SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): March 7, 2002
STEEL DYNAMICS, INC.
(Exact name of registrant as specified in its charter)
Indiana 0-21719 35-1929476
(State or other jurisdiction of (Commission File Number) (IRS Employer
incorporation or organization) Identification No.)
6714 Pointe Inverness Way, Suite 200, Fort Wayne, Indiana 46804
(Address of principal executive officers) (Zip Code)
Registrant's telephone number, including area code:
260-459-3553
(Former name or former address, if changed since last report)
Not Applicable
ITEM 5. OTHER EVENTS.
On February 5, 2002, the Registrant announced its preliminary unaudited
financial results for the three- and twelve-month periods ended December 31,
2001. However, on March 7, 2002, the Registrant reached an understanding to
settle one of the two remaining lawsuits related to its terminated Thailand
advisory transaction, which was outstanding on December 31, 2001, as described
in Item 1 ("Legal Proceedings") of Part II of Registrant's Report on Form 10-Q,
filed November 7, 2001. The Registrant expects to enter into a settlement
agreement shortly. Accordingly, Registrant is reflecting the settlement cost of
$2.3 million in excess of available insurance proceeds in its financial results
for 2001.
For the year ended December 31, 2001, the Registrant had earnings of $3.1
million. Annual sales revenue for 2001 was $607 million, on consolidated
shipments of 2.0 million tons, as compared with sales revenue of $692.6 million,
on shipments of 1.9 million tons during 2000. During the year, capital
expenditures were $90.7 million and start-up costs were $19.5 million, all
primarily related to the Registrant's structural and rail mini-mill and the Iron
Dynamics scrap substitute facility.
In the fourth quarter 2001, the Registrant experienced its first quarterly
operating loss since achieving profitability in 1996, recording a net loss of
$5.3 million. Sales for the fourth quarter 2001 were $138.5 million, on
consolidated shipments of 465,000 tons as compared with sales revenue of $152.4
million on consolidated shipments of 464,000 tons during the same period in
2000. Registrant incurred a charge of $3.4 million related to the anticipated
uncollectible accounts receivable associated with the Metals USA bankruptcy
during the fourth quarter of 2001, accounting for approximately $0.05 of
Registrant's fourth quarter loss per diluted share of $0.12. The litigation
settlement accounted for $0.03 of that loss.
Capital expenditures of $38.6 million and start-up costs of $3.1 million in the
fourth quarter were primarily related to Registrant's structural steel and rail
mini-mill.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) EXHIBITS.
99.3 Steel Dynamics, Inc. Unaudited Consolidated Statements of Operations for
the three- and twelve-month periods ended December 31, 2001
ITEM 9. REGULATION FD DISCLOSURE.
Exhibit 99.3 annexed hereto is not filed but is furnished pursuant to Regulation
FD.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this Report to be signed on its behalf by the
undersigned hereto duly authorized.
STEEL DYNAMICS, INC.
Date: March 14, 2002 By: /s/ Tracy L. Shellabarger
Tracy L. Shellabarger
Title: Secretary
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INDEX TO EXHIBITS
Exhibit Description
99.3 Steel Dynamics, Inc. Unaudited Consolidated Statements of Operations for
the three- and twelve-month periods ended December 31, 2001
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