US Market News
2月前
Steel Dynamics Reports First Quarter 2026 ResultsApril 20, 2026 4:30 PM
PR Newswire (US)
FORT WAYNE, Ind., April 20, 2026 /PRNewswire/ --
First Quarter 2026 Performance Highlights:Record steel shipments of 3.6 million tonsContinued commissioning and increased production from aluminum flat rolled sheet operations Net sales of $5.2 billion, operating income of $538 million, and net income of $403 millionAdjusted EBITDA of $700 million and cash flow from operations of $148 million, which was reduced by the annual companywide retirement profit-sharing distribution of $120 millionFirst quarter 2026 cash dividend increase of six percentSteel Dynamics, Inc. (NASDAQ/GS: STLD) today announced first quarter 2026 financial results. The company reported first quarter 2026 net sales of $5.2 billion and net income of $403 million, or $2.78 per diluted share. Comparatively, the company's sequential fourth quarter 2025 net income was $266 million, or $1.82 per diluted share and prior year first quarter net income was $217 million, or $1.44 per diluted share."The teams executed well, delivering a strong first quarter 2026 performance across all of our platforms, with operating income increasing $228 million, or 73 percent," said Mark D. Millett, Chairman and Chief Executive Officer. "The improvement in earnings was driven by record steel shipments combined with higher steel prices. Our three-year after-tax return-on-invested capital of 13 percent is a testament to our ongoing high-return capital allocation execution. We are growing, returning capital to shareholders, and maintaining strong returns with best-in-class performance compared to domestic manufacturers."Underlying steel demand strengthened during the first quarter 2026, as customer orders rebounded and backlogs increased across our steel and steel fabrication operations," said Millett. "Steel prices continued to improve, and lead times extended. Additionally, value-added flat rolled steel margins expanded from fourth quarter 2025 lows. We are seeing an improved steel market environment, supported by domestic trade actions, manufacturing onshoring, infrastructure program funding, and the increasing regionalization of supply chains in the United States. Long product steel demand remains very strong, especially for structural steel and railroad rail. Looking ahead, we expect to benefit from strong demand across our platforms."The aluminum team is continuing with the successful commissioning and startup of our Columbus, Mississippi aluminum flat rolled products mill," continued Millett. "The teams successfully produced finished products for the industrial and beverage can sectors, receiving product qualifications from numerous can sheet consumers and additional qualifications are ongoing. They also produced and received qualifications for aluminum hot band for use in automotive applications and are currently in the process of qualifying automotive quality finished products from our first recently operational continuous anneal and solution heat treat (CASH) line. Alongside our additional investments throughout the company, aluminum provides an exciting avenue for our ongoing growth." First Quarter 2026 CommentsFirst quarter 2026 operating income for the company's steel operations was $557 million, or 73 percent higher than sequential fourth quarter results, due to record shipments and metal spread expansion across the platform, as steel pricing increased more than ferrous scrap costs. The first quarter 2026 average external product selling price for the company's steel operations increased $86 sequentially to $1,193 per ton. The average ferrous scrap cost per ton melted at the company's steel mills increased $22 sequentially to $396 per ton. The energy, non-residential construction, automotive, and industrial sectors led steel demand in the quarter. Flat rolled steel pricing has rebounded from the recent lows experienced in the second half 2025, and steel producer lead times are at strong levels.Compared to sequential fourth quarter results, first quarter 2026 operating income from the company's metals recycling operations increased 155 percent to $47 million, driven by higher ferrous and nonferrous average selling values. Shipments were marginally lower, as scrap flows were negatively impacted by winter weather conditions in portions of January and February.The company's steel fabrication operations achieved operating income of $90 million in the first quarter 2026, steady with fourth quarter sequential results, as higher shipments were offset by metal spread compression primarily related to increased steel raw material input costs. Customer order activity has significantly increased since the end of 2025, with the customer order backlog over 38 percent higher than a year ago and extending through the third quarter and into October 2026. Improved demand was supported largely by the commercial, data center, manufacturing, warehouse, and healthcare sectors. Further, the accelerated announcements related to meaningful domestic investments in manufacturing and increased onshoring, coupled with the U.S. infrastructure program, are expected to positively impact demand for not only steel joist and deck products, but also for flat rolled and long product steel.First quarter 2026 operating losses associated with the continued construction and startup of the company's aluminum operations in the U.S. and Mexico were $65 million, or $17 million higher than fourth quarter sequential results. Aluminum flat rolled finished product shipments increased from 14,600 metric tons in the sequential fourth quarter to 22,500 metric tons in the first quarter 2026. Operating costs were significantly higher in January, as the team experienced normal startup issues, necessitating a temporary pause in operations and the write-off of some inventory. The issues were resolved and the company believes both shipments and earnings will increase sharply in the second quarter 2026. Demand for aluminum flat rolled products across the company's consumer sectors remains strong, with the supply deficit growing.The company generated cash flow from operations of $148 million during the first quarter 2026, after funding the annual companywide retirement profit-sharing distribution of $120 million. Working capital (excluding profit-sharing and income taxes) increased $413 million in the first quarter, as product pricing and demand improved across the business and the aluminum operations continued to ramp. The company also