STEEL DYNAMICS INC MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTSOF OPERATIONS (form 10-Q)

STLD

Forward-Looking Statements

Description of the Business

Operating Statement Classifications

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.

Company-wide 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.

Results Overview

Segment Operating Results 2022 vs. 2021 (dollars in thousands)

Six Months Ended June 30,

Steel Operations Segment

Steel Operations Segment Shipments (tons):

Steel Operations Segment Results 2022 vs. 2021

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Metals Recycling Operations Segment

Metals Recycling Operations Segment Shipments:

Metals Recycling Operations Segment Results 2022 vs. 2021

Steel Fabrication Operations Segment

Steel Fabrication Operations Segment Results 2022 vs. 2021

Second Quarter Consolidated Results 2022 vs. 2021

First Six Months Consolidated Results 2022 vs. 2021

Liquidity and Capital Resources

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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 June 30, 2022, is as follows (in thousands):

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