Supplemental Quarterly Information (dollars in thousands)
2021 1Q 2021 2Q 2021
External Net Sales
Steel $2,510,684 $3,234,519
Fabrication 256,985 330,852
Metals Recycling 470,007 575,700
Other 306,921 324,237
Consolidated $3,544,597 $4,465,308
Operating Income
Steel $641,439 $1,017,024
Fabrication 9,895 28,450
Metals Recycling 53,933 50,965
Operations 705,267 1,096,439
Non-cash amortization of intangible assets (7,438) (7,438)
Profit sharing expense (48,848) (82,140)
Non-segment operations (54,782) (51,126)
Non-cash asset impairment charges - -
Consolidated Operating Income $594,199 $955,735
Adjusted EBITDA
Net income $438,755 $715,598
Income taxes 128,104 215,200
Net interest expense 16,815 14,604
Depreciation 77,888 78,015
Amortization of intangible assets 7,438 7,438
Noncontrolling interest (a) (8,422) (9,665)
EBITDA 660,578 1,021,190
Non-cash adjustments
Unrealized hedging (gain) loss (6,852) 1,305
Inventory valuation 109 144
Equity-based compensation 10,210 9,808
Asset impairment charges - -
Refinancing charges - -
Adjusted EBITDA $664,045 $1,032,447
Trailing Twelve Months Adjusted EBITDA $1,483,843 $2,298,294
Other Operating Information
Steel
Average external sales price (Per ton) (b) $1,041 $1,292
Average ferrous cost (Per ton melted) (c) $372 $439
Flat Roll shipments
Butler and Columbus Flat Roll divisions 1,496,531 1,512,530
Steel Processing divisions(d) 422,850 410,596
Long Product shipments
Structural and Rail Division 478,687 497,079
Engineered Bar Products Division 200,628 205,205
Roanoke Bar Division 136,420 175,390
Steel of West Virginia 87,158 90,476
Total Shipments (Tons) 2,822,274 2,891,276
External Shipments(Tons) (b) 2,410,817 2,504,007
Steel Mill Production (Tons) 2,476,939 2,443,314
Metals Recycling
Nonferrous shipments (000's of pounds) 280,809 266,859
Ferrous shipments (Gross tons) 1,395,843 1,400,447
External ferrous shipments (Gross tons) 437,182 520,726
Steel Fabrication
Average sales price (Per ton) $1,406 $1,753
Shipments (Tons) 184,243 189,180
(a) Quarters ended March 31 and June 30, 2021, net of income tax expenses(benefits) of $175 and ($247), respectively.
(b) Represents all steel operations
(c) Represents ferrous cost per ton melted at our six electric arc furnace steel mills
(d) Includes Heartland, The Techs, and United Steel Supply operations

2020 1Q 2020 2Q 2020 3Q 2020 4Q 2020
External Net Sales
Steel $1,941,706 $1,628,027 $1,696,530 $1,870,841
Fabrication 220,936 215,250 241,538 217,977
Metals Recycling 291,856 156,583 272,463 347,022
Other 120,602 94,445 120,301 165,405
Consolidated $2,575,100 $2,094,305 $2,330,832 $2,601,245
Operating Income
Steel $292,746 $172,395 $143,573 $297,682
Fabrication 29,204 27,196 39,272 25,067
Metals Recycling 8,326 (5,918) 15,467 27,035
Operations 330,276 193,673 198,312 349,784
Non-cash amortization of intangible assets (7,191) (7,190) (6,946) (7,672)
Profit sharing expense (21,454) (9,092) (11,778) (19,404)
Non-segment operations (27,945) (18,541) (23,732) (44,549)
Non-cash asset impairment charges - - - (19,409)
Consolidated Operating Income $273,686 $158,850 $155,856 $258,750
