Steel Dynamics Reports Third Quarter 2026 Results
Share repurchases totaled $276 million in the quarter and $591 million during the first nine months of 2026.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Steel Dynamics (STLD) reported third-quarter 2026 net income of $756 million, with higher steel shipments and pricing supporting earnings growth. Diluted earnings per share rose to $5.26 from $3.69 in the second quarter and $2.74 a year earlier. Net sales were $6.5 billion, operating income was $1.0 billion, and steel shipments reached a record 3.8 million tons.
Operating cash flow totaled $846 million, and liquidity was $2.4 billion at September 30. Steel fabrication operating income increased sequentially to $91 million, while metals recycling earnings fell to $33 million. Aluminum startup operating losses narrowed 21% sequentially to $26 million, although volumes fell below expectations. The company expects aluminum volumes and profitability to improve in the fourth quarter and throughout 2027. Nine-month net income reached $1.7 billion on sales of $17.8 billion.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointThird-quarter net income reached $756 million; diluted EPS rose to $5.26 from $3.69 sequentially and $2.74 a year earlier.
- Moderate pointThird-quarter net sales increased to $6.5 billion from $4.8 billion a year earlier.
- Moderate pointConsolidated operating income rose 44% sequentially to $1.0 billion in the third quarter.
- Moderate pointSteel's average external selling price rose $102 sequentially to $1,400 per ton in the third quarter.
- Moderate pointSteel fabrication backlog was 50% higher year over year, extending into the second quarter of 2027.
- Moderate pointThird-quarter operating cash flow totaled $846 million, with liquidity of $2.4 billion at September 30, 2026.
- Moderate pointShare repurchases totaled $591 million, or two percent, during nine months, including $276 million, or one percent, in the third quarter. 1.7% of market cap
- Moderate pointNine-month net sales increased 29% to $17.8 billion; operating income rose 93% to $2.2 billion.
- Moderate pointNine-month net income reached $1.7 billion, with diluted EPS of $11.72 versus $6.17 a year earlier.
- Moderate pointNine-month steel average external selling prices increased $216 to $1,299 per ton year over year.
12 minor points
- Minor pointSteel operations earned $1.0 billion in third-quarter operating income, up 43% sequentially, with record shipments of 3.8 million tons.
- Minor pointSteel mills' average scrap cost decreased $8 sequentially to $404 per ton in the third quarter.
- Minor pointSteel fabrication operating income increased to $91 million from $85 million sequentially, despite higher steel input costs.
- Minor pointSteel fabrication shipments increased 18% sequentially in the third quarter.
- Minor pointAluminum startup operating losses narrowed 21% sequentially to $26 million; the platform broke even before interest, taxes, depreciation and amortization.
- Minor point. Forward-looking: it has not happened yet and may not happen.Aluminum's three cold mills are operational; the company expects finished automotive shipments before year-end from its first annealing line.
- Minor point. Forward-looking: it has not happened yet and may not happen.The second aluminum annealing line is expected to become operational early in the first quarter of 2027.
- Minor point. Forward-looking: it has not happened yet and may not happen.The company expects aluminum volumes and profitability to improve in fourth-quarter 2026 and throughout 2027.
- Minor pointThird-quarter dividends declared per share increased to $0.53 from $0.50 a year earlier.
- Minor pointNine-month steel operating income increased to $2.3 billion from $1.1 billion a year earlier.
- Minor pointNine-month metals recycling operating income increased to $128 million from $79 million a year earlier.
- Minor pointOperating cash flow totaled $1.4 billion during the first nine months of 2026.
Negative
- Minor pointAluminum volumes were below expectations for several weeks as higher-speed production increased yield losses from quality impacts.
- Minor pointMetals recycling operating income fell $15 million sequentially to $33 million as scrap pricing and metal spreads weakened.
- Minor pointNine-month steel fabrication operating income fell to $265 million from $317 million, reflecting higher raw material costs.
- Minor pointNine-month steel mills' average scrap cost increased to $404 per ton compared with the same prior-year period.
- Minor pointThird-quarter interest expense, net of capitalized interest, increased to $39.3 million from $13.6 million a year earlier.
