Press Release W. Jefferson Blvd.
Steel Dynamics Reports Third Quarter 2026 Results FORT WAYNE, INDIANA, October 19, 2026 / PRNewswire /
§ Record steel shipments of 3.8 million tons § Net sales of $6.5 billion, operating income of $1.0 billion, and net income of $756 million § Adjusted EBITDA of $1.2 billion and cash flow from operations of $846 million § Liquidity of $2.4 billion § Share repurchases of $276 million, or one percent, of the company’s common stock
Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced third quarter 2026 financial results. The company reported third quarter 2026 net sales of $6.5 billion and net income of $756 million, or $5.26 per diluted share. Comparatively, the company’s sequential second quarter 2026 net income was $534 million, or $3.69 per diluted share and prior year third quarter net income was $404 million, or $2.74 per diluted share.
“Throughout the third quarter 2026, steel prices continued to improve and the teams executed well across our steel platform, driving a sequential quarterly increase in consolidated operating income of $306 million, or 44 percent,” said Mark D. Millett, Chairman and Chief Executive Officer. “Our steel fabrication platform also had a healthy performance as continued improving demand resulted in higher sequential shipments of 18 percent and increased earnings despite higher steel costs. Our three-year after-tax return on invested capital of 13 percent demonstrates the strength of our differentiated business model and disciplined capital allocation framework. Our disciplined approach to capital allocation continues to support investments in high-return strategic growth opportunities, meaningful shareholder returns, and financial performance that compares favorably with top-tier domestic manufacturers.
“During the third quarter, the domestic steel market remained strong, supported by steady demand, low customer inventories, and historically low import levels,” said Millett. “Steel pricing strengthened, as lead times extended and spot availability tightened across flat-rolled and structural steel products. In addition, as coated flat rolled steel imports abated due to recent trade actions and demand remained strong, value-added flat-rolled steel spreads also expanded. In general, U.S. steel imports remain well below historical and prior-year levels, while improving manufacturing activity, onshoring, and continued investment in infrastructure, energy, healthcare, and computing support healthy steel consumption. Long-product steel demand remains extremely strong, particularly for structural steel and railroad rail. We believe sustained demand across our platforms, combined with favorable market conditions, positions us well moving forward.
“We continue to make meaningful progress at our aluminum operations as the team continues to commission, qualify, and ramp up our state-of-the-art aluminum flat-rolled products mill,” continued Millett. “All three cold mills are now operational which provides us the ability to achieve our annual volume expectations, and the first of two Continuous Annealing and Solution Heat (CASH) lines is operating and is expected to ship finished automotive products before the end of the year. The second CASH line will be commissioned in the coming months and become operational early in the first quarter 2027. The team is successfully producing high-quality products for the industrial, beverage, and automotive markets, while continuing to expand its qualified customer base. Together with our broader investment initiatives across the company, aluminum represents an exciting avenue for continued growth and value creation.”
Third quarter 2026 operating income for the company’s steel operations was $1.0 billion, or 43 percent higher than sequential second quarter results, due to record steel shipments and metal spread expansion, as average realized steel selling prices increased and scrap raw material costs declined. The third quarter 2026 average external product selling price for the company’s steel operations increased $102 sequentially to $1,400 per ton. The average ferrous scrap cost per ton melted at the company’s steel mills decreased $8 per ton sequentially to $404 per ton.The energy, non-residential construction, automotive, and industrial sectors led steel demand in the quarter.
Third quarter 2026 operating income from the company’s metals recycling operations was $33 million, or $15 million lower than sequential earnings, based on lower ferrous scrap pricing and metal spread contraction, combined with steady volume. Average third quarter realized ferrous scrap prices declined $15 per gross ton sequentially.
The company’s steel fabrication operations generated operating income of $91 million in the third quarter 2026, higher than sequential second quarter results of $85 million, as increased shipments and improved average realized pricing more than offset higher steel raw material input costs. Customer order activity has continued to strengthen since the end of 2025, with the order backlog now 50 percent higher than a year ago and extending into the second quarter 2027. Demand was largely driven by commercial construction, manufacturing, warehouses, data centers, and healthcare. In addition, accelerating announcements of significant domestic manufacturing investments and increased reshoring activity, coupled with funding from the U.S. infrastructure program, are expected to provide meaningful support for demand across our product portfolio, including steel joists and deck products, as well as flat-rolled and long-product steel.
