Steel Dynamics Inc 2024年度报告

Contents A Letter from Our CEO2Steel Dynamics Differentiated7A Letter from Our CFO9Transformational Growth11Intentionally Sustainable15Selected Financial Data21 Mark D. MillettA Letter from Co-Founder, Chairman, and CEO On behalf of everyone at Steel Dynamics, Iwant to thank our loyal customers, vendors,communities, and shareholders for theircontinued support of our company. Myheartfelt thanks to our extraordinary teammembers for their passion, innovation, anddedication to excellence. The entire SteelDynamics team delivered a solid performanceduring 2024. Our strategic growth and marketpositioning over the last several years werefundamental to our performance. We achievednumerous milestones, both operationallyand financially, and performed at the top ofour industry. Most gratifying was achievingour best safety year, with a record low totalrecordable incident rate. I want to applaud allour team members for the monumental effortput forth to achieve this result. The team delivered a strong performancein 2024, achieving our second-best annualsteel shipments and our fourth-best year forrevenues of $17.5 billion. We achieved netincome of $1.5 billion, operating incomeof $1.9 billion, and adjusted EBITDA of$2.5 billion. $1.5B 2024 Net Income We generated cash flow from operations of$1.8 billion during 2024 and ended the yearwith strong liquidity of $2.2 billion. We madesignificant investments in our operations andour aluminum growth platform with capitalexpenditures of $1.9 billion. We maintainedour positive dividend profile, increasing cashdividends 8% per share in February 2024and returned $1.5 billion to our shareholdersin the form of both dividends and sharerepurchases. We believe we are uniquelypositioned to execute meaningful strategicgrowth initiatives, while continuing to returnsignificant capital to shareholders andmaintain investment grade credit metrics. Our Resources Our commitment to all aspects ofsustainability is embedded in our foundingprinciples—valuing our people, our partners,our communities, and our environment.These strategic principles drive long-termvalue creation for all of us. The health and safety of our people is ournumber one value and primary focus. Nothingsurpasses the importance of each individual These GHG emissions targets were establishedusing the Global Steel Climate Council’s (GSCC)Steel Climate Standard, independently verifiedby a third party, and certified by the GSCC. team member. Safety is an integral part of ourculture, and we must collectively ensure everyperson is personally engaged in sustaininga safe workplace for themselves, their teammembers, and their families. Our sustainability and decarbonization strategyis an ongoing journey, and we plan to use ourentrepreneurial, innovative spirit to continuebeing a leader in the industry. We are committed to operating our businessin an environmentally responsible manner andhave been since our founding. Our steel millsproduce steel exclusively utilizing electric arcfurnace (EAF) technology, which uses recycledferrous scrap as the primary raw material.This method of steelmaking has a much lowerenvironmental impact when compared totraditional steelmaking technology. Withour EAF steelmaking, circular manufacturingmodel, and innovative teams, Steel Dynamicsis already a leader in the production oflower-carbon steel products within the globalindustry, and we are committed to furtherdecarbonization. Our Operations We once again had a strong performanceon a number of key business measures,including operating margin, EBITDA margin,return on invested capital, and for our steeloperations, profitability per steel ton shipped.Our entrepreneurial culture is at the core ofour success and is driven by our extensiveperformance-based compensation philosophyfor those on the plant floor through thosein senior leadership. Team members arepassionate about delivering quality productsand excellent service to our customers.Whether driving toward industry-leadingsafety performance, implementing innovativetechnology in our manufacturing processes,or ensuring we consistently exceed customerexpectations, our team members vigorouslypursue excellence. In 2024, we established a 2050 science-basedgreenhouse gas (GHG) emissions intensitytarget for our steel mills, aligned with the ParisAgreement’s goals and with the InternationalEnergy Agency’s Net Zero by 2050 roadmap. Wealso set an interim 2030 emissions intensitytarget for our steel mills representing a 15%reduction, compared to our 2022 base year. Outstanding Industry Performance Steel Operations End MarketsBased on 2024 Steel Shipments Steel Our steel operations achieved our secondhighest annual 2024 steel shipments of 12.7million tons. Our internal operations consumed1.7 million tons of steel, or 14% of our total 2024steel shipments, supporting our steel mills byproviding a powerful utilization lever. The domestic steel industry saw stable demandthroughout 2024. However, steel import