Andy Jones's questions to Steel Dynamics Inc (STLD) leadership • Q2 2025
Question
Andy Jones from UBS Group inquired about the fabrication business's ability to pass on higher costs, sought specifics on Sinton's Q2 utilization, and asked what the aluminum business's EBITDA would be at current spot prices.
Answer
CFO Theresa Wagler noted that while substrate costs rise, the main driver of fabrication profitability is higher volume, which significantly compresses costs. She did not provide specific Q2 metrics for Sinton but pointed to lower overall coated volumes as an indicator of growth potential. She declined to provide a spot-based EBITDA for the aluminum business, reiterating the company's focus on its through-cycle guidance of $650-700 million.