Adjusted EBITDA
Net income $190,836 $78,765 $104,277 $196,950
Income taxes 57,420 24,280 29,083 23,867
Net interest expense 21,790 25,849 18,401 19,853
Depreciation 71,733 70,116 73,364 75,787
Amortization of intangible assets 7,191 7,190 6,946 7,672
Noncontrolling interest(d) (3,496) (3,270) (4,133) (2,352)
EBITDA 345,474 202,930 227,938 321,777
Non-cash adjustments
Unrealized hedging (gain) loss (1,262) (208) 915 2,629
Inventory valuation 859 258 47 1,078
Equity-based compensation 10,812 9,519 9,487 18,746
Asset impairment charges - - - 19,409
Refinancing charges - 4,907 - 3,059
Adjusted EBITDA $355,883 $217,406 $238,387 $366,698
Trailing Twelve Months Adjusted EBITDA $1,306,489 $1,158,470 $1,082,082 $1,178,374
Other Operating Information
Steel
Average external sales price (Per ton) (a) $774 $755 $734 $814
Average ferrous cost (Per ton melted) (b) $267 $266 $259 $279
Flat Roll shipments
Butler and Columbus Flat Roll divisions 1,584,264 1,358,473 1,499,873 1,447,125
Steel Processing divisions (c) 405,981 418,837 460,854 413,756
Long Product shipments
Structural and Rail Division 434,882 400,150 393,519 435,364
Engineered Bar Products Division 189,801 137,386 138,948 164,735
Roanoke Bar Division 140,222 125,104 113,898 126,163
Steel of West Virginia 92,032 78,069 75,594 83,303
Total Shipments (Tons) 2,847,182 2,518,019 2,682,686 2,670,446
External Shipments (Tons) (a) 2,495,164 2,152,856 2,310,004 2,299,310
Steel Mill Production (Tons) 2,535,233 2,132,167 2,320,134 2,273,273
Metals Recycling
Nonferrous shipments (000's of pounds) 272,078 166,914 267,338 271,552
Ferrous shipments (Gross tons) 1,192,144 802,070 1,256,351 1,341,316
External ferrous shipments (Gross tons) 393,651 197,970 369,576 446,233
Steel Fabrication
Average sales price (Per ton) $1,356 $1,364 $1,375 $1,351
Shipments (Tons) 163,312 160,168 179,375 162,825
(a) Represents all steel operations
(b) Represents ferrous cost per ton melted at our six electric arc furnace steel mills
(c) Includes Heartland, The Techs, and United Steel Supply locations
(d) Year and quarter ended December 31, 2020, net of income tax effect of $6,755

2019 1Q 2019 2Q 2019 3Q 2019 4Q 2019
External Net Sales
Steel $2,124,570 $2,106,350 $1,922,528 $1,771,398
Fabrication 228,480 241,424 246,078 246,173
Metals Recycling 351,137 323,100 280,908 242,862
Other 113,248 99,641 77,331 110,058
Consolidated $2,817,435 $2,770,515 $2,526,845 $2,370,491
Operating Income
Steel $312,437 $294,769 $239,587 $201,266
Fabrication 20,663 30,706 35,321 32,573
Metals Recycling 19,958 10,614 2,894 (5,251)
Operations 353,058 336,089 277,802 228,588
Non-cash amortization of intangible assets (7,013) (7,013) (6,704) (8,847)
Profit sharing expense (23,677) (22,871) (17,848) (13,633)
Non-segment operations (30,526) (21,173) (25,205) (24,147)
Consolidated Operating Income $291,842 $285,032 $228,045 $181,961
Adjusted EBITDA
Net income $204,827 $196,746 $152,608 $123,719
Income taxes 62,236 60,214 48,643 26,344
Net interest expense 24,017 25,598 24,107 25,355
Depreciation 71,846 72,585 71,456 70,314
