject to certain conditions, the company has the opportunity to increase the Facility size by $500.0 million. The unsecured Facility is available to fund working capital, capital expenditures, and other general corporate purposes. The Facility contains financial covenants and other covenants pertaining to the company’s ability to incur indebtedness and permit liens on certain assets. The company’s ability to borrow funds within the terms of the unsecured Facility is dependent upon its continued compliance with financial and other covenants. At December 31, 2023, the company had $1.2 billion of availability on the Facility, $9.1 million of outstanding letters of credit and other obligations which reduce availability, and there were no borrowings outstanding.​The Facility pricing grid is adjusted quarterly and is based on either the company’s leverage of net debt (as defined in the Facility) to last-twelve-months (LTM) consolidated Adjusted EBITDA as defined in the Facility (earnings before interest, taxes, depreciation, amortization, and certain other non-cash items as allowed in the Facility), or the company’s credit ratings. The minimum pricing is adjusted Secured Overnight Financing Rate (SOFR) plus 1.000% and the maximum pricing is adjusted SOFR plus 1.75%. In addition, the company is subject to an unused commitment fee of between 0.11% and 0.275% (based on either the leverage of net debt to LTM consolidated adjusted EBITDA, or the company’s credit ratings) which is applied to the unused portion of the Facility. The financial covenants under the Facility state that the company must maintain an interest coverage ratio of not less than 2.50:1.00. The company’s interest coverage ratio is calculated by dividing its LTM consolidated Adjusted EBITDA by its LTM gross interest expense, less amortization of financing fees. In addition, a debt to capitalization ratio of not more than 0.60:1.00 must be maintained. At December 31, 2023, the company’s interest coverage ratio and debt to capitalization ratio were 36.13:1.00 and 0.26:1.00, respectively. The company was, therefore, in compliance with these covenants at December 31, 2023, and anticipates remaining in compliance during the next twelve months.Senior Unsecured NotesThe company has seven different tranches of senior unsecured notes (Notes) outstanding. These Notes are in equal right of payment with all existing and future senior unsecured indebtedness and are senior in right of payment to all subordinated indebtedness. These Notes contain provisions that allow the company to redeem the Notes on or after the dates and at redemption prices (expressed as a percentage of principal amount) listed below. ​The company’s $400.0 million of 2.800% senior notes due 2024 mature on December 15, 2024, with interest payable semi-annually. Early redemption is permitted any time prior to November 15, 2024, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.20%; and as of November 15, 2024, at 100.000%.​The company’s $400.0 million of 2.400% senior notes due 2025 mature on June 15, 2025, with interest payable semi-annually. Early redemption is permitted any time prior to May 15, 2025, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.35%; and as of May 15, 2025, at 100.000%.​The company’s $400.0 million of 5.000% senior notes due 2026 mature on December 15, 2026, with interest payable semi-annually. Early redemption is permitted as of December 15, 2023, at 100.833%, and as of December 15, 2024, at 100.000%.​The company’s $350.0 million of 1.650% senior notes due 2027 mature on October 15, 2027, with interest payable semi-annually. Early redemption is permitted any time prior to August 15, 2027, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.20%; and as of August 15, 2027, at 100.000%.",
      "prior_body": "The company purchased a 45% minority equity interest in New Process Steel, L.P. (NPS) on January 31, 2022. NPS is a metals solutions and distribution supply-chain management company headquartered in Houston, Texas, with a focus toward growing its value-added manufacturing applications. On February 28, 2022, the company also purchased a minority equity interest in Aymium, a producer of renewable biocarbon products. As the company does not have power to control these entities, the company accounts for these investments using the equity method of accounting, which are recorded in Other Assets (noncurrent) in the company’s consolidated balance sheets with related activity recorded in Other (Income) Expense, net. Profits or losses from transactions with NPS are eliminated until realized by the majority equity interest owner. 69 69 Table of ContentsNote 3. Long-Term DebtThe company’s borrowings consisted of the following at December 31 (in thousands):​​​​​​​​​​​​​​2022​2021​​​​2.800% senior notes due 2024$ 400,000​$ 400,000​​​​2.400% senior notes due 2025​ 400,000​​ 400,000​​​​5.000% senior notes due 2026​ 400,000​​ 400,000​​​​1.650% senior notes due 2027​ 350,000​​ 350,000​​​​3.450% senior notes due 2030​ 600,000​​ 600,000​​​​3.250% senior notes due 2031​ 500,000​​ 500,000​​​​3.250% senior notes due 2050​ 400,000​​ 400,000​​​​Other obligations ​ 63,726​​ 105,422​​​​Total debt ​ 3,113,726​​ 3,155,422​​​​ Less debt issuance costs and original issue discounts​ 43,151​​ 49,546​​​​Total amounts outstanding​ 3,070,575​​ 3,105,876​​​​ Less current maturities ​ 57,334​​ 97,174​​​​Long-term debt $ 3,013,241​$ 3,008,702​​​Senior Credit Facility due 2024​The company has an unsecured credit agreement which has a senior unsecured revolving credit facility (Facility) which provides a $1.2 billion unsecured Revolver, which matures December 2024. Subject to certain conditions, the company has the opportunity to increase the Facility size by $500.0 million. The unsecured Revolver is available to fund working capital, capital expenditures, and other general corporate purposes. The Facility contains financial covenants and other covenants pertaining to the company’s ability to incur indebtedness and permit liens on certain assets. The company’s ability to borrow funds within the terms of the unsecured Revolver is dependent upon its continued compliance with financial and other covenants. At December 31, 2022, the company had $1.2 billion of availability on the Revolver, $9.1 million of outstanding letters of credit and other obligations which reduce availability, and there were no borrowings outstanding.​The Facility pricing grid is adjusted quarterly and is based on either the company’s leverage of net debt (as defined in the Facility) to last-twelve-months (LTM) consolidated Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, and certain other non-cash items as allowed in the Facility), or the company’s credit ratings. The minimum pricing is adjusted Secured Overnight Financing Rate (SOFR) plus 1.125% and the maximum pricing is adjusted SOFR plus 1.75%. In addition, the company is subject to an unused commitment fee of between 0.15% and 0.275% (based on either our leverage of net debt to LTM consolidated adjusted EBITDA, or our credit ratings) which is applied to the unused portion of the Revolver. The financial covenants under the Facility state that the company must maintain an interest coverage ratio of not less than 2.50:1.00. The company’s interest coverage ratio is calculated by dividing its LTM consolidated Adjusted EBITDA by its LTM gross interest expense, less amortization of financing fees. In addition, a debt to capitalization ratio of not more than 0.60:1.00 must be maintained. At December 31, 2022, the company’s interest coverage ratio and debt to capitalization ratio were 54.42:1.00 and 0.27:1.00, respectively. The company was, therefore, in compliance with these covenants at December 31, 2022, and anticipates remaining in compliance during the next twelve months.Senior Unsecured NotesThe company has seven different tranches of senior unsecured notes (Notes) outstanding. These Notes are in equal right of payment with all existing and future senior unsecured indebtedness and are senior in right of payment to all subordinated indebtedness. These Notes contain provisions that allow the company to redeem the Notes on or after the dates and at redemption prices (expressed as a percentage of principal amount) listed below. ​70 Table of Contents Table of Contents Table of Contents Note 3. Long-Term DebtThe company’s borrowings consisted of the following at December 31 (in thousands):​​​​​​​​​​​​​​2022​2021​​​​2.800% senior notes due 2024$ 400,000​$ 400,000​​​​2.400% senior notes due 2025​ 400,000​​ 400,000​​​​5.000% senior notes due 2026​ 400,000​​ 400,000​​​​1.650% senior notes due 2027​ 350,000​​ 350,000​​​​3.450% senior notes due 2030​ 600,000​​ 600,000​​​​3.250% senior notes due 2031​ 500,000​​ 500,000​​​​3.250% senior notes due 2050​ 400,000​​ 400,000​​​​Other obligations ​ 63,726​​ 105,422​​​​Total debt ​ 3,113,726​​ 3,155,422​​​​ Less debt issuance costs and original issue discounts​ 43,151​​ 49,546​​​​Total amounts outstanding​ 3,070,575​​ 3,105,876​​​​ Less current maturities ​ 57,334​​ 97,174​​​​Long-term debt $ 3,013,241​$ 3,008,702​​​Senior Credit Facility due 2024​The company has an unsecured credit agreement which has a senior unsecured revolving credit facility (Facility) which provides a $1.2 billion unsecured Revolver, which matures December 2024. Subject to certain conditions, the company has the opportunity to increase the Facility size by $500.0 million. The unsecured Revolver is available to fund working capital, capital expenditures, and other general corporate purposes. The Facility contains financial covenants and other covenants pertaining to the company’s ability to incur indebtedness and permit liens on certain assets. The company’s ability to borrow funds within the terms of the unsecured Revolver is dependent upon its continued compliance with financial and other covenants. At December 31, 2022, the company had $1.2 billion of availability on the Revolver, $9.1 million of outstanding letters of credit and other obligations which reduce availability, and there were no borrowings outstanding.​The Facility pricing grid is adjusted quarterly and is based on either the company’s leverage of net debt (as defined in the Facility) to last-twelve-months (LTM) consolidated Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, and certain other non-cash items as allowed in the Facility), or the company’s credit ratings. The minimum pricing is adjusted Secured Overnight Financing Rate (SOFR) plus 1.125% and the maximum pricing is adjusted SOFR plus 1.75%. In addition, the company is subject to an unused commitment fee of between 0.15% and 0.275% (based on either our leverage of net debt to LTM consolidated adjusted EBITDA, or our credit ratings) which is applied to the unused portion of the Revolver. The financial covenants under the Facility state that the company must maintain an interest coverage ratio of not less than 2.50:1.00. The company’s interest coverage ratio is calculated by dividing its LTM consolidated Adjusted EBITDA by its LTM gross interest expense, less amortization of financing fees. In addition, a debt to capitalization ratio of not more than 0.60:1.00 must be maintained. At December 31, 2022, the company’s interest coverage ratio and debt to capitalization ratio were 54.42:1.00 and 0.27:1.00, respectively. The company was, therefore, in compliance with these covenants at December 31, 2022, and anticipates remaining in compliance during the next twelve months.Senior Unsecured NotesThe company has seven different tranches of senior unsecured notes (Notes) outstanding. These Notes are in equal right of payment with all existing and future senior unsecured indebtedness and are senior in right of payment to all subordinated indebtedness. These Notes contain provisions that allow the company to redeem the Notes on or after the dates and at redemption prices (expressed as a percentage of principal amount) listed below. ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "2023 Equity Incentive Plan",
      "prior_title": "Amended and Restated 2015 Equity Incentive Plan (2015 Plan)",
      "similarity_score": 0.751,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"In May 2023, the company’s shareholders approved the 2023 Equity Incentive Plan (2023 Plan), which supersedes the prior Amended and Restated 2015 Equity Incentive Plan.\"",
        "Reworded sentence: \"At December 31, 2023, there were 7.5 million shares still available for issuance.Substantially all of the company’s full-time, non-union, U.S.\"",
        "Reworded sentence: \"During 2023, 2022, and 2021, certain senior leadership of the company received RSUs in February which vest over a period of 2 to 4 years.\"",
        "Reworded sentence: \"The company satisfies RSUs with newly issued shares, and satisfies restricted and unrestricted stock awards, DSUs, and performance awards with treasury shares.\""
      ],
      "current_body": "In May 2023, the company’s shareholders approved the 2023 Equity Incentive Plan (2023 Plan), which supersedes the prior Amended and Restated 2015 Equity Incentive Plan. The 2023 Plan is designed to attract, motivate and retain qualified persons that are able to make important contributions to the company’s success. To accomplish these objectives, the 2023 Plan provides for awards of equity-based incentives through granting of restricted stock units (RSUs), deferred stock units (DSUs), restricted stock awards (of which none have been granted), stock options (of which 75 75 Table of ContentsNote 6. Equity-Based Incentive Plans (Continued)none have been granted), unrestricted stock awards (of which none have been granted), stock appreciation rights (SARs), and performance awards, such as long-term incentive compensation program (LTIP). Under the 2023 Plan, 9.0 million shares of common stock were reserved for grant through December 31, 2033. The 2023 Plan uses a fungible share concept under which any awards that are not a full-value award, such as stock options and stock-settled SARs, will be counted against the share reserve as one share for each share of common stock, and awards that are full-value awards, such as RSUs, DSUs, restricted and unrestricted stock awards, and performance awards, will be counted against the share reserve as 2.09 shares for each share of common stock. The SARs the company has granted to date can only be settled in cash, and thus, do not count against the share reserve. At December 31, 2023, there were 7.5 million shares still available for issuance.Substantially all of the company’s full-time, non-union, U.S. team members receive RSUs, which are granted annually in November at no cost to employees and vest 100% over the shorter of two years from grant date or upon the recipient reaching retirement eligible age (59½ years). During 2023, 2022, and 2021, certain senior leadership of the company received RSUs in February which vest over a period of 2 to 4 years. The stock is issued to employees upon vesting. The company satisfies RSUs with newly issued shares, and satisfies restricted and unrestricted stock awards, DSUs, and performance awards with treasury shares. In addition to the RSUs and LTIP awards granted during the three-year period ended December 31, 2023, presented below, the company awarded 18,000, 20,000 and 25,000 DSUs in 2023, 2022 and 2021, respectively; and 171,200 SARs in 2021. No SARs awards were granted in 2023 and 2022. The 77,000 SARs awards outstanding at December 31, 2023, for which no shares of common stock can be issued because the awards must be cash-settled upon exercise, have a weighted-average exercise price of $38.74.Restricted Stock UnitsA summary of the company’s RSU activity and outstanding RSUs as of December 31, 2023, are presented below (dollars in thousands except grant date fair value):​​​​​​​​​​​​​​Weighted​Aggregate ​​​​Number​ Average Grant​Intrinsic​Unrecognized​ of RSUs​Date Fair Value​ Value ​ CompensationOutstanding RSUs as of January 1, 2021 1,698,579​$31.44 ​$ 62,627​$ 35,821Granted 627,973​​59.38 ​​​​​​Vested (895,706)​​32.30 ​​​​​​Forfeited (82,588)​​32.47 ​​​​​​As of December 31, 2021 1,348,258​$43.82 ​$ 83,686​$ 39,657Granted 481,926​​98.29 ​​​​​​Vested (786,622)​​37.38 ​​​​​​Forfeited (70,011)​​46.82 ​​​​​​As of December 31, 2022 973,551​$71.80 ​$ 94,765​$ 44,394Granted 433,810​​108.95 ​​​​​​Vested (517,041)​​64.03 ​​​​​​Forfeited (40,829)​​78.70 ​​​​​​As of December 31, 2023 (nonvested) 849,491​$99.13 ​$ 101,480​$ 43,073​ The weighted average remaining life before vesting of the outstanding RSUs as of December 31, 2023, is 1.6 years. The fair value of RSUs vesting during 2023, 2022, and 2021 was $58.3 million, $79.1 million, and $56.5 million, respectively, and was net-share settled such that the company withheld shares with value equivalent to the employees’ minimum statutory obligation for the applicable income and other employment taxes and remitted the cash to the appropriate taxing authorities. The total shares withheld in 2023, 2022, and 2021 were approximately 342,000, 249,000, and 290,000 shares, respectively, and were based on the value of the RSUs on their vesting dates as determined by the company’s closing stock price.​76 Table of Contents Table of Contents Table of Contents Note 6. Equity-Based Incentive Plans (Continued)none have been granted), unrestricted stock awards (of which none have been granted), stock appreciation rights (SARs), and performance awards, such as long-term incentive compensation program (LTIP). Under the 2023 Plan, 9.0 million shares of common stock were reserved for grant through December 31, 2033. The 2023 Plan uses a fungible share concept under which any awards that are not a full-value award, such as stock options and stock-settled SARs, will be counted against the share reserve as one share for each share of common stock, and awards that are full-value awards, such as RSUs, DSUs, restricted and unrestricted stock awards, and performance awards, will be counted against the share reserve as 2.09 shares for each share of common stock. The SARs the company has granted to date can only be settled in cash, and thus, do not count against the share reserve. At December 31, 2023, there were 7.5 million shares still available for issuance.Substantially all of the company’s full-time, non-union, U.S. team members receive RSUs, which are granted annually in November at no cost to employees and vest 100% over the shorter of two years from grant date or upon the recipient reaching retirement eligible age (59½ years). During 2023, 2022, and 2021, certain senior leadership of the company received RSUs in February which vest over a period of 2 to 4 years. The stock is issued to employees upon vesting. The company satisfies RSUs with newly issued shares, and satisfies restricted and unrestricted stock awards, DSUs, and performance awards with treasury shares. In addition to the RSUs and LTIP awards granted during the three-year period ended December 31, 2023, presented below, the company awarded 18,000, 20,000 and 25,000 DSUs in 2023, 2022 and 2021, respectively; and 171,200 SARs in 2021. No SARs awards were granted in 2023 and 2022. The 77,000 SARs awards outstanding at December 31, 2023, for which no shares of common stock can be issued because the awards must be cash-settled upon exercise, have a weighted-average exercise price of $38.74.Restricted Stock UnitsA summary of the company’s RSU activity and outstanding RSUs as of December 31, 2023, are presented below (dollars in thousands except grant date fair value):​​​​​​​​​​​​​​Weighted​Aggregate ​​​​Number​ Average Grant​Intrinsic​Unrecognized​ of RSUs​Date Fair Value​ Value ​ CompensationOutstanding RSUs as of January 1, 2021 1,698,579​$31.44 ​$ 62,627​$ 35,821Granted 627,973​​59.38 ​​​​​​Vested (895,706)​​32.30 ​​​​​​Forfeited (82,588)​​32.47 ​​​​​​As of December 31, 2021 1,348,258​$43.82 ​$ 83,686​$ 39,657Granted 481,926​​98.29 ​​​​​​Vested (786,622)​​37.38 ​​​​​​Forfeited (70,011)​​46.82 ​​​​​​As of December 31, 2022 973,551​$71.80 ​$ 94,765​$ 44,394Granted 433,810​​108.95 ​​​​​​Vested (517,041)​​64.03 ​​​​​​Forfeited (40,829)​​78.70 ​​​​​​As of December 31, 2023 (nonvested) 849,491​$99.13 ​$ 101,480​$ 43,073​ The weighted average remaining life before vesting of the outstanding RSUs as of December 31, 2023, is 1.6 years. The fair value of RSUs vesting during 2023, 2022, and 2021 was $58.3 million, $79.1 million, and $56.5 million, respectively, and was net-share settled such that the company withheld shares with value equivalent to the employees’ minimum statutory obligation for the applicable income and other employment taxes and remitted the cash to the appropriate taxing authorities. The total shares withheld in 2023, 2022, and 2021 were approximately 342,000, 249,000, and 290,000 shares, respectively, and were based on the value of the RSUs on their vesting dates as determined by the company’s closing stock price.​",
      "prior_body": "The 2015 Plan is designed to attract, motivate and retain qualified persons that are able to make important contributions to the company’s success. To accomplish these objectives, the 2015 Plan provides for awards of equity-based incentives through granting of restricted stock units (RSUs), deferred stock units (DSUs), restricted stock awards, stock options (of which there are none), unrestricted stock awards (of which there are none), stock appreciation rights (SARs), and performance awards, such as long-term incentive compensation program (LTIP). The company’s shareholders approved the 2015 Plan in May 2015, and 12.5 million shares of common stock were reserved for issuance upon exercise of equity grants through December 31, 2025. In May 2019, the 2015 Plan was amended and restated with an additional 8.0 million shares of common stock reserved for issuance upon exercise of equity grants. The 2015 Plan uses a fungible share concept under which any awards that are not a full-value award, such as stock options and stock-settled SARs, will be counted against the share limit as one share for each share of common stock, and awards that are full-value awards, such as RSUs, DSUs, restricted and unrestricted stock awards, and performance awards, will be counted against the share limit as 2.09 shares for each share of common stock. The SARs the company has granted to date can only be settled in cash, and thus, do not count against the share reserve. At December 31, 2022, there were 2.5 million shares still available for issuance. Substantially all of the company’s full-time, non-union, U.S. team members receive RSUs, which are granted annually in November at no cost to employees and vest 100% over the shorter of two years from grant date or upon the recipient reaching retirement eligible age (59½ years). During 2021 and 2022, certain senior leadership of the company received RSUs in February which vest over a period of 2 to 4 years. The stock is issued to employees upon vesting. The company satisfies RSUs with newly issued shares, and satisfies restricted stock awards, DSUs, and performance awards with treasury shares. In addition to the RSUs and LTIP awards granted during the three-year period ended December 31, 2022, presented below, the company awarded 20,000, 25,000 and 52,000 DSUs in 2022, 2021 and 2020, respectively; and 171,200 and 325,500 SARs in 2021 and 2020, respectively. No SARs awards were granted in 2022. The 102,000 SAR awards outstanding at December 31, 2022, for which no shares of common stock can be issued because the awards must be cash-settled upon exercise, have a weighted-average exercise price of $38.43. 59½ years ​ 75 75 Table of ContentsNote 6. Equity-Based Incentive Plans (Continued)Restricted Stock UnitsA summary of the company’s RSU activity and outstanding RSUs as of December 31, 2022, are presented below (dollars in thousands except grant date fair value):​​​​​​​​​​​​​​Weighted​Aggregate ​​​​Number​ Average Grant​Intrinsic​Unrecognized​ of RSUs​Date Fair Value​ Value ​ CompensationOutstanding RSUs as of January 1, 2020 1,557,994​$32.53 ​$ 53,034​$ 33,581Granted 1,017,518​​33.54 ​​​​​​Vested (811,317)​​36.09 ​​​​​​Forfeited (65,616)​​32.20 ​​​​​​As of December 31, 2020 1,698,579​$31.44 ​$ 62,627​$ 35,821Granted 627,973​​59.38 ​​​​​​Vested (895,706)​​32.30 ​​​​​​Forfeited (82,588)​​32.47 ​​​​​​As of December 31, 2021 1,348,258​$43.82 ​$ 83,686​$ 39,657Granted 481,926​​98.29 ​​​​​​Vested (786,622)​​37.38 ​​​​​​Forfeited (70,011)​​46.82 ​​​​​​As of December 31, 2022 (nonvested) 973,551​$71.80 ​$ 94,765​$ 44,394​ The weighted average remaining life before vesting of the outstanding RSUs as of December 31, 2022, is 1.56 years. The fair value of RSUs vesting during 2022, 2021, and 2020 was $79.1 million, $56.5 million, and $29.9 million, respectively, and was net-share settled such that the company withheld shares with value equivalent to the employees’ minimum statutory obligation for the applicable income and other employment taxes and remitted the cash to the appropriate taxing authorities. The total shares withheld in 2022, 2021, and 2020 were approximately 249,000, 290,000, and 266,000 shares, respectively, and were based on the value of the RSUs on their vesting dates as determined by the company’s closing stock price.​Long-Term Incentive Compensation Program (LTIP)The company maintains an LTIP performance-based program directed toward key senior leadership of the company, as determined at the discretion of the Compensation Committee of the Board of Directors. Awards are in shares of the company’s common stock using the stock price on the first day of the performance period to convert each key senior executive’s predetermined multiple of annual base salary. The performance period is generally three years; however, a transition award was issued in 2020 with a shorter performance period. Performance is measured in terms of equal portions of four growth and profitability measures, as compared to the same measures, similarly treated, of a pre-established group of steel sector competitors. Awards earned can range from zero to 100% of the shares awarded. Beginning with 2018, award shares vest immediately once earned on the basis of performance. For awards prior to 2018, once earned on the basis of performance, one-third of the shares vest immediately, and the remaining shares vest in equal annual installments over an additional two-year service-based vesting period requirement.​76 Table of Contents Table of Contents Table of Contents Note 6. Equity-Based Incentive Plans (Continued)Restricted Stock UnitsA summary of the company’s RSU activity and outstanding RSUs as of December 31, 2022, are presented below (dollars in thousands except grant date fair value):​​​​​​​​​​​​​​Weighted​Aggregate ​​​​Number​ Average Grant​Intrinsic​Unrecognized​ of RSUs​Date Fair Value​ Value ​ CompensationOutstanding RSUs as of January 1, 2020 1,557,994​$32.53 ​$ 53,034​$ 33,581Granted 1,017,518​​33.54 ​​​​​​Vested (811,317)​​36.09 ​​​​​​Forfeited (65,616)​​32.20 ​​​​​​As of December 31, 2020 1,698,579​$31.44 ​$ 62,627​$ 35,821Granted 627,973​​59.38 ​​​​​​Vested (895,706)​​32.30 ​​​​​​Forfeited (82,588)​​32.47 ​​​​​​As of December 31, 2021 1,348,258​$43.82 ​$ 83,686​$ 39,657Granted 481,926​​98.29 ​​​​​​Vested (786,622)​​37.38 ​​​​​​Forfeited (70,011)​​46.82 ​​​​​​As of December 31, 2022 (nonvested) 973,551​$71.80 ​$ 94,765​$ 44,394​ The weighted average remaining life before vesting of the outstanding RSUs as of December 31, 2022, is 1.56 years. The fair value of RSUs vesting during 2022, 2021, and 2020 was $79.1 million, $56.5 million, and $29.9 million, respectively, and was net-share settled such that the company withheld shares with value equivalent to the employees’ minimum statutory obligation for the applicable income and other employment taxes and remitted the cash to the appropriate taxing authorities. The total shares withheld in 2022, 2021, and 2020 were approximately 249,000, 290,000, and 266,000 shares, respectively, and were based on the value of the RSUs on their vesting dates as determined by the company’s closing stock price.​Long-Term Incentive Compensation Program (LTIP)The company maintains an LTIP performance-based program directed toward key senior leadership of the company, as determined at the discretion of the Compensation Committee of the Board of Directors. Awards are in shares of the company’s common stock using the stock price on the first day of the performance period to convert each key senior executive’s predetermined multiple of annual base salary. The performance period is generally three years; however, a transition award was issued in 2020 with a shorter performance period. Performance is measured in terms of equal portions of four growth and profitability measures, as compared to the same measures, similarly treated, of a pre-established group of steel sector competitors. Awards earned can range from zero to 100% of the shares awarded. Beginning with 2018, award shares vest immediately once earned on the basis of performance. For awards prior to 2018, once earned on the basis of performance, one-third of the shares vest immediately, and the remaining shares vest in equal annual installments over an additional two-year service-based vesting period requirement.​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Total net sales",
      "prior_title": "Total net sales",
      "similarity_score": 0.748,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ 18,795,316 ​ ​ 22,260,774 ​ ​ 18,408,850 ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs of goods sold ​ 14,749,433 ​ ​ 16,142,943 ​ ​ 13,046,426\""
      ],
      "current_body": "​ 18,795,316 ​ ​ 22,260,774 ​ ​ 18,408,850 ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs of goods sold ​ 14,749,433 ​ ​ 16,142,943 ​ ​ 13,046,426",
      "prior_body": "​ 22,260,774 ​ ​ 18,408,850 ​ ​ 9,601,482 ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs of goods sold ​ 16,142,943 ​ ​ 13,046,426 ​ ​ 8,166,754"
    },
    {
      "status": "MODIFIED",
      "current_title": "Note 6. Equity-Based Incentive Plans (Continued)",
      "prior_title": "Treasury Stock",
      "similarity_score": 0.747,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"none have been granted), unrestricted stock awards (of which none have been granted), stock appreciation rights (SARs), and performance awards, such as long-term incentive compensation program (LTIP).\"",
        "Reworded sentence: \"At December 31, 2023, there were 7.5 million shares still available for issuance.\"",
        "Reworded sentence: \"During 2023, 2022, and 2021, certain senior leadership of the company received RSUs in February which vest over a period of 2 to 4 years.\"",
        "Reworded sentence: \"The company satisfies RSUs with newly issued shares, and satisfies restricted and unrestricted stock awards, DSUs, and performance awards with treasury shares.\""
      ],
      "current_body": "none have been granted), unrestricted stock awards (of which none have been granted), stock appreciation rights (SARs), and performance awards, such as long-term incentive compensation program (LTIP). Under the 2023 Plan, 9.0 million shares of common stock were reserved for grant through December 31, 2033. The 2023 Plan uses a fungible share concept under which any awards that are not a full-value award, such as stock options and stock-settled SARs, will be counted against the share reserve as one share for each share of common stock, and awards that are full-value awards, such as RSUs, DSUs, restricted and unrestricted stock awards, and performance awards, will be counted against the share reserve as 2.09 shares for each share of common stock. The SARs the company has granted to date can only be settled in cash, and thus, do not count against the share reserve. At December 31, 2023, there were 7.5 million shares still available for issuance. Substantially all of the company’s full-time, non-union, U.S. team members receive RSUs, which are granted annually in November at no cost to employees and vest 100% over the shorter of two years from grant date or upon the recipient reaching retirement eligible age (59½ years). During 2023, 2022, and 2021, certain senior leadership of the company received RSUs in February which vest over a period of 2 to 4 years. The stock is issued to employees upon vesting. The company satisfies RSUs with newly issued shares, and satisfies restricted and unrestricted stock awards, DSUs, and performance awards with treasury shares. In addition to the RSUs and LTIP awards granted during the three-year period ended December 31, 2023, presented below, the company awarded 18,000, 20,000 and 25,000 DSUs in 2023, 2022 and 2021, respectively; and 171,200 SARs in 2021. No SARs awards were granted in 2023 and 2022. The 77,000 SARs awards outstanding at December 31, 2023, for which no shares of common stock can be issued because the awards must be cash-settled upon exercise, have a weighted-average exercise price of $38.74. 59½ years",
      "prior_body": "In February 2020, the board of directors authorized a share repurchase program of up to $500.0 million of the company’s common stock. This program was exhausted in July 2021. In July 2021, the board of directors authorized an additional share repurchase program of up to $1.0 billion of the company’s common stock. This program was exhausted in April 2022. In February 2022, the board of directors authorized an additional share repurchase program of up to $1.25 billion of the company’s common stock. This program was exhausted in November 2022. In November 2022, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. Under the above share repurchase programs, and similar prior programs, purchases take place as and when the company determines in open market or private transactions made based upon the market price of the company’s common stock, the nature of other investment opportunities or growth projects, the company’s cash flows from operations, and general economic conditions. The share repurchase programs do not require the company to acquire any specific number of shares, and may be modified, suspended, extended or terminated by the company at any time. The share repurchase programs do not have an expiration date. The company repurchased 23.0 million shares for $1.8 billion during 2022, 16.9 million shares for $1.1 billion during 2021, and 4.4 million shares for $106.5 million during 2020 under the share repurchase programs. At December 31, 2022, the company had remaining authorization to repurchase $1.3 billion of additional shares under the November 2022 share repurchase program. 74 74 Table of ContentsNote 6. Equity-Based Incentive PlansAmended and Restated 2015 Equity Incentive Plan (2015 Plan)The 2015 Plan is designed to attract, motivate and retain qualified persons that are able to make important contributions to the company’s success. To accomplish these objectives, the 2015 Plan provides for awards of equity-based incentives through granting of restricted stock units (RSUs), deferred stock units (DSUs), restricted stock awards, stock options (of which there are none), unrestricted stock awards (of which there are none), stock appreciation rights (SARs), and performance awards, such as long-term incentive compensation program (LTIP). The company’s shareholders approved the 2015 Plan in May 2015, and 12.5 million shares of common stock were reserved for issuance upon exercise of equity grants through December 31, 2025. In May 2019, the 2015 Plan was amended and restated with an additional 8.0 million shares of common stock reserved for issuance upon exercise of equity grants. The 2015 Plan uses a fungible share concept under which any awards that are not a full-value award, such as stock options and stock-settled SARs, will be counted against the share limit as one share for each share of common stock, and awards that are full-value awards, such as RSUs, DSUs, restricted and unrestricted stock awards, and performance awards, will be counted against the share limit as 2.09 shares for each share of common stock. The SARs the company has granted to date can only be settled in cash, and thus, do not count against the share reserve. At December 31, 2022, there were 2.5 million shares still available for issuance.Substantially all of the company’s full-time, non-union, U.S. team members receive RSUs, which are granted annually in November at no cost to employees and vest 100% over the shorter of two years from grant date or upon the recipient reaching retirement eligible age (59½ years). During 2021 and 2022, certain senior leadership of the company received RSUs in February which vest over a period of 2 to 4 years. The stock is issued to employees upon vesting. The company satisfies RSUs with newly issued shares, and satisfies restricted stock awards, DSUs, and performance awards with treasury shares. In addition to the RSUs and LTIP awards granted during the three-year period ended December 31, 2022, presented below, the company awarded 20,000, 25,000 and 52,000 DSUs in 2022, 2021 and 2020, respectively; and 171,200 and 325,500 SARs in 2021 and 2020, respectively. No SARs awards were granted in 2022. The 102,000 SAR awards outstanding at December 31, 2022, for which no shares of common stock can be issued because the awards must be cash-settled upon exercise, have a weighted-average exercise price of $38.43.​75 Table of Contents Table of Contents Table of Contents Note 6. Equity-Based Incentive PlansAmended and Restated 2015 Equity Incentive Plan (2015 Plan)The 2015 Plan is designed to attract, motivate and retain qualified persons that are able to make important contributions to the company’s success. To accomplish these objectives, the 2015 Plan provides for awards of equity-based incentives through granting of restricted stock units (RSUs), deferred stock units (DSUs), restricted stock awards, stock options (of which there are none), unrestricted stock awards (of which there are none), stock appreciation rights (SARs), and performance awards, such as long-term incentive compensation program (LTIP). The company’s shareholders approved the 2015 Plan in May 2015, and 12.5 million shares of common stock were reserved for issuance upon exercise of equity grants through December 31, 2025. In May 2019, the 2015 Plan was amended and restated with an additional 8.0 million shares of common stock reserved for issuance upon exercise of equity grants. The 2015 Plan uses a fungible share concept under which any awards that are not a full-value award, such as stock options and stock-settled SARs, will be counted against the share limit as one share for each share of common stock, and awards that are full-value awards, such as RSUs, DSUs, restricted and unrestricted stock awards, and performance awards, will be counted against the share limit as 2.09 shares for each share of common stock. The SARs the company has granted to date can only be settled in cash, and thus, do not count against the share reserve. At December 31, 2022, there were 2.5 million shares still available for issuance.Substantially all of the company’s full-time, non-union, U.S. team members receive RSUs, which are granted annually in November at no cost to employees and vest 100% over the shorter of two years from grant date or upon the recipient reaching retirement eligible age (59½ years). During 2021 and 2022, certain senior leadership of the company received RSUs in February which vest over a period of 2 to 4 years. The stock is issued to employees upon vesting. The company satisfies RSUs with newly issued shares, and satisfies restricted stock awards, DSUs, and performance awards with treasury shares. In addition to the RSUs and LTIP awards granted during the three-year period ended December 31, 2022, presented below, the company awarded 20,000, 25,000 and 52,000 DSUs in 2022, 2021 and 2020, respectively; and 171,200 and 325,500 SARs in 2021 and 2020, respectively. No SARs awards were granted in 2022. The 102,000 SAR awards outstanding at December 31, 2022, for which no shares of common stock can be issued because the awards must be cash-settled upon exercise, have a weighted-average exercise price of $38.43.​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Dividends declared per share",
      "prior_title": "Dividends declared per share",
      "similarity_score": 0.744,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"$ 1.70 ​ $ 1.36 ​ $ 1.04 ​ ​ ​ ​ ​ ​ See notes to consolidated financial statements.\""
      ],
      "current_body": "$ 1.70 ​ $ 1.36 ​ $ 1.04 ​ ​ ​ ​ ​ ​ See notes to consolidated financial statements. 59 59 Table of ContentsSTEEL DYNAMICS, INC.CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(in thousands)​​​​​​​​​​​​​​​​​​​​Years Ended December 31,​2023​2022​2021​​​​​​​​​Net income$ 2,467,332​$ 3,879,492​$ 3,246,814Other comprehensive income (loss) - net unrealized gain (loss) on cash flow​​​​​​​​ hedging derivatives, net of income tax benefit of $149, income tax expense of​​​​​​​​ $937, and income tax benefit of $1,247 for 2023, 2022 and 2021, respectively​ (468)​​ 2,980​​ (3,993)Comprehensive income​ 2,466,864​​ 3,882,472​​ 3,242,821​​​​​​​​​Comprehensive income attributable to noncontrolling interests​ (16,450)​​ (16,818)​​ (32,748) Comprehensive income attributable to Steel Dynamics, Inc.$ 2,450,414​$ 3,865,654​$ 3,210,073​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​See notes to consolidated financial statements.​60 Table of Contents Table of Contents Table of Contents STEEL DYNAMICS, INC.CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(in thousands)​​​​​​​​​​​​​​​​​​​​Years Ended December 31,​2023​2022​2021​​​​​​​​​Net income$ 2,467,332​$ 3,879,492​$ 3,246,814Other comprehensive income (loss) - net unrealized gain (loss) on cash flow​​​​​​​​ hedging derivatives, net of income tax benefit of $149, income tax expense of​​​​​​​​ $937, and income tax benefit of $1,247 for 2023, 2022 and 2021, respectively​ (468)​​ 2,980​​ (3,993)Comprehensive income​ 2,466,864​​ 3,882,472​​ 3,242,821​​​​​​​​​Comprehensive income attributable to noncontrolling interests​ (16,450)​​ (16,818)​​ (32,748) Comprehensive income attributable to Steel Dynamics, Inc.$ 2,450,414​$ 3,865,654​$ 3,210,073​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​See notes to consolidated financial statements.​",
      "prior_body": "$ 1.36 ​ $ 1.04 ​ $ 1.00 ​ ​ ​ ​ ​ ​ See notes to consolidated financial statements. 58 58 Table of ContentsSTEEL DYNAMICS, INC.CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(in thousands)​​​​​​​​​​​​​​​​​​​​Years Ended December 31,​2022​2021​2020​​​​​​​​​Net income$ 3,879,492​$ 3,246,814​$ 570,828Other comprehensive income (loss) - net unrealized gain (loss) on cash flow​​​​​​​​ hedging derivatives, net of income tax expense of $937, income tax benefit of​​​​​​​​ $1,247, and income tax expense of $594 for 2022, 2021 and 2020, respectively​ 2,980​​ (3,993)​​ 1,909Comprehensive income​ 3,882,472​​ 3,242,821​​ 572,737​​​​​​​​​Comprehensive income attributable to noncontrolling interests​ (16,818)​​ (32,748)​​ (20,006) Comprehensive income attributable to Steel Dynamics, Inc.$ 3,865,654​$ 3,210,073​$ 552,731​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​See notes to consolidated financial statements.​59 Table of Contents Table of Contents Table of Contents STEEL DYNAMICS, INC.CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(in thousands)​​​​​​​​​​​​​​​​​​​​Years Ended December 31,​2022​2021​2020​​​​​​​​​Net income$ 3,879,492​$ 3,246,814​$ 570,828Other comprehensive income (loss) - net unrealized gain (loss) on cash flow​​​​​​​​ hedging derivatives, net of income tax expense of $937, income tax benefit of​​​​​​​​ $1,247, and income tax expense of $594 for 2022, 2021 and 2020, respectively​ 2,980​​ (3,993)​​ 1,909Comprehensive income​ 3,882,472​​ 3,242,821​​ 572,737​​​​​​​​​Comprehensive income attributable to noncontrolling interests​ (16,818)​​ (32,748)​​ (20,006) Comprehensive income attributable to Steel Dynamics, Inc.$ 3,865,654​$ 3,210,073​$ 552,731​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​See notes to consolidated financial statements.​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Balances at December 31, 2023",
      "prior_title": "Balances at December 31, 2022",
      "similarity_score": 0.743,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ 160,018 ​ ​ 108,095 ​ $ 651 ​ $ (5,897,606) ​ $ 1,217,610 ​ $ 13,545,590 ​ $ 421 ​ $ (198,351) ​ $ 8,668,315 ​ $ 171,212 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ See notes to consolidated financial statements.\""
      ],
      "current_body": "​ 160,018 ​ ​ 108,095 ​ $ 651 ​ $ (5,897,606) ​ $ 1,217,610 ​ $ 13,545,590 ​ $ 421 ​ $ (198,351) ​ $ 8,668,315 ​ $ 171,212 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ See notes to consolidated financial statements. ​ ​ 61 61 Table of ContentsSTEEL DYNAMICS, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands)​ ​​​​​​​​​​Years Ended December 31,​2023​2022​2021​​​​​​​​​Operating activities:​​​​​​​​ Net income$ 2,467,332​$ 3,879,492​$ 3,246,814​​​​​​​​​ Adjustments to reconcile net income to net cash provided by​​​​​​​​ operating activities:​​​​​​​​ Depreciation and amortization​ 437,804​​ 384,202​​ 347,653 Equity-based compensation​ 61,744​​ 59,240​​ 57,715 Deferred income taxes ​ 55,665​​ 37,186​​ 322,007 Other adjustments​ (19,716)​​ (1,795)​​ (3,240) Changes in certain assets and liabilities:​​​​​​​​ Accounts receivable ​ 446,765​​ (110,560)​​ (944,516) Inventories ​ 232,282​​ 413,262​​ (1,685,834) Other assets​ (23,777)​​ (6,884)​​ (2,491) Accounts payable ​ (30,148)​​ (289,042)​​ 557,735 Income taxes receivable/payable​ 56,756​​ 31,623​​ (105,921) Accrued expenses​ (164,779)​​ 63,679​​ 414,214 Net cash provided by operating activities ​ 3,519,928​​ 4,460,403​​ 2,204,136​​​​​​​​​Investing activities:​​​​​​​​ Purchases of property, plant and equipment ​ (1,657,905)​​ (908,902)​​ (1,006,239) Purchases of short-term investments​ (1,145,493)​​ (927,584)​​ - Proceeds from maturities of short-term investments​ 1,054,742​​ 297,950​​ - Business combinations, net of cash acquired​ -​​ (134,090)​​ - Investments in unconsolidated affiliates​ -​​ (222,480)​​ - Other investing activities​ (221,593)​​ 15,837​​ 6,819 Net cash used in investing activities​ (1,970,249)​​ (1,879,269)​​ (999,420)​​​​​​​​​Financing activities:​​​​​​​​ Issuance of current and long-term debt ​ 1,365,664​​ 1,465,257​​ 1,516,556 Repayment of current and long-term debt ​ (1,367,553)​​ (1,507,475)​​ (1,522,002) Dividends paid ​ (271,317)​​ (237,163)​​ (212,968) Purchases of treasury stock​ (1,452,203)​​ (1,800,905)​​ (1,060,632) Other financing activities​ (51,725)​​ (116,298)​​ (50,423) Net cash used in financing activities ​ (1,777,134)​​ (2,196,584)​​ (1,329,469)​​​​​​​​​Increase (decrease) in cash and equivalents, and restricted cash​ (227,455)​​ 384,550​​ (124,753)Cash and equivalents, and restricted cash at beginning of period ​ 1,633,919​​ 1,249,369​​ 1,374,122​​​​​​​​​Cash and equivalents, and restricted cash at end of period $ 1,406,464​$ 1,633,919​$ 1,249,369​​​​​​​​​Supplemental disclosure information:​​​​​​​​ Cash paid for interest$ 103,165​$ 100,994​$ 103,374 Cash paid for income taxes, net$ 642,667​$ 1,063,844​$ 737,157​See notes to consolidated financial statements.​62 Table of Contents Table of Contents Table of Contents STEEL DYNAMICS, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands)​ ​​​​​​​​​​Years Ended December 31,​2023​2022​2021​​​​​​​​​Operating activities:​​​​​​​​ Net income$ 2,467,332​$ 3,879,492​$ 3,246,814​​​​​​​​​ Adjustments to reconcile net income to net cash provided by​​​​​​​​ operating activities:​​​​​​​​ Depreciation and amortization​ 437,804​​ 384,202​​ 347,653 Equity-based compensation​ 61,744​​ 59,240​​ 57,715 Deferred income taxes ​ 55,665​​ 37,186​​ 322,007 Other adjustments​ (19,716)​​ (1,795)​​ (3,240) Changes in certain assets and liabilities:​​​​​​​​ Accounts receivable ​ 446,765​​ (110,560)​​ (944,516) Inventories ​ 232,282​​ 413,262​​ (1,685,834) Other assets​ (23,777)​​ (6,884)​​ (2,491) Accounts payable ​ (30,148)​​ (289,042)​​ 557,735 Income taxes receivable/payable​ 56,756​​ 31,623​​ (105,921) Accrued expenses​ (164,779)​​ 63,679​​ 414,214 Net cash provided by operating activities ​ 3,519,928​​ 4,460,403​​ 2,204,136​​​​​​​​​Investing activities:​​​​​​​​ Purchases of property, plant and equipment ​ (1,657,905)​​ (908,902)​​ (1,006,239) Purchases of short-term investments​ (1,145,493)​​ (927,584)​​ - Proceeds from maturities of short-term investments​ 1,054,742​​ 297,950​​ - Business combinations, net of cash acquired​ -​​ (134,090)​​ - Investments in unconsolidated affiliates​ -​​ (222,480)​​ - Other investing activities​ (221,593)​​ 15,837​​ 6,819 Net cash used in investing activities​ (1,970,249)​​ (1,879,269)​​ (999,420)​​​​​​​​​Financing activities:​​​​​​​​ Issuance of current and long-term debt ​ 1,365,664​​ 1,465,257​​ 1,516,556 Repayment of current and long-term debt ​ (1,367,553)​​ (1,507,475)​​ (1,522,002) Dividends paid ​ (271,317)​​ (237,163)​​ (212,968) Purchases of treasury stock​ (1,452,203)​​ (1,800,905)​​ (1,060,632) Other financing activities​ (51,725)​​ (116,298)​​ (50,423) Net cash used in financing activities ​ (1,777,134)​​ (2,196,584)​​ (1,329,469)​​​​​​​​​Increase (decrease) in cash and equivalents, and restricted cash​ (227,455)​​ 384,550​​ (124,753)Cash and equivalents, and restricted cash at beginning of period ​ 1,633,919​​ 1,249,369​​ 1,374,122​​​​​​​​​Cash and equivalents, and restricted cash at end of period $ 1,406,464​$ 1,633,919​$ 1,249,369​​​​​​​​​Supplemental disclosure information:​​​​​​​​ Cash paid for interest$ 103,165​$ 100,994​$ 103,374 Cash paid for income taxes, net$ 642,667​$ 1,063,844​$ 737,157​See notes to consolidated financial statements.​",
      "prior_body": "​ 172,936 ​ ​ 94,826 ​ $ 650 ​ $ (4,459,513) ​ $ 1,212,566 ​ $ 11,375,765 ​ $ 889 ​ $ (216,055) ​ $ 7,914,302 ​ $ 181,503 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ See notes to consolidated financial statements. ​ ​ 60 60 Table of ContentsSTEEL DYNAMICS, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands)​​​​​​​​​​​Years Ended December 31,​2022​2021​2020​​​​​​​​​Operating activities:​​​​​​​​ Net income$ 3,879,492​$ 3,246,814​$ 570,828​​​​​​​​​ Adjustments to reconcile net income to net cash provided by​​​​​​​​ operating activities:​​​​​​​​ Depreciation and amortization​ 384,202​​ 347,653​​ 325,789 Asset impairment charges​ -​​ -​​ 19,409 Equity-based compensation​ 59,240​​ 57,715​​ 55,598 Deferred income taxes ​ 37,186​​ 322,007​​ 47,808 Other adjustments​ (1,795)​​ (3,240)​​ 30,974 Changes in certain assets and liabilities:​​​​​​​​ Accounts receivable ​ (110,560)​​ (944,516)​​ (111,920) Inventories ​ 413,262​​ (1,685,834)​​ (150,596) Other assets​ (6,884)​​ (2,491)​​ (1,547) Accounts payable ​ (289,042)​​ 557,735​​ 182,509 Income taxes receivable/payable​ 31,623​​ (105,921)​​ 32,551 Accrued expenses​ 63,679​​ 414,214​​ (14,371) Net cash provided by operating activities ​ 4,460,403​​ 2,204,136​​ 987,032​​​​​​​​​Investing activities:​​​​​​​​ Purchases of property, plant and equipment ​ (908,902)​​ (1,006,239)​​ (1,198,055) Purchases of short-term investments​ (927,584)​​ -​​ (149,359) Proceeds from maturities of short-term investments​ 297,950​​ -​​ 411,533 Business combinations, net of cash acquired​ (134,090)​​ -​​ (60,012) Investments in unconsolidated affiliates​ (222,480)​​ -​​ - Other investing activities​ 15,837​​ 6,819​​ 2,634 Net cash used in investing activities​ (1,879,269)​​ (999,420)​​ (993,259)​​​​​​​​​Financing activities:​​​​​​​​ Issuance of current and long-term debt ​ 1,465,257​​ 1,516,556​​ 2,523,356 Repayment of current and long-term debt ​ (1,507,475)​​ (1,522,002)​​ (2,177,527) Dividends paid ​ (237,163)​​ (212,968)​​ (209,248) Purchases of treasury stock​ (1,800,905)​​ (1,060,632)​​ (106,529) Other financing activities​ (116,298)​​ (50,423)​​ (37,100) Net cash used in financing activities ​ (2,196,584)​​ (1,329,469)​​ (7,048)​​​​​​​​​Increase (decrease) in cash and equivalents, and restricted cash​ 384,550​​ (124,753)​​ (13,275)Cash and equivalents, and restricted cash at beginning of period ​ 1,249,369​​ 1,374,122​​ 1,387,397​​​​​​​​​Cash and equivalents, and restricted cash at end of period $ 1,633,919​$ 1,249,369​$ 1,374,122​​​​​​​​​Supplemental disclosure information:​​​​​​​​ Cash paid for interest$ 100,994​$ 103,374​$ 111,591 Cash paid for income taxes, net$ 1,063,844​$ 737,157​$ 50,417​See notes to consolidated financial statements.61 Table of Contents Table of Contents Table of Contents STEEL DYNAMICS, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands)​​​​​​​​​​​Years Ended December 31,​2022​2021​2020​​​​​​​​​Operating activities:​​​​​​​​ Net income$ 3,879,492​$ 3,246,814​$ 570,828​​​​​​​​​ Adjustments to reconcile net income to net cash provided by​​​​​​​​ operating activities:​​​​​​​​ Depreciation and amortization​ 384,202​​ 347,653​​ 325,789 Asset impairment charges​ -​​ -​​ 19,409 Equity-based compensation​ 59,240​​ 57,715​​ 55,598 Deferred income taxes ​ 37,186​​ 322,007​​ 47,808 Other adjustments​ (1,795)​​ (3,240)​​ 30,974 Changes in certain assets and liabilities:​​​​​​​​ Accounts receivable ​ (110,560)​​ (944,516)​​ (111,920) Inventories ​ 413,262​​ (1,685,834)​​ (150,596) Other assets​ (6,884)​​ (2,491)​​ (1,547) Accounts payable ​ (289,042)​​ 557,735​​ 182,509 Income taxes receivable/payable​ 31,623​​ (105,921)​​ 32,551 Accrued expenses​ 63,679​​ 414,214​​ (14,371) Net cash provided by operating activities ​ 4,460,403​​ 2,204,136​​ 987,032​​​​​​​​​Investing activities:​​​​​​​​ Purchases of property, plant and equipment ​ (908,902)​​ (1,006,239)​​ (1,198,055) Purchases of short-term investments​ (927,584)​​ -​​ (149,359) Proceeds from maturities of short-term investments​ 297,950​​ -​​ 411,533 Business combinations, net of cash acquired​ (134,090)​​ -​​ (60,012) Investments in unconsolidated affiliates​ (222,480)​​ -​​ - Other investing activities​ 15,837​​ 6,819​​ 2,634 Net cash used in investing activities​ (1,879,269)​​ (999,420)​​ (993,259)​​​​​​​​​Financing activities:​​​​​​​​ Issuance of current and long-term debt ​ 1,465,257​​ 1,516,556​​ 2,523,356 Repayment of current and long-term debt ​ (1,507,475)​​ (1,522,002)​​ (2,177,527) Dividends paid ​ (237,163)​​ (212,968)​​ (209,248) Purchases of treasury stock​ (1,800,905)​​ (1,060,632)​​ (106,529) Other financing activities​ (116,298)​​ (50,423)​​ (37,100) Net cash used in financing activities ​ (2,196,584)​​ (1,329,469)​​ (7,048)​​​​​​​​​Increase (decrease) in cash and equivalents, and restricted cash​ 384,550​​ (124,753)​​ (13,275)Cash and equivalents, and restricted cash at beginning of period ​ 1,249,369​​ 1,374,122​​ 1,387,397​​​​​​​​​Cash and equivalents, and restricted cash at end of period $ 1,633,919​$ 1,249,369​$ 1,374,122​​​​​​​​​Supplemental disclosure information:​​​​​​​​ Cash paid for interest$ 100,994​$ 103,374​$ 111,591 Cash paid for income taxes, net$ 1,063,844​$ 737,157​$ 50,417​See notes to consolidated financial statements."
