Společnost Steel Dynamics ve třetím čtvrtletí roku 2026 zvýšila čistý zisk ze 404 milionů USD ve stejném období předchozího roku na 756 milionů USD; tržby dosáhly 6,5 miliardy USD.
Record steel shipments of 3.8 million tons
Net sales of $6.5 billion, operating income of $1.0 billion, and net income of $756 million
Adjusted EBITDA of $1.2 billion and cash flow from operations of $846 million
Liquidity of $2.4 billion
Share repurchases of $276 million, or one percent, of the company's common stock
Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced third quarter 2026 financial results. The company reported third quarter 2026 net sales of $6.5 billion and net income of $756 million, or $5.26 per diluted share. Comparatively, the company's sequential second quarter 2026 net income was $534 million, or $3.69 per diluted share and prior year third quarter net income was $404 million, or $2.74 per diluted share.
"Throughout the third quarter 2026, steel prices continued to improve and the teams executed well across our steel platform, driving a sequential quarterly increase in consolidated operating income of $306 million, or 44 percent," said Mark D. Millett, Chairman and Chief Executive Officer. "Our steel fabrication platform also had a healthy performance as continued improving demand resulted in higher sequential shipments of 18 percent and increased earnings despite higher steel costs. Our three-year after-tax return on invested capital of 13 percent demonstrates the strength of our differentiated business model and disciplined capital allocation framework. Our disciplined approach to capital allocation continues to support investments in high-return strategic growth opportunities, meaningful shareholder returns, and financial performance that compares favorably with top-tier domestic manufacturers.
"During the third quarter, the domestic steel market remained strong, supported by steady demand, low customer inventories, and historically low import levels," said Millett. "Steel pricing strengthened, as lead times extended and spot availability tightened across flat-rolled and structural steel products. In addition, as coated flat rolled steel imports abated due to recent trade actions and demand remained strong, value-added flat-rolled steel spreads also expanded. In general, U.S. steel imports remain well below historical and prior-year levels, while improving manufacturing activity, onshoring, and continued investment in infrastructure, energy, healthcare, and computing support healthy steel consumption. Long-product steel demand remains extremely strong, particularly for structural steel and railroad rail. We believe sustained demand across our platforms, combined with favorable market conditions, positions us well moving forward.
"We continue to make meaningful progress at our aluminum operations as the team continues to commission, qualify, and ramp up our state-of-the-art aluminum flat-rolled products mill," continued Millett. "All three cold mills are now operational which provides us the ability to achieve our annual volume expectations, and the first of two Continuous Annealing and Solution Heat (CASH) lines is operating and is expected to ship finished automotive products before the end of the year. The second CASH line will be commissioned in the coming months and become operational early in the first quarter 2027. The team is successfully producing high-quality products for the industrial, beverage, and automotive markets, while continuing to expand its qualified customer base. Together with our broader investment initiatives across the company, aluminum represents an exciting avenue for continued growth and value creation."
Third Quarter 2026 Comments
Third quarter 2026 operating income for the company's steel operations was $1.0 billion, or 43 percent higher than sequential second quarter results, due to record steel shipments and metal spread expansion, as average realized steel selling prices increased and scrap raw material costs declined. The third quarter 2026 average external product selling price for the company's steel operations increased $102 sequentially to $1,400 per ton. The average ferrous scrap cost per ton melted at the company's steel mills decreased $8 per ton sequentially to $404 per ton. The energy, non-residential construction, automotive, and industrial sectors led steel demand in the quarter.
Third quarter 2026 operating income from the company's metals recycling operations was $33 million, or $15 million lower than sequential earnings, based on lower ferrous scrap pricing and metal spread contraction, combined with steady volume. Average third quarter realized ferrous scrap prices declined $15 per gross ton sequentially.
The company's steel fabrication operations generated operating income of $91 million in the third quarter 2026, higher than sequential second quarter results of $85 million, as increased shipments and improved average realized pricing more than offset higher steel raw material input costs. Customer order activity has continued to strengthen since the end of 2025, with the order backlog now 50 percent higher than a year ago and extending into the second quarter 2027. Demand was largely driven by commercial construction, manufacturing, warehouses, data centers, and healthcare. In addition, accelerating announcements of significant domestic manufacturing investments and increased reshoring activity, coupled with funding from the U.S. infrastructure program, are expected to provide meaningful support for demand across our product portfolio, including steel joists and deck products, as well as flat-rolled and long-product steel.
"Third quarter 2026 operating losses associated with the continued startup of the company's aluminum operations were $26 million, representing a 21 percent improvement compared to sequential second quarter results", said Millett. "Our Aluminum platform was EBITDA breakeven for the quarter. Aluminum flat rolled sheet product shipments were 55,000 metric tons in the third quarter 2026, and hot band production increased to 91,000 metric tons. Volumes were less than expected over a number of weeks, as yield losses increased at higher operating speeds due to quality impacts. The cause originated from the hot strip mill rolling coolant composition, which has been successfully changed, and no ongoing additional costs are expected from this matter. Since the change, the mill performance has been excellent in October. Looking ahead, we expect aluminum volumes and profitability to improve in the fourth quarter 2026 and throughout 2027, as startup costs subside, utilization and yields improve, and scrap content increases. Underlying demand for aluminum flat-rolled products across our targeted consumer sectors remains strong and is forecast to continue to grow."
Based on the company's differentiated business model and highly variable cost structure, the company generated cash flow from operations of $846 million during the quarter. The company also invested $150 million in capital investments, paid cash dividends of $76 million, and repurchased $276 million of its outstanding common stock, while maintaining liquidity of $2.4 billion as of September 30, 2026.
Year-to-Date September 30, 2026 Comparison
For the nine-months ended September 30, 2026, net income was $1.7 billion, or $11.72 per diluted share, with net sales of $17.8 billion, as compared to net income of $920 million, or $6.17 per diluted share, with net sales of $13.8 billion for the same period in 2025.
For the first nine-months of 2026 net sales increased 29 percent to $17.8 billion, and operating income increased 93 percent to $2.2 billion, when compared to the same period in 2025. Increased earnings were the result of higher realized pricing and shipments in the company's steel operations during the period. For the first nine-months of 2026 operating income from the company's steel operations was $2.3 billion, compared to $1.1 billion for the same prior year period. The average nine-months 2026 external selling price for the company's steel operations increased $216 to $1,299 per ton compared to the same prior year period, and the average ferrous scrap cost per ton melted at the company's steel mills increased to $404 per ton. For the first nine-months of 2026 operating income from the company's steel fabrication operations was $265 million, compared to $317 million in the prior year period due to higher raw material input costs. For the first nine-months of 2026 operating income from the company's metals recycling operations was $128 million, compared to $79 million in the prior year period, due to improved metal spreads and increased shipments.
The company achieved cash flow from operations of $1.4 billion in the first nine-months of 2026. The company also invested $411 million in capital investments, paid cash dividends of $225 million, and repurchased $591 million, or two percent, of its outstanding common stock.
Outlook
"Looking ahead to 2027 and beyond, we remain optimistic regarding the domestic steel and aluminum industries," stated Millett. "We expect steel and aluminum consumption to benefit from continued investment in infrastructure, manufacturing, energy, and data centers, along with improving broader economic activity. These demand drivers, combined with a supportive U.S. trade environment and reduced unfairly traded import competition, should provide a healthy backdrop for domestic steel and aluminum product producers. While additional domestic steelmaking and aluminum capacity may enter the market in the coming years, we believe improving demand and supportive trade policy will support healthy industry dynamics.
"Our growth strategy remains closely aligned with our customers' evolving needs, focused on providing differentiated products, strengthening supply chain efficiency, and advancing sustainable manufacturing solutions. Our expansion into high-recycled-content aluminum sheet products builds on the strength of our steel platform and extends our proven operating model into attractive, supply-deficit markets, including beverage can, packaging, automotive, industrial, and construction applications. As demand for domestically produced, lower-carbon materials continue to grow, we believe our performance-driven culture, low-cost operating model, and strategic investments in aluminum position us to broaden our customer relationships, diversify our earnings profile, and create compelling long-term value.
"We remain firmly committed to the health and safety of our teams, their families, and the communities we serve, while meeting the evolving needs of our customers. Our culture and performance-driven business model continue to positively differentiate our company. We remain focused on delivering superior value to our team members, customers, and shareholders," concluded Millett.
Conference Call and Webcast
Steel Dynamics, Inc. will hold a conference call to discuss third quarter 2026 operating and financial results on Tuesday, October 20, 2026, at 11:00 a.m. Eastern Daylight Time. You may access the call and find dial-in information on the Investors section of the company's website at www.steeldynamics.com. A replay of the call will be available on our website until 11:59 p.m. Eastern Daylight Time on October 27, 2026.