invested $138 million in capital investments, paid cash dividends of $72 million, and repurchased $115 million of its outstanding common stock, while maintaining strong liquidity of $2.0 billion as of March 31, 2026.Outlook "We remain constructive that market conditions are in place for domestic steel and aluminum consumption to be strong through 2026 and into the following years," said Millett. "Customer optimism, order entry activity, and pricing have been improving across our business. Additionally, discussions with our customers further underscore the growing importance of lower-carbon, domestically produced steel and aluminum products, positioning our businesses for a sustainable long-term competitive advantage. As unfair trade practices diminish, policy clarity improves, and U.S. manufacturing continues to expand, we believe a favorable market environment will follow."The aluminum team continues to make progress commissioning the company's Columbus, Mississippi aluminum flat rolled products mill, as well as the San Luis Potosi, Mexico satellite recycled aluminum slab center. Two of the three planned cold mills are ramping operations and producing prime products, with the third cold mill scheduled to commission in the third quarter 2026. Additionally, the first of our two planned CASH lines to be used for the production of finished automotive products is now operational and has produced qualification material for automotive customers. The second CASH line is also expected to commission in the third quarter 2026."We have deliberately aligned our growth strategy with our customers' developing needs, prioritizing product excellence, supply-chain efficiency, and sustainability. Building on our strong positions in steel, we are expanding into high recycled-content aluminum to serve adjacent markets where customer demand is accelerating. This opportunity spans the counter-cyclical beverage can and packaging segment and extends to automotive, industrial, and construction applications. Backed by a performance-based culture and a proven ability to develop and operate cost-efficient, high-margin mills, we are well positioned to deliver attractive long-term value through this expansion."Our commitment is to the health and safety of our teams, families, and communities, while meeting the current and future needs of our customers. Our culture and business model continues to positively differentiate our performance from the rest of the industry. We continue to focus on delivering superior value to our team members, customers, and shareholders," concluded Millett.Conference Call and WebcastSteel Dynamics, Inc. will hold a conference call to discuss first quarter 2026 operating and financial results on Tuesday, April 21, 2026, at 11:00 a.m. Eastern Daylight Time. You may access the call and find dial-in information on the Investors section of the company's website at www.steeldynamics.com. A replay of the call will be available on our website until 11:59 p.m. Eastern Daylight Time on April 30, 2026.About Steel Dynamics, Inc.Steel Dynamics is a leading industrial metals solutions company, with facilities located throughout the United States, and in Mexico. The company operates using a circular manufacturing model, producing lower-carbon-emission, quality products with recycled scrap as the primary input. Steel Dynamics is one of the largest domestic steel producers and metal recyclers in North America, combined with a meaningful downstream steel fabrication platform. The company has also recently added aluminum operations, further diversifying its product offerings to supply aluminum flat rolled products with higher recycled content to the countercyclical sustainable beverage can industry, in addition to the automotive and industrial sectors. Steel Dynamics is committed to operating with the highest integrity and to being the safest, most efficient producer of high-quality, broadly diversified, value-added metal products.Note Regarding Financial MetricsThe company believes that after-tax return-on-invested capital (After-tax ROIC) provides an indication of the effectiveness of the company's invested capital and is calculated as follows: After-tax
ROIC =Net Income Attributable to Steel Dynamics, Inc.(Quarterly Average Current Maturities of Long-term Debt + Long-term Debt + Total Equity)Note Regarding Non-GAAP Financial MeasuresThe company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). Management believes that the non-GAAP financial measures EBITDA and Adjusted EBITDA provide additional meaningful information regarding the company's performance and financial strength. Non-GAAP financial measures should be viewed in addition to and not as an alternative for the company's reported results prepared in accordance with GAAP. In addition, not all companies use identical calculations for EBITDA or Adjusted EBITDA; therefore, EBITDA and Adjusted EBITDA included in this release may not be comparable to similarly titled measures of other companies.Forward-Looking Statements This press release contains some predictive statements about future events, including statements related to conditions in domestic or global economies, conditions in steel, aluminum, and recycled metals marketplaces, Steel Dynamics' revenues, costs of purchased materials, future profitability and earnings, and the operation of new, existing or planned facilities. These statements, which we generally precede or accompany by such typical conditional words as "anticipate", "intend", "believe", "estimate", "plan", "seek", "project", or "expect", or by the words "may", "will", or "should", are intended to be made as "forward-looking", subject to many risks and uncertainties, within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. These statements speak only as of this date and are based upon information and assumptions, which we consider reasonable as of this date, concerning our businesses and the environments in which they operate. Such predictive statements are not guarantees of future performance, and we undertake no duty to update or revise any such statements. Some factors that could cause such forward-looking statements to turn out differently than anticipated include: (1) domestic and global economic factors; (2) global steelmaking overcapacity and imports of steel, together with increased scrap prices; (3) the cyclical nature of the metals industries and the industries we serve; (4) volatility and major fluctuations in prices and availability of scrap metal, scrap substitutes and