• Steel Dynamics average return on tangible equity for 2023 was 39.02, a 44.5% decline from 2022.
• Steel Dynamics average return on tangible equity for 2022 was 70.31, a 46.57% decline from 2021.
• Steel Dynamics average return on tangible equity for 2021 was 47.97, a 175.69% increase from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.