| Schedule of Operating Segment Results |
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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