Steel Dynamics Reports Fourth Quarter and Annual 2025 Results

Rhea-AI Summary

Steel Dynamics (NASDAQ: STLD) reported annual 2025 net sales of $18.2B, operating income of $1.5B, net income of $1.2B and adjusted EBITDA of $2.2B. The company generated $1.4B cash flow from operations, maintained liquidity of over $2.2B, and completed $901M of share repurchases (over 4% of shares).

Record steel shipments reached 13.7M tons. Q4 2025 net sales were $4.4B with net income of $266M ($1.82 diluted). Aluminum commissioning progressed with positive EBITDA in December. The company issued $800M of notes on Nov 21, 2025.

Positive

• Record steel shipments of 13.7 million tons
• Generated $1.4 billion cash flow from operations in 2025
• Adjusted EBITDA of $2.2 billion for 2025
• Liquidity maintained at over $2.2 billion
• Successful production and customer qualifications of aluminum flat rolled products
• Share repurchases totaling $901 million in 2025

Negative

• Annual operating income declined 24% year-over-year
• Annual net income fell from $1.5B to $1.2B
• Q4 steel operating income down 35% sequentially
• Planned maintenance reduced Q4 flat rolled steel production by 140,000–150,000 tons

News Market Reaction – STLD

-4.41%

1 alert

-4.41% News Effect

On the day this news was published, STLD declined 4.41%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Record steel shipments: 13.7 million tons Annual net sales 2025: $18.2 billion Annual net income 2025: $1.2 billion +5 more

8 metrics

Record steel shipments 13.7 million tons Annual 2025 steel shipments

Annual net sales 2025 $18.2 billion Full year 2025 net sales

Annual net income 2025 $1.2 billion Down from $1.5 billion in 2024

Adjusted EBITDA 2025 $2.2 billion Full year 2025 adjusted EBITDA

Q4 2025 net income $266 million ($1.82 per share) Versus Q3 2025 $404M ($2.74) and Q4 2024 $207M ($1.36)

Share repurchases 2025 $901 million Over 4% of outstanding shares in 2025

Q4 2025 operating income – steel $322 million 35% lower than Q3 2025

New notes issued $800 million $650M 4.000% 2028 and $150M 5.250% 2035 notes

Market Reality Check

Price: $175.10 Vol: Volume 1399554 is 1.23x t...

normal vol

$175.10 Last Close

Volume Volume 1399554 is 1.23x the 20-day average of 1139754, indicating elevated interest ahead of results. normal

Technical Shares at 181.32 are trading above the 200-day MA of 142.46 and sit close to the 52-week high of 182.81.

Peers on Argus

STLD gained 1.4% while key peers were mixed: MT -0.1%, RS +0.41%, NUE +0.6%, PKX...

STLD gained 1.4% while key peers were mixed: MT -0.1%, RS +0.41%, NUE +0.6%, PKX +1.26%, GGB +2.31%. The move appears more company-specific than broad-sector.

Historical Context

5 past events · Latest: Jan 23 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 23	Reputation recognition	Positive	+1.4%	Named one of Fortune’s World’s Most Admired Companies for 2026.
Jan 12	Earnings call notice	Neutral	+0.1%	Announcement of date and time for Q4 and 2025 results call.
Jan 05	Acquisition proposal	Positive	+0.5%	NBIO submitted with SGH to acquire BlueScope Steel via scheme.
Dec 17	Earnings guidance	Negative	+2.1%	Guided Q4 EPS below Q3 on lower prices and volumes.
Dec 01	Acquisition completion	Positive	+0.0%	Completed purchase of remaining 55% of New Process Steel.

Pattern Detected

Recent news events have generally seen modest positive price reactions, including to guidance and reputation-related announcements.

Recent Company History

Over the past two months, Steel Dynamics issued guidance for Q4 2025, completed an acquisition of the remaining 55% of New Process Steel, and joined an NBIO to acquire BlueScope Steel. It also scheduled and then held its earnings call and was named one of Fortune’s World’s Most Admired Companies for 2026. Most of these updates saw small positive price reactions, suggesting stable investor reception to operational, M&A, and reputational news.

Market Pulse Summary

This announcement details 2025 results with net sales of $18.2 billion, record steel shipments of 13...

Analysis

This announcement details 2025 results with net sales of $18.2 billion, record steel shipments of 13.7 million tons, and adjusted EBITDA of $2.2 billion, alongside a net income decline to $1.2 billion. Management highlights progress in aluminum and biocarbon platforms and significant capital allocation, including $901 million of buybacks and $948 million of growth investments. Investors may watch steel and aluminum pricing, ramp-up of the Columbus aluminum mill, segment operating income trends, and ongoing cash generation versus capital needs.

Key Terms

adjusted EBITDA

1 terms

adjusted EBITDA financial

"Net sales of $18.2 billion, operating income of $1.5 billion, and net income of $1.2 billionAdjusted EBITDA of $2.2 billion"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

AI-generated analysis. Not financial advice.

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 products
• Successful production and consumption of biocarbon material
• Record steel shipments of 13.7 million tons
• Net sales of $18.2 billion, operating income of $1.5 billion, and net income of $1.2 billion
• Adjusted EBITDA of $2.2 billion and cash flow from operations of $1.4 billion
• Liquidity of over $2.2 billion
• Share repurchases of $901 million of the company's common stock, representing over four percent of its outstanding shares

Steel 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 Comments

Fourth 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 Comparison

Annual 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 Webcast

Steel 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 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 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		$	4,828,215
Costs 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			200,844
Profit sharing			27,196			19,755			122,986			164,904			42,389
Amortization 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			13,573
Other (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			403,926
Net 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,
Assets	2025				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			$	14,935,233
Liabilities 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			1,406,464
Cash, 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 2025
External 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			320,363
Consolidated Net Sales		$	4,414,048		$	3,872,138		$	18,176,581		$	17,540,390		$	4,369,195		$	4,565,123		$	4,828,215
Operating 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		$	507,757
Adjusted 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			14,246
Adjusted 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			101,996
Total 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

 

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SOURCE Steel Dynamics, Inc.

FAQ

What were Steel Dynamics (STLD) full-year 2025 net sales and net income?

Steel Dynamics reported $18.2 billion in net sales and $1.2 billion in net income for 2025.

How much cash flow did STLD generate from operations in 2025 and what liquidity remains?

STLD generated $1.4 billion of cash flow from operations and had over $2.2 billion in liquidity as of Dec 31, 2025.

How did Steel Dynamics perform on shipments and production in 2025?

The company achieved record annual steel shipments of 13.7 million tons and progressed aluminum commissioning with product shipments and qualifications.

What share repurchase activity did STLD complete in 2025?

STLD repurchased $901 million of common stock in 2025, representing over 4% of outstanding shares.

Why did STLD's Q4 2025 steel operating income decline sequentially?

Q4 steel operating income fell due to lower average selling values, seasonal demand and longer-than-expected maintenance outages reducing volumes by an estimated 140,000–150,000 tons.

Did Steel Dynamics issue debt in 2025 and for what purpose?

On Nov 21, 2025, STLD issued $800 million of unsecured notes (650M due 2028 at 4.000% and 150M due 2035 at 5.250%) and used proceeds to redeem a $400 million 2026 note and for general corporate purposes.