• Steel Dynamics average debt/equity ratio for 2023 was 0.34, a 17.07% decline from 2022.
• Steel Dynamics average debt/equity ratio for 2022 was 0.41, a 29.31% decline from 2021.
• Steel Dynamics average debt/equity ratio for 2021 was 0.58, a 14.71% decline from 2020.

Debt/equity ratio can be defined as a measure of a company's financial leverage calculated by dividing its long-term debt by stockholders' equity.