Watch on earnings:Steel shipment volumes by segment (flat-rolled vs long products) and average selling pricesScrap costs per ton and steel spread (ASP minus scrap cost)EBITDA per ton across Steel, Metals Recycling, and Fabrication segmentsCapacity utilization rates at key facilities (Butler Flat Roll, Sinton Texas, Columbus Flat Roll)Order backlog and lead times as demand indicatorsReturn on assets (ROA) and return on invested capital (ROIC) - management targets 10%+ through-cycle
Key metrics:Midwest hot-rolled coil (HRC) steel spot prices - benchmark for domestic flat-rolled pricing · Ferrous scrap (busheling) prices - key raw material input cost · American Iron and Steel Institute (AISI) weekly capacity utilization rates · Automotive production forecasts (S&P Global, Wards) - light vehicle SAAR trends
⚠ Modest leverage at 0.47x debt/equity provides cushion, but $2.8B total debt requires $180-200M annual interest coverage - manageable at current EBITDA levels ($1.8-2.2B range)
Metric
Dec 21
Dec 22
Dec 23
Dec 24
Dec 25
Cash & Equivalents
1,244
1,628↑30.9%
1,401↓14.0%
589↓57.9%
770↑30.6%
Total Current Assets
6,901
7,638↑10.7%
6,788↓11.1%
5,431↓20.0%
6,484↑19.4%
Total Assets
12,531
14,160↑13.0%
14,908↑5.3%
14,935↑0.2%
16,413↑9.9%
Total Current Liabilities
2,227
2,032↓8.8%
2,332↑14.8%
2,151↓7.8%
2,122↓1.3%
Total Liabilities
6,211
6,064↓2.4%
6,069↑0.1%
5,990↓1.3%
7,482↑24.9%
Total Equity
6,305
8,130↑29.0%
8,867↑9.1%
8,934↑0.8%
8,957↑0.3%
Total Debt
3,106
3,071↓1.1%
3,071↑0.0%
3,345↑8.9%
4,211↑25.9%
Net Debt
1,862
1,442↓22.5%
1,670↑15.8%
2,756↑65.0%
3,441↑24.9%
Cash Flow Statement
Metric
Dec 21
Dec 22
Dec 23
Dec 24
Dec 25
Operating Cash Flow
2,204
4,460↑102.4%
3,520↓21.1%
1,845↓47.6%
1,450↓21.4%
Capital Expenditure
-1,006
-909↑9.7%
-1,658↓82.4%
-1,868↓12.7%
-948↑49.2%
Free Cash Flow
1,198
3,552↑196.5%
1,862↓47.6%
-24↓101.3%
502↑2233.8%
Stock-Based Comp
58
59↑2.6%
62↑4.2%
67↑7.8%
0
Net Change in Cash
-125
385↑408.2%
-227↓159.1%
-811↓256.8%
180↑122.2%
Values in millions except EPS · Ratios shown as percentages · Click any metric to drill down