Amortization of intangible assets 7,013 7,013 6,704 8,847
Noncontrolling interest (499) (2,444) (1,560) (2,294)
EBITDA 369,440 359,712 301,958 252,285
Non-cash adjustments
Unrealized hedging (gain) loss 1,742 (3,719) 3,697 589
Inventory valuation 241 351 278 352
Equity-based compensation 10,619 9,080 8,842 14,400
Refinancing charges - - - 2,780
Adjusted EBITDA $382,042 $365,424 $314,775 $270,406
Trailing Twelve Months Adjusted EBITDA $2,055,943 $1,831,312 $1,520,227 $1,332,647
Other Operating Information
Steel
Average external sales price (Per ton) (a) $902 $879 $809 $764
Average ferrous cost (Per ton melted) (b) $338 $316 $275 $243
Flat Roll shipments
Butler and Columbus Flat Roll divisions 1,526,851 1,574,463 1,527,230 1,512,003
Steel Processing divisions (c) 330,775 422,849 427,645 404,388
Long Product shipments
Structural and Rail Division 376,263 352,013 366,306 374,774
Engineered Bar Products Division 206,874 195,644 176,564 153,692
Roanoke Bar Division 152,400 128,460 123,495 125,125
Steel of West Virginia 91,248 95,929 90,669 80,981
Total Shipments (Tons) 2,684,411 2,769,358 2,711,909 2,650,963
External Shipments (Tons) (a) 2,347,209 2,386,851 2,362,915 2,305,633
Steel Mill Production (Tons) 2,411,166 2,401,289 2,369,423 2,285,077
Metals Recycling
Nonferrous shipments (000's of pounds) 292,038 266,222 257,087 252,861
Ferrous shipments (Gross tons) 1,171,361 1,189,679 1,169,963 1,096,211
External ferrous shipments (Gross tons) 382,841 425,477 396,135 361,504
Fabrication
Average sales price (Per ton) $1,575 $1,538 $1,464 $1,419
Shipments (Tons) 145,222 156,983 168,571 173,635
(a) Represents all steel operations
(b) Represents ferrous cost per ton melted at our six electric arc furnace steel mills
(c) Includes Heartland, The Techs, and United Steel Supply locations

2018 1Q 2018 2Q 2018 3Q 2018 4Q 2018
External Net Sales
Steel $1,921,790 $2,325,426 $2,475,044 $2,198,459
Fabrication 201,492 217,439 250,625 251,592
Metals Recycling 388,122 424,704 387,219 352,555
Other 92,471 122,956 110,659 101,286
Consolidated $2,603,875 $3,090,525 $3,223,547 $2,903,892
Operating Income
Steel $338,357 $537,192 $577,308 $402,252
Fabrication 19,832 14,185 13,145 14,902
Metals Recycling 27,805 25,728 17,764 16,954
Operations 385,994 577,105 608,217 434,108
Non-cash Amortization of Intangible Assets (6,926) (6,829) (6,591) (7,434)
Profit Sharing Expense (26,662) (42,335) (45,304) (41,684)
Non-segment Operations (29,009) (26,054) (24,750) (19,437)
Consolidated Operating Income $323,397 $501,887 $531,572 $365,553
Adjusted EBITDA
Earnings Before Taxes $295,964 $475,410 $507,115 $341,285
Net Interest Expense 27,482 25,928 25,894 24,738
Depreciation 67,823 70,871 73,431 71,765
Amortization of Intangible Assets 6,926 6,829 6,591 7,434
Noncontrolling Interest 2,077 (124) 469 151
EBITDA 400,272 578,914 613,500 445,373
Non-cash Adjustments
Unrealized Hedging (Gain) Loss (9,956) 2,836 3,030 (2,510)
Inventory Valuation 200 265 1,017 666
Equity-based Compensation 9,580 8,375 7,978 14,457
Adjusted EBITDA $400,096 $590,390 $625,525 $457,986
