the customer, upon shipment or delivery. Our steel fabrication operations recognize revenues over time based on completed fabricated tons to date as a percentage of total tons required for each contract.

Company-wide profit sharing and amortization of intangible assets are each separately presented in the statement of income.

Interest Expense, net of Capitalized Interest. Interest expense consists of interest associated with our senior credit facilities and other debt, net of interest costs that are required to be capitalized during the construction period of certain capital investment projects.

Segment Operating Results 2022 vs. 2021 (dollars in thousands)

Steel Operations Segment Shipments (tons):

Steel Operations Segment Results 2022 vs. 2021

Metals Recycling Operations Segment Shipments:

Metals Recycling Operations Segment Results 2022 vs. 2021

Steel Fabrication Operations Segment Results 2022 vs. 2021

Second Quarter Consolidated Results 2022 vs. 2021

First Six Months Consolidated Results 2022 vs. 2021

requirements primarily with available cash and cash provided by operations, and long-term borrowings, and we also have availability under our unsecured Revolver. Our liquidity at June 30, 2022, is as follows (in thousands):

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