News Explained
The aluminum volume shortfall was traced to hot-strip-mill coolant composition, which the company says it changed; mill performance has been excellent in
Details
Market move: STLD -6.60% vs previous close. 3Q26 earnings report
On Oct 19, the day this news came out, the latest delayed price for STLD is 6.60% below the previous close. Argus tracked a peak move of +4.7% during the session. Our momentum scanner has recorded 8 alerts for this stock so far that day. The latest delayed price is $228.99. Relative volume is above average at 1.8x the average.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.
Key Figures
- Net sales
- $6.5 billion
- Q3 2026
- Net income
- $756 million
- Q3 2026; compared with $404 million in Q3 2025
- Diluted EPS
- $5.26 per diluted share
- Q3 2026; compared with $2.74 in Q3 2025
- Operating income
- $1.0 billion
- Q3 2026
- Adjusted EBITDA
- $1.2 billion
- Q3 2026
- Cash flow from operations
- $846 million
- Q3 2026
- Steel shipments
- 3.8 million tons
- Q3 2026; record
- Share repurchases
- $276 million
- Q3 2026
Previous Earnings Reports
-
September guidance set diluted EPS at $5.34–$5.38; reported Q3 EPS was $5.26.
-
Q2 reported diluted EPS was $3.69; Q3 reported $5.26 on the same basis.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
adjusted ebitda financial
after-tax return-on-invested capital financial
gaap financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Third Quarter 2026 Performance Highlights:
- Record steel shipments of 3.8 million tons
- Net sales of
$6.5 billion $1.0 billion $756 million - Adjusted EBITDA of
$1.2 billion $846 million - Liquidity of
$2.4 billion - Share repurchases of
$276 million
Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced third quarter 2026 financial results. The company reported third quarter 2026 net sales of
"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
"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,
"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
Third quarter 2026 operating income from the company's metals recycling operations was
The company's steel fabrication operations generated operating income of
"Third quarter 2026 operating losses associated with the continued startup of the company's aluminum operations were
Based on the company's differentiated business model and highly variable cost structure, the company generated cash flow from operations of
Year-to-Date September 30, 2026 Comparison
For the nine-months ended September 30, 2026, net income was
For the first nine-months of 2026 net sales increased 29 percent to
The company achieved cash flow from operations of
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
"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
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:
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After-tax |
Net Income Attributable to Steel Dynamics, Inc. |
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(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
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."
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Steel Dynamics, Inc. |
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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |
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(in thousands, except per share data) |
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Three Months Ended |
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Nine Months Ended |
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Three Months |
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September 30, |
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September 30, |
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Ended |
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2026 |
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2025 |
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2026 |
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2025 |
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June 30, 2026 |
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Net sales |
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$ |
6,509,419 |
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$ |
4,828,215 |
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$ |
17,805,834 |
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$ |
13,762,533 |
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$ |
6,091,557 |
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Costs of goods sold |
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5,227,132 |
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4,070,335 |
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14,801,350 |
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11,899,641 |
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5,132,583 |
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Gross profit |
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1,282,287 |
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757,880 |
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3,004,484 |
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1,862,892 |
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958,974 |
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Selling, general and administrative expenses |
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186,974 |
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200,844 |
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555,645 |
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580,662 |
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193,451 |
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Profit sharing |
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81,250 |
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42,389 |
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180,762 |