About Steel Dynamics, Inc.
Steel Dynamics is a leading industrial metals solutions company, with facilities located throughout the United States, and in Mexico. The company operates using a circular manufacturing model, producing lower-carbon-emission, quality products with recycled scrap as the primary input. Steel Dynamics is one of the largest domestic steel producers and metal recyclers in North America, combined with a meaningful downstream steel fabrication platform. The company has also recently added aluminum operations, further diversifying its product offerings to supply aluminum flat rolled products with higher recycled content to the countercyclical sustainable beverage can industry, in addition to the automotive and industrial sectors. Steel Dynamics is committed to operating with the highest integrity and to being the safest, most efficient producer of high-quality, broadly diversified, value-added metal products.
Note Regarding Financial Metrics
The company believes that after-tax return-on-invested capital (After-tax ROIC) provides an indication of the effectiveness of the company's invested capital and is calculated as follows:
After-tax
ROIC =
Net Income Attributable to Steel Dynamics, Inc.
(Quarterly Average Current Maturities of Long-term Debt + Long-term Debt + Total Equity)
Note Regarding Non-GAAP Financial Measures
The company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). Management believes that the non-GAAP financial measures EBITDA and Adjusted EBITDA provide additional meaningful information regarding the company's performance and financial strength. Non-GAAP financial measures should be viewed in addition to and not as an alternative for the company's reported results prepared in accordance with GAAP. In addition, not all companies use identical calculations for EBITDA or Adjusted EBITDA; therefore, EBITDA and Adjusted EBITDA included in this release may not be comparable to similarly titled measures of other companies.
Forward-Looking Statements
This press release contains some predictive statements about future events, including statements related to conditions in domestic or global economies, conditions in steel, aluminum, and recycled metals marketplaces, Steel Dynamics' revenues, costs of purchased materials, future profitability and earnings, and the operation of new, existing or planned facilities. These statements, which we generally precede or accompany by such typical conditional words as "anticipate", "intend", "believe", "estimate", "plan", "seek", "project", or "expect", or by the words "may", "will", or "should", are intended to be made as "forward-looking", subject to many risks and uncertainties, within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. These statements speak only as of this date and are based upon information and assumptions, which we consider reasonable as of this date, concerning our businesses and the environments in which they operate. Such predictive statements are not guarantees of future performance, and we undertake no duty to update or revise any such statements. Some factors that could cause such forward-looking statements to turn out differently than anticipated include: (1) domestic and global economic factors; (2) global steelmaking overcapacity and imports of steel, together with increased scrap prices; (3) the cyclical nature of the metals industries and the industries we serve; (4) volatility and major fluctuations in prices and availability of scrap metal, scrap substitutes and supplies, and our potential inability to pass higher costs on to our customers; (5) cost and availability of electricity, natural gas, oil, and other energy resources are subject to volatile market conditions; (6) increased environmental, greenhouse gas emissions and sustainability considerations from our customers and investors or related regulations; (7) compliance with and changes in environmental and remediation requirements; (8) significant price and other forms of competition from other steel and aluminum producers, scrap processors and alternative materials; (9) availability of an adequate source of supply of scrap for our metals recycling operations; (10) cybersecurity threats and risks to the security of our sensitive data and information technology; (11) the implementation of our growth strategy; (12) our ability to retain, develop and attract key personnel; (13) litigation and legal compliance; (14) unexpected equipment downtime or shutdowns; (15) difficulties in the launch or production ramp-up of new products; (16) our aluminum operations depend on a core group of significant customers; (17) governmental agencies may refuse to grant or renew some of our licenses and permits; (18) our existing debt agreements contain, and any future financing agreements may contain, restrictive covenants that may limit our flexibility; and (19) the impacts of impairment charges.
More specifically, we refer you to our more detailed explanation of these and other factors and risks that may cause such predictive statements to turn out differently, as set forth in our most recent Annual Report on Form 10-K under the headings Special Note Regarding Forward-Looking Statements and Risk Factors, in our Quarterly Reports on Form 10-Q, or in other reports which we file with the Securities and Exchange Commission. These reports are available publicly on the Securities and Exchange Commission website, www.sec.gov, and on our website, www.steeldynamics.com under "Investors – SEC Filings."
Steel Dynamics, Inc.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands, except per share data)
Three Months Ended
Nine Months Ended
Three Months
September 30,
September 30,
Ended
2026
2025
2026
2025
June 30, 2026
Net sales
$
6,509,419
$
4,828,215
$
17,805,834
$
13,762,533
$
6,091,557
Costs of goods sold
5,227,132
4,070,335
14,801,350
11,899,641
5,132,583
Gross profit
1,282,287
757,880
3,004,484
1,862,892
958,974
Selling, general and administrative expenses
186,974
200,844
555,645
580,662
193,451
Profit sharing
81,250
42,389
180,762
95,790
57,314
Amortization of intangible assets
7,696
6,890
23,227
20,684
7,730
Operating income
1,006,367
507,757
2,244,850
1,165,756
700,479
Interest expense, net of capitalized interest
39,331
13,573
111,692
43,085
39,120
Other income, net
(11,548)
(19,662)
(42,103)
(59,695)
(22,105)
Income before income taxes
978,584
513,846
2,175,261
1,182,366
683,464
Income tax expense
222,896
109,920
488,683
259,570
152,679
Net income
755,688
403,926
1,686,578
922,796
530,785
Net loss (income) attributable to noncontrolling interests
312
(241)
6,945
(3,234)
3,302
Net income attributable to Steel Dynamics, Inc.
$
756,000
$
403,685
$
1,693,523
$
919,562
$
534,087
Basic earnings per share attributable to
Steel Dynamics, Inc. stockholders
$
5.29
$
2.75
$
11.77
$
6.19
$
3.71
Weighted average common shares outstanding
142,990
146,947
143,928
148,532
143,997
Diluted earnings per share attributable to
Steel Dynamics, Inc. stockholders, including the
effect of assumed conversions when dilutive
$
5.26
$
2.74
$
11.72
$
6.17
$
3.69
Weighted average common shares
and share equivalents outstanding
143,623
147,600
144,512
149,123
144,591
Dividends declared per share
$
0.53
$
0.50
$
1.59
$
1.50
$
0.53
Steel Dynamics, Inc.
CONSOLIDATED BALANCE SHEETS
(in thousands)
September 30,
December 31,
Assets
2026
2025
(unaudited)
Current assets
Cash and equivalents
$
928,558
$
769,878
Accounts receivable, net
2,446,443
1,682,660
Inventories
4,249,059
3,738,516
Other current assets
390,108
293,117
Total current assets
8,014,168
6,484,171
Property, plant and equipment, net
8,491,088
8,569,466
Intangible assets, net
303,815
331,290
Goodwill
477,471
477,471
Other assets
549,302
557,382
Total assets
$
17,835,844
$
16,419,780
Liabilities and Equity
Current liabilities
Accounts payable
$
1,605,228
$
1,231,358
Income taxes payable
64,227
67,315
Accrued expenses
857,967
788,926
Current maturities of long-term debt
20,854
34,655
Total current liabilities
2,548,276
2,122,254
Long-term debt
4,183,039
4,176,508
Deferred income taxes
1,116,084
1,004,375
Other liabilities
208,934
186,232
Total liabilities
8,056,333
7,489,369
Commitments and contingencies
Redeemable noncontrolling interests
143,259
141,226
Equity
Common stock
653
653
Treasury stock, at cost
(8,563,301)
(7,980,549)
Additional paid-in capital
1,243,105
1,248,634
Retained earnings
17,154,093
15,689,042
Accumulated other comprehensive income (loss)
7,878
(598)
Total Steel Dynamics, Inc. equity
9,842,428
8,957,182
Noncontrolling interests
(206,176)
(167,997)
Total equity
9,636,252
8,789,185
Total liabilities and equity
$
17,835,844
$
16,419,780
Steel Dynamics, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
Operating activities:
Net income
$
755,688
$
403,926
$
1,686,578
$
922,796
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
Butler, Columbus, and Sinton
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 West Virginia
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
Analytici očekávají, že společnost Steel Dynamics vykáže za čtvrtletí zisk 5,42 USD na akcii, což by představovalo meziroční nárůst o 97,8 %, při tržbách 6,11 miliardy USD (+26,5 %).
Analysts on Wall Street project that Steel Dynamics (STLD - Free Report) will announce quarterly earnings of $5.42 per share in its forthcoming report, representing an increase of 97.8% year over year. Revenues are projected to reach $6.11 billion, increasing 26.5% from the same quarter last year.
Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 0.5% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.
Ahead of a company's earnings disclosure, it is crucial to give due consideration to changes in earnings estimates. These revisions serve as a noteworthy factor in predicting potential investor reactions to the stock. Numerous empirical studies consistently demonstrate a strong relationship between trends in earnings estimate revision and the short-term price performance of a stock.
While it's common for investors to rely on consensus earnings and revenue estimates for assessing how the business may have performed during the quarter, exploring analysts' forecasts for key metrics can yield valuable insights.
Bearing this in mind, let's now explore the average estimates of specific Steel Dynamics metrics that are commonly monitored and projected by Wall Street analysts.
Based on the collective assessment of analysts, 'External Net Sales- Steel Fabrication' should arrive at $441.09 million. The estimate indicates a change of +16.8% from the prior-year quarter.
The consensus estimate for 'External Net Sales- Metals Recycling' stands at $557.07 million. The estimate points to a change of +6.9% from the year-ago quarter.
Analysts predict that the 'External Net Sales- Steel' will reach $4.27 billion. The estimate points to a change of +20.6% from the year-ago quarter.
The average prediction of analysts places 'External Net Sales- Other' at $424.14 million. The estimate suggests a change of +32.4% year over year.
It is projected by analysts that the 'Steel - Average external sales price (Per ton)' will reach 1376 dollars per tonne. Compared to the current estimate, the company reported 1119 dollars per tonne in the same quarter of the previous year.
Analysts expect 'Steel Fabrication - Average sales price (Per ton)' to come in at 2458 dollars per tonne. The estimate is in contrast to the year-ago figure of 2495 dollars per tonne.
According to the collective judgment of analysts, 'Steel - External Shipments (Tons)' should come in at 3100 thousands of tons. The estimate is in contrast to the year-ago figure of 3163 thousands of tons.
The consensus among analysts is that 'Steel Fabrication - Shipments (Tons)' will reach 179 thousands of tons. Compared to the present estimate, the company reported 152 thousands of tons in the same quarter last year.
Analysts forecast 'Steel - Average ferrous cost (Per ton melted)' to reach 408 dollars per tonne. The estimate compares to the year-ago value of 381 dollars per tonne.
The combined assessment of analysts suggests that 'Steel - Flat Roll shipments - Butler, Columbus and Sinton' will likely reach 2067 thousands of tons. Compared to the current estimate, the company reported 2141 thousands of tons in the same quarter of the previous year.
The collective assessment of analysts points to an estimated 'Metals Recycling - Ferrous shipments (Gross tons)' of 1555 thousands of tons. Compared to the present estimate, the company reported 1590 thousands of tons in the same quarter last year.
Analysts' assessment points toward 'Steel - Flat Roll shipments - Steel Processing Divisions' reaching 688 thousands of tons. Compared to the present estimate, the company reported 544 thousands of tons in the same quarter last year.
View all Key Company Metrics for Steel Dynamics here>>>
Shares of Steel Dynamics have experienced a change of +0.6% in the past month compared to the +2.1% move of the Zacks S&P 500 composite. With a Zacks Rank #3 (Hold), STLD is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
Společnost Steel Dynamics má za čtvrtletí končící v září 2026 vykázat zisk 5,41 USD na akcii, což by znamenalo meziroční nárůst o 97,5 %, při tržbách ve výši 6,13 mld. USD.
Wall Street expects a year-over-year increase in earnings on higher revenues when Steel Dynamics (STLD - Free Report) reports results for the quarter ended September 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.
The earnings report, which is expected to be released on October 19, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis steel producer and metals recycler is expected to post quarterly earnings of $5.41 per share in its upcoming report, which represents a year-over-year change of +97.5%.
Revenues are expected to be $6.13 billion, up 27% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 5.08% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Steel Dynamics?For Steel Dynamics, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination makes it difficult to conclusively predict that Steel Dynamics will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Steel Dynamics would post earnings of $3.56 per share when it actually produced earnings of $3.69, delivering a surprise of +3.65%.
Over the last four quarters, the company has beaten consensus EPS estimates three times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Steel Dynamics doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Steel Dynamics, Inc. (NASDAQ:STLD – Get Free Report) announced a quarterly dividend on Friday, August 14th. Investors of record on Wednesday, September 30th will be given a dividend of $0.53 per share by the basic materials company on Friday, October 9th. This represents a $2.12 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Wednesday, September 30th.
Steel Dynamics has increased its dividend payment by an average of 0.1%annually over the last three years and has increased its dividend annually for the last 13 consecutive years. Steel Dynamics has a dividend payout ratio of 17.2% meaning its dividend is sufficiently covered by earnings. Research analysts expect Steel Dynamics to earn $20.94 per share next year, which means the company should continue to be able to cover its $2.12 annual dividend with an expected future payout ratio of 10.1%.
Steel Dynamics Price Performance Steel Dynamics stock opened at $233.66 on Monday. The company has a debt-to-equity ratio of 0.45, a current ratio of 3.18 and a quick ratio of 1.45. The business has a 50 day simple moving average of $243.94 and a 200-day simple moving average of $230.06. Steel Dynamics has a 12 month low of $136.62 and a 12 month high of $288.74. The stock has a market capitalization of $33.49 billion, a PE ratio of 21.18, a price-to-earnings-growth ratio of 0.41 and a beta of 1.50.
Steel Dynamics (NASDAQ:STLD – Get Free Report) last posted its quarterly earnings data on Tuesday, July 21st. The basic materials company reported $3.69 earnings per share for the quarter, beating analysts’ consensus estimates of $3.63 by $0.06. The firm had revenue of $6.09 billion for the quarter, compared to analyst estimates of $5.56 billion. Steel Dynamics had a net margin of 7.83% and a return on equity of 18.12%. Steel Dynamics’s quarterly revenue was up 33.4% on a year-over-year basis. During the same period last year, the firm posted $2.01 EPS. Equities analysts predict that Steel Dynamics will post 18.42 earnings per share for the current year. Steel Dynamics Company Profile (Get Free Report)
Steel Dynamics, Inc is a steel producer and metals recycler headquartered in Fort Wayne, Indiana. Founded in 1993, the company operates electric arc furnaces that use recycled steel and other metallic inputs to manufacture a broad range of steel products. Its customers include companies in the construction, automotive, manufacturing, transportation, energy and appliance industries.
Steel Dynamics’ steel operations produce flat-rolled steel, structural steel, rail, engineered bar products and other specialty steel products.
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Analytici u Steel Dynamics drží průměrné doporučení „Moderate Buy“ a cílovou cenu 258,5455 USD. Firma zároveň uvedla výhled upraveného EPS za 3. čtvrtletí 5,34–5,38 USD.
Shares of Steel Dynamics, Inc. (NASDAQ:STLD – Get Free Report) have received an average recommendation of “Moderate Buy” from the twelve ratings firms that are currently covering the firm, Marketbeat Ratings reports. Four analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $258.5455.
STLD has been the topic of several research reports. Morgan Stanley lowered their price target on shares of Steel Dynamics from $270.00 to $260.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 22nd. KeyCorp restated an “overweight” rating on shares of Steel Dynamics in a research report on Wednesday, July 22nd. Wells Fargo & Company upped their target price on Steel Dynamics from $255.00 to $257.00 and gave the company an “overweight” rating in a research note on Friday. Barclays increased their target price on Steel Dynamics from $270.00 to $272.00 and gave the company an “overweight” rating in a report on Wednesday, July 22nd. Finally, JPMorgan Chase & Co. dropped their price target on Steel Dynamics from $273.00 to $272.00 and set a “neutral” rating for the company in a research report on Friday.
