Steel Dynamics Provides Third Quarter 2026 Earnings Guidance

Steel Dynamics guides Q3 2026 EPS sharply higher on strong steel demand, record shipments, and growing fabrication backlog.

Rhea-AI Summary

Steel Dynamics (STLD) expects third quarter 2026 earnings of $5.34 to $5.38 per diluted share, versus $3.69 in second quarter 2026 and $2.74 in prior-year third quarter.

Profitability in the steel operations is expected to be significantly higher sequentially, driven by metal margin expansion, record shipments, higher realized selling values, and lower scrap costs amid strong demand in non-residential construction, energy, automotive, and industrial markets. Metals recycling earnings are expected to be lower than in the second quarter due to lower metal spreads and modestly lower shipments.

Steel fabrication earnings are expected to improve modestly on stronger shipments, despite metal spread compression and higher steel input costs, with backlog nearly 50% higher than prior-year third quarter and extending through first quarter 2027. Aluminum operations earnings are expected to improve meaningfully on higher shipments, as the Columbus, Mississippi flat rolled products mill advances commissioning, with all three cold mills and the first CASH line operating. The company repurchased $261 million of stock so far in the third quarter and plans to release full third quarter results on October 19, 2026.

Positive

• Q3 2026 EPS guidance $5.34–$5.38 vs. $3.69 in Q2 2026 and $2.74 in prior-year Q3
• Steel operations profitability expected significantly higher sequentially on margin expansion and record shipments
• Steel fabrication backlog nearly 50% above prior-year Q3 and extends through Q1 2027
• Aluminum operations earnings expected to improve meaningfully vs. Q2 2026 driven by higher shipments
• Columbus aluminum mill has all three cold mills and first CASH line operational, second CASH line to start qualification before year-end
• Share repurchases $261 million in common stock during Q3 2026, just under 1% of shares

Negative

• Metals recycling earnings expected lower than Q2 2026 due to reduced metal spreads and modestly lower shipments
• Steel fabrication metal spreads under compression as higher pricing is offset by increased steel input costs

Market Context

Pre-headline, STLD was -0.41%, while the company issued Q3 EPS guidance of $5.34-$5.38; momentum pee...

Analysis

Pre-headline, STLD was -0.41%, while the company issued Q3 EPS guidance of $5.34-$5.38; momentum peers CLF and MT were 0.71% and 0.00%, respectively.

Key Figures

Q3 2026 EPS guidance: $5.34-$5.38 per diluted share Sequential Q2 EPS: $3.69 per diluted share Prior-year Q3 EPS: $2.74 per diluted share +4 more

Q3 2026 EPS guidance

$5.34-$5.38 per diluted share

Third quarter 2026

Sequential Q2 EPS

$3.69 per diluted share

Second quarter 2026 comparison

Prior-year Q3 EPS

$2.74 per diluted share

Third quarter prior-year comparison

Fabrication backlog

Nearly 50% higher

Versus prior-year third-quarter levels; extends through Q1 2027

Share repurchases

$261 million

Repurchased during the third quarter of 2026 so far

Cold mills operational

Three

Columbus, Mississippi aluminum flat rolled products mill

Earnings release date

October 19, 2026

Planned release after market close

Previous Earnings Reports

5 past events · Latest: Jul 20

Same Type 5 events

1. Jul 20

   Q2 earnings results

   24h Move

   +1.3%

   Reported $3.69 diluted EPS alongside record steel shipments and higher operating income.

2. Jun 17

   Q2 earnings guidance

   24h Move

   -7.5%

   Issued $3.51–$3.55 diluted EPS guidance with expanding steel margins and aluminum ramp.

3. Apr 20

   Q1 earnings results

   24h Move

   +5.2%

   Reported $2.78 diluted EPS with record steel shipments and improving aluminum qualifications.

4. Mar 17

   Q1 earnings guidance

   24h Move

   -0.9%

   Issued $2.73–$2.77 diluted EPS guidance with expanding steel and recycling margins.

5. Dec 17

   Q4 earnings guidance

   24h Move

   +2.1%

   Forecast lower Q4 profitability from reduced selling values, seasonal demand, and maintenance outages.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

metal margin expansion, metal spreads, continuous annealing and solution heat, cold mills

4 terms

metal margin expansion financial

"driven by metal margin expansion across the platform and record shipments"

Metal margin expansion describes a rising difference between the revenue metal producers receive for their output and the costs of producing that metal, so each unit sold earns more profit than before. It matters to investors because wider margins usually boost a producer’s earnings and cash flow—similar to a baker whose ingredient costs fall or selling price rises, leaving more money from each loaf sold to cover other expenses or return to shareholders.

metal spreads financial

"due to lower metal spreads and modestly lower shipments"

