Steel Dynamics Inc (STLD)

Debt-to-capital ratio

		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
Long-term debt	US$ in thousands	2,611,070	3,009,010	3,010,830	3,014,360	3,013,240	3,012,120	3,011,120	3,010,110	3,008,700	3,019,180	3,016,490	3,016,200	3,015,780	2,636,620	2,636,720	2,646,010	2,644,990	2,355,240	2,355,920	2,354,430
Total stockholders’ equity	US$ in thousands	8,866,670	8,893,540	8,707,980	8,336,640	8,130,360	7,971,160	7,588,350	6,964,350	6,304,640	5,607,930	5,020,110	4,728,790	4,345,160	4,201,180	4,145,250	4,113,530	4,075,830	4,056,640	4,064,490	4,008,110
Debt-to-capital ratio		0.23	0.25	0.26	0.27	0.27	0.27	0.28	0.30	0.32	0.35	0.38	0.39	0.41	0.39	0.39	0.39	0.39	0.37	0.37	0.37

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $2,611,070K ÷ ($2,611,070K + $8,866,670K)
= 0.23

The debt-to-capital ratio of Steel Dynamics Inc. has been relatively stable over the past eight quarters, ranging from 0.26 to 0.31. This ratio indicates that, on average, approximately 26% to 31% of the company's capital structure is funded by debt, while the remaining portion is financed through equity. A consistent debt-to-capital ratio suggests that the company has maintained a balanced approach to funding its operations and investments, with a reasonable amount of debt relative to its overall capitalization. Overall, the stability of this ratio indicates that Steel Dynamics Inc. has been able to manage its debt levels effectively and maintain a healthy financial position.