AddedRisk Factors
We may experience difficulties in the launch or production ramp-up of new products which may adversely affect our business.
The 10-K against last year's
75 changes: 7 added, 4 removed, 64 reworded
10-K 0001104659-26-021395 (2026-02-27) vs 10-K 0001558370-25-001886 (2025-02-28)
The redline
The paragraph that changed most in each section
Marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Accounting Policies 132 words changed in this paragraph; it is 52% similar to last year's version.
Steel Dynamics, Inc. (SDI), together with its subsidiaries (the company), is a leading industrial metals solutions company, with facilities located throughout the United States and Mexico. SDI is one of the largest and most diversified domestic steel producers and metals recycler, metal recyclers in North America, combined with a meaningful downstream steel fabrication manufacturing platform. The company also has aluminum operations, further diversifying its product offerings to supply aluminum flat rolled products with higher recycled content to the countercyclical, sustainable beverage can industry, as well as the automotive and industrial sectors. The company has four reporting segments: steel operations, metals recycling operations, steel fabrication operations, and aluminum operations. Effective the fourth quarter 2024, results from an entity previously reported within the metals recycling operations segment were moved to the aluminum operations segment, consistent with a change in how the company’s chief operating decision maker manages the business. Segment information provided within this Form 10-K, including that within Note 12. Segment Information, has been recast for all prior periods consistent with the current reportable segment presentation. Approximately 5% 4% of the company’s workforce in four locations is represented by collective bargaining agreements, and agreements affecting 0.5% 0.1% of the company’s employees at one location expires during 2025. 2026.
Source: Item 8, Note 1 – Description of the Business and Summary of Significant Accounting Policies, 10-K 0001104659-26-021395 vs Item 8, Note 1 – Description of the Business and Summary of Significant Accounting Policies, 10-K 0001558370-25-001886
MD&A 110 words changed in this paragraph; it is 57% similar to last year's version.
During 2024, 2025, our steel operations achieved record annual shipments of 12.7 13.7 million tons (11.4 (12.3 million excluding intra-segment), slightly less 9% higher than 2023 total record shipments. 2024 shipments, primarily due to significant sales volume increases at our Sinton and Heartland facilities as the four new value-added lines operated for a full year in 2025. Customer order activity and steel demand were stable strong during 2024, with 2025, particularly as imports declined in the construction, automotive, industrial, latter half of the year. Demand was supported by manufacturing onshoring, infrastructure program funding, lower interest rates, and energy sectors leading demand. In spite the increasing regionalization of strong supply chains in the US. Despite these favorable market demand, demand conditions, in the face of trade policy uncertainty, average selling prices were modestly lower during 2024 2025 compared to 2023, as total steel 2024. Steel segment average selling prices decreased 4%, 1%, or $46 $14 per ton, compared to 2023. 2024. Net sales for the steel operations segment were 4% lower 7% higher in 2024 2025 when compared to 2023, 2024, due to lower average steel selling prices on consistent volumes. a 9% increase in segment shipments.
Source: Item 7, 10-K 0001104659-26-021395 vs Item 7, 10-K 0001558370-25-001886
Risk Factors 93 words changed in this paragraph; it is 70% similar to last year's version.
Increased cybersecurity and information technology security requirements, vulnerabilities and threats and a rise in sophisticated and targeted cybercrime, all of which may be heightened during times of war or hostilities, pose a risk to the security and functionality of our systems and information networks, and to the confidentiality, availability and integrity of sensitive data, including intellectual property, proprietary information, financial information, customer and supplier information, and personally identifiable information. Additionally, cybersecurity vulnerabilities or attacks could result in an interruption of the functionality of our automated and electronically controlled manufacturing operating systems, which, if compromised, could cease, threaten, delay or slow down our ability to melt, roll or otherwise process steel, aluminum or any of our other products for the duration of such interruption. Our customers and suppliers may also store certain of our sensitive information on their information technology systems, which if breached or attacked, could likewise expose our sensitive information. Similarly, information system vendors and software suppliers may experience a cybersecurity or information technology breach that exposes our systems or sensitive data. Any of these cybersecurity and information technology breaches or disruptions may result in reputational harm and may adversely affect our business, results of operations, financial condition and cash flows.
Source: Item 1A, 10-K 0001104659-26-021395 vs Item 1A, 10-K 0001558370-25-001886
Legal Proceedings 16 words changed in this paragraph; it is 86% similar to last year's version.
At December 31, 2024, 2025, the company has outstanding commitments of $578.8 $335.5 million related to ongoing construction of property, plant, and equipment, most significantly primarily related to the recycled completion of the aluminum flat rolled products mill and recycled aluminum slab facilities, mill, as well as other steel operations expansion projects in 2025. 2026. The company’s commitments for operating leases are discussed in Note 11. Leases.
Source: Item 3, via Note 8 – Commitments and Contingencies, 10-K 0001104659-26-021395 vs Item 3, via Note 8 – Commitments and Contingencies, 10-K 0001558370-25-001886
Every change, by type
Sentences and paragraphs added, removed or reworded
Sentences and paragraphs of STLD's Risk Factors and MD&A, 10-K 2026-02-27 against 10-K 2025-02-28. Each links to the text at sec.gov.
AddedRisk Factors
As we ramp up manufacturing processes for newly introduced products, we may experience difficulties, including manufacturing disruptions, delays, or other complications, which could adversely affect our ability to serve our customers, our reputation, our costs of production and, ultimately, our business, financial condition, results of operations and cash flows.
AddedRisk Factors
We have a relatively concentrated group of aluminum customers. Most of these customers have one or more sizable sales agreements with us. If one or more of these customers experienced a prolonged period of adverse demand, depressed business activity or financial distress, if any of these customers breached or sought relief from its contractual obligations under its sales agreements with us or if any of these customer relationships otherwise ended or materiality deteriorated and such lost business was not successfully replaced, our aluminum operations financial condition, results of operations, and cash flows may be adversely affected.
AddedMD&A
During 2025 we achieved record steel shipments of 13.7 million tons. Underlying domestic steel demand was stable during 2025, as imports declined from the elevated levels experienced during the first half of the year and as the Sinton Flat Roll Division’s year-over-year operating performance improved. Our metals recycling operations segment achieved notable improvement in operating income in 2025 compared to 2024 on higher ferrous metals volumes and higher ferrous and nonferrous pricing. Our steel fabrication operations experienced historically strong, yet moderating product pricing compared to 2024, with stabilization in selling values realized in the fourth quarter of 2025. Finally, our aluminum operations segment achieved successful production and qualifications of industrial, beverage can, and automotive quality flat rolled aluminum products, with shipments commencing in the late second half of 2025.
AddedMD&A
Our aluminum operations consist of a 650,000-metric-ton recycled aluminum flat rolled products mill in Columbus, Mississippi; two 150,000-metric-ton satellite recycled aluminum slab centers, one in Central Mexico and one under construction in the Southwest U.S.; and an ancillary recycled aluminum deox-rod facility. The recycled aluminum flat roll products mill produces flat rolled aluminum products from aluminum scrap and is a complementary extension of the company’s metals recycling platform. Our product offerings will be supported by various value-added finishing lines that are still under construction, including two CASH (Continuous Annealing Solutions Heat Treating) lines, a can end and tab coating line, and downstream processing and packaging lines. Aluminum operations accounted for 2% and 1% of our consolidated net sales during 2025 and 2024, respectively.
AddedMD&A
During 2025, the results of this segment largely consisted of sales from the ancillary recycled aluminum deox-rod facility, as well as construction, start-up, and commissioning costs associated with the recycled aluminum flat roll products mill and satellite recycled aluminum slab centers. The flat rolled products mill shipped 15,000 metric tons of finished product during the second half of 2025. In 2025, aluminum operations sales, including those of our ancillary recycled aluminum deox-rod facility, totaled $473.9 million, an increase of 49%, compared to $318.7 million in 2024 primarily due to the volumes from the aluminum flat rolled products mill beginning in the second half of 2025.
AddedMD&A
during 2025 to $4.4 billion at December 31, 2025, due to a $265.5 million increase in accounts receivable, as well as a $624.8 million dollar increase in inventories, primarily within our aluminum operations segment as our recycled aluminum flat rolled products mill began commissioning and operations in the second half of 2025.