The company is nearing completion of its recycled aluminum flat rolled products mill in Columbus, Mississippi, with production expected to begin mid-year 2025. This investment broadens the company's ability to serve existing and new customers with lower-carbon aluminum products.

Construction of a biocarbon production facility in Columbus, Mississippi, is underway, with operations projected to begin in the first half of 2025. This facility will use high-temperature pyrolysis to convert sustainably sourced biomass to high-purity biocarbon, which could result in a 35% reduction in steel mills' Scope 1 GHG absolute emissions.

Steel fabrication operations benefited from a solid non-residential construction market, as evidenced by historically solid order backlog that extends deep into the first half of 2025 at attractive pricing levels. The continued onshoring of manufacturing, coupled with the robust U.S. infrastructure and Inflation Reduction Act programs, supports consistent strong demand for steel joist and deck products.

The company emphasizes safety as a core value, but the 2024 total recordable injury rate for steel fabrication and metals recycling exceeded industry averages. This suggests a need for improved safety practices in these segments.

The company emphasizes innovation in all forms, including improving safety, quality, productivity, and resource sustainability. This focus is intended to maintain profitability and competitiveness in the long term.

The company utilizes a four-tiered, performance-based compensation framework to reward teams based on individual, team, company, and shareholder interests. This is intended to promote high-return growth, effective capital investment, low-cost operations, and risk mitigation.

The 10-K filing identifies global steelmaking overcapacity and imports of steel into the United States as a risk factor that may adversely affect United States steel prices. This is further exacerbated by Chinese steel production capacity.

The filing highlights the volatility and major fluctuations in prices and availability of scrap metal, scrap substitutes, and supplies as a risk factor. Inability to pass higher costs on to customers may constrain operating levels and reduce profit margins.

The company acknowledges the increasing cybersecurity and information technology security requirements, vulnerabilities, and threats as a risk factor. These threats could impact the security and functionality of systems, confidentiality of data, and potentially disrupt operations.

The company acknowledges significant price and other forms of competition from other steel and aluminum producers, scrap processors, and alternative materials. Maintaining market share and profitability requires continuous innovation and efficiency improvements.

The company's vertical integration into the metals recycling business and liquid pig-iron operations enables it to be a cost-effective supplier to its own steelmaking operations. This helps mitigate the risk of volatile scrap prices.

Steel Dynamics has one of the most diversified, high-margin product offerings within the domestic steel industry. The company seeks to provide unique supply-chain alternatives for customers to increase efficiency, reduce time and costs, and promote decarbonization opportunities.

The company emphasizes its adaptable value-added product diversification, vertically connected businesses model, coupled with a highly variable operating cost structure and performance-based incentive compensation, along with continued operating innovations and efficiency, to achieve higher utilization and lower costs.

The company's internal manufacturing businesses are a significant competitive advantage supporting higher and more stable through-cycle earnings and cash flow generation. During weaker steel demand environments, the company can source their steel needs internally, and during strong steel demand environments, it has the option to also purchase their steel needs externally.

The company's manufacturing processes are dependent upon critical pieces of steelmaking equipment, such as EAFs, continuous casters and rolling equipment, some of which are controlled by 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.

The company began construction of a biocarbon production facility in 2023, which could result in as much as a 35% reduction in its steel mills' Scope 1 GHG absolute emissions. This investment represents a significant step toward the decarbonization of its steel mills.

Through individual creativity and ingenuity, the company's teams drive innovation to improve safety, quality, productivity, and resource sustainability. The company strives to provide unique, superior products, customer supply chain solutions, and next-generation technologies and processes.

The company's 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 or processing employee, business, or customer data.

During 2024, the company invested $1.9 billion in property, plant and equipment, primarily within its aluminum operations and steel operations segments. The company is currently executing its plan to invest $2.7 billion in a new recycled aluminum flat rolled products mill.

In February 2025, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company's common stock. This demonstrates confidence in future cash flow generation and a belief that shares are undervalued.

As a reflection of continued confidence in current and future cash flow generation capability and financial position, the company increased its quarterly cash dividend by 8% to $0.46 per share in the first quarter of 2024.

The company's commitment to all aspects of sustainability is embedded in its founding principles – valuing people, partners, communities, and the environment. These strategic principles drive long-term value creation.

The company is constructing a biocarbon production facility that will use high-temperature pyrolysis to convert sustainably sourced biomass to high-purity biocarbon, which could result in as much as a 35% reduction in its steel mills' Scope 1 GHG absolute emissions.

Customers, investors and regulators have increased their focus on the environment, GHG emissions and sustainability. The company is committed to the environment and sustainability and is taking further action to reduce its environmental footprint through 2025, 2030, and 2050 goals for GHG emission reduction and increased renewable energy usage.

Underlying domestic steel demand was stable during 2024, but imports of certain steel products, most notably coated flat rolled steels, caused pricing pressure for flat rolled steel products.

Customer order activity and steel demand were stable during 2024, with the construction, automotive, industrial, and energy sectors leading demand.

Steel fabrication operations benefited from a solid non-residential construction market, as evidenced by historically solid order backlog that extends deep into the first half of 2025 at attractive pricing levels.