Check Out Our Latest Stock Report on STLD
Key Headlines Impacting Steel Dynamics Here are the key news stories impacting Steel Dynamics this week: Positive Sentiment: Management projected third-quarter diluted EPS of $5.34–$5.38, representing both year-over-year and sequential earnings growth. The company cited record steel shipments, higher realized selling prices, lower scrap costs, strong customer demand and a nearly 50% year-over-year increase in its steel-fabrication backlog. Steel Dynamics Provides Third Quarter 2026 Earnings Guidance Positive Sentiment: Wells Fargo remained constructive on potential margin upside despite the guidance shortfall, while analysts’ published price targets remain above the current trading level. Steel Dynamics also repurchased approximately $261 million of stock during the quarter, supporting per-share value. STLD Gets Street Backing Despite Lower Guidance Positive Sentiment: Technical commentary had recently identified STLD breaking above its 50-day moving average, suggesting underlying momentum before the guidance-driven decline. Steel Dynamics Recently Broke Out Above the 50-Day Moving Average Neutral Sentiment: JPMorgan lowered its price target modestly from $273 to $272 and kept a neutral rating. The target still implies meaningful upside, but the revised stance signals limited near-term conviction. Negative Sentiment: The EPS outlook was below consensus estimates reported between approximately $5.50 and $5.66. Because steel shares had performed strongly, investors appeared to interpret the guidance as a miss against high expectations rather than as evidence of deteriorating operations. Steel Dynamics Slides as Third-Quarter Outlook Misses Expectations Negative Sentiment: Canada’s reported 50% tariff on U.S. steel added pressure by creating uncertainty around cross-border shipments, pricing and margins for Steel Dynamics and other domestic steelmakers. Steel Dynamics Stock Falls as Canada Tariffs and Weak Guidance Hit Hard Negative Sentiment: Recent insider activity showed 13 open-market sales and no purchases over six months. While such transactions may reflect scheduled or personal selling, the one-sided pattern can weigh on sentiment. Steel Dynamics Stock Performance NASDAQ:STLD opened at $235.26 on Friday. Steel Dynamics has a 52-week low of $134.87 and a 52-week high of $288.74. The company has a quick ratio of 1.45, a current ratio of 3.18 and a debt-to-equity ratio of 0.45. The stock has a fifty day simple moving average of $244.07 and a 200-day simple moving average of $228.50. The company has a market capitalization of $33.72 billion, a PE ratio of 21.33, a price-to-earnings-growth ratio of 0.41 and a beta of 1.50.
Steel Dynamics (NASDAQ:STLD – Get Free Report) last issued its quarterly earnings data on Tuesday, July 21st. The basic materials company reported $3.69 EPS for the quarter, beating analysts’ consensus estimates of $3.63 by $0.06. The firm had revenue of $6.09 billion for the quarter, compared to analysts’ expectations of $5.56 billion. Steel Dynamics had a net margin of 7.83% and a return on equity of 18.12%. The firm’s revenue was up 33.4% on a year-over-year basis. During the same period in the prior year, the company earned $2.01 EPS. On average, equities research analysts expect that Steel Dynamics will post 18.58 earnings per share for the current fiscal year.
Steel Dynamics Dividend Announcement The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Wednesday, September 30th will be paid a dividend of $0.53 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.9%. Steel Dynamics’s dividend payout ratio (DPR) is presently 19.22%.
Institutional Trading of Steel Dynamics Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in shares of Steel Dynamics in the second quarter valued at approximately $2,844,501,000. Life Cycle Investment Partners Ltd purchased a new position in shares of Steel Dynamics during the fourth quarter valued at approximately $586,702,000. Norges Bank purchased a new position in shares of Steel Dynamics during the fourth quarter valued at approximately $564,590,000. Bank of America Corp DE acquired a new stake in Steel Dynamics during the second quarter worth approximately $264,212,000. Finally, Boston Partners boosted its position in Steel Dynamics by 147.9% during the fourth quarter. Boston Partners now owns 1,793,630 shares of the basic materials company’s stock worth $303,970,000 after acquiring an additional 1,070,042 shares during the last quarter. Hedge funds and other institutional investors own 82.41% of the company’s stock.
Steel Dynamics Company Profile (Get Free Report)
Steel Dynamics, Inc is a steel producer and metals recycler headquartered in Fort Wayne, Indiana. Founded in 1993, the company operates electric arc furnaces that use recycled steel and other metallic inputs to manufacture a broad range of steel products. Its customers include companies in the construction, automotive, manufacturing, transportation, energy and appliance industries.
Steel Dynamics’ steel operations produce flat-rolled steel, structural steel, rail, engineered bar products and other specialty steel products.
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Steel Dynamics čeká za 3. čtvrtletí 2026 zisk na akcii 5,34 až 5,38 USD, výrazně nad 3,69 USD v předchozím čtvrtletí. Tahounem mají být vyšší marže oceli a rekordní dodávky.
, /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."
Steel Dynamics uzavřela na 237,08 USD, což znamenalo denní pokles o 1,5 % a za poslední měsíc ztrátu 8,55 %. Trh nyní čeká na výsledky, kde analytici odhadují EPS 5,71 USD a tržby 6,15 mld. USD.
In the latest trading session, Steel Dynamics (STLD - Free Report) closed at $237.08, marking a -1.5% move from the previous day. This change lagged the S&P 500's 0.59% loss on the day. Meanwhile, the Dow experienced a drop of 0.6%, and the technology-dominated Nasdaq saw a decrease of 0.65%.
Heading into today, shares of the steel producer and metals recycler had lost 8.55% over the past month, lagging the Basic Materials sector's gain of 2.83% and the S&P 500's loss of 1.37%.
The investment community will be paying close attention to the earnings performance of Steel Dynamics in its upcoming release. In that report, analysts expect Steel Dynamics to post earnings of $5.71 per share. This would mark year-over-year growth of 108.39%. Our most recent consensus estimate is calling for quarterly revenue of $6.15 billion, up 27.4% from the year-ago period.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $17.14 per share and a revenue of $23.37 billion, indicating changes of +114.52% and +28.59%, respectively, from the former year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Steel Dynamics. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Steel Dynamics presently features a Zacks Rank of #3 (Hold).
In terms of valuation, Steel Dynamics is currently trading at a Forward P/E ratio of 14.05. This expresses a discount compared to the average Forward P/E of 15.78 of its industry.
One should further note that STLD currently holds a PEG ratio of 0.46. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. Steel - Producers stocks are, on average, holding a PEG ratio of 0.46 based on yesterday's closing prices.
The Steel - Producers industry is part of the Basic Materials sector. With its current Zacks Industry Rank of 101, this industry ranks in the top 42% of all industries, numbering over 250.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
Nucor i Steel Dynamics těží z vyšších cen oceli, ale oba stále brzdí slabá poptávka po rezidenční výstavbě. STLD navíc zvyšuje kapacitu i dividendu a má vyšší ROE než NUE.
Key Takeaways Nucor is expanding with new projects and acquisitions, while returning significant cash to shareholders. STLD is expanding steel and aluminum operations as stronger pricing and order activity support growth. Both steelmakers are benefiting from higher steel prices but still face weak residential construction demand. Nucor Corporation (NUE - Free Report) and Steel Dynamics, Inc. (STLD - Free Report) are two of the leading steel producers in the United States, often regarded as bellwethers for the domestic steel industry. Both have strong domestic footprints and play crucial roles in supplying steel for construction, automotive and industrial markets. With their similar business models and exposure to U.S. steel demand, they are natural candidates for a head-to-head comparison.
U.S. steel prices recovered in the fourth quarter of 2025, following the lows seen in the third quarter, and the momentum continued in the first half of 2026. Overall demand weakness and abundant steel mill output dragged benchmark hot-rolled coil (“HRC”) prices below $800 per short ton in late August and continuing through early September.
HRC prices have rebounded on major steel mills' price increases, extending lead times and tightening supply, partly due to plant outages and reduced imports driven by tariffs. The recovery has led to HRC prices surging to near $1,200 per short ton. With end-market demand improving, steel prices will likely continue to climb, benefiting U.S. steelmakers.
Let’s dive deep and closely compare the fundamentals of these two major U.S. steel producers to determine which one is a better investment option now amid the current steel pricing and demand environment.
The Case for NucorThe biggest steel producer in North America, Nucor, remains committed to boosting production capacity, which should drive profitable growth and strengthen its position as a low-cost producer. It is executing a series of growth projects to tap significant end-market demand. Nucor is seeing strong demand from non-residential construction & infrastructure, military & defense, and energy end markets and has a healthy order backlog. The company has already commissioned some of its growth projects with Gallatin and Brandenburg mills, showing strong production and shipment performance.
The construction of the 3 million tons per annum (tpa) sheet mill with a low-cost profile in West Virginia is in the final phases, and commissioning of operations is expected through 2026, with production expected in 2027. The new 500,000 tpa galvanizing line at the Berkeley County sheet mill in South Carolina is on track. Its greenfield project in Utah is also on course for production commencement by mid-2027.
The company has been focusing on growth through strategic acquisitions over the past several years. The recent acquisition of Southwest Data Products expanded its growing portfolio of solutions for data center customers. The buyout of Rytec Corporation will also allow Nucor to further expand beyond its core steelmaking businesses into related downstream businesses. Adding high-performance doors is expected to create cross-selling opportunities with other Nucor businesses and significantly expand its product portfolio for the commercial space.
Nucor is maximizing returns to its shareholders by leveraging its strong balance sheet and cash flows. It ended first-quarter 2026 with strong liquidity of roughly $3.2 billion, including cash and cash equivalents of around $2.2 billion. It also generated cash from operations of $886 million in first-quarter 2026.
The company returned around $1.2 billion to its shareholders in 2025 through dividends and share repurchases, representing nearly 70% of net earnings. Returns to its shareholders were $254 million in the first quarter. It remains committed to its policy of returning at least 40% of earnings to its shareholders. Nucor has returned roughly $630 million through share buybacks and dividends year to date through June 17, 2026.