Metal spreads are the price differences between two related metal contracts or metal grades—commonly seen between two different metals (like gold vs. silver), between delivery months of the same metal (calendar spreads), or between physical grades/locations. Traders and companies use these spreads to compare relative value, hedge risks, or exploit pricing mismatches; think of it like the gap between two storefronts’ prices for similar goods that signals which one is relatively cheaper or more expensive.

continuous annealing and solution heat technical

"the first of two Continuous Annealing and Solution Heat (CASH) lines"

A paired metal heat-treatment process in which metal strip or parts pass continuously through a controlled furnace to anneal (soften and relieve stress) and then undergo a solution heat step that dissolves alloying particles into the metal’s crystal structure before rapid cooling. It matters to investors because these thermal steps change strength, formability, corrosion resistance and yield of finished metal products, affecting product quality, production speed, scrap rates and manufacturing costs — like baking then glazing to get consistent texture and durability.

cold mills technical

"All three cold mills are now operational"

Cold mills are industrial facilities that pass metal, typically steel, through rollers at or near room temperature to thin it, improve surface finish, and change mechanical properties without reheating. Like squeezing dough through a pasta maker to make it thinner and smoother, cold rolling creates higher-precision, value‑added sheet products used in cars, appliances and other finished goods. Investors care because cold mills are capital‑intensive assets that influence a producer’s product mix, selling prices, production costs and margins, and therefore affect profitability and competitiveness.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

FORT WAYNE, Ind., Sept. 17, 2026 /PRNewswire/ -- Steel Dynamics, Inc. (NASDAQ/GS: STLD) today provided third quarter 2026 earnings guidance in the range of $5.34 to $5.38 per diluted share. Comparatively, the company's sequential second quarter 2026 earnings were $3.69 per diluted share, and prior year third quarter earnings were $2.74 per diluted share. 

Third quarter 2026 profitability from the company's steel operations is expected to be significantly higher than sequential second quarter results, driven by metal margin expansion across the platform and record shipments. The company expects average realized steel selling values to increase in combination with lower scrap costs. Steel customer order activity remains strong, supported by solid underlying demand and persistently low customer inventories, which continue to support favorable pricing conditions. Steel demand across key end markets remains solid, led by non-residential construction, energy, automotive, and industrial sectors.

Third quarter 2026 earnings from the company's metals recycling operations are expected to be lower than sequential second quarter results, due to lower metal spreads and modestly lower shipments.

The company expects third quarter 2026 earnings from its steel fabrication operations to improve modestly from sequential second quarter results, supported by stronger shipments, which more than offset metal spread compression as higher pricing was offset by increased steel input material costs. Customer order activity remains strong, building on the momentum that began in late 2025, with the current backlog nearly 50 percent higher than prior-year third quarter levels and extending through the first quarter of 2027. Demand remains healthy across commercial construction, data center and warehouse development, manufacturing, and healthcare markets. Looking forward into 2027, the company anticipates further steel fabrication volume growth supported by continued domestic manufacturing investment, U.S. infrastructure spending and stimulus programs, and ongoing onshoring activity.

Third quarter 2026 earnings from the company's aluminum operations are expected to improve meaningfully compared to sequential second quarter results, driven by increased shipments. The aluminum team continues to make strong progress on the commissioning and startup of the company's aluminum flat rolled products mill in Columbus, Mississippi. All three cold mills are now operational, and the first of two Continuous Annealing and Solution Heat (CASH) lines is operating and is expected to ship commercial material in the fourth quarter. The second CASH line is expected to begin producing material for customer qualification before the end of the year.

The company has repurchased $261 million, or just under one percent, of its common stock so far during the third quarter of 2026. 

The company currently plans to release its third quarter 2026 earnings after the market closes on October 19, 2026, and will hold a conference call the next day at 11:00 a.m. Eastern Daylight Time to discuss the company's performance. 

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 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, 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.

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."

View original content to download multimedia:https://www.prnewswire.com/news-releases/steel-dynamics-provides-third-quarter-2026-earnings-guidance-302882584.html

SOURCE Steel Dynamics, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When will Steel Dynamics release its full third quarter 2026 results and hold the earnings call?

Steel Dynamics plans to release its full third quarter 2026 earnings after the market closes on October 19, 2026. The company will hold a conference call to discuss performance on the next day, October 20, 2026, at 11:00 a.m. Eastern Daylight Time.

What factors are supporting strong steel demand for Steel Dynamics in the third quarter of 2026?

Steel demand remains solid across key end markets, including non-residential construction, energy, automotive, and industrial sectors. The company notes strong customer order activity and persistently low customer inventories, which continue to support favorable pricing conditions.

What future growth does Steel Dynamics anticipate in its steel fabrication business beyond 2026?

Looking forward into 2027, the company anticipates further steel fabrication volume growth, which it attributes to continued domestic manufacturing investment, U.S. infrastructure spending and stimulus programs, and ongoing onshoring activity.