supplies, and our potential inability to pass higher costs on to our customers; (5) cost and availability of electricity, natural gas, oil, and other energy resources are subject to volatile market conditions; (6) increased environmental, greenhouse gas emissions and sustainability considerations from our customers and investors or related regulations; (7) compliance with and changes in environmental and remediation requirements; (8) significant price and other forms of competition from other steel and aluminum producers, scrap processors and alternative materials; (9) availability of an adequate source of supply of scrap for our metals recycling operations; (10) cybersecurity threats and risks to the security of our sensitive data and information technology; (11) the implementation of our growth strategy; (12) our ability to retain, develop and attract key personnel; (13) litigation and legal compliance; (14) unexpected equipment downtime or shutdowns; (15) difficulties in the launch or production ramp-up of new products; (16) our aluminum operations depend on a core group of significant customers; (17) governmental agencies may refuse to grant or renew some of our licenses and permits; (18) our existing debt agreements contain, and any future financing agreements may contain, restrictive covenants that may limit our flexibility; and (19) the impacts of impairment charges.More specifically, we refer you to our more detailed explanation of these and other factors and risks that may cause such predictive statements to turn out differently, as set forth in our most recent Annual Report on Form 10-K under the headings Special Note Regarding Forward-Looking Statements and Risk Factors, in our Quarterly Reports on Form 10-Q, or in other reports which we file with the Securities and Exchange Commission. These reports are available publicly on the Securities and Exchange Commission website, www.sec.gov, and on our website, www.steeldynamics.com under "Investors – SEC Filings." Steel Dynamics, Inc.CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)(in thousands, except per share data)
Three Months Ended
Three Months
March 31,
Ended
2026
2025
Dec. 31, 2025
Net sales
$5,204,858
$4,369,195
$4,414,048Costs of goods sold
4,441,635
3,882,651
3,884,757 Gross profit
763,223
486,544
529,291
Selling, general and administrative expenses
175,220
181,808
184,646Profit sharing
42,198
22,695
27,196Amortization of intangible assets
7,801
6,897
7,219 Operating income
538,004
275,144
310,230
Interest expense, net of capitalized interest
33,241
12,131
26,958Other (income) expense, net
(8,450)
(17,641)
(27,333) Income before income taxes
513,213
280,654
310,605
Income tax expense
113,108
62,975
46,090 Net income
400,105
217,679
264,515Net loss (income) attributable to noncontrolling interests
3,331
(528)
1,518 Net income attributable to Steel Dynamics, Inc.
$403,436
$217,151
$266,033
Basic earnings per share attributable to
Steel Dynamics, Inc. stockholders
$2.79
$1.45
$1.83
Weighted average common shares outstanding
144,797
150,262
145,627
Diluted earnings per share attributable to
Steel Dynamics, Inc. stockholders, including the
effect of assumed conversions when dilutive
$2.78
$1.44
$1.82
Weighted average common shares
and share equivalents outstanding
145,321
150,809
146,249
Dividends declared per share
$0.53
$0.50
$0.50 Steel Dynamics, Inc.CONSOLIDATED BALANCE SHEETS(in thousands)
March 31,
December 31,Assets2026
2025
(unaudited)
Current assets
Cash and equivalents $556,527
$769,878 Accounts receivable, net
2,056,434
1,682,660 Inventories
3,908,120
3,738,516 Other current assets
274,089
293,117 Total current assets
6,795,170
6,484,171
Property, plant and equipment, net
8,549,876
8,569,466
Intangible assets, net
323,489
331,290
Goodwill
477,471
477,471
Other assets
574,213
557,382 Total assets $16,720,219
$16,419,780Liabilities and Equity
Current liabilities
Accounts payable $1,379,494
$1,231,358 Income taxes payable
135,202
67,315 Accrued expenses
633,899
788,926 Current maturities of long-term debt
22,124
34,655 Total current liabilities
2,170,719
2,122,254
Long-term debt
4,178,669
4,176,508
Deferred income taxes
1,042,980
1,004,375
Other liabilities
194,449
186,232 Total liabilities
7,586,817
7,489,369
Commitments and contingencies
Redeemable noncontrolling interests
141,226
141,226
Equity
Common stock
653
653 Treasury stock, at cost
(8,088,699)
(7,980,549) Additional paid-in capital
1,237,939
1,248,634 Retained earnings
16,015,823
15,689,042 Accumulated other comprehensive loss
(858)
(598) Total Steel Dynamics, Inc. equity
9,164,858
8,957,182 Noncontrolling interests
(172,682)
(167,997) Total equity
8,992,176
8,789,185 Total liabilities and equity $16,720,219
$16,419,780 Steel Dynamics, Inc.CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)(in thousands)
Three Months Ended
March 31,
2026
2025
Operating activities:
Net income$400,105
$217,679
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization
159,280
133,756 Equity-based compensation
17,451
17,040 Deferred income taxes
32,669
16,249 Other adjustments
(2,293)
(4,195) Changes in certain assets and liabilities:
Accounts receivable
(373,774)
(303,602) Inventories
(174,427)
13,810 Other assets
21,001
(32,115) Accounts payable
156,905
248,600 Income taxes receivable/payable
74,432
42,815 Accrued expenses
(163,033)
(197,434) Net cash provided by operating activities
148,316
152,603
Investing activities:
Purchases of property, plant and equipment
(137,979)
(305,506) Purchases of short-term investments
-
(10,000) Proceeds from maturities of short-term investments
-
137,811 Other investing activities
(1,087)
(1,064) Net cash used in investing activities
(139,066)
(178,759)
Financing activities:
Issuance of current and long-term debt
599,469
1,405,943 Repayment of current and long-term debt
(612,359)
(432,527) Dividends paid
(72,470)
(69,514) Purchase of treasury stock
(115,087)
(250,138) Other financing activities
(22,312)
(30,469) Net cash (used in) provided by financing activities
(222,759)
623,295
Increase (decrease) in cash, cash equivalents, and restricted cash
(213,509)
597,139Cash, cash equivalents, and restricted cash at beginning of period
775,272
595,010Cash, cash equivalents, and restricted cash at end of period $561,763
$1,192,149
Supplemental disclosure information:
Cash paid for interest$26,000
$28,477 Cash paid for income taxes, net$4,491
$3,717 Steel Dynamics, Inc.SUPPLEMENTAL INFORMATION (UNAUDITED)(dollars in thousands)
First Quarter
2026
2025
Q4 2025External Net Sales
Steel
$3,538,743
