Steel Dynamics Inc (STLD)

Pretax margin

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Earnings before tax but after interest (EBT)	US$ in thousands	3,202,490	5,004,250	4,176,320	685,472	868,540
Revenue	US$ in thousands	18,718,800	22,260,800	18,408,800	9,601,480	10,465,000
Pretax margin		17.11%	22.48%	22.69%	7.14%	8.30%

December 31, 2023 calculation

Pretax margin = EBT ÷ Revenue
= $3,202,490K ÷ $18,718,800K
= 17.11%

The pretax margin of Steel Dynamics Inc. has fluctuated over the past five years, with the highest level recorded in 2021 at 22.86% and the lowest level in 2020 at 7.35%. In 2023, the pretax margin decreased to 17.13% from 22.56% in 2022. This indicates a decline in the company's ability to generate operating profits before accounting for taxes in the most recent year. It is important for the company to closely monitor its cost structure and revenue generation to ensure sustainable profitability in the future.