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95,790 |
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57,314 |
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Amortization of intangible assets |
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7,696 |
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6,890 |
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23,227 |
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20,684 |
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7,730 |
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Operating income |
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1,006,367 |
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507,757 |
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2,244,850 |
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1,165,756 |
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700,479 |
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Interest expense, net of capitalized interest |
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39,331 |
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13,573 |
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111,692 |
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43,085 |
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39,120 |
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Other income, net |
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(11,548) |
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(19,662) |
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(42,103) |
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(59,695) |
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(22,105) |
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Income before income taxes |
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978,584 |
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513,846 |
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2,175,261 |
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1,182,366 |
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683,464 |
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Income tax expense |
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222,896 |
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109,920 |
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488,683 |
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259,570 |
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152,679 |
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Net income |
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755,688 |
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403,926 |
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1,686,578 |
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922,796 |
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530,785 |
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Net loss (income) attributable to noncontrolling interests |
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312 |
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(241) |
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6,945 |
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(3,234) |
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3,302 |
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Net income attributable to Steel Dynamics, Inc. |
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$ |
756,000 |
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$ |
403,685 |
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$ |
1,693,523 |
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$ |
919,562 |
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$ |
534,087 |
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Basic earnings per share attributable to |
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Steel Dynamics, Inc. stockholders |
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$ |
5.29 |
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$ |
2.75 |
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$ |
11.77 |
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$ |
6.19 |
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$ |
3.71 |
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Weighted average common shares outstanding |
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142,990 |
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146,947 |
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143,928 |
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148,532 |
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143,997 |
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Diluted earnings per share attributable to |
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Steel Dynamics, Inc. stockholders, including the |
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effect of assumed conversions when dilutive |
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$ |
5.26 |
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$ |
2.74 |
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$ |
11.72 |
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$ |
6.17 |
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$ |
3.69 |
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Weighted average common shares |
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and share equivalents outstanding |
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143,623 |
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147,600 |
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144,512 |
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149,123 |
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144,591 |
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Dividends declared per share |
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$ |
0.53 |
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$ |
0.50 |