$3,067,016
$3,141,366 Steel Fabrication
355,433
352,307
347,252 Metals Recycling
593,183
534,895
463,039 Aluminum
227,393
66,576
157,747 Other
490,106
348,401
304,644Consolidated Net Sales
$5,204,858
$4,369,195
$4,414,048Operating Income (Loss)
Steel
$556,564
$229,963
$322,337 Steel Fabrication
89,514
116,745
90,545 Metals Recycling
47,467
25,710
18,642 Aluminum
(64,592)
(28,735)
(47,098)
628,953
343,683
384,426
Non-cash amortization of intangible assets
(7,801)
(6,897)
(7,219) Profit sharing expense
(42,198)
(22,695)
(27,196) Non-segment operations
(40,950)
(38,947)
(39,781)Consolidated Operating Income
$538,004
$275,144
$310,230Adjusted EBITDA
Net income
$400,105
$217,679
$264,515 Income taxes
113,108
62,975
46,090 Net interest expense
26,053
2,316
17,135 Depreciation
149,194
125,122
136,467 Amortization of intangible assets
7,801
6,897
7,219 EBITDA
696,261
414,989
471,426 Non-cash adjustments
Unrealized (gains) losses on derivatives
and currency remeasurement
(11,594)
19,153
9,482 Equity-based compensation
15,230
14,181
24,513Adjusted EBITDA
$699,897
$448,323
$505,421
Other Operating Information
Steel
Average external sales price (Per ton)
$1,193
$998
$1,107 Average ferrous cost (Per ton Melted)
$396
$386
$374
Flat Roll shipments
Butler, Columbus, and Sinton
2,011,443
2,119,187
1,902,346 Steel Processing divisions *
686,440
492,627
556,336 Long Product shipments
Structural and Rail Division
490,971
437,398
445,978 Engineered Bar Products Division
194,022
191,658
170,539 Roanoke Bar Division
167,837
144,186
139,287 Steel of West Virginia
88,155
96,483
89,648Total Shipments (Tons)
3,638,868
3,481,539
3,304,134
External Shipments (Tons)
2,966,124
3,071,735
2,837,126
Steel Mill Production (Tons)
3,039,367
3,021,593
2,838,233
Metals Recycling
Nonferrous shipments (000's of pounds)
197,385
233,080
195,003 Ferrous shipments (Gross tons)
1,473,457
1,452,432
1,521,629 External ferrous shipments (Gross tons)
553,367
557,618
507,102 Steel Fabrication
Average sales price (Per ton)
$2,478
$2,599
$2,509 Shipments (Tons)
143,422
135,581
138,375
* Includes Heartland, The Techs, United Steel Supply, and New Process Steel (beginning December 1, 2025) operations
View original content to download multimedia:https://www.prnewswire.com/news-releases/steel-dynamics-reports-first-quarter-2026-results-302747715.htmlSOURCE Steel Dynamics, Inc.
Original: Steel Dynamics Reports First Quarter 2026 Results
US Market News
5月前
Steel Dynamics Reports Fourth Quarter and Annual 2025 ResultsJanuary 26, 2026 12:00 PM
PR Newswire (US)
FORT WAYNE, Ind., Jan. 26, 2026 /PRNewswire/ --
Annual 2025 Performance Highlights:Successful production and qualifications of industrial, beverage can, and automotive quality flat rolled aluminum productsSuccessful production and consumption of biocarbon materialRecord steel shipments of 13.7 million tonsNet sales of $18.2 billion, operating income of $1.5 billion, and net income of $1.2 billionAdjusted EBITDA of $2.2 billion and cash flow from operations of $1.4 billionLiquidity of over $2.2 billionShare repurchases of $901 million of the company's common stock, representing over four percent of its outstanding sharesSteel Dynamics, Inc. (NASDAQ/GS: STLD) today announced fourth quarter and annual 2025 financial results. The company reported fourth quarter 2025 net sales of $4.4 billion and net income of $266 million, or $1.82 per diluted share. Comparatively, the company's sequential third quarter 2025 net income was $404 million, or $2.74 per diluted share, and prior year fourth quarter net income was $207 million, or $1.36 per diluted share."The teams delivered solid operational and financial performance across our operating platforms in 2025, generating annual net sales of $18.2 billion, operating income of $1.5 billion, and adjusted EBITDA of $2.2 billion," said Mark D. Millett, Chairman and Chief Executive Officer. "This performance demonstrates the strength and consistency of our cash generation, as we generated $1.4 billion in cash flow from operations during the year, after investing $450 million in growth working capital associated with our new aluminum products platform. Our three-year after-tax return-on-invested-capital of 14 percent is a testament to our ongoing high-return capital allocation strategy. We are growing, returning capital to shareholders, and maintaining strong returns as compared to best-in-class domestic manufacturers."The aluminum and biocarbon teams continue to make strong progress," continued Millett. "We have successfully produced finished aluminum flat-rolled products for the industrial and beverage can markets, as well as hot band for the automotive sector. Although there is still work ahead, the team has strong momentum and achieved positive EBITDA in December, positioning us well as we continue commissioning and ramping operations. Additionally, the SDI Biocarbon Solutions team is continuing to refine operations and increase production, providing a significantly lower-carbon supply chain opportunity for our steel and steel fabrication customers."We also achieved record annual steel shipments as imports declined from the elevated levels experienced during the first half of the year and as Sinton's year-over-year operating performance improved," said Millett. "We are seeing an improved flat rolled steel market environment, supported by domestic trade actions, manufacturing onshoring, infrastructure program funding, lower interest rates, and the increasing regionalization of supply chains in the U.S. Long product steel demand remains very strong, especially for structural steel and railroad rail. Looking ahead, we expect to benefit from strong demand across our platforms."Fourth Quarter 2025 CommentsFourth quarter 2025 operating income for the company's steel operations was $322 million, or 35 percent lower than sequential third quarter results, due to lower average realized selling values and lower volumes related to both seasonal demand and planned maintenance outages at the company's flat rolled steel mills. In addition to lower seasonal activity, some of the planned maintenance outages were longer in duration than originally anticipated and decreased volume in the fourth quarter by an estimated 140,000 to 150,000 tons of flat rolled steel production. The fourth quarter 2025 average external product selling price for the company's steel operations decreased $12 sequentially to $1,107 per ton. The average ferrous scrap cost per ton melted at the company's steel mills decreased $7 per ton sequentially