• Steel Dynamics average operating margin for 2023 was 18.44%, a 26.33% decline from 2022.
• Steel Dynamics average operating margin for 2022 was 25.03%, a 44.02% decline from 2021.
• Steel Dynamics average operating margin for 2021 was 17.38%, a 96.38% increase from 2020.

Operating margin can be defined as operating margin measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc.