Page 1

Press Release April 19 , 2021 Steel Dynamics Reports Record First Quarter 2021 Results § § § § FORT WAYNE , INDIANA , April 19 , 2021 / PRNewswire / First Quarter 2021 Performance Highlights : Near - record steel shipments of 2.8 million tons and record steel fabrication shipments of 184,000 tons Record net sales of $ 3.5 billion SDI Record operating income of $ 594 million and record net income of $ 431 million Strong cash flow from operations of $ 262 million and record adjusted EBITDA of $ 664 million Exhibit 99.1 Steel Dynamics , Inc : 7575 W. Jefferson Blvd. Fort Wayne , IN 46804 Steel Dynamics , Inc. ( NASDAQ / GS : STLD ) today announced first quarter 2021 financial results . The company reported first quarter 2021 net sales of $ 3.5 billion and net income of $ 431 million , or $ 2.03 per diluted share . Excluding the impact from the following item , the company's first quarter 2021 adjusted net income was $ 445 million , or $ 2.10 per diluted share . § Costs of approximately $ 20 million , or $ 0.07 per diluted share ( net of capitalized interest ) , associated with construction of the company's Sinton Texas Flat Roll Steel Mill growth investment Comparatively , prior year first quarter net sales were $ 2.6 billion , with net income of $ 187 million , or $ 0.88 per diluted share . The company's sequential fourth quarter 2020 earnings were $ 0.89 per diluted share and adjusted earnings were $ 0.97 per diluted share , excluding refinancing costs of $ 0.04 per diluted share , construction costs related to the Texas steel mill of $ 0.05 per diluted share , a non - cash asset impairment charge of $ 0.06 per diluted share , and a tax benefit related to the reduction of a valuation allowance of $ 0.06 per diluted share . " The team delivered a tremendous first quarter performance , achieving record quarterly net sales , operating income and adjusted EBITDA , " said Mark D. Millett , President and Chief Executive Officer . " Our first quarter 2021 operating income increased 130 percent sequentially to $ 594 million , with adjusted EBITDA of $ 664 million . Numerous individual operating and financial records were attained - a truly amazing achievement and a testament to the passion and dedication of our team . Based on their performance , we achieved solid cash flow from operations of $ 262 million in the first quarter 2021 , while at the same time supporting increased working capital needs , meaningfully growing our business through significant organic growth investments , increasing our quarterly cash dividend by four percent , and maintaining strong liquidity of over $ 2.4 billion . " During the first quarter , steel demand remained robust and product pricing gained momentum across our entire steel platform . Higher flat roll steel selling values were the most significant drivers for our record quarterly earnings , as demand strength and historically low customer inventories throughout the supply chain supported prices . Domestic steel consumption remained strong from the automotive , construction and industrial sectors , and energy has shown some signs of rebounding . " Despite the challenges of the pandemic , as a result of our safety culture and spirit of excellence among our teams , our first quarter 2021 segment operating results were once again phenomenal , " continued Millett . " First quarter operating income from our steel operations was a record $ 641 million and our metals recycling operations nearly doubled their earnings sequentially , as improved domestic steel mill utilization increased ferrous scrap demand . Our steel fabrication operations also displayed a solid performance , achieving record quarterly shipments and ending March with a record order backlog that is over 50 percent higher than our previous high point , as we head into the summer construction season . " First Quarter 2021 Comments First quarter 2021 operating income for the company's steel operations was a record $ 641 million , or 115 percent higher than sequential fourth quarter results , due to significant metal spread expansion and near - record steel shipments . Record flat roll and strong long product steel realized selling values , more than offset higher scrap input costs . The first quarter 2021 average external product selling price for the company's steel operations increased $ 227 sequentially to $ 1,041 per ton . The average ferrous scrap cost per ton melted at the company's steel mills increased $ 93 sequentially to $ 372 per ton .