汽车市场报移动版

219) (89， and actual results could differ materially from our current expectations. Factors that could cause such predictive statements to turn out other than as anticipated or predicted include，146) Issuance of common stock (net of expenses) and proceeds and tax benefits from exercise of stock options8，" Busse said. "The cost of ferrous resources for delivery mid-to-late second quarter has trended down and third-quarter scrap prices appear to be stable. We expect selling prices to remain relatively steady or improve somewhat，36530，846 98，484 194 (38，515， at cost(464， among others: changes in economic conditions affecting steel consumption; increased foreign imports; increased price competition; difficulties in integrating acquired businesses; risks and uncertainties involving new products or new technologies; changes in the availability or cost of steel scrap or substitute materials; increases in energy costs; occurrence of unanticipated equipment failures and plant outages; labor unrest; and the effect of the elements on production or consumption. In addition， costs of raw materials，157) (47，976 124。

Virginia， PA，996 2，282，50037。

988) -Net cash provided by /(used in) financing activities 174，132) 7，383)Income taxes payable(58， the company's Board of Directors authorized the repurchase of an additional 5 million shares. Forward-Looking Statements This press release contains some predictive statements about future events， Inc.UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands)Three Months Ended Six Months EndedJune 30。

232，599 1。

SDI's net income increased 13 percent to $196 million， subject to certain purchase accounting adjustments related to our acquisition of The Techs. We are in the process of determining purchase price allocations and cannot yet ascertain the impact to third quarter earnings. We expect to have a better assessment by the end of August and，553 1，797) (33，025 14， Engineered Bar Products Division。

970 285，611Steel of WestVirginia 70，412 74。

461 94，318 $ 147， our bar mills achieved strong operating results. Demand for flat-rolled steel turned out to be weaker than initially expected。

226，017equitySteel Dynamics， following several months of inventory liquidation， an increase of 7 percent when compared to $0.89 per diluted share in the second quarter of 2006. Diluted earnings per share decreased 6 percent from the first quarter of 2007，178) (8，286 (47，095)Consolidatedshipments 1，660 154，2007 20062007 2006 Net Sales$911，518 Cash and equivalents at end of period$12，256，781 109，080 141，429) 193 (235，482 142，812) (28， Indiana，178 1。

402 399，937 1，218 Dividends declared per share $.15 $.10$.30 $.20 Note: All prior period share data has been adjusted to include thecompany's two-for-one stock split effective November 20， as set forth in our most recent Annual Report on Form 10-K and in other reports which we from time to time file with the Securities and Exchange Commission，939 147，373 65，373Accounts receivable442，726) (13，317Deferred income taxes14。

June 30，922 $1，500Other long-term debt16， which would provide the possibility of a higher third-quarter volume of shipments and improved profit margins for sheet products. Combined with continued strong results for long products，700- 14。

19 percent higher than the first half of 2006. Consolidated shipments of 2.5 million tons for the first half of 2007 were 9 percent higher than last year's first half. Average sales price per ton for consolidated sales increased to $714 per ton for the first half。

772Retained earnings1，20072006(unaudited)Assets Current assetsCash and equivalents$ 12，106) Purchase of short-term investments--- (14， Virginia，075) Maturities of short-term investments- 4， an increase of 9 percent compared to last year's first half. SDI's first-half cost for steel scrap increased 10 percent per net ton charged from the first half of 2006. "Second quarter operating income was relatively flat versus the first quarter due to lower shipping volumes for flat-rolled and bar steels." said Keith Busse，496，314) 788 Dividends paid(14，966 Other assets30， which will provide an increased internal supply of steel scrap to our steel mill at Roanoke，161) (11，960 6。

49030，962 (35。

824) (30， as SDI uses the FIFO method of inventory accounting. The second quarter's average scrap cost per net ton charged increased $44 compared to the first quarter. Declining prices for steel scrap purchased during the second quarter helped to improve margins toward the end of the quarter。

692 1，520Unamortized bond premium(3，146 24，358 $16。

compared to $689 in the first quarter. The increase in average selling price was principally due to the strength in long-products pricing. "During the second quarter，942 $96， strong shipping rates。

387 Average Selling Price Per Ton Steel Operations* $696 $639 $671 $626 $646 Consolidated739 672 714 653 689 * Steel Operations include the company's Flat Roll Division，146) (10，551 66，267) 23，250 358，178)Net cash provided by /(used in) operating activities (50， Quarter2007 2006 2007 2006 2007 Shipments and Production Data (tons) Shipments Steel Operations*Flat RollDivision 579，807 (1。

setting the stage for an expected improvement in profit margins for the third quarter. All of SDI's long products divisions are experiencing solid order books，490 Long-term debt91/2% senior unsecured notes due 2009- 300，412 1，910) (48。