“Third quarter 2026 operating losses associated with the continued startup of the company’s aluminum operations were $26 million, representing a 21 percent improvement compared to sequential second quarter results”, said Millett. “Our Aluminum platform was EBITDA breakeven for the quarter. Aluminum flat rolled sheet product shipments were 55,000 metric tons in the third quarter 2026, and hot band production increased to 91,000 metric tons. Volumes were less than expected over a number of weeks, as yield losses increased at higher operating speeds due to quality impacts. The cause originated from the hot strip mill rolling coolant composition, which has been successfully changed, and no ongoing additional costs are expected from this matter. Since the change, the mill performance has been excellent in October. Looking ahead, we expect aluminum volumes and profitability to improve in the fourth quarter 2026 and throughout 2027, as startup costs subside, utilization and yields improve, and scrap content increases. Underlying demand for aluminum flat-rolled products across our targeted consumer sectors remains strong and is forecast to continue to grow.”
Based on the company’s differentiated business model and highly variable cost structure, the company generated cash flow from operations of $846 million during the quarter. The company also invested $150 million in capital investments, paid cash dividends of $76 million, and repurchased $276 million of its outstanding common stock, while maintaining liquidity of $2.4 billion as of September 30, 2026.
For the nine-months ended September 30, 2026, net income was $1.7 billion, or $11.72 per diluted share, with net sales of $17.8 billion, as compared to net income of $920 million, or $6.17 per diluted share, with net sales of $13.8 billion for the same period in 2025.
For the first nine-months of 2026 net sales increased 29 percent to $17.8 billion, and operating income increased 93 percent to $2.2 billion, when compared to the same period in 2025. Increased earnings were the result of higher realized pricing and shipments in the company’s steel operations during the period. For the first nine-months of 2026 operating income from the company’s steel operations was $2.3 billion, compared to $1.1 billion for the same prior year period. The average nine-months 2026 external selling price for the company's steel operations increased $216 to $1,299 per ton compared to the same prior year period, and the average ferrous scrap cost per ton melted at the company’s steel mills increased to $404 per ton. For the first nine-months of 2026 operating income from the company’s steel fabrication operations was $265 million, compared to $317 million in the prior year period due to higher raw material input costs. For the first nine-months of 2026 operating income from the company’s metals recycling operations was $128 million, compared to $79 million in the prior year period, due to improved metal spreads and increased shipments.
The company achieved cash flow from operations of $1.4 billion in the first nine-months of 2026. The company also invested $411 million in capital investments, paid cash dividends of $225 million, and repurchased $591 million, or two percent, of its outstanding common stock.
“Looking ahead to 2027 and beyond, we remain optimistic regarding the domestic steel and aluminum industries,” stated Millett. “We expect steel and aluminum consumption to benefit from continued investment in infrastructure, manufacturing, energy, and data centers, along with improving broader economic activity. These demand drivers, combined with a supportive U.S. trade environment and reduced unfairly traded import competition, should provide a healthy backdrop for domestic steel and aluminum product producers. While additional domestic steelmaking and aluminum capacity may enter the market in the coming years, we believe improving demand and supportive trade policy will support healthy industry dynamics.
“Our growth strategy remains closely aligned with our customers’ evolving needs, focused on providing differentiated products, strengthening supply chain efficiency, and advancing sustainable manufacturing solutions. Our expansion into high-recycled-content aluminum sheet products builds on the strength of our steel platform and extends our proven operating model into attractive, supply-deficit markets, including beverage can, packaging, automotive, industrial, and construction applications. As demand for domestically produced, lower-carbon materials continue to grow, we believe our performance-driven culture, low-cost operating model, and strategic investments in aluminum position us to broaden our customer relationships, diversify our earnings profile, and create compelling long-term value.
“We remain firmly committed to the health and safety of our teams, their families, and the communities we serve, while meeting the evolving needs of our customers. Our culture and performance-driven business model continue to positively differentiate our company. We remain focused on delivering superior value to our team members, customers, and shareholders,” concluded Millett.
Steel Dynamics, Inc. will hold a conference call to discuss third quarter 2026 operating and financial results on Tuesday, October 20, 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 October 27, 2026.
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.
The 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)
The 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.
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.”
* Includes Heartland, The Techs, United Steel Supply, and New Process Steel (beginning December 1, 2025) operations
Full text with the tables
Exhibit 99.1
7575
Press Release W. Jefferson Blvd.
October 19, 2026 Fort Wayne, IN 46804
────────────────────────────────────────
Steel Dynamics Reports Third Quarter 2026 Results
FORT WAYNE, INDIANA, October 19, 2026 / PRNewswire /
Third Quarter 2026 Performance Highlights:
§ Record steel shipments of 3.8 million tons
§ Net sales of $6.5 billion, operating income of $1.0 billion, and net
income of $756 million
§ Adjusted EBITDA of $1.2 billion and cash flow from operations of $846
million
§ Liquidity of $2.4 billion
§ Share repurchases of $276 million, or one percent, of the company’s
common stock
Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced third quarter
2026 financial results. The company reported third quarter 2026 net sales of
$6.5 billion and net income of $756 million, or $5.26 per
diluted share. Comparatively, the company’s sequential second quarter 2026 net
income was $534 million, or $3.69 per diluted share
and prior year third quarter net income was $404 million, or $2.74 per diluted
share.
“Throughout the third quarter 2026, steel prices continued to
improve and the teams executed well across our steel platform, driving a
sequential quarterly increase in consolidated operating income
of $306 million, or 44 percent,” said Mark D. Millett, Chairman and Chief
Executive Officer. “Our steel fabrication platform
also had a healthy performance as continued improving demand resulted in higher
sequential shipments of 18 percent and increased earnings
despite higher steel costs. Our three-year after-tax return on invested capital
of 13 percent demonstrates the strength of our differentiated
business model and disciplined capital allocation framework. Our disciplined
approach to capital allocation continues to support investments
in high-return strategic growth opportunities, meaningful shareholder returns,
and financial performance that compares favorably with
top-tier domestic manufacturers.
“During the third quarter, the domestic steel market remained
strong, supported by steady demand, low customer inventories, and historically
low import levels,” said Millett. “Steel pricing
strengthened, as lead times extended and spot availability tightened across
flat-rolled and structural steel products. In addition, as
coated flat rolled steel imports abated due to recent trade actions and demand
remained strong, value-added flat-rolled steel spreads
also expanded. In general, U.S. steel imports remain well below historical and
prior-year levels, while improving manufacturing activity,
onshoring, and continued investment in infrastructure, energy, healthcare, and
computing support healthy steel consumption. Long-product
steel demand remains extremely strong, particularly for structural steel and
railroad rail. We believe sustained demand across our platforms,
combined with favorable market conditions, positions us well moving forward.
“We continue to make meaningful progress at our aluminum operations
as the team continues to commission, qualify, and ramp up our state-of-the-art
aluminum flat-rolled products mill,” continued Millett.
“All three cold mills are now operational which provides us the ability to
achieve our annual volume expectations, and the first
of two Continuous Annealing and Solution Heat (CASH) lines is operating and is
expected to ship finished automotive products before the
end of the year. The second CASH line will be commissioned in the coming months
and become operational early in the first quarter 2027.
The team is successfully producing high-quality products for the industrial,
beverage, and automotive markets, while continuing to expand
its qualified customer base. Together with our broader investment initiatives
across the company, aluminum represents an exciting avenue
for continued growth and value creation.”
Third Quarter 2026 Comments
Third quarter 2026 operating income for the company’s steel operations was $1.0
billion, or 43 percent higher than sequential second quarter results, due to
record steel shipments and metal spread expansion, as average realized steel
selling prices increased and scrap raw material costs declined. The third
quarter 2026 average external product selling price for the company’s steel
operations increased $102 sequentially to $1,400 per ton. The average ferrous
scrap cost per ton melted at the company’s steel mills decreased $8 per ton
sequentially to $404 per ton.The energy, non-residential construction,
automotive, and industrial sectors led steel demand in the quarter.
Third
quarter 2026 operating income from the company’s metals recycling operations was
$33 million, or $15 million lower than sequential
earnings, based on lower ferrous scrap pricing and metal spread contraction,
combined with steady volume. Average third quarter realized
ferrous scrap prices declined $15 per gross ton sequentially.
The company’s steel fabrication operations generated operating
income of $91 million in the third quarter 2026, higher than sequential second
quarter results of $85 million, as increased shipments
and improved average realized pricing more than offset higher steel raw material
input costs. Customer order activity has continued to
strengthen since the end of 2025, with the order backlog now 50 percent higher
than a year ago and extending into the second quarter 2027.
Demand was largely driven by commercial construction, manufacturing, warehouses,
data centers, and healthcare. In addition, accelerating
announcements of significant domestic manufacturing investments and increased
reshoring activity, coupled with funding from the U.S. infrastructure
program, are expected to provide meaningful support for demand across our
product portfolio, including steel joists and deck products,
as well as flat-rolled and long-product steel.
“Third quarter 2026 operating losses associated with the continued
startup of the company’s aluminum operations were $26 million, representing a 21
percent improvement compared to sequential second
quarter results”, said Millett. “Our Aluminum platform was EBITDA breakeven for
the quarter. Aluminum flat rolled sheet product
shipments were 55,000 metric tons in the third quarter 2026, and hot band
production increased to 91,000 metric tons. Volumes were less
than expected over a number of weeks, as yield losses increased at higher
operating speeds due to quality impacts. The cause originated
from the hot strip mill rolling coolant composition, which has been successfully
changed, and no ongoing additional costs are expected
from this matter. Since the change, the mill performance has been excellent in
October. Looking ahead, we expect aluminum volumes and
profitability to improve in the fourth quarter 2026 and throughout 2027, as
startup costs subside, utilization and yields improve, and
scrap content increases. Underlying demand for aluminum flat-rolled products
across our targeted consumer sectors remains strong and is
forecast to continue to grow.”
Based on the company’s differentiated business model and highly variable cost
structure, the company generated cash flow from operations
of $846 million during the quarter. The company also invested $150 million in
capital investments, paid cash dividends of $76 million,
and repurchased $276 million of its outstanding common stock, while maintaining
liquidity of $2.4 billion as of September 30, 2026.
Year-to-Date September 30, 2026 Comparison
For the nine-months ended September 30, 2026, net income was $1.7
billion, or $11.72 per diluted share, with net sales of $17.8 billion, as
compared to net income of $920 million, or $6.17 per diluted
share, with net sales of $13.8 billion for the same period in 2025.
For the first nine-months of 2026 net sales increased 29 percent to
$17.8 billion, and operating income increased 93 percent to $2.2 billion, when
compared to the same period in 2025. Increased earnings
were the result of higher realized pricing and shipments in the company’s steel
operations during the period. For the first nine-months
of 2026 operating income from the company’s steel operations was $2.3 billion,
compared to $1.1 billion for the same prior year
period. The average nine-months 2026 external selling price for the company's
steel operations increased $216 to $1,299 per ton compared
to the same prior year period, and the average ferrous scrap cost per ton melted
at the company’s steel mills increased to $404
per ton. For the first nine-months of 2026 operating income from the company’s
steel fabrication operations was $265 million, compared
to $317 million in the prior year period due to higher raw material input costs.
For the first nine-months of 2026 operating income from
the company’s metals recycling operations was $128 million, compared to $79
million in the prior year period, due to improved metal
spreads and increased shipments.
The company achieved cash flow from operations of $1.4 billion in the
first nine-months of 2026. The company also invested $411 million in capital
investments, paid cash dividends of $225 million, and repurchased
$591 million, or two percent, of its outstanding common stock.
Outlook
“Looking ahead to 2027 and beyond, we remain optimistic regarding
the domestic steel and aluminum industries,” stated Millett. “We expect steel
and aluminum consumption to benefit from continued
investment in infrastructure, manufacturing, energy, and data centers, along
with improving broader economic activity. These demand drivers,
combined with a supportive U.S. trade environment and reduced unfairly traded
import competition, should provide a healthy backdrop for
domestic steel and aluminum product producers. While additional domestic
steelmaking and aluminum capacity may enter the market in the
coming years, we believe improving demand and supportive trade policy will
support healthy industry dynamics.
“Our growth strategy remains closely aligned with our customers’
evolving needs, focused on providing differentiated products, strengthening
supply chain efficiency, and advancing sustainable manufacturing
solutions. Our expansion into high-recycled-content aluminum sheet products
builds on the strength of our steel platform and extends our
proven operating model into attractive, supply-deficit markets, including
beverage can, packaging, automotive, industrial, and construction
applications. As demand for domestically produced, lower-carbon materials
continue to grow, we believe our performance-driven culture,
low-cost operating model, and strategic investments in aluminum position us to
broaden our customer relationships, diversify our earnings
profile, and create compelling long-term value.
“We remain firmly committed to the health and safety of our teams,
their families, and the communities we serve, while meeting the evolving needs
of our customers. Our culture and performance-driven business
model continue to positively differentiate our company. We remain focused on
delivering superior value to our team members, customers,
and shareholders,” concluded Millett.
Conference Call and Webcast
Steel Dynamics, Inc. will hold a conference call to discuss third
quarter 2026 operating and financial results on Tuesday, October 20, 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 October 27, 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 Metrics
The 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 Measures
The 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.”
Contact: Investor Relations — +1.260.969.3500
Steel Dynamics, Inc.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands, except per share data)
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g…
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a…
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Steel Dynamics, Inc.