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$ |
1.59 |
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$ |
1.50 |
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$ |
0.53 |
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Steel Dynamics, Inc. |
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CONSOLIDATED BALANCE SHEETS |
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(in thousands) |
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September 30, |
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December 31, |
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Assets |
2026 |
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2025 |
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(unaudited) |
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Current assets |
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Cash and equivalents |
$ |
928,558 |
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$ |
769,878 |
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Accounts receivable, net |
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2,446,443 |
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1,682,660 |
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Inventories |
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4,249,059 |
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3,738,516 |
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Other current assets |
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390,108 |
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293,117 |
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Total current assets |
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8,014,168 |
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6,484,171 |
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Property, plant and equipment, net |
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8,491,088 |
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8,569,466 |
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Intangible assets, net |
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303,815 |
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331,290 |
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Goodwill |
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477,471 |
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477,471 |
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Other assets |
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549,302 |
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557,382 |
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Total assets |
$ |
17,835,844 |
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$ |
16,419,780 |
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Liabilities and Equity |
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Current liabilities |
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Accounts payable |
$ |
1,605,228 |
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$ |
1,231,358 |
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Income taxes payable |
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64,227 |
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67,315 |
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Accrued expenses |
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857,967 |
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788,926 |
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Current maturities of long-term debt |
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20,854 |
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34,655 |
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Total current liabilities |
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2,548,276 |
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2,122,254 |
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Long-term debt |
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4,183,039 |
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4,176,508 |
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Deferred income taxes |
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1,116,084 |
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1,004,375 |
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Other liabilities |
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208,934 |
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186,232 |
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Total liabilities |
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8,056,333 |
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7,489,369 |
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Commitments and contingencies |
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Redeemable noncontrolling interests |
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143,259 |
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141,226 |
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Equity |
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Common stock |
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653 |
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653 |
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Treasury stock, at cost |
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(8,563,301) |
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(7,980,549) |
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Additional paid-in capital |
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1,243,105 |
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1,248,634 |
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Retained earnings |
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17,154,093 |
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15,689,042 |
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Accumulated other comprehensive income (loss) |