to $374 per ton. Average realized flat rolled steel pricing declined in the quarter based on lagging priced contracts, while long product steel prices increased as demand for structural and rail products was strong. The energy, non-residential construction, automotive, and industrial sectors led steel demand in the quarter.Fourth quarter 2025 operating income from the company's metals recycling operations was $19 million, or $13 million lower than sequential earnings, based on lower selling values and decreased shipments across the platform. The company's steel fabrication operations generated operating income of $91 million in the fourth quarter 2025, lower than sequential third quarter results of $107 million, based on seasonally lower shipments more than offsetting modest metal spread expansion, as average selling values improved slightly and steel raw material costs declined. Order activity remained steady in the quarter, with the order backlog maintaining solid levels extending through the first half 2026, supported by stable pricing. Demand was largely driven by the commercial, data center, manufacturing, warehouse, and healthcare sectors. Looking ahead, the pace of domestic manufacturing investment, increased domestic onshoring activity, and momentum from the U.S. infrastructure program are expected to further support demand.On November 21, 2025, the company issued $800 million in unsecured notes, comprised of $650 million of 4.000% notes due 2028 and $150 million of 5.250% notes due 2035. The net proceeds from the notes were used to redeem the company's $400 million 5.000% Notes due 2026 and for other general corporate purposes.Based on the company's differentiated business model and highly variable cost structure, the company generated cash flow from operations of $273 million during the quarter. The company also invested $188 million in capital investments, paid cash dividends of $73 million, and repurchased $240 million of its outstanding common stock, representing one percent of its outstanding shares.Annual 2025 ComparisonAnnual 2025 net income was $1.2 billion, or $7.99 per diluted share, with net sales of $18.2 billion, as compared to net income of $1.5 billion, or $9.84 per diluted share, with net sales of $17.5 billion for the same period in 2024.Annual 2025, net sales increased 3.6 percent to $18.2 billion, and operating income declined 24 percent to $1.5 billion, when compared to the same period of 2024. Decreased earnings were the result of lower realized pricing in the company's steel and steel fabrication operations. Annual 2025 operating income from the company's steel operations and steel fabrication operations declined $155 million and $260 million, respectively, when compared to the prior year. The average 2025 external selling price for the company's steel operations decreased $15 to $1,089 per ton compared to 2024, and the average ferrous scrap cost per ton melted at the company's steel mills increased $1 to $387 per ton.Based on the company's differentiated circular business model and highly-variable cost structure, the company generated strong cash flow from operations of $1.4 billion during 2025. The company also invested $948 million in organic growth investments, paid cash dividends of $291 million, and repurchased $901 million of its outstanding common stock, representing over four percent of its outstanding shares, all while maintaining strong liquidity of $2.2 billion as of December 31, 2025.Outlook "We anticipate that improving market conditions, including increased trade stability and a more favorable interest rate environment, will support solid domestic demand for steel and aluminum products," continued Millett. "Steel pricing has improved, and customer optimism remains solid across our businesses, as demand continues to be steady. Additionally, discussions with our customers further underscore the growing importance of lower-carbon, domestically produced steel and aluminum products, positioning our businesses for a sustainable long-term competitive advantage. As unfair trade practices diminish, policy clarity improves, and U.S. manufacturing continues to expand, we believe a favorable market environment will follow."The aluminum team is continuing with the successful commissioning and startup of the company's Columbus, Mississippi aluminum flat rolled products mill and San Luis Potosi satellite recycled aluminum slab center. The cast houses and hot strip mill are operating extremely well, and commissioning is ongoing in other areas of the facility. The teams shipped products for the industrial and beverage can sectors, receiving product qualifications from several customers. They also produced and shipped aluminum hot band for use in automotive applications. We continue commissioning the cold mill and other downstream operations, including the CASH line. It is an extremely exciting time for all of us. There is still much to be done, yet much has also been accomplished."We have deliberately aligned our growth strategy with our customers' developing needs, prioritizing product excellence, supply-chain efficiency, and sustainability. Building on our strong positions in steel, we are expanding into high recycled-content aluminum to serve adjacent markets where customer demand is accelerating. This opportunity spans the counter-cyclical beverage can and packaging segment and extends to automotive, industrial, and construction applications. Backed by a performance-based culture and a proven ability to develop and operate cost-efficient, high-margin mills, we are well positioned to deliver attractive long-term value through this expansion."Our unwavering commitment to the health and safety of our teams, families, and communities underpins our ability to meet both current and future customer needs. Our differentiated culture and business model continue to drive performance, while strong cash flow generation and disciplined execution of our long-term strategy are strengthening our financial position," concluded Millett.Conference Call and WebcastSteel Dynamics, Inc. will hold a conference call to discuss fourth quarter and annual 2025 operating and financial results on Monday, January 26, 2026, at 11:00 a.m. Eastern Standard Time. You may access the call and find dial-in information on the Investors section of the company's website at www.steeldynamics.com. A replay of the call will be available on our website until 11:59 p.m. Eastern Standard Time on February 2, 2026.About Steel Dynamics, Inc.Steel Dynamics