Steel Dynamics Inc (STLD)

Pretax margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	3,202,497	3,417,331	3,869,639	4,390,709	5,004,253	5,653,610	5,742,460	5,072,026	4,176,327	2,993,484	1,829,540	1,008,430	694,579	623,825	694,290	849,030	870,834	1,062,056	1,369,949	1,590,720
Revenue (ttm)	US$ in thousands	18,718,840	19,388,190	20,452,840	21,584,090	22,260,780	22,745,150	22,181,730	20,434,160	18,408,860	15,699,440	12,941,980	10,570,970	9,601,470	9,350,430	9,546,440	10,222,660	10,465,000	11,018,690	11,715,400	12,035,400
Pretax margin		17.11%	17.63%	18.92%	20.34%	22.48%	24.86%	25.89%	24.82%	22.69%	19.07%	14.14%	9.54%	7.23%	6.67%	7.27%	8.31%	8.32%	9.64%	11.69%	13.22%

December 31, 2023 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $3,202,497K ÷ $18,718,840K
= 17.11%

Steel Dynamics Inc.'s pretax margin has displayed a declining trend over the past four quarters, dropping from 22.56% in Q4 2022 to 17.13% in Q4 2023. This indicates that the company's profitability before taxes has been gradually decreasing. The highest pretax margin was observed in Q2 2022 at 25.99%, followed by a slight dip in the subsequent quarters. The downward trend may suggest challenges in managing costs, pricing pressures, or other factors impacting the company's operating efficiency. Further analysis and comparison with industry peers would provide additional insights into the company's performance.