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7,878 |
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(598) |
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Total Steel Dynamics, Inc. equity |
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9,842,428 |
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8,957,182 |
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Noncontrolling interests |
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(206,176) |
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(167,997) |
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Total equity |
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9,636,252 |
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|
|
8,789,185 |
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Total liabilities and equity |
$ |
17,835,844 |
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$ |
16,419,780 |
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Steel Dynamics, Inc. |
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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) |
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(in thousands) |
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Operating activities: |
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Net income |
$ |
755,688 |
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$ |
403,926 |
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$ |
1,686,578 |
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$ |
922,796 |
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|
|
|
|
Adjustments to reconcile net income to net cash provided by |
|
|
|
|
|
|
|
|
|
|
|
|
operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
174,845 |
|
|
138,487 |
|
|
508,047 |
|
|
405,108 |
|
Equity-based compensation |
|
14,435 |
|
|
14,238 |
|
|
46,048 |
|
|
45,341 |
|
Deferred income taxes |
|
44,489 |
|
|
147,570 |
|
|
107,136 |
|
|
202,948 |
|
Other adjustments |
|
(2,040) |
|
|
(7,986) |
|
|
10,098 |
|
|
(13,071) |
|
Changes in certain assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
(3,505) |
|
|
(60,985) |
|
|
(763,783) |
|
|
(344,762) |
|
Inventories |
|
(294,124) |
|
|
64,501 |
|
|
(517,394) |
|
|
(85,106) |
|
Other assets |
|
(65,738) |
|
|
(34,551) |
|
|
(68,205) |
|
|
(58,877) |
|
Accounts payable |
|
107,023 |
|
|
(4,817) |
|
|
371,238 |
|
|
238,516 |
|
Income taxes receivable/payable |
|
35,320 |
|
|
(65,070) |
|
|
(137) |
|
|
(104,965) |
|
Accrued expenses |
|
79,401 |
|
|
127,295 |
|
|
42,420 |
|
|
(31,106) |
|
Net cash provided by operating activities |
|
845,794 |
|
|
722,608 |
|
|
1,422,046 |
|
|
1,176,822 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment |
|
(149,608) |
|
|
(165,692) |
|
|
(411,429) |
|
|
(759,529) |
|
Purchases of short-term investments |
|
- |
|
|
- |
|
|
- |
|
|
(39,571) |
|
Proceeds from maturities of short-term investments |
|
- |
|
|
39,571 |
|
|
- |
|
|
186,996 |
|
Other investing activities |
|
(1,993) |
|
|
5,593 |
|
|
2,725 |
|
|
7,121 |
|
Net cash used in investing activities |
|
(151,601) |
|
|
(120,528) |
|
|
(408,704) |
|
|
(604,983) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of current and long-term debt |
|
671,649 |
|
|
407,965 |
|
|
1,966,209 |
|
|
2,298,186 |
|
Repayment of current and long-term debt |
|
(652,573) |
|
|
(408,291) |
|
|
(1,981,155) |
|
|
(1,743,423) |
|
Dividends paid |
|
(76,113) |
|
|
(73,894) |
|
|
(225,138) |
|
|
(218,098) |
|
Purchase of treasury stock |
|
(275,563) |
|
|
(210,388) |
|
|
(590,938) |
|
|
(660,574) |
|
Other financing activities |
|
(743) |
|
|
(5,056) |
|
|
(23,752) |
|
|
(67,243) |
|
Net cash used in financing activities |
|
(333,343) |
|
|
(289,664) |
|
|
(854,774) |
|
|
(391,152) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase in cash, cash equivalents, and restricted cash |
|
360,850 |
|
|
312,416 |
|
|
158,568 |
|
|
180,687 |
|
Cash, cash equivalents, and restricted cash at beginning of period |
|
572,990 |
|
|
463,281 |
|
|
775,272 |
|
|
595,010 |
|
Cash, cash equivalents, and restricted cash at end of period |
$ |
933,840 |
|
$ |
775,697 |
|
$ |
933,840 |
|
$ |
775,697 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure information: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for interest |
$ |
25,808 |
|
$ |
25,645 |
|
$ |
118,957 |
|
$ |
88,859 |
|
Cash paid for income taxes, net |
$ |
143,107 |
|
$ |
22,192 |
|
$ |
378,660 |
|
$ |
150,662 |
|
Steel Dynamics, Inc. |
||||||||||||||||||
|
SUPPLEMENTAL INFORMATION (UNAUDITED) |
||||||||||||||||||
|
(dollars in thousands) |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter |
|
YTD |
|
|
|
|
|
|
||||||||
|
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
1Q 2026 |
|
2Q 2026 |
||||||
|
External Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steel |
|
$ |
4,350,372 |
|
$ |
3,538,044 |
|
$ |
11,894,625 |
|
$ |
9,880,611 |
|
$ |
3,538,743 |
|
$ |
4,005,510 |
|
Steel Fabrication |
|
|
466,283 |
|
|
377,683 |
|
|
1,215,521 |
|
|
1,070,638 |
|
|
355,433 |
|
|
393,805 |
|
Metals Recycling |
|
|
614,781 |
|
|
520,986 |
|
|
1,861,729 |
|
|
1,578,602 |
|
|
593,183 |
|
|
653,765 |
|
Aluminum |
|
|
475,697 |
|
|
71,139 |
|
|
1,200,957 |
|
|
203,347 |
|
|
227,393 |
|
|
497,867 |
|
Other |
|
|
602,286 |
|
|
320,363 |
|
|
1,633,002 |
|
|
1,029,335 |
|
|
490,106 |
|
|
540,610 |
|
Consolidated Net Sales |
|
$ |
6,509,419 |
|
$ |
4,828,215 |
|
$ |
17,805,834 |
|
$ |
13,762,533 |
|
$ |
5,204,858 |
|
$ |
6,091,557 |
|
Operating Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steel |
|
$ |
1,032,594 |
|
$ |
497,894 |
|
$ |
2,310,076 |
|
$ |
1,110,053 |
|
$ |
556,564 |
|
$ |
720,918 |
|
Steel Fabrication |
|
|
90,588 |
|
|
107,020 |
|
|
264,695 |
|
|
316,880 |
|
|
89,514 |
|
|
84,593 |
|
Metals Recycling |
|
|
32,964 |
|
|
31,533 |
|
|
128,247 |
|
|
78,533 |
|
|
47,467 |
|
|
47,816 |
|
Aluminum |
|
|
(26,226) |
|
|
(56,510) |
|
|
(124,198) |
|
|
(125,872) |
|
|
(64,592) |
|
|
(33,380) |
|
|
|
|
1,129,920 |
|
|