NUE offers a dividend yield of 1% at the current stock price. Its payout ratio is 22% (a ratio below 60% is a good indicator that the dividend will be sustainable), with a five-year annualized dividend growth rate of 4.2%.
Nucor is exposed to demand weakness in certain markets such as heavy equipment, rail cars, truck and trailer and agriculture. Heavy equipment, transportation and logistics and other accounted for around 24% of its total external shipments for 2025. The company is seeing softness in heavy equipment, where it serves with plate steel products. High interest rates are adversely impacting demand for earth-moving machinery, tractors and rail cars.
Residential construction, a key end market for Nucor, remains another area of weakness. The construction sector has experienced a slowdown in the United States due to high interest rates, dampening steel demand in this market. Elevated borrowing costs and inflation have taken a bite out of the residential construction industry. The company has not seen any notable improvement in this market, and softness is expected to continue over the near term.
The Case for Steel DynamicsSteel Dynamics' customer-focused approach, along with market diversification and low-cost operating platforms, positions it for future growth opportunities. The company should also gain from its investments in beefing up capacity and upgrading facilities. Strong demand for steel across non-residential construction, agricultural and energy end markets also bodes well.
STLD is seeing strong customer order activity for flat-rolled steel. It is currently executing several projects that should add to its capacity and boost profitability. STLD is ramping up operations at its new state-of-the-art electric arc furnace flat-rolled steel mill in Sinton, TX. With a production capacity of roughly three million tons per year and the capability to make the latest generation of advanced high-strength steel products, it is expected to contribute significantly to revenues and profitability.
The company remains optimistic that domestic steel and aluminum consumption will stay strong through the remainder of 2026 and into 2027, supported by improving customer sentiment, stronger order activity, better pricing, domestic trade actions, manufacturing reshoring and infrastructure investments. Steel backlogs and lead times have extended, while customer inventory levels remain below historical norms.
Steel Dynamics also continues to advance the commissioning of its aluminum flat-rolled products mill. The third cold mill was undergoing commissioning, with commercial operations expected to begin in August 2026. Management expects aluminum volumes and profitability to improve sharply in the second half of 2026 as utilization and yields rise and startup costs subside. The aluminum flat roll mill produced 84,000 metric tons in the second quarter, representing roughly 50% capacity, and STLD expects to exit 2026 at a monthly production rate of at least 90% capacity.
The company is poised to benefit from strong cash flow generation, allowing it to invest in organic growth and maximize shareholder value. It generated solid cash flow from operations of $1.4 billion in 2025. It generated cash flow from operations of $427.9 million in the second quarter of 2026, up around 41.9% year over year. It ended the second quarter with strong liquidity of around $2 billion. It has ample liquidity to meet its debt obligations.
STLD, earlier this year, raised its quarterly dividend by 6% to 53 cents per share. It paid dividends of $149 million and repurchased shares worth $315 million in the first half of 2026. STLD offers a dividend yield of 0.9% at the current stock price. It has a payout ratio of 23%, with a five-year annualized dividend growth rate of about 14.6%.
Automotive is a significant market for Steel Dynamics. A slowdown in global automotive production curtailed steel consumption in this key end market in 2025. High interest rates, along with concerns over economic slowdown and tariffs, put pressure on the automotive market. Elevated interest rates and concerns over economic slowdown and tariffs are likely to put pressure on the automotive market in 2026. Automotive production this year in North America is expected to be similar to 2025. STLD also faces headwinds from the softness in residential construction. This may impact the company’s shipment volumes.
NUE & STLD: Price Performance, Valuation & Other ComparisonsThe NUE stock is up 66.8% over the past year, while STLD has gained 88.2% compared with the Zacks Steel Producers industry’s rise of 61.4%.
Image Source: Zacks Investment Research
NUE is currently trading at a forward 12-month earnings multiple of 12.97. This represents a roughly 13% premium when stacked up with the industry average of 11.48X.
Image Source: Zacks Investment Research
STLD is currently trading at a forward 12-month earnings multiple of 13.12, above NUE and the industry.
Image Source: Zacks Investment Research
STLD’s return on equity of 18.1% is higher than NUE’s 10.7%. This reflects Steel Dynamics’ efficient use of shareholder funds in generating profits.
Image Source: Zacks Investment Research
How the Zacks Consensus Estimate Compares for NUE & STLDThe Zacks Consensus Estimate for Nucor’s 2026 sales implies a year-over-year rise of 18%. The same for EPS suggests a 127.4% year-over-year increase. EPS estimates for 2026 have been trending higher over the past 60 days.
Image Source: Zacks Investment Research
The consensus estimate for Steel Dynamics’ 2026 sales and EPS implies a year-over-year rise of 19.5% and 108.9%, respectively. EPS estimates for 2026 have been trending northward over the past 60 days.
Image Source: Zacks Investment Research
NUE or STLD: Which Stock Holds the Edge?Both NUE and STLD currently have a Zacks Rank #3 (Hold), so picking one stock is not easy. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Nucor and Steel Dynamics are ramping up growth plans, with both eyeing profitability through expansion. Both have solid financial health and remain committed to driving shareholder returns. Both are exposed to demand weakness in certain markets. STLD's higher dividend growth rate and superior return on equity suggest that it may offer better investment prospects in the current market environment. Considering these, STLD looks like the smarter bet right now.
Record steel shipments of 3.7 million tons Continued commissioning and increased production from aluminum flat rolled sheet operations Net sales of $6.1 billion, operating income of $700 million, and net income of $534 million Adjusted EBITDA of $921 million and cash flow from operations of $428 million Share repurchases of $200 million of the company's common stock Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced second quarter 2026 financial results. The company reported second quarter 2026 net sales of $6.1 billion and net income of $534 million, or $3.69 per diluted share which was reduced by a $16 million non-cash asset impairment charge related to the decision to relocate the company's planned second satellite aluminum recycled slab center from Arizona to Columbus, Mississippi. Comparatively, the company's sequential first quarter 2026 net income was $403 million, or $2.78 per diluted share and prior year second quarter net income was $299 million, or $2.01 per diluted share.
"During the second quarter 2026 steel pricing continued to improve resulting in strong performance across our steel platform, driving a sequential quarterly increase in consolidated operating income of $162 million, or 30 percent," said Mark D. Millett, Chairman and Chief Executive Officer. "Our metals recycling, steel fabrication, and aluminum teams also had a solid performance. Our three-year after-tax return-on-invested capital of 13 percent is a testament to our ongoing high-return capital allocation execution. We are growing, returning capital to shareholders, and maintaining strong returns with best-in-class performance compared to domestic manufacturers.
"Steel fundamentals continued to strengthen during the second quarter, as pricing improved, demand remained solid, and customer inventory levels declined, remaining lower than historical norms," said Millett. "Steel backlogs and lead times have also extended. Additionally, value-added flat-rolled steel spreads expanded in the quarter. We continue to see an improved steel market environment, supported by domestic trade actions, manufacturing reshoring, infrastructure program funding, and the increasing regionalization of supply chains within the United States. Long-product steel demand remains extremely strong, particularly for structural steel and railroad rail. We believe sustained demand across our platforms, combined with favorable market conditions, positions us well moving forward.
"The aluminum team continues to make strong progress on the commissioning and startup of our aluminum flat-rolled sheet products mill located in Columbus, Mississippi," continued Millett. "The team is already providing high-quality products for the industrial, beverage, and automotive markets, with continued customer qualifications currently underway. We recently received qualifications to supply products for automotive applications, with expectations for automotive sales to commence before the end of 2026. Simultaneously, the team has finished construction and commenced commissioning of the third and final cold mill in July, which will allow for the full 650,000-metric-ton capacity. Together with our broader investment initiatives across the company, aluminum represents an exciting avenue for continued growth and value creation."
Second Quarter 2026 Comments
Second quarter 2026 operating income for the company's steel operations was $721 million, or 30 percent higher than sequential first quarter results, due to record shipments and metal spread expansion across the platform, as steel pricing increased more than ferrous scrap costs. The second quarter 2026 average external product selling price for the company's steel operations increased $105 sequentially to $1,298 per ton. The average ferrous scrap cost per ton melted at the company's steel mills increased $16 sequentially to $412 per ton. The energy, non-residential construction, automotive, industrial, and agricultural sectors led steel demand in the quarter.
Compared to sequential first quarter results, second quarter 2026 operating income from the company's metals recycling operations remained steady at $48 million, supported by higher volumes as pricing decreased in the quarter. Scrap flows seasonally improved in the second quarter, resulting in ample supply as domestic steel mills increased utilization.
The company's steel fabrication operations generated operating income of $85 million in the second quarter 2026, in line with first quarter results of $90 million, as increased shipments and steady pricing were offset by higher steel raw material input costs. Customer order activity has continued to strengthen since the end of 2025, with the order backlog now nearly 45 percent higher than a year ago and extending into the first quarter 2027. Demand improved across several key end markets, including commercial construction, data centers, manufacturing, warehousing, and healthcare. In addition, accelerating announcements of significant domestic manufacturing investments and increased reshoring activity, coupled with funding from the U.S. infrastructure program, are expected to provide meaningful support for demand across our product portfolio, including steel joists and deck products, as well as flat-rolled and long-product steel.
Second quarter 2026 operating losses associated with the continued startup of the company's aluminum operations were $33 million, or a 48 percent improvement compared to sequential first quarter results. There was also an additional non-cash impairment charge of $16 million in the second quarter, related to the relocation of the planned second satellite aluminum recycled slab center. Aluminum flat rolled sheet product shipments increased to 53,000 metric tons in the second quarter 2026, while hot band production increased to 84,000 metric tons. The company expects volumes and profitability from its aluminum operations to increase sharply in the second half 2026 and for full year 2027, as startup costs subside, utilization and yields improve, and scrap content increases. Demand for aluminum flat-rolled sheet products across the company's consumer sectors remains strong, with the supply deficit growing.
The company generated cash flow from operations of $428 million during the second quarter 2026. Working capital, excluding income taxes increased $225 million in the second quarter, as product pricing and demand improved across the business and the aluminum operations continued to ramp. The company also invested $124 million in capital investments, paid cash dividends of $77 million, and repurchased $200 million of its outstanding common stock, while maintaining strong liquidity of $2.0 billion as of June 30, 2026.
Year-to-Date June 30, 2026 Comparison
For the six months ended June 30, 2026, net income was $938 million, or $6.47 per diluted share, with net sales of $11.3 billion, as compared to net income of $516 million, or $3.44 per diluted share, with net sales of $8.9 billion for the same period in 2025.
First half 2026 operating income increased 88 percent to $1.2 billion, when compared to the same period in 2025. Increased earnings were primarily the result of higher realized pricing and shipments in the company's steel operations. First half 2026 operating income from the company's steel operations was $1.3 billion, compared to $612 million for the same prior year period. The average first half 2026 external selling price for the company's steel operations increased $183 to $1,247 per ton compared to the same prior year period, and the average ferrous scrap cost per ton melted at the company's steel mills increased $7 to $404 per ton. First half 2026 operating income from the company's steel fabrication operations was $174 million, compared to $210 million in the same prior year period, due to a decrease in average pricing of $100 per ton combined with higher steel raw material input costs of $95 per ton. First half 2026 operating income from the company's metals recycling operations was $95 million, compared to $47 million in the same prior year period, due to improved metal spreads and increased shipments.
Based on the company's differentiated business model and highly variable cost structure, the company achieved cash flow from operations of $576 million in the first half 2026. The company also invested $262 million in capital investments, paid cash dividends of $149 million, and repurchased $315 million of its outstanding common stock, representing one percent of its outstanding shares, while maintaining liquidity of $2.0 billion.
Outlook
"We remain confident that market conditions are in place to support strong domestic steel and aluminum consumption through the remainder of 2026 and into 2027," said Millett. "Customer sentiment, order entry activity, and pricing have continued to improve across our businesses. In addition, discussions with our customers further underscore the growing importance of lower-carbon, domestically produced steel and aluminum products, positioning our operations with a sustainable long-term competitive advantage.
As the impact of unfair trade practices continues to diminish, policy clarity improves, and U.S. manufacturing investment expands, we believe the foundation is in place for a favorable market environment and sustained demand growth.
"The aluminum team continues to make progress commissioning our aluminum flat rolled products mill, as well as our San Luis Potosi, Mexico satellite recycled aluminum slab center. Two of the three cold mills are now operational, and the third cold mill is currently being commissioned, with expectations to begin transitioning to commercial operations in August. Additionally, the first of two Continuous Annealing and Solution Heat (CASH) lines, which support the production of finished automotive products, is operating and shipping material for customer qualification. The second CASH line is also expected to begin material qualifications in the fourth quarter 2026.
"We have intentionally aligned our growth strategy with our customers' evolving needs, with a focus on product excellence, supply chain efficiency, and sustainability. Building on our strong positions in steel, we are expanding into high-recycled-content aluminum sheet products to serve deficit adjacent markets where customer demand continues to accelerate. This opportunity spans the resilient beverage can and packaging market and extends to automotive, industrial, and construction applications. Supported by our performance-driven culture and proven ability to develop and operate low-cost, high-margin manufacturing assets, we believe we are well positioned to create attractive long-term value through this expansion. As demand for domestically produced, lower-carbon materials continue to grow, our strategic investments in aluminum will complement our existing steel platforms and strengthen our ability to serve customers across a broader range of end markets.
"Our commitment is to the health and safety of our teams, families, and communities, while meeting the current and future needs of our customers. Our culture and business model continues to positively differentiate our performance from the rest of the industry. We continue to focus 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 second quarter 2026 operating and financial results on Tuesday, July 21, 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 July 30, 2026.
About Steel Dynamics, Inc.
Steel Dynamics is a leading industrial metals solutions company, with facilities located throughout the United States, and in Mexico. The company operates using a circular manufacturing model, producing lower-carbon-emission, quality products with recycled scrap as the primary input. Steel Dynamics is one of the largest domestic steel producers and metal recyclers in North America, combined with a meaningful downstream steel fabrication platform. The company has also recently added aluminum operations, further diversifying its product offerings to supply aluminum flat rolled products with higher recycled content to the countercyclical sustainable beverage can industry, in addition to the automotive and industrial sectors. Steel Dynamics is committed to operating with the highest integrity and to being the safest, most efficient producer of high-quality, broadly diversified, value-added metal products.
Note Regarding Financial Metrics
The company believes that after-tax return-on-invested capital (After-tax ROIC) provides an indication of the effectiveness of the company's invested capital and is calculated as follows:
After-tax ROIC =
Net Income Attributable to Steel Dynamics, Inc.
(Quarterly Average Current Maturities of Long-term Debt + Long-term Debt + Total Equity)
Note Regarding Non-GAAP Financial Measures
The company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). Management believes that the non-GAAP financial measures EBITDA and Adjusted EBITDA provide additional meaningful information regarding the company's performance and financial strength. Non-GAAP financial measures should be viewed in addition to and not as an alternative for the company's reported results prepared in accordance with GAAP. In addition, not all companies use identical calculations for EBITDA or Adjusted EBITDA; therefore, EBITDA and Adjusted EBITDA included in this release may not be comparable to similarly titled measures of other companies.
Forward-Looking Statements
This press release contains some predictive statements about future events, including statements related to conditions in domestic or global economies, conditions in steel, aluminum, and recycled metals marketplaces, Steel Dynamics' revenues, costs of purchased materials, future profitability and earnings, and the operation of new, existing or planned facilities. These statements, which we generally precede or accompany by such typical conditional words as "anticipate", "intend", "believe", "estimate", "plan", "seek", "project", or "expect", or by the words "may", "will", or "should", are intended to be made as "forward-looking", subject to many risks and uncertainties, within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. These statements speak only as of this date and are based upon information and assumptions, which we consider reasonable as of this date, concerning our businesses and the environments in which they operate. Such predictive statements are not guarantees of future performance, and we undertake no duty to update or revise any such statements. Some factors that could cause such forward-looking statements to turn out differently than anticipated include: (1) domestic and global economic factors; (2) global steelmaking overcapacity and imports of steel, together with increased scrap prices; (3) the cyclical nature of the metals industries and the industries we serve; (4) volatility and major fluctuations in prices and availability of scrap metal, scrap substitutes and supplies, and our potential inability to pass higher costs on to our customers; (5) cost and availability of electricity, natural gas, oil, and other energy resources are subject to volatile market conditions; (6) increased environmental, greenhouse gas emissions and sustainability considerations from our customers and investors or related regulations; (7) compliance with and changes in environmental and remediation requirements; (8) significant price and other forms of competition from other steel and aluminum producers, scrap processors and alternative materials; (9) availability of an adequate source of supply of scrap for our metals recycling operations; (10) cybersecurity threats and risks to the security of our sensitive data and information technology; (11) the implementation of our growth strategy; (12) our ability to retain, develop and attract key personnel; (13) litigation and legal compliance; (14) unexpected equipment downtime or shutdowns; (15) difficulties in the launch or production ramp-up of new products; (16) our aluminum operations depend on a core group of significant customers; (17) governmental agencies may refuse to grant or renew some of our licenses and permits; (18) our existing debt agreements contain, and any future financing agreements may contain, restrictive covenants that may limit our flexibility; and (19) the impacts of impairment charges.
More specifically, we refer you to our more detailed explanation of these and other factors and risks that may cause such predictive statements to turn out differently, as set forth in our most recent Annual Report on Form 10-K under the headings Special Note Regarding Forward-Looking Statements and Risk Factors, in our Quarterly Reports on Form 10-Q, or in other reports which we file with the Securities and Exchange Commission. These reports are available publicly on the Securities and Exchange Commission website, www.sec.gov, and on our website, www.steeldynamics.com under "Investors – SEC Filings."
Steel Dynamics, Inc.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands, except per share data)
Three Months Ended
Six Months Ended
Three Months
June 30,
June 30,
Ended
2026
2025
2026
2025
March 31, 2026
Net sales
$
6,091,557
$
4,565,123
$
11,296,415
$
8,934,318
$
5,204,858
Costs of goods sold
5,132,583
3,946,655
9,574,218
7,829,306
4,441,635
Gross profit
958,974
618,468
1,722,197
1,105,012
763,223
Selling, general and administrative expenses
193,451
198,010
368,671
379,818
175,220
Profit sharing
57,314
30,706
99,512
53,401
42,198
Amortization of intangible assets
7,730
6,897
15,531
13,794
7,801
Operating income
700,479
382,855
1,238,483
657,999
538,004
Interest expense, net of capitalized interest
39,120
17,381
72,361
29,512
33,241
Other income, net
(22,105)
(22,392)
(30,555)
(40,033)
(8,450)
Income before income taxes
683,464
387,866
1,196,677
668,520
513,213
Income tax expense
152,679
86,675
265,787
149,650
113,108
Net income
530,785
301,191
930,890
518,870
400,105
Net loss (income) attributable to noncontrolling interests
3,302
(2,465)
6,633
(2,993)
3,331
Net income attributable to Steel Dynamics, Inc.
$
534,087
$
298,726
$
937,523
$
515,877
$
403,436
Basic earnings per share attributable to
Steel Dynamics, Inc. stockholders
$
3.71
$
2.01
$
6.49
$
3.45
$
2.79
Weighted average common shares outstanding
143,997
148,387
144,397
149,325
144,797
Diluted earnings per share attributable to
Steel Dynamics, Inc. stockholders, including the
effect of assumed conversions when dilutive
$
3.69
$
2.01
$
6.47
$
3.44
$
2.78
Weighted average common shares
and share equivalents outstanding
144,591
148,960
144,956
149,885
145,321
Dividends declared per share
$
0.53
$
0.50
$
1.06
$
1.00
$
0.53
Steel Dynamics, Inc.
CONSOLIDATED BALANCE SHEETS
(in thousands)
June 30,
December 31,
Assets
2026
2025
(unaudited)
Current assets
Cash and equivalents
$
567,708
$
769,878
Accounts receivable, net
2,442,938
1,682,660
Inventories
3,955,621
3,738,516
Other current assets
314,768
293,117
Total current assets
7,281,035
6,484,171
Property, plant and equipment, net
8,491,771
8,569,466
Intangible assets, net
315,759
331,290
Goodwill
477,471
477,471
Other assets
547,363
557,382
Total assets
$
17,113,399
$
16,419,780
Liabilities and Equity
Current liabilities
Accounts payable
$
1,483,566
$
1,231,358
Income taxes payable
32,345
67,315
Accrued expenses
770,063
788,926
Current maturities of long-term debt
1,332
34,655
Total current liabilities
2,287,306
2,122,254
Long-term debt
4,180,810
4,176,508
Deferred income taxes
1,070,817
1,004,375
Other liabilities
211,395
186,232
Total liabilities
7,750,328
7,489,369
Commitments and contingencies
Redeemable noncontrolling interests
143,259
141,226
Equity
Common stock
653
653
Treasury stock, at cost
(8,287,758)
(7,980,549)
Additional paid-in capital
1,229,734
1,248,634
Retained earnings
16,473,691
15,689,042
Accumulated other comprehensive income (loss)
3,212
(598)
Total Steel Dynamics, Inc. equity
9,419,532
8,957,182
Noncontrolling interests
(199,720)
(167,997)
Total equity
9,219,812
8,789,185
Total liabilities and equity
$
17,113,399
$
16,419,780
Steel Dynamics, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Operating activities:
Net income
$
530,785
$
301,191
$
930,890
$
518,870
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization
173,922
132,865
333,202
266,621
Equity-based compensation
14,162
14,063
31,613
31,103
Deferred income taxes
29,978
39,129
62,647
55,378
Other adjustments
14,431
(890)
12,138
(5,085)
Changes in certain assets and liabilities:
Accounts receivable
(386,504)
19,825
(760,278)
(283,777)
Inventories
(48,843)
(163,417)
(223,270)
(149,607)
Other assets
(23,468)
7,789
(2,467)
(24,326)
Accounts payable
107,310
(5,267)
264,215
243,333
Income taxes receivable/payable
(109,889)
(82,710)
(35,457)
(39,895)
Accrued expenses
126,052
39,033
(36,981)
(158,401)
Net cash provided by operating activities
427,936
301,611
576,252
454,214
Investing activities:
Purchases of property, plant and equipment
(123,842)
(288,331)
(261,821)
(593,837)
Purchases of short-term investments
-
(29,571)
-
(39,571)
Proceeds from maturities of short-term investments
-
9,614
-
147,425
Other investing activities
5,805
2,592
4,718
1,528
Net cash used in investing activities
(118,037)
(305,696)
(257,103)
(484,455)
Financing activities:
Issuance of current and long-term debt
695,091
484,278
1,294,560
1,890,221
Repayment of current and long-term debt
(716,223)
(902,605)
(1,328,582)
(1,335,132)
Dividends paid
(76,555)
(74,690)
(149,025)
(144,204)
Purchase of treasury stock
(200,288)
(200,048)
(315,375)
(450,186)
Other financing activities
(697)
(31,718)
(23,009)
(62,187)
Net cash used in financing activities
(298,672)
(724,783)
(521,431)
(101,488)
Increase (decrease) in cash, cash equivalents, and restricted cash
11,227
(728,868)
(202,282)
(131,729)
Cash, cash equivalents, and restricted cash at beginning of period
561,763
1,192,149
775,272
595,010
Cash, cash equivalents, and restricted cash at end of period
$
572,990
$
463,281
$
572,990
$
463,281
Supplemental disclosure information:
Cash paid for interest
$
67,149
$
34,737
$
93,149
$
63,214
Cash paid for income taxes, net
$
231,062
$
124,753
$
235,553
$
128,470
Steel Dynamics, Inc.
SUPPLEMENTAL INFORMATION (UNAUDITED)
(dollars in thousands)
Second Quarter
YTD
2026
2025
2026
2025
1Q 2026
External Net Sales
Steel
$
4,005,510
$
3,275,551
$
7,544,253
$
6,342,567
$
3,538,743
Steel Fabrication
393,805
340,648
749,238
692,955
355,433
Metals Recycling
653,765
522,721
1,246,948
1,057,616
593,183
Aluminum
497,867
65,632
725,260
132,208
227,393
Other
540,610
360,571
1,030,716
708,972
490,106
Consolidated Net Sales
$
6,091,557
$
4,565,123
$
11,296,415
$
8,934,318
$
5,204,858
Operating Income (Loss)
Steel
$
720,918
$
382,196
$
1,277,482
$
612,159
$
556,564
Steel Fabrication
84,593
93,115
174,107
209,860
89,514
Metals Recycling
47,816
21,290
95,283
47,000
47,467
Aluminum
(33,380)
(40,627)
(97,972)
(69,362)
(64,592)
819,947
455,974
1,448,900
799,657
628,953
Non-cash amortization of intangible assets
(7,730)
(6,897)
(15,531)
(13,794)
(7,801)
Profit sharing expense
(57,314)
(30,706)
(99,512)
(53,401)
(42,198)
Non-segment operations
(37,946)
(35,516)
(78,896)
(74,463)
(40,950)
Non-cash asset impairment charges
(16,478)
-
(16,478)
-
-
Consolidated Operating Income
$
700,479
$
382,855
$
1,238,483
$
657,999
$
538,004
Adjusted EBITDA
Net income
$
530,785
$
301,191
$
930,890
$
518,870
$
400,105
Income taxes
152,679
86,675
265,787
149,650
113,108
Net interest expense
33,179
7,025
59,232
9,341
26,053
Depreciation
163,901
124,003
313,095
249,125
149,194
Amortization of intangible assets
7,730
6,897
15,531
13,794
7,801
EBITDA
888,274
525,791
1,584,535
940,780
696,261
Non-cash adjustments
Unrealized (gains) losses on derivatives
and currency remeasurement
1,559
(6,197)
(10,035)
12,956
(11,594)
Equity-based compensation
14,208
13,819
29,438
28,000
15,230
Asset impairment charges
16,478
-
16,478
-
-
Adjusted EBITDA
$
920,519
$
533,413
$
1,620,416
$
981,736
$
699,897
Other Operating Information
Steel
Average external sales price (Per ton)
$
1,298
$
1,134
$
1,247
$
1,064
$
1,193
Average ferrous cost (Per ton Melted)
$
412
$
408
$
404
$
397
$
396
Flat Roll shipments
Butler, Columbus, and Sinton
2,026,079
1,952,228
4,037,522
4,071,415
2,011,443
Steel Processing divisions *
717,837
479,102
1,404,277
971,729
686,440
Long Product shipments
Structural and Rail Division
510,322
468,827
1,001,293
906,225
490,971
Engineered Bar Products Division
213,220
190,612
407,242
382,270
194,022
Roanoke Bar Division
175,792
151,828
343,629
296,014
167,837
Steel of West Virginia
98,090
107,201
186,245
203,684
88,155
Total Shipments (Tons)
3,741,340
3,349,798
7,380,208
6,831,337
3,638,868
External Shipments (Tons)
3,085,372
2,888,916
6,051,496
5,960,651
2,966,124
Steel Mill Production (Tons)
2,974,075
2,949,936
6,013,442
5,971,529
3,039,367
Metals Recycling
Nonferrous shipments (000's of pounds)
211,050
245,577
408,435
478,657
197,385
Ferrous shipments (Gross tons)
1,672,886
1,596,583
3,146,343
3,049,015
1,473,457
External ferrous shipments (Gross tons)
588,906
545,022
1,142,273
1,102,640
553,367
Steel Fabrication
Average sales price (Per ton)
$
2,442
$
2,517
$
2,458
$
2,558
$
2,478
Shipments (Tons)
161,010
135,347
304,432
270,928
143,422
* Includes Heartland, The Techs, United Steel Supply, and New Process Steel (beginning December 1, 2025) operations
Steel Dynamics má podle analytiků za 2. čtvrtletí zisk na akcii 3,62 USD a tržby 5,46 miliardy USD, což je meziročně o 80,1 % a 19,5 % více. Odhad EPS byl za posledních 30 dní zvýšen o 7,3 %.
In its upcoming report, Steel Dynamics (STLD - Free Report) is predicted by Wall Street analysts to post quarterly earnings of $3.62 per share, reflecting an increase of 80.1% compared to the same period last year. Revenues are forecasted to be $5.46 billion, representing a year-over-year increase of 19.5%.
The current level reflects an upward revision of 7.3% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.
Prior to a company's earnings announcement, it is crucial to consider revisions to earnings estimates. This serves as a significant indicator for predicting potential investor actions regarding the stock. Empirical research has consistently demonstrated a robust correlation between trends in earnings estimate revision and the short-term price performance of a stock.
While it's common for investors to rely on consensus earnings and revenue estimates for assessing how the business may have performed during the quarter, exploring analysts' forecasts for key metrics can yield valuable insights.
Bearing this in mind, let's now explore the average estimates of specific Steel Dynamics metrics that are commonly monitored and projected by Wall Street analysts.
Analysts' assessment points toward 'External Net Sales- Steel Fabrication' reaching $376.41 million. The estimate points to a change of +10.5% from the year-ago quarter.
Analysts forecast 'External Net Sales- Metals Recycling' to reach $560.25 million. The estimate indicates a change of +7.2% from the prior-year quarter.
According to the collective judgment of analysts, 'External Net Sales- Steel' should come in at $3.87 billion. The estimate points to a change of +18% from the year-ago quarter.
It is projected by analysts that the 'External Net Sales- Other' will reach $377.14 million. The estimate points to a change of +4.6% from the year-ago quarter.
Based on the collective assessment of analysts, 'Steel - Average external sales price (Per ton)' should arrive at 1270 dollars per tonne. Compared to the present estimate, the company reported 1134 dollars per tonne in the same quarter last year.
Analysts predict that the 'Steel Fabrication - Average sales price (Per ton)' will reach 2480 dollars per tonne. The estimate compares to the year-ago value of 2517 dollars per tonne.
Analysts expect 'Steel - External Shipments (Tons)' to come in at 3043 thousands of tons. The estimate is in contrast to the year-ago figure of 2889 thousands of tons.
The collective assessment of analysts points to an estimated 'Steel Fabrication - Shipments (Tons)' of 152 thousands of tons. Compared to the current estimate, the company reported 135 thousands of tons in the same quarter of the previous year.
The consensus among analysts is that 'Steel - Average ferrous cost (Per ton melted)' will reach 421 dollars per tonne. The estimate is in contrast to the year-ago figure of 408 dollars per tonne.
The combined assessment of analysts suggests that 'Steel - Flat Roll shipments - Butler, Columbus and Sinton' will likely reach 2052 thousands of tons. Compared to the current estimate, the company reported 1952 thousands of tons in the same quarter of the previous year.
The consensus estimate for 'Metals Recycling - Ferrous shipments (Gross tons)' stands at 1598 thousands of tons. Compared to the present estimate, the company reported 1597 thousands of tons in the same quarter last year.
The average prediction of analysts places 'Steel - Flat Roll shipments - Steel Processing Divisions' at 675 thousands of tons. Compared to the current estimate, the company reported 479 thousands of tons in the same quarter of the previous year.
View all Key Company Metrics for Steel Dynamics here>>>
Shares of Steel Dynamics have demonstrated returns of -14.9% over the past month compared to the Zacks S&P 500 composite's +1.6% change. With a Zacks Rank #3 (Hold), STLD is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
Steel Dynamics očekává ve 2. čtvrtletí 2026 zisk 3,51 až 3,55 USD na akcii, nad 2,78 USD v předchozím čtvrtletí. Výhled snížila o 16 milionů USD kvůli odpisu aktiv spojenému s přesunem plánovaného druhého satelitního centra pro recyklované hliníkové bramy z Arizony do Columbusu v Mississippi.
, /PRNewswire/ -- Steel Dynamics, Inc. (NASDAQ/GS: STLD) today provided second quarter 2026 earnings guidance in the range of $3.51 to $3.55 per diluted share. Comparatively, the company's sequential first quarter 2026 earnings were $2.78 per diluted share, and prior year second quarter earnings were $2.01 per diluted share.
Estimated second quarter earnings have been reduced by $16 million, as a result of asset write-downs related to the decision to relocate the company's planned second satellite aluminum recycled slab center from Arizona to Columbus, Mississippi, as differences with Arizona state officials risked the construction and operations of the facility.
Second quarter 2026 profitability from the company's steel operations is expected to be meaningfully higher than first quarter results, driven by strong demand and metal margin expansion across the platform, as average realized selling values increased more than scrap raw material costs. Order activity remains strong, supported by underlying demand and persistently low steel inventories, which continue to support favorable pricing conditions. Demand across key end markets remains solid, with non-residential construction, energy, automotive, and industrial sectors leading performance.
Second quarter 2026 earnings from the company's metals recycling operations are expected to be similar to sequential first quarter results, as increased ferrous and non-ferrous shipments are expected to be offset by expected nonferrous unrealized hedging losses.
Second quarter 2026 earnings from the company's steel fabrication operations are expected to be incrementally below sequential first quarter results, as the benefit from stronger shipments combined with steady pricing is offset by higher steel raw material input costs. Customer order activity has remained strong, continuing the momentum beginning at the end of 2025. The order backlog is now nearly 40% higher than a year ago and extends through the end of the year and into 2027. Current demand is being supported by commercial construction, data center and warehouse buildouts, manufacturing, and healthcare end markets. The company expects further volume improvement throughout the year and into 2027, supported by domestic manufacturing investment, U.S. infrastructure investment, other stimulus programs, and ongoing onshoring activity.
Second quarter 2026 earnings from the company's aluminum operations are expected to improve significantly compared to first quarter sequential results, based on increased shipments and higher realized pricing. 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. Two of the three cold mills are now operational, and the third cold mill is expected to begin qualifying material in July. Additionally, the first of two Continuous Annealing and Solution Heat (CASH) lines, which support the production of finished automotive products, is operating and shipping material for customer qualification. The second CASH line is also expected to begin material qualifications in the fourth quarter 2026.
The company has repurchased $170 million, or one half of one percent, of its common stock so far during the second quarter 2026.
The company currently plans to release its second quarter 2026 earnings after the market closes on July 20, 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."