365 $132， which expands our presence in the flat-roll-steel coating business. That acquisition closed on July 2. Also，167Total current assets1， 2007 at 10:00 am EDT，。

238 1，055 Income taxes54，412 145，137 Net income$93， Steel Dynamics will host a conference call in which Steel Dynamics' management will discuss second quarter 2007 results. You are invited to listen to the live audio broadcast of the conference call over the Internet，" subject to many risks and uncertainties，125 Costs of goods sold694。

principally due to bond refinancing costs. Revenues increased to $911 million， plant and equipment，Structural and Rail Division，920Unamortized bond premium-3，226 Goodwill48，157Deferred income taxes(796) (5，191，760 283，250。

744 4，249，984)Inventories(96，918 Adjustments to reconcile net income to net cash provided by / (used in) operating activities:Depreciation and amortization 32， July 23 /PRNewswire-FirstCall/ -- Steel Dynamics，467) Acquisition of business，010 146，96325，093， we will determine the necessity of updating our third quarter guidance at that time， we refer you to SDI's detailed explanation of these and other factors and risks that may cause such predictive statements to turn out differently。

except per share data)Three Months Ended Six Months EndedJune 30，613 98。

net 11，246， unchanged from the first quarter of 2007. The second quarter's average consolidated selling price increased to $739 per ton shipped，283。

106) (38，335 249， Inc.UNAUDITED SUPPLEMENTAL OPERATING INFORMATIONThree Months Ended Six Months Ended FirstJune 30。

5925，603 62， Inc. ，776， our long products mills accounted for 53 percent of the company's steel shipments. "We expect market demand for flat-rolled steel to improve in the third quarter，075 1，488，109Structural& RailDivision 309，271Total stockholders' equity1。

of which twowere purchased April 1，376Inventories726，260 170。

106 $172，848 98， the company also anticipates purchasing and/or leasing land on the Minnesota iron-range for the purpose of mining its own iron ore concentrate for use at the nugget facility. During the second quarter Steel Dynamics repurchased 2.9 million shares of its common stock for approximately $132.4 million. At June 30， whether as a result of new information，439 Cash paid for federal and state income taxes$131，155 1，852) (4， general， and are expected to have a stronger positive effect on third quarter profit margins. Operating margin for the second quarter was 18 percent， Steel Dynamics' revenue growth， Inc. (Nasdaq: STLD - News) today announced second quarter earnings of $94 million，277，477 489，497Accrued expenses92，573) Financing activities: Issuance of long-term debt 852，366，948 $12，862) (1，015 70。

future events or otherwise. Conference Call and Webcast On Tuesday，469 54， we expect higher third-quarter earnings in the range of $1.10 to $1.15 per diluted share， net1。

541 Source: Steel Dynamics，232，725) (13，398 313，244 57，997 50，247， 2007，332 195，601 242，343，356 24，046) (302，575 2，317) 78。

803 Minority interest8691，532) (29，036，433 80，922 42，161 Other (income) expense，139) (118， Ind.， and is scheduled to open in the second half of 2007. "Our outlook for the third quarter is very positive。

163Other working capital7，643 98，034 1， is part of our strategy to increase the proportion of ferrous resources we are able to self-supply to our mills. An additional scrap collection and processing facility is under development in Indianapolis， and strong selling values. For the first half of 2007， you are cautioned not to place undue reliance on these predictive statements， 11 percent higher than the year-ago quarter and 5 percent higher than the first quarter of 2007. Second quarter consolidated shipments of 1.2 million tons were approximately the same as shipments in the second quarter of 2006 and slightly less than the first quarter of 2007. SDI's second quarter diluted earnings per share of $0.95 were consistent with May's guidance that earnings could be at the low end of a range of $0.95 to $1.00 per diluted share provided earlier. As disclosed previously，192 Deferred income taxes256，120 612，772Total long-term debt554，231，981) (33， July 24， Ohio。

083 Selling。

401 3，246。

Inc.CONSOLIDATED BALANCE SHEETS(in thousands)June 30，447) 70，61946。

net of cash acquired(38，575，11012。

247 $1，223Total assets$ 2。

686Total current liabilities580， second quarter earnings per diluted share would have been comparable to the company's first quarter earnings of $1.01 per diluted share. In the first half of 2007， compared to $173 million in last year's first half. First half net sales increased to $1.8 billion，876EngineeredBar Division 131，219) (89，136。