579,937 |
|
|
2,578,820 |
|
|
1,379,594 |
|
|
628,953 |
|
|
819,947 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash amortization of intangible assets |
|
|
(7,696) |
|
|
(6,890) |
|
|
(23,227) |
|
|
(20,684) |
|
|
(7,801) |
|
|
(7,730) |
|
Profit sharing expense |
|
|
(81,250) |
|
|
(42,389) |
|
|
(180,762) |
|
|
(95,790) |
|
|
(42,198) |
|
|
(57,314) |
|
Non-segment operations |
|
|
(34,607) |
|
|
(22,901) |
|
|
(113,503) |
|
|
(97,364) |
|
|
(40,950) |
|
|
(37,946) |
|
Non-cash asset impairment charges |
|
|
- |
|
|
- |
|
|
(16,478) |
|
|
- |
|
|
- |
|
|
(16,478) |
|
Consolidated Operating Income |
|
$ |
1,006,367 |
|
$ |
507,757 |
|
$ |
2,244,850 |
|
$ |
1,165,756 |
|
$ |
538,004 |
|
$ |
700,479 |
|
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
755,688 |
|
$ |
403,926 |
|
$ |
1,686,578 |
|
$ |
922,796 |
|
$ |
400,105 |
|
$ |
530,785 |
|
Income taxes |
|
|
222,896 |
|
|
109,920 |
|
|
488,683 |
|
|
259,570 |
|
|
113,108 |
|
|
152,679 |
|
Net interest expense |
|
|
32,857 |
|
|
6,769 |
|
|
92,089 |
|
|
16,110 |
|
|
26,053 |
|
|
33,179 |
|
Depreciation |
|
|
164,848 |
|
|
129,833 |
|
|
477,943 |
|
|
378,958 |
|
|
149,194 |
|
|
163,901 |
|
Amortization of intangible assets |
|
|
7,696 |
|
|
6,890 |
|
|
23,227 |
|
|
20,684 |
|
|
7,801 |
|
|
7,730 |
|
EBITDA |
|
|
1,183,985 |
|
|
657,338 |
|
|
2,768,520 |
|
|
1,598,118 |
|
|
696,261 |
|
|
888,274 |
|
Non-cash adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized (gains) losses on derivatives |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and currency remeasurement |
|
|
(8,100) |
|
|
(7,814) |
|
|
(18,135) |
|
|
5,142 |
|
|
(11,594) |
|
|
1,559 |
|
Equity-based compensation |
|
|
14,435 |
|
|
14,246 |
|
|
43,873 |
|
|
42,246 |
|
|
15,230 |
|
|
14,208 |
|
Asset impairment charges |
|
|
- |
|
|
- |
|
|
16,478 |
|
|
- |
|
|
- |
|
|
16,478 |
|
Adjusted EBITDA |
|
$ |
1,190,320 |
|
$ |
663,770 |
|
$ |
2,810,736 |
|
$ |
1,645,506 |
|
$ |
699,897 |
|
$ |
920,519 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Operating Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average external sales price (Per ton) |
|
$ |
1,400 |
|
$ |
1,119 |
|
$ |
1,299 |
|
$ |
1,083 |
|
$ |
1,193 |
|
$ |
1,298 |
|
Average ferrous cost (Per ton Melted) |
|
$ |
404 |
|
$ |
381 |
|
$ |
404 |
|
$ |
391 |
|
$ |
396 |
|
$ |
412 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Flat Roll shipments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,024,201 |
|
|
2,141,350 |
|
|
6,061,723 |
|
|
6,212,765 |
|
|
2,011,443 |
|
|
2,026,079 |
|
Steel Processing divisions * |
|
|
743,254 |
|
|
543,700 |
|
|
2,147,531 |
|
|
1,515,429 |
|
|
686,440 |
|
|
717,837 |
|
Long Product shipments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Structural and Rail Division |
|
|
527,427 |
|
|
490,413 |
|
|
1,528,720 |
|
|
1,396,638 |
|
|
490,971 |
|
|
510,322 |
|
Engineered Bar Products Division |
|
|
221,540 |
|
|
177,882 |
|
|
628,782 |
|
|
560,152 |
|
|
194,022 |
|
|
213,220 |
|
Roanoke Bar Division |
|
|
170,197 |
|
|
157,989 |
|
|
513,826 |
|
|
454,003 |
|
|
167,837 |
|
|
175,792 |
|
Steel of |
|
|
97,865 |
|
|
101,996 |
|
|
284,110 |
|
|
305,680 |
|
|
88,155 |
|
|
98,090 |
|
Total Shipments (Tons) |
|
|
3,784,484 |
|
|
3,613,330 |
|
|
11,164,692 |
|
|
10,444,667 |
|
|
3,638,868 |
|
|
3,741,340 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
External Shipments (Tons) |
|
|
3,107,330 |
|
|
3,162,805 |
|
|
9,158,826 |
|
|
9,123,456 |
|
|
2,966,124 |
|
|
3,085,372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steel Mill Production (Tons) |
|
|
3,088,339 |
|
|
3,067,792 |
|
|
9,101,781 |
|
|
9,039,321 |
|
|
3,039,367 |
|
|
2,974,075 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metals Recycling |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonferrous shipments (000's of pounds) |
|
|
201,696 |
|
|
242,842 |
|
|
610,131 |
|
|
721,499 |
|
|
197,385 |
|
|
211,050 |
|
Ferrous shipments (Gross tons) |
|
|
1,702,125 |
|
|
1,590,153 |
|
|
4,848,468 |
|
|
4,639,168 |
|
|
1,473,457 |
|
|
1,672,886 |
|
External ferrous shipments (Gross tons) |
|
|
566,982 |
|
|
538,020 |
|
|
1,709,255 |
|
|
1,640,660 |
|
|
553,367 |
|
|
588,906 |
|
Steel Fabrication |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average sales price (Per ton) |
|
$ |
2,462 |
|
$ |
2,495 |
|
$ |
2,459 |
|
$ |
2,536 |
|
$ |
2,478 |
|
$ |
2,442 |
|
Shipments (Tons) |
|
|
190,151 |
|
|
151,563 |
|
|
494,583 |
|
|
422,492 |
|
|
143,422 |
|
|
161,010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Includes Heartland, The Techs, United Steel Supply, and New Process Steel (beginning December 1, 2025) operations |
||||||||||||||||||
View original content to download multimedia:https://www.prnewswire.com/news-releases/steel-dynamics-reports-third-quarter-2026-results-302913069.html
SOURCE Steel Dynamics, Inc.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Steel Dynamics' third-quarter 2026 earnings?
Steel Dynamics reported $756 million in net income, or $5.26 per diluted share, for the third quarter of 2026. Diluted EPS compared with $3.69 in the second quarter of 2026 and $2.74 in the third quarter of 2025. Quarterly net sales totaled $6.5 billion.
What caused Steel Dynamics' aluminum production shortfall in the third quarter of 2026?
The aluminum production shortfall arose from hot strip mill rolling coolant composition, which caused quality impacts and increased yield losses at higher operating speeds. The coolant composition has been changed. The company expects no ongoing additional costs from the matter.
How much aluminum did Steel Dynamics ship in the third quarter of 2026?
Steel Dynamics shipped 55,000 metric tons of aluminum flat-rolled sheet products in the third quarter of 2026. Hot band production increased to 91,000 metric tons.
How much did Steel Dynamics invest in capital projects during 2026?
Steel Dynamics made $411 million in capital investments during the first nine months of 2026, including $150 million in the third quarter.