    },
    {
      "status": "MODIFIED",
      "current_title": "Revenue from Contracts with Customers",
      "prior_title": "Credit Losses",
      "similarity_score": 0.742,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"In the steel and metals recycling operations segments, revenue is recognized at the point in time the performance obligation is satisfied, and control of the product is transferred to the customer upon shipment or delivery, at the amount of consideration the company expects to receive, including any variable consideration.\"",
        "Reworded sentence: \"At December 31, 2023 and 2022, the company reported $1,608.3 million and $2,056.1 million, respectively, of accounts receivable, net of allowances for credit losses of $8.5 million and $5.7 million respectively.\"",
        "Reworded sentence: \"The balance of cash, cash equivalents and restricted cash in the consolidated statements of cash flows includes restricted cash of $5.6 million at December 31, 2023 and $5.5 million at December 31, 2022, 2021, and 2020, which are recorded in Other Assets (noncurrent) in the company’s consolidated balance sheets.Short-Term InvestmentsShort-term investments include investments with maturity dates of longer than three months but less than one year when purchased.\"",
        "Reworded sentence: \"Inventory consisted of the following at December 31 (in thousands):​​​​​​​​​​​ 2023​ 2022​​Raw materials$1,226,272​$1,608,344​​Supplies​711,653​​629,074​​Work in progress​296,932​​256,071​​Finished goods​659,775​​636,475​​Total inventories$2,894,632​$3,129,964​​Property, Plant and EquipmentProperty, plant and equipment are stated at cost, except for assets acquired in acquisitions which are valued at fair value, which includes capitalized interest on construction in progress amounts, and is reduced by proceeds received from certain state and local government grants and other capital cost reimbursements.\"",
        "Reworded sentence: \"The balance of cash, cash equivalents and restricted cash in the consolidated statements of cash flows includes restricted cash of $5.6 million at December 31, 2023 and $5.5 million at December 31, 2022, 2021, and 2020, which are recorded in Other Assets (noncurrent) in the company’s consolidated balance sheets.Short-Term InvestmentsShort-term investments include investments with maturity dates of longer than three months but less than one year when purchased.\""
      ],
      "current_body": "In the steel and metals recycling operations segments, revenue is recognized at the point in time the performance obligation is satisfied, and control of the product is transferred to the customer upon shipment or delivery, at the amount of consideration the company expects to receive, including any variable consideration. The variable consideration included in the company’s steel operations segment contracts, which is not constrained, include estimated product returns and customer claims based on historical experience, and may include volume rebates which are recorded on an expected value basis. Revenue recognized is limited to the amount the company expects to receive. The company does not exercise significant judgments in determining the timing of satisfaction of performance obligations or the transaction price. Shipment of products to customers is considered a fulfillment activity with amounts billed to customers included in sales and costs associated with such activities included in cost of goods sold. The company’s steel fabrication operations segment recognizes revenue over time at the amount of consideration the company expects to receive. Revenue is measured on an output method representing completed fabricated tons to date as a percentage of total tons required for each contract. Revenue from fabrication of tons remaining on partially fabricated customer contracts as of a reporting date, and future revenue from yet to be fabricated customer contracts, has not been disclosed under the practical expedient in Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers (ASC 606), paragraph ASC 606-10-50-14 related to customer contracts with expected duration of one year or less. The company does not exercise significant judgments in determining the timing of satisfaction of performance obligations or the transaction price. Shipment of products to customers, which occurs after control over the product has transferred to the customer and revenue is recognized, is considered a fulfillment activity with amounts billed to customers included in sales and costs associated with such activities included in cost of goods sold. Payments from customers are generally due within 30 days of invoicing, which generally occurs upon shipment of the products. Shipment for the steel fabrication operations segment generally occurs within 30 days of satisfaction of the performance obligation and revenue recognition. The company does not have financing components. Payments from customers have historically been within these terms, however, payments for non-U.S. sales may extend longer. Refer to Note 13. Segment Information for disaggregated revenue by segment to external, external non-United States, and other segment customers. 64 64 Table of ContentsNote 1. Description of the Business and Summary of Significant Accounting Policies (Continued)Credit LossesThe company is exposed to credit risk in the event of nonpayment of accounts receivable by customers. The company mitigates its exposure to credit risk, which it generally extends on an unsecured basis, by performing ongoing credit evaluations and taking further action if necessary, such as requiring letters of credit or other security interests to support the customer receivable. The allowance for credit losses for accounts receivable is based on the company’s reasonable estimate of known credit risks and historical experience, adjusted for current and anticipated economic and other pertinent factors affecting the company’s customers, that may differ from historical experience. Customer accounts receivable are written off when all collection efforts have been exhausted and the amounts are deemed uncollectible. At December 31, 2023 and 2022, the company reported $1,608.3 million and $2,056.1 million, respectively, of accounts receivable, net of allowances for credit losses of $8.5 million and $5.7 million respectively. Changes in the allowance were not material for the years ended December 31, 2023, 2022, or 2021.Cash and Equivalents, and Restricted CashCash and equivalents include all highly liquid investments with a maturity of three months or less at the date of acquisition. Restricted cash is primarily funds held in escrow as required by various insurance and government organizations. The balance of cash, cash equivalents and restricted cash in the consolidated statements of cash flows includes restricted cash of $5.6 million at December 31, 2023 and $5.5 million at December 31, 2022, 2021, and 2020, which are recorded in Other Assets (noncurrent) in the company’s consolidated balance sheets.Short-Term InvestmentsShort-term investments include investments with maturity dates of longer than three months but less than one year when purchased. The company’s short-term investments are classified as trading securities. Interest income from invested cash and short-term investments was $111.9 million and $29.3 million as of December 31, 2023 and 2022, respectively, and is recorded in other (income) expense, net as earned. The company’s short-term investments were $721.2 million and $628.2 million as of December 31, 2023 and 2022, respectively. The short-term investments held as of December 31, 2023 consisted of commercial paper ($146.2 million), US Treasuries ($564.9 million), and certificates on deposit ($10.1 million). Short-term investments held as of December 31, 2022, consisted of commercial paper ($145.7 million) and US Treasuries ($482.5 million).InventoriesInventories are stated at lower of cost or net realizable value. Cost is determined using a weighted average cost method for raw materials (including scrap and purchased steel substrate) and supplies, and on a first-in, first-out basis for other inventory. Inventory consisted of the following at December 31 (in thousands):​​​​​​​​​​​ 2023​ 2022​​Raw materials$1,226,272​$1,608,344​​Supplies​711,653​​629,074​​Work in progress​296,932​​256,071​​Finished goods​659,775​​636,475​​Total inventories$2,894,632​$3,129,964​​Property, Plant and EquipmentProperty, plant and equipment are stated at cost, except for assets acquired in acquisitions which are valued at fair value, which includes capitalized interest on construction in progress amounts, and is reduced by proceeds received from certain state and local government grants and other capital cost reimbursements. The company assigns each fixed asset a 65 Table of Contents Table of Contents Table of Contents Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued)Credit LossesThe company is exposed to credit risk in the event of nonpayment of accounts receivable by customers. The company mitigates its exposure to credit risk, which it generally extends on an unsecured basis, by performing ongoing credit evaluations and taking further action if necessary, such as requiring letters of credit or other security interests to support the customer receivable. The allowance for credit losses for accounts receivable is based on the company’s reasonable estimate of known credit risks and historical experience, adjusted for current and anticipated economic and other pertinent factors affecting the company’s customers, that may differ from historical experience. Customer accounts receivable are written off when all collection efforts have been exhausted and the amounts are deemed uncollectible. At December 31, 2023 and 2022, the company reported $1,608.3 million and $2,056.1 million, respectively, of accounts receivable, net of allowances for credit losses of $8.5 million and $5.7 million respectively. Changes in the allowance were not material for the years ended December 31, 2023, 2022, or 2021.Cash and Equivalents, and Restricted CashCash and equivalents include all highly liquid investments with a maturity of three months or less at the date of acquisition. Restricted cash is primarily funds held in escrow as required by various insurance and government organizations. The balance of cash, cash equivalents and restricted cash in the consolidated statements of cash flows includes restricted cash of $5.6 million at December 31, 2023 and $5.5 million at December 31, 2022, 2021, and 2020, which are recorded in Other Assets (noncurrent) in the company’s consolidated balance sheets.Short-Term InvestmentsShort-term investments include investments with maturity dates of longer than three months but less than one year when purchased. The company’s short-term investments are classified as trading securities. Interest income from invested cash and short-term investments was $111.9 million and $29.3 million as of December 31, 2023 and 2022, respectively, and is recorded in other (income) expense, net as earned. The company’s short-term investments were $721.2 million and $628.2 million as of December 31, 2023 and 2022, respectively. The short-term investments held as of December 31, 2023 consisted of commercial paper ($146.2 million), US Treasuries ($564.9 million), and certificates on deposit ($10.1 million). Short-term investments held as of December 31, 2022, consisted of commercial paper ($145.7 million) and US Treasuries ($482.5 million).InventoriesInventories are stated at lower of cost or net realizable value. Cost is determined using a weighted average cost method for raw materials (including scrap and purchased steel substrate) and supplies, and on a first-in, first-out basis for other inventory. Inventory consisted of the following at December 31 (in thousands):​​​​​​​​​​​ 2023​ 2022​​Raw materials$1,226,272​$1,608,344​​Supplies​711,653​​629,074​​Work in progress​296,932​​256,071​​Finished goods​659,775​​636,475​​Total inventories$2,894,632​$3,129,964​​Property, Plant and EquipmentProperty, plant and equipment are stated at cost, except for assets acquired in acquisitions which are valued at fair value, which includes capitalized interest on construction in progress amounts, and is reduced by proceeds received from certain state and local government grants and other capital cost reimbursements. The company assigns each fixed asset a",
      "prior_body": "The company is exposed to credit risk in the event of nonpayment of accounts receivable by customers. The company mitigates its exposure to credit risk, which it generally extends on an unsecured basis, by performing ongoing credit evaluations and taking further action if necessary, such as requiring letters of credit or other security interests to support the customer receivable. The allowance for credit losses for accounts receivable is based on the company’s reasonable estimate of known credit risks and historical experience, adjusted for current and anticipated economic and other pertinent factors affecting the company’s customers, that may differ from historical experience. Customer accounts receivable are written off when all collection efforts have been exhausted and the amounts are deemed uncollectible. 63 63 Table of Contents​ Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued)At December 31, 2022 and 2021, the company reported $2,056.1 million and $1,916.4 million, respectively, of accounts receivable, net of allowances for credit losses of $5.7 million and $6.2 million respectively. Changes in the allowance were not material for the years ended December 31, 2022, 2021, or 2020.​Cash and Equivalents, and Restricted CashCash and equivalents include all highly liquid investments with a maturity of three months or less at the date of acquisition. Restricted cash is primarily funds held in escrow as required by various insurance and government organizations. The balance of cash, cash equivalents and restricted cash in the consolidated statements of cash flows includes restricted cash of $5.5 million at December 31, 2022, 2021, and 2020 and $5.9 million at December 31, 2019, which are recorded in Other Assets (noncurrent) in the company’s consolidated balance sheets.Short-Term InvestmentsShort-term investments are classified as trading securities, and interest income is recorded as earned. The company’s short-term investments were $628.2 million as of December 31, 2022. The short-term investments held as of December 31, 2022, consisted of commercial paper ($145.7 million) and US Treasuries ($482.5 million), with contractual maturities of less than one year, when purchased. InventoriesInventories are stated at lower of cost or net realizable value. Cost is determined using a weighted average cost method for raw materials (including scrap and purchased steel substrate) and supplies, and on a first-in, first-out basis for other inventory. Inventory consisted of the following at December 31 (in thousands):​​​​​​​​​​​ 2022​ 2021​​Raw materials$1,608,344​$1,870,300​​Supplies​629,074​​552,616​​Work in progress​256,071​​402,207​​Finished goods​636,475​​706,007​​Total inventories$3,129,964​$3,531,130​​Property, Plant and EquipmentProperty, plant and equipment are stated at cost, except for assets acquired in acquisitions which are valued at fair value, which includes capitalized interest on construction in progress amounts, and is reduced by proceeds received from certain state and local government grants and other capital cost reimbursements. The company assigns each fixed asset a useful life ranging from 3 to 20 years for plant, machinery and equipment, and 10 to 40 years for buildings and improvements. Repairs and maintenance are expensed as incurred. Depreciation is provided utilizing the straight-line depreciation methodology, or the units-of-production depreciation methodology for certain production-related steel operations segment assets, based on units produced, subject to minimum and maximum levels. Depreciation expense was $349.4 million, $311.4 million, and $290.5 million for the years ended December 31, 2022, 2021, and 2020, respectively. ​64 Table of Contents Table of Contents Table of Contents ​ Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued)At December 31, 2022 and 2021, the company reported $2,056.1 million and $1,916.4 million, respectively, of accounts receivable, net of allowances for credit losses of $5.7 million and $6.2 million respectively. Changes in the allowance were not material for the years ended December 31, 2022, 2021, or 2020.​Cash and Equivalents, and Restricted CashCash and equivalents include all highly liquid investments with a maturity of three months or less at the date of acquisition. Restricted cash is primarily funds held in escrow as required by various insurance and government organizations. The balance of cash, cash equivalents and restricted cash in the consolidated statements of cash flows includes restricted cash of $5.5 million at December 31, 2022, 2021, and 2020 and $5.9 million at December 31, 2019, which are recorded in Other Assets (noncurrent) in the company’s consolidated balance sheets.Short-Term InvestmentsShort-term investments are classified as trading securities, and interest income is recorded as earned. The company’s short-term investments were $628.2 million as of December 31, 2022. The short-term investments held as of December 31, 2022, consisted of commercial paper ($145.7 million) and US Treasuries ($482.5 million), with contractual maturities of less than one year, when purchased. InventoriesInventories are stated at lower of cost or net realizable value. Cost is determined using a weighted average cost method for raw materials (including scrap and purchased steel substrate) and supplies, and on a first-in, first-out basis for other inventory. Inventory consisted of the following at December 31 (in thousands):​​​​​​​​​​​ 2022​ 2021​​Raw materials$1,608,344​$1,870,300​​Supplies​629,074​​552,616​​Work in progress​256,071​​402,207​​Finished goods​636,475​​706,007​​Total inventories$3,129,964​$3,531,130​​Property, Plant and EquipmentProperty, plant and equipment are stated at cost, except for assets acquired in acquisitions which are valued at fair value, which includes capitalized interest on construction in progress amounts, and is reduced by proceeds received from certain state and local government grants and other capital cost reimbursements. The company assigns each fixed asset a useful life ranging from 3 to 20 years for plant, machinery and equipment, and 10 to 40 years for buildings and improvements. Repairs and maintenance are expensed as incurred. Depreciation is provided utilizing the straight-line depreciation methodology, or the units-of-production depreciation methodology for certain production-related steel operations segment assets, based on units produced, subject to minimum and maximum levels. Depreciation expense was $349.4 million, $311.4 million, and $290.5 million for the years ended December 31, 2022, 2021, and 2020, respectively. ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "(Denominator)",
      "prior_title": "(Denominator)",
      "similarity_score": 0.737,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ Amount ​ Basic earnings per share $ 3,214,066 ​ ​ 205,115 ​ $ 15.67 ​ Dilutive common share equivalents ​ - ​ ​ 1,500 ​ ​ ​ ​ Diluted earnings per share $ 3,214,066 ​ ​ 206,615 ​ $ 15.56 ​ ​\""
      ],
      "current_body": "​ Amount Basic earnings per share ​ $ 2,450,882 ​ ​ 166,552 ​ $ 14.72 ​ ​ $ 3,862,674 ​ ​ 183,393 ​ $ 21.06 Dilutive common share equivalents ​ ​ - ​ ​ 879 ​ ​ ​ ​ ​ ​ - ​ ​ 1,229 ​ ​ ​ Diluted earnings per share ​ $ 2,450,882 ​ ​ 167,431 ​ $ 14.64 ​ ​ $ 3,862,674 ​ ​ 184,622 ​ $ 20.92 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ Net Income ​ Shares ​ Per Share ​ ​",
      "prior_body": "​ Amount Basic earnings per share ​ $ 3,862,674 ​ ​ 183,393 ​ $ 21.06 ​ ​ $ 3,214,066 ​ ​ 205,115 ​ $ 15.67 Dilutive common share equivalents ​ ​ - ​ ​ 1,229 ​ ​ ​ ​ ​ ​ - ​ ​ 1,500 ​ ​ ​ Diluted earnings per share ​ $ 3,862,674 ​ ​ 184,622 ​ $ 20.92 ​ ​ $ 3,214,066 ​ ​ 206,615 ​ $ 15.56 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ ​ Net Income ​ Shares ​ Per Share ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Description of the Business",
      "prior_title": "Description of the Business",
      "similarity_score": 0.733,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"Effective the fourth quarter 2023, the company changed its reportable segments, consistent with how it currently manages the business, representing four reporting segments: steel operations, metals recycling operations, steel fabrication operations, and aluminum operations.\""
      ],
      "current_body": "Steel Dynamics, Inc. (SDI), together with its subsidiaries (the company), is one of the largest and most diversified domestic steel producers and metals recycler, combined with a meaningful steel fabrication manufacturing platform. Effective the fourth quarter 2023, the company changed its reportable segments, consistent with how it currently manages the business, representing four reporting segments: steel operations, metals recycling operations, steel fabrication operations, and aluminum operations. Segment information provided within this Form 10-K, including that within Note 13. Segment Information, has been recast for all prior periods consistent with the current reportable segment presentation. Approximately 6% of the company’s workforce in five locations is represented by collective bargaining agreements, none of which are expiring in 2023.",
      "prior_body": "Steel Dynamics, Inc. (SDI), together with its subsidiaries (the company), is one of the largest and most diversified domestic steel producers and metals recycler, combined with a meaningful steel fabrication manufacturing platform. The company has three reporting segments: steel operations, metals recycling operations, and steel fabrication operations. Approximately 5% of the company’s workforce in six locations is represented by collective bargaining agreements, none of which are expiring in 2023."
    },
    {
      "status": "MODIFIED",
      "current_title": "Metals Recycling Operations Segment",
      "prior_title": "Metals Recycling Operations Segment",
      "similarity_score": 0.727,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"Our steel mills utilize a large portion of the ferrous scrap sold by our metals recycling operations as raw material in our steelmaking operations, and the remainder is sold to other consumers, such as other steel manufacturers and foundries.\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ OmniSource: ​ ​ ​ ​ ​ ​ ​ ​ Alabama ​ Birmingham, AL ​ Ferrous Scrap Processing ​ 59 ​ — Indiana ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 456 ​ 26 Michigan ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 186 ​ — Mississippi ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 43 ​ 13 North Carolina ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 302 ​ — Ohio ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 212 ​ 21 Oklahoma ​ Sand Springs, OK ​ Ferrous Scrap Processing ​ — ​ 10 Tennessee ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 65 ​ — Texas ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 75 ​ — Virginia ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 121 ​ — Mexico ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 17 ​ 61 ​ ​ ​ ​ ​ ​ ​ ​ ​",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ OmniSource: ​ ​ ​ ​ ​ ​ ​ ​ Alabama ​ Birmingham, AL ​ Ferrous Scrap Processing ​ 59 ​ — Indiana ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 456 ​ 26 Michigan ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 186 ​ — Mississippi ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 54 ​ 13 North Carolina ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 346 ​ — Ohio ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 212 ​ 21 Oklahoma ​ Sand Springs, OK ​ Ferrous Scrap Processing ​ — ​ 10 Tennessee ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 65 ​ — Texas ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 75 ​ — Virginia ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 121 ​ — Mexico ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ — ​ 70 ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Intangible assets, net",
      "prior_title": "Intangible assets, net",
      "similarity_score": 0.724,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ 257,759 ​ ​ ​ 267,507 Goodwill ​ 477,471 ​ ​ ​ 502,067\""
      ],
      "current_body": "​ 257,759 ​ ​ ​ 267,507 Goodwill ​ 477,471 ​ ​ ​ 502,067",
      "prior_body": "​ 267,507 ​ ​ ​ 295,345 Goodwill ​ 502,067 ​ ​ ​ 453,835"
    },
    {
      "status": "MODIFIED",
      "current_title": "Basis for Opinion",
      "prior_title": "Basis for Opinion",
      "similarity_score": 0.721,
      "confidence": "medium",
      "key_changes": [
        "Removed sentence: \"53 53 Table of ContentsDefinition and Limitations of Internal Control Over Financial ReportingA company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.\"",
        "Removed sentence: \"A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.\"",
        "Removed sentence: \"Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate./s/ Ernst & Young LLP​Indianapolis, IndianaFebruary 28, 2023​​54 Table of Contents Table of Contents Table of Contents Definition and Limitations of Internal Control Over Financial ReportingA company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.\"",
        "Removed sentence: \"A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.\"",
        "Removed sentence: \"Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate./s/ Ernst & Young LLP​Indianapolis, IndianaFebruary 28, 2023​​\""
      ],
      "current_body": "The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.",
      "prior_body": "The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. 53 53 Table of ContentsDefinition and Limitations of Internal Control Over Financial ReportingA company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate./s/ Ernst & Young LLP​Indianapolis, IndianaFebruary 28, 2023​​54 Table of Contents Table of Contents Table of Contents Definition and Limitations of Internal Control Over Financial ReportingA company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate./s/ Ernst & Young LLP​Indianapolis, IndianaFebruary 28, 2023​​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Years Ended December 31,",
      "prior_title": "Years Ended December 31,",
      "similarity_score": 0.719,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ 2023 ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ ​ ​ ​ ​ ​ ​ ​ Unrelated parties $ 18,115,312 ​ $ 21,469,251 ​ $ 18,376,743 Related parties ​ 680,004 ​ ​ 791,523 ​ ​ 32,107\""
      ],
      "current_body": "​ ​ ​ 2023 ​ % Change ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 13,067,622 ​ (13)% ​ $ 15,100,996 ​ ​ Metals Recycling Operations ​ 4,360,127 ​ (1)% ​ ​ 4,395,668 ​ ​ Steel Fabrication Operations ​ 2,806,777 ​ (34)% ​ ​ 4,257,207 ​ ​ Aluminum Operations ​ - ​ - ​ ​ - ​ ​ Other ​ 1,171,901 ​ (9)% ​ ​ 1,287,980 ​ ​ ​ ​ 21,406,427 ​ ​ ​ ​ 25,041,851 ​ ​ Intra-company ​ (2,611,111) ​ ​ ​ ​ (2,781,077) ​ ​ ​ $ 18,795,316 ​ (16)% ​ $ 22,260,774 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 1,881,600 ​ (39)% ​ $ 3,092,689 ​ ​ Metals Recycling Operations ​ 88,654 ​ (24)% ​ ​ 116,497 ​ ​ Steel Fabrication Operations ​ 1,593,261 ​ (34)% ​ ​ 2,424,655 ​ ​ Aluminum Operations ​ (23,773) ​ (909)% ​ ​ (2,355) ​ ​ Other ​ (394,577) ​ 34% ​ ​ (594,045) ​ ​ ​ ​ 3,145,165 ​ ​ ​ ​ 5,037,441 ​ ​ Intra-company ​ 6,016 ​ ​ ​ ​ 54,381 ​ ​ ​ $ 3,151,181 ​ (38)% ​ $ 5,091,822 ​ ​ ​ 41 41 Table of Contents​Steel Operations Segment​Steel operations consist of our electric arc furnace (EAF) steel mills, producing steel from ferrous scrap and scrap substitutes, utilizing continuous casting, automated rolling mills and numerous steel coating, processing lines and warehouse operations. Our steel operations sell directly to end-users, steel fabricators, and service centers. These products are used in numerous industry sectors, including the construction, automotive, manufacturing, transportation, heavy and agriculture equipment, energy and pipe and tube (including OCTG) markets. Steel operations accounted for 67% and 65% of our consolidated net sales during 2023 and 2022, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2023​% Change​2022​​Total shipments 12,821,753​5% ​ 12,159,189​​Intra-segment shipments (1,449,832)​​​ (1,354,940)​​Steel Operations Segment shipments 11,371,921​5% ​ 10,804,249​​​​​​​​​​External shipments 10,976,707​5% ​ 10,411,490​​​42 Table of Contents Table of Contents Table of Contents ​Steel Operations Segment​Steel operations consist of our electric arc furnace (EAF) steel mills, producing steel from ferrous scrap and scrap substitutes, utilizing continuous casting, automated rolling mills and numerous steel coating, processing lines and warehouse operations. Our steel operations sell directly to end-users, steel fabricators, and service centers. These products are used in numerous industry sectors, including the construction, automotive, manufacturing, transportation, heavy and agriculture equipment, energy and pipe and tube (including OCTG) markets. Steel operations accounted for 67% and 65% of our consolidated net sales during 2023 and 2022, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2023​% Change​2022​​Total shipments 12,821,753​5% ​ 12,159,189​​Intra-segment shipments (1,449,832)​​​ (1,354,940)​​Steel Operations Segment shipments 11,371,921​5% ​ 10,804,249​​​​​​​​​​External shipments 10,976,707​5% ​ 10,411,490​​​ ​",
      "prior_body": "​ ​ ​ 2022 ​ % Change ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 15,100,917 ​ 8% ​ $ 14,023,133 ​ ​ Metals Recycling Operations ​ 4,395,636 ​ (4)% ​ ​ 4,590,121 ​ ​ Steel Fabrication Operations ​ 4,257,207 ​ 141% ​ ​ 1,764,710 ​ ​ Other ​ 1,288,984 ​ 2% ​ ​ 1,266,971 ​ ​ ​ ​ 25,042,744 ​ ​ ​ ​ 21,644,935 ​ ​ Intra-company ​ (2,781,970) ​ ​ ​ ​ (3,236,085) ​ ​ ​ $ 22,260,774 ​ 21% ​ $ 18,408,850 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 3,095,348 ​ (29)% ​ $ 4,360,488 ​ ​ Metals Recycling Operations ​ 117,266 ​ (36)% ​ ​ 181,986 ​ ​ Steel Fabrication Operations ​ 2,424,655 ​ 564% ​ ​ 365,250 ​ ​ Other ​ (599,828) ​ (9)% ​ ​ (551,725) ​ ​ ​ ​ 5,037,441 ​ ​ ​ ​ 4,355,999 ​ ​ Intra-company ​ 54,381 ​ ​ ​ ​ (54,894) ​ ​ ​ $ 5,091,822 ​ 18% ​ $ 4,301,105 ​ ​ ​ 39 39 Table of Contents​Steel Operations Segment​Steel operations consist of our electric arc furnace steel mills, producing steel from ferrous scrap and scrap substitutes, utilizing continuous casting, automated rolling mills, numerous value-added downstream steel coating and processing operations, and distribution operations. Our steel operations sell directly to end-users, steel fabricators, and service centers. These products are used in numerous industry sectors, including the construction, automotive, manufacturing, transportation, heavy and agriculture equipment, and pipe and tube (including OCTG) markets. Steel operations accounted for 65% and 72% of our consolidated net sales during 2022 and 2021, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2022​% Change​2021​​Total shipments 12,158,168​8% ​ 11,217,640​​Intra-segment shipments (1,353,824)​​​ (1,106,525)​​Steel Operations Segment shipments 10,804,344​7% ​ 10,111,115​​​​​​​​​​External shipments 10,410,469​9% ​ 9,559,617​​​40 Table of Contents Table of Contents Table of Contents ​Steel Operations Segment​Steel operations consist of our electric arc furnace steel mills, producing steel from ferrous scrap and scrap substitutes, utilizing continuous casting, automated rolling mills, numerous value-added downstream steel coating and processing operations, and distribution operations. Our steel operations sell directly to end-users, steel fabricators, and service centers. These products are used in numerous industry sectors, including the construction, automotive, manufacturing, transportation, heavy and agriculture equipment, and pipe and tube (including OCTG) markets. Steel operations accounted for 65% and 72% of our consolidated net sales during 2022 and 2021, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2022​% Change​2021​​Total shipments 12,158,168​8% ​ 11,217,640​​Intra-segment shipments (1,353,824)​​​ (1,106,525)​​Steel Operations Segment shipments 10,804,344​7% ​ 10,111,115​​​​​​​​​​External shipments 10,410,469​9% ​ 9,559,617​​​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Steel Fabrication Operations Segment",
      "prior_title": "Steel Fabrication Operations Segment",
      "similarity_score": 0.708,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"Steel fabrication operations accounted for 15%, 19%, and 10% of the company’s consolidated net sales during 2023, 2022, and 2021, respectively.\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ New Millennium Building Systems: ​ ​ ​ ​ ​ ​ ​ ​ Joist and Deck Operations ​ Butler, IN ​ Steel Joist and Deck Fabrication Facility ​ 156 ​ — Joist Operations ​ Fallon, NV ​ Steel Joist Fabrication Facility ​ 68 ​ — Joist and Deck Operations ​ Hope, AR ​ Steel Joist and Deck Fabrication Facility ​ 245 ​ 7 Joist Operations ​ Juarez, MX ​ Steel Joist Fabrication Facility ​ 17 ​ — Joist and Deck Operations ​ Lake City, FL ​ Steel Joist and Deck Fabrication Facility ​ 81 ​ — Deck Operations ​ Memphis, TN ​ Deck Fabrication Facility ​ 19 ​ — Joist and Deck Operations ​ Salem, VA ​ Steel Joist and Deck Fabrication Facility ​ 113 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ New Millennium Building Systems: ​ ​ ​ ​ ​ ​ ​ ​ Joist and Deck Operations ​ Butler, IN ​ Steel Joist and Deck Fabrication Facility ​ 156 ​ — Joist Operations ​ Fallon, NV ​ Steel Joist Fabrication Facility ​ 53 ​ — Joist and Deck Operations ​ Hope, AR ​ Steel Joist and Deck Fabrication Facility ​ 245 ​ 7 Joist Operations ​ Juarez, MX ​ Steel Joist Fabrication Facility ​ 17 ​ — Joist and Deck Operations ​ Lake City, FL ​ Steel Joist and Deck Fabrication Facility ​ 75 ​ — Deck Operations ​ Memphis, TN ​ Deck Fabrication Facility ​ 19 ​ — Joist and Deck Operations ​ Salem, VA ​ Steel Joist and Deck Fabrication Facility ​ 113 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The company’s corporate headquarters is in Fort Wayne, Indiana on 20 owned acres. Our copper rod and wire facility, a controlled subsidiary, is in New Haven, Indiana on 35 owned acres. *Our 2022 steel mill production utilization was 92% of our estimated annual steelmaking capability, exclusive of Sinton which started up steel operations in 2022. ITEM 3. LEGAL PROCEEDINGS We are involved in various litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are currently expected to have a material impact on our financial condition, results of operations, or liquidity. 32 32 Table of ContentsWe may also be involved from time to time in various governmental investigations, regulatory proceedings or judicial actions seeking penalties, injunctive relief, and/or remediation under federal, state and local environmental laws and regulations. The United States EPA has conducted such investigations and proceedings involving us, in some instances along with state environmental regulators, under various environmental laws, including RCRA, CERCLA, the Clean Water Act and the Clean Air Act. Some of these matters have resulted in fines or penalties, exclusive of interest and costs, which did not exceed $1 million in aggregate, as of December 31, 2022.ITEM 4. MINE SAFETY DISCLOSURESInformation required to be furnished pursuant to Item 4 concerning mine safety disclosure matters by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K (17 CFR 229.104), is included in Exhibit 95 to this annual report.​33 Table of Contents Table of Contents Table of Contents We may also be involved from time to time in various governmental investigations, regulatory proceedings or judicial actions seeking penalties, injunctive relief, and/or remediation under federal, state and local environmental laws and regulations. The United States EPA has conducted such investigations and proceedings involving us, in some instances along with state environmental regulators, under various environmental laws, including RCRA, CERCLA, the Clean Water Act and the Clean Air Act. Some of these matters have resulted in fines or penalties, exclusive of interest and costs, which did not exceed $1 million in aggregate, as of December 31, 2022.ITEM 4. MINE SAFETY DISCLOSURESInformation required to be furnished pursuant to Item 4 concerning mine safety disclosure matters by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K (17 CFR 229.104), is included in Exhibit 95 to this annual report.​ We may also be involved from time to time in various governmental investigations, regulatory proceedings or judicial actions seeking penalties, injunctive relief, and/or remediation under federal, state and local environmental laws and regulations. The United States EPA has conducted such investigations and proceedings involving us, in some instances along with state environmental regulators, under various environmental laws, including RCRA, CERCLA, the Clean Water Act and the Clean Air Act. Some of these matters have resulted in fines or penalties, exclusive of interest and costs, which did not exceed $1 million in aggregate, as of December 31, 2022. ITEM 4. MINE SAFETY DISCLOSURES Information required to be furnished pursuant to Item 4 concerning mine safety disclosure matters by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K (17 CFR 229.104), is included in Exhibit 95 to this annual report. ​ 33 33 Table of ContentsPART IIITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIESThe information required by Item 5 with respect to securities authorized for issuance under equity compensation plans is set forth in Part III, Item 12 of this Form 10-K. Our common stock trades on The NASDAQ Global Select Stock Market under the symbol STLD.As of February 21, 2023, we had 171,577,705 shares of common stock outstanding and held beneficially by approximately 23,700 stockholders based on our security position listing. Because many of the shares were held by depositories, brokers and other nominees, the number of registered holders (approximately 1,320) is not representative of the number of beneficial holders.Issuer Purchases of Equity SecuritiesWe purchased the following equity securities registered by us pursuant to Section 12 of the Exchange Act during the three months ended December 31, 2022.​​​​​​​​​​​​​​​​​​​​​​​​​Period​Total Number of Shares Purchased​Average Price Paid per Share​Total Number of Shares Purchased as Part of Publicly Announced Program(1)​Maximum Dollar Value of Shares That May Yet be Purchased Under the Program (in thousands) (1)​​​​​​​​​​​​Quarter ended December 31, 2022​​​​​​​​​​​​​​​​​​​​​October 1-31​ 1,493,698​$ 83.68​​ 1,493,698​$ 120,501November 1-30​ 1,419,306​​ 99.35​​ 1,419,306​​ 1,479,496December 1 - 31​ 1,402,142​​ 104.85​​ 1,402,142​​ 1,332,506​​ 4,315,146​​​​​ 4,315,146​​​​(1)In February 2022, our board of directors authorized a share repurchase program of up to $1.25 billion of our common stock. This program was exhausted in November 2022. In November 2022, our board of directors authorized an additional share repurchase program of up to $1.5 billion of our common stock.​34 Table of Contents Table of Contents Table of Contents PART IIITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIESThe information required by Item 5 with respect to securities authorized for issuance under equity compensation plans is set forth in Part III, Item 12 of this Form 10-K. Our common stock trades on The NASDAQ Global Select Stock Market under the symbol STLD.As of February 21, 2023, we had 171,577,705 shares of common stock outstanding and held beneficially by approximately 23,700 stockholders based on our security position listing. Because many of the shares were held by depositories, brokers and other nominees, the number of registered holders (approximately 1,320) is not representative of the number of beneficial holders.Issuer Purchases of Equity SecuritiesWe purchased the following equity securities registered by us pursuant to Section 12 of the Exchange Act during the three months ended December 31, 2022.​​​​​​​​​​​​​​​​​​​​​​​​​Period​Total Number of Shares Purchased​Average Price Paid per Share​Total Number of Shares Purchased as Part of Publicly Announced Program(1)​Maximum Dollar Value of Shares That May Yet be Purchased Under the Program (in thousands) (1)​​​​​​​​​​​​Quarter ended December 31, 2022​​​​​​​​​​​​​​​​​​​​​October 1-31​ 1,493,698​$ 83.68​​ 1,493,698​$ 120,501November 1-30​ 1,419,306​​ 99.35​​ 1,419,306​​ 1,479,496December 1 - 31​ 1,402,142​​ 104.85​​ 1,402,142​​ 1,332,506​​ 4,315,146​​​​​ 4,315,146​​​​(1)In February 2022, our board of directors authorized a share repurchase program of up to $1.25 billion of our common stock. This program was exhausted in November 2022. In November 2022, our board of directors authorized an additional share repurchase program of up to $1.5 billion of our common stock.​ PART II ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES The information required by Item 5 with respect to securities authorized for issuance under equity compensation plans is set forth in Part III, Item 12 of this Form 10-K. Our common stock trades on The NASDAQ Global Select Stock Market under the symbol STLD. As of February 21, 2023, we had 171,577,705 shares of common stock outstanding and held beneficially by approximately 23,700 stockholders based on our security position listing. Because many of the shares were held by depositories, brokers and other nominees, the number of registered holders (approximately 1,320) is not representative of the number of beneficial holders."