is a leading industrial metals solutions company, with facilities located throughout the United States, and in Mexico. The company operates using a circular manufacturing model, producing lower-carbon-emission, quality products with recycled scrap as the primary input. Steel Dynamics is one of the largest domestic steel producers and metal recyclers in North America, combined with a meaningful downstream steel fabrication platform. The company is also in aluminum operations, further diversifying its product offerings to supply aluminum flat rolled products with higher recycled content to the countercyclical sustainable beverage can industry, in addition to the automotive and industrial sectors. Steel Dynamics is committed to operating with the highest integrity and to being the safest, most efficient producer of high-quality, broadly diversified, value-added metal products.Note Regarding Financial MetricsThe company believes that after-tax return-on-invested capital (After-tax ROIC) provides an indication of the effectiveness of the company's invested capital and is calculated as follows: After-tax
ROIC =Net Income Attributable to Steel Dynamics, Inc.(Quarterly Average Current Maturities of Long-term Debt + Long-term Debt + Total Equity)Note Regarding Non-GAAP Financial MeasuresThe company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). Management believes that the non-GAAP financial measures EBITDA and Adjusted EBITDA provide additional meaningful information regarding the company's performance and financial strength. Non-GAAP financial measures should be viewed in addition to and not as an alternative for the company's reported results prepared in accordance with GAAP. In addition, not all companies use identical calculations for EBITDA or Adjusted EBITDA; therefore, EBITDA and Adjusted EBITDA included in this release may not be comparable to similarly titled measures of other companies.Forward-Looking Statements This press release contains some predictive statements about future events, including statements related to conditions in domestic or global economies, conditions in steel, aluminum, and recycled metals market places, Steel Dynamics' revenues, costs of purchased materials, future profitability and earnings, and the operation of new, existing or planned facilities. These statements, which we generally precede or accompany by such typical conditional words as "anticipate", "intend", "believe", "estimate", "plan", "seek", "project", or "expect", or by the words "may", "will", or "should", are intended to be made as "forward-looking", subject to many risks and uncertainties, within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. These statements speak only as of this date and are based upon information and assumptions, which we consider reasonable as of this date, concerning our businesses and the environments in which they operate. Such predictive statements are not guarantees of future performance, and we undertake no duty to update or revise any such statements. Some factors that could cause such forward-looking statements to turn out differently than anticipated include: (1) domestic and global economic factors; (2) global steelmaking overcapacity and imports of steel, together with increased scrap prices; (3) pandemics, epidemics, widespread illness or other health issues; (4) the cyclical nature of the steel industry and the industries we serve; (5) volatility and major fluctuations in prices and availability of scrap metal, scrap substitutes and supplies, and our potential inability to pass higher costs on to our customers; (6) cost and availability of electricity, natural gas, oil, and other energy resources are subject to volatile market conditions; (7) increased environmental, greenhouse gas emissions and sustainability considerations from our customers and investors or related regulations; (8) compliance with and changes in environmental and remediation requirements; (9) significant price and other forms of competition from other steel and aluminum producers, scrap processors and alternative materials; (10) availability of an adequate source of supply of scrap for our metals recycling operations; (11) cybersecurity threats and risks to the security of our sensitive data and information technology; (12) the implementation of our growth strategy; (13) our ability to retain, develop, and attract key personnel; (14) litigation and legal compliance; (15) unexpected equipment downtime or shutdowns; (16) governmental agencies may refuse to grant or renew some of our licenses and permits; (17) our senior unsecured credit facility contains, and any future financing agreements may contain, restrictive covenants that may limit our flexibility; and (18) the impacts of impairment charges.More specifically, we refer you to our more detailed explanation of these and other factors and risks that may cause such predictive statements to turn out differently, as set forth in our most recent Annual Report on Form 10-K under the headings Special Note Regarding Forward-Looking Statements and Risk Factors, in our Quarterly Reports on Form 10-Q, or in other reports which we file with the Securities and Exchange Commission. These reports are available publicly on the Securities and Exchange Commission website, www.sec.gov, and on our website, www.steeldynamics.com under "Investors – SEC Filings." Steel Dynamics, Inc.CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (in thousands, except per share data)
Three Months Ended
Year Ended
Three Months
December 31,
December 31,
Ended
2025
2024
2025
2024
Sept. 30, 2025
Net sales
$4,414,048
$3,872,138
$18,176,581
$17,540,390
$4,828,215Costs of goods sold
3,884,757
3,430,404
15,784,398
14,737,804
4,070,335 Gross profit
529,291
441,734
2,392,183
2,802,586
757,880
Selling, general and administrative expenses
184,646
176,904
765,308
664,119
200,844Profit sharing
27,196
19,755
122,986
164,904
42,389Amortization of intangible assets
7,219
7,573
27,903
30,526
6,890 Operating income
310,230
237,502
1,475,986
1,943,037
507,757
Interest expense, net of capitalized interest
26,958
14,579
70,043
56,347
13,573Other (income) expense, net
(27,333)
(21,040)
(87,028)
(96,191)
(19,662) Income before income taxes
310,605
243,963
1,492,971
1,982,881
513,846
Income tax expense
46,090
34,091
305,660
432,925
109,920 Net income
264,515
209,872
1,187,311
1,549,956
403,926Net loss (income) attributable to noncontrolling interests
1,518
(2,579)
(1,716)
(12,822)
(241) Net income attributable to Steel Dynamics, Inc.