Trailing Twelve Months Adjusted EBITDA $1,383,845 $1,623,805 $1,901,849 $2,073,997
Other Operating Information
Steel
Average External Sales Price (Per ton) * $822 $932 $988 $940
Average Ferrous Cost (Per ton melted) # $321 $348 $352 $343
Flat Roll Shipments
Butler and Columbus Flat Roll Divisions 1,548,814 1,601,498 1,562,813 1,493,894
Techs and Heartland Divisions 194,762 222,303 294,559 262,642
Long Product Shipments
Structural and Rail Division 368,783 441,019 431,326 389,107
Engineered Bar Products Division 215,150 250,092 239,951 217,646
Roanoke Bar Division 123,403 140,143 145,648 150,607
Steel of West Virginia 83,732 78,881 82,623 70,367
Total Shipments (Tons) 2,534,644 2,733,936 2,756,920 2,584,263
External Shipments (Tons) 2,327,515 2,480,223 2,489,133 2,328,420
Steel Mill Production (Tons) 2,380,359 2,529,115 2,535,534 2,391,971
Metals Recycling
Nonferrous Shipments (000's of pounds) 271,628 304,034 277,332 278,418
Ferrous Shipments (Gross tons) 1,256,899 1,347,016 1,304,164 1,215,474
External Ferrous Shipments (Gross tons) 436,990 466,125 459,362 414,941
Fabrication
Average External Sales Price (Per ton) $1,345 $1,380 $1,461 $1,550
Total Shipments (Tons) 149,926 157,902 171,578 162,292
* Includes all steel operations
# Includes ferrous cost per ton melted at our Steel Mills

2017 1Q 2017 2Q 2017 3Q 2017 4Q 2017
External Net Sales
Steel $1,721,333 $1,758,242 $1,782,805 $1,669,384
Fabrication 194,096 197,866 211,305 220,515
Metals Recycling 363,836 343,529 348,215 354,460
Other 88,951 91,083 101,057 92,120
Consolidated $2,368,216 $2,390,720 $2,443,382 $2,336,479
Operating Income
Steel $352,423 $273,818 $280,285 $207,358
Fabrication 23,767 20,188 21,903 21,601
Metals Recycling 21,341 19,988 21,118 22,379
Operations 397,531 313,994 323,306 251,338
Non-cash Amortization of Intangible Assets (7,424) (7,424) (7,272) (7,073)
Profit Sharing Expense (27,231) (21,308) (21,175) (21,595)
Non-segment Operations (28,310) (19,909) (23,844) (26,723)
Consolidated Operating Income $334,566 $265,353 $271,015 $195,947
Adjusted EBITDA
Earnings Before Taxes $304,252 $235,319 $234,312 $161,352
Net Interest Expense 32,333 31,629 31,298 28,990
Depreciation 66,269 65,014 66,574 66,460
Amortization of Intangible Assets 7,424 7,424 7,272 7,073
Noncontrolling Interest 2,152 985 2,246 1,562
EBITDA 412,430 340,371 341,702 265,437
Non-cash Adjustments
Unrealized Hedging (Gain) Loss (637) 724 (2,724) 7,325
Inventory Valuation 162 2,359 236 198
Equity-based Compensation 9,074 6,975 6,875 11,636
Refinancing charges - - 1,393 1,242
Adjusted EBITDA $421,029 $350,429 $347,482 $285,838
Trailing Twelve Months Adjusted EBITDA $1,378,785 $1,389,020 $1,377,245 $1,404,778
Other Operating Information
Steel
Average External Sales Price (Per ton) $743 $779 $778 $761
Average Ferrous Cost (Per ton melted) $264 $303 $305 $300
Flat Roll Shipments 1,735,954 1,737,404 1,733,006 1,659,049
Long Product Shipments
Structural and Rail Division 350,555 311,421 337,985 339,597
Engineered Bar Products Division 192,140 180,787 192,448 191,652
Roanoke Bar Division 125,869 116,231 120,652 107,319