    },
    {
      "status": "MODIFIED",
      "current_title": "Years Ended December 31,",
      "prior_title": "Years Ended December 31,",
      "similarity_score": 0.699,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ 2023 ​ % Change ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 13,067,622 ​ (13)% ​ $ 15,100,996 ​ ​ Metals Recycling Operations ​ 4,360,127 ​ (1)% ​ ​ 4,395,668 ​ ​ Steel Fabrication Operations ​ 2,806,777 ​ (34)% ​ ​ 4,257,207 ​ ​ Aluminum Operations ​ - ​ - ​ ​ - ​ ​ Other ​ 1,171,901 ​ (9)% ​ ​ 1,287,980 ​ ​ ​ ​ 21,406,427 ​ ​ ​ ​ 25,041,851 ​ ​ Intra-company ​ (2,611,111) ​ ​ ​ ​ (2,781,077) ​ ​ ​ $ 18,795,316 ​ (16)% ​ $ 22,260,774 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 1,881,600 ​ (39)% ​ $ 3,092,689 ​ ​ Metals Recycling Operations ​ 88,654 ​ (24)% ​ ​ 116,497 ​ ​ Steel Fabrication Operations ​ 1,593,261 ​ (34)% ​ ​ 2,424,655 ​ ​ Aluminum Operations ​ (23,773) ​ (909)% ​ ​ (2,355) ​ ​ Other ​ (394,577) ​ 34% ​ ​ (594,045) ​ ​ ​ ​ 3,145,165 ​ ​ ​ ​ 5,037,441 ​ ​ Intra-company ​ 6,016 ​ ​ ​ ​ 54,381 ​ ​ ​ $ 3,151,181 ​ (38)% ​ $ 5,091,822 ​ ​ ​ 41 41 Table of Contents​Steel Operations Segment​Steel operations consist of our electric arc furnace (EAF) steel mills, producing steel from ferrous scrap and scrap substitutes, utilizing continuous casting, automated rolling mills and numerous steel coating, processing lines and warehouse operations.\"",
        "Reworded sentence: \"These products are used in numerous industry sectors, including the construction, automotive, manufacturing, transportation, heavy and agriculture equipment, energy and pipe and tube (including OCTG) markets.\"",
        "Reworded sentence: \"These products are used in numerous industry sectors, including the construction, automotive, manufacturing, transportation, heavy and agriculture equipment, energy and pipe and tube (including OCTG) markets.\""
      ],
      "current_body": "​ ​ ​ 2023 ​ % Change ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 13,067,622 ​ (13)% ​ $ 15,100,996 ​ ​ Metals Recycling Operations ​ 4,360,127 ​ (1)% ​ ​ 4,395,668 ​ ​ Steel Fabrication Operations ​ 2,806,777 ​ (34)% ​ ​ 4,257,207 ​ ​ Aluminum Operations ​ - ​ - ​ ​ - ​ ​ Other ​ 1,171,901 ​ (9)% ​ ​ 1,287,980 ​ ​ ​ ​ 21,406,427 ​ ​ ​ ​ 25,041,851 ​ ​ Intra-company ​ (2,611,111) ​ ​ ​ ​ (2,781,077) ​ ​ ​ $ 18,795,316 ​ (16)% ​ $ 22,260,774 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 1,881,600 ​ (39)% ​ $ 3,092,689 ​ ​ Metals Recycling Operations ​ 88,654 ​ (24)% ​ ​ 116,497 ​ ​ Steel Fabrication Operations ​ 1,593,261 ​ (34)% ​ ​ 2,424,655 ​ ​ Aluminum Operations ​ (23,773) ​ (909)% ​ ​ (2,355) ​ ​ Other ​ (394,577) ​ 34% ​ ​ (594,045) ​ ​ ​ ​ 3,145,165 ​ ​ ​ ​ 5,037,441 ​ ​ Intra-company ​ 6,016 ​ ​ ​ ​ 54,381 ​ ​ ​ $ 3,151,181 ​ (38)% ​ $ 5,091,822 ​ ​ ​ 41 41 Table of Contents​Steel Operations Segment​Steel operations consist of our electric arc furnace (EAF) steel mills, producing steel from ferrous scrap and scrap substitutes, utilizing continuous casting, automated rolling mills and numerous steel coating, processing lines and warehouse operations. Our steel operations sell directly to end-users, steel fabricators, and service centers. These products are used in numerous industry sectors, including the construction, automotive, manufacturing, transportation, heavy and agriculture equipment, energy and pipe and tube (including OCTG) markets. Steel operations accounted for 67% and 65% of our consolidated net sales during 2023 and 2022, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2023​% Change​2022​​Total shipments 12,821,753​5% ​ 12,159,189​​Intra-segment shipments (1,449,832)​​​ (1,354,940)​​Steel Operations Segment shipments 11,371,921​5% ​ 10,804,249​​​​​​​​​​External shipments 10,976,707​5% ​ 10,411,490​​​42 Table of Contents Table of Contents Table of Contents ​Steel Operations Segment​Steel operations consist of our electric arc furnace (EAF) steel mills, producing steel from ferrous scrap and scrap substitutes, utilizing continuous casting, automated rolling mills and numerous steel coating, processing lines and warehouse operations. Our steel operations sell directly to end-users, steel fabricators, and service centers. These products are used in numerous industry sectors, including the construction, automotive, manufacturing, transportation, heavy and agriculture equipment, energy and pipe and tube (including OCTG) markets. Steel operations accounted for 67% and 65% of our consolidated net sales during 2023 and 2022, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2023​% Change​2022​​Total shipments 12,821,753​5% ​ 12,159,189​​Intra-segment shipments (1,449,832)​​​ (1,354,940)​​Steel Operations Segment shipments 11,371,921​5% ​ 10,804,249​​​​​​​​​​External shipments 10,976,707​5% ​ 10,411,490​​​ ​",
      "prior_body": "​ ​ ​ 2022 ​ % Change ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 15,100,917 ​ 8% ​ $ 14,023,133 ​ ​ Metals Recycling Operations ​ 4,395,636 ​ (4)% ​ ​ 4,590,121 ​ ​ Steel Fabrication Operations ​ 4,257,207 ​ 141% ​ ​ 1,764,710 ​ ​ Other ​ 1,288,984 ​ 2% ​ ​ 1,266,971 ​ ​ ​ ​ 25,042,744 ​ ​ ​ ​ 21,644,935 ​ ​ Intra-company ​ (2,781,970) ​ ​ ​ ​ (3,236,085) ​ ​ ​ $ 22,260,774 ​ 21% ​ $ 18,408,850 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 3,095,348 ​ (29)% ​ $ 4,360,488 ​ ​ Metals Recycling Operations ​ 117,266 ​ (36)% ​ ​ 181,986 ​ ​ Steel Fabrication Operations ​ 2,424,655 ​ 564% ​ ​ 365,250 ​ ​ Other ​ (599,828) ​ (9)% ​ ​ (551,725) ​ ​ ​ ​ 5,037,441 ​ ​ ​ ​ 4,355,999 ​ ​ Intra-company ​ 54,381 ​ ​ ​ ​ (54,894) ​ ​ ​ $ 5,091,822 ​ 18% ​ $ 4,301,105 ​ ​ ​ 39 39 Table of Contents​Steel Operations Segment​Steel operations consist of our electric arc furnace steel mills, producing steel from ferrous scrap and scrap substitutes, utilizing continuous casting, automated rolling mills, numerous value-added downstream steel coating and processing operations, and distribution operations. Our steel operations sell directly to end-users, steel fabricators, and service centers. These products are used in numerous industry sectors, including the construction, automotive, manufacturing, transportation, heavy and agriculture equipment, and pipe and tube (including OCTG) markets. Steel operations accounted for 65% and 72% of our consolidated net sales during 2022 and 2021, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2022​% Change​2021​​Total shipments 12,158,168​8% ​ 11,217,640​​Intra-segment shipments (1,353,824)​​​ (1,106,525)​​Steel Operations Segment shipments 10,804,344​7% ​ 10,111,115​​​​​​​​​​External shipments 10,410,469​9% ​ 9,559,617​​​40 Table of Contents Table of Contents Table of Contents ​Steel Operations Segment​Steel operations consist of our electric arc furnace steel mills, producing steel from ferrous scrap and scrap substitutes, utilizing continuous casting, automated rolling mills, numerous value-added downstream steel coating and processing operations, and distribution operations. Our steel operations sell directly to end-users, steel fabricators, and service centers. These products are used in numerous industry sectors, including the construction, automotive, manufacturing, transportation, heavy and agriculture equipment, and pipe and tube (including OCTG) markets. Steel operations accounted for 65% and 72% of our consolidated net sales during 2022 and 2021, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2022​% Change​2021​​Total shipments 12,158,168​8% ​ 11,217,640​​Intra-segment shipments (1,353,824)​​​ (1,106,525)​​Steel Operations Segment shipments 10,804,344​7% ​ 10,111,115​​​​​​​​​​External shipments 10,410,469​9% ​ 9,559,617​​​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Total liabilities and equity",
      "prior_title": "Total liabilities and equity",
      "similarity_score": 0.697,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"$ 14,908,420 ​ ​ $ 14,159,984 See notes to consolidated financial statements.\""
      ],
      "current_body": "$ 14,908,420 ​ ​ $ 14,159,984 See notes to consolidated financial statements. 58 58 Table of ContentsSTEEL DYNAMICS, INC.CONSOLIDATED STATEMENTS OF INCOME(in thousands, except per share data)​​​​​​​​​​​​​​​​​​​​Years Ended December 31,​2023​2022​2021​​​​​​​​​Net sales​​​​​​​​ Unrelated parties$ 18,115,312​$ 21,469,251​$ 18,376,743 Related parties​ 680,004​​ 791,523​​ 32,107 Total net sales​ 18,795,316​​ 22,260,774​​ 18,408,850​​​​​​​​​Costs of goods sold​ 14,749,433​​ 16,142,943​​ 13,046,426 Gross profit​ 4,045,883​​ 6,117,831​​ 5,362,424​​​​​​​​​Selling, general and administrative expenses​ 588,621​​ 545,621​​ 643,976Profit sharing​ 272,033​​ 452,551​​ 388,111Amortization of intangible assets​ 34,048​​ 27,837​​ 29,232 Operating income​ 3,151,181​​ 5,091,822​​ 4,301,105​​​​​​​​​Interest expense, net of capitalized interest​ 76,484​​ 91,538​​ 57,209Other (income) expense, net​ (144,246)​​ (20,785)​​ 34,826 Income before income taxes​ 3,218,943​​ 5,021,069​​ 4,209,070​​​​​​​​​Income tax expense​ 751,611​​ 1,141,577​​ 962,256 Net income​ 2,467,332​​ 3,879,492​​ 3,246,814​​​​​​​​​Net income attributable to noncontrolling interests​ (16,450)​​ (16,818)​​ (32,748) Net income attributable to Steel Dynamics, Inc.$ 2,450,882​$ 3,862,674​$ 3,214,066​​​​​​​​​​​​​​​​​​​​​​​​​​​Basic earnings per share attributable to Steel Dynamics,​​​​​​​​ Inc. stockholders$ 14.72​$ 21.06​$ 15.67​​​​​​​​​Weighted average common shares outstanding​166,552​​183,393​​205,115​​​​​​​​​Diluted earnings per share attributable to Steel Dynamics, Inc.​​​​​​​​ stockholders, including the effect of assumed conversions​​​​​​​​ when dilutive$ 14.64​$ 20.92​$ 15.56​​​​​​​​​Weighted average common shares and share equivalents outstanding​167,431​​184,622​​206,615​​​​​​​​​Dividends declared per share$1.70​$1.36​$1.04​​​​​​See notes to consolidated financial statements.59 Table of Contents Table of Contents Table of Contents STEEL DYNAMICS, INC.CONSOLIDATED STATEMENTS OF INCOME(in thousands, except per share data)​​​​​​​​​​​​​​​​​​​​Years Ended December 31,​2023​2022​2021​​​​​​​​​Net sales​​​​​​​​ Unrelated parties$ 18,115,312​$ 21,469,251​$ 18,376,743 Related parties​ 680,004​​ 791,523​​ 32,107 Total net sales​ 18,795,316​​ 22,260,774​​ 18,408,850​​​​​​​​​Costs of goods sold​ 14,749,433​​ 16,142,943​​ 13,046,426 Gross profit​ 4,045,883​​ 6,117,831​​ 5,362,424​​​​​​​​​Selling, general and administrative expenses​ 588,621​​ 545,621​​ 643,976Profit sharing​ 272,033​​ 452,551​​ 388,111Amortization of intangible assets​ 34,048​​ 27,837​​ 29,232 Operating income​ 3,151,181​​ 5,091,822​​ 4,301,105​​​​​​​​​Interest expense, net of capitalized interest​ 76,484​​ 91,538​​ 57,209Other (income) expense, net​ (144,246)​​ (20,785)​​ 34,826 Income before income taxes​ 3,218,943​​ 5,021,069​​ 4,209,070​​​​​​​​​Income tax expense​ 751,611​​ 1,141,577​​ 962,256 Net income​ 2,467,332​​ 3,879,492​​ 3,246,814​​​​​​​​​Net income attributable to noncontrolling interests​ (16,450)​​ (16,818)​​ (32,748) Net income attributable to Steel Dynamics, Inc.$ 2,450,882​$ 3,862,674​$ 3,214,066​​​​​​​​​​​​​​​​​​​​​​​​​​​Basic earnings per share attributable to Steel Dynamics,​​​​​​​​ Inc. stockholders$ 14.72​$ 21.06​$ 15.67​​​​​​​​​Weighted average common shares outstanding​166,552​​183,393​​205,115​​​​​​​​​Diluted earnings per share attributable to Steel Dynamics, Inc.​​​​​​​​ stockholders, including the effect of assumed conversions​​​​​​​​ when dilutive$ 14.64​$ 20.92​$ 15.56​​​​​​​​​Weighted average common shares and share equivalents outstanding​167,431​​184,622​​206,615​​​​​​​​​Dividends declared per share$1.70​$1.36​$1.04​​​​​​See notes to consolidated financial statements.",
      "prior_body": "$ 14,159,984 ​ ​ $ 12,531,234 See notes to consolidated financial statements. 57 57 Table of ContentsSTEEL DYNAMICS, INC.CONSOLIDATED STATEMENTS OF INCOME(in thousands, except per share data)​​​​​​​​​​​​​​​​​​​​Years Ended December 31,​2022​2021​2020​​​​​​​​​Net sales​​​​​​​​ Unrelated parties$ 21,469,251​$ 18,376,743​$ 9,587,691 Related parties​ 791,523​​ 32,107​​ 13,791 Total net sales​ 22,260,774​​ 18,408,850​​ 9,601,482​​​​​​​​​Costs of goods sold​ 16,142,943​​ 13,046,426​​ 8,166,754 Gross profit​ 6,117,831​​ 5,362,424​​ 1,434,728​​​​​​​​​Selling, general and administrative expenses​ 545,621​​ 643,976​​ 477,450Profit sharing​ 452,551​​ 388,111​​ 61,728Amortization of intangible assets​ 27,837​​ 29,232​​ 28,999Asset impairment charges​ -​​ -​​ 19,409 Operating income​ 5,091,822​​ 4,301,105​​ 847,142​​​​​​​​​Interest expense, net of capitalized interest​ 91,538​​ 57,209​​ 94,877Other (income) expense, net​ (20,785)​​ 34,826​​ 46,787 Income before income taxes​ 5,021,069​​ 4,209,070​​ 705,478​​​​​​​​​Income tax expense​ 1,141,577​​ 962,256​​ 134,650 Net income​ 3,879,492​​ 3,246,814​​ 570,828​​​​​​​​​Net income attributable to noncontrolling interests​ (16,818)​​ (32,748)​​ (20,006) Net income attributable to Steel Dynamics, Inc.$ 3,862,674​$ 3,214,066​$ 550,822​​​​​​​​​​​​​​​​​​​​​​​​​​​Basic earnings per share attributable to Steel Dynamics,​​​​​​​​ Inc. stockholders$ 21.06​$ 15.67​$ 2.61​​​​​​​​​Weighted average common shares outstanding​183,393​​205,115​​211,140​​​​​​​​​Diluted earnings per share attributable to Steel Dynamics, Inc.​​​​​​​​ stockholders, including the effect of assumed conversions​​​​​​​​ when dilutive$ 20.92​$ 15.56​$ 2.59​​​​​​​​​Weighted average common shares and share equivalents outstanding​184,622​​206,615​​212,345​​​​​​​​​Dividends declared per share$1.36​$1.04​$1.00​​​​​​See notes to consolidated financial statements.58 Table of Contents Table of Contents Table of Contents STEEL DYNAMICS, INC.CONSOLIDATED STATEMENTS OF INCOME(in thousands, except per share data)​​​​​​​​​​​​​​​​​​​​Years Ended December 31,​2022​2021​2020​​​​​​​​​Net sales​​​​​​​​ Unrelated parties$ 21,469,251​$ 18,376,743​$ 9,587,691 Related parties​ 791,523​​ 32,107​​ 13,791 Total net sales​ 22,260,774​​ 18,408,850​​ 9,601,482​​​​​​​​​Costs of goods sold​ 16,142,943​​ 13,046,426​​ 8,166,754 Gross profit​ 6,117,831​​ 5,362,424​​ 1,434,728​​​​​​​​​Selling, general and administrative expenses​ 545,621​​ 643,976​​ 477,450Profit sharing​ 452,551​​ 388,111​​ 61,728Amortization of intangible assets​ 27,837​​ 29,232​​ 28,999Asset impairment charges​ -​​ -​​ 19,409 Operating income​ 5,091,822​​ 4,301,105​​ 847,142​​​​​​​​​Interest expense, net of capitalized interest​ 91,538​​ 57,209​​ 94,877Other (income) expense, net​ (20,785)​​ 34,826​​ 46,787 Income before income taxes​ 5,021,069​​ 4,209,070​​ 705,478​​​​​​​​​Income tax expense​ 1,141,577​​ 962,256​​ 134,650 Net income​ 3,879,492​​ 3,246,814​​ 570,828​​​​​​​​​Net income attributable to noncontrolling interests​ (16,818)​​ (32,748)​​ (20,006) Net income attributable to Steel Dynamics, Inc.$ 3,862,674​$ 3,214,066​$ 550,822​​​​​​​​​​​​​​​​​​​​​​​​​​​Basic earnings per share attributable to Steel Dynamics,​​​​​​​​ Inc. stockholders$ 21.06​$ 15.67​$ 2.61​​​​​​​​​Weighted average common shares outstanding​183,393​​205,115​​211,140​​​​​​​​​Diluted earnings per share attributable to Steel Dynamics, Inc.​​​​​​​​ stockholders, including the effect of assumed conversions​​​​​​​​ when dilutive$ 20.92​$ 15.56​$ 2.59​​​​​​​​​Weighted average common shares and share equivalents outstanding​184,622​​206,615​​212,345​​​​​​​​​Dividends declared per share$1.36​$1.04​$1.00​​​​​​See notes to consolidated financial statements."
    },
    {
      "status": "MODIFIED",
      "current_title": "Operating activities:",
      "prior_title": "Operating activities:",
      "similarity_score": 0.695,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ ​ ​ Net income $ 2,467,332 ​ $ 3,879,492 ​ $ 3,246,814 ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjustments to reconcile net income to net cash provided by ​ ​ ​ ​ ​ ​ ​ ​ operating activities: ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ 437,804 ​ ​ 384,202 ​ ​ 347,653 Equity-based compensation ​ 61,744 ​ ​ 59,240 ​ ​ 57,715 Deferred income taxes ​ 55,665 ​ ​ 37,186 ​ ​ 322,007 Other adjustments ​ (19,716) ​ ​ (1,795) ​ ​ (3,240) Changes in certain assets and liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Accounts receivable ​ 446,765 ​ ​ (110,560) ​ ​ (944,516) Inventories ​ 232,282 ​ ​ 413,262 ​ ​ (1,685,834) Other assets ​ (23,777) ​ ​ (6,884) ​ ​ (2,491) Accounts payable ​ (30,148) ​ ​ (289,042) ​ ​ 557,735 Income taxes receivable/payable ​ 56,756 ​ ​ 31,623 ​ ​ (105,921) Accrued expenses ​ (164,779) ​ ​ 63,679 ​ ​ 414,214 Net cash provided by operating activities ​ 3,519,928 ​ ​ 4,460,403 ​ ​ 2,204,136 ​ ​ ​ ​ ​ ​ ​ ​ ​\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ Net income $ 2,467,332 ​ $ 3,879,492 ​ $ 3,246,814 ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjustments to reconcile net income to net cash provided by ​ ​ ​ ​ ​ ​ ​ ​ operating activities: ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ 437,804 ​ ​ 384,202 ​ ​ 347,653 Equity-based compensation ​ 61,744 ​ ​ 59,240 ​ ​ 57,715 Deferred income taxes ​ 55,665 ​ ​ 37,186 ​ ​ 322,007 Other adjustments ​ (19,716) ​ ​ (1,795) ​ ​ (3,240) Changes in certain assets and liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Accounts receivable ​ 446,765 ​ ​ (110,560) ​ ​ (944,516) Inventories ​ 232,282 ​ ​ 413,262 ​ ​ (1,685,834) Other assets ​ (23,777) ​ ​ (6,884) ​ ​ (2,491) Accounts payable ​ (30,148) ​ ​ (289,042) ​ ​ 557,735 Income taxes receivable/payable ​ 56,756 ​ ​ 31,623 ​ ​ (105,921) Accrued expenses ​ (164,779) ​ ​ 63,679 ​ ​ 414,214 Net cash provided by operating activities ​ 3,519,928 ​ ​ 4,460,403 ​ ​ 2,204,136 ​ ​ ​ ​ ​ ​ ​ ​ ​",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ Net income $ 3,879,492 ​ $ 3,246,814 ​ $ 570,828 ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjustments to reconcile net income to net cash provided by ​ ​ ​ ​ ​ ​ ​ ​ operating activities: ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ 384,202 ​ ​ 347,653 ​ ​ 325,789 Asset impairment charges ​ - ​ ​ - ​ ​ 19,409 Equity-based compensation ​ 59,240 ​ ​ 57,715 ​ ​ 55,598 Deferred income taxes ​ 37,186 ​ ​ 322,007 ​ ​ 47,808 Other adjustments ​ (1,795) ​ ​ (3,240) ​ ​ 30,974 Changes in certain assets and liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Accounts receivable ​ (110,560) ​ ​ (944,516) ​ ​ (111,920) Inventories ​ 413,262 ​ ​ (1,685,834) ​ ​ (150,596) Other assets ​ (6,884) ​ ​ (2,491) ​ ​ (1,547) Accounts payable ​ (289,042) ​ ​ 557,735 ​ ​ 182,509 Income taxes receivable/payable ​ 31,623 ​ ​ (105,921) ​ ​ 32,551 Accrued expenses ​ 63,679 ​ ​ 414,214 ​ ​ (14,371) Net cash provided by operating activities ​ 4,460,403 ​ ​ 2,204,136 ​ ​ 987,032 ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "For the Year Ended December 31, 2023",
      "prior_title": "December 31, 2021",
      "similarity_score": 0.683,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives in fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ hedging relationships ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold ​ $ 536 ​ Firm commitments ​ Costs of goods sold ​ $ 853 ​ ​ ​ ​ ​ ​ ​ Inventory ​ Costs of goods sold ​ ​ (217) Derivatives not designated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 636 as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold ​ $ 4,734 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives in fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ hedging relationships ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold ​ $ 536 ​ Firm commitments ​ Costs of goods sold ​ $ 853 ​ ​ ​ ​ ​ ​ ​ Inventory ​ Costs of goods sold ​ ​ (217) Derivatives not designated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 636 as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures ​ Costs of goods sold ​ $ 4,734 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​",
      "prior_body": "​ Derivative instruments designated as hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures Other current assets ​ $ 2,169 ​ $ 1,278 ​ $ 2,119 ​ $ 7,430 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments not designated as hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures Other current assets ​ ​ 2,102 ​ ​ 4,319 ​ ​ 5,269 ​ ​ 6,171 ​ Total derivative instruments ​ ​ $ 4,271 ​ $ 5,597 ​ $ 7,388 ​ $ 13,601 ​ ​ ​ 78 78 Table of ContentsNote 7. Derivative Financial Instruments (Continued)The fair value of the above derivative instruments along with required margin deposit amounts with the same counterparty under master netting agreements totaled $23.5 million and $24.9 million at December 31, 2022, and 2021, respectively, and are reflected in other current assets in the consolidated balance sheets.​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Amount of​​​​​​​​​Location of gain​​gain (loss)​​​Location of gain​​Amount of gain​​(loss) recognized​​recognized in​Hedged items in​(loss) recognized​​ (loss) recognized in​​in income on​​income on​fair value hedge​in income on​​income on related​​derivatives​​ derivatives​relationships​related hedged items​​hedged items For the Year Ended ​​​​​​​​​​​​December 31, 2022​​​​​​​​​​​​​​​​​​​​​​​​​Derivatives in fair value ​​​​​​​​​​​​hedging relationships​​​​​​​​​​​​Commodity futures​Costs of goods sold​$ 2,284​Firm commitments​Costs of goods sold​$ (2,290)​​​​​​​Inventory​Costs of goods sold​​ (708)Derivatives not designated​​​​​​​​​​$ (2,998)as hedging instruments​​​​​​​​​​​​Commodity futures​Costs of goods sold​$ 24,748​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​For the Year Ended ​​​​​​​​​​​​December 31, 2021​​​​​​​​​​​​​​​​​​​​​​​​​Derivatives in fair value ​​​​​​​​​​​​hedging relationships​​​​​​​​​​​​Commodity futures​Costs of goods sold​$ (1,369)​Firm commitments​Costs of goods sold​$ 3,354​​​​​​​Inventory​Costs of goods sold​​ 1,054Derivatives not designated​​​​​​​​​​$ 4,408as hedging instruments​​​​​​​​​​​​Commodity futures​Costs of goods sold​$ (33,517)​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​For the Year Ended ​​​​​​​​​​​​December 31, 2020​​​​​​​​​​​​​​​​​​​​​​​​​Derivatives in fair value ​​​​​​​​​​​​hedging relationships​​​​​​​​​​​​Commodity futures​Costs of goods sold​$ (2,004)​Firm commitments​Costs of goods sold​$ (79)​​​​​​​Inventory​Costs of goods sold​​ (482)Derivatives not designated​​​​​​​​​​$ (561)as hedging instruments​​​​​​​​​​​​Commodity futures​Costs of goods sold​$ (17,368)​​​​​​​​Derivatives accounted for as fair value hedges had ineffectiveness resulting in gains of $72,000, losses of $101,000, and gains of $68,000 for the years ended December 31, 2022, 2021, and 2020, respectively. Losses excluded from hedge effectiveness testing of $786,000 and $2.6 million increased cost of goods sold for the years ended December 31, 2022 and 2020, respectively. Gains excluded from hedge effectiveness testing of $3.1 million decreased cost of goods sold for the year ended December 31, 2021.79 Table of Contents Table of Contents Table of Contents Note 7. Derivative Financial Instruments (Continued)The fair value of the above derivative instruments along with required margin deposit amounts with the same counterparty under master netting agreements totaled $23.5 million and $24.9 million at December 31, 2022, and 2021, respectively, and are reflected in other current assets in the consolidated balance sheets.​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Amount of​​​​​​​​​Location of gain​​gain (loss)​​​Location of gain​​Amount of gain​​(loss) recognized​​recognized in​Hedged items in​(loss) recognized​​ (loss) recognized in​​in income on​​income on​fair value hedge​in income on​​income on related​​derivatives​​ derivatives​relationships​related hedged items​​hedged items For the Year Ended ​​​​​​​​​​​​December 31, 2022​​​​​​​​​​​​​​​​​​​​​​​​​Derivatives in fair value ​​​​​​​​​​​​hedging relationships​​​​​​​​​​​​Commodity futures​Costs of goods sold​$ 2,284​Firm commitments​Costs of goods sold​$ (2,290)​​​​​​​Inventory​Costs of goods sold​​ (708)Derivatives not designated​​​​​​​​​​$ (2,998)as hedging instruments​​​​​​​​​​​​Commodity futures​Costs of goods sold​$ 24,748​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​For the Year Ended ​​​​​​​​​​​​December 31, 2021​​​​​​​​​​​​​​​​​​​​​​​​​Derivatives in fair value ​​​​​​​​​​​​hedging relationships​​​​​​​​​​​​Commodity futures​Costs of goods sold​$ (1,369)​Firm commitments​Costs of goods sold​$ 3,354​​​​​​​Inventory​Costs of goods sold​​ 1,054Derivatives not designated​​​​​​​​​​$ 4,408as hedging instruments​​​​​​​​​​​​Commodity futures​Costs of goods sold​$ (33,517)​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​For the Year Ended ​​​​​​​​​​​​December 31, 2020​​​​​​​​​​​​​​​​​​​​​​​​​Derivatives in fair value ​​​​​​​​​​​​hedging relationships​​​​​​​​​​​​Commodity futures​Costs of goods sold​$ (2,004)​Firm commitments​Costs of goods sold​$ (79)​​​​​​​Inventory​Costs of goods sold​​ (482)Derivatives not designated​​​​​​​​​​$ (561)as hedging instruments​​​​​​​​​​​​Commodity futures​Costs of goods sold​$ (17,368)​​​​​​​​Derivatives accounted for as fair value hedges had ineffectiveness resulting in gains of $72,000, losses of $101,000, and gains of $68,000 for the years ended December 31, 2022, 2021, and 2020, respectively. Losses excluded from hedge effectiveness testing of $786,000 and $2.6 million increased cost of goods sold for the years ended December 31, 2022 and 2020, respectively. Gains excluded from hedge effectiveness testing of $3.1 million decreased cost of goods sold for the year ended December 31, 2021."
    },
    {
      "status": "MODIFIED",
      "current_title": "Risk Management and Strategy",
      "prior_title": "Impairment charges may adversely affect our results of operations.",
      "similarity_score": 0.679,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"We recognize the importance of assessing, identifying, and managing material risks associated with cybersecurity threats, utilizing from time to time, tabletop exercises, business unit assessments, threat modeling, impact analyses, internal audits, external audits, third party vulnerability scans, third party penetration tests, and engagement of third parties to conduct analysis of our information security programs, including an overall assessment utilizing the NIST standards.\"",
        "Reworded sentence: \"Business.​​​​​​​​​​​​​​​Site​Site​​​​​​Acreage ​AcreageOperations​Location​Description​Owned​LeasedSteel Operations Segment *​​​​​​​​Butler Flat Roll Division:​​​​​​​​ Butler Operations ​Butler, IN​Flat Roll Steel Mill and Coating Facility​993​— Jeffersonville Operations ​Jeffersonville, IN​Flat Roll Steel Coating Facility​27​10 Iron Dynamics​Butler, IN​Liquid Ironmaking Facility​25​—Columbus Flat Roll Division ​Columbus, MS​Flat Roll Steel Mill and Coating Facility​1,387​—Sinton Flat Roll Division ​Sinton, TX​Flat Roll Steel Mill and Coating Facility ​2,487​—The Techs ​Pittsburgh, PA​Flat Roll Steel Coating Facilities​16​2Heartland Flat Roll Division​Terre Haute, IN​Flat Roll Steel Cold-Rolling and Coating Facility​246​—United Steel Supply​IN, ID, MS, OR, and TX​Distributor of Painted Galvalume® Flat Roll Steel​53​1Structural and Rail Division ​Columbia City, IN​Structural and Rail Steel Mill​962​—Engineered Bar Products Division ​Pittsboro, IN​Engineered Bar Steel Mill and Finishing Facility​312​—Vulcan Threaded Products ​Pelham, AL​Bar Steel Processing Facility​31​—Roanoke Bar Division ​Roanoke, VA​Merchant Bar Steel Mill​310​—Steel of West Virginia​WV, KY, and TN​Specialty Shapes Steel Mill and Finishing ​139​6​​​​and Coating Facilities​​​​SDI Biocarbon Solutions​Columbus, MS​Biocarbon Production Facility​133​—SDI Mexico​Monterrey, Mexico​Flat Roll Steel Distribution Warehouse​—​5​​​​​​​​​Metals Recycling Operations Segment ​​​​​​​​OmniSource:​​​​​​​​Alabama​Birmingham, AL​Ferrous Scrap Processing​59​—Indiana ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​456​26Michigan ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​186​—Mississippi​Multiple Cities​Ferrous and Nonferrous Scrap Processing​43​13North Carolina ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​302​—Ohio ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​212​21Oklahoma ​Sand Springs, OK​Ferrous Scrap Processing​—​10Tennessee ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​65​—Texas​Multiple Cities​Ferrous and Nonferrous Scrap Processing​75​—Virginia ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​121​—Mexico​Multiple Cities​Ferrous and Nonferrous Scrap Processing​17​61​​​​​​​​​Steel Fabrication Operations Segment ​​​​​​​​New Millennium Building Systems:​​​​​​​​Joist and Deck Operations ​Butler, IN​Steel Joist and Deck Fabrication Facility​156​—Joist Operations ​Fallon, NV​Steel Joist Fabrication Facility​68​—Joist and Deck Operations ​Hope, AR​Steel Joist and Deck Fabrication Facility​245​7Joist Operations ​Juarez, MX​Steel Joist Fabrication Facility​17​—Joist and Deck Operations ​Lake City, FL​Steel Joist and Deck Fabrication Facility​81​—Deck Operations ​Memphis, TN​Deck Fabrication Facility​19​—Joist and Deck Operations ​Salem, VA​Steel Joist and Deck Fabrication Facility​113​—​​​​​​​​​Aluminum Operations Segment Aluminum Dynamics, LLC​Columbus, MS​Recycled Aluminum Flat Rolled Products Mill​2,098​—Aluminum Dynamics, Inc.​Phoenix, AZ​Recycled Aluminum Slab Facility​256​—Aluminum Dynamics of Mexico​San Luis Potosi, Mexico​Recycled Aluminum Slab Facility​692​—​The company’s corporate headquarters is in Fort Wayne, Indiana on 20 owned acres.\"",
        "Reworded sentence: \"Business.​​​​​​​​​​​​​​​Site​Site​​​​​​Acreage ​AcreageOperations​Location​Description​Owned​LeasedSteel Operations Segment *​​​​​​​​Butler Flat Roll Division:​​​​​​​​ Butler Operations ​Butler, IN​Flat Roll Steel Mill and Coating Facility​993​— Jeffersonville Operations ​Jeffersonville, IN​Flat Roll Steel Coating Facility​27​10 Iron Dynamics​Butler, IN​Liquid Ironmaking Facility​25​—Columbus Flat Roll Division ​Columbus, MS​Flat Roll Steel Mill and Coating Facility​1,387​—Sinton Flat Roll Division ​Sinton, TX​Flat Roll Steel Mill and Coating Facility ​2,487​—The Techs ​Pittsburgh, PA​Flat Roll Steel Coating Facilities​16​2Heartland Flat Roll Division​Terre Haute, IN​Flat Roll Steel Cold-Rolling and Coating Facility​246​—United Steel Supply​IN, ID, MS, OR, and TX​Distributor of Painted Galvalume® Flat Roll Steel​53​1Structural and Rail Division ​Columbia City, IN​Structural and Rail Steel Mill​962​—Engineered Bar Products Division ​Pittsboro, IN​Engineered Bar Steel Mill and Finishing Facility​312​—Vulcan Threaded Products ​Pelham, AL​Bar Steel Processing Facility​31​—Roanoke Bar Division ​Roanoke, VA​Merchant Bar Steel Mill​310​—Steel of West Virginia​WV, KY, and TN​Specialty Shapes Steel Mill and Finishing ​139​6​​​​and Coating Facilities​​​​SDI Biocarbon Solutions​Columbus, MS​Biocarbon Production Facility​133​—SDI Mexico​Monterrey, Mexico​Flat Roll Steel Distribution Warehouse​—​5​​​​​​​​​Metals Recycling Operations Segment ​​​​​​​​OmniSource:​​​​​​​​Alabama​Birmingham, AL​Ferrous Scrap Processing​59​—Indiana ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​456​26Michigan ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​186​—Mississippi​Multiple Cities​Ferrous and Nonferrous Scrap Processing​43​13North Carolina ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​302​—Ohio ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​212​21Oklahoma ​Sand Springs, OK​Ferrous Scrap Processing​—​10Tennessee ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​65​—Texas​Multiple Cities​Ferrous and Nonferrous Scrap Processing​75​—Virginia ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​121​—Mexico​Multiple Cities​Ferrous and Nonferrous Scrap Processing​17​61​​​​​​​​​Steel Fabrication Operations Segment ​​​​​​​​New Millennium Building Systems:​​​​​​​​Joist and Deck Operations ​Butler, IN​Steel Joist and Deck Fabrication Facility​156​—Joist Operations ​Fallon, NV​Steel Joist Fabrication Facility​68​—Joist and Deck Operations ​Hope, AR​Steel Joist and Deck Fabrication Facility​245​7Joist Operations ​Juarez, MX​Steel Joist Fabrication Facility​17​—Joist and Deck Operations ​Lake City, FL​Steel Joist and Deck Fabrication Facility​81​—Deck Operations ​Memphis, TN​Deck Fabrication Facility​19​—Joist and Deck Operations ​Salem, VA​Steel Joist and Deck Fabrication Facility​113​—​​​​​​​​​Aluminum Operations Segment Aluminum Dynamics, LLC​Columbus, MS​Recycled Aluminum Flat Rolled Products Mill​2,098​—Aluminum Dynamics, Inc.​Phoenix, AZ​Recycled Aluminum Slab Facility​256​—Aluminum Dynamics of Mexico​San Luis Potosi, Mexico​Recycled Aluminum Slab Facility​692​—​The company’s corporate headquarters is in Fort Wayne, Indiana on 20 owned acres.\""
      ],
      "current_body": "We recognize the importance of assessing, identifying, and managing material risks associated with cybersecurity threats, utilizing from time to time, tabletop exercises, business unit assessments, threat modeling, impact analyses, internal audits, external audits, third party vulnerability scans, third party penetration tests, and engagement of third parties to conduct analysis of our information security programs, including an overall assessment utilizing the NIST standards. These risks include, among other things: operational risks, intellectual property theft, fraud, extortion, harm to team members or customers and violations of data privacy or security laws. ​ Our Director of Information Security has twenty years of cybersecurity experience, has completed a Masters in Homeland Security, with an emphasis on cybersecurity, and holds several cybersecurity certifications. Our Director of Information Security is responsible for leading the Information Security Team which has established a cybersecurity risk management program of policies and processes for assessing, identifying, and managing risk from cybersecurity threats. We have integrated these processes into our overall risk management systems and processes, and routinely assess risks from cybersecurity threats, including any potential unauthorized access to or activity conducted through our information systems that may result in material adverse effects on the confidentiality, integrity, or availability of our information systems or any information residing therein. This program includes established reasonable safeguards to minimize the identified risks; processes to reasonably address any identified gaps in existing safeguards; updates to existing safeguards as necessary; and monitoring the effectiveness of those safeguards. ​ Our safeguards include continuous network monitoring, complex passwords, team member training that reinforces our policies, standards and practices, incident response capability reviews and exercises, and cybersecurity insurance and disaster recovery plans for the protection of our assets. The information security training and awareness program engages personnel through training modules on how to identify potential cybersecurity risks and protect the Company’s resources and information. This training is mandatory for all team members monthly, and is supplemented by companywide testing initiatives, including periodic phishing tests. ​ Our cybersecurity risk management program also assesses third party providers, such as vendors, suppliers, and other business partners. Cybersecurity risks are evaluated when determining the selection and oversight of applicable third party providers and potential risks when handling and/or processing our employee, business or customer data. ​ Further, we have designated a member of our senior leadership team, our Chief Financial Officer, to oversee the management of the safeguards, cybersecurity risk assessment and mitigation process. From time to time, the Company’s program is reviewed and validated by internal and external experts. ​ In general, our incident response process follows the NIST framework and focuses on four phases: (i) preparation; (ii) detection and analysis; (iii) containment, eradication, and recovery; and (iv) post-incident remediation. As cybersecurity incidents occur, including at third party providers, the Director of Information Security leads the Information Security Team through a standardized incident response process that focuses on responding to and containing the threat, minimizing any business impact, and evaluating its severity level. The severity level assessment determines how widespread the incident is and to what degree it could impact our overall business and manufacturing environment. In the event an incident is determined by the Information Security Team to be a high severity level, our cross functional team, with expertise in various disciplines, will assess the incident to determine if it has had a material affect or is reasonably likely of having a material effect on the Company’s business strategy, results of operations or financial condition. ​ We do not believe that risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect our overall business strategy, results of operations, or financial condition over the long term. In the last three years, the Company has not experienced any material cybersecurity incidents and we have not incurred material expenses from cybersecurity incidents (including penalties and settlements, of which there were none). For additional discussion of whether and how risks from cybersecurity threats could materially affect or are reasonably likely to materially affect the Company, see Item 1A. Risk Factors – “We are subject to cybersecurity threats and may face risks to the security of our sensitive data and 32 32 Table of Contentsinformation technology which may adversely affect our business, results of operations, financial condition and cash flows.”​GovernanceOne of the key functions of our Board of Directors is informed oversight of our risk management process, including risks from cybersecurity threats. Our Board of Directors is responsible for monitoring and assessing strategic risk exposure, and our Leadership Team is responsible for the day-to-day management of the material risks we face. Our Board of Directors administers its cybersecurity risk oversight function directly as a whole, as well as directly through the Audit Committee. Management and members of the Information Security Group (“ISG”) regularly present to the Board of Directors regarding information security and an in-depth review of our processes for assessing, identifying, and managing material risks from cybersecurity threats. On a quarterly basis, the Audit Committee is informed by management concerning the status of existing and new cybersecurity risks, status of how management is addressing and/or mitigating those risks, cybersecurity and data privacy incidents (if any), and status of key information security initiatives. Additionally, on a biennial basis, we engage third parties to assess our information security program, using the NIST framework, as well as penetration testing. ​We have allocated substantial cross functional internal resources with expertise in information security, information technology, operations, risk management, human resources, finance, and legal to form a governance counsel known as the ISG. The ISG is an internal working group that collaborates with the Director of Information Security to ensure our cybersecurity program is adequately responsive to the evolving threat landscape. Our Director of Information Security has twenty years of cybersecurity experience, has completed a Masters in Homeland Security, with an emphasis on cybersecurity, and holds several cybersecurity certifications. ​​33 Table of Contents Table of Contents Table of Contents information technology which may adversely affect our business, results of operations, financial condition and cash flows.”​GovernanceOne of the key functions of our Board of Directors is informed oversight of our risk management process, including risks from cybersecurity threats. Our Board of Directors is responsible for monitoring and assessing strategic risk exposure, and our Leadership Team is responsible for the day-to-day management of the material risks we face. Our Board of Directors administers its cybersecurity risk oversight function directly as a whole, as well as directly through the Audit Committee. Management and members of the Information Security Group (“ISG”) regularly present to the Board of Directors regarding information security and an in-depth review of our processes for assessing, identifying, and managing material risks from cybersecurity threats. On a quarterly basis, the Audit Committee is informed by management concerning the status of existing and new cybersecurity risks, status of how management is addressing and/or mitigating those risks, cybersecurity and data privacy incidents (if any), and status of key information security initiatives. Additionally, on a biennial basis, we engage third parties to assess our information security program, using the NIST framework, as well as penetration testing. ​We have allocated substantial cross functional internal resources with expertise in information security, information technology, operations, risk management, human resources, finance, and legal to form a governance counsel known as the ISG. The ISG is an internal working group that collaborates with the Director of Information Security to ensure our cybersecurity program is adequately responsive to the evolving threat landscape. Our Director of Information Security has twenty years of cybersecurity experience, has completed a Masters in Homeland Security, with an emphasis on cybersecurity, and holds several cybersecurity certifications. ​​ information technology which may adversely affect our business, results of operations, financial condition and cash flows.” ​ Governance One of the key functions of our Board of Directors is informed oversight of our risk management process, including risks from cybersecurity threats. Our Board of Directors is responsible for monitoring and assessing strategic risk exposure, and our Leadership Team is responsible for the day-to-day management of the material risks we face. Our Board of Directors administers its cybersecurity risk oversight function directly as a whole, as well as directly through the Audit Committee. Management and members of the Information Security Group (“ISG”) regularly present to the Board of Directors regarding information security and an in-depth review of our processes for assessing, identifying, and managing material risks from cybersecurity threats. On a quarterly basis, the Audit Committee is informed by management concerning the status of existing and new cybersecurity risks, status of how management is addressing and/or mitigating those risks, cybersecurity and data privacy incidents (if any), and status of key information security initiatives. Additionally, on a biennial basis, we engage third parties to assess our information security program, using the NIST framework, as well as penetration testing. ​ We have allocated substantial cross functional internal resources with expertise in information security, information technology, operations, risk management, human resources, finance, and legal to form a governance counsel known as the ISG. The ISG is an internal working group that collaborates with the Director of Information Security to ensure our cybersecurity program is adequately responsive to the evolving threat landscape. Our Director of Information Security has twenty years of cybersecurity experience, has completed a Masters in Homeland Security, with an emphasis on cybersecurity, and holds several cybersecurity certifications. ​ ​ 33 33 Table of ContentsITEM 2. PROPERTIESThe following table describes our significant properties as of December 31, 2023. These properties are owned by us, and not subject to any significant encumbrances, or are leased by us. We believe these properties are suitable and adequate for our current operations and are appropriately utilized. For additional information regarding our significant facilities please refer to Item 1. Business.​​​​​​​​​​​​​​​Site​Site​​​​​​Acreage ​AcreageOperations​Location​Description​Owned​LeasedSteel Operations Segment *​​​​​​​​Butler Flat Roll Division:​​​​​​​​ Butler Operations ​Butler, IN​Flat Roll Steel Mill and Coating Facility​993​— Jeffersonville Operations ​Jeffersonville, IN​Flat Roll Steel Coating Facility​27​10 Iron Dynamics​Butler, IN​Liquid Ironmaking Facility​25​—Columbus Flat Roll Division ​Columbus, MS​Flat Roll Steel Mill and Coating Facility​1,387​—Sinton Flat Roll Division ​Sinton, TX​Flat Roll Steel Mill and Coating Facility ​2,487​—The Techs ​Pittsburgh, PA​Flat Roll Steel Coating Facilities​16​2Heartland Flat Roll Division​Terre Haute, IN​Flat Roll Steel Cold-Rolling and Coating Facility​246​—United Steel Supply​IN, ID, MS, OR, and TX​Distributor of Painted Galvalume® Flat Roll Steel​53​1Structural and Rail Division ​Columbia City, IN​Structural and Rail Steel Mill​962​—Engineered Bar Products Division ​Pittsboro, IN​Engineered Bar Steel Mill and Finishing Facility​312​—Vulcan Threaded Products ​Pelham, AL​Bar Steel Processing Facility​31​—Roanoke Bar Division ​Roanoke, VA​Merchant Bar Steel Mill​310​—Steel of West Virginia​WV, KY, and TN​Specialty Shapes Steel Mill and Finishing ​139​6​​​​and Coating Facilities​​​​SDI Biocarbon Solutions​Columbus, MS​Biocarbon Production Facility​133​—SDI Mexico​Monterrey, Mexico​Flat Roll Steel Distribution Warehouse​—​5​​​​​​​​​Metals Recycling Operations Segment ​​​​​​​​OmniSource:​​​​​​​​Alabama​Birmingham, AL​Ferrous Scrap Processing​59​—Indiana ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​456​26Michigan ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​186​—Mississippi​Multiple Cities​Ferrous and Nonferrous Scrap Processing​43​13North Carolina ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​302​—Ohio ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​212​21Oklahoma ​Sand Springs, OK​Ferrous Scrap Processing​—​10Tennessee ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​65​—Texas​Multiple Cities​Ferrous and Nonferrous Scrap Processing​75​—Virginia ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​121​—Mexico​Multiple Cities​Ferrous and Nonferrous Scrap Processing​17​61​​​​​​​​​Steel Fabrication Operations Segment ​​​​​​​​New Millennium Building Systems:​​​​​​​​Joist and Deck Operations ​Butler, IN​Steel Joist and Deck Fabrication Facility​156​—Joist Operations ​Fallon, NV​Steel Joist Fabrication Facility​68​—Joist and Deck Operations ​Hope, AR​Steel Joist and Deck Fabrication Facility​245​7Joist Operations ​Juarez, MX​Steel Joist Fabrication Facility​17​—Joist and Deck Operations ​Lake City, FL​Steel Joist and Deck Fabrication Facility​81​—Deck Operations ​Memphis, TN​Deck Fabrication Facility​19​—Joist and Deck Operations ​Salem, VA​Steel Joist and Deck Fabrication Facility​113​—​​​​​​​​​Aluminum Operations Segment Aluminum Dynamics, LLC​Columbus, MS​Recycled Aluminum Flat Rolled Products Mill​2,098​—Aluminum Dynamics, Inc.​Phoenix, AZ​Recycled Aluminum Slab Facility​256​—Aluminum Dynamics of Mexico​San Luis Potosi, Mexico​Recycled Aluminum Slab Facility​692​—​The company’s corporate headquarters is in Fort Wayne, Indiana on 20 owned acres. Our copper rod and wire facility, a controlled subsidiary, is in New Haven, Indiana on 35 owned and 4 leased acres.*Our 2023 steel mill production utilization was 91% exclusive of Sinton (82% including Sinton) of our estimated annual steelmaking capability.34 Table of Contents Table of Contents Table of Contents ITEM 2. PROPERTIESThe following table describes our significant properties as of December 31, 2023. These properties are owned by us, and not subject to any significant encumbrances, or are leased by us. We believe these properties are suitable and adequate for our current operations and are appropriately utilized. For additional information regarding our significant facilities please refer to Item 1. Business.​​​​​​​​​​​​​​​Site​Site​​​​​​Acreage ​AcreageOperations​Location​Description​Owned​LeasedSteel Operations Segment *​​​​​​​​Butler Flat Roll Division:​​​​​​​​ Butler Operations ​Butler, IN​Flat Roll Steel Mill and Coating Facility​993​— Jeffersonville Operations ​Jeffersonville, IN​Flat Roll Steel Coating Facility​27​10 Iron Dynamics​Butler, IN​Liquid Ironmaking Facility​25​—Columbus Flat Roll Division ​Columbus, MS​Flat Roll Steel Mill and Coating Facility​1,387​—Sinton Flat Roll Division ​Sinton, TX​Flat Roll Steel Mill and Coating Facility ​2,487​—The Techs ​Pittsburgh, PA​Flat Roll Steel Coating Facilities​16​2Heartland Flat Roll Division​Terre Haute, IN​Flat Roll Steel Cold-Rolling and Coating Facility​246​—United Steel Supply​IN, ID, MS, OR, and TX​Distributor of Painted Galvalume® Flat Roll Steel​53​1Structural and Rail Division ​Columbia City, IN​Structural and Rail Steel Mill​962​—Engineered Bar Products Division ​Pittsboro, IN​Engineered Bar Steel Mill and Finishing Facility​312​—Vulcan Threaded Products ​Pelham, AL​Bar Steel Processing Facility​31​—Roanoke Bar Division ​Roanoke, VA​Merchant Bar Steel Mill​310​—Steel of West Virginia​WV, KY, and TN​Specialty Shapes Steel Mill and Finishing ​139​6​​​​and Coating Facilities​​​​SDI Biocarbon Solutions​Columbus, MS​Biocarbon Production Facility​133​—SDI Mexico​Monterrey, Mexico​Flat Roll Steel Distribution Warehouse​—​5​​​​​​​​​Metals Recycling Operations Segment ​​​​​​​​OmniSource:​​​​​​​​Alabama​Birmingham, AL​Ferrous Scrap Processing​59​—Indiana ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​456​26Michigan ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​186​—Mississippi​Multiple Cities​Ferrous and Nonferrous Scrap Processing​43​13North Carolina ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​302​—Ohio ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​212​21Oklahoma ​Sand Springs, OK​Ferrous Scrap Processing​—​10Tennessee ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​65​—Texas​Multiple Cities​Ferrous and Nonferrous Scrap Processing​75​—Virginia ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​121​—Mexico​Multiple Cities​Ferrous and Nonferrous Scrap Processing​17​61​​​​​​​​​Steel Fabrication Operations Segment ​​​​​​​​New Millennium Building Systems:​​​​​​​​Joist and Deck Operations ​Butler, IN​Steel Joist and Deck Fabrication Facility​156​—Joist Operations ​Fallon, NV​Steel Joist Fabrication Facility​68​—Joist and Deck Operations ​Hope, AR​Steel Joist and Deck Fabrication Facility​245​7Joist Operations ​Juarez, MX​Steel Joist Fabrication Facility​17​—Joist and Deck Operations ​Lake City, FL​Steel Joist and Deck Fabrication Facility​81​—Deck Operations ​Memphis, TN​Deck Fabrication Facility​19​—Joist and Deck Operations ​Salem, VA​Steel Joist and Deck Fabrication Facility​113​—​​​​​​​​​Aluminum Operations Segment Aluminum Dynamics, LLC​Columbus, MS​Recycled Aluminum Flat Rolled Products Mill​2,098​—Aluminum Dynamics, Inc.​Phoenix, AZ​Recycled Aluminum Slab Facility​256​—Aluminum Dynamics of Mexico​San Luis Potosi, Mexico​Recycled Aluminum Slab Facility​692​—​The company’s corporate headquarters is in Fort Wayne, Indiana on 20 owned acres. Our copper rod and wire facility, a controlled subsidiary, is in New Haven, Indiana on 35 owned and 4 leased acres.*Our 2023 steel mill production utilization was 91% exclusive of Sinton (82% including Sinton) of our estimated annual steelmaking capability. ITEM 2. PROPERTIES The following table describes our significant properties as of December 31, 2023. These properties are owned by us, and not subject to any significant encumbrances, or are leased by us. We believe these properties are suitable and adequate for our current operations and are appropriately utilized. For additional information regarding our significant facilities please refer to Item 1. Business. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Site ​ Site ​ ​ ​ ​ ​ ​ Acreage ​ Acreage Operations ​ Location ​",