$266,033
$207,293
$1,185,595
$1,537,134
$403,685
Basic earnings per share attributable to
Steel Dynamics, Inc. stockholders
$1.83
$1.36
$8.02
$9.89
$2.75
Weighted average common shares outstanding
145,627
152,096
147,806
155,420
146,947
Diluted earnings per share attributable to
Steel Dynamics, Inc. stockholders, including the
effect of assumed conversions when dilutive
$1.82
$1.36
$7.99
$9.84
$2.74
Weighted average common shares
and share equivalents outstanding
146,249
152,801
148,404
156,136
147,600
Dividends declared per share
$0.50
$0.46
$2.00
$1.84
$0.50 Steel Dynamics, Inc.CONSOLIDATED BALANCE SHEETS (in thousands)
December 31,
December 31,Assets2025
2024
(unaudited)
Current assets
Cash and equivalents $769,878
$589,464 Short-term investments
-
147,811 Accounts receivable, net
1,682,660
1,417,199 Inventories
3,738,516
3,113,733 Other current assets
293,117
163,131 Total current assets
6,484,171
5,431,338
Property, plant and equipment, net
8,569,466
8,117,988
Intangible assets, net
331,290
227,234
Goodwill
477,471
477,471
Other assets
550,456
681,202 Total assets $16,412,854
$14,935,233Liabilities and Equity
Current liabilities
Accounts payable $1,231,358
$979,912 Income taxes payable
67,315
3,783 Accrued expenses
788,926
739,898 Current maturities of long-term debt
34,655
426,990 Total current liabilities
2,122,254
2,150,583
Long-term debt
4,176,508
2,804,017
Deferred income taxes
997,449
902,186
Other liabilities
186,232
133,201 Total liabilities
7,482,443
5,989,987
Commitments and contingencies
Redeemable noncontrolling interests
141,226
171,212
Equity
Common stock
653
652 Treasury stock, at cost
(7,980,549)
(7,094,266) Additional paid-in capital
1,248,634
1,229,819 Retained earnings
15,689,042
14,798,082 Accumulated other comprehensive loss
(598)
- Total Steel Dynamics, Inc. equity
8,957,182
8,934,287 Noncontrolling interests
(167,997)
(160,253) Total equity
8,789,185
8,774,034 Total liabilities and equity $16,412,854
$14,935,233 Steel Dynamics, Inc.CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands)
Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024
Operating activities:
Net income$264,515
$209,872
$1,187,311
$1,549,956
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization
146,282
125,550
551,390
478,907 Equity-based compensation
23,642
25,136
68,983
66,589 Deferred income taxes
(108,551)
(40,968)
94,397
(42,583) Other adjustments
2,863
(7,286)
(10,208)
(5,507) Changes in certain assets and liabilities:
Accounts receivable
187,306
147,758
(157,456)
191,108 Inventories
(338,329)
(69,535)
(423,435)
(221,036) Other assets
(18,399)
8,336
(77,276)
(13,718) Accounts payable
(31,673)
(55,757)
206,843
(67,361) Income taxes receivable/payable
157,144
3,166
52,179
10,183 Accrued expenses
(12,088)
600
(43,194)
(102,035) Net cash provided by operating activities
272,712
346,872
1,449,534
1,844,503
Investing activities:
Purchases of property, plant and equipment
(188,496)
(453,175)
(948,025)
(1,868,006) Purchases of short-term investments
-
(39,461)
(39,571)
(739,340) Proceeds from maturities of short-term investments
-
536,443
186,996
1,312,294 Business combination, net of cash acquired
(175,774)
-
(175,774)
- Other investing activities
(5,704)
7,348
1,417
(8,308) Net cash (used in) provided by investing activities
(369,974)
51,155
(974,957)
(1,303,360)
Financing activities:
Issuance of current and long-term debt
1,255,497
337,381
3,553,683
2,482,919 Repayment of current and long-term debt
(824,441)
(792,089)
(2,567,864)
(2,324,058) Dividends paid
(73,078)
(70,400)
(291,176)
(282,616) Purchase of treasury stock
(240,296)
(295,140)
(900,870)
(1,212,164) Other financing activities
(20,845)
(3,525)
(88,088)
(16,678) Net cash provided by (used in) financing activities
96,837
(823,773)
(294,315)
(1,352,597)
Increase (decrease) in cash, cash equivalents, and restricted cash
(425)
(425,746)
180,262
(811,454)Cash, cash equivalents, and restricted cash at beginning of period
775,697
1,020,756
595,010
1,406,464Cash, cash equivalents, and restricted cash at end of period $775,272
$595,010
$775,272
$595,010
Supplemental disclosure information:
Cash paid for interest$67,890
$41,512