Steel of West Virginia 77,229 76,054 74,901 66,724
Total Shipments (Tons) 2,481,747 2,421,897 2,458,992 2,364,341
External Shipments (Tons) 2,305,080 2,246,569 2,279,229 2,184,135
Steel Mill Production (Tons) 2,324,816 2,246,890 2,316,266 2,231,235
Metals Recycling
Total Nonferrous Shipments (000's of pounds) 283,603 270,444 261,716 271,036
Total Ferrous Shipments (Gross tons) 1,338,599 1,222,777 1,219,582 1,172,015
External Ferrous Shipments (Gross tons) 485,414 466,506 462,683 429,512
Fabrication
Average External Sales Price (Per ton) $1,291 $1,311 $1,317 $1,335
Total Shipments (Tons) 150,402 151,052 160,482 165,338

2016 1Q 2016 2Q 2016 3Q 2016 4Q 2016
External Net Sales
Steel $1,217,176 $1,466,704 $1,557,502 $1,393,329
Fabrication 180,055 170,542 177,429 173,015
Metals Recycling 269,407 311,060 306,092 282,783
Other 74,663 75,596 60,287 61,469
Consolidated $1,741,301 $2,023,902 $2,101,310 $1,910,596
Operating Income
Steel $135,692 $276,529 $311,127 $217,778
Fabrication 32,075 23,512 17,814 17,766
Metals Recycling 6,360 14,686 9,747 9,511
Metals Recycling Non-cash Impairment Charges - - - (5,500)
Operations 174,127 314,727 338,688 239,555
Non-cash Amortization of Intangible Assets (7,100) (7,051) (7,208) (7,406)
Profit Sharing Expense (9,291) (20,176) (22,255) (19,563)
Non-segment Operations (25,771) (31,378) (25,370) (29,223)
Minnesota Non-Cash Impairment Charges - - - (127,339)
Consolidated Operating Income 131,965 256,122 283,855 56,024
Non-Cash Impairment Charges - - - 132,839
Adjusted Operating Income $131,965 $256,122 $283,855 $188,863
Adjusted EBITDA    
Earnings Before Taxes $96,714 $221,294 $243,305 $2,820
Net Interest Expense 36,150 35,379 34,867 34,752
Depreciation 65,375 66,234 65,473 64,199
Amortization of Intangible Assets 7,100 7,051 7,208 7,406
Noncontrolling Interest 1,419 1,526 2,984 16,180
EBITDA 206,758 331,484 353,837 125,357
Non-cash Adjustments    
Unrealized Hedging (Gain) Loss 319 1,188 (880) (143)
Inventory Valuation 192 235 405 154
Equity-based Compensation 6,979 7,287 5,895 10,069
Asset Impairment Charges - - - 119,764
Refinancing charges - - - 3,104
Adjusted EBITDA $214,248 $340,194 $359,257 $258,305
Trailing Twelve Months Adjusted EBITDA $742,769 $902,843 $1,047,990 $1,172,004
Other Operating Information
Steel
Average External Sales Price (Per ton) $574 $640 $740 $680
Average Ferrous Cost (Per ton melted) $184 $227 $251 $220
Flat Roll Shipments 1,657,341 1,787,797 1,620,794 1,565,157
Long Product Shipments
Structural and Rail Division 292,988 356,604 330,694 319,265
Engineered Bar Products Division 125,200 122,593 125,108 134,262
Roanoke Bar Division 125,471 139,775 119,555 112,007
Steel of West Virginia 76,209 84,593 75,080 75,453
Total Shipments (Tons) 2,277,209 2,491,362 2,271,231 2,206,144
External Shipments (Tons) 2,121,872 2,291,162 2,104,219 2,041,078
   
Steel Mill Production (Tons) 2,175,294 2,350,218 2,131,213 2,037,075
     
Metals Recycling
Total Nonferrous Shipments (000's of pounds) 270,410 278,198 280,107 274,790
Total Ferrous Shipments (Gross tons) 1,305,154 1,346,324 1,243,277 1,175,625
