| Segment Information |
Note 8. Segment Information The company’s chief operating decision maker (CODM), who is the Chief Executive Officer, analyzes the results of the business through the following reportable segments: steel operations, metals recycling operations, steel fabrication operations, and aluminum operations. The segment operations are more fully described in Note 1. Description of the Business and Summary of Significant Accounting Policies to the consolidated financial statements. The CODM assesses segment performance and allocates resources primarily based on operating income. The CODM uses operating income to allocate operating and capital resources and assesses performance of each segment by comparing actual operating income results to historical and previously forecasted financial information. The accounting policies of the reportable segments are consistent with those described in Note 1 to the consolidated financial statements. Intra-segment sales and any related profits are eliminated in consolidation. The company’s segment results, including disaggregated revenue by segment to external, external non-United States, and other segment customers, are as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Metals | | Steel | | | | | | | | | | | | | For the three-month period ended | | Steel | | Recycling | | Fabrication | | Aluminum | | | | | | | | | | June 30, 2026 | | Operations | | Operations | | Operations | | Operations | | Other (a) | | Eliminations | | Consolidated | | | | | | | | | | | | | | | | | | | | | | | Net sales - disaggregated revenue | | | | | | | | | | | | | | | | | | | | | | External | | $ | 3,744,196 | | $ | 445,811 | | $ | 393,629 | | $ | 497,733 | | $ | 537,532 | | $ | - | | $ | 5,618,901 | External Non-United States | | | 261,314 | | | 207,953 | | | 177 | | | 134 | | | 3,078 | | | - | | | 472,656 | Intersegment | | | 132,586 | | | 611,250 | | | 55 | | | 21,050 | | | 271 | | | (765,212) | | | - | Net sales | | | 4,138,096 | | | 1,265,014 | | | 393,861 | | | 518,917 | | | 540,881 | | | (765,212) | | | 6,091,557 | Less: | | | | | | | | | | | | | | | | | | | | | | Cost of goods sold | | | 3,348,457 | | | 1,186,826 | | | 280,638 | | | 542,690 | | | 534,444 | | | (760,472) | | | 5,132,583 | Other segment items (b) | | | 69,797 | | | 30,372 | | | 28,630 | | | 26,085 | | | 103,982 | | | (371) | | | 258,495 | Operating income (loss) | | | 719,842 | | | 47,816 | | | 84,593 | | | (49,858) | | | (97,545) | | | (4,369) | | | 700,479 | Interest expense, net of capitalized interest | | | | | | | | | | | | | | | | | | 39,120 | Other income, net | | | | | | | | | | | | | | | | | | | | | (22,105) | Income before income taxes | | | | | | | | | | | | | | | | | | | | $ | 683,464 | | | | | | | | | | | | | | | | | | | | | | | Depreciation and amortization | | $ | 108,357 | | $ | 16,814 | | $ | 3,680 | | $ | 31,198 | | $ | 14,902 | | $ | (1,029) | | $ | 173,922 | Capital expenditures | | | 49,674 | | | 13,922 | | | 2,078 | | | 58,249 | | | 6,068 | | | (6,149) | | | 123,842 | Total Assets | | | 9,560,891 | | | 1,622,448 | | | 746,885 | | | 4,438,726 | | | 4,974,660 | (c) | | (4,230,211) | | | 17,113,399 | | | | | | | | | | | | | | | | | | | | | | |
Note 8. Segment Information (continued) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Metals | | Steel | | | | | | | | | | | | | For the three-month period ended | | Steel | | Recycling | | Fabrication | | Aluminum | | | | | | | | | | June 30, 2025 | | Operations | | Operations | | Operations | | Operations | | Other (a) | | Eliminations | | Consolidated | | | | | | | | | | | | | | | | | | | | | | | Net sales - disaggregated revenue | | | | | | | | | | | | | | | | | | | | | | External | | $ | 3,154,477 | | $ | 375,526 | | $ | 340,605 | | $ | 65,632 | | $ | 356,222 | | $ | - | | $ | 4,292,462 | External Non-United States | | | 121,074 | | | 147,195 | | | 43 | | | - | | | 4,349 | | | - | | | 272,661 | Intersegment | | | 108,578 | | | 639,432 | | | 24 | | | 27,935 | | | 865 | | | (776,834) | | | - | Net sales | | | 3,384,129 | | | 1,162,153 | | | 340,672 | | | 93,567 | | | 361,436 | | | (776,834) | | | 4,565,123 | Less: | | | | | | | | | | | | | | | | | | | | | | Cost of goods sold | | | 2,945,794 | | | 1,113,549 | | | 220,902 | | | 87,849 | | | 348,666 | | | (770,105) | | | 3,946,655 | Other segment items (b) | | | 57,241 | | | 27,314 | | | 26,656 | | | 46,345 | | | 78,429 | | | (372) | | | 235,613 | Operating income (loss) | | | 381,094 | | | 21,290 | | | 93,114 | | | (40,627) | | | (65,659) | | | (6,357) | | | 382,855 | Interest expense, net of capitalized interest | | | | | | | | | | | | | | | | | | 17,381 | Other income, net | | | | | | | | | | | | | | | | | | | | | (22,392) | Income before income taxes | | | | | | | | | | | | | | | | | | | | $ | 387,866 | | | | | | | | | | | | | | | | | | | | | | | Depreciation and amortization | | $ | 97,377 | | $ | 15,881 | | $ | 3,250 | | $ | 2,840 | | $ | 13,517 | | $ | - | | $ | 132,865 | Capital expenditures | | | 76,072 | | | 26,873 | | | 3,283 | | | 210,534 | | | 6,218 | | | (34,649) | | | 288,331 | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Metals | | Steel | | | | | | | | | | | | | For the six-month period ended | | Steel | | Recycling | | Fabrication | | Aluminum | | | | | | | | | | June 30, 2026 | | Operations | | Operations | | Operations | | Operations | | Other (a) | | Eliminations | | Consolidated | | | | | | | | | | | | | | | | | | | | | | | Net sales - disaggregated revenue | | | | | | | | | | | | | | | | | | | | | | External | | $ | 7,149,047 | | $ | 852,889 | | $ | 749,059 | | $ | 725,042 | | $ | 1,023,239 | | $ | - | | $ | 10,499,276 | External Non-United States | | | 395,206 | | | 394,058 | | | 180 | | | 218 | | | 7,477 | | | - | | | 797,139 | Intersegment | | | 250,607 | | | 1,143,499 | | | 76 | | | 35,756 | | | 763 | | | (1,430,701) | | | - | Net sales | | | 7,794,860 | | | 2,390,446 | | | 749,315 | | | 761,016 | | | 1,031,479 | | | (1,430,701) | | | 11,296,415 | Less: | | | | | | | | | | | | | | | | | | | | | | Cost of goods sold | | | 6,378,561 | | | 2,237,867 | | | 520,045 | | | 840,422 | | | 1,015,513 | | | (1,418,190) | | | 9,574,218 | Other segment items (b) | | | 140,967 | | | 57,296 | | | 55,163 | | | 35,044 | | | 195,984 | | | (740) | | | 483,714 | Operating income (loss) | | | 1,275,332 | | | 95,283 | | | 174,107 | | | (114,450) | | | (180,018) | | | (11,771) | | | 1,238,483 | Interest expense, net of capitalized interest | | | | | | | | | | | | | | | | | | 72,361 | Other income, net | | | | | | | | | | | | | | | | | | | | | (30,555) | Income before income taxes | | | | | | | | | | | | | | | | | | | | $ | 1,196,677 | | | | | | | | | | | | | | | | | | | | | | | Depreciation and amortization | | $ | 214,421 | | $ | 33,695 | | $ | 7,331 | | $ | 50,304 | | $ | 29,171 | | $ | (1,720) | | $ | 333,202 | Capital expenditures | | | 98,128 | | | 35,094 | | | 3,618 | | | 134,503 | | | 13,217 | | | (22,739) | | | 261,821 | | | | | | | | | | | | | | | | | | | | | | |
Note 8. Segment Information (continued) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Metals | | Steel | | | | | | | | | | | | | For the six-month period ended | | Steel | | Recycling | | Fabrication | | Aluminum | | | | | | | | | | June 30, 2025 | | Operations | | Operations | | Operations | | Operations | | Other (a) | | Eliminations | | Consolidated | | | | | | | | | | | | | | | | | | | | | | | Net sales - disaggregated revenue | | | | | | | | | | | | | | | | | | | | | | External | | $ | 6,059,017 | | $ | 747,402 | | $ | 692,464 | | $ | 132,208 | | $ | 703,291 | | $ | - | | $ | 8,334,382 | External Non-United States | | | 283,550 | | | 310,214 | | | 491 | | | - | | | 5,681 | | | - | | | 599,936 | Intersegment | | | 195,992 | | | 1,177,044 | | | 180 | | | 62,006 | | | 865 | | | (1,436,087) | | | - | Net sales | | | 6,538,559 | | | 2,234,660 | | | 693,135 | | | 194,214 | | | 709,837 | | | (1,436,087) | | | 8,934,318 | Less: | | | | | | | | | | | | | | | | | | | | | | Cost of goods sold | | | 5,816,292 | | | 2,133,693 | | | 432,730 | | | 179,320 | | | 695,254 | | | (1,427,983) | | | 7,829,306 | Other segment items (b) | | | 112,311 | | | 53,967 | | | 50,545 | | | 84,256 | | | 146,675 | | | (741) | | | 447,013 | Operating income (loss) | | | 609,956 | | | 47,000 | | | 209,860 | | | (69,362) | | | (132,092) | | | (7,363) | | | 657,999 | Interest expense, net of capitalized interest | | | | | | | | | | | | | | | | | | 29,512 | Other income, net | | | | | | | | | | | | | | | | | | | | | (40,033) | Income before income taxes | | | | | | | | | | | | | | | | | | | | $ | 668,520 | | | | | | | | | | | | | | | | | | | | | | | Depreciation and amortization | | $ | 196,307 | | $ | 30,851 | | $ | 6,206 | | $ | 5,487 | | $ | 27,770 | | $ | - | | $ | 266,621 | Capital expenditures | | | 168,079 | | | 54,053 | | | 8,527 | | | 419,125 | | | 11,713 | | | (67,660) | | | 593,837 | | | | | | | | | | | | | | | | | | | | | | |
(a) Amounts included in Other are from subsidiary operations that are below the quantitative thresholds required for reportable segments and primarily consist of a joint venture and the idled Minnesota ironmaking operations. Also included are certain unallocated corporate accounts, such as the company's senior unsecured credit facility, senior notes, certain other investments and certain profit sharing expenses. (b) Other segment items for each reportable operating segment include selling, general, and administrative expenses including payroll & benefit expenses and professional service expenses. Other segment items within Other include selling, general, and administrative expenses such as payroll & benefit expenses, companywide equity-based compensation expenses, and professional service expenses, as well as companywide profit sharing expense and amortization of intangible assets. (c) Asset amounts included in Other consist of assets held by subsidiary operations that are below the quantitative thresholds required for reportable segments and the company's corporate assets. Corporate assets primarily consist of cash, investments, and intra-company debt.
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