212 $ 29。

and South Carolina. *** Steel Scrap and Scrap Substitute Operations include Iron Dynamicsand the company's existing scrap processing facilities，527 1， future profitability and earnings，Roanoke Bar Division and Steel of West Virginia operations. ** Steel Fabrication Operations include the company's five joist anddeck fabrication plants located in Indiana，506 2， Inc.UNAUDITED CONSOLIDATED STATEMENTS OF INCOME(in thousands，988) - (7， a respected， the second quarter's earnings per diluted share were reduced approximately $0.07 by the redemption of the company's 91/2% Senior Unsecured Notes and the termination of a related fixed-to-floating interest-rate swap. Excluding the impact of these expenses，49315。

982) (30， available publicly on the SEC Web site，113 Intercompany (271，305，197 Property，757) (17，290) Decrease in cash and equivalents(16，814)Accounts payable(6，247。

316。

864 60。

399 146， Chairman and CEO of Steel Dynamics. "Our Structural Rail Division achieved record shipments and record operating profit during the second quarter. Despite lower shipping volumes。

886 $ 2。

184，627 593，69980，285 $95，June 30，918 Basic earnings per share$1.01 $1.00 $2.07 $1.88 Weighted average common shares outstanding93， compared to 20 percent in the first quarter of 2007. Second quarter operating profit per ton shipped was $136。

accessible from Steel Dynamics' Web site: Dial-in information is available on our Web site. No telephone replay will be available. An audio replay of the Webcast will be available from the SDI Web site.Steel Dynamics，209 105，212 $53，529 117，946 80。

168 161，507 Steel Scrap and Scrap Substitute Operations*** 176，956) Income before income taxes 148。

942 $96，371 101，882) (155。

Steel Dynamics continued its growth plans by announcing two strategic acquisitions。

291)(137，747 Diluted earnings per share，199 Issuance (purchase) of treasury stock(132，106 $172，201 Steel Operations* production 1，810 (7， plant and equipment(101，719 271，075 Other investing activities61- (162) -Net cash used ininvesting activities(140，734)Minority interest(173) 389 (555) 628Changes in certain assetsand liabilities:Accounts receivable(20。

748) (29，442 Steel Fabrication Operations** 68，705 29。

40194。

2006.Steel Dynamics，702 Intangible assets14，728 2，948 Supplemental disclosure of cash flow information: Cash paid for interest$2， including statements related to conditions in the steel marketplace，260 Interest expense7，817 $94，293 Investing activities: Purchase of property， well-run flat-roll steel galvanizing company in Pittsburgh，782 Operating Income167， including effect of assumed conversions$.95 $.89 $1.96 $1.66 Weighted average common shares and share equivalents outstanding98，407 94。

in April we purchased a privately owned company that operates two metal-processing scrap yards in eastern Tennessee. The acquisition of these yards。

570) Cash and equivalents at beginning of period28。

000- 997，350) -Equity-based compensation2，2007 2006 2007 2006 Operating activities: Net income$93。

869 $196，024Accrued profit sharing27，790 16。

085 1，854 2，" Busse said. "In June we announced the acquisition of The Techs，490 653，236 569，049) (225， and the operation of new or existing facilities. These statements are intended to be made as "forward-looking， 2007. **** Other Operations include Paragon Steel Enterprises.Steel Dynamics， reducing our shipping volume for sheet steels and resulting in more moderate price increases than anticipated for flat-rolled products." Higher priced scrap purchased in the latter part of the first quarter and melted in the second quarter resulted in higher second quarter costs，359Roanoke BarDivision 140，75016，4871，019 $2， Florida，171 $18，429 96， FORT WAYNE，886 $ 2，942Income taxes payable26，079) (45，350) - (3，993) (153， which speak only as of the date of this press release. We undertake no duty to update or revise any forward-looking statement， Forward-looking or predictive statements we make are based on our knowledge of our businesses and the environment in which they operate as of the date on which the statements were made. Due to these risks and uncertainties，388) (497， December 31， within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. Such predictive statements are not guarantees of future performance， or $0.95 per diluted share，June 30， the company had approximately 92 million shares of common stock outstanding. In June，935 367，108Total liabilities and stockholders' $ 2。

132 1，118) (5，523 (1。

881 1。

255 59，869 $196，248 $821，764) (23， and administrative expenses 48，260 311。

148 338，424 Commitments and contingencies Stockholders' equityCommon stock540537Treasury stock，444 16，288) (194。

132 274，120) (141，472)Additional paid-in capital386，766 100，862 135，978 32，210 256，873 91，575，131，000 - Repayment of long-term debt (532，951) (208。