$156,749
$100,978 Cash paid for income taxes, net$1,338
$80,308
$152,000
$463,763 Steel Dynamics, Inc.SUPPLEMENTAL INFORMATION (UNAUDITED)(dollars in thousands)
Fourth Quarter
Year to Date
2025
2024
2025
2024
1Q 2025
2Q 2025
3Q 2025External Net Sales
Steel
$3,141,366
$2,645,994
$13,021,977
$12,061,484
$3,067,016
$3,275,551
$3,538,044 Steel Fabrication
347,252
396,226
1,417,890
1,763,502
352,307
340,648
377,683 Metals Recycling
463,039
482,081
2,041,641
2,005,134
534,895
522,721
520,986 Aluminum
157,747
60,099
361,094
258,547
66,576
65,632
71,139 Other
304,644
287,738
1,333,979
1,451,723
348,401
360,571
320,363Consolidated Net Sales
$4,414,048
$3,872,138
$18,176,581
$17,540,390
$4,369,195
$4,565,123
$4,828,215Operating Income (Loss)
Steel
$322,337
$164,989
$1,432,390
$1,586,904
$229,963
$382,196
$497,894 Steel Fabrication
90,545
142,189
407,425
666,984
116,745
93,115
107,020 Metals Recycling
18,642
23,361
97,175
76,807
25,710
21,290
31,533 Aluminum
(47,098)
(28,896)
(172,970)
(72,331)
(28,735)
(40,627)
(56,510)
384,426
301,643
1,764,020
2,258,364
343,683
455,974
579,937
Non-cash amortization of intangible assets
(7,219)
(7,573)
(27,903)
(30,526)
(6,897)
(6,897)
(6,890) Profit sharing expense
(27,196)
(19,755)
(122,986)
(164,904)
(22,695)
(30,706)
(42,389) Non-segment operations
(39,781)
(36,813)
(137,145)
(119,897)
(38,947)
(35,516)
(22,901)Consolidated Operating Income
$310,230
$237,502
$1,475,986
$1,943,037
$275,144
$382,855
$507,757Adjusted EBITDA
Net income
$264,515
$209,872
$1,187,311
$1,549,956
$217,679
$301,191
$403,926 Income taxes
46,090
34,090
305,660
432,924
62,975
86,675
109,920 Net interest expense (income)
17,135
(3,481)
33,245
(33,738)
2,316
7,025
6,769 Depreciation
136,467
116,147
515,425
441,584
125,122
124,003
129,833 Amortization of intangible assets
7,219
7,573
27,903
30,526
6,897
6,897
6,890 EBITDA
471,426
364,201
2,069,544
2,421,252
414,989
525,791
657,338 Non-cash adjustments
Unrealized (gains) losses on derivatives
and currency remeasurement
9,482
(17,703)
14,624
6,882
19,153
(6,197)
(7,814) Equity-based compensation
24,513
25,121
66,759
65,624
14,181
13,819
14,246Adjusted EBITDA
$505,421
$371,619
$2,150,927
$2,493,758
$448,323
$533,413
$663,770
Other Operating Information
Steel
Average external sales price (Per ton)
$1,107
$1,011
$1,089
$1,104
$998
$1,134
$1,119 Average ferrous cost (Per ton melted)
$374
$370
$387
$386
$386
$408
$381
Flat Roll shipments
Butler, Columbus, and Sinton
1,902,346
1,841,745
8,115,111
7,702,731
2,119,187
1,952,228
2,141,350 Steel Processing divisions *
556,336
460,162
2,071,765
1,779,429
492,627
479,102
543,700 Long Product shipments
Structural and Rail Division
445,978
362,650
1,842,616
1,625,913
437,398
468,827
490,413 Engineered Bar Products Division
170,539
151,239
730,691
714,509
191,658
190,612
177,882 Roanoke Bar Division
139,287
123,133
593,290
516,258
144,186
151,828
157,989 Steel of West Virginia
89,648
81,387
395,328
321,647
96,483
107,201
101,996Total Shipments (Tons)
3,304,134
3,020,316
13,748,801
12,660,487
3,481,539
3,349,798
3,613,330
External Shipments (Tons)
2,837,126
2,617,914
11,960,582
10,929,453
3,071,735
2,888,916
3,162,805
Steel Mill Production (Tons)
2,838,233
2,663,444
11,877,554
11,242,676
3,021,593
2,949,936
3,067,792
Metals Recycling
Nonferrous shipments (000's of pounds)
195,003
226,434
916,502
965,491
233,080
245,577
242,842 Ferrous shipments (Gross tons)
1,521,629
1,421,021
6,160,797
5,850,544
1,452,432
1,596,583
1,590,153 External ferrous shipments (Gross tons)
507,102
529,335
2,147,762
2,194,510
557,618
545,022
538,020 Steel Fabrication
Average sales price (Per ton)
$2,509
$2,718
$2,529
$2,917
$2,599
$2,517
$2,495 Shipments (Tons)
138,375
145,901
560,866
607,407
135,581
135,347
151,563
* Includes Heartland, The Techs, United Steel Supply, and New Process Steel (beginning December 1, 2025) operations
View original content to download multimedia:https://www.prnewswire.com/news-releases/steel-dynamics-reports-fourth-quarter-and-annual-2025-results-302669753.htmlSOURCE Steel Dynamics, Inc.
Original: Steel Dynamics Reports Fourth Quarter and Annual 2025 Results
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