External Ferrous Shipments (Gross tons) 503,787 539,247 468,498 446,232
Fabrication
Average External Sales Price (Per ton) $1,241 $1,202 $1,253 $1,310
Total Shipments (Tons) 145,126 142,828 142,585 132,186

2015 1Q 2015 2Q 2015 3Q 2015 4Q 2015
External Net Sales
Steel $1,385,419 $1,375,677 $1,351,387 $1,091,029
Fabrication 161,023 154,513 174,954 182,884
Metals Recycling 425,596 391,210 345,572 270,625
Other 75,397 83,607 79,010 46,508
Consolidated $2,047,435 $2,005,007 $1,950,923 $1,591,046
Operating Income
Steel $116,996 $101,212 $126,735 $66,580
Fabrication 21,361 27,660 36,733 30,193
Metals Recycling (480) 12,300 463 (16,047)
Metals Recycling Non-Cash Asset Impairment Charges - - - (428,500)
Operations 137,877 141,172 163,931 (347,774)
Non-cash Amortization of Intangible Assets (6,049) (6,218) (6,041) (5,872)
Profit Sharing Expense (4,598) (5,031) (9,008) (4,427)
Non-segment Operations (27,459) (19,197) (17,853) (23,070)
Minnesota Idle and Non-Cash Inventory Charges - (33,167) - -
Consolidated Operating Income (Loss) 99,771 77,559 131,029 (381,143)
Non-cash Asset Impairment Charges - - - 428,500
Minnesota Idle & Non-cash Inventory Charges - 33,167 - -
Iron Dynamics Outage Impact - 9,403 - -
Adjusted Operating Income $99,771 $120,129 $131,029 $47,357
Adjusted EBITDA
Earnings (Loss) Before Taxes $40,492 $41,608 $93,706 $(417,923)
Net Interest Expense 42,874 36,890 36,738 36,107
Depreciation 65,134 66,556 66,677 65,927
Amortization of Intangible Assets 6,049 6,218 6,041 5,872
Noncontrolling Interest 3,807 6,225 1,750 3,077
EBITDA 158,356 157,497 204,912 (306,940)
Non-cash Adjustments
Unrealized Hedging (Gain) Loss 3,215 (1,808) 738 435
Inventory Valuation 4,990 18,075 3,127 2,349
Equity-based Compensation 7,199 6,356 5,333 9,947
Asset Impairment Charges - - - 428,500
Financing Expenses 3,326 - - -
Adjusted EBITDA $177,086 $180,120 $214,110 $134,291
Trailing Twelve Months Adjusted EBITDA $897,091 $872,078 $849,622 $705,607
Other Operating Information
Steel
Average External Sales Price (Per ton) $763 $662 $665 $614
Average Ferrous Cost (Per ton melted) $312 $255 $252 $205
Flat Roll Shipments 1,289,668 1,597,126 1,540,411 1,378,794
Long Product Shipments
Structural and Rail Division 304,352 302,250 306,073 272,434
Engineered Bar Products Division 156,366 120,559 132,901 99,257
Roanoke Bar Division 125,123 140,795 130,314 119,208
Steel of West Virginia 73,511 81,678 81,505 75,825
Total Shipments (Tons) 1,949,020 2,242,408 2,191,204 1,945,518
External Shipments (Tons) 1,816,371 2,078,685 2,031,096 1,777,597
Steel Mill Production (Tons) 1,800,986 2,163,011 2,063,157 1,841,220
Metals Recycling
Total Nonferrous Shipments (000's of pounds) 259,903 275,439 287,898 259,537
Total Ferrous Shipments (Gross tons) 1,233,001 1,357,755 1,354,339 1,194,411
External Ferrous Shipments (Gross tons) 642,080 626,264 551,076 564,868
Fabrication
Average External Sales Price (Per ton) $1,428 $1,409 $1,359 $1,290
Total Shipments (Tons) 112,729 109,662 128,753 141,731

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