      "prior_body": "Occasionally, assumptions that we have made regarding products or businesses we have acquired or sought to develop, about the sustainability of markets we sought to exploit, or about industry conditions that underlie our decision making when we elected to capitalize a venture turn out differently than anticipated. In such instances, the fair value of such assets may fall below their carrying value recorded on our balance sheet. Accordingly, we periodically test goodwill, long-lived tangible and intangible assets and right of use assets to determine whether their estimated fair value is in fact less than their value recorded on our balance sheet. If we determine that the fair value of any of these assets, from whatever cause, is less than the value recorded on our balance sheet, we are required to incur non-cash asset impairment charges that adversely affect our results of operations. There can be no assurances that market dynamics or other factors may not result in future impairment charges. ITEM 1B. UNRESOLVED STAFF COMMENTS None. ​ 31 31 Table of ContentsITEM 2. PROPERTIESThe following table describes our significant properties as of December 31, 2022. These properties are owned by us, and not subject to any significant encumbrances, or are leased by us. We believe these properties are suitable and adequate for our current operations and are appropriately utilized. For additional information regarding our significant facilities please refer to Item 1. Business.​​​​​​​​​​​​​​​Site​Site​​​​​​Acreage ​AcreageOperations​Location​Description​Owned​LeasedSteel Operations Segment *​​​​​​​​Butler Flat Roll Division:​​​​​​​​ Butler Operations ​Butler, IN​Flat Roll Steel Mill and Coating Facility​993​— Jeffersonville Operations ​Jeffersonville, IN​Flat Roll Steel Coating Facility​27​10 Iron Dynamics​Butler, IN​Liquid Ironmaking Facility​25​—Columbus Flat Roll Division ​Columbus, MS​Flat Roll Steel Mill and Coating Facility​1,387​—Sinton Flat Roll Division ​Sinton, TX​Flat Roll Steel Mill and Coating Facility ​2,487​—The Techs ​Pittsburgh, PA​Flat Roll Steel Coating Facilities​16​2Heartland Flat Roll Division​Terre Haute, IN​Flat Roll Steel Cold-Rolling and Coating Facility​246​—United Steel Supply​IN, MS, OR, and TX​Distributor of Painted Galvalume® Flat Roll Steel​40​3Structural and Rail Division ​Columbia City, IN​Structural and Rail Steel Mill​814​—Engineered Bar Products Division ​Pittsboro, IN​Engineered Bar Steel Mill and Finishing Facility​312​—Vulcan Threaded Products ​Pelham, AL​Bar Steel Processing Facility​31​—Roanoke Bar Division ​Roanoke, VA​Merchant Bar Steel Mill​302​—Steel of West Virginia​WV, KY, and TN​Specialty Shapes Steel Mill and Finishing ​139​6​​​​and Coating Facilities​​​​​​​​​​​​​Metals Recycling Operations Segment ​​​​​​​​OmniSource:​​​​​​​​Alabama​Birmingham, AL​Ferrous Scrap Processing​59​—Indiana ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​456​26Michigan ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​186​—Mississippi​Multiple Cities​Ferrous and Nonferrous Scrap Processing​54​13North Carolina ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​346​—Ohio ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​212​21Oklahoma ​Sand Springs, OK​Ferrous Scrap Processing​—​10Tennessee ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​65​—Texas​Multiple Cities​Ferrous and Nonferrous Scrap Processing​75​—Virginia ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​121​—Mexico​Multiple Cities​Ferrous and Nonferrous Scrap Processing​—​70​​​​​​​​​Steel Fabrication Operations Segment ​​​​​​​​New Millennium Building Systems:​​​​​​​​Joist and Deck Operations ​Butler, IN​Steel Joist and Deck Fabrication Facility​156​—Joist Operations ​Fallon, NV​Steel Joist Fabrication Facility​53​—Joist and Deck Operations ​Hope, AR​Steel Joist and Deck Fabrication Facility​245​7Joist Operations ​Juarez, MX​Steel Joist Fabrication Facility​17​—Joist and Deck Operations ​Lake City, FL​Steel Joist and Deck Fabrication Facility​75​—Deck Operations ​Memphis, TN​Deck Fabrication Facility​19​—Joist and Deck Operations ​Salem, VA​Steel Joist and Deck Fabrication Facility​113​—​​​​​​​​​​The company’s corporate headquarters is in Fort Wayne, Indiana on 20 owned acres. Our copper rod and wire facility, a controlled subsidiary, is in New Haven, Indiana on 35 owned acres.*Our 2022 steel mill production utilization was 92% of our estimated annual steelmaking capability, exclusive of Sinton which started up steel operations in 2022.ITEM 3. LEGAL PROCEEDINGSWe are involved in various litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are currently expected to have a material impact on our financial condition, results of operations, or liquidity.32 Table of Contents Table of Contents Table of Contents ITEM 2. PROPERTIESThe following table describes our significant properties as of December 31, 2022. These properties are owned by us, and not subject to any significant encumbrances, or are leased by us. We believe these properties are suitable and adequate for our current operations and are appropriately utilized. For additional information regarding our significant facilities please refer to Item 1. Business.​​​​​​​​​​​​​​​Site​Site​​​​​​Acreage ​AcreageOperations​Location​Description​Owned​LeasedSteel Operations Segment *​​​​​​​​Butler Flat Roll Division:​​​​​​​​ Butler Operations ​Butler, IN​Flat Roll Steel Mill and Coating Facility​993​— Jeffersonville Operations ​Jeffersonville, IN​Flat Roll Steel Coating Facility​27​10 Iron Dynamics​Butler, IN​Liquid Ironmaking Facility​25​—Columbus Flat Roll Division ​Columbus, MS​Flat Roll Steel Mill and Coating Facility​1,387​—Sinton Flat Roll Division ​Sinton, TX​Flat Roll Steel Mill and Coating Facility ​2,487​—The Techs ​Pittsburgh, PA​Flat Roll Steel Coating Facilities​16​2Heartland Flat Roll Division​Terre Haute, IN​Flat Roll Steel Cold-Rolling and Coating Facility​246​—United Steel Supply​IN, MS, OR, and TX​Distributor of Painted Galvalume® Flat Roll Steel​40​3Structural and Rail Division ​Columbia City, IN​Structural and Rail Steel Mill​814​—Engineered Bar Products Division ​Pittsboro, IN​Engineered Bar Steel Mill and Finishing Facility​312​—Vulcan Threaded Products ​Pelham, AL​Bar Steel Processing Facility​31​—Roanoke Bar Division ​Roanoke, VA​Merchant Bar Steel Mill​302​—Steel of West Virginia​WV, KY, and TN​Specialty Shapes Steel Mill and Finishing ​139​6​​​​and Coating Facilities​​​​​​​​​​​​​Metals Recycling Operations Segment ​​​​​​​​OmniSource:​​​​​​​​Alabama​Birmingham, AL​Ferrous Scrap Processing​59​—Indiana ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​456​26Michigan ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​186​—Mississippi​Multiple Cities​Ferrous and Nonferrous Scrap Processing​54​13North Carolina ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​346​—Ohio ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​212​21Oklahoma ​Sand Springs, OK​Ferrous Scrap Processing​—​10Tennessee ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​65​—Texas​Multiple Cities​Ferrous and Nonferrous Scrap Processing​75​—Virginia ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​121​—Mexico​Multiple Cities​Ferrous and Nonferrous Scrap Processing​—​70​​​​​​​​​Steel Fabrication Operations Segment ​​​​​​​​New Millennium Building Systems:​​​​​​​​Joist and Deck Operations ​Butler, IN​Steel Joist and Deck Fabrication Facility​156​—Joist Operations ​Fallon, NV​Steel Joist Fabrication Facility​53​—Joist and Deck Operations ​Hope, AR​Steel Joist and Deck Fabrication Facility​245​7Joist Operations ​Juarez, MX​Steel Joist Fabrication Facility​17​—Joist and Deck Operations ​Lake City, FL​Steel Joist and Deck Fabrication Facility​75​—Deck Operations ​Memphis, TN​Deck Fabrication Facility​19​—Joist and Deck Operations ​Salem, VA​Steel Joist and Deck Fabrication Facility​113​—​​​​​​​​​​The company’s corporate headquarters is in Fort Wayne, Indiana on 20 owned acres. Our copper rod and wire facility, a controlled subsidiary, is in New Haven, Indiana on 35 owned acres.*Our 2022 steel mill production utilization was 92% of our estimated annual steelmaking capability, exclusive of Sinton which started up steel operations in 2022.ITEM 3. LEGAL PROCEEDINGSWe are involved in various litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are currently expected to have a material impact on our financial condition, results of operations, or liquidity. ITEM 2. PROPERTIES The following table describes our significant properties as of December 31, 2022. These properties are owned by us, and not subject to any significant encumbrances, or are leased by us. We believe these properties are suitable and adequate for our current operations and are appropriately utilized. For additional information regarding our significant facilities please refer to Item 1. Business. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Site ​ Site ​ ​ ​ ​ ​ ​ Acreage ​ Acreage Operations ​ Location ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Operating income",
      "prior_title": "Operating income",
      "similarity_score": 0.678,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ 3,151,181 ​ ​ 5,091,822 ​ ​ 4,301,105 ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense, net of capitalized interest ​ 76,484 ​ ​ 91,538 ​ ​ 57,209 Other (income) expense, net ​ (144,246) ​ ​ (20,785) ​ ​ 34,826\""
      ],
      "current_body": "​ 3,151,181 ​ ​ 5,091,822 ​ ​ 4,301,105 ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense, net of capitalized interest ​ 76,484 ​ ​ 91,538 ​ ​ 57,209 Other (income) expense, net ​ (144,246) ​ ​ (20,785) ​ ​ 34,826",
      "prior_body": "​ 5,091,822 ​ ​ 4,301,105 ​ ​ 847,142 ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense, net of capitalized interest ​ 91,538 ​ ​ 57,209 ​ ​ 94,877 Other (income) expense, net ​ (20,785) ​ ​ 34,826 ​ ​ 46,787"
    },
    {
      "status": "MODIFIED",
      "current_title": "Impairment of Long-Lived Tangible and Definite-Lived Intangible Assets",
      "prior_title": "Amortization",
      "similarity_score": 0.672,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"The company reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may not be fully recoverable.\"",
        "Reworded sentence: \"Goodwill The company’s goodwill consisted of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations Segment ​ $ 272,133 ​ $ 272,133 ​ ​ Metals Recycling Operations Segment ​ ​ 203,413 ​ ​ 228,009 ​ ​ Steel Fabrication Operations Segment ​ ​ 1,925 ​ ​ 1,925 ​ ​ ​ ​ $ 477,471 ​ $ 502,067 ​ ​ Cumulative OmniSource goodwill impairment charges were $346.8 million at December 31, 2023 and 2022.\""
      ],
      "current_body": "The company reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may not be fully recoverable. Impairment losses are recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. The impairment loss is measured by comparing the fair value of the assets to its carrying amount. The company considers various factors and determines whether an impairment test is necessary, including by way of examples, a significant and prolonged deterioration in operating results and/or projected cash flows, significant changes in the extent or manner in which an asset is used, technological advances with respect to assets which would potentially render them obsolete, the company’s strategy and capital planning, and the economic environment in markets to be served. Goodwill The company’s goodwill consisted of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations Segment ​ $ 272,133 ​ $ 272,133 ​ ​ Metals Recycling Operations Segment ​ ​ 203,413 ​ ​ 228,009 ​ ​ Steel Fabrication Operations Segment ​ ​ 1,925 ​ ​ 1,925 ​ ​ ​ ​ $ 477,471 ​ $ 502,067 ​ ​ Cumulative OmniSource goodwill impairment charges were $346.8 million at December 31, 2023 and 2022. ​",
      "prior_body": "​ ​ ​ 2022 ​ 2021 ​ Life ​ Period ​ ​ Customer, vendor and scrap generator relationships $ 420,512 ​ $ 526,886 ​ 10 to 25 years ​ 23 years ​ ​ Trade names ​ 147,950 ​ ​ 147,950 ​ 15 to 25 years ​ 19 years ​ ​ Other ​ 600 ​ ​ 1,350 ​ 5 years ​ 5 years ​ ​ ​ ​ 569,062 ​ ​ 676,186 ​ ​ ​ 22 years ​ ​ Less accumulated amortization ​ 301,555 ​ ​ 380,841 ​ ​ ​ ​ ​ ​ ​ $ 267,507 ​ $ 295,345 ​ ​ ​ ​ ​ ​ The company utilizes an accelerated amortization methodology for customer, vendor and scrap generator relationships in order to follow the pattern in which the economic benefits of the amounts are anticipated to be consumed. Trade names are amortized using a straight-line methodology. Amortization of intangible assets was $27.8 million, $29.2 million, and $29.0 million for the years ended December 31, 2022, 2021, and 2020, respectively. In 2022, a customer relationship of $105 million became fully amortized. ​ Estimated amortization expense related to amortizable intangibles for the years ending December 31 is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ $ 27,439 ​ ​ 2024 ​ ​ 26,701 ​ ​ 2025 ​ ​ 24,783 ​ ​ 2026 ​ ​ 23,820 ​ ​ 2027 ​ ​ 21,837 ​ ​ Thereafter ​ ​ 142,927 ​ ​ Total ​ $ 267,507 ​ ​ ​ 65 65 Table of ContentsNote 1. Description of the Business and Summary of Significant Accounting Policies (Continued)Impairment of Long-Lived Tangible and Definite-Lived Intangible AssetsThe company reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may not be fully recoverable. Impairment losses are recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. The impairment loss is measured by comparing the fair value of the assets to its carrying amount. The company considers various factors and determines whether an impairment test is necessary, including by way of examples, a significant and prolonged deterioration in operating results and/or projected cash flows, significant changes in the extent or manner in which an asset is used, technological advances with respect to assets which would potentially render them obsolete, the company’s strategy and capital planning, and the economic environment in markets to be served. Events occurred during the fourth quarter of 2020, that represented impairment indicators related to the company’s noncore oil and gas joint ventures. Therefore, the company undertook a fourth quarter 2020 assessment of the recoverability of the carrying amounts of these joint ventures’ property, plant and equipment. Based on the joint ventures’ outlook at the time of this 2020 assessment, the company concluded that the carrying amounts of its property, plant and equipment were fully impaired. This assessment resulted in a total non-cash asset impairment charge of $19.4 million, which include amounts attributable to noncontrolling interests of $2.4 million, that in total served to reduce net income attributable to Steel Dynamics, Inc. by $12.0 million for the year ended December 31, 2020. GoodwillThe company’s goodwill consisted of the following at December 31 (in thousands):​​​​​​​​​​​​​ 2022​ 2021​​​​​​​​​​​Steel Operations Segment​$ 272,133​$ 272,133​​Metals Recycling Operations Segment​​ 228,009​​ 179,777​​Steel Fabrication Operations Segment ​​ 1,925​​ 1,925​​​​$ 502,067​$ 453,835​​Metals Recycling Operations Segment goodwill includes a decrease of $3.0 million in 2022 in recognition of the 2022 tax benefit related to the normal amortization of the component of OmniSource tax-deductible goodwill in excess of book goodwill. Cumulative OmniSource goodwill impairment charges were $346.8 million at December 31, 2022 and 2021.​66 Table of Contents Table of Contents Table of Contents Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued)Impairment of Long-Lived Tangible and Definite-Lived Intangible AssetsThe company reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may not be fully recoverable. Impairment losses are recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. The impairment loss is measured by comparing the fair value of the assets to its carrying amount. The company considers various factors and determines whether an impairment test is necessary, including by way of examples, a significant and prolonged deterioration in operating results and/or projected cash flows, significant changes in the extent or manner in which an asset is used, technological advances with respect to assets which would potentially render them obsolete, the company’s strategy and capital planning, and the economic environment in markets to be served. Events occurred during the fourth quarter of 2020, that represented impairment indicators related to the company’s noncore oil and gas joint ventures. Therefore, the company undertook a fourth quarter 2020 assessment of the recoverability of the carrying amounts of these joint ventures’ property, plant and equipment. Based on the joint ventures’ outlook at the time of this 2020 assessment, the company concluded that the carrying amounts of its property, plant and equipment were fully impaired. This assessment resulted in a total non-cash asset impairment charge of $19.4 million, which include amounts attributable to noncontrolling interests of $2.4 million, that in total served to reduce net income attributable to Steel Dynamics, Inc. by $12.0 million for the year ended December 31, 2020. GoodwillThe company’s goodwill consisted of the following at December 31 (in thousands):​​​​​​​​​​​​​ 2022​ 2021​​​​​​​​​​​Steel Operations Segment​$ 272,133​$ 272,133​​Metals Recycling Operations Segment​​ 228,009​​ 179,777​​Steel Fabrication Operations Segment ​​ 1,925​​ 1,925​​​​$ 502,067​$ 453,835​​Metals Recycling Operations Segment goodwill includes a decrease of $3.0 million in 2022 in recognition of the 2022 tax benefit related to the normal amortization of the component of OmniSource tax-deductible goodwill in excess of book goodwill. Cumulative OmniSource goodwill impairment charges were $346.8 million at December 31, 2022 and 2021.​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Segment Results 2023 vs. 2022",
      "prior_title": "Segment Results 2022 vs. 2021",
      "similarity_score": 0.666,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"During 2023, our metals recycling operations continued to benefit from solid domestic steel industry demand, resulting in higher ferrous and nonferrous scrap shipments compared to 2022.\""
      ],
      "current_body": "During 2023, our steel operations achieved record annual shipments of 12.8 million tons (11.4 million excluding intra-segment) a 5% increase over 2022 shipments, including 1.4 million tons from Sinton during 2023, an increase of 67% over 2022. Customer order activity and steel demand were strong during 2023, with the construction, automotive, industrial, and energy sectors continuing to lead demand. In spite of strong market demand, average selling prices were lower during 2023 compared to 2022, as total steel segment average selling prices decreased 18%, or $249 per ton, compared to 2022. Sheet steel pricing was 22% lower, while long products pricing decreased 6%. Net sales for the steel operations segment were 13% lower in 2023 when compared to historically high prices in 2022, due to lower average steel selling prices more than offsetting record volumes. ​ Metallic raw materials used in our electric arc furnaces represent our single most significant steel manufacturing cost, generally comprising approximately 55% to 65% of our steel mill operations’ manufacturing costs. Our metallic raw material cost consumed in our steel mills decreased $61 per net ton, or 13%, in 2023 compared to 2022, consistent with overall decreased domestic scrap pricing noted below in the metals recycling operations segment discussion. ​ As a result of average selling prices decreasing more than scrap costs, specifically for sheet steel products, metal spread (which we define as the difference between average steel mill selling prices and the cost of ferrous scrap consumed in our steel mills) decreased 20% in 2023 compared to 2022. Due to this metal spread compression, operating income for the steel operations decreased 39%, to $1.9 billion, in 2023 compared to 2022. 43 43 Table of ContentsMetals Recycling Operations Segment​Metals recycling operations includes both ferrous and nonferrous scrap metal processing, transportation, marketing, brokerage, and scrap management services. Our steel mills utilize a large portion of the ferrous scrap sold by our metals recycling operations as raw material in our steelmaking operations, and the remainder is sold to other consumers, such as other steel manufacturers and foundries. In 2023 and 2022, 62% and 66%, respectively, of metals recycling operations ferrous scrap was sold to our own steel mills, while our steel mill utilization was 82% and 77% including Sinton (91% and 92% exclusive of Sinton) in 2023 and 2022, respectively. Metals recycling operations accounted for 12% and 10% of our consolidated net sales during 2023 and 2022, respectively.Metals Recycling Operations Shipments:​​​​​​​​​​​​​​​​​​​​​Years Ended December 31,​​​​2023​% Change​2022​​Ferrous metal (gross tons)​​​​​​​​Total​ 5,779,114​9% ​ 5,301,774​​Inter-company​ (3,579,958)​​​ (3,475,662)​​External shipments​ 2,199,156​20% ​ 1,826,112​​​​​​​​​​​Nonferrous metal (thousands of pounds)​​​​​​​​Total​ 1,108,211​5% ​ 1,053,852​​Inter-company​ (157,892)​​​ (138,407)​​External shipments​ 950,319​4% ​ 915,445​​Segment Results 2023 vs. 2022During 2023, our metals recycling operations continued to benefit from solid domestic steel industry demand, resulting in higher ferrous and nonferrous scrap shipments compared to 2022. We were able to increase shipments even as domestic steel mill utilization rates declined slightly to approximately 75% in 2023, as compared to approximately 78% in 2022. Ferrous and nonferrous shipments increased 9% and 5%, respectively, in 2023 compared to 2022. Net sales for our metals recycling operations in 2023 were comparable to 2022, as increased shipments were offset by ferrous and nonferrous average selling prices that decreased 7% and 8%, respectively, during 2023 compared to 2022.​Ferrous metal spread (which we define as the difference between average selling prices and the cost of purchased scrap) decreased 7% and nonferrous metal spread increased 9% during 2023 compared to 2022. As a result of the overall decreased metals spreads, metals recycling operations operating income decreased 24% to $88.7 million in 2023 compared to 2022.​44 Table of Contents Table of Contents Table of Contents Metals Recycling Operations Segment​Metals recycling operations includes both ferrous and nonferrous scrap metal processing, transportation, marketing, brokerage, and scrap management services. Our steel mills utilize a large portion of the ferrous scrap sold by our metals recycling operations as raw material in our steelmaking operations, and the remainder is sold to other consumers, such as other steel manufacturers and foundries. In 2023 and 2022, 62% and 66%, respectively, of metals recycling operations ferrous scrap was sold to our own steel mills, while our steel mill utilization was 82% and 77% including Sinton (91% and 92% exclusive of Sinton) in 2023 and 2022, respectively. Metals recycling operations accounted for 12% and 10% of our consolidated net sales during 2023 and 2022, respectively.Metals Recycling Operations Shipments:​​​​​​​​​​​​​​​​​​​​​Years Ended December 31,​​​​2023​% Change​2022​​Ferrous metal (gross tons)​​​​​​​​Total​ 5,779,114​9% ​ 5,301,774​​Inter-company​ (3,579,958)​​​ (3,475,662)​​External shipments​ 2,199,156​20% ​ 1,826,112​​​​​​​​​​​Nonferrous metal (thousands of pounds)​​​​​​​​Total​ 1,108,211​5% ​ 1,053,852​​Inter-company​ (157,892)​​​ (138,407)​​External shipments​ 950,319​4% ​ 915,445​​Segment Results 2023 vs. 2022During 2023, our metals recycling operations continued to benefit from solid domestic steel industry demand, resulting in higher ferrous and nonferrous scrap shipments compared to 2022. We were able to increase shipments even as domestic steel mill utilization rates declined slightly to approximately 75% in 2023, as compared to approximately 78% in 2022. Ferrous and nonferrous shipments increased 9% and 5%, respectively, in 2023 compared to 2022. Net sales for our metals recycling operations in 2023 were comparable to 2022, as increased shipments were offset by ferrous and nonferrous average selling prices that decreased 7% and 8%, respectively, during 2023 compared to 2022.​Ferrous metal spread (which we define as the difference between average selling prices and the cost of purchased scrap) decreased 7% and nonferrous metal spread increased 9% during 2023 compared to 2022. As a result of the overall decreased metals spreads, metals recycling operations operating income decreased 24% to $88.7 million in 2023 compared to 2022.​",
      "prior_body": "During 2022, domestic steel demand remained strong from the construction, automotive, industrial, and energy sectors, resulting in record shipments of 10.8 million tons in 2022, including 828,000 tons from Sinton. Average product pricing for our steel operations, though higher year over year compared to 2021, experienced steady declines throughout 2022 for sheet steel products, which had risen to record levels at the end of 2021. Conversely, long products realized higher selling prices through the majority of 2022. Steel operations segment shipments increased 7% in 2022 compared to 2021, as Sinton started up production throughout the year, with average selling prices remaining steady. Net sales for the steel operations segment were 8% higher in 2022 when compared to 2021, due to stable average steel selling prices and record volumes. ​ Metallic raw materials used in our electric arc furnaces represent our single most significant steel manufacturing cost, generally comprising approximately 55% to 65% of our steel mill operations’ manufacturing costs. Our metallic raw material cost consumed in our steel mills increased $28 per net ton, or 6%, in 2022 compared to 2021. ​ As a result of scrap costs increasing more than average selling prices, specifically for sheet steel products, metal spread (which we define as the difference between average steel mill selling prices and the cost of ferrous scrap consumed in our steel mills) decreased slightly in 2022 compared to 2021. Due to metal spread compression and additional costs during start-up at Sinton, operating income for the steel operations decreased 29%, to $3.1 billion, in 2022 compared to 2021. ​ ​ 41 41 Table of ContentsMetals Recycling Operations Segment​Metals recycling operations includes both ferrous and nonferrous scrap metal processing, transportation, marketing, brokerage, and scrap management services. In October 2022, we completed our acquisition of ROCA ACERO, S.A. de C.V. (ROCA), whose post-acquisition operations are included in 2022 results. Our steel mills utilize a large portion (approximately 66% in 2022 and 2021) of the ferrous scrap sold by our metals recycling operations as raw material in our steelmaking operations, and the remainder is sold to other consumers, such as other steel manufacturers and foundries. Metals recycling operations accounted for 10% and 12% of our consolidated net sales during 2022 and 2021, respectively.Metals Recycling Operations Shipments:​​​​​​​​​​​​​​​​​​​​​Years Ended December 31,​​​​2022​% Change​2021​​Ferrous metal (gross tons)​​​​​​​​Total​ 5,301,774​(3)%​ 5,442,478​​Inter-company​ (3,475,662)​3% ​ (3,574,668)​​External shipments​ 1,826,112​(2)%​ 1,867,810​​​​​​​​​​​Nonferrous metal (thousands of pounds)​​​​​​​​Total​ 1,053,852​(4)%​ 1,093,472​​Inter-company​ (138,407)​(2)%​ (135,914)​​External shipments​ 915,445​(4)%​ 957,558​​Segment Results 2022 vs. 2021Our metals recycling operations faced a challenging price environment during 2022. Domestic steel mill utilization rates decreased to approximately 78% in 2022 from 81% in the prior year, impacting demand for ferrous scrap. Net sales for our metals recycling operations decreased 4% in 2022 as compared to 2021, driven by lower shipments and average selling values. Ferrous scrap average selling prices decreased 4% during 2022 compared to 2021, falling nine out of twelve months during the year, while nonferrous average selling prices increased 3%. Ferrous metal spread (which we define as the difference between average selling prices and the cost of purchased scrap) decreased 2%, while nonferrous metal spread also decreased 2% in 2022 compared to 2021. Metals recycling operations operating income in 2022 of $117.3 million decreased $64.7 million, or 36%, from the record in 2021, due to decreased ferrous and nonferrous shipments and metal spread.​42 Table of Contents Table of Contents Table of Contents Metals Recycling Operations Segment​Metals recycling operations includes both ferrous and nonferrous scrap metal processing, transportation, marketing, brokerage, and scrap management services. In October 2022, we completed our acquisition of ROCA ACERO, S.A. de C.V. (ROCA), whose post-acquisition operations are included in 2022 results. Our steel mills utilize a large portion (approximately 66% in 2022 and 2021) of the ferrous scrap sold by our metals recycling operations as raw material in our steelmaking operations, and the remainder is sold to other consumers, such as other steel manufacturers and foundries. Metals recycling operations accounted for 10% and 12% of our consolidated net sales during 2022 and 2021, respectively.Metals Recycling Operations Shipments:​​​​​​​​​​​​​​​​​​​​​Years Ended December 31,​​​​2022​% Change​2021​​Ferrous metal (gross tons)​​​​​​​​Total​ 5,301,774​(3)%​ 5,442,478​​Inter-company​ (3,475,662)​3% ​ (3,574,668)​​External shipments​ 1,826,112​(2)%​ 1,867,810​​​​​​​​​​​Nonferrous metal (thousands of pounds)​​​​​​​​Total​ 1,053,852​(4)%​ 1,093,472​​Inter-company​ (138,407)​(2)%​ (135,914)​​External shipments​ 915,445​(4)%​ 957,558​​Segment Results 2022 vs. 2021Our metals recycling operations faced a challenging price environment during 2022. Domestic steel mill utilization rates decreased to approximately 78% in 2022 from 81% in the prior year, impacting demand for ferrous scrap. Net sales for our metals recycling operations decreased 4% in 2022 as compared to 2021, driven by lower shipments and average selling values. Ferrous scrap average selling prices decreased 4% during 2022 compared to 2021, falling nine out of twelve months during the year, while nonferrous average selling prices increased 3%. Ferrous metal spread (which we define as the difference between average selling prices and the cost of purchased scrap) decreased 2%, while nonferrous metal spread also decreased 2% in 2022 compared to 2021. Metals recycling operations operating income in 2022 of $117.3 million decreased $64.7 million, or 36%, from the record in 2021, due to decreased ferrous and nonferrous shipments and metal spread.​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Gross profit",
      "prior_title": "Gross profit",
      "similarity_score": 0.662,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ 4,045,883 ​ ​ 6,117,831 ​ ​ 5,362,424 ​ ​ ​ ​ ​ ​ ​ ​ ​ Selling, general and administrative expenses ​ 588,621 ​ ​ 545,621 ​ ​ 643,976 Profit sharing ​ 272,033 ​ ​ 452,551 ​ ​ 388,111 Amortization of intangible assets ​ 34,048 ​ ​ 27,837 ​ ​ 29,232\""
      ],
      "current_body": "​ 4,045,883 ​ ​ 6,117,831 ​ ​ 5,362,424 ​ ​ ​ ​ ​ ​ ​ ​ ​ Selling, general and administrative expenses ​ 588,621 ​ ​ 545,621 ​ ​ 643,976 Profit sharing ​ 272,033 ​ ​ 452,551 ​ ​ 388,111 Amortization of intangible assets ​ 34,048 ​ ​ 27,837 ​ ​ 29,232",
      "prior_body": "​ 6,117,831 ​ ​ 5,362,424 ​ ​ 1,434,728 ​ ​ ​ ​ ​ ​ ​ ​ ​ Selling, general and administrative expenses ​ 545,621 ​ ​ 643,976 ​ ​ 477,450 Profit sharing ​ 452,551 ​ ​ 388,111 ​ ​ 61,728 Amortization of intangible assets ​ 27,837 ​ ​ 29,232 ​ ​ 28,999 Asset impairment charges ​ - ​ ​ - ​ ​ 19,409"
    },
    {
      "status": "MODIFIED",
      "current_title": "Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued)",
      "prior_title": "Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued)",
      "similarity_score": 0.661,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"The company offsets fair value amounts recognized for derivative instruments executed with the same counterparty under master netting agreements.\""
      ],
      "current_body": "useful life ranging from 3 to 15 years for plant, machinery and equipment, and 10 to 40 years for buildings and improvements. Repairs and maintenance are expensed as incurred. Depreciation is provided utilizing the straight-line depreciation methodology, or the units-of-production depreciation methodology for certain production-related steel operations segment assets, based on units produced, subject to minimum and maximum levels. Depreciation expense was $397.0 million, $349.4 million, and $311.4 million for the years ended December 31, 2023, 2022, and 2021, respectively. The company’s property, plant and equipment consisted of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ Land and improvements ​ $ 693,166 ​ $ 521,881 ​ ​ Buildings and improvements ​ ​ 1,255,274 ​ ​ 1,238,824 ​ ​ Plant, machinery and equipment ​ ​ 6,887,985 ​ ​ 6,683,237 ​ ​ Construction in progress ​ ​ 2,096,489 ​ ​ 780,741 ​ ​ ​ ​ ​ 10,932,914 ​ ​ 9,224,683 ​ ​ Less accumulated depreciation ​ ​ 4,198,696 ​ ​ 3,851,018 ​ ​ Property, plant and equipment, net ​ $ 6,734,218 ​ $ 5,373,665 ​ ​",
      "prior_body": "The company’s property, plant and equipment consisted of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ Land and improvements ​ $ 521,881 ​ $ 350,898 ​ ​ Buildings and improvements ​ ​ 1,238,824 ​ ​ 873,131 ​ ​ Plant, machinery and equipment ​ ​ 6,683,237 ​ ​ 5,193,405 ​ ​ Construction in progress ​ ​ 780,741 ​ ​ 1,839,110 ​ ​ ​ ​ ​ 9,224,683 ​ ​ 8,256,544 ​ ​ Less accumulated depreciation ​ ​ 3,851,018 ​ ​ 3,505,114 ​ ​ Property, plant and equipment, net ​ $ 5,373,665 ​ $ 4,751,430 ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Valuation of Goodwill",
      "prior_title": "Valuation of Goodwill",
      "similarity_score": 0.652,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"Description ofthe Matter At December 31, 2023, the Company’s goodwill was approximately $477 million.\"",
        "Reworded sentence: \"In particular, the fair value estimate was sensitive to significant assumptions, specifically changes in the risk-adjusted discount rate and a complex valuation model.\"",
        "Reworded sentence: \"To test the estimated fair value of each of the Company’s reporting units, we performed audit procedures that included, among others, testing the underlying assumptions used in the Company’s analysis, testing the completeness and accuracy of the underlying estimates of future cash flows used by management and testing the calculation of the fair value of the reporting units.\""
      ],
      "current_body": "Description ofthe Matter At December 31, 2023, the Company’s goodwill was approximately $477 million. As discussed in Note 1 of the consolidated financial statements, the Company performs an impairment test for goodwill at least annually or when indicators of impairment exist. Auditing management’s goodwill impairment test was complex and judgmental due to the significant estimation required to determine the fair value of the reporting units. In particular, the fair value estimate was sensitive to significant assumptions, specifically changes in the risk-adjusted discount rate and a complex valuation model. ​ How WeAddressed theMatter in OurAudit We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s goodwill impairment review process, including controls over management’s review of the assumptions and methodologies used in the calculation of the fair value of the reporting units, as well as the Company’s review of the completeness and accuracy of the data used in the Company’s analysis. To test the estimated fair value of each of the Company’s reporting units, we performed audit procedures that included, among others, testing the underlying assumptions used in the Company’s analysis, testing the completeness and accuracy of the underlying estimates of future cash flows used by management and testing the calculation of the fair value of the reporting units. We compared the assumptions used by management to historical results and performed sensitivity analyses over certain assumptions used by management to evaluate the changes in the fair value of each of the reporting units that would result from changes in those assumptions. In addition, we involved our specialist to assist with our evaluation of the methodologies applied and assumptions used by management. /s/ Ernst & Young LLP ​ We have served as the Company’s auditor since 1999. ​ Indianapolis, Indiana February 29, 2024 ​ 57 57 Table of ContentsSTEEL DYNAMICS, INC.CONSOLIDATED BALANCE SHEETS(in thousands, except share data)​​​​​​​​December 31,Assets 2023​​ 2022Current assets​​​​​​ Cash and equivalents $ 1,400,887​​$ 1,628,417 Short-term investments​ 721,210​​​ 628,215 Accounts receivable, net of allowances for credit losses of $8,480 and $5,678​​​​​​ as of December 31, 2023, and December 31, 2022, respectively​ 1,535,062​​​ 1,976,282 Accounts receivable-related parties​ 73,245​​​ 79,769 Inventories ​ 2,894,632​​​ 3,129,964 Other current assets ​ 162,790​​​ 195,371 Total current assets ​ 6,787,826​​​ 7,638,018​​​​​​​Property, plant and equipment, net ​ 6,734,218​​​ 5,373,665Intangible assets, net ​ 257,759​​​ 267,507Goodwill​ 477,471​​​ 502,067Other assets ​ 651,146​​​ 378,727 Total assets $ 14,908,420​​$ 14,159,984Liabilities and Equity​​​​​​Current liabilities​​​​​​ Accounts payable $ 1,078,645​​$ 1,007,304 Accounts payable-related parties​ 9,685​​​ 9,934 Income taxes payable​ 5,524​​​ 6,520 Accrued payroll and benefits ​ 469,143​​​ 610,558 Accrued expenses​ 309,312​​​ 340,646 Current maturities of long-term debt​ 459,987​​​ 57,334 Total current liabilities ​ 2,332,296​​​ 2,032,296​​​​​​​Long-term debt​ 2,611,069​​​ 3,013,241Deferred income taxes​ 944,768​​​ 889,103Other liabilities​ 180,760​​​ 129,539 Total liabilities ​ 6,068,893​​​ 6,064,179​​​​​​​Commitments and contingencies​​​​​​​​​​​​​Redeemable noncontrolling interests​ 171,212​​​ 181,503​​​​​​​Equity​​​​​​ Common stock voting, $.0025 par value; 900,000,000 shares authorized;​​​​​​ 268,112,991 and 267,762,488 shares issued; and 160,018,100 and 172,936,163​​​​​​ shares outstanding, as of December 31, 2023, and December 31, 2022, respectively​ 651​​​ 650 Treasury stock, at cost; 108,094,891 and 94,826,325 shares,​​​​​​ as of December 31, 2023, and December 31, 2022, respectively​ (5,897,606)​​​ (4,459,513) Additional paid-in capital ​ 1,217,610​​​ 1,212,566 Retained earnings ​ 13,545,590​​​ 11,375,765 Accumulated other comprehensive income​ 421​​​ 889 Total Steel Dynamics, Inc. equity ​ 8,866,666​​​ 8,130,357 Noncontrolling interests​ (198,351)​​​ (216,055) Total equity​ 8,668,315​​​ 7,914,302 Total liabilities and equity $ 14,908,420​​$ 14,159,984See notes to consolidated financial statements.58 Table of Contents Table of Contents Table of Contents STEEL DYNAMICS, INC.CONSOLIDATED BALANCE SHEETS(in thousands, except share data)​​​​​​​​December 31,Assets 2023​​ 2022Current assets​​​​​​ Cash and equivalents $ 1,400,887​​$ 1,628,417 Short-term investments​ 721,210​​​ 628,215 Accounts receivable, net of allowances for credit losses of $8,480 and $5,678​​​​​​ as of December 31, 2023, and December 31, 2022, respectively​ 1,535,062​​​ 1,976,282 Accounts receivable-related parties​ 73,245​​​ 79,769 Inventories ​ 2,894,632​​​ 3,129,964 Other current assets ​ 162,790​​​ 195,371 Total current assets ​ 6,787,826​​​ 7,638,018​​​​​​​Property, plant and equipment, net ​ 6,734,218​​​ 5,373,665Intangible assets, net ​ 257,759​​​ 267,507Goodwill​ 477,471​​​ 502,067Other assets ​ 651,146​​​ 378,727 Total assets $ 14,908,420​​$ 14,159,984Liabilities and Equity​​​​​​Current liabilities​​​​​​ Accounts payable $ 1,078,645​​$ 1,007,304 Accounts payable-related parties​ 9,685​​​ 9,934 Income taxes payable​ 5,524​​​ 6,520 Accrued payroll and benefits ​ 469,143​​​ 610,558 Accrued expenses​ 309,312​​​ 340,646 Current maturities of long-term debt​ 459,987​​​ 57,334 Total current liabilities ​ 2,332,296​​​ 2,032,296​​​​​​​Long-term debt​ 2,611,069​​​ 3,013,241Deferred income taxes​ 944,768​​​ 889,103Other liabilities​ 180,760​​​ 129,539 Total liabilities ​ 6,068,893​​​ 6,064,179​​​​​​​Commitments and contingencies​​​​​​​​​​​​​Redeemable noncontrolling interests​ 171,212​​​ 181,503​​​​​​​Equity​​​​​​ Common stock voting, $.0025 par value; 900,000,000 shares authorized;​​​​​​ 268,112,991 and 267,762,488 shares issued; and 160,018,100 and 172,936,163​​​​​​ shares outstanding, as of December 31, 2023, and December 31, 2022, respectively​ 651​​​ 650 Treasury stock, at cost; 108,094,891 and 94,826,325 shares,​​​​​​ as of December 31, 2023, and December 31, 2022, respectively​ (5,897,606)​​​ (4,459,513) Additional paid-in capital ​ 1,217,610​​​ 1,212,566 Retained earnings ​ 13,545,590​​​ 11,375,765 Accumulated other comprehensive income​ 421​​​ 889 Total Steel Dynamics, Inc. equity ​ 8,866,666​​​ 8,130,357 Noncontrolling interests​ (198,351)​​​ (216,055) Total equity​ 8,668,315​​​ 7,914,302 Total liabilities and equity $ 14,908,420​​$ 14,159,984See notes to consolidated financial statements.",
      "prior_body": "Description ofthe Matter At December 31, 2022, the Company’s goodwill was approximately $502 million. As discussed in Note 1 of the consolidated financial statements, the Company performs an impairment test for goodwill at least annually or when indicators of impairment exist. Auditing management’s goodwill impairment test was complex and judgmental due to the significant estimation required to determine the fair value of the reporting units. In particular, the fair value estimate was sensitive to significant assumptions, such as estimates of future cash flows and changes in the risk-adjusted discount rate, which are affected by expectations about future market or economic conditions and the impact of planned business and operation strategies. ​ How WeAddressed theMatter in OurAudit We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s goodwill impairment review process, including controls over management’s review of the assumptions and methodologies used in the calculation of the fair value of the reporting units, as well as the Company’s review of the completeness and accuracy of the data used in the Company’s analysis. To test the estimated fair value of each of the Company’s reporting units, we performed audit procedures that included, among others, testing the underlying assumptions used in the Company’s analysis, testing the completeness and accuracy of the underlying estimates of future cash flows used by management and testing the calculation of the fair value of each reporting unit. We compared the assumptions used by management to historical results. We assessed the historical accuracy of management’s estimates and performed sensitivity analyses over certain assumptions used by management to evaluate the changes in the fair value of each of the reporting units that would result from changes in those assumptions. ​ ​ ​ /s/ Ernst & Young LLP ​ We have served as the Company’s auditor since 1999. ​ Indianapolis, Indiana February 28, 2023 ​ 56 56 Table of ContentsSTEEL DYNAMICS, INC.CONSOLIDATED BALANCE SHEETS(in thousands, except share data)​​​​​​​​​​​ ​​​​December 31,Assets 2022​​ 2021​​​​​​Current assets​​​​​​ Cash and equivalents $ 1,628,417​​$ 1,243,868 Short-term investments​ 628,215​​​ - Accounts receivable, net of allowances for credit losses of $5,678 and $6,161​​​​​​ as of December 31, 2022, and December 31, 2021, respectively​ 1,976,282​​​ 1,911,385 Accounts receivable-related parties​ 79,769​​​ 5,049 Inventories ​ 3,129,964​​​ 3,531,130 Other current assets ​ 195,371​​​ 209,591 Total current assets ​ 7,638,018​​​ 6,901,023​​​​​​​Property, plant and equipment, net ​ 5,373,665​​​ 4,751,430Intangible assets, net ​ 267,507​​​ 295,345Goodwill​ 502,067​​​ 453,835Other assets ​ 378,727​​​ 129,601 Total assets $ 14,159,984​​$ 12,531,234Liabilities and Equity​​​​​​Current liabilities​​​​​​ Accounts payable $ 1,007,304​​$ 1,266,833 Accounts payable-related parties​ 9,934​​​ 13,722 Income taxes payable​ 6,520​​​ 13,746 Accrued payroll and benefits ​ 610,558​​​ 539,812 Accrued expenses​ 340,646​​​ 296,082 Current maturities of long-term debt​ 57,334​​​ 97,174 Total current liabilities ​ 2,032,296​​​ 2,227,369​​​​​​​Long-term debt​ 3,013,241​​​ 3,008,702Deferred income taxes​ 889,103​​​ 854,905Other liabilities​ 129,539​​​ 120,087 Total liabilities ​ 6,064,179​​​ 6,211,063​​​​​​​Commitments and contingencies​​​​​​​​​​​​​Redeemable noncontrolling interests​ 181,503​​​ 211,414​​​​​​​Equity​​​​​​ Common stock voting, $.0025 par value; 900,000,000 shares authorized;​​​​​​ 267,762,488 and 267,224,622 shares issued; and 172,936,163 and 194,997,922​​​​​​ shares outstanding, as of December 31, 2022, and December 31, 2021, respectively​ 650​​​ 649 Treasury stock, at cost; 94,826,325 and 72,226,700 shares,​​​​​​ as of December 31, 2022, and December 31, 2021, respectively​ (4,459,513)​​​ (2,674,267) Additional paid-in capital ​ 1,212,566​​​ 1,218,933 Retained earnings ​ 11,375,765​​​ 7,761,417 Accumulated other comprehensive income (loss)​ 889​​​ (2,091) Total Steel Dynamics, Inc. equity ​ 8,130,357​​​ 6,304,641 Noncontrolling interests​ (216,055)​​​ (195,884) Total equity​ 7,914,302​​​ 6,108,757 Total liabilities and equity $ 14,159,984​​$ 12,531,234See notes to consolidated financial statements.57 Table of Contents Table of Contents Table of Contents STEEL DYNAMICS, INC.CONSOLIDATED BALANCE SHEETS(in thousands, except share data)​​​​​​​​​​​ ​​​​December 31,Assets 2022​​ 2021​​​​​​Current assets​​​​​​ Cash and equivalents $ 1,628,417​​$ 1,243,868 Short-term investments​ 628,215​​​ - Accounts receivable, net of allowances for credit losses of $5,678 and $6,161​​​​​​ as of December 31, 2022, and December 31, 2021, respectively​ 1,976,282​​​ 1,911,385 Accounts receivable-related parties​ 79,769​​​ 5,049 Inventories ​ 3,129,964​​​ 3,531,130 Other current assets ​ 195,371​​​ 209,591 Total current assets ​ 7,638,018​​​ 6,901,023​​​​​​​Property, plant and equipment, net ​ 5,373,665​​​ 4,751,430Intangible assets, net ​ 267,507​​​ 295,345Goodwill​ 502,067​​​ 453,835Other assets ​ 378,727​​​ 129,601 Total assets $ 14,159,984​​$ 12,531,234Liabilities and Equity​​​​​​Current liabilities​​​​​​ Accounts payable $ 1,007,304​​$ 1,266,833 Accounts payable-related parties​ 9,934​​​ 13,722 Income taxes payable​ 6,520​​​ 13,746 Accrued payroll and benefits ​ 610,558​​​ 539,812 Accrued expenses​ 340,646​​​ 296,082 Current maturities of long-term debt​ 57,334​​​ 97,174 Total current liabilities ​ 2,032,296​​​ 2,227,369​​​​​​​Long-term debt​ 3,013,241​​​ 3,008,702Deferred income taxes​ 889,103​​​ 854,905Other liabilities​ 129,539​​​ 120,087 Total liabilities ​ 6,064,179​​​ 6,211,063​​​​​​​Commitments and contingencies​​​​​​​​​​​​​Redeemable noncontrolling interests​ 181,503​​​ 211,414​​​​​​​Equity​​​​​​ Common stock voting, $.0025 par value; 900,000,000 shares authorized;​​​​​​ 267,762,488 and 267,224,622 shares issued; and 172,936,163 and 194,997,922​​​​​​ shares outstanding, as of December 31, 2022, and December 31, 2021, respectively​ 650​​​ 649 Treasury stock, at cost; 94,826,325 and 72,226,700 shares,​​​​​​ as of December 31, 2022, and December 31, 2021, respectively​ (4,459,513)​​​ (2,674,267) Additional paid-in capital ​ 1,212,566​​​ 1,218,933 Retained earnings ​ 11,375,765​​​ 7,761,417 Accumulated other comprehensive income (loss)​ 889​​​ (2,091) Total Steel Dynamics, Inc. equity ​ 8,130,357​​​ 6,304,641 Noncontrolling interests​ (216,055)​​​ (195,884) Total equity​ 7,914,302​​​ 6,108,757 Total liabilities and equity $ 14,159,984​​$ 12,531,234See notes to consolidated financial statements."
    },
    {
      "status": "MODIFIED",
      "current_title": "Segment Results 2023 vs. 2022",
      "prior_title": "Segment Results 2022 vs. 2021",
      "similarity_score": 0.648,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"During 2023, our steel operations achieved record annual shipments of 12.8 million tons (11.4 million excluding intra-segment) a 5% increase over 2022 shipments, including 1.4 million tons from Sinton during 2023, an increase of 67% over 2022.\"",
        "Reworded sentence: \"Our metallic raw material cost consumed in our steel mills decreased $61 per net ton, or 13%, in 2023 compared to 2022, consistent with overall decreased domestic scrap pricing noted below in the metals recycling operations segment discussion.\""
      ],
      "current_body": "During 2023, our steel operations achieved record annual shipments of 12.8 million tons (11.4 million excluding intra-segment) a 5% increase over 2022 shipments, including 1.4 million tons from Sinton during 2023, an increase of 67% over 2022. Customer order activity and steel demand were strong during 2023, with the construction, automotive, industrial, and energy sectors continuing to lead demand. In spite of strong market demand, average selling prices were lower during 2023 compared to 2022, as total steel segment average selling prices decreased 18%, or $249 per ton, compared to 2022. Sheet steel pricing was 22% lower, while long products pricing decreased 6%. Net sales for the steel operations segment were 13% lower in 2023 when compared to historically high prices in 2022, due to lower average steel selling prices more than offsetting record volumes. ​ Metallic raw materials used in our electric arc furnaces represent our single most significant steel manufacturing cost, generally comprising approximately 55% to 65% of our steel mill operations’ manufacturing costs. Our metallic raw material cost consumed in our steel mills decreased $61 per net ton, or 13%, in 2023 compared to 2022, consistent with overall decreased domestic scrap pricing noted below in the metals recycling operations segment discussion. ​ As a result of average selling prices decreasing more than scrap costs, specifically for sheet steel products, metal spread (which we define as the difference between average steel mill selling prices and the cost of ferrous scrap consumed in our steel mills) decreased 20% in 2023 compared to 2022. Due to this metal spread compression, operating income for the steel operations decreased 39%, to $1.9 billion, in 2023 compared to 2022. 43 43 Table of ContentsMetals Recycling Operations Segment​Metals recycling operations includes both ferrous and nonferrous scrap metal processing, transportation, marketing, brokerage, and scrap management services. Our steel mills utilize a large portion of the ferrous scrap sold by our metals recycling operations as raw material in our steelmaking operations, and the remainder is sold to other consumers, such as other steel manufacturers and foundries. In 2023 and 2022, 62% and 66%, respectively, of metals recycling operations ferrous scrap was sold to our own steel mills, while our steel mill utilization was 82% and 77% including Sinton (91% and 92% exclusive of Sinton) in 2023 and 2022, respectively. Metals recycling operations accounted for 12% and 10% of our consolidated net sales during 2023 and 2022, respectively.Metals Recycling Operations Shipments:​​​​​​​​​​​​​​​​​​​​​Years Ended December 31,​​​​2023​% Change​2022​​Ferrous metal (gross tons)​​​​​​​​Total​ 5,779,114​9% ​ 5,301,774​​Inter-company​ (3,579,958)​​​ (3,475,662)​​External shipments​ 2,199,156​20% ​ 1,826,112​​​​​​​​​​​Nonferrous metal (thousands of pounds)​​​​​​​​Total​ 1,108,211​5% ​ 1,053,852​​Inter-company​ (157,892)​​​ (138,407)​​External shipments​ 950,319​4% ​ 915,445​​Segment Results 2023 vs. 2022During 2023, our metals recycling operations continued to benefit from solid domestic steel industry demand, resulting in higher ferrous and nonferrous scrap shipments compared to 2022. We were able to increase shipments even as domestic steel mill utilization rates declined slightly to approximately 75% in 2023, as compared to approximately 78% in 2022. Ferrous and nonferrous shipments increased 9% and 5%, respectively, in 2023 compared to 2022. Net sales for our metals recycling operations in 2023 were comparable to 2022, as increased shipments were offset by ferrous and nonferrous average selling prices that decreased 7% and 8%, respectively, during 2023 compared to 2022.​Ferrous metal spread (which we define as the difference between average selling prices and the cost of purchased scrap) decreased 7% and nonferrous metal spread increased 9% during 2023 compared to 2022. As a result of the overall decreased metals spreads, metals recycling operations operating income decreased 24% to $88.7 million in 2023 compared to 2022.​44 Table of Contents Table of Contents Table of Contents Metals Recycling Operations Segment​Metals recycling operations includes both ferrous and nonferrous scrap metal processing, transportation, marketing, brokerage, and scrap management services. Our steel mills utilize a large portion of the ferrous scrap sold by our metals recycling operations as raw material in our steelmaking operations, and the remainder is sold to other consumers, such as other steel manufacturers and foundries. In 2023 and 2022, 62% and 66%, respectively, of metals recycling operations ferrous scrap was sold to our own steel mills, while our steel mill utilization was 82% and 77% including Sinton (91% and 92% exclusive of Sinton) in 2023 and 2022, respectively. Metals recycling operations accounted for 12% and 10% of our consolidated net sales during 2023 and 2022, respectively.Metals Recycling Operations Shipments:​​​​​​​​​​​​​​​​​​​​​Years Ended December 31,​​​​2023​% Change​2022​​Ferrous metal (gross tons)​​​​​​​​Total​ 5,779,114​9% ​ 5,301,774​​Inter-company​ (3,579,958)​​​ (3,475,662)​​External shipments​ 2,199,156​20% ​ 1,826,112​​​​​​​​​​​Nonferrous metal (thousands of pounds)​​​​​​​​Total​ 1,108,211​5% ​ 1,053,852​​Inter-company​ (157,892)​​​ (138,407)​​External shipments​ 950,319​4% ​ 915,445​​Segment Results 2023 vs. 2022During 2023, our metals recycling operations continued to benefit from solid domestic steel industry demand, resulting in higher ferrous and nonferrous scrap shipments compared to 2022. We were able to increase shipments even as domestic steel mill utilization rates declined slightly to approximately 75% in 2023, as compared to approximately 78% in 2022. Ferrous and nonferrous shipments increased 9% and 5%, respectively, in 2023 compared to 2022. Net sales for our metals recycling operations in 2023 were comparable to 2022, as increased shipments were offset by ferrous and nonferrous average selling prices that decreased 7% and 8%, respectively, during 2023 compared to 2022.​Ferrous metal spread (which we define as the difference between average selling prices and the cost of purchased scrap) decreased 7% and nonferrous metal spread increased 9% during 2023 compared to 2022. As a result of the overall decreased metals spreads, metals recycling operations operating income decreased 24% to $88.7 million in 2023 compared to 2022.​",
      "prior_body": "During 2022, domestic steel demand remained strong from the construction, automotive, industrial, and energy sectors, resulting in record shipments of 10.8 million tons in 2022, including 828,000 tons from Sinton. Average product pricing for our steel operations, though higher year over year compared to 2021, experienced steady declines throughout 2022 for sheet steel products, which had risen to record levels at the end of 2021. Conversely, long products realized higher selling prices through the majority of 2022. Steel operations segment shipments increased 7% in 2022 compared to 2021, as Sinton started up production throughout the year, with average selling prices remaining steady. Net sales for the steel operations segment were 8% higher in 2022 when compared to 2021, due to stable average steel selling prices and record volumes. ​ Metallic raw materials used in our electric arc furnaces represent our single most significant steel manufacturing cost, generally comprising approximately 55% to 65% of our steel mill operations’ manufacturing costs. Our metallic raw material cost consumed in our steel mills increased $28 per net ton, or 6%, in 2022 compared to 2021. ​ As a result of scrap costs increasing more than average selling prices, specifically for sheet steel products, metal spread (which we define as the difference between average steel mill selling prices and the cost of ferrous scrap consumed in our steel mills) decreased slightly in 2022 compared to 2021. Due to metal spread compression and additional costs during start-up at Sinton, operating income for the steel operations decreased 29%, to $3.1 billion, in 2022 compared to 2021. ​ ​ 41 41 Table of ContentsMetals Recycling Operations Segment​Metals recycling operations includes both ferrous and nonferrous scrap metal processing, transportation, marketing, brokerage, and scrap management services. In October 2022, we completed our acquisition of ROCA ACERO, S.A. de C.V. (ROCA), whose post-acquisition operations are included in 2022 results. Our steel mills utilize a large portion (approximately 66% in 2022 and 2021) of the ferrous scrap sold by our metals recycling operations as raw material in our steelmaking operations, and the remainder is sold to other consumers, such as other steel manufacturers and foundries. Metals recycling operations accounted for 10% and 12% of our consolidated net sales during 2022 and 2021, respectively.Metals Recycling Operations Shipments:​​​​​​​​​​​​​​​​​​​​​Years Ended December 31,​​​​2022​% Change​2021​​Ferrous metal (gross tons)​​​​​​​​Total​ 5,301,774​(3)%​ 5,442,478​​Inter-company​ (3,475,662)​3% ​ (3,574,668)​​External shipments​ 1,826,112​(2)%​ 1,867,810​​​​​​​​​​​Nonferrous metal (thousands of pounds)​​​​​​​​Total​ 1,053,852​(4)%​ 1,093,472​​Inter-company​ (138,407)​(2)%​ (135,914)​​External shipments​ 915,445​(4)%​ 957,558​​Segment Results 2022 vs. 2021Our metals recycling operations faced a challenging price environment during 2022. Domestic steel mill utilization rates decreased to approximately 78% in 2022 from 81% in the prior year, impacting demand for ferrous scrap. Net sales for our metals recycling operations decreased 4% in 2022 as compared to 2021, driven by lower shipments and average selling values. Ferrous scrap average selling prices decreased 4% during 2022 compared to 2021, falling nine out of twelve months during the year, while nonferrous average selling prices increased 3%. Ferrous metal spread (which we define as the difference between average selling prices and the cost of purchased scrap) decreased 2%, while nonferrous metal spread also decreased 2% in 2022 compared to 2021. Metals recycling operations operating income in 2022 of $117.3 million decreased $64.7 million, or 36%, from the record in 2021, due to decreased ferrous and nonferrous shipments and metal spread.​42 Table of Contents Table of Contents Table of Contents Metals Recycling Operations Segment​Metals recycling operations includes both ferrous and nonferrous scrap metal processing, transportation, marketing, brokerage, and scrap management services. In October 2022, we completed our acquisition of ROCA ACERO, S.A. de C.V. (ROCA), whose post-acquisition operations are included in 2022 results. Our steel mills utilize a large portion (approximately 66% in 2022 and 2021) of the ferrous scrap sold by our metals recycling operations as raw material in our steelmaking operations, and the remainder is sold to other consumers, such as other steel manufacturers and foundries. Metals recycling operations accounted for 10% and 12% of our consolidated net sales during 2022 and 2021, respectively.Metals Recycling Operations Shipments:​​​​​​​​​​​​​​​​​​​​​Years Ended December 31,​​​​2022​% Change​2021​​Ferrous metal (gross tons)​​​​​​​​Total​ 5,301,774​(3)%​ 5,442,478​​Inter-company​ (3,475,662)​3% ​ (3,574,668)​​External shipments​ 1,826,112​(2)%​ 1,867,810​​​​​​​​​​​Nonferrous metal (thousands of pounds)​​​​​​​​Total​ 1,053,852​(4)%​ 1,093,472​​Inter-company​ (138,407)​(2)%​ (135,914)​​External shipments​ 915,445​(4)%​ 957,558​​Segment Results 2022 vs. 2021Our metals recycling operations faced a challenging price environment during 2022. Domestic steel mill utilization rates decreased to approximately 78% in 2022 from 81% in the prior year, impacting demand for ferrous scrap. Net sales for our metals recycling operations decreased 4% in 2022 as compared to 2021, driven by lower shipments and average selling values. Ferrous scrap average selling prices decreased 4% during 2022 compared to 2021, falling nine out of twelve months during the year, while nonferrous average selling prices increased 3%. Ferrous metal spread (which we define as the difference between average selling prices and the cost of purchased scrap) decreased 2%, while nonferrous metal spread also decreased 2% in 2022 compared to 2021. Metals recycling operations operating income in 2022 of $117.3 million decreased $64.7 million, or 36%, from the record in 2021, due to decreased ferrous and nonferrous shipments and metal spread.​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Current liabilities",
      "prior_title": "Current liabilities",
      "similarity_score": 0.631,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ Accounts payable $ 1,078,645 ​ ​ $ 1,007,304 Accounts payable-related parties ​ 9,685 ​ ​ ​ 9,934 Income taxes payable ​ 5,524 ​ ​ ​ 6,520 Accrued payroll and benefits ​ 469,143 ​ ​ ​ 610,558 Accrued expenses ​ 309,312 ​ ​ ​ 340,646 Current maturities of long-term debt ​ 459,987 ​ ​ ​ 57,334 Total current liabilities ​ 2,332,296 ​ ​ ​ 2,032,296 ​ ​ ​ ​ ​ ​ ​\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ Accounts payable $ 1,078,645 ​ ​ $ 1,007,304 Accounts payable-related parties ​ 9,685 ​ ​ ​ 9,934 Income taxes payable ​ 5,524 ​ ​ ​ 6,520 Accrued payroll and benefits ​ 469,143 ​ ​ ​ 610,558 Accrued expenses ​ 309,312 ​ ​ ​ 340,646 Current maturities of long-term debt ​ 459,987 ​ ​ ​ 57,334 Total current liabilities ​ 2,332,296 ​ ​ ​ 2,032,296 ​ ​ ​ ​ ​ ​ ​",
      "prior_body": "​ ​ ​ ​ ​ ​ Accounts payable $ 1,007,304 ​ ​ $ 1,266,833 Accounts payable-related parties ​ 9,934 ​ ​ ​ 13,722 Income taxes payable ​ 6,520 ​ ​ ​ 13,746 Accrued payroll and benefits ​ 610,558 ​ ​ ​ 539,812 Accrued expenses ​ 340,646 ​ ​ ​ 296,082 Current maturities of long-term debt ​ 57,334 ​ ​ ​ 97,174 Total current liabilities ​ 2,032,296 ​ ​ ​ 2,227,369 ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Current assets",
      "prior_title": "Current assets",
      "similarity_score": 0.627,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ Cash and equivalents $ 1,400,887 ​ ​ $ 1,628,417 Short-term investments ​ 721,210 ​ ​ ​ 628,215 Accounts receivable, net of allowances for credit losses of $8,480 and $5,678 ​ ​ ​ ​ ​ ​ as of December 31, 2023, and December 31, 2022, respectively ​ 1,535,062 ​ ​ ​ 1,976,282 Accounts receivable-related parties ​ 73,245 ​ ​ ​ 79,769 Inventories ​ 2,894,632 ​ ​ ​ 3,129,964 Other current assets ​ 162,790 ​ ​ ​ 195,371 Total current assets ​ 6,787,826 ​ ​ ​ 7,638,018 ​ ​ ​ ​ ​ ​ ​\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ Cash and equivalents $ 1,400,887 ​ ​ $ 1,628,417 Short-term investments ​ 721,210 ​ ​ ​ 628,215 Accounts receivable, net of allowances for credit losses of $8,480 and $5,678 ​ ​ ​ ​ ​ ​ as of December 31, 2023, and December 31, 2022, respectively ​ 1,535,062 ​ ​ ​ 1,976,282 Accounts receivable-related parties ​ 73,245 ​ ​ ​ 79,769 Inventories ​ 2,894,632 ​ ​ ​ 3,129,964 Other current assets ​ 162,790 ​ ​ ​ 195,371 Total current assets ​ 6,787,826 ​ ​ ​ 7,638,018 ​ ​ ​ ​ ​ ​ ​",
      "prior_body": "​ ​ ​ ​ ​ ​ Cash and equivalents $ 1,628,417 ​ ​ $ 1,243,868 Short-term investments ​ 628,215 ​ ​ ​ - Accounts receivable, net of allowances for credit losses of $5,678 and $6,161 ​ ​ ​ ​ ​ ​ as of December 31, 2022, and December 31, 2021, respectively ​ 1,976,282 ​ ​ ​ 1,911,385 Accounts receivable-related parties ​ 79,769 ​ ​ ​ 5,049 Inventories ​ 3,129,964 ​ ​ ​ 3,531,130 Other current assets ​ 195,371 ​ ​ ​ 209,591 Total current assets ​ 7,638,018 ​ ​ ​ 6,901,023 ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued)",
      "prior_title": "Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued)",
      "similarity_score": 0.623,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"useful life ranging from 3 to 15 years for plant, machinery and equipment, and 10 to 40 years for buildings and improvements.\""
      ],
      "current_body": "useful life ranging from 3 to 15 years for plant, machinery and equipment, and 10 to 40 years for buildings and improvements. Repairs and maintenance are expensed as incurred. Depreciation is provided utilizing the straight-line depreciation methodology, or the units-of-production depreciation methodology for certain production-related steel operations segment assets, based on units produced, subject to minimum and maximum levels. Depreciation expense was $397.0 million, $349.4 million, and $311.4 million for the years ended December 31, 2023, 2022, and 2021, respectively. The company’s property, plant and equipment consisted of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ Land and improvements ​ $ 693,166 ​ $ 521,881 ​ ​ Buildings and improvements ​ ​ 1,255,274 ​ ​ 1,238,824 ​ ​ Plant, machinery and equipment ​ ​ 6,887,985 ​ ​ 6,683,237 ​ ​ Construction in progress ​ ​ 2,096,489 ​ ​ 780,741 ​ ​ ​ ​ ​ 10,932,914 ​ ​ 9,224,683 ​ ​ Less accumulated depreciation ​ ​ 4,198,696 ​ ​ 3,851,018 ​ ​ Property, plant and equipment, net ​ $ 6,734,218 ​ $ 5,373,665 ​ ​",
      "prior_body": "The company’s property, plant and equipment consisted of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ Land and improvements ​ $ 521,881 ​ $ 350,898 ​ ​ Buildings and improvements ​ ​ 1,238,824 ​ ​ 873,131 ​ ​ Plant, machinery and equipment ​ ​ 6,683,237 ​ ​ 5,193,405 ​ ​ Construction in progress ​ ​ 780,741 ​ ​ 1,839,110 ​ ​ ​ ​ ​ 9,224,683 ​ ​ 8,256,544 ​ ​ Less accumulated depreciation ​ ​ 3,851,018 ​ ​ 3,505,114 ​ ​ Property, plant and equipment, net ​ $ 5,373,665 ​ $ 4,751,430 ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Redeemable noncontrolling interests",
      "prior_title": "Redeemable noncontrolling interests",
      "similarity_score": 0.614,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ 171,212 ​ ​ ​ 181,503 ​ ​ ​ ​ ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ Common stock voting, $.0025 par value; 900,000,000 shares authorized; ​ ​ ​ ​ ​ ​ 268,112,991 and 267,762,488 shares issued; and 160,018,100 and 172,936,163 ​ ​ ​ ​ ​ ​ shares outstanding, as of December 31, 2023, and December 31, 2022, respectively ​ 651 ​ ​ ​ 650 Treasury stock, at cost; 108,094,891 and 94,826,325 shares, ​ ​ ​ ​ ​ ​ as of December 31, 2023, and December 31, 2022, respectively ​ (5,897,606) ​ ​ ​ (4,459,513) Additional paid-in capital ​ 1,217,610 ​ ​ ​ 1,212,566 Retained earnings ​ 13,545,590 ​ ​ ​ 11,375,765 Accumulated other comprehensive income ​ 421 ​ ​ ​ 889 Total Steel Dynamics, Inc.\""
      ],
      "current_body": "​ 171,212 ​ ​ ​ 181,503 ​ ​ ​ ​ ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ Common stock voting, $.0025 par value; 900,000,000 shares authorized; ​ ​ ​ ​ ​ ​ 268,112,991 and 267,762,488 shares issued; and 160,018,100 and 172,936,163 ​ ​ ​ ​ ​ ​ shares outstanding, as of December 31, 2023, and December 31, 2022, respectively ​ 651 ​ ​ ​ 650 Treasury stock, at cost; 108,094,891 and 94,826,325 shares, ​ ​ ​ ​ ​ ​ as of December 31, 2023, and December 31, 2022, respectively ​ (5,897,606) ​ ​ ​ (4,459,513) Additional paid-in capital ​ 1,217,610 ​ ​ ​ 1,212,566 Retained earnings ​ 13,545,590 ​ ​ ​ 11,375,765 Accumulated other comprehensive income ​ 421 ​ ​ ​ 889 Total Steel Dynamics, Inc. equity ​ 8,866,666 ​ ​ ​ 8,130,357 Noncontrolling interests ​ (198,351) ​ ​ ​ (216,055)",
      "prior_body": "​ 181,503 ​ ​ ​ 211,414 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ Common stock voting, $.0025 par value; 900,000,000 shares authorized; ​ ​ ​ ​ ​ ​ 267,762,488 and 267,224,622 shares issued; and 172,936,163 and 194,997,922 ​ ​ ​ ​ ​ ​ shares outstanding, as of December 31, 2022, and December 31, 2021, respectively ​ 650 ​ ​ ​ 649 Treasury stock, at cost; 94,826,325 and 72,226,700 shares, ​ ​ ​ ​ ​ ​ as of December 31, 2022, and December 31, 2021, respectively ​ (4,459,513) ​ ​ ​ (2,674,267) Additional paid-in capital ​ 1,212,566 ​ ​ ​ 1,218,933 Retained earnings ​ 11,375,765 ​ ​ ​ 7,761,417 Accumulated other comprehensive income (loss) ​ 889 ​ ​ ​ (2,091) Total Steel Dynamics, Inc. equity ​ 8,130,357 ​ ​ ​ 6,304,641 Noncontrolling interests ​ (216,055) ​ ​ ​ (195,884)"
    },
    {
      "status": "MODIFIED",
      "current_title": "Years Ended December 31,",
      "prior_title": "Years Ended December 31,",
      "similarity_score": 0.598,
      "confidence": "low",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ 2023 ​ % Change ​ 2022 ​ ​ Total shipments 12,821,753 ​ 5% ​ 12,159,189 ​ ​ Intra-segment shipments (1,449,832) ​ ​ ​ (1,354,940) ​ ​ Steel Operations Segment shipments 11,371,921 ​ 5% ​ 10,804,249 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External shipments 10,976,707 ​ 5% ​ 10,411,490 ​ ​ ​ 42 42 Table of ContentsSegment Results 2023 vs.\""
      ],
      "current_body": "​ ​ ​ 2023 ​ % Change ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 13,067,622 ​ (13)% ​ $ 15,100,996 ​ ​ Metals Recycling Operations ​ 4,360,127 ​ (1)% ​ ​ 4,395,668 ​ ​ Steel Fabrication Operations ​ 2,806,777 ​ (34)% ​ ​ 4,257,207 ​ ​ Aluminum Operations ​ - ​ - ​ ​ - ​ ​ Other ​ 1,171,901 ​ (9)% ​ ​ 1,287,980 ​ ​ ​ ​ 21,406,427 ​ ​ ​ ​ 25,041,851 ​ ​ Intra-company ​ (2,611,111) ​ ​ ​ ​ (2,781,077) ​ ​ ​ $ 18,795,316 ​ (16)% ​ $ 22,260,774 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 1,881,600 ​ (39)% ​ $ 3,092,689 ​ ​ Metals Recycling Operations ​ 88,654 ​ (24)% ​ ​ 116,497 ​ ​ Steel Fabrication Operations ​ 1,593,261 ​ (34)% ​ ​ 2,424,655 ​ ​ Aluminum Operations ​ (23,773) ​ (909)% ​ ​ (2,355) ​ ​ Other ​ (394,577) ​ 34% ​ ​ (594,045) ​ ​ ​ ​ 3,145,165 ​ ​ ​ ​ 5,037,441 ​ ​ Intra-company ​ 6,016 ​ ​ ​ ​ 54,381 ​ ​ ​ $ 3,151,181 ​ (38)% ​ $ 5,091,822 ​ ​ ​ 41 41 Table of Contents​Steel Operations Segment​Steel operations consist of our electric arc furnace (EAF) steel mills, producing steel from ferrous scrap and scrap substitutes, utilizing continuous casting, automated rolling mills and numerous steel coating, processing lines and warehouse operations. Our steel operations sell directly to end-users, steel fabricators, and service centers. These products are used in numerous industry sectors, including the construction, automotive, manufacturing, transportation, heavy and agriculture equipment, energy and pipe and tube (including OCTG) markets. Steel operations accounted for 67% and 65% of our consolidated net sales during 2023 and 2022, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2023​% Change​2022​​Total shipments 12,821,753​5% ​ 12,159,189​​Intra-segment shipments (1,449,832)​​​ (1,354,940)​​Steel Operations Segment shipments 11,371,921​5% ​ 10,804,249​​​​​​​​​​External shipments 10,976,707​5% ​ 10,411,490​​​42 Table of Contents Table of Contents Table of Contents ​Steel Operations Segment​Steel operations consist of our electric arc furnace (EAF) steel mills, producing steel from ferrous scrap and scrap substitutes, utilizing continuous casting, automated rolling mills and numerous steel coating, processing lines and warehouse operations. Our steel operations sell directly to end-users, steel fabricators, and service centers. These products are used in numerous industry sectors, including the construction, automotive, manufacturing, transportation, heavy and agriculture equipment, energy and pipe and tube (including OCTG) markets. Steel operations accounted for 67% and 65% of our consolidated net sales during 2023 and 2022, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2023​% Change​2022​​Total shipments 12,821,753​5% ​ 12,159,189​​Intra-segment shipments (1,449,832)​​​ (1,354,940)​​Steel Operations Segment shipments 11,371,921​5% ​ 10,804,249​​​​​​​​​​External shipments 10,976,707​5% ​ 10,411,490​​​ ​",
      "prior_body": "​ ​ ​ 2022 ​ % Change ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 15,100,917 ​ 8% ​ $ 14,023,133 ​ ​ Metals Recycling Operations ​ 4,395,636 ​ (4)% ​ ​ 4,590,121 ​ ​ Steel Fabrication Operations ​ 4,257,207 ​ 141% ​ ​ 1,764,710 ​ ​ Other ​ 1,288,984 ​ 2% ​ ​ 1,266,971 ​ ​ ​ ​ 25,042,744 ​ ​ ​ ​ 21,644,935 ​ ​ Intra-company ​ (2,781,970) ​ ​ ​ ​ (3,236,085) ​ ​ ​ $ 22,260,774 ​ 21% ​ $ 18,408,850 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 3,095,348 ​ (29)% ​ $ 4,360,488 ​ ​ Metals Recycling Operations ​ 117,266 ​ (36)% ​ ​ 181,986 ​ ​ Steel Fabrication Operations ​ 2,424,655 ​ 564% ​ ​ 365,250 ​ ​ Other ​ (599,828) ​ (9)% ​ ​ (551,725) ​ ​ ​ ​ 5,037,441 ​ ​ ​ ​ 4,355,999 ​ ​ Intra-company ​ 54,381 ​ ​ ​ ​ (54,894) ​ ​ ​ $ 5,091,822 ​ 18% ​ $ 4,301,105 ​ ​ ​ 39 39 Table of Contents​Steel Operations Segment​Steel operations consist of our electric arc furnace steel mills, producing steel from ferrous scrap and scrap substitutes, utilizing continuous casting, automated rolling mills, numerous value-added downstream steel coating and processing operations, and distribution operations. Our steel operations sell directly to end-users, steel fabricators, and service centers. These products are used in numerous industry sectors, including the construction, automotive, manufacturing, transportation, heavy and agriculture equipment, and pipe and tube (including OCTG) markets. Steel operations accounted for 65% and 72% of our consolidated net sales during 2022 and 2021, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2022​% Change​2021​​Total shipments 12,158,168​8% ​ 11,217,640​​Intra-segment shipments (1,353,824)​​​ (1,106,525)​​Steel Operations Segment shipments 10,804,344​7% ​ 10,111,115​​​​​​​​​​External shipments 10,410,469​9% ​ 9,559,617​​​40 Table of Contents Table of Contents Table of Contents ​Steel Operations Segment​Steel operations consist of our electric arc furnace steel mills, producing steel from ferrous scrap and scrap substitutes, utilizing continuous casting, automated rolling mills, numerous value-added downstream steel coating and processing operations, and distribution operations. Our steel operations sell directly to end-users, steel fabricators, and service centers. These products are used in numerous industry sectors, including the construction, automotive, manufacturing, transportation, heavy and agriculture equipment, and pipe and tube (including OCTG) markets. Steel operations accounted for 65% and 72% of our consolidated net sales during 2022 and 2021, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2022​% Change​2021​​Total shipments 12,158,168​8% ​ 11,217,640​​Intra-segment shipments (1,353,824)​​​ (1,106,525)​​Steel Operations Segment shipments 10,804,344​7% ​ 10,111,115​​​​​​​​​​External shipments 10,410,469​9% ​ 9,559,617​​​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Years Ended December 31,",
      "prior_title": "Years Ended December 31,",
      "similarity_score": 0.579,
      "confidence": "low",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ 2023 ​ % Change ​ 2022 ​ ​ Ferrous metal (gross tons) ​ ​ ​ ​ ​ ​ ​ ​ Total ​ 5,779,114 ​ 9% ​ 5,301,774 ​ ​ Inter-company ​ (3,579,958) ​ ​ ​ (3,475,662) ​ ​ External shipments ​ 2,199,156 ​ 20% ​ 1,826,112 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nonferrous metal (thousands of pounds) ​ ​ ​ ​ ​ ​ ​ ​ Total ​ 1,108,211 ​ 5% ​ 1,053,852 ​ ​ Inter-company ​ (157,892) ​ ​ ​ (138,407) ​ ​ External shipments ​ 950,319 ​ 4% ​ 915,445 ​ ​\""
      ],
      "current_body": "​ ​ ​ 2023 ​ % Change ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 13,067,622 ​ (13)% ​ $ 15,100,996 ​ ​ Metals Recycling Operations ​ 4,360,127 ​ (1)% ​ ​ 4,395,668 ​ ​ Steel Fabrication Operations ​ 2,806,777 ​ (34)% ​ ​ 4,257,207 ​ ​ Aluminum Operations ​ - ​ - ​ ​ - ​ ​ Other ​ 1,171,901 ​ (9)% ​ ​ 1,287,980 ​ ​ ​ ​ 21,406,427 ​ ​ ​ ​ 25,041,851 ​ ​ Intra-company ​ (2,611,111) ​ ​ ​ ​ (2,781,077) ​ ​ ​ $ 18,795,316 ​ (16)% ​ $ 22,260,774 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 1,881,600 ​ (39)% ​ $ 3,092,689 ​ ​ Metals Recycling Operations ​ 88,654 ​ (24)% ​ ​ 116,497 ​ ​ Steel Fabrication Operations ​ 1,593,261 ​ (34)% ​ ​ 2,424,655 ​ ​ Aluminum Operations ​ (23,773) ​ (909)% ​ ​ (2,355) ​ ​ Other ​ (394,577) ​ 34% ​ ​ (594,045) ​ ​ ​ ​ 3,145,165 ​ ​ ​ ​ 5,037,441 ​ ​ Intra-company ​ 6,016 ​ ​ ​ ​ 54,381 ​ ​ ​ $ 3,151,181 ​ (38)% ​ $ 5,091,822 ​ ​ ​ 41 41 Table of Contents​Steel Operations Segment​Steel operations consist of our electric arc furnace (EAF) steel mills, producing steel from ferrous scrap and scrap substitutes, utilizing continuous casting, automated rolling mills and numerous steel coating, processing lines and warehouse operations. Our steel operations sell directly to end-users, steel fabricators, and service centers. These products are used in numerous industry sectors, including the construction, automotive, manufacturing, transportation, heavy and agriculture equipment, energy and pipe and tube (including OCTG) markets. Steel operations accounted for 67% and 65% of our consolidated net sales during 2023 and 2022, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2023​% Change​2022​​Total shipments 12,821,753​5% ​ 12,159,189​​Intra-segment shipments (1,449,832)​​​ (1,354,940)​​Steel Operations Segment shipments 11,371,921​5% ​ 10,804,249​​​​​​​​​​External shipments 10,976,707​5% ​ 10,411,490​​​42 Table of Contents Table of Contents Table of Contents ​Steel Operations Segment​Steel operations consist of our electric arc furnace (EAF) steel mills, producing steel from ferrous scrap and scrap substitutes, utilizing continuous casting, automated rolling mills and numerous steel coating, processing lines and warehouse operations. Our steel operations sell directly to end-users, steel fabricators, and service centers. These products are used in numerous industry sectors, including the construction, automotive, manufacturing, transportation, heavy and agriculture equipment, energy and pipe and tube (including OCTG) markets. Steel operations accounted for 67% and 65% of our consolidated net sales during 2023 and 2022, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2023​% Change​2022​​Total shipments 12,821,753​5% ​ 12,159,189​​Intra-segment shipments (1,449,832)​​​ (1,354,940)​​Steel Operations Segment shipments 11,371,921​5% ​ 10,804,249​​​​​​​​​​External shipments 10,976,707​5% ​ 10,411,490​​​ ​",
      "prior_body": "​ ​ ​ 2022 ​ % Change ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 15,100,917 ​ 8% ​ $ 14,023,133 ​ ​ Metals Recycling Operations ​ 4,395,636 ​ (4)% ​ ​ 4,590,121 ​ ​ Steel Fabrication Operations ​ 4,257,207 ​ 141% ​ ​ 1,764,710 ​ ​ Other ​ 1,288,984 ​ 2% ​ ​ 1,266,971 ​ ​ ​ ​ 25,042,744 ​ ​ ​ ​ 21,644,935 ​ ​ Intra-company ​ (2,781,970) ​ ​ ​ ​ (3,236,085) ​ ​ ​ $ 22,260,774 ​ 21% ​ $ 18,408,850 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 3,095,348 ​ (29)% ​ $ 4,360,488 ​ ​ Metals Recycling Operations ​ 117,266 ​ (36)% ​ ​ 181,986 ​ ​ Steel Fabrication Operations ​ 2,424,655 ​ 564% ​ ​ 365,250 ​ ​ Other ​ (599,828) ​ (9)% ​ ​ (551,725) ​ ​ ​ ​ 5,037,441 ​ ​ ​ ​ 4,355,999 ​ ​ Intra-company ​ 54,381 ​ ​ ​ ​ (54,894) ​ ​ ​ $ 5,091,822 ​ 18% ​ $ 4,301,105 ​ ​ ​ 39 39 Table of Contents​Steel Operations Segment​Steel operations consist of our electric arc furnace steel mills, producing steel from ferrous scrap and scrap substitutes, utilizing continuous casting, automated rolling mills, numerous value-added downstream steel coating and processing operations, and distribution operations. Our steel operations sell directly to end-users, steel fabricators, and service centers. These products are used in numerous industry sectors, including the construction, automotive, manufacturing, transportation, heavy and agriculture equipment, and pipe and tube (including OCTG) markets. Steel operations accounted for 65% and 72% of our consolidated net sales during 2022 and 2021, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2022​% Change​2021​​Total shipments 12,158,168​8% ​ 11,217,640​​Intra-segment shipments (1,353,824)​​​ (1,106,525)​​Steel Operations Segment shipments 10,804,344​7% ​ 10,111,115​​​​​​​​​​External shipments 10,410,469​9% ​ 9,559,617​​​40 Table of Contents Table of Contents Table of Contents ​Steel Operations Segment​Steel operations consist of our electric arc furnace steel mills, producing steel from ferrous scrap and scrap substitutes, utilizing continuous casting, automated rolling mills, numerous value-added downstream steel coating and processing operations, and distribution operations. Our steel operations sell directly to end-users, steel fabricators, and service centers. These products are used in numerous industry sectors, including the construction, automotive, manufacturing, transportation, heavy and agriculture equipment, and pipe and tube (including OCTG) markets. Steel operations accounted for 65% and 72% of our consolidated net sales during 2022 and 2021, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2022​% Change​2021​​Total shipments 12,158,168​8% ​ 11,217,640​​Intra-segment shipments (1,353,824)​​​ (1,106,525)​​Steel Operations Segment shipments 10,804,344​7% ​ 10,111,115​​​​​​​​​​External shipments 10,410,469​9% ​ 9,559,617​​​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Business Combinations",
      "prior_title": "Derivative Financial Instruments",
      "similarity_score": 0.576,
      "confidence": "low",
      "key_changes": [
        "Reworded sentence: \"ROCA The company acquired 100% of ROCA ACERO, S.A.\"",
        "Reworded sentence: \"ROCA is headquartered in Monterrey, Mexico, and operates ferrous and nonferrous scrap facilities strategically positioned near high-volume industrial scrap sources located throughout Central and Northern Mexico.\"",
        "Reworded sentence: \"Post-acquisition operating results are reflected in the company’s financial statements in the metals recycling operations segment.\"",
        "Reworded sentence: \"Operating results from and after July 29, 2022, are reflected in the company’s consolidated financial statements in the aluminum operations segment.\"",
        "Removed sentence: \"​ZimmerThe company acquired 100% of Zimmer, S.A.\""
      ],
      "current_body": "ROCA The company acquired 100% of ROCA ACERO, S.A. de C.V. (ROCA) on October 1, 2022. The acquisition of ROCA is part of the company’s North American raw material procurement strategy. ROCA is headquartered in Monterrey, Mexico, and operates ferrous and nonferrous scrap facilities strategically positioned near high-volume industrial scrap sources located throughout Central and Northern Mexico. The transaction was funded with available cash. Post-acquisition operating results are reflected in the company’s financial statements in the metals recycling operations segment. 69 69 Table of ContentsNote 2. Business Combinations and Investments in Unconsolidated Affiliates (Continued)Aluminum DynamicsThe company attained a 94.4% equity interest in a joint venture concurrently formed with Unity Aluminum, Inc. on July 29, 2022, for the construction and operation of a new state-of-the-art low-carbon recycled aluminum flat rolled products mill. The transaction was funded with available cash. Operating results from and after July 29, 2022, are reflected in the company’s consolidated financial statements in the aluminum operations segment. Prior periods, when amounts were recorded in Other, have been recast to reflect this new segment. ​United Steel SupplyThe company purchased a 75% equity interest in United Steel Supply, LLC (USS) on March 1, 2019. On April 1, 2022, the company purchased an additional 12.5% equity interest in USS. On April 1, 2023, a noncontrolling member of USS exercised its option to require SDI to purchase its 2.5% equity interest, increasing SDI’s ownership to 90%. The remaining noncontrolling members’ option to require SDI to purchase the remaining 10% equity interest of USS has been extended to on or after February 28, 2025. The USS noncontrolling interest is therefore reflected in redeemable noncontrolling interest in the consolidated balance sheets. ​Investments in Unconsolidated AffiliatesThe company purchased a 45% minority equity interest in New Process Steel, L.P. (NPS) on January 31, 2022. NPS is a metals solutions and distribution supply-chain management company headquartered in Houston, Texas, with a focus toward growing its value-added manufacturing applications. On February 28, 2022, the company also purchased a minority equity interest in Aymium, a producer of renewable biocarbon products. As the company does not have power to control these entities, the company accounts for these investments using the equity method of accounting, which are recorded in Other Assets (noncurrent) in the company’s consolidated balance sheets with related activity recorded in Other (Income) Expense, net. Profits or losses from transactions with NPS are eliminated until realized by the majority equity interest owner.​Note 3. Long-Term DebtThe company’s borrowings consisted of the following at December 31 (in thousands):​​​​​​​​​​​​​2023​2022​​​​2.800% senior notes due 2024$ 400,000​$ 400,000​​​​2.400% senior notes due 2025​ 400,000​​ 400,000​​​​5.000% senior notes due 2026​ 400,000​​ 400,000​​​​1.650% senior notes due 2027​ 350,000​​ 350,000​​​​3.450% senior notes due 2030​ 600,000​​ 600,000​​​​3.250% senior notes due 2031​ 500,000​​ 500,000​​​​3.250% senior notes due 2050​ 400,000​​ 400,000​​​​Other obligations ​ 61,836​​ 63,726​​​​Total debt ​ 3,111,836​​ 3,113,726​​​​ Less debt issuance costs and original issue discounts​ 40,780​​ 43,151​​​​Total amounts outstanding​ 3,071,056​​ 3,070,575​​​​ Less current maturities ​ 459,987​​ 57,334​​​​Long-term debt $ 2,611,069​$ 3,013,241​​​​70 Table of Contents Table of Contents Table of Contents Note 2. Business Combinations and Investments in Unconsolidated Affiliates (Continued)Aluminum DynamicsThe company attained a 94.4% equity interest in a joint venture concurrently formed with Unity Aluminum, Inc. on July 29, 2022, for the construction and operation of a new state-of-the-art low-carbon recycled aluminum flat rolled products mill. The transaction was funded with available cash. Operating results from and after July 29, 2022, are reflected in the company’s consolidated financial statements in the aluminum operations segment. Prior periods, when amounts were recorded in Other, have been recast to reflect this new segment. ​United Steel SupplyThe company purchased a 75% equity interest in United Steel Supply, LLC (USS) on March 1, 2019. On April 1, 2022, the company purchased an additional 12.5% equity interest in USS. On April 1, 2023, a noncontrolling member of USS exercised its option to require SDI to purchase its 2.5% equity interest, increasing SDI’s ownership to 90%. The remaining noncontrolling members’ option to require SDI to purchase the remaining 10% equity interest of USS has been extended to on or after February 28, 2025. The USS noncontrolling interest is therefore reflected in redeemable noncontrolling interest in the consolidated balance sheets. ​Investments in Unconsolidated AffiliatesThe company purchased a 45% minority equity interest in New Process Steel, L.P. (NPS) on January 31, 2022. NPS is a metals solutions and distribution supply-chain management company headquartered in Houston, Texas, with a focus toward growing its value-added manufacturing applications. On February 28, 2022, the company also purchased a minority equity interest in Aymium, a producer of renewable biocarbon products. As the company does not have power to control these entities, the company accounts for these investments using the equity method of accounting, which are recorded in Other Assets (noncurrent) in the company’s consolidated balance sheets with related activity recorded in Other (Income) Expense, net. Profits or losses from transactions with NPS are eliminated until realized by the majority equity interest owner.​Note 3. Long-Term DebtThe company’s borrowings consisted of the following at December 31 (in thousands):​​​​​​​​​​​​​2023​2022​​​​2.800% senior notes due 2024$ 400,000​$ 400,000​​​​2.400% senior notes due 2025​ 400,000​​ 400,000​​​​5.000% senior notes due 2026​ 400,000​​ 400,000​​​​1.650% senior notes due 2027​ 350,000​​ 350,000​​​​3.450% senior notes due 2030​ 600,000​​ 600,000​​​​3.250% senior notes due 2031​ 500,000​​ 500,000​​​​3.250% senior notes due 2050​ 400,000​​ 400,000​​​​Other obligations ​ 61,836​​ 63,726​​​​Total debt ​ 3,111,836​​ 3,113,726​​​​ Less debt issuance costs and original issue discounts​ 40,780​​ 43,151​​​​Total amounts outstanding​ 3,071,056​​ 3,070,575​​​​ Less current maturities ​ 459,987​​ 57,334​​​​Long-term debt $ 2,611,069​$ 3,013,241​​​​",
      "prior_body": "The company recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. Changes in the fair value of derivatives that are designated as hedges, depending on the nature of the hedge, are recognized as either an offset against the change in fair value of the hedged balance sheet item in the case of fair value hedges or as other comprehensive income in the case of cash flow hedges, until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings for fair value hedges. The company offsets fair value amounts recognized for derivative instruments executed with the same counterparty under master netting agreements. In the normal course of business, the company has derivative financial instruments in the form of forward contracts in various metallic commodities, may have involvement with derivative financial instruments related to managing fluctuations in foreign exchange rates, and in the past has had derivative financial instruments related to managing fluctuations in interest rates. At the time of acquiring these financial instruments, the company designates and assigns these instruments as hedges of specific assets, liabilities or anticipated transactions. When hedged assets or liabilities are sold or extinguished, or the anticipated transaction being hedged is no longer expected to occur, the company recognizes the gain or loss on the designated hedged financial instrument. ​ 68 68 Table of ContentsNote 1. Description of the Business and Summary of Significant Accounting Policies (Continued)The company routinely enters into forward exchange traded futures and option contracts to manage price risk associated with nonferrous metal inventory, as well as purchases and sales of nonferrous (primarily aluminum and copper) and ferrous metals, to reduce exposure to commodity related price fluctuations. The company does not enter into these derivative financial instruments for speculative purposes. Note 2. Business Combinations and Investments in Unconsolidated AffiliatesBusiness CombinationsROCAThe company acquired 100% of ROCA ACERO, S.A. de C.V. (ROCA) on October 1, 2022. The acquisition of ROCA is part of the company’s North American raw material procurement strategy. ROCA is headquartered in Monterrey, Mexico, and operates five ferrous and nonferrous scrap facilities strategically positioned near high-volume industrial scrap sources located throughout Central and Northern Mexico. The transaction was funded with available cash. Post-acquisition operating results are reflected in the company’s financial statements in the metals recycling operations segment.Aluminum DynamicsThe company attained a 94.4% equity interest in a joint venture concurrently formed with Unity Aluminum, Inc. on July 29, 2022, for the construction and operation of a new state-of-the-art low-carbon aluminum flat roll mill. The transaction was funded with available cash. Operating results from and after July 29, 2022, are reflected in the company’s consolidated financial statements, in other operations.​United Steel SupplyThe company purchased a 75% equity interest in United Steel Supply, LLC (USS) on March 1, 2019 and on April 1, 2022, the company purchased an additional 12.5% in the equity interest of USS. The company has an option to purchase, and the sellers have the option to require the company to purchase, after the fourth anniversary of the transaction (March 1, 2023), the remaining 12.5% equity interest of USS. The USS noncontrolling interest is therefore reflected in redeemable noncontrolling interest in the consolidated balance sheets. ​ZimmerThe company acquired 100% of Zimmer, S.A. de C.V. (Zimmer) in August 2020 from available cash. The acquisition of Zimmer is part of the company’s raw material procurement strategy to support its new Sinton Flat Roll Division. Headquartered in Monterrey, Mexico, Zimmer operates several ferrous and nonferrous scrap facilities strategically positioned near high-volume industrial scrap sources, and several third-party scrap processing locations, located throughout Central and Northern Mexico. Zimmer’s post-acquisition operating results are reflected in the company’s financial statements in the metals recycling operations segment. ​Investments in Unconsolidated AffiliatesThe company purchased a 45% minority equity interest in New Process Steel, L.P. (NPS) on January 31, 2022. NPS is a metals solutions and distribution supply-chain management company headquartered in Houston, Texas, with a focus toward growing its value-added manufacturing applications. On February 28, 2022, the company also purchased a minority equity interest in Aymium, a producer of renewable biocarbon products. As the company does not have power to control these entities, the company accounts for these investments using the equity method of accounting, which are recorded in Other Assets (noncurrent) in the company’s consolidated balance sheets with related activity recorded in Other (Income) Expense, net. Profits or losses from transactions with NPS are eliminated until realized by the majority equity interest owner.69 Table of Contents Table of Contents Table of Contents Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued)The company routinely enters into forward exchange traded futures and option contracts to manage price risk associated with nonferrous metal inventory, as well as purchases and sales of nonferrous (primarily aluminum and copper) and ferrous metals, to reduce exposure to commodity related price fluctuations. The company does not enter into these derivative financial instruments for speculative purposes. Note 2. Business Combinations and Investments in Unconsolidated AffiliatesBusiness CombinationsROCAThe company acquired 100% of ROCA ACERO, S.A. de C.V. (ROCA) on October 1, 2022. The acquisition of ROCA is part of the company’s North American raw material procurement strategy. ROCA is headquartered in Monterrey, Mexico, and operates five ferrous and nonferrous scrap facilities strategically positioned near high-volume industrial scrap sources located throughout Central and Northern Mexico. The transaction was funded with available cash. Post-acquisition operating results are reflected in the company’s financial statements in the metals recycling operations segment.Aluminum DynamicsThe company attained a 94.4% equity interest in a joint venture concurrently formed with Unity Aluminum, Inc. on July 29, 2022, for the construction and operation of a new state-of-the-art low-carbon aluminum flat roll mill. The transaction was funded with available cash. Operating results from and after July 29, 2022, are reflected in the company’s consolidated financial statements, in other operations.​United Steel SupplyThe company purchased a 75% equity interest in United Steel Supply, LLC (USS) on March 1, 2019 and on April 1, 2022, the company purchased an additional 12.5% in the equity interest of USS. The company has an option to purchase, and the sellers have the option to require the company to purchase, after the fourth anniversary of the transaction (March 1, 2023), the remaining 12.5% equity interest of USS. The USS noncontrolling interest is therefore reflected in redeemable noncontrolling interest in the consolidated balance sheets. ​ZimmerThe company acquired 100% of Zimmer, S.A. de C.V. (Zimmer) in August 2020 from available cash. The acquisition of Zimmer is part of the company’s raw material procurement strategy to support its new Sinton Flat Roll Division. Headquartered in Monterrey, Mexico, Zimmer operates several ferrous and nonferrous scrap facilities strategically positioned near high-volume industrial scrap sources, and several third-party scrap processing locations, located throughout Central and Northern Mexico. Zimmer’s post-acquisition operating results are reflected in the company’s financial statements in the metals recycling operations segment. ​Investments in Unconsolidated AffiliatesThe company purchased a 45% minority equity interest in New Process Steel, L.P. (NPS) on January 31, 2022. NPS is a metals solutions and distribution supply-chain management company headquartered in Houston, Texas, with a focus toward growing its value-added manufacturing applications. On February 28, 2022, the company also purchased a minority equity interest in Aymium, a producer of renewable biocarbon products. As the company does not have power to control these entities, the company accounts for these investments using the equity method of accounting, which are recorded in Other Assets (noncurrent) in the company’s consolidated balance sheets with related activity recorded in Other (Income) Expense, net. Profits or losses from transactions with NPS are eliminated until realized by the majority equity interest owner."
    },
    {
      "status": "MODIFIED",
      "current_title": "United Steel Supply",
      "prior_title": "United Steel Supply",
      "similarity_score": 0.547,
      "confidence": "low",
      "key_changes": [
        "Reworded sentence: \"The company purchased a 75% equity interest in United Steel Supply, LLC (USS) on March 1, 2019.\"",
        "Removed sentence: \"​ Zimmer The company acquired 100% of Zimmer, S.A.\"",
        "Removed sentence: \"(Zimmer) in August 2020 from available cash.\"",
        "Removed sentence: \"The acquisition of Zimmer is part of the company’s raw material procurement strategy to support its new Sinton Flat Roll Division.\"",
        "Removed sentence: \"Headquartered in Monterrey, Mexico, Zimmer operates several ferrous and nonferrous scrap facilities strategically positioned near high-volume industrial scrap sources, and several third-party scrap processing locations, located throughout Central and Northern Mexico.\""
      ],
      "current_body": "The company purchased a 75% equity interest in United Steel Supply, LLC (USS) on March 1, 2019. On April 1, 2022, the company purchased an additional 12.5% equity interest in USS. On April 1, 2023, a noncontrolling member of USS exercised its option to require SDI to purchase its 2.5% equity interest, increasing SDI’s ownership to 90%. The remaining noncontrolling members’ option to require SDI to purchase the remaining 10% equity interest of USS has been extended to on or after February 28, 2025. The USS noncontrolling interest is therefore reflected in redeemable noncontrolling interest in the consolidated balance sheets. ​",
      "prior_body": "The company purchased a 75% equity interest in United Steel Supply, LLC (USS) on March 1, 2019 and on April 1, 2022, the company purchased an additional 12.5% in the equity interest of USS. The company has an option to purchase, and the sellers have the option to require the company to purchase, after the fourth anniversary of the transaction (March 1, 2023), the remaining 12.5% equity interest of USS. The USS noncontrolling interest is therefore reflected in redeemable noncontrolling interest in the consolidated balance sheets. ​ Zimmer The company acquired 100% of Zimmer, S.A. de C.V. (Zimmer) in August 2020 from available cash. The acquisition of Zimmer is part of the company’s raw material procurement strategy to support its new Sinton Flat Roll Division. Headquartered in Monterrey, Mexico, Zimmer operates several ferrous and nonferrous scrap facilities strategically positioned near high-volume industrial scrap sources, and several third-party scrap processing locations, located throughout Central and Northern Mexico. Zimmer’s post-acquisition operating results are reflected in the company’s financial statements in the metals recycling operations segment. ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "We may face significant price and other forms of competition from other steel and aluminum producers, scrap processors and alternative materials, which may adversely affect our business, financial condition, results of operations and cash flows.",
      "prior_title": "We may face significant price and other forms of competition from other steel and aluminum producers, scrap processors and alternative materials, which may adversely affect our business, financial condition, results of operations and cash flows.",
      "similarity_score": 0.538,
      "confidence": "low",
      "key_changes": [
        "Reworded sentence: \"Additionally, during 2022 we announced our planned project to construct and operate a recycled aluminum flat rolled products mill with an anticipated annual production capacity of 650,000 tonnes of finished products to be located in Columbus, Mississippi, with two supporting satellite recycling aluminum slab centers.\"",
        "Removed sentence: \"27 27 Table of ContentsAvailability of an adequate source of supply of scrap is required for our metals recycling operations.We procure our scrap inventory from numerous sources.\"",
        "Removed sentence: \"These suppliers generally are not bound by long-term contracts and generally have no obligation to sell recyclable metal to us.\"",
        "Removed sentence: \"In periods of low industry scrap prices, scrap suppliers may elect to hold recyclable metal to wait for higher prices or intentionally slow their metal collection activities.\"",
        "Removed sentence: \"If a substantial number of scrap suppliers cease selling recyclable metal to us, we may be unable to recycle metal at desired levels which may adversely affect our results of operations and financial condition.\""
      ],
      "current_body": "The global markets in which steel companies and scrap processors conduct business are highly competitive and became even more so due to consolidations in the steel and scrap industries. Additionally, in many applications, steel competes with other materials, such as aluminum, cement, composites, plastics, carbon fiber, glass and wood. Increased use of alternative materials for any reason, including as a response to regulations or customer demands, could decrease demand for steel or force other steel producers into new products or markets that compete more directly with us, and combined with increased competition could cause us to lose market share, increase expenditures or reduce pricing, any one of which may adversely affect our business, financial condition, results of operations and cash flows. Additionally, during 2022 we announced our planned project to construct and operate a recycled aluminum flat rolled products mill with an anticipated annual production capacity of 650,000 tonnes of finished products to be located in Columbus, Mississippi, with two supporting satellite recycling aluminum slab centers. Although we anticipate being able to effectively compete in the aluminum industry, along with the other risks described herein, we may face unexpected and enhanced competition, which may adversely affect the expected contributions of our aluminum operations and our resulting business, financial condition, results of operations and cash flows.",
      "prior_body": "The global markets in which steel companies and scrap processors conduct business are highly competitive and became even more so due to consolidations in the steel and scrap industries. Additionally, in many applications, steel competes with other materials, such as aluminum, cement, composites, plastics, carbon fiber, glass and wood. Increased use of alternative materials for any reason, including as a response to regulations or customer demands, could decrease demand for steel or force other steel producers into new products or markets that compete more directly with us, and combined with increased competition could cause us to lose market share, increase expenditures or reduce pricing, any one of which may adversely affect our business, financial condition, results of operations and cash flows. Additionally, during 2022 we announced our planned project to construct and operate a recycled aluminum flat roll mill with an anticipated annual production capacity of 650,000 tonnes of finished products to be located in Columbus, Mississippi, with two supporting satellite recycling aluminum slab centers. Although we anticipate being able to effectively compete in the aluminum industry, along with the other risks described herein, we may face unexpected and enhanced competition, which may adversely affect the expected contributions of our aluminum operations and our resulting business, financial condition, results of operations and cash flows. 27 27 Table of ContentsAvailability of an adequate source of supply of scrap is required for our metals recycling operations.We procure our scrap inventory from numerous sources. These suppliers generally are not bound by long-term contracts and generally have no obligation to sell recyclable metal to us. In periods of low industry scrap prices, scrap suppliers may elect to hold recyclable metal to wait for higher prices or intentionally slow their metal collection activities. If a substantial number of scrap suppliers cease selling recyclable metal to us, we may be unable to recycle metal at desired levels which may adversely affect our results of operations and financial condition. In addition, a slowdown of industrial production in the United States reduces the supply of industrial grades of metal to the metals recycling industry, resulting in our having less recyclable metal available to process and sell. Further, additional EAF steel mill construction could increase the demand for scrap, potentially resulting in higher scrap prices or periods of decreased scrap supply. Any inability to secure scrap for our EAF steel mills could adversely affect our business, results of operations, financial condition and cash flows.We are subject to cybersecurity threats and may face risks to the security of our sensitive data and information technology which may adversely affect our business, results of operations, financial condition and cash flows.Increased global cybersecurity and information technology security requirements, vulnerabilities and threats and a rise in sophisticated and targeted cybercrime, all of which may be heightened during times of war or hostilities, pose a risk to the security and functionality of our systems and information networks, and to the confidentiality, availability and integrity of sensitive data, including intellectual property, proprietary information, financial information, customer and supplier information, and personally identifiable information. Additionally, such cybersecurity vulnerabilities or attacks could result in an interruption of the functionality of our automated and electronically controlled manufacturing operating systems, which, if compromised, could cease, threaten, delay or slow down our ability to melt, roll or otherwise process steel or any of our other products for the duration of such interruption. Our customers and suppliers may also store certain of our sensitive information on their information technology systems, which if breached or attacked, could likewise expose our sensitive information. Similarly, information system vendors and software suppliers may experience a cybersecurity or information technology breach that exposes our systems or sensitive data. Any of these cybersecurity and information technology breaches or disruptions may result in reputational harm and may adversely affect our business, results of operations, financial condition and cash flows. Although we believe we have adopted procedures, training programs, and controls to adequately protect our sensitive data, networks and information and operating technology and systems, there can be no assurance that a system or network failure, or cybersecurity breach or attack, will be prevented, whether due to attacks by cyber criminals or due to employee, contractor or other error or malfeasance. This could lead to system interruption, production delays or downtimes and operational disruptions, and the disclosure, modification or destruction of sensitive data, which may adversely affect our reputation, customer and supplier relationships, financial results and results of operations, and could result in litigation or regulatory investigations, actions, fines or penalties, as well as increased cybersecurity monitoring and protection costs, including the cost or availability of insurance. Additionally, as cybersecurity threats continue to evolve and become more sophisticated, we may need to invest additional time, resources and finances to protect the security of our sensitive data, systems and information networks. We maintain an information security risk insurance policy to mitigate the impact of cybersecurity threats. We did not experience any material information security breaches or third-party information security breaches during 2022, 2021, or 2020 and we did not incur any net expenses from information security breach penalties and settlements during 2022, 2021, or 2020.28 Table of Contents Table of Contents Table of Contents Availability of an adequate source of supply of scrap is required for our metals recycling operations.We procure our scrap inventory from numerous sources. These suppliers generally are not bound by long-term contracts and generally have no obligation to sell recyclable metal to us. In periods of low industry scrap prices, scrap suppliers may elect to hold recyclable metal to wait for higher prices or intentionally slow their metal collection activities. If a substantial number of scrap suppliers cease selling recyclable metal to us, we may be unable to recycle metal at desired levels which may adversely affect our results of operations and financial condition. In addition, a slowdown of industrial production in the United States reduces the supply of industrial grades of metal to the metals recycling industry, resulting in our having less recyclable metal available to process and sell. Further, additional EAF steel mill construction could increase the demand for scrap, potentially resulting in higher scrap prices or periods of decreased scrap supply. Any inability to secure scrap for our EAF steel mills could adversely affect our business, results of operations, financial condition and cash flows.We are subject to cybersecurity threats and may face risks to the security of our sensitive data and information technology which may adversely affect our business, results of operations, financial condition and cash flows.Increased global cybersecurity and information technology security requirements, vulnerabilities and threats and a rise in sophisticated and targeted cybercrime, all of which may be heightened during times of war or hostilities, pose a risk to the security and functionality of our systems and information networks, and to the confidentiality, availability and integrity of sensitive data, including intellectual property, proprietary information, financial information, customer and supplier information, and personally identifiable information. Additionally, such cybersecurity vulnerabilities or attacks could result in an interruption of the functionality of our automated and electronically controlled manufacturing operating systems, which, if compromised, could cease, threaten, delay or slow down our ability to melt, roll or otherwise process steel or any of our other products for the duration of such interruption. Our customers and suppliers may also store certain of our sensitive information on their information technology systems, which if breached or attacked, could likewise expose our sensitive information. Similarly, information system vendors and software suppliers may experience a cybersecurity or information technology breach that exposes our systems or sensitive data. Any of these cybersecurity and information technology breaches or disruptions may result in reputational harm and may adversely affect our business, results of operations, financial condition and cash flows. Although we believe we have adopted procedures, training programs, and controls to adequately protect our sensitive data, networks and information and operating technology and systems, there can be no assurance that a system or network failure, or cybersecurity breach or attack, will be prevented, whether due to attacks by cyber criminals or due to employee, contractor or other error or malfeasance. This could lead to system interruption, production delays or downtimes and operational disruptions, and the disclosure, modification or destruction of sensitive data, which may adversely affect our reputation, customer and supplier relationships, financial results and results of operations, and could result in litigation or regulatory investigations, actions, fines or penalties, as well as increased cybersecurity monitoring and protection costs, including the cost or availability of insurance. Additionally, as cybersecurity threats continue to evolve and become more sophisticated, we may need to invest additional time, resources and finances to protect the security of our sensitive data, systems and information networks. We maintain an information security risk insurance policy to mitigate the impact of cybersecurity threats. We did not experience any material information security breaches or third-party information security breaches during 2022, 2021, or 2020 and we did not incur any net expenses from information security breach penalties and settlements during 2022, 2021, or 2020."
    },
    {
      "status": "MODIFIED",
      "current_title": "Maximum Dollar Value of Shares That May Yet be Purchased Under the Program (in thousands) (1)",
      "prior_title": "Maximum Dollar Value of Shares That May Yet be Purchased Under the Program (in thousands) (1)",
      "similarity_score": 0.482,
      "confidence": "low",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quarter ended December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 1-31 ​ 1,373,216 ​ $ 104.91 ​ ​ 1,373,216 ​ $ 135,125 November 1-30 ​ 1,471,893 ​ ​ 112.49 ​ ​ 1,471,893 ​ ​ 1,471,217 December 1-31 ​ 667,785 ​ ​ 115.38 ​ ​ 667,785 ​ ​ 1,394,232 ​ ​ 3,512,894 ​ ​ ​ ​ ​ 3,512,894 ​ ​ ​ ​ ​ 36 36 Table of ContentsTotal Return Graph​The graph below compares Steel Dynamics, Inc.’s cumulative 5-year total shareholder return on common stock with the cumulative total returns of the NASDAQ Composite index, the S&P 500 index, and the S&P 500 Steel index.\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quarter ended December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 1-31 ​ 1,373,216 ​ $ 104.91 ​ ​ 1,373,216 ​ $ 135,125 November 1-30 ​ 1,471,893 ​ ​ 112.49 ​ ​ 1,471,893 ​ ​ 1,471,217 December 1-31 ​ 667,785 ​ ​ 115.38 ​ ​ 667,785 ​ ​ 1,394,232 ​ ​ 3,512,894 ​ ​ ​ ​ ​ 3,512,894 ​ ​ ​ ​ ​ 36 36 Table of ContentsTotal Return Graph​The graph below compares Steel Dynamics, Inc.’s cumulative 5-year total shareholder return on common stock with the cumulative total returns of the NASDAQ Composite index, the S&P 500 index, and the S&P 500 Steel index. The graph tracks the performance of a $100 investment in our common stock and in each index (with the reinvestment of all dividends) from December 31, 2018 to December 31, 2023. ​​​​​​37 Table of Contents Table of Contents Table of Contents Total Return Graph​The graph below compares Steel Dynamics, Inc.’s cumulative 5-year total shareholder return on common stock with the cumulative total returns of the NASDAQ Composite index, the S&P 500 index, and the S&P 500 Steel index. The graph tracks the performance of a $100 investment in our common stock and in each index (with the reinvestment of all dividends) from December 31, 2018 to December 31, 2023. ​​​​​​",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quarter ended December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 1-31 ​ 1,493,698 ​ $ 83.68 ​ ​ 1,493,698 ​ $ 120,501 November 1-30 ​ 1,419,306 ​ ​ 99.35 ​ ​ 1,419,306 ​ ​ 1,479,496 December 1 - 31 ​ 1,402,142 ​ ​ 104.85 ​ ​ 1,402,142 ​ ​ 1,332,506 ​ ​ 4,315,146 ​ ​ ​ ​ ​ 4,315,146 ​ ​ ​ ​ ​ 34 34 Table of ContentsTotal Return GraphOn December 22, 2022, Steel Dynamics, Inc. was added to the S&P 500. As such, we have added the S&P 500 index to the comparison of 5 year cumulative total returns in the graph below. ​​​​35 Table of Contents Table of Contents Table of Contents Total Return GraphOn December 22, 2022, Steel Dynamics, Inc. was added to the S&P 500. As such, we have added the S&P 500 index to the comparison of 5 year cumulative total returns in the graph below. ​​​​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Earnings Per Share",
      "prior_title": "Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued)",
      "similarity_score": 0.474,
      "confidence": "low",
      "key_changes": [
        "Reworded sentence: \"Basic earnings per share is based on the weighted average shares of common stock outstanding during the period.\""
      ],
      "current_body": "Basic earnings per share is based on the weighted average shares of common stock outstanding during the period. Diluted earnings per share assumes the weighted average dilutive effect of common share equivalents outstanding during the period applied to the company’s basic earnings per share. Common share equivalents represent potentially dilutive restricted stock units, deferred stock units, restricted stock, and performance awards, and are excluded from the computation in periods in which they have an anti-dilutive effect. There were no anti-dilutive common stock equivalents as of and for the years ended December 31, 2023, 2022, and 2021. The following table presents a reconciliation of the numerators and the denominators of the company’s basic and diluted earnings per share computations for the years ended December 31 (in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ ​ 2022 ​ ​ Net Income ​ Shares ​ Per Share ​ ​ Net Income ​ Shares ​ Per Share ​ ​",
      "prior_body": "The company’s property, plant and equipment consisted of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ Land and improvements ​ $ 521,881 ​ $ 350,898 ​ ​ Buildings and improvements ​ ​ 1,238,824 ​ ​ 873,131 ​ ​ Plant, machinery and equipment ​ ​ 6,683,237 ​ ​ 5,193,405 ​ ​ Construction in progress ​ ​ 780,741 ​ ​ 1,839,110 ​ ​ ​ ​ ​ 9,224,683 ​ ​ 8,256,544 ​ ​ Less accumulated depreciation ​ ​ 3,851,018 ​ ​ 3,505,114 ​ ​ Property, plant and equipment, net ​ $ 5,373,665 ​ $ 4,751,430 ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "2023 Overview",
      "prior_title": "2022 Overview",
      "similarity_score": 0.459,
      "confidence": "low",
      "key_changes": [
        "Reworded sentence: \"During 2023, underlying domestic steel demand was firm, supported by the construction, automotive, and energy sectors.\"",
        "Reworded sentence: \"for 2023 decreased $1.4 billion, or 37%, to $2.5 billion, compared to a record in 2022.\"",
        "Reworded sentence: \"was $14.64 for 2023, compared to $20.92 for 2022.\""
      ],
      "current_body": "During 2023, underlying domestic steel demand was firm, supported by the construction, automotive, and energy sectors. Customer steel inventories also remained below historical averages, in combination resulting in generally steady order patterns. This solid market environment, coupled with the continued ramp-up of Sinton, drove record annual shipments of 12.8 million tons for our steel operations. Despite a challenging pricing environment throughout much of the year, our metals recycling teams meaningfully increased volume during 2023 compared to 2022. Our steel fabrication business achieved its second highest annual earnings during 2023, on continued solid non-residential construction demand. Our consolidated net sales of $18.8 billion and cash flow from operations of $3.5 billion were our second-best and our consolidated operating income of $3.2 billion was our third-best performance in company history. Metal spread compression among each of our operating segments resulted in significantly lower operating income in 2023 compared to our record 2022 earnings despite continued strong market demand and volumes. Consolidated operating income for 2023 decreased $1.9 billion, or 38%, to $3.2 billion, compared to a record $5.1 billion in 2022. Net income attributable to Steel Dynamics, Inc. for 2023 decreased $1.4 billion, or 37%, to $2.5 billion, compared to a record in 2022. Diluted earnings per share attributable to Steel Dynamics, Inc. was $14.64 for 2023, compared to $20.92 for 2022. Effective the fourth quarter 2023, the company changed its reportable segments, consistent with how it currently manages the business, representing four reporting segments: steel operations (now including warehouse operations previously included in Other), metals recycling operations, steel fabrication operations, and a new reportable segment, aluminum operations. Segment information provided within this Form 10-K has been recast for all prior periods consistent with the current reportable segment presentation. Aluminum Operations includes the results of the recycled aluminum flat rolled products mill in Columbus, Mississippi, and two satellite recycled aluminum slab centers located in Arizona and Mexico, all of which are currently being constructed. The results of this segment currently consist of construction and start-up costs recorded in selling, general and administrative expenses, included within the discussion of consolidated results within the Other Operations section below. During 2023, there were no additional results of operations, such as those related to shipments or production, to be discussed. Operations are expected to begin in 2025. Refer to Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II of our Annual Report on Form 10-K for the year ended December 31, 2022, for additional information regarding results of operations for the year ended December 31, 2022, as compared to the year ended December 31, 2021, and segment operating results for 2022 as compared to 2021. Our 2023 change in reportable segments did not change the discussion previously provided. ​ 40 40 Table of ContentsSegment Operating Results (dollars in thousands)​​​​​​​​​​​​​​​​​​​​​​ Years Ended December 31,​​​2023​% Change​2022​​​​​​​​​​​​Net sales​​​​​​​​​Steel Operations $ 13,067,622​(13)%​$ 15,100,996​​Metals Recycling Operations ​ 4,360,127​(1)%​​ 4,395,668​​Steel Fabrication Operations ​ 2,806,777​(34)%​​ 4,257,207​​Aluminum Operations ​ -​-​​ -​​Other​ 1,171,901​(9)%​​ 1,287,980​​​​ 21,406,427​​​​ 25,041,851​​Intra-company​ (2,611,111)​​​​ (2,781,077)​​​$ 18,795,316​(16)%​$ 22,260,774​​​​​​​​​​​​Operating income (loss)​​​​​​​​​Steel Operations $ 1,881,600​(39)%​$ 3,092,689​​Metals Recycling Operations​ 88,654​(24)%​​ 116,497​​Steel Fabrication Operations ​ 1,593,261​(34)%​​ 2,424,655​​Aluminum Operations ​ (23,773)​(909)%​​ (2,355)​​Other ​ (394,577)​34% ​​ (594,045)​​​​ 3,145,165​​​​ 5,037,441​​Intra-company​ 6,016​​​​ 54,381​​​$ 3,151,181​(38)%​$ 5,091,822​​​41 Table of Contents Table of Contents Table of Contents Segment Operating Results (dollars in thousands)​​​​​​​​​​​​​​​​​​​​​​ Years Ended December 31,​​​2023​% Change​2022​​​​​​​​​​​​Net sales​​​​​​​​​Steel Operations $ 13,067,622​(13)%​$ 15,100,996​​Metals Recycling Operations ​ 4,360,127​(1)%​​ 4,395,668​​Steel Fabrication Operations ​ 2,806,777​(34)%​​ 4,257,207​​Aluminum Operations ​ -​-​​ -​​Other​ 1,171,901​(9)%​​ 1,287,980​​​​ 21,406,427​​​​ 25,041,851​​Intra-company​ (2,611,111)​​​​ (2,781,077)​​​$ 18,795,316​(16)%​$ 22,260,774​​​​​​​​​​​​Operating income (loss)​​​​​​​​​Steel Operations $ 1,881,600​(39)%​$ 3,092,689​​Metals Recycling Operations​ 88,654​(24)%​​ 116,497​​Steel Fabrication Operations ​ 1,593,261​(34)%​​ 2,424,655​​Aluminum Operations ​ (23,773)​(909)%​​ (2,355)​​Other ​ (394,577)​34% ​​ (594,045)​​​​ 3,145,165​​​​ 5,037,441​​Intra-company​ 6,016​​​​ 54,381​​​$ 3,151,181​(38)%​$ 5,091,822​​​",
      "prior_body": "During 2022, domestic steel demand continued to be strong throughout the year, supported most significantly by the construction, automotive, industrial, and energy sectors. Customer steel inventories remained below historical averages for most of the year, allowing for steady order patterns. This strong market environment allowed annual average steel selling prices to remain at historically high levels, with steady steel operations segment metal spreads compared to 2021, partially offset by additional costs of $439 million during start-up at Sinton. Our metals recycling operations experienced a challenging pricing environment in 2022, with ferrous scrap prices generally falling throughout the year. Metal spread compression, coupled with lower volumes, resulted in significantly lower operating income. Our steel fabrication operations segment achieved significantly higher record operating income and record shipments during 2022, on continued strong non-residential construction demand, record average selling prices and stable average steel product pricing. The symbiotic relationship among our three operating segments resulted in record companywide financial and operational performance during 2022. We achieved record 2022 operational and financial results. ​ ​ Consolidated operating income for 2022 increased $790.7 million, or 18%, to $5.1 billion, compared to $4.3 billion in 2021. Net income attributable to Steel Dynamics, Inc. for 2022 increased $648.6 million, or 20%, to $3.9 billion, compared to 2021. Diluted earnings per share attributable to Steel Dynamics, Inc. was $20.92 for 2022, compared to $15.56 for 2021. Refer to Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II of our Annual Report on Form 10-K for the year ended December 31, 2021, for additional information regarding results of operations for the year ended December 31, 2021, as compared to the year ended December 31, 2020, and segment operating results for 2021 as compared to 2020. ​ 38 38 Table of ContentsSegment Operating Results (dollars in thousands)​​​​​​​​​​​​​​​​​​​​​​ Years Ended December 31,​​​2022​% Change​2021​​​​​​​​​​​​Net sales​​​​​​​​​Steel Operations $ 15,100,917​8% ​$ 14,023,133​​Metals Recycling Operations ​ 4,395,636​(4)%​​ 4,590,121​​Steel Fabrication Operations ​ 4,257,207​141% ​​ 1,764,710​​Other​ 1,288,984​2% ​​ 1,266,971​​​​ 25,042,744​​​​ 21,644,935​​Intra-company​ (2,781,970)​​​​ (3,236,085)​​​$ 22,260,774​21% ​$ 18,408,850​​​​​​​​​​​​Operating income (loss)​​​​​​​​​Steel Operations $ 3,095,348​(29)%​$ 4,360,488​​Metals Recycling Operations​ 117,266​(36)%​​ 181,986​​Steel Fabrication Operations ​ 2,424,655​564% ​​ 365,250​​Other ​ (599,828)​(9)%​​ (551,725)​​​​ 5,037,441​​​​ 4,355,999​​Intra-company​ 54,381​​​​ (54,894)​​​$ 5,091,822​18% ​$ 4,301,105​​​39 Table of Contents Table of Contents Table of Contents Segment Operating Results (dollars in thousands)​​​​​​​​​​​​​​​​​​​​​​ Years Ended December 31,​​​2022​% Change​2021​​​​​​​​​​​​Net sales​​​​​​​​​Steel Operations $ 15,100,917​8% ​$ 14,023,133​​Metals Recycling Operations ​ 4,395,636​(4)%​​ 4,590,121​​Steel Fabrication Operations ​ 4,257,207​141% ​​ 1,764,710​​Other​ 1,288,984​2% ​​ 1,266,971​​​​ 25,042,744​​​​ 21,644,935​​Intra-company​ (2,781,970)​​​​ (3,236,085)​​​$ 22,260,774​21% ​$ 18,408,850​​​​​​​​​​​​Operating income (loss)​​​​​​​​​Steel Operations $ 3,095,348​(29)%​$ 4,360,488​​Metals Recycling Operations​ 117,266​(36)%​​ 181,986​​Steel Fabrication Operations ​ 2,424,655​564% ​​ 365,250​​Other ​ (599,828)​(9)%​​ (551,725)​​​​ 5,037,441​​​​ 4,355,999​​Intra-company​ 54,381​​​​ (54,894)​​​$ 5,091,822​18% ​$ 4,301,105​​​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Concentration of Credit Risk",
      "prior_title": "Concentration of Credit Risk",
      "current_body": "Financial instruments that potentially subject the company to significant concentrations of credit risk principally consist of temporary cash investments and accounts receivable. When advantageous, the company places its temporary cash with high credit quality financial institutions and companies and limits the amount of credit exposure from any one entity. The company is exposed to credit risk in the event of nonpayment by customers. The company mitigates its exposure to credit risk, which it generally extends initially on an unsecured basis, by performing ongoing credit evaluations and taking further action if necessary, such as requiring letters of credit or other security interests to support the customer receivable."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Our senior unsecured credit facility contains, and any future financing agreements may contain, restrictive covenants that may limit our flexibility.",
      "prior_title": "Our senior unsecured credit facility contains, and any future financing agreements may contain, restrictive covenants that may limit our flexibility.",
      "current_body": "Restrictions and covenants in our existing debt agreements, including our senior unsecured credit facility, and any future financing agreements, may impair our ability to finance future operations or capital needs or to engage in other business activities. A breach of any of the restrictions or covenants could cause a default under our senior unsecured credit facility, our senior notes, or our other debt. A significant portion of our indebtedness may then become immediately due and payable. Under our senior unsecured credit facility, we are required to maintain certain financial covenants. Our ability to meet such covenants or other restrictions can be affected by events beyond our control. If a default were to occur, the lenders could elect to declare all amounts then outstanding to be immediately due and payable and terminate all commitments to extend further credit."
    },
    {
      "status": "UNCHANGED",
      "current_title": "(in thousands, except per share data)",
      "prior_title": "(in thousands, except per share data)",
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Metals Recycling Operations Shipments:",
      "prior_title": "Metals Recycling Operations Shipments:",
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Intangible Assets",
      "prior_title": "Intangible Assets",
      "current_body": "The company’s intangible assets consisted of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ ​ ​ Useful ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Balances at December 31, 2021",
      "prior_title": "Balances at December 31, 2021",
      "current_body": "​ 194,998 ​ ​ 72,227 ​ ​ 649 ​ ​ (2,674,267) ​ ​ 1,218,933 ​ ​ 7,761,417 ​ ​ (2,091) ​ ​ (195,884) ​ ​ 6,108,757 ​ ​ 211,414 Dividends declared ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (245,287) ​ ​ - ​ ​ - ​ ​ (245,287) ​ ​ - Noncontrolling investors, net ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 630 ​ ​ (2,495) ​ ​ - ​ ​ (36,989) ​ ​ (38,854) ​ ​ (29,911) Share repurchases ​ (22,996) ​ ​ 22,996 ​ ​ - ​ ​ (1,800,905) ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (1,800,905) ​ ​ - Equity-based compensation ​ 934 ​ ​ (397) ​ ​ 1 ​ ​ 15,659 ​ ​ (6,997) ​ ​ (544) ​ ​ - ​ ​ - ​ ​ 8,119 ​ ​ - Net income ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 3,862,674 ​ ​ - ​ ​ 16,818 ​ ​ 3,879,492 ​ ​ - Other comprehensive income, net of tax ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 2,980 ​ ​ - ​ ​ 2,980 ​ ​ -"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Basis for Opinion",
      "prior_title": "Basis for Opinion",
      "current_body": "The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Segment Operating Results (dollars in thousands)",
      "prior_title": "Segment Operating Results (dollars in thousands)",
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "(in thousands)",
      "prior_title": "(in thousands)",
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Noncontrolling",
      "prior_title": "Noncontrolling",
      "current_body": "​ Common ​ Treasury ​ Stock ​ Stock ​ Capital ​ Earnings ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Accumulated",
      "prior_title": "Accumulated",
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ Other ​ ​ ​ ​ ​ Redeemable ​ Shares ​ Common ​ Treasury ​ Paid-In ​ Retained ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "(in thousands)",
      "prior_title": "(in thousands)",
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "(in thousands)",
      "prior_title": "(in thousands)",
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM",
      "prior_title": "REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM",
      "current_body": "​ To the Stockholders and the Board of Directors of Steel Dynamics, Inc. ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM",
      "prior_title": "REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM",
      "current_body": "​ To the Stockholders and the Board of Directors of Steel Dynamics, Inc. ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Steel Operations Shipments (tons):",
      "prior_title": "Steel Operations Shipments (tons):",
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Income Taxes",
      "prior_title": "Income Taxes",
      "current_body": "The company accounts for income taxes and the related accounts under the liability method. Deferred tax liabilities and assets are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted rates expected to be in effect during the year in which the basis differences reverse."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Impairment of Goodwill",
      "prior_title": "Impairment of Goodwill",
      "current_body": "At least once annually (as of October 1), or when indicators of impairment exist, the company performs an impairment test for goodwill. Goodwill is allocated to various reporting units, which are generally one level below the company’s operating segments. The fair value of the reporting unit is determined by using an estimate of future cash flows utilizing a risk-adjusted discount rate to calculate the net present value of future cash flows (income approach), and for some years by using a market approach based upon an analysis of valuation metrics of comparable peer companies, using Level 3 fair value inputs as provided for under ASC 820, Fair Value Measurement. If the fair value exceeds the carrying value of the reporting unit, there is no impairment. If the carrying amount exceeds the fair value, the company recognizes an impairment loss in the amount by which the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the reporting unit. No impairment was identified during the company’s 2023, 2022 or 2021 annual goodwill impairment analysis."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Forward-Looking Statements",
      "prior_title": "Forward-Looking Statements",
      "current_body": "This report contains some predictive statements about future events, including statements related to conditions in domestic or global economies, conditions in steel, aluminum, and recycled metals market places, Steel Dynamics' 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) domestic and global economic factors; (2) global steelmaking overcapacity and imports of steel, together with increased scrap prices; (3) pandemics, epidemics, widespread illness or other health issues; (4) the cyclical nature of the steel industry and the industries we serve; (5) volatility and major fluctuations in prices and availability of scrap metal, scrap substitutes and supplies, and our potential inability to pass higher costs on to our customers; (6) cost and availability of electricity, natural gas, oil, and other energy resources are subject to volatile market conditions; (7) increased environmental, greenhouse gas emissions and sustainability considerations from our customers or related regulations; (8) compliance with and changes in environmental and remediation requirements; (9) significant price and other forms of competition from other steel and aluminum producers, scrap processors and alternative materials; (10) availability of an adequate source of supply of scrap for our metals recycling operations; (11) cybersecurity threats and risks to the security of our sensitive data and information technology; (12) the implementation of our growth strategy; (13) litigation and legal compliance; (14) unexpected equipment downtime or shutdowns; (15) governmental agencies may refuse to grant or renew some of our licenses and permits; (16) our senior unsecured credit facility contains, and any future financing agreements may contain, restrictive covenants that may limit our flexibility; and (17) the impacts of impairment charges. More specifically, we refer you to our more detailed explanation of these and other factors and risks that may cause such predictive statements to turn out differently, as set forth in the sections titled Special Note Regarding Forward-Looking Statements at the beginning of Part I of this Report and Item 1A. Risk Factors, as well as in other subsequent reports we file with the Securities and Exchange Commission. These reports are available publicly on the Securities and Exchange Commission website, www.sec.gov, and on our website, www.steeldynamics.com under “Investors – SEC Filings.”"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Metals Recycling Operations Segment",
      "prior_title": "Metals Recycling Operations Segment",
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ OmniSource: ​ ​ ​ ​ ​ ​ ​ ​ Alabama ​ Birmingham, AL ​ Ferrous Scrap Processing ​ 59 ​ — Indiana ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 456 ​ 26 Michigan ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 186 ​ — Mississippi ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 43 ​ 13 North Carolina ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 302 ​ — Ohio ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 212 ​ 21 Oklahoma ​ Sand Springs, OK ​ Ferrous Scrap Processing ​ — ​ 10 Tennessee ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 65 ​ — Texas ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 75 ​ — Virginia ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 121 ​ — Mexico ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 17 ​ 61 ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "We are subject to litigation and legal compliance risks which may adversely affect our financial condition, results of operations and liquidity.",
      "prior_title": "We are subject to litigation and legal compliance risks which may adversely affect our financial condition, results of operations and liquidity.",
      "current_body": "We are involved from time to time in various litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are currently expected to have a material impact on our financial conditions, results of operations or liquidity. For additional information regarding legal proceedings please refer to Item 3. Legal Proceedings. In addition to risks associated with our environmental and other regulatory compliance, our international operations are subject to complex foreign and United States laws and regulations, including the Foreign Corrupt Practices Act and other anti-bribery laws, regulations related to import-export controls, the Office of Foreign Assets Control, and other laws and regulations, each of which may increase our cost of doing business and expose us to increased risk."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Definition and Limitations of Internal Control Over Financial Reporting",
      "prior_title": "Definition and Limitations of Internal Control Over Financial Reporting",
      "current_body": "A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ Ernst & Young LLP ​ Indianapolis, Indiana February 29, 2024 ​ 55 55 Table of ContentsREPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMTo the Stockholders and the Board of Directors of Steel Dynamics, Inc.​Opinion on the Financial StatementsWe have audited the accompanying consolidated balance sheets of Steel Dynamics, Inc. (the Company) as of December 31, 2023 and 2022, the related consolidated statements of income, comprehensive income, equity and cash flows for each of the three years in the period ended December 31, 2023, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 29, 2024 expressed an unqualified opinion thereon.Basis for OpinionThese financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.Critical Audit Matter The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the account or disclosure to which it relates.56 Table of Contents Table of Contents Table of Contents REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMTo the Stockholders and the Board of Directors of Steel Dynamics, Inc.​Opinion on the Financial StatementsWe have audited the accompanying consolidated balance sheets of Steel Dynamics, Inc. (the Company) as of December 31, 2023 and 2022, the related consolidated statements of income, comprehensive income, equity and cash flows for each of the three years in the period ended December 31, 2023, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 29, 2024 expressed an unqualified opinion thereon.Basis for OpinionThese financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.Critical Audit Matter The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the account or disclosure to which it relates."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Cash and Equivalents, and Restricted Cash",
      "prior_title": "Cash and Equivalents, and Restricted Cash",
      "current_body": "Cash and equivalents include all highly liquid investments with a maturity of three months or less at the date of acquisition. Restricted cash is primarily funds held in escrow as required by various insurance and government organizations. The balance of cash, cash equivalents and restricted cash in the consolidated statements of cash flows includes restricted cash of $5.6 million at December 31, 2023 and $5.5 million at December 31, 2022, 2021, and 2020, which are recorded in Other Assets (noncurrent) in the company’s consolidated balance sheets."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Availability of an adequate source of supply of scrap is required for our metals recycling operations.",
      "prior_title": "Availability of an adequate source of supply of scrap is required for our metals recycling operations.",
      "current_body": "We procure our scrap inventory from numerous sources. These suppliers generally are not bound by long-term contracts and generally have no obligation to sell recyclable metal to us. In periods of low industry scrap prices, scrap suppliers may elect to hold recyclable metal to wait for higher prices or intentionally slow their metal collection activities. If a substantial number of scrap suppliers cease selling recyclable metal to us, we may be unable to recycle metal at desired levels which may adversely affect our results of operations and financial condition. In addition, a slowdown of industrial production in the United States reduces the supply of industrial grades of metal to the metals recycling industry, resulting in our having less recyclable metal available to process and sell. Further, additional EAF steel mill construction or blast furnace mills investing in EAF mills could increase the demand for scrap, potentially resulting in higher scrap prices or periods of decreased scrap supply. Any inability to secure scrap for our EAF steel mills could adversely affect our business, results of operations, financial condition and cash flows."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Contractual Obligations and Other Long-Term Liabilities",
      "prior_title": "Contractual Obligations and Other Long-Term Liabilities",
      "current_body": "We have the following minimum commitments under contractual obligations, including purchase obligations, as defined by the Securities and Exchange Commission. A “purchase obligation” is defined as an agreement to purchase goods or services that is enforceable and legally binding and that specifies all significant terms, including fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction. Long-term debt and estimated interest. Refer to Note 3. Long-Term Debt to the consolidated financial statements elsewhere in this report for our long-term debt maturities. Estimated interest payments on our senior unsecured notes were determined based on their outstanding balances through maturity at their contractual interest rates, as detailed in Note 3. Estimated interest payments also include a 0.15% commitment fee on our available Revolver, and an average interest rate of 7.0% on our other debt of $61.8 million. Our estimated interest payments are $102.2 million, $80.1 million, $74.9 million, $54.5 million, $50.0 million, for the years 2024 through 2028, respectively, and $343.2 million thereafter. 48 48 Table of ContentsPurchase obligations. We have commitments for the purchase of commodities such as electricity, water, natural gas and its transportation services, fuel, air products, zinc, and electrodes. Refer to Note 9. Commitments and Contingencies to the consolidated financial statements elsewhere in this report for this information.Construction commitments. We have firm contracts with various vendors for the completion of certain construction projects at our various divisions at December 31, 2023. Refer to Note 9. Commitments and Contingencies to the consolidated financial statements elsewhere in this report for this information.Lease commitments. We have entered into operating leases relating principally to transportation and other equipment, and some real estate. Refer to Note 12. Leases to the consolidated financial statements elsewhere in this report for this information.Unrecognized tax benefits. We expect to make cash outlays in the future related to our unrecognized tax benefits; however, due to the uncertainty of the timing, we are unable to make reasonably reliable estimates regarding the period of cash settlement with the respective taxing authorities. Refer to Note 4. Income Taxes to the consolidated financial statements elsewhere in this report for this information.​Other MattersEnvironmental and Other ContingenciesWe have incurred, and in the future will continue to incur, capital expenditures and operating expenses for matters relating to environmental control, remediation, monitoring and compliance. During 2023, we incurred costs related to the monitoring and compliance of environmental matters in the amount of approximately $54.6 million and capital expenditures related to environmental compliance of approximately $5.4 million. Of the costs incurred during 2023 for monitoring and compliance, approximately 71% were related to the normal transportation of certain types of by-products produced in our steelmaking processes and other facilities, in accordance with legal requirements. We incurred combined environmental remediation costs of approximately $3.1 million at all of our facilities during 2023. We have an accrual of $6.6 million recorded for environmental remediation related to our metals recycling operations, and $2.6 million related to our idled Minnesota ironmaking operations. We believe, apart from our dependence on environmental construction and operating permits for our existing and any future manufacturing facilities, that compliance with current environmental laws and regulations is not likely to have a materially adverse effect on our financial condition, results of operations or liquidity. However, environmental laws and regulations evolve and change, and we may become subject to more stringent environmental laws and regulations in the future, such as the impact of various governmental legislatures and agencies introducing regulatory changes in response to the potential of climate change. Critical Accounting EstimatesManagement’s Discussion and Analysis of Our Financial Condition and Results of Operations is based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. We review the accounting estimates we use in reporting our financial results on a regular basis. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent liabilities. We evaluate the appropriateness of these estimations and judgments on an ongoing basis. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Results may differ from these estimates due to actual outcomes being different from those on which we based our assumptions. We believe the following critical accounting estimates affect our more significant judgments and estimates used in the preparation of our consolidated financial statements.49 Table of Contents Table of Contents Table of Contents Purchase obligations. We have commitments for the purchase of commodities such as electricity, water, natural gas and its transportation services, fuel, air products, zinc, and electrodes. Refer to Note 9. Commitments and Contingencies to the consolidated financial statements elsewhere in this report for this information.Construction commitments. We have firm contracts with various vendors for the completion of certain construction projects at our various divisions at December 31, 2023. Refer to Note 9. Commitments and Contingencies to the consolidated financial statements elsewhere in this report for this information.Lease commitments. We have entered into operating leases relating principally to transportation and other equipment, and some real estate. Refer to Note 12. Leases to the consolidated financial statements elsewhere in this report for this information.Unrecognized tax benefits. We expect to make cash outlays in the future related to our unrecognized tax benefits; however, due to the uncertainty of the timing, we are unable to make reasonably reliable estimates regarding the period of cash settlement with the respective taxing authorities. Refer to Note 4. Income Taxes to the consolidated financial statements elsewhere in this report for this information.​Other MattersEnvironmental and Other ContingenciesWe have incurred, and in the future will continue to incur, capital expenditures and operating expenses for matters relating to environmental control, remediation, monitoring and compliance. During 2023, we incurred costs related to the monitoring and compliance of environmental matters in the amount of approximately $54.6 million and capital expenditures related to environmental compliance of approximately $5.4 million. Of the costs incurred during 2023 for monitoring and compliance, approximately 71% were related to the normal transportation of certain types of by-products produced in our steelmaking processes and other facilities, in accordance with legal requirements. We incurred combined environmental remediation costs of approximately $3.1 million at all of our facilities during 2023. We have an accrual of $6.6 million recorded for environmental remediation related to our metals recycling operations, and $2.6 million related to our idled Minnesota ironmaking operations. We believe, apart from our dependence on environmental construction and operating permits for our existing and any future manufacturing facilities, that compliance with current environmental laws and regulations is not likely to have a materially adverse effect on our financial condition, results of operations or liquidity. However, environmental laws and regulations evolve and change, and we may become subject to more stringent environmental laws and regulations in the future, such as the impact of various governmental legislatures and agencies introducing regulatory changes in response to the potential of climate change. Critical Accounting EstimatesManagement’s Discussion and Analysis of Our Financial Condition and Results of Operations is based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. We review the accounting estimates we use in reporting our financial results on a regular basis. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent liabilities. We evaluate the appropriateness of these estimations and judgments on an ongoing basis. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Results may differ from these estimates due to actual outcomes being different from those on which we based our assumptions. We believe the following critical accounting estimates affect our more significant judgments and estimates used in the preparation of our consolidated financial statements. Purchase obligations. We have commitments for the purchase of commodities such as electricity, water, natural gas and its transportation services, fuel, air products, zinc, and electrodes. Refer to Note 9. Commitments and Contingencies to the consolidated financial statements elsewhere in this report for this information. Construction commitments. We have firm contracts with various vendors for the completion of certain construction projects at our various divisions at December 31, 2023. Refer to Note 9. Commitments and Contingencies to the consolidated financial statements elsewhere in this report for this information. Lease commitments. We have entered into operating leases relating principally to transportation and other equipment, and some real estate. Refer to Note 12. Leases to the consolidated financial statements elsewhere in this report for this information. Unrecognized tax benefits. We expect to make cash outlays in the future related to our unrecognized tax benefits; however, due to the uncertainty of the timing, we are unable to make reasonably reliable estimates regarding the period of cash settlement with the respective taxing authorities. Refer to Note 4. Income Taxes to the consolidated financial statements elsewhere in this report for this information. ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Issuer Purchases of Equity Securities",
      "prior_title": "Issuer Purchases of Equity Securities",
      "current_body": "We purchased the following equity securities registered by us pursuant to Section 12 of the Exchange Act during the three months ended December 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Period ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Total Return Graph",
      "prior_title": "Total Return Graph",
      "current_body": "​ The graph below compares Steel Dynamics, Inc.’s cumulative 5-year total shareholder return on common stock with the cumulative total returns of the NASDAQ Composite index, the S&P 500 index, and the S&P 500 Steel index. The graph tracks the performance of a $100 investment in our common stock and in each index (with the reinvestment of all dividends) from December 31, 2018 to December 31, 2023. ​ ​ ​ ​ ​ ​ 37 37 Table of ContentsITEM 6. [RESERVED]38 Table of Contents Table of Contents Table of Contents ITEM 6. [RESERVED] ITEM 6. [RESERVED] 38 38 Table of ContentsITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSForward-Looking StatementsThis report contains some predictive statements about future events, including statements related to conditions in domestic or global economies, conditions in steel, aluminum, and recycled metals market places, Steel Dynamics' 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) domestic and global economic factors; (2) global steelmaking overcapacity and imports of steel, together with increased scrap prices; (3) pandemics, epidemics, widespread illness or other health issues; (4) the cyclical nature of the steel industry and the industries we serve; (5) volatility and major fluctuations in prices and availability of scrap metal, scrap substitutes and supplies, and our potential inability to pass higher costs on to our customers; (6) cost and availability of electricity, natural gas, oil, and other energy resources are subject to volatile market conditions; (7) increased environmental, greenhouse gas emissions and sustainability considerations from our customers or related regulations; (8) compliance with and changes in environmental and remediation requirements; (9) significant price and other forms of competition from other steel and aluminum producers, scrap processors and alternative materials; (10) availability of an adequate source of supply of scrap for our metals recycling operations; (11) cybersecurity threats and risks to the security of our sensitive data and information technology; (12) the implementation of our growth strategy; (13) litigation and legal compliance; (14) unexpected equipment downtime or shutdowns; (15) governmental agencies may refuse to grant or renew some of our licenses and permits; (16) our senior unsecured credit facility contains, and any future financing agreements may contain, restrictive covenants that may limit our flexibility; and (17) the impacts of impairment charges.More specifically, we refer you to our more detailed explanation of these and other factors and risks that may cause such predictive statements to turn out differently, as set forth in the sections titled Special Note Regarding Forward-Looking Statements at the beginning of Part I of this Report and Item 1A. Risk Factors, as well as in other subsequent reports we file with the Securities and Exchange Commission. These reports are available publicly on the Securities and Exchange Commission website, www.sec.gov, and on our website, www.steeldynamics.com under “Investors – SEC Filings.”Operating Statement ClassificationsNet Sales. Net sales from our operations are a factor of volumes shipped, product mix and related pricing. We charge premium prices for certain grades of steel, product dimensions, certain smaller volumes, and for value-added processing or coating of our steel products. Except for the steel fabrication operations, we recognize revenues from sales and the allowance for estimated returns and claims from these sales at the point in time control of the product transfers to the customer, upon shipment or delivery. Our steel fabrication operations recognize revenues over time based on completed fabricated tons to date as a percentage of total tons required for each contract.Costs of Goods Sold. Our costs of goods sold represent all direct and indirect costs associated with the manufacture of our products. The principal elements of these costs are scrap and scrap substitutes (which represent the most significant single component of our consolidated costs of goods sold), steel substrate, direct and indirect labor and related benefits, alloys, zinc, transportation and freight, repairs and maintenance, utilities such as electricity and natural gas, and depreciation.39 Table of Contents Table of Contents Table of Contents ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSForward-Looking StatementsThis report contains some predictive statements about future events, including statements related to conditions in domestic or global economies, conditions in steel, aluminum, and recycled metals market places, Steel Dynamics' 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) domestic and global economic factors; (2) global steelmaking overcapacity and imports of steel, together with increased scrap prices; (3) pandemics, epidemics, widespread illness or other health issues; (4) the cyclical nature of the steel industry and the industries we serve; (5) volatility and major fluctuations in prices and availability of scrap metal, scrap substitutes and supplies, and our potential inability to pass higher costs on to our customers; (6) cost and availability of electricity, natural gas, oil, and other energy resources are subject to volatile market conditions; (7) increased environmental, greenhouse gas emissions and sustainability considerations from our customers or related regulations; (8) compliance with and changes in environmental and remediation requirements; (9) significant price and other forms of competition from other steel and aluminum producers, scrap processors and alternative materials; (10) availability of an adequate source of supply of scrap for our metals recycling operations; (11) cybersecurity threats and risks to the security of our sensitive data and information technology; (12) the implementation of our growth strategy; (13) litigation and legal compliance; (14) unexpected equipment downtime or shutdowns; (15) governmental agencies may refuse to grant or renew some of our licenses and permits; (16) our senior unsecured credit facility contains, and any future financing agreements may contain, restrictive covenants that may limit our flexibility; and (17) the impacts of impairment charges.More specifically, we refer you to our more detailed explanation of these and other factors and risks that may cause such predictive statements to turn out differently, as set forth in the sections titled Special Note Regarding Forward-Looking Statements at the beginning of Part I of this Report and Item 1A. Risk Factors, as well as in other subsequent reports we file with the Securities and Exchange Commission. These reports are available publicly on the Securities and Exchange Commission website, www.sec.gov, and on our website, www.steeldynamics.com under “Investors – SEC Filings.”Operating Statement ClassificationsNet Sales. Net sales from our operations are a factor of volumes shipped, product mix and related pricing. We charge premium prices for certain grades of steel, product dimensions, certain smaller volumes, and for value-added processing or coating of our steel products. Except for the steel fabrication operations, we recognize revenues from sales and the allowance for estimated returns and claims from these sales at the point in time control of the product transfers to the customer, upon shipment or delivery. Our steel fabrication operations recognize revenues over time based on completed fabricated tons to date as a percentage of total tons required for each contract.Costs of Goods Sold. Our costs of goods sold represent all direct and indirect costs associated with the manufacture of our products. The principal elements of these costs are scrap and scrap substitutes (which represent the most significant single component of our consolidated costs of goods sold), steel substrate, direct and indirect labor and related benefits, alloys, zinc, transportation and freight, repairs and maintenance, utilities such as electricity and natural gas, and depreciation. ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Restricted Stock Units",
      "prior_title": "Restricted Stock Units",
      "current_body": "A summary of the company’s RSU activity and outstanding RSUs as of December 31, 2023, are presented below (dollars in thousands except grant date fair value): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Aggregate ​ ​ ​ ​ Number ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Global steelmaking overcapacity and imports of steel into the United States may adversely affect United States steel prices, which, together with increased scrap prices, may adversely affect our business, results of operations, financial condition and cash flows.",
      "prior_title": "Global steelmaking overcapacity and imports of steel into the United States may adversely affect United States steel prices, which, together with increased scrap prices, may adversely affect our business, results of operations, financial condition and cash flows.",
      "current_body": "Global steelmaking capacity currently exceeds global consumption of steel products, which adversely affects United States and global steel prices. Such excess capacity sometimes results in steel manufacturers in certain countries exporting steel and steel products, at prices that are lower than prevailing domestic prices, and sometimes at or below their cost of production. Excessive imports of steel and steel products, into the United States, may exert downward pressure on United States steel and steel products prices, which adversely affects our business, results of operations, financial condition and cash flows. Fluctuations in the value of the dollar can also affect imports, as a strong United States dollar makes imported products less expensive, potentially resulting in more imports of steel and steel products into the United States by our foreign competitors. Furthermore, the introduction of additional domestic steel capacity could increase this global overcapacity. This, in turn, has led to and may further lead to increased domestic demand for ferrous scrap resulting in increased scrap prices. Our results of operations, financial condition and cash flows are driven primarily from the metal spread achieved from the price we sell steel and steel products compared to the price of our metallic raw materials, including scrap. During prolonged periods of steel and steel products overcapacity, leading to lower selling prices, combined with high demand for scrap and raw materials, leading to higher buying prices, our metal spreads could be compressed, which may adversely affect our business, results of operations, financial condition and cash flows. United States steel producers compete with many foreign producers, including those in China, Vietnam and other Asian and European countries. Competition from foreign producers is typically strong and is periodically exacerbated by weakening of the economies of certain foreign steelmaking countries, at times leading to imports of steel involving dumping and subsidy abuses by foreign steel producers. Some foreign steel producers are owned, controlled or subsidized by foreign governments. As a result, decisions by these producers with respect to their production, sales and pricing are sometimes influenced to a greater degree by political and economic policy considerations than by prevailing market conditions, realities of the marketplace or consideration of profit or loss. Additionally, at times when iron ore prices are low, disruption of the scrap price correlation to iron ore may occur, which may lead to reduced global costs to produce steel, further depressing steel import prices. A higher volume of steel imports into the United States tends to occur at depressed prices when foreign steelmaking countries experience periods of economic difficulty, decreased demand for steel products or excess capacity. The global steelmaking overcapacity is exacerbated by Chinese steel production capacity that far exceeds that country’s demand and has made China a major global exporter of steel, resulting in weakened global steel pricing than otherwise would be expected. While measures to curb unfair trade such as tariffs, duties or quotas, along with trade agreements with other countries, have decreased the volume of steel and steel products imports, domestic steel and steel products prices can be negatively impacted by excessive imports of steel and steel products. Should current tariffs, duties or quotas expire or be relaxed, repealed or circumvented by importers of steel and steel products, or should trade agreements be renegotiated, downward pressure may be exerted on United States steel and steel products prices, which may adversely affect our business, results of operations, financial condition and cash flows."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Use of Estimates",
      "prior_title": "Use of Estimates",
      "current_body": "These consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States, and accordingly, include amounts that require management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and in the notes thereto. Significant items subject to such estimates and assumptions include the carrying value of property, plant and equipment, intangible assets, and goodwill; allowances for credit losses for trade receivables, inventories and deferred income tax assets; unrecognized tax benefits; potential environmental liabilities; and litigation claims and settlements. Actual results may differ from these estimates and assumptions."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Note 7. Derivative Financial Instruments",
      "prior_title": "Note 7. Derivative Financial Instruments",
      "current_body": "The company is exposed to certain risks relating to its ongoing business operations. The company utilizes derivative instruments to mitigate commodity price risk, occasionally to mitigate foreign currency exchange rate risk, and has in the past to mitigate interest rate fluctuation risk. The company routinely enters into forward exchange traded futures to manage the price risk associated with nonferrous metals inventory, as well as purchases and sales of nonferrous (primarily aluminum and copper) and ferrous metals. The company offsets fair value amounts recognized for derivative instruments executed with the same counterparty under master netting agreements. If the company is “long” on commodity futures contracts, it means the company has more futures contracts purchased than futures contracts sold for the underlying commodity. If the company is “short” on a futures contract, it means the company has more futures contracts sold than futures contracts purchased for the underlying commodity. The following summarizes the company’s futures contract commitments as of December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Market Risk",
      "prior_title": "Market Risk",
      "current_body": "In the normal course of business, we are exposed to interest rate changes. Our objectives in managing fluctuations in interest rates are to limit the impact of these rate changes on earnings and cash flows and to lower overall borrowing costs. To achieve these objectives, we may use interest rate swaps to manage net exposure to interest rate changes related to our portfolio of borrowings; however, we have not done so during 2023, 2022, or 2021. The following table represents the principal cash repayments and related weighted-average interest rates by maturity date for our long-term debt, as of December 31, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Increased environmental, GHG emissions and sustainability considerations from our customers or related regulations could affect demand for our products and add significant costs.",
      "prior_title": "Increased environmental, GHG emissions and sustainability considerations from our customers or related regulations could affect demand for our products and add significant costs.",
      "current_body": "Customers, investors and regulators have increased their focus on the environment, GHG emissions and sustainability. We are committed to the environment and sustainability. We are taking further action to reduce our environmental footprint through our 2025, 2030, and 2050 goals for GHG emission reduction and increased renewable energy usage. We believe that achievement of these goals will comport with expectations of our customers and investors, but certain customers and investors may have differing requirements. To achieve these goals, our operational costs may increase and we have had and will continue to have additional capital expenditures, some of which we may not be able to pass along to our customers. Any failure to timely meet these goals, or other requirements of customers or investors, may have an adverse effect on our business, results of operations and stock price. Additionally, governmental agencies, regulators, investors or other groups have introduced, and may request or require, environmental monitoring, disclosures or regulations in response to the potential impacts of climate change. International treaties or agreements may also result in increasing regulation of GHG emissions, including the introduction of carbon emissions limitations or trading mechanisms. Any such regulation or disclosure requirement could impose significant costs on our operations and on the operations of our customers and suppliers, including increased energy, capital equipment, emissions controls, environmental monitoring and reporting and other costs in order to comply with current or future laws, regulations or demands concerning the environment, climate change, GHG emissions and sustainability. Any adopted regulations could negatively impact our ability, and that of our customers and suppliers, to compete with companies situated in areas not subject to or not complying with such regulations, or could affect our environmental disclosures for any allowances, offsets or credits. We may see an increase in costs relating to our assets that emit GHGs as a result of these initiatives, which may impact our operations directly or through our customers and suppliers."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Critical Accounting Estimates",
      "prior_title": "Critical Accounting Estimates",
      "current_body": "Management’s Discussion and Analysis of Our Financial Condition and Results of Operations is based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. We review the accounting estimates we use in reporting our financial results on a regular basis. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent liabilities. We evaluate the appropriateness of these estimations and judgments on an ongoing basis. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Results may differ from these estimates due to actual outcomes being different from those on which we based our assumptions. We believe the following critical accounting estimates affect our more significant judgments and estimates used in the preparation of our consolidated financial statements. 49 49 Table of ContentsImpairments of Long-Lived Tangible and Definite-Lived Intangible Assets. We review long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may not be fully recoverable. Impairment losses are recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. The impairment loss is measured by comparing the fair value of the asset to its carrying amount. We consider various factors and determine whether an impairment test is necessary, including by way of examples, a significant and prolonged deterioration in operating results and/or projected cash flows, significant changes in the extent or manner in which an asset is used, technological advances with respect to assets which would potentially render them obsolete, our strategy and capital planning, and the economic environment in markets to be served. When determining future cash flows and if necessary, fair value, we must make judgments as to the expected utilization of assets and estimated future cash flows related to those assets. We consider historical and anticipated future results, general economic and market conditions, the impact of planned business and operational strategies and all other available information at the time the estimates are made. Those estimates and judgments may or may not ultimately prove accurate. There were no indicators of impairment or impairment charges recorded during 2023, 2022, of 2021. Goodwill.Our goodwill, relating to various business combinations, consisted of the following at December 31 (in thousands):​​​​​​​​​​​​​ 2023​ 2022​​​​​​​​​​​Steel Operations Segment​$ 272,133​$ 272,133​​Metals Recycling Operations Segment​​ 203,413​​ 228,009​​Steel Fabrication Operations Segment ​​ 1,925​​ 1,925​​​​$ 477,471​$ 502,067​​At least once annually (as of October 1), or when indicators of impairment exist, the company performs an impairment test for goodwill. Goodwill is allocated to various reporting units, which are generally one level below the company’s operating segments. The fair value of the reporting unit is determined using a complex valuation model including an estimate of future cash flows utilizing a risk-adjusted discount rate to calculate the net present value of future cash flows (income approach), and for some years by using a market approach based upon an analysis of valuation metrics of comparable peer companies, using Level 3 fair value inputs as provided for under ASC 820. If the fair value exceeds the carrying value of the reporting unit, there is no impairment. If the carrying amount exceeds the fair value, we recognize an impairment loss in the amount by which the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the reporting unit.Key assumptions used to determine the estimated fair value of each reporting unit under the discounted cash flows method (income approach) include: (a) expected cash flows for the five-year period following the testing date (including market share, sales volumes and prices, costs to produce and estimated capital needs); (b) an estimated terminal value using a terminal year growth rate determined based on the growth prospects of the reporting unit; and (c) a risk-adjusted discount rate based on management’s best estimate of market participants’ after-tax weighted average cost of capital and market risk premiums. Key assumptions used to determine the estimated fair value of each reporting unit under the market approach include the expected revenues and cash flows in the next year. We consider historical and anticipated future results, general economic and market conditions, the impact of planned business and operational strategies and all available information at the time the fair values of its reporting units are estimated. Those estimates and judgments may or may not ultimately prove accurate.Goodwill acquired in past transactions is naturally more susceptible to impairment, primarily due to the fact that they are recorded at fair value based on operating plans and economic conditions at the time of acquisition. Consequently, if operating results and/or economic conditions deteriorate after an acquisition, it could result in the impairment of the acquired asset. A deterioration of economic conditions may not only negatively impact the estimated operating cash flows used in our cash flow models but may also negatively impact other assumptions used in our analyses, including, but not limited to, the estimated cost of capital and/or discount rates. Additionally, we are required 50 Table of Contents Table of Contents Table of Contents Impairments of Long-Lived Tangible and Definite-Lived Intangible Assets. We review long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may not be fully recoverable. Impairment losses are recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. The impairment loss is measured by comparing the fair value of the asset to its carrying amount. We consider various factors and determine whether an impairment test is necessary, including by way of examples, a significant and prolonged deterioration in operating results and/or projected cash flows, significant changes in the extent or manner in which an asset is used, technological advances with respect to assets which would potentially render them obsolete, our strategy and capital planning, and the economic environment in markets to be served. When determining future cash flows and if necessary, fair value, we must make judgments as to the expected utilization of assets and estimated future cash flows related to those assets. We consider historical and anticipated future results, general economic and market conditions, the impact of planned business and operational strategies and all other available information at the time the estimates are made. Those estimates and judgments may or may not ultimately prove accurate. There were no indicators of impairment or impairment charges recorded during 2023, 2022, of 2021. Goodwill.Our goodwill, relating to various business combinations, consisted of the following at December 31 (in thousands):​​​​​​​​​​​​​ 2023​ 2022​​​​​​​​​​​Steel Operations Segment​$ 272,133​$ 272,133​​Metals Recycling Operations Segment​​ 203,413​​ 228,009​​Steel Fabrication Operations Segment ​​ 1,925​​ 1,925​​​​$ 477,471​$ 502,067​​At least once annually (as of October 1), or when indicators of impairment exist, the company performs an impairment test for goodwill. Goodwill is allocated to various reporting units, which are generally one level below the company’s operating segments. The fair value of the reporting unit is determined using a complex valuation model including an estimate of future cash flows utilizing a risk-adjusted discount rate to calculate the net present value of future cash flows (income approach), and for some years by using a market approach based upon an analysis of valuation metrics of comparable peer companies, using Level 3 fair value inputs as provided for under ASC 820. If the fair value exceeds the carrying value of the reporting unit, there is no impairment. If the carrying amount exceeds the fair value, we recognize an impairment loss in the amount by which the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the reporting unit.Key assumptions used to determine the estimated fair value of each reporting unit under the discounted cash flows method (income approach) include: (a) expected cash flows for the five-year period following the testing date (including market share, sales volumes and prices, costs to produce and estimated capital needs); (b) an estimated terminal value using a terminal year growth rate determined based on the growth prospects of the reporting unit; and (c) a risk-adjusted discount rate based on management’s best estimate of market participants’ after-tax weighted average cost of capital and market risk premiums. Key assumptions used to determine the estimated fair value of each reporting unit under the market approach include the expected revenues and cash flows in the next year. We consider historical and anticipated future results, general economic and market conditions, the impact of planned business and operational strategies and all available information at the time the fair values of its reporting units are estimated. Those estimates and judgments may or may not ultimately prove accurate.Goodwill acquired in past transactions is naturally more susceptible to impairment, primarily due to the fact that they are recorded at fair value based on operating plans and economic conditions at the time of acquisition. Consequently, if operating results and/or economic conditions deteriorate after an acquisition, it could result in the impairment of the acquired asset. A deterioration of economic conditions may not only negatively impact the estimated operating cash flows used in our cash flow models but may also negatively impact other assumptions used in our analyses, including, but not limited to, the estimated cost of capital and/or discount rates. Additionally, we are required Impairments of Long-Lived Tangible and Definite-Lived Intangible Assets. We review long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may not be fully recoverable. Impairment losses are recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. The impairment loss is measured by comparing the fair value of the asset to its carrying amount. We consider various factors and determine whether an impairment test is necessary, including by way of examples, a significant and prolonged deterioration in operating results and/or projected cash flows, significant changes in the extent or manner in which an asset is used, technological advances with respect to assets which would potentially render them obsolete, our strategy and capital planning, and the economic environment in markets to be served. When determining future cash flows and if necessary, fair value, we must make judgments as to the expected utilization of assets and estimated future cash flows related to those assets. We consider historical and anticipated future results, general economic and market conditions, the impact of planned business and operational strategies and all other available information at the time the estimates are made. Those estimates and judgments may or may not ultimately prove accurate. There were no indicators of impairment or impairment charges recorded during 2023, 2022, of 2021. Goodwill. Our goodwill, relating to various business combinations, consisted of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations Segment ​ $ 272,133 ​ $ 272,133 ​ ​ Metals Recycling Operations Segment ​ ​ 203,413 ​ ​ 228,009 ​ ​ Steel Fabrication Operations Segment ​ ​ 1,925 ​ ​ 1,925 ​ ​ ​ ​ $ 477,471 ​ $ 502,067 ​ ​ At least once annually (as of October 1), or when indicators of impairment exist, the company performs an impairment test for goodwill. Goodwill is allocated to various reporting units, which are generally one level below the company’s operating segments. The fair value of the reporting unit is determined using a complex valuation model including an estimate of future cash flows utilizing a risk-adjusted discount rate to calculate the net present value of future cash flows (income approach), and for some years by using a market approach based upon an analysis of valuation metrics of comparable peer companies, using Level 3 fair value inputs as provided for under ASC 820. If the fair value exceeds the carrying value of the reporting unit, there is no impairment. If the carrying amount exceeds the fair value, we recognize an impairment loss in the amount by which the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the reporting unit. Key assumptions used to determine the estimated fair value of each reporting unit under the discounted cash flows method (income approach) include: (a) expected cash flows for the five-year period following the testing date (including market share, sales volumes and prices, costs to produce and estimated capital needs); (b) an estimated terminal value using a terminal year growth rate determined based on the growth prospects of the reporting unit; and (c) a risk-adjusted discount rate based on management’s best estimate of market participants’ after-tax weighted average cost of capital and market risk premiums. Key assumptions used to determine the estimated fair value of each reporting unit under the market approach include the expected revenues and cash flows in the next year. We consider historical and anticipated future results, general economic and market conditions, the impact of planned business and operational strategies and all available information at the time the fair values of its reporting units are estimated. Those estimates and judgments may or may not ultimately prove accurate. Goodwill acquired in past transactions is naturally more susceptible to impairment, primarily due to the fact that they are recorded at fair value based on operating plans and economic conditions at the time of acquisition. Consequently, if operating results and/or economic conditions deteriorate after an acquisition, it could result in the impairment of the acquired asset. A deterioration of economic conditions may not only negatively impact the estimated operating cash flows used in our cash flow models but may also negatively impact other assumptions used in our analyses, including, but not limited to, the estimated cost of capital and/or discount rates. Additionally, we are required 50 50 Table of Contentsto ensure that assumptions used to determine fair value in our analyses are consistent with the assumptions a hypothetical marketplace participant would use. As a result, the cost of capital and/or discount rates used in our analyses may increase or decrease based on market conditions and trends, regardless of whether our actual cost of capital has changed. Therefore, we may recognize an impairment in spite of realizing actual cash flows that are approximately equal to or greater than our previously forecasted amounts. Accordingly, discount rate scenario analysis is performed to evaluate the impact on estimated reporting unit fair values. Our fourth quarter 2023, 2022, and 2021 annual goodwill impairment analyses did not result in any impairment charges. Management does not believe that it is reasonably likely that our reporting units will fail the goodwill impairment test in the near term, as the determined fair value of the reporting units with goodwill exceeded their carrying value by more than an insignificant amount. Changes in judgments and estimates underlying our analysis of goodwill for possible impairment, including expected future operating cash flows and discount rate, could decrease the estimated fair value of our reporting units in the future and could result in an impairment of goodwill.Income Taxes. We are required to estimate our income taxes as a part of the process of preparing our consolidated financial statements. This requires us to estimate our actual current tax exposure together with assessing temporary differences resulting from differing treatments of items for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included within our consolidated balance sheet. We must then assess the likelihood that our deferred tax assets will be recovered from future taxable income and, to the extent we believe that recovery is not likely, we must establish a valuation allowance. We also establish reserves to reduce some or all of the tax benefit of any of our tax positions at the time we determine that the positions become uncertain. We adjust these reserves, including any impact on the related interest and penalties, in light of changing facts and circumstances, such as the progress of a tax audit. A number of years may elapse before a particular matter for which we have established a reserve is audited by a taxing authority and finally resolved. The number of years with open tax audits varies depending on the tax jurisdiction. A tax benefit that has been previously reserved because of a failure to meet the \"more likely than not\" recognition threshold would be recognized in our income tax expense in the first interim period when the uncertainty disappears. Settlement of any particular issue would usually require the use of cash.​51 Table of Contents Table of Contents Table of Contents to ensure that assumptions used to determine fair value in our analyses are consistent with the assumptions a hypothetical marketplace participant would use. As a result, the cost of capital and/or discount rates used in our analyses may increase or decrease based on market conditions and trends, regardless of whether our actual cost of capital has changed. Therefore, we may recognize an impairment in spite of realizing actual cash flows that are approximately equal to or greater than our previously forecasted amounts. Accordingly, discount rate scenario analysis is performed to evaluate the impact on estimated reporting unit fair values. Our fourth quarter 2023, 2022, and 2021 annual goodwill impairment analyses did not result in any impairment charges. Management does not believe that it is reasonably likely that our reporting units will fail the goodwill impairment test in the near term, as the determined fair value of the reporting units with goodwill exceeded their carrying value by more than an insignificant amount. Changes in judgments and estimates underlying our analysis of goodwill for possible impairment, including expected future operating cash flows and discount rate, could decrease the estimated fair value of our reporting units in the future and could result in an impairment of goodwill.Income Taxes. We are required to estimate our income taxes as a part of the process of preparing our consolidated financial statements. This requires us to estimate our actual current tax exposure together with assessing temporary differences resulting from differing treatments of items for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included within our consolidated balance sheet. We must then assess the likelihood that our deferred tax assets will be recovered from future taxable income and, to the extent we believe that recovery is not likely, we must establish a valuation allowance. We also establish reserves to reduce some or all of the tax benefit of any of our tax positions at the time we determine that the positions become uncertain. We adjust these reserves, including any impact on the related interest and penalties, in light of changing facts and circumstances, such as the progress of a tax audit. A number of years may elapse before a particular matter for which we have established a reserve is audited by a taxing authority and finally resolved. The number of years with open tax audits varies depending on the tax jurisdiction. A tax benefit that has been previously reserved because of a failure to meet the \"more likely than not\" recognition threshold would be recognized in our income tax expense in the first interim period when the uncertainty disappears. Settlement of any particular issue would usually require the use of cash.​ to ensure that assumptions used to determine fair value in our analyses are consistent with the assumptions a hypothetical marketplace participant would use. As a result, the cost of capital and/or discount rates used in our analyses may increase or decrease based on market conditions and trends, regardless of whether our actual cost of capital has changed. Therefore, we may recognize an impairment in spite of realizing actual cash flows that are approximately equal to or greater than our previously forecasted amounts. Accordingly, discount rate scenario analysis is performed to evaluate the impact on estimated reporting unit fair values. Our fourth quarter 2023, 2022, and 2021 annual goodwill impairment analyses did not result in any impairment charges. Management does not believe that it is reasonably likely that our reporting units will fail the goodwill impairment test in the near term, as the determined fair value of the reporting units with goodwill exceeded their carrying value by more than an insignificant amount. Changes in judgments and estimates underlying our analysis of goodwill for possible impairment, including expected future operating cash flows and discount rate, could decrease the estimated fair value of our reporting units in the future and could result in an impairment of goodwill. Income Taxes. We are required to estimate our income taxes as a part of the process of preparing our consolidated financial statements. This requires us to estimate our actual current tax exposure together with assessing temporary differences resulting from differing treatments of items for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included within our consolidated balance sheet. We must then assess the likelihood that our deferred tax assets will be recovered from future taxable income and, to the extent we believe that recovery is not likely, we must establish a valuation allowance. We also establish reserves to reduce some or all of the tax benefit of any of our tax positions at the time we determine that the positions become uncertain. We adjust these reserves, including any impact on the related interest and penalties, in light of changing facts and circumstances, such as the progress of a tax audit. A number of years may elapse before a particular matter for which we have established a reserve is audited by a taxing authority and finally resolved. The number of years with open tax audits varies depending on the tax jurisdiction. A tax benefit that has been previously reserved because of a failure to meet the \"more likely than not\" recognition threshold would be recognized in our income tax expense in the first interim period when the uncertainty disappears. Settlement of any particular issue would usually require the use of cash. ​ 51 51 Table of ContentsITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKMarket RiskIn the normal course of business, we are exposed to interest rate changes. Our objectives in managing fluctuations in interest rates are to limit the impact of these rate changes on earnings and cash flows and to lower overall borrowing costs. To achieve these objectives, we may use interest rate swaps to manage net exposure to interest rate changes related to our portfolio of borrowings; however, we have not done so during 2023, 2022, or 2021.The following table represents the principal cash repayments and related weighted-average interest rates by maturity date for our long-term debt, as of December 31, 2023 (in thousands):​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Interest Rate Risk​​​​Fixed Rate​Variable Rate​​​​​​Average​​​Average​​​​Principal​Rate​Principal​Rate​​Expected maturity date:​​​​​​​​​​​​​​2024​$ 400,901​​2.8%​$ 59,794​​7.2%​​2025​​ 400,653​​2.4​​ -​​​​​2026​​ 400,453​​5.0​​ -​​​​​2027​​ 350,035​​1.7​​ -​​​​​2028​​ -​​-​​ -​​​​​Thereafter ​​ 1,500,000​​3.3​​ -​​​​​Total debt outstanding ​$ 3,052,042​​3.2%​$ 59,794​​7.2%​​Fair value ​$ 2,776,826​​​​$ 59,794​​​​​Commodity RiskIn the normal course of business, we are exposed to the market risk and price fluctuations related to the sale of our products and to the purchase of raw materials used in our operations, such as metallic raw materials, electricity, water, natural gas and its transportation services, fuel, air products, zinc, and electrodes. Our risk strategy associated with product sales has generally been to obtain competitive prices for our products and to allow operating results to reflect market price movements dictated by supply and demand.Our risk strategy associated with the purchase of raw materials utilized within our operations has generally been to make some commitments with suppliers relating to future expected requirements for some commodities such as electricity, water, natural gas and its transportation services, fuel, air products, zinc, and electrodes. Refer to Note 9. Commitments and Contingencies to the consolidated financial statements elsewhere in this report for additional information.​In our metals recycling and steel operations, we have certain fixed price contracts with various customers and suppliers for future delivery of nonferrous and ferrous metals. Our risk strategy has been to enter into base metal financial contracts with the goal to protect the profit margin, within certain parameters, that was contemplated when we entered into the transaction with the customer or vendor. At December 31, 2023, we had a cumulative unrealized loss associated with these financial contracts of $6.8 million, substantially all of which have settlement dates in 2024. We believe the customer contracts associated with the financial contracts will be fully consummated. Refer to Note 7. Derivative Financial Instruments to the consolidated financial statements elsewhere in this report for additional information.​​52 Table of Contents Table of Contents Table of Contents ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKMarket RiskIn the normal course of business, we are exposed to interest rate changes. Our objectives in managing fluctuations in interest rates are to limit the impact of these rate changes on earnings and cash flows and to lower overall borrowing costs. To achieve these objectives, we may use interest rate swaps to manage net exposure to interest rate changes related to our portfolio of borrowings; however, we have not done so during 2023, 2022, or 2021.The following table represents the principal cash repayments and related weighted-average interest rates by maturity date for our long-term debt, as of December 31, 2023 (in thousands):​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Interest Rate Risk​​​​Fixed Rate​Variable Rate​​​​​​Average​​​Average​​​​Principal​Rate​Principal​Rate​​Expected maturity date:​​​​​​​​​​​​​​2024​$ 400,901​​2.8%​$ 59,794​​7.2%​​2025​​ 400,653​​2.4​​ -​​​​​2026​​ 400,453​​5.0​​ -​​​​​2027​​ 350,035​​1.7​​ -​​​​​2028​​ -​​-​​ -​​​​​Thereafter ​​ 1,500,000​​3.3​​ -​​​​​Total debt outstanding ​$ 3,052,042​​3.2%​$ 59,794​​7.2%​​Fair value ​$ 2,776,826​​​​$ 59,794​​​​​Commodity RiskIn the normal course of business, we are exposed to the market risk and price fluctuations related to the sale of our products and to the purchase of raw materials used in our operations, such as metallic raw materials, electricity, water, natural gas and its transportation services, fuel, air products, zinc, and electrodes. Our risk strategy associated with product sales has generally been to obtain competitive prices for our products and to allow operating results to reflect market price movements dictated by supply and demand.Our risk strategy associated with the purchase of raw materials utilized within our operations has generally been to make some commitments with suppliers relating to future expected requirements for some commodities such as electricity, water, natural gas and its transportation services, fuel, air products, zinc, and electrodes. Refer to Note 9. Commitments and Contingencies to the consolidated financial statements elsewhere in this report for additional information.​In our metals recycling and steel operations, we have certain fixed price contracts with various customers and suppliers for future delivery of nonferrous and ferrous metals. Our risk strategy has been to enter into base metal financial contracts with the goal to protect the profit margin, within certain parameters, that was contemplated when we entered into the transaction with the customer or vendor. At December 31, 2023, we had a cumulative unrealized loss associated with these financial contracts of $6.8 million, substantially all of which have settlement dates in 2024. We believe the customer contracts associated with the financial contracts will be fully consummated. Refer to Note 7. Derivative Financial Instruments to the consolidated financial statements elsewhere in this report for additional information.​​ ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Steel Operations Segment *",
      "prior_title": "Steel Operations Segment *",
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ Butler Flat Roll Division: ​ ​ ​ ​ ​ ​ ​ ​ Butler Operations ​ Butler, IN ​ Flat Roll Steel Mill and Coating Facility ​ 993 ​ — Jeffersonville Operations ​ Jeffersonville, IN ​ Flat Roll Steel Coating Facility ​ 27 ​ 10 Iron Dynamics ​ Butler, IN ​ Liquid Ironmaking Facility ​ 25 ​ — Columbus Flat Roll Division ​ Columbus, MS ​ Flat Roll Steel Mill and Coating Facility ​ 1,387 ​ — Sinton Flat Roll Division ​ Sinton, TX ​ Flat Roll Steel Mill and Coating Facility ​ 2,487 ​ — The Techs ​ Pittsburgh, PA ​ Flat Roll Steel Coating Facilities ​ 16 ​ 2 Heartland Flat Roll Division ​ Terre Haute, IN ​ Flat Roll Steel Cold-Rolling and Coating Facility ​ 246 ​ — United Steel Supply ​ IN, ID, MS, OR, and TX ​ Distributor of Painted Galvalume® Flat Roll Steel ​ 53 ​ 1 Structural and Rail Division ​ Columbia City, IN ​ Structural and Rail Steel Mill ​ 962 ​ — Engineered Bar Products Division ​ Pittsboro, IN ​ Engineered Bar Steel Mill and Finishing Facility ​ 312 ​ — Vulcan Threaded Products ​ Pelham, AL ​ Bar Steel Processing Facility ​ 31 ​ — Roanoke Bar Division ​ Roanoke, VA ​ Merchant Bar Steel Mill ​ 310 ​ — Steel of West Virginia ​ WV, KY, and TN ​ Specialty Shapes Steel Mill and Finishing ​ 139 ​ 6 ​ ​ ​ ​ and Coating Facilities ​ ​ ​ ​ SDI Biocarbon Solutions ​ Columbus, MS ​ Biocarbon Production Facility ​ 133 ​ — SDI Mexico ​ Monterrey, Mexico ​ Flat Roll Steel Distribution Warehouse ​ — ​ 5 ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Note 7. Derivative Financial Instruments (Continued)",
      "prior_title": "Note 7. Derivative Financial Instruments (Continued)",
      "current_body": "The fair value of the above derivative instruments along with required margin deposit amounts with the same counterparty under master netting agreements totaled $24.0 million and $23.5 million at December 31, 2023, and 2022, respectively, and are reflected in other current assets in the consolidated balance sheets. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "INDEX TO CONSOLIDATED FINANCIAL STATEMENTS",
      "prior_title": "INDEX TO CONSOLIDATED FINANCIAL STATEMENTS",
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ Page ​ ​ ​ Management’s Report on Internal Control Over Financial Reporting Management’s Report on Internal Control Over Financial Reporting ​ 54 ​ ​ ​ Reports of Independent Registered Public Accounting Firm (PCAOB ID 42) Reports of Independent Registered Public Accounting Firm ​ 55 ​ ​ ​ Consolidated Balance Sheets as of December 31, 2023 and 2022 Consolidated Balance Sheets as of December 31, 2023 and 2022 ​ 58 ​ ​ ​ Consolidated Statements of Income for each of the three years in the period ended December 31, 2023 Consolidated Statements of Income for each of the three years in the period ended December 31, 2023 ​ 59 ​ ​ ​ Consolidated Statements of Comprehensive Income for each of the three years in the period ended December 31, 2023 Consolidated Statements of Comprehensive Income for each of the three years in the period ended December 31, 2023 ​ 60 ​ ​ ​ Consolidated Statements of Equity for each of the three years in the period ended December 31, 2023 Consolidated Statements of Equity for each of the three years in the period ended December 31, 2023 ​ 61 ​ ​ ​ Consolidated Statements of Cash Flows for each of the three years in the period ended December 31, 2023 Consolidated Statements of Cash Flows for each of the three years in the period ended December 31, 2023 ​ 62 ​ ​ ​ Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements ​ 63 ​ ​ ​ 53 53 Table of ContentsMANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTINGThe management of Steel Dynamics, Inc. is responsible for the preparation and integrity of the company’s consolidated financial statements and for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a – 15(f) of the Exchange Act, for the company (including its consolidated subsidiaries). We maintain accounting and internal control systems which are intended to provide reasonable assurance that assets are safeguarded against loss from unauthorized use or disposition, transactions are executed in accordance with management’s authorization, and accounting records are reliable for preparing financial statements in accordance with accounting principles generally accepted in the United States. We are dedicated to ensuring that we maintain the high standards of financial accounting and reporting that we have established. Our culture demands integrity and an unyielding commitment to strong internal control practices and policies.Internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of the financial statements in accordance with generally accepted accounting principles; and provide reasonable assurance that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on our financial statements.Because of its inherent limitations, internal control over financial reporting may not always prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with policies and procedures may deteriorate.Under the supervision and with the participation of our management, including our principal executive officer and our principal financial officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting. The framework on which such evaluation was based upon is contained in the report entitled “Internal Control—Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework) (the “COSO criteria”). Based on that evaluation, management concluded that our internal control over financial reporting was effective as of December 31, 2023, the end of the period covered by this report.​​/s/ Mark D. Millett /s/ Theresa E. WaglerChief Executive Officer​Executive Vice President and Chief Financial Officer(Principal Executive Officer)​(Principal Financial Officer)​​​54 Table of Contents Table of Contents Table of Contents MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTINGThe management of Steel Dynamics, Inc. is responsible for the preparation and integrity of the company’s consolidated financial statements and for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a – 15(f) of the Exchange Act, for the company (including its consolidated subsidiaries). We maintain accounting and internal control systems which are intended to provide reasonable assurance that assets are safeguarded against loss from unauthorized use or disposition, transactions are executed in accordance with management’s authorization, and accounting records are reliable for preparing financial statements in accordance with accounting principles generally accepted in the United States. We are dedicated to ensuring that we maintain the high standards of financial accounting and reporting that we have established. Our culture demands integrity and an unyielding commitment to strong internal control practices and policies.Internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of the financial statements in accordance with generally accepted accounting principles; and provide reasonable assurance that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on our financial statements.Because of its inherent limitations, internal control over financial reporting may not always prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with policies and procedures may deteriorate.Under the supervision and with the participation of our management, including our principal executive officer and our principal financial officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting. The framework on which such evaluation was based upon is contained in the report entitled “Internal Control—Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework) (the “COSO criteria”). Based on that evaluation, management concluded that our internal control over financial reporting was effective as of December 31, 2023, the end of the period covered by this report.​​/s/ Mark D. Millett /s/ Theresa E. WaglerChief Executive Officer​Executive Vice President and Chief Financial Officer(Principal Executive Officer)​(Principal Financial Officer)​​​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "December 31, 2022",
      "prior_title": "December 31, 2021",
      "current_body": "​ Derivative instruments designated as hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures Other current assets ​ $ 1,065 ​ $ 2,169 ​ $ 1,097 ​ $ 2,119 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments not designated as hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity futures Other current assets ​ ​ 1,418 ​ ​ 2,102 ​ ​ 8,208 ​ ​ 5,269 ​ Total derivative instruments ​ ​ $ 2,483 ​ $ 4,271 ​ $ 9,305 ​ $ 7,388 ​ ​ ​ 78 78 Table of ContentsNote 7. Derivative Financial Instruments (Continued)The fair value of the above derivative instruments along with required margin deposit amounts with the same counterparty under master netting agreements totaled $24.0 million and $23.5 million at December 31, 2023, and 2022, respectively, and are reflected in other current assets in the consolidated balance sheets.​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Amount of​​​​​​​​​Location of gain​​gain (loss)​​​Location of gain​​Amount of gain​​(loss) recognized​​recognized in​Hedged items in​(loss) recognized​​ (loss) recognized in​​in income on​​income on​fair value hedge​in income on​​income on related​​derivatives​​ derivatives​relationships​related hedged items​​hedged items For the Year Ended December 31, 2023​​​​​​​​​​​​​​​​​​​​​​​​​Derivatives in fair value ​​​​​​​​​​​​hedging relationships​​​​​​​​​​​​Commodity futures​Costs of goods sold​$ 536​Firm commitments​Costs of goods sold​$ 853​​​​​​​Inventory​Costs of goods sold​​ (217)Derivatives not designated​​​​​​​​​​$ 636as hedging instruments​​​​​​​​​​​​Commodity futures​Costs of goods sold​$ 4,734​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​For the Year Ended December 31, 2022​​​​​​​​​​​​​​​​​​​​​​​​​Derivatives in fair value ​​​​​​​​​​​​hedging relationships​​​​​​​​​​​​Commodity futures​Costs of goods sold​$ 2,284​Firm commitments​Costs of goods sold​$ (2,290)​​​​​​​Inventory​Costs of goods sold​​ (708)Derivatives not designated​​​​​​​​​​$ (2,998)as hedging instruments​​​​​​​​​​​​Commodity futures​Costs of goods sold​$ 24,748​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​For the Year Ended December 31, 2021​​​​​​​​​​​​​​​​​​​​​​​​​Derivatives in fair value ​​​​​​​​​​​​hedging relationships​​​​​​​​​​​​Commodity futures​Costs of goods sold​$ (1,369)​Firm commitments​Costs of goods sold​$ 3,354​​​​​​​Inventory​Costs of goods sold​​ 1,054Derivatives not designated​​​​​​​​​​$ 4,408as hedging instruments​​​​​​​​​​​​Commodity futures​Costs of goods sold​$ (33,517)​​​​​​​​Derivatives accounted for as fair value hedges had ineffectiveness resulting in gains of $440,000, $72,000, and losses of $101,000 for the years ended December 31, 2023, 2022, and 2021, respectively. Gains excluded from hedge effectiveness testing of $732,000 decreased cost of goods sold, losses excluded from hedge effectiveness testing of $786,000 increased cost of goods sold, and gains excluded from hedge effectiveness testing of $3.1 million decreased cost of goods sold for the years ended December 31, 2023, 2022, and 2021, respectively. ​79 Table of Contents Table of Contents Table of Contents Note 7. Derivative Financial Instruments (Continued)The fair value of the above derivative instruments along with required margin deposit amounts with the same counterparty under master netting agreements totaled $24.0 million and $23.5 million at December 31, 2023, and 2022, respectively, and are reflected in other current assets in the consolidated balance sheets.​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Amount of​​​​​​​​​Location of gain​​gain (loss)​​​Location of gain​​Amount of gain​​(loss) recognized​​recognized in​Hedged items in​(loss) recognized​​ (loss) recognized in​​in income on​​income on​fair value hedge​in income on​​income on related​​derivatives​​ derivatives​relationships​related hedged items​​hedged items For the Year Ended December 31, 2023​​​​​​​​​​​​​​​​​​​​​​​​​Derivatives in fair value ​​​​​​​​​​​​hedging relationships​​​​​​​​​​​​Commodity futures​Costs of goods sold​$ 536​Firm commitments​Costs of goods sold​$ 853​​​​​​​Inventory​Costs of goods sold​​ (217)Derivatives not designated​​​​​​​​​​$ 636as hedging instruments​​​​​​​​​​​​Commodity futures​Costs of goods sold​$ 4,734​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​For the Year Ended December 31, 2022​​​​​​​​​​​​​​​​​​​​​​​​​Derivatives in fair value ​​​​​​​​​​​​hedging relationships​​​​​​​​​​​​Commodity futures​Costs of goods sold​$ 2,284​Firm commitments​Costs of goods sold​$ (2,290)​​​​​​​Inventory​Costs of goods sold​​ (708)Derivatives not designated​​​​​​​​​​$ (2,998)as hedging instruments​​​​​​​​​​​​Commodity futures​Costs of goods sold​$ 24,748​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​For the Year Ended December 31, 2021​​​​​​​​​​​​​​​​​​​​​​​​​Derivatives in fair value ​​​​​​​​​​​​hedging relationships​​​​​​​​​​​​Commodity futures​Costs of goods sold​$ (1,369)​Firm commitments​Costs of goods sold​$ 3,354​​​​​​​Inventory​Costs of goods sold​​ 1,054Derivatives not designated​​​​​​​​​​$ 4,408as hedging instruments​​​​​​​​​​​​Commodity futures​Costs of goods sold​$ (33,517)​​​​​​​​Derivatives accounted for as fair value hedges had ineffectiveness resulting in gains of $440,000, $72,000, and losses of $101,000 for the years ended December 31, 2023, 2022, and 2021, respectively. Gains excluded from hedge effectiveness testing of $732,000 decreased cost of goods sold, losses excluded from hedge effectiveness testing of $786,000 increased cost of goods sold, and gains excluded from hedge effectiveness testing of $3.1 million decreased cost of goods sold for the years ended December 31, 2023, 2022, and 2021, respectively. ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Cash and equivalents, and restricted cash at end of period",
      "prior_title": "Cash and equivalents, and restricted cash at end of period",
      "current_body": "$ 1,406,464 ​ $ 1,633,919 ​ $ 1,249,369 ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Opinion on the Financial Statements",
      "prior_title": "Opinion on the Financial Statements",
      "current_body": "We have audited the accompanying consolidated balance sheets of Steel Dynamics, Inc. (the Company) as of December 31, 2023 and 2022, the related consolidated statements of income, comprehensive income, equity and cash flows for each of the three years in the period ended December 31, 2023, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 29, 2024 expressed an unqualified opinion thereon."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Environmental and Other Contingencies",
      "prior_title": "Environmental and Other Contingencies",
      "current_body": "We have incurred, and in the future will continue to incur, capital expenditures and operating expenses for matters relating to environmental control, remediation, monitoring and compliance. During 2023, we incurred costs related to the monitoring and compliance of environmental matters in the amount of approximately $54.6 million and capital expenditures related to environmental compliance of approximately $5.4 million. Of the costs incurred during 2023 for monitoring and compliance, approximately 71% were related to the normal transportation of certain types of by-products produced in our steelmaking processes and other facilities, in accordance with legal requirements. We incurred combined environmental remediation costs of approximately $3.1 million at all of our facilities during 2023. We have an accrual of $6.6 million recorded for environmental remediation related to our metals recycling operations, and $2.6 million related to our idled Minnesota ironmaking operations. We believe, apart from our dependence on environmental construction and operating permits for our existing and any future manufacturing facilities, that compliance with current environmental laws and regulations is not likely to have a materially adverse effect on our financial condition, results of operations or liquidity. However, environmental laws and regulations evolve and change, and we may become subject to more stringent environmental laws and regulations in the future, such as the impact of various governmental legislatures and agencies introducing regulatory changes in response to the potential of climate change."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Compliance with and changes in environmental and remediation requirements may result in substantially increased capital requirements and operating costs.",
      "prior_title": "Compliance with and changes in environmental and remediation requirements may result in substantially increased capital requirements and operating costs.",
      "current_body": "Existing laws or regulations, as currently interpreted or as may be interpreted in the future, as well as future laws or regulations, may adversely affect our results of operations and financial condition. We are subject to numerous local, state, federal and international statutory and regulatory environmental requirements relating to, among other things: ●the generation, storage, treatment, handling and disposal of solid and hazardous waste and secondary materials; ● ● the discharge of materials into the air, including periodic changes to the National Ambient Air Quality Standards and to emission standards; ●the management, treatment and discharge of wastewater and storm water; ● ●the use and treatment of groundwater; ● ●the remediation of soil and groundwater contamination; ● ●climate change legislation or regulation; ● 26 26 Table of Contents●the need for and the ability to timely obtain air, water or other environmental permits;●the timely reporting of certain chemical usage, content, storage and releases;●the remediation and reclamation of land used in our operations;●natural resource protections; and●the protection of our employees’ health and safety.Compliance with environmental laws and regulations, which affect our EAF steelmaking, metals recycling, liquid pig-iron, and copper and aluminum production operations, is a significant factor in our business. We are required to obtain and comply with environmental permits and licenses, and failure to obtain or renew or the violation of any permit or license may result in substantial fines and penalties, capital expenditures, operational changes, suspension of operations and/or the closure of a subject facility. Similarly, delays, increased costs and/or the imposition of onerous conditions to the securing or renewal of permits may adversely affect these operations.Uncertainty regarding adequate pollution control levels, testing and sampling procedures, and new pollution control technology are factors that may increase our future compliance expenditures. We are unable to predict the ultimate cost of future compliance with environmental requirements or their effect on our operations. Although we strive to be in substantial compliance with all applicable laws and regulations, legal requirements frequently change and are subject to interpretation such that regulatory agencies may bring enforcement actions for alleged noncompliance. Private parties might also bring claims against us under citizen suit provisions and/or for property damage or personal injury allegedly resulting from our operations. New laws, regulations and changing interpretations by regulatory authorities, together with uncertainty regarding the application of existing requirements, are among the factors that may increase our future expenditures to comply with environmental requirements. The cost of complying with existing laws or regulations as currently interpreted or reinterpreted in the future, or with future laws or regulations, may adversely affect our results of operations and financial condition.Our operations produce significant amounts of by-products, some of which are handled as solid or hazardous waste or as hazardous secondary materials. For example, our steel mills generate EAF dust, which the United States Environmental Protection Agency (United States EPA) and other regulatory authorities classify as hazardous waste and regulate accordingly unless recycled in an exempt manner.In addition, the feed materials for the shredders operated by our metals recycling operations include automobile bodies. A portion of the feed materials consist of currently unrecyclable material known as shredder residue. If laws or regulations or the interpretation of the laws or regulations change with regard to EAF dust or shredder residue or other by-products created by our operations, we may incur significant additional expenditures.Federal and state environmental laws enable federal and state agencies and certain private parties to recover from owners, operators, generators and transporters the cost of investigation and cleanup of sites at which wastes or hazardous substances were disposed and/or migrated. In connection with these laws, we may be required to clean up contamination discovered at our sites including contamination that may have been caused by former owners or operators of the sites, to conduct additional cleanup at sites that have already had some cleanup performed, to address emerging and newly-regulated contaminants such as per- and polyfluoroalkyl substances (PFAS) and 1,4-dioxane, and/or to perform cleanup with regard to sites formerly used in connection with our operations.In addition, we may be required to pay for, or to pay a portion of, the costs of cleanup at sites to which we sent materials for disposal or recycling, notwithstanding that the original disposal or recycling activity may have complied with all regulatory requirements then in effect. Under certain laws, a party can be held jointly and severally liable for all of the cleanup costs associated with a disposal site. In practice, a liable party often splits the costs of cleanup with other potentially responsible parties. We have received notices from the United States EPA, state agencies and third parties that we have been identified as potentially responsible for the costs of investigating and cleaning up a number of disposal sites. In most cases, many other parties are also named as potentially responsible parties and also contribute to payment of those costs.27 Table of Contents Table of Contents Table of Contents ●the need for and the ability to timely obtain air, water or other environmental permits;●the timely reporting of certain chemical usage, content, storage and releases;●the remediation and reclamation of land used in our operations;●natural resource protections; and●the protection of our employees’ health and safety.Compliance with environmental laws and regulations, which affect our EAF steelmaking, metals recycling, liquid pig-iron, and copper and aluminum production operations, is a significant factor in our business. We are required to obtain and comply with environmental permits and licenses, and failure to obtain or renew or the violation of any permit or license may result in substantial fines and penalties, capital expenditures, operational changes, suspension of operations and/or the closure of a subject facility. Similarly, delays, increased costs and/or the imposition of onerous conditions to the securing or renewal of permits may adversely affect these operations.Uncertainty regarding adequate pollution control levels, testing and sampling procedures, and new pollution control technology are factors that may increase our future compliance expenditures. We are unable to predict the ultimate cost of future compliance with environmental requirements or their effect on our operations. Although we strive to be in substantial compliance with all applicable laws and regulations, legal requirements frequently change and are subject to interpretation such that regulatory agencies may bring enforcement actions for alleged noncompliance. Private parties might also bring claims against us under citizen suit provisions and/or for property damage or personal injury allegedly resulting from our operations. New laws, regulations and changing interpretations by regulatory authorities, together with uncertainty regarding the application of existing requirements, are among the factors that may increase our future expenditures to comply with environmental requirements. The cost of complying with existing laws or regulations as currently interpreted or reinterpreted in the future, or with future laws or regulations, may adversely affect our results of operations and financial condition.Our operations produce significant amounts of by-products, some of which are handled as solid or hazardous waste or as hazardous secondary materials. For example, our steel mills generate EAF dust, which the United States Environmental Protection Agency (United States EPA) and other regulatory authorities classify as hazardous waste and regulate accordingly unless recycled in an exempt manner.In addition, the feed materials for the shredders operated by our metals recycling operations include automobile bodies. A portion of the feed materials consist of currently unrecyclable material known as shredder residue. If laws or regulations or the interpretation of the laws or regulations change with regard to EAF dust or shredder residue or other by-products created by our operations, we may incur significant additional expenditures.Federal and state environmental laws enable federal and state agencies and certain private parties to recover from owners, operators, generators and transporters the cost of investigation and cleanup of sites at which wastes or hazardous substances were disposed and/or migrated. In connection with these laws, we may be required to clean up contamination discovered at our sites including contamination that may have been caused by former owners or operators of the sites, to conduct additional cleanup at sites that have already had some cleanup performed, to address emerging and newly-regulated contaminants such as per- and polyfluoroalkyl substances (PFAS) and 1,4-dioxane, and/or to perform cleanup with regard to sites formerly used in connection with our operations.In addition, we may be required to pay for, or to pay a portion of, the costs of cleanup at sites to which we sent materials for disposal or recycling, notwithstanding that the original disposal or recycling activity may have complied with all regulatory requirements then in effect. Under certain laws, a party can be held jointly and severally liable for all of the cleanup costs associated with a disposal site. In practice, a liable party often splits the costs of cleanup with other potentially responsible parties. We have received notices from the United States EPA, state agencies and third parties that we have been identified as potentially responsible for the costs of investigating and cleaning up a number of disposal sites. In most cases, many other parties are also named as potentially responsible parties and also contribute to payment of those costs. ●the need for and the ability to timely obtain air, water or other environmental permits; ● ●the timely reporting of certain chemical usage, content, storage and releases; ● ●the remediation and reclamation of land used in our operations; ● ●natural resource protections; and ● ●the protection of our employees’ health and safety. ● Compliance with environmental laws and regulations, which affect our EAF steelmaking, metals recycling, liquid pig-iron, and copper and aluminum production operations, is a significant factor in our business. We are required to obtain and comply with environmental permits and licenses, and failure to obtain or renew or the violation of any permit or license may result in substantial fines and penalties, capital expenditures, operational changes, suspension of operations and/or the closure of a subject facility. Similarly, delays, increased costs and/or the imposition of onerous conditions to the securing or renewal of permits may adversely affect these operations. Uncertainty regarding adequate pollution control levels, testing and sampling procedures, and new pollution control technology are factors that may increase our future compliance expenditures. We are unable to predict the ultimate cost of future compliance with environmental requirements or their effect on our operations. Although we strive to be in substantial compliance with all applicable laws and regulations, legal requirements frequently change and are subject to interpretation such that regulatory agencies may bring enforcement actions for alleged noncompliance. Private parties might also bring claims against us under citizen suit provisions and/or for property damage or personal injury allegedly resulting from our operations. New laws, regulations and changing interpretations by regulatory authorities, together with uncertainty regarding the application of existing requirements, are among the factors that may increase our future expenditures to comply with environmental requirements. The cost of complying with existing laws or regulations as currently interpreted or reinterpreted in the future, or with future laws or regulations, may adversely affect our results of operations and financial condition. Our operations produce significant amounts of by-products, some of which are handled as solid or hazardous waste or as hazardous secondary materials. For example, our steel mills generate EAF dust, which the United States Environmental Protection Agency (United States EPA) and other regulatory authorities classify as hazardous waste and regulate accordingly unless recycled in an exempt manner. In addition, the feed materials for the shredders operated by our metals recycling operations include automobile bodies. A portion of the feed materials consist of currently unrecyclable material known as shredder residue. If laws or regulations or the interpretation of the laws or regulations change with regard to EAF dust or shredder residue or other by-products created by our operations, we may incur significant additional expenditures. Federal and state environmental laws enable federal and state agencies and certain private parties to recover from owners, operators, generators and transporters the cost of investigation and cleanup of sites at which wastes or hazardous substances were disposed and/or migrated. In connection with these laws, we may be required to clean up contamination discovered at our sites including contamination that may have been caused by former owners or operators of the sites, to conduct additional cleanup at sites that have already had some cleanup performed, to address emerging and newly-regulated contaminants such as per- and polyfluoroalkyl substances (PFAS) and 1,4-dioxane, and/or to perform cleanup with regard to sites formerly used in connection with our operations. In addition, we may be required to pay for, or to pay a portion of, the costs of cleanup at sites to which we sent materials for disposal or recycling, notwithstanding that the original disposal or recycling activity may have complied with all regulatory requirements then in effect. Under certain laws, a party can be held jointly and severally liable for all of the cleanup costs associated with a disposal site. In practice, a liable party often splits the costs of cleanup with other potentially responsible parties. We have received notices from the United States EPA, state agencies and third parties that we have been identified as potentially responsible for the costs of investigating and cleaning up a number of disposal sites. In most cases, many other parties are also named as potentially responsible parties and also contribute to payment of those costs. 27 27 Table of ContentsBecause cleanup liability can in some cases be imposed retroactively on activities that occurred many years ago, and because federal and state agencies are still discovering sites that pose a threat to public health or the environment, we can provide no assurance that we will not become liable for significant costs associated with investigation and remediation of cleanup sites.Operational and Commercial Risks Related to our BusinessWe may face significant price and other forms of competition from other steel and aluminum producers, scrap processors and alternative materials, which may adversely affect our business, financial condition, results of operations and cash flows.The global markets in which steel companies and scrap processors conduct business are highly competitive and became even more so due to consolidations in the steel and scrap industries. Additionally, in many applications, steel competes with other materials, such as aluminum, cement, composites, plastics, carbon fiber, glass and wood. Increased use of alternative materials for any reason, including as a response to regulations or customer demands, could decrease demand for steel or force other steel producers into new products or markets that compete more directly with us, and combined with increased competition could cause us to lose market share, increase expenditures or reduce pricing, any one of which may adversely affect our business, financial condition, results of operations and cash flows. Additionally, during 2022 we announced our planned project to construct and operate a recycled aluminum flat rolled products mill with an anticipated annual production capacity of 650,000 tonnes of finished products to be located in Columbus, Mississippi, with two supporting satellite recycling aluminum slab centers. Although we anticipate being able to effectively compete in the aluminum industry, along with the other risks described herein, we may face unexpected and enhanced competition, which may adversely affect the expected contributions of our aluminum operations and our resulting business, financial condition, results of operations and cash flows.Availability of an adequate source of supply of scrap is required for our metals recycling operations.We procure our scrap inventory from numerous sources. These suppliers generally are not bound by long-term contracts and generally have no obligation to sell recyclable metal to us. In periods of low industry scrap prices, scrap suppliers may elect to hold recyclable metal to wait for higher prices or intentionally slow their metal collection activities. If a substantial number of scrap suppliers cease selling recyclable metal to us, we may be unable to recycle metal at desired levels which may adversely affect our results of operations and financial condition. In addition, a slowdown of industrial production in the United States reduces the supply of industrial grades of metal to the metals recycling industry, resulting in our having less recyclable metal available to process and sell. Further, additional EAF steel mill construction or blast furnace mills investing in EAF mills could increase the demand for scrap, potentially resulting in higher scrap prices or periods of decreased scrap supply. Any inability to secure scrap for our EAF steel mills could adversely affect our business, results of operations, financial condition and cash flows.We are subject to cybersecurity threats and may face risks to the security of our sensitive data and information technology which may adversely affect our business, results of operations, financial condition and cash flows.Increased cybersecurity and information technology security requirements, vulnerabilities and threats and a rise in sophisticated and targeted cybercrime, all of which may be heightened during times of war or hostilities, pose a risk to the security and functionality of our systems and information networks, and to the confidentiality, availability and integrity of sensitive data, including intellectual property, proprietary information, financial information, customer and supplier information, and personally identifiable information. Additionally, cybersecurity vulnerabilities or attacks could result in an interruption of the functionality of our automated and electronically controlled manufacturing operating systems, which, if compromised, could cease, threaten, delay or slow down our ability to melt, roll or otherwise process steel or any of our other products for the duration of such interruption. Our customers and suppliers may also store certain of our sensitive information on their information technology systems, which if breached or attacked, could likewise expose our sensitive information. Similarly, information system vendors and software suppliers may experience a cybersecurity or information technology breach that exposes our systems or sensitive data. Any of these cybersecurity 28 Table of Contents Table of Contents Table of Contents Because cleanup liability can in some cases be imposed retroactively on activities that occurred many years ago, and because federal and state agencies are still discovering sites that pose a threat to public health or the environment, we can provide no assurance that we will not become liable for significant costs associated with investigation and remediation of cleanup sites.Operational and Commercial Risks Related to our BusinessWe may face significant price and other forms of competition from other steel and aluminum producers, scrap processors and alternative materials, which may adversely affect our business, financial condition, results of operations and cash flows.The global markets in which steel companies and scrap processors conduct business are highly competitive and became even more so due to consolidations in the steel and scrap industries. Additionally, in many applications, steel competes with other materials, such as aluminum, cement, composites, plastics, carbon fiber, glass and wood. Increased use of alternative materials for any reason, including as a response to regulations or customer demands, could decrease demand for steel or force other steel producers into new products or markets that compete more directly with us, and combined with increased competition could cause us to lose market share, increase expenditures or reduce pricing, any one of which may adversely affect our business, financial condition, results of operations and cash flows. Additionally, during 2022 we announced our planned project to construct and operate a recycled aluminum flat rolled products mill with an anticipated annual production capacity of 650,000 tonnes of finished products to be located in Columbus, Mississippi, with two supporting satellite recycling aluminum slab centers. Although we anticipate being able to effectively compete in the aluminum industry, along with the other risks described herein, we may face unexpected and enhanced competition, which may adversely affect the expected contributions of our aluminum operations and our resulting business, financial condition, results of operations and cash flows.Availability of an adequate source of supply of scrap is required for our metals recycling operations.We procure our scrap inventory from numerous sources. These suppliers generally are not bound by long-term contracts and generally have no obligation to sell recyclable metal to us. In periods of low industry scrap prices, scrap suppliers may elect to hold recyclable metal to wait for higher prices or intentionally slow their metal collection activities. If a substantial number of scrap suppliers cease selling recyclable metal to us, we may be unable to recycle metal at desired levels which may adversely affect our results of operations and financial condition. In addition, a slowdown of industrial production in the United States reduces the supply of industrial grades of metal to the metals recycling industry, resulting in our having less recyclable metal available to process and sell. Further, additional EAF steel mill construction or blast furnace mills investing in EAF mills could increase the demand for scrap, potentially resulting in higher scrap prices or periods of decreased scrap supply. Any inability to secure scrap for our EAF steel mills could adversely affect our business, results of operations, financial condition and cash flows.We are subject to cybersecurity threats and may face risks to the security of our sensitive data and information technology which may adversely affect our business, results of operations, financial condition and cash flows.Increased cybersecurity and information technology security requirements, vulnerabilities and threats and a rise in sophisticated and targeted cybercrime, all of which may be heightened during times of war or hostilities, pose a risk to the security and functionality of our systems and information networks, and to the confidentiality, availability and integrity of sensitive data, including intellectual property, proprietary information, financial information, customer and supplier information, and personally identifiable information. Additionally, cybersecurity vulnerabilities or attacks could result in an interruption of the functionality of our automated and electronically controlled manufacturing operating systems, which, if compromised, could cease, threaten, delay or slow down our ability to melt, roll or otherwise process steel or any of our other products for the duration of such interruption. Our customers and suppliers may also store certain of our sensitive information on their information technology systems, which if breached or attacked, could likewise expose our sensitive information. Similarly, information system vendors and software suppliers may experience a cybersecurity or information technology breach that exposes our systems or sensitive data. Any of these cybersecurity Because cleanup liability can in some cases be imposed retroactively on activities that occurred many years ago, and because federal and state agencies are still discovering sites that pose a threat to public health or the environment, we can provide no assurance that we will not become liable for significant costs associated with investigation and remediation of cleanup sites."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Critical Audit Matter",
      "prior_title": "Critical Audit Matter",
      "current_body": "The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the account or disclosure to which it relates. 56 56 Table of Contents​​​Valuation of GoodwillDescription ofthe MatterAt December 31, 2023, the Company’s goodwill was approximately $477 million. As discussed in Note 1 of the consolidated financial statements, the Company performs an impairment test for goodwill at least annually or when indicators of impairment exist.Auditing management’s goodwill impairment test was complex and judgmental due to the significant estimation required to determine the fair value of the reporting units. In particular, the fair value estimate was sensitive to significant assumptions, specifically changes in the risk-adjusted discount rate and a complex valuation model.​How WeAddressed theMatter in OurAuditWe obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s goodwill impairment review process, including controls over management’s review of the assumptions and methodologies used in the calculation of the fair value of the reporting units, as well as the Company’s review of the completeness and accuracy of the data used in the Company’s analysis.To test the estimated fair value of each of the Company’s reporting units, we performed audit procedures that included, among others, testing the underlying assumptions used in the Company’s analysis, testing the completeness and accuracy of the underlying estimates of future cash flows used by management and testing the calculation of the fair value of the reporting units. We compared the assumptions used by management to historical results and performed sensitivity analyses over certain assumptions used by management to evaluate the changes in the fair value of each of the reporting units that would result from changes in those assumptions. In addition, we involved our specialist to assist with our evaluation of the methodologies applied and assumptions used by management./s/ Ernst & Young LLP​We have served as the Company’s auditor since 1999.​Indianapolis, IndianaFebruary 29, 2024​57 Table of Contents Table of Contents Table of Contents ​​​Valuation of GoodwillDescription ofthe MatterAt December 31, 2023, the Company’s goodwill was approximately $477 million. As discussed in Note 1 of the consolidated financial statements, the Company performs an impairment test for goodwill at least annually or when indicators of impairment exist.Auditing management’s goodwill impairment test was complex and judgmental due to the significant estimation required to determine the fair value of the reporting units. In particular, the fair value estimate was sensitive to significant assumptions, specifically changes in the risk-adjusted discount rate and a complex valuation model.​How WeAddressed theMatter in OurAuditWe obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s goodwill impairment review process, including controls over management’s review of the assumptions and methodologies used in the calculation of the fair value of the reporting units, as well as the Company’s review of the completeness and accuracy of the data used in the Company’s analysis.To test the estimated fair value of each of the Company’s reporting units, we performed audit procedures that included, among others, testing the underlying assumptions used in the Company’s analysis, testing the completeness and accuracy of the underlying estimates of future cash flows used by management and testing the calculation of the fair value of the reporting units. We compared the assumptions used by management to historical results and performed sensitivity analyses over certain assumptions used by management to evaluate the changes in the fair value of each of the reporting units that would result from changes in those assumptions. In addition, we involved our specialist to assist with our evaluation of the methodologies applied and assumptions used by management./s/ Ernst & Young LLP​We have served as the Company’s auditor since 1999.​Indianapolis, IndianaFebruary 29, 2024​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Commodity Risk",
      "prior_title": "Commodity Risk",
      "current_body": "In the normal course of business, we are exposed to the market risk and price fluctuations related to the sale of our products and to the purchase of raw materials used in our operations, such as metallic raw materials, electricity, water, natural gas and its transportation services, fuel, air products, zinc, and electrodes. Our risk strategy associated with product sales has generally been to obtain competitive prices for our products and to allow operating results to reflect market price movements dictated by supply and demand. Our risk strategy associated with the purchase of raw materials utilized within our operations has generally been to make some commitments with suppliers relating to future expected requirements for some commodities such as electricity, water, natural gas and its transportation services, fuel, air products, zinc, and electrodes. Refer to Note 9. Commitments and Contingencies to the consolidated financial statements elsewhere in this report for additional information. ​ In our metals recycling and steel operations, we have certain fixed price contracts with various customers and suppliers for future delivery of nonferrous and ferrous metals. Our risk strategy has been to enter into base metal financial contracts with the goal to protect the profit margin, within certain parameters, that was contemplated when we entered into the transaction with the customer or vendor. At December 31, 2023, we had a cumulative unrealized loss associated with these financial contracts of $6.8 million, substantially all of which have settlement dates in 2024. We believe the customer contracts associated with the financial contracts will be fully consummated. Refer to Note 7. Derivative Financial Instruments to the consolidated financial statements elsewhere in this report for additional information. ​ ​ 52 52 Table of ContentsITEM 8. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATAINDEX TO CONSOLIDATED FINANCIAL STATEMENTS​​​​ Page​​​Management’s Report on Internal Control Over Financial Reporting​54​​​Reports of Independent Registered Public Accounting Firm (PCAOB ID 42)​55​​​Consolidated Balance Sheets as of December 31, 2023 and 2022​58​​​Consolidated Statements of Income for each of the three years in the period ended December 31, 2023​59​​​Consolidated Statements of Comprehensive Income for each of the three years in the period ended December 31, 2023​60​​​Consolidated Statements of Equity for each of the three years in the period ended December 31, 2023​61​​​Consolidated Statements of Cash Flows for each of the three years in the period ended December 31, 2023​62​​​Notes to Consolidated Financial Statements​63​​​53 Table of Contents Table of Contents Table of Contents ITEM 8. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATAINDEX TO CONSOLIDATED FINANCIAL STATEMENTS​​​​ Page​​​Management’s Report on Internal Control Over Financial Reporting​54​​​Reports of Independent Registered Public Accounting Firm (PCAOB ID 42)​55​​​Consolidated Balance Sheets as of December 31, 2023 and 2022​58​​​Consolidated Statements of Income for each of the three years in the period ended December 31, 2023​59​​​Consolidated Statements of Comprehensive Income for each of the three years in the period ended December 31, 2023​60​​​Consolidated Statements of Equity for each of the three years in the period ended December 31, 2023​61​​​Consolidated Statements of Cash Flows for each of the three years in the period ended December 31, 2023​62​​​Notes to Consolidated Financial Statements​63​​​ ITEM 8. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA"
    },
    {
      "status": "UNCHANGED",
      "current_title": "MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING",
      "prior_title": "MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING",
      "current_body": "The management of Steel Dynamics, Inc. is responsible for the preparation and integrity of the company’s consolidated financial statements and for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a – 15(f) of the Exchange Act, for the company (including its consolidated subsidiaries). We maintain accounting and internal control systems which are intended to provide reasonable assurance that assets are safeguarded against loss from unauthorized use or disposition, transactions are executed in accordance with management’s authorization, and accounting records are reliable for preparing financial statements in accordance with accounting principles generally accepted in the United States. We are dedicated to ensuring that we maintain the high standards of financial accounting and reporting that we have established. Our culture demands integrity and an unyielding commitment to strong internal control practices and policies. Internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of the financial statements in accordance with generally accepted accounting principles; and provide reasonable assurance that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on our financial statements. Because of its inherent limitations, internal control over financial reporting may not always prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with policies and procedures may deteriorate. Under the supervision and with the participation of our management, including our principal executive officer and our principal financial officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting. The framework on which such evaluation was based upon is contained in the report entitled “Internal Control—Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework) (the “COSO criteria”). Based on that evaluation, management concluded that our internal control over financial reporting was effective as of December 31, 2023, the end of the period covered by this report. ​ ​ ​ ​ /s/ Mark D. Millett /s/ Theresa E. Wagler Chief Executive Officer ​ Executive Vice President and Chief Financial Officer (Principal Executive Officer) ​ (Principal Financial Officer) ​ ​ ​ 54 54 Table of ContentsREPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM​To the Stockholders and the Board of Directors of Steel Dynamics, Inc.​Opinion on Internal Control Over Financial ReportingWe have audited Steel Dynamics, Inc.’s internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Steel Dynamics, Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2023, based on the COSO criteria.We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of Steel Dynamics, Inc. as of December 31, 2023 and 2022, the related consolidated statements of income, comprehensive income, equity, and cash flows for each of the three years in the period ended December 31, 2023, and the related notes and our report dated February 29, 2024 expressed an unqualified opinion thereon.Basis for OpinionThe Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.Definition and Limitations of Internal Control Over Financial ReportingA company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate./s/ Ernst & Young LLP​Indianapolis, IndianaFebruary 29, 2024​55 Table of Contents Table of Contents Table of Contents REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM​To the Stockholders and the Board of Directors of Steel Dynamics, Inc.​Opinion on Internal Control Over Financial ReportingWe have audited Steel Dynamics, Inc.’s internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Steel Dynamics, Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2023, based on the COSO criteria.We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of Steel Dynamics, Inc. as of December 31, 2023 and 2022, the related consolidated statements of income, comprehensive income, equity, and cash flows for each of the three years in the period ended December 31, 2023, and the related notes and our report dated February 29, 2024 expressed an unqualified opinion thereon.Basis for OpinionThe Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.Definition and Limitations of Internal Control Over Financial ReportingA company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate./s/ Ernst & Young LLP​Indianapolis, IndianaFebruary 29, 2024​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "2018 Executive Incentive Compensation Plan (2018 Executive Plan)",
      "prior_title": "2018 Executive Incentive Compensation Plan (2018 Executive Plan)",
      "current_body": "The 2018 Executive Plan provides for eligibility of certain senior leadership of the company to receive cash and stock bonuses based on predetermined formulas. The company’s shareholders approved the 2018 Executive Plan in May 2018 and 2.0 million shares of company stock were reserved for grant through February 28, 2028. At times a portion of the bonus may be distributed in shares of the company’s stock, of which one-third of the shares vest immediately and the remaining shares vest in equal annual installments over an additional two-year service-based vesting period requirement. At December 31, 2023, 2022, and 2021, 1.3 million, 1.4 million, and 1.4 million shares, respectively, under the 2018 Executive Plan remained available for grant. Pursuant to the 2018 Executive Plan, 29,000, 26,000, and 157,000 shares were awarded with a market value of $3.5 million, $3.2 million, and $8.7 million for the 2023, 2022, and 2021 award years, respectively. one-third ​ ​ 77 77 Table of ContentsNote 7. Derivative Financial InstrumentsThe company is exposed to certain risks relating to its ongoing business operations. The company utilizes derivative instruments to mitigate commodity price risk, occasionally to mitigate foreign currency exchange rate risk, and has in the past to mitigate interest rate fluctuation risk. The company routinely enters into forward exchange traded futures to manage the price risk associated with nonferrous metals inventory, as well as purchases and sales of nonferrous (primarily aluminum and copper) and ferrous metals. The company offsets fair value amounts recognized for derivative instruments executed with the same counterparty under master netting agreements.If the company is “long” on commodity futures contracts, it means the company has more futures contracts purchased than futures contracts sold for the underlying commodity. If the company is “short” on a futures contract, it means the company has more futures contracts sold than futures contracts purchased for the underlying commodity. The following summarizes the company’s futures contract commitments as of December 31, 2023:​​​​​​​​​Commodity Futures​Long/Short​Metric Tons​​Aluminum​Long​3,550​​Aluminum​Short​8,800​​Copper​Long​12,837​​Copper​Short​33,589​​The following summarizes the location and amounts of the fair values reported on the company’s consolidated balance sheets and gains or losses related to derivatives included in the company’s consolidated statements of income as of and for the years ended December 31 (in thousands):​​​​​​​​​​​​​​​​​​Asset Derivatives​Liability Derivatives​​​​Fair Value​Fair Value​​Balance sheet location​December 31, 2023​December 31, 2022​December 31, 2023​December 31, 2022​Derivative instruments designated as hedges ​​​​​​​​​​​​​​​​​​​​​​​​​​​​​ Commodity futuresOther current assets​$ 1,065​$ 2,169​$ 1,097​$ 2,119​​​​​​​​​​​​​​​​Derivative instruments not designated as hedges​​​​​​​​​​​​​​​​​​​​​​​​​​​​​ Commodity futuresOther current assets​​ 1,418​​ 2,102​​ 8,208​​ 5,269​Total derivative instruments​​$ 2,483​$ 4,271​$ 9,305​$ 7,388​​​78 Table of Contents Table of Contents Table of Contents Note 7. Derivative Financial InstrumentsThe company is exposed to certain risks relating to its ongoing business operations. The company utilizes derivative instruments to mitigate commodity price risk, occasionally to mitigate foreign currency exchange rate risk, and has in the past to mitigate interest rate fluctuation risk. The company routinely enters into forward exchange traded futures to manage the price risk associated with nonferrous metals inventory, as well as purchases and sales of nonferrous (primarily aluminum and copper) and ferrous metals. The company offsets fair value amounts recognized for derivative instruments executed with the same counterparty under master netting agreements.If the company is “long” on commodity futures contracts, it means the company has more futures contracts purchased than futures contracts sold for the underlying commodity. If the company is “short” on a futures contract, it means the company has more futures contracts sold than futures contracts purchased for the underlying commodity. The following summarizes the company’s futures contract commitments as of December 31, 2023:​​​​​​​​​Commodity Futures​Long/Short​Metric Tons​​Aluminum​Long​3,550​​Aluminum​Short​8,800​​Copper​Long​12,837​​Copper​Short​33,589​​The following summarizes the location and amounts of the fair values reported on the company’s consolidated balance sheets and gains or losses related to derivatives included in the company’s consolidated statements of income as of and for the years ended December 31 (in thousands):​​​​​​​​​​​​​​​​​​Asset Derivatives​Liability Derivatives​​​​Fair Value​Fair Value​​Balance sheet location​December 31, 2023​December 31, 2022​December 31, 2023​December 31, 2022​Derivative instruments designated as hedges ​​​​​​​​​​​​​​​​​​​​​​​​​​​​​ Commodity futuresOther current assets​$ 1,065​$ 2,169​$ 1,097​$ 2,119​​​​​​​​​​​​​​​​Derivative instruments not designated as hedges​​​​​​​​​​​​​​​​​​​​​​​​​​​​​ Commodity futuresOther current assets​​ 1,418​​ 2,102​​ 8,208​​ 5,269​Total derivative instruments​​$ 2,483​$ 4,271​$ 9,305​$ 7,388​​​"
    }
  ]
}