CONSOLIDATED BALANCE SHEETS
(in thousands)
Assets
Current September 30, December 31,
assets 2026 (unaudited) 2025
──────────────────────────────────────────────────────────────────────────────
Cash and $ 928,558 $ 769,878
equivalents
Accounts
receivable, 2,446,443 1,682,660
net
Inventories 4,249,059 3,738,516
Other
current 390,108 293,117
assets
Total
current 8,014,168 6,484,171
assets
Property,
plant and 8,491,088 8,569,466
equipment,
net
Intangible 303,815 331,290
assets, net
Goodwill 477,471 477,471
Other assets 549,302 557,382
Total assets $ 17,835,844 $ 16,419,780
Liabilities
and Equity
Current
liabilities
Accounts $ 1,605,228 $ 1,231,358
payable
Income taxes 64,227 67,315
payable
Accrued 857,967 788,926
expenses
Current
maturities 20,854 34,655
of long-term
debt
Total
current 2,548,276 2,122,254
liabilities
Long-term 4,183,039 4,176,508
debt
Deferred 1,116,084 1,004,375
income taxes
Other 208,934 186,232
liabilities
Total 8,056,333 7,489,369
liabilities
Commitments
and
contingenci…
Redeemable
noncontroll… 143,259 141,226
interests
Equity
Common stock 653 653
Treasury
stock, at (8,563,301 ) (7,980,549 )
cost
Additional
paid-in 1,243,105 1,248,634
capital
Retained 17,154,093 15,689,042
earnings
Accumulated
other
comprehensi… 7,878 (598 )
income
(loss)
Total Steel
Dynamics,In… 9,842,428 8,957,182
equity
Noncontroll… (206,176 ) (167,997 )
interests
Total equity 9,636,252 8,789,185
Total
liabilities $ 17,835,844 $ 16,419,780
and equity
Steel Dynamics, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
Three Nine
Mont… Mont…
Ended Ended
Sept… Sept…
Ope… 30, 30,
act… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net $ 755,… $ 403… $ 1,6… $ 922,…
inc…
Adj…
to
rec…
net
inc…
to
net
cash
pro…
by
ope…
act…
Dep…
and 174,… 138… 508… 405,…
amo…
Equ… 14,4… 14,… 46,… 45,3…
com…
Def…
inc… 44,4… 147… 107… 202,…
tax…
Oth… (2,0… ) (7,… ) 10,… (13,… )
adj…
Cha…
in
cer…
ass…
and
lia…
Acc… (3,5… ) (60… ) (76… ) (344… )
rec…
Inv… (294… ) 64,… (51… ) (85,… )
Oth… (65,… ) (34… ) (68… ) (58,… )
ass…
Acc… 107,… (4,… ) 371… 238,…
pay…
Inc…
tax… 35,3… (65… ) (137 ) (104… )
rec…
Acc… 79,4… 127… 42,… (31,… )
exp…
Net
cash
pro… 845,… 722… 1,4… 1,17…
by
ope…
act…
Inv…
act…
Pur…
of
pro… (149… ) (16… ) (41… ) (759… )
pla…
and
equ…
Pur…
of - - - (39,… )
sho…
inv…
Pro…
from
mat… - 39,… - 186,…
of
sho…
inv…
Oth…
inv… (1,9… ) 5,5… 2,7… 7,121
act…
Net
cash
used (151… ) (12… ) (40… ) (604… )
in
inv…
act…
Fin…
act…
Iss…
of
cur… 671,… 407… 1,9… 2,29…
and
lon…
debt
Rep…
of
cur… (652… ) (40… ) (1,… ) (1,7… )
and
lon…
debt
Div… (76,… ) (73… ) (22… ) (218… )
paid
Pur…
of (275… ) (21… ) (59… ) (660… )
tre…
sto…
Oth…
fin… (743 ) (5,… ) (23… ) (67,… )
act…
Net
cash
used (333… ) (28… ) (85… ) (391… )
in
fin…
act…
Inc…
in
cas…
cash 360,… 312… 158… 180,…
equ…
and
res…
cash
Cas…
cash
equ…
and
res… 572,… 463… 775… 595,…
cash
at
beg…
of
per…
Cas…
cash
equ…
and
res… $ 933,… $ 775… $ 933… $ 775,…
cash
at
end
of
per…
Sup…
dis…
inf…
Cash
paid $ 25,8… $ 25,… $ 118… $ 88,8…
for
int…
Cash
paid
for $ 143,… $ 22,… $ 378… $ 150,…
inc…
tax…
net
Steel Dynamics, Inc.
SUPPLEMENTAL INFORMATION (UNAUDITED)
(dollars in thousands)
… T…
… Q… Y… 1Q 2Q
… 2… 2… 2… 2… 2… 2…
──────────────────────────────────────────────────────────────────────────────
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* Includes Heartland, The Techs, United Steel Supply, and New Process Steel
(beginning December 1, 2025) operations