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Steel Dynamics, Inc. (SDI) is one of the largest and most diversified domestic steel producers and metals recyclers in the United States, with operations organized into four main segments . The company primarily engages in steel production, metals recycling, and steel fabrication, with a focus on value-added products and supply-chain solutions . SDI's product offerings include electric arc furnace (EAF) steel mills, ferrous and nonferrous metal processing, steel joists and deck products, and a developing aluminum operations segment .
- Steel Operations - Operates electric arc furnace (EAF) steel mills and various processing and coating operations, contributing significantly to the company's revenue .
- Steel Fabrication Operations - Produces steel joists and deck products, emphasizing value-added solutions for construction and industrial applications .
- Metals Recycling Operations - Provides ferrous and nonferrous metal processing primarily through OmniSource, supporting sustainable material sourcing .
- Aluminum Operations - Developing a recycled aluminum flat rolled products mill and two slab centers, with operations expected to begin in 2025 .
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Mark D. Millett ExecutiveBoard | Chairman and CEO | Past Chairman of the Steel Manufacturers Association (SMA) | Co-founder of STLD in 1993, instrumental in designing and starting all STLD steel mills, recognized as Steelmaker of the Year in 2014 and 2022, and leads sustainability initiatives. | View Report → |
Barry T. Schneider Executive | President and COO | Director for the Association of Iron & Steel Technology (AIST) | Joined STLD in 1994, led flat roll and long products operations, and became COO in 2023. | |
Christopher A. Graham Executive | SVP, Flat Roll Steel Group | None | Joined STLD in 1994, previously led Long Products Steel Group, and became SVP of Flat Roll in 2023. | |
Glenn A. Pushis Executive | SVP, Special Projects | None | Joined STLD in 1994, led the design and construction of the Sinton Flat Roll Division and the recycled aluminum flat rolled products mill. | |
James S. Anderson Executive | SVP, Long Products Steel Group | None | Joined STLD in 2019, previously led steel fabrication operations, and became SVP of Long Products in 2024. | |
Miguel Alvarez Executive | SVP, Metals Recycling | None | Joined STLD in 2019, oversees OmniSource's ferrous and nonferrous recycling operations, and supports growth in Mexico. | |
Richard A. Poinsatte Executive | SVP and Treasurer | None | Joined STLD in 2000, oversees treasury, legal, business development, and risk management. | |
Theresa E. Wagler Executive | EVP, CFO, and Corporate Secretary | Director at CF Industries Holdings, Trustee at Trine University, Director at Metals Service Center Institute | Joined STLD in 1998, became CFO in 2007, oversees finance, IT, HR, and decarbonization strategy, and manages two joint ventures. | |
Bradley S. Seaman Board | Director | Managing Partner at Parallel49 Equity | Private equity leader with expertise in strategy and investments, joined STLD's board in 2013. | |
Gabriel L. Shaheen Board | Director | None | Former CEO of Lincoln National Life Insurance Company, with expertise in risk management and governance, joined STLD's board in 2009. | |
Jennifer L. Hamann Board | Director | EVP and CFO of Union Pacific Corporation | CFO of Union Pacific, with expertise in logistics, capital planning, and cross-border operations, joined STLD's board in 2023. | |
Kenneth W. Cornew Board | Lead Independent Director | Member of the Industry Advisory Board for Rutgers School of Engineering | Former EVP and Chief Commercial Officer of Exelon Corporation, with expertise in power operations and regulatory matters. | |
Luis M. Sierra Board | Director | None | Joined STLD's board in 2021, with expertise in industrial operations and strategy. | |
Richard P. Teets, Jr. Board | Director | None | Co-founder of STLD in 1993, former EVP for Steelmaking, and recognized as Steel Advocate of the Year in 2016. | |
Sheree L. Bargabos Board | Director | Director at PGT Innovations, Inc. | Former President of Owens Corning's Roofing and Asphalt Division, retired in 2015, and joined STLD's board in 2018. | |
Steven A. Sonnenberg Board | Director | Chairman of Tennant Company, Director at Sensata Technologies Holding plc | Former President of Emerson Electric's Process Management Group, with expertise in industrial operations and governance, joined STLD's board in 2018. | |
Traci M. Dolan Board | Director | None | Former CFO of ExactTarget, with expertise in accounting, finance, and risk management, joined STLD's board in 2012. |
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Regarding the Sinton mill, you mentioned experiencing difficulties ramping back up after the outage and expect utilization to increase to around 75% for Q4 2024; can you elaborate on the specific challenges faced during ramp-up and how confident are you in achieving the projected utilization rate?
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You included Canada and Mexico in the galvanized trade case due to significant increases in imports; how do you justify this action given existing trade agreements, and are you concerned about potential impact on your relationships and operations in those markets?
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With capital investments projected to increase to $700 million to $800 million in 2025 from $500 million to $550 million in Q4 2024, can you explain how these investments will be allocated across projects and how they align with your capital allocation strategy focusing on high-return strategic growth?
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Given that 80% of your flat-rolled business is contractually based, do you anticipate any risks to this contractual mix with the further ramp-up of Sinton, and how might this affect your exposure to spot market volatility?
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On the biocarbon project expected to start in Q1 2025, since you mentioned you won't have enough product to satisfy all carbon needs at your steel mills, how do you plan to scale this project, and what impact do you expect it to have on your carbon reduction targets and potential product premiums?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
ROCA ACERO, S.A. de C.V. | