AddedRisk Factors
We may experience difficulties in the launch or production ramp-up of new products which may adversely affect our business.
STLDSteel Dynamics
Steel Dynamics, Inc. is a leading industrial metals solutions company, with facilities located throughout the United States and Mexico. 10-K, Item 1
- Employees
- 14,400
- Headquarters
- Fort Wayne, IN
- CEO
- Mark D. Millett
- Next results
- around Jan 26, 2027
10-K 0001104659-26-021395 (2026-02-27) vs 10-K 0001558370-25-001886 (2025-02-28)
| Section | Compared text | Words now | Changed |
|---|---|---|---|
| Risk Factors | Item 1A | 5,819 | 12.0% |
| MD&A | Item 7 | 6,069 | 15.0% |
| Legal Proceedings | Item 3, via Note 8 – Commitments and Contingencies | 266 | 3.0% |
| Accounting Policies | Item 8, Note 1 – Description of the Business and Summary of Significant Accounting Policies | 3,329 | 17.3% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, 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 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.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
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.
RemovedRisk Factors
RemovedRisk Factors
RewordedRisk Factors
These expansions and transactions, including our recycled aluminum flat rolled products mill with an anticipated annual production capacity of 650,000 metric tons of finished products located in Columbus, Mississippi, transactions may involve some or all of the following risks:
RewordedRisk Factors
In addition, a slowdown of industrial or other scrap sources, such as used beverage cans, production in the United States reduces the supply of industrial grades of metal to the metals recycling industry, resulting in our having less recyclable metal available to process and sell. process, sell, or consume for our steelmaking or aluminum operations.
RewordedRisk Factors
Delays in achieving full operational capacity at our Sinton Flat Roll Division new facilities has adversely affected and may continue to, and any delays in our recycled aluminum flat rolled products mill may, to adversely affect our prospects, business, financial condition, results of operations and cash flows.
RewordedRisk Factors
Additionally, in many applications, steel competes and aluminum compete with other materials, such as aluminum, aluminum or steel, as the case may be, cement, composites, plastics, carbon fiber, glass titanium, tin, glass, wood, and wood. paperboard.
RewordedRisk Factors
The principal raw material materials of our EAF steel operations is and aluminum operations are recycled ferrous scrap derived from, among other sources, “home scrap,” generated internally at steel and aluminum mills themselves; industrial scrap, generated as a by-product of manufacturing; obsolete scrap, recycled from end-of-life automobiles, appliances appliances, machinery, food packaging and machinery; used beverage cans; and demolition scrap, recycled from obsolete structures, containers and machines.
RewordedRisk Factors
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.
RewordedRisk Factors
Further, we have experienced and may continue to experience inefficiencies at our Sinton Flat Roll Division, during the start-up and ramp-up of new facilities, including those related to major equipment failures.
RewordedRisk Factors
Our business is also dependent upon certain industries, such as construction, automotive, manufacturing, transportation, heavy and agriculture agricultural equipment, energy energy, food packaging, beverage can and pipe and tube (including OCTG) markets, and many of these industries are also cyclical in nature and may experience supply chain disruptions.
RewordedRisk Factors
The sale of our manufactured steel and aluminum products is directly affected by demand for our products in other cyclical industries, such as construction, automotive, manufacturing, transportation, heavy and agriculture agricultural equipment, energy energy, food packaging, beverage can and pipe and tube (including OCTG) markets.
RewordedRisk Factors
This could lead to system interruption, production delays or downtimes and operational disruptions, and the disclosure, modification or destruction of sensitive data, which may adversely affect our reputation, customer and supplier relationships, financial results and results of operations, and could result in litigation or regulatory investigations, actions, fines or penalties, as well as increased cybersecurity monitoring and protection costs, including the cost or availability of insurance.
RewordedRisk Factors
Our senior unsecured credit facility contains, existing debt agreements contain, and any future financing agreements may contain, restrictive covenants that may limit our flexibility.
RewordedRisk Factors
Global or domestic actions or conditions, including political actions, proposed or actual trade policies or restrictions, including tariffs or quotas, proposed or actual changes in tax laws, including the imposition of new tax laws or sunset of certain tax laws, proposed or actual regulation, including those related to the environment, interest rates, terrorism, acts of war or hostility, natural disasters, or pandemics, epidemics, widespread illness or other health issues, could result in changing economic conditions in the United States and globally, disruptions to or slowdowns in our business, our supply chain, or our global or domestic industry, industries, or those of our customers or suppliers upon whom we are dependent.
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.
RemovedMD&A
RemovedMD&A
RewordedMD&A
Selling, general and administrative expenses of $765.3 million during 2025 increased 15% from $664.1 million during 2024 increased 13% from $588.6 million during 2023 primarily due to an increase in payroll and benefits expense primarily related to construction, start-up, and commissioning costs associated with the growth of the recycled aluminum operations segment flat rolled products mill and satellite recycled aluminum slab centers during 2024. 2025.
RewordedMD&A
In 2024 2025 and 2023, 62% 2024, 65% and 62%, respectively, of metals recycling operations ferrous scrap was sold to our own steel mills, while as our steel mill utilization remained consistent increased to 86% in 2025 compared to 81% 2024, with production levels at 81% and 82% in 2024 and 2023, respectively. our Sinton facility increasing during 2025.
RewordedMD&A
RewordedMD&A
Steel operations include our EAF electric arc furnace (EAF) steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, and Steel of West Virginia, Virginia; steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply, Vulcan Threaded Products, Inc., warehouse operations in Mexico, and SDI Biocarbon Solutions, LLC, a joint venture to construct and operate a biocarbon production facility. New Process Steel, L.P.
RewordedMD&A
Ferrous metal spread spreads (which we define as the difference between average selling prices and the cost of purchased scrap) was flat and were flat, while nonferrous metal spread spreads, primarily aluminum, increased 13% during 2024 24% in 2025 compared to 2023. 2024, with aluminum prices rising in the fourth quarter of 2025.
RewordedMD&A
As a reflection of continued confidence in our current and future cash flow generation capability and financial position, we increased our quarterly cash dividend by 8% 9% to $0.46 $0.50 per share in the first quarter of 2024 2025 (from $0.425 $0.46 per share for each quarter in 2023), 2024), resulting in declared cash dividends of $294.1 million during 2025, compared to $284.1 million during 2024, compared to $280.5 million in 2023. 2024.
RewordedMD&A
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.
RewordedMD&A
Our estimated interest payments are $116.4 $180.5 million, $109.4 $177.4 million, $89.0 $168.5 million, $83.4 $144.6 million, and $82.2 $129.9 million, for the years 2025 2026 through 2029, 2030, respectively, and $442.4 million $1.1 billion thereafter.
RewordedMD&A
Our metallic raw material cost consumed in our steel mills decreased $28 was unchanged on a per net ton, or 7%, ton basis in 2024 2025 compared to 2023, 2024, consistent with overall decreased steady domestic scrap pricing noted below in the metals recycling operations segment discussion.
RewordedMD&A
Consolidated operating income for 2024 2025 decreased $1.2 billion, $467.1 million, or 38%, 24%, to $1.9 $1.5 billion, compared to $3.2 $1.9 billion in 2023. 2024.
RewordedMD&A
Profit sharing expense during 2024 2025 of $123.0 million decreased 25% from $164.9 million decreased 39% from $272.0 million during 2023, 2024, consistent with decreased pretax earnings.
RewordedMD&A
During 2024, 2025, interest expense of $70.0 million increased 24% from $56.3 million decreased 26% from $76.5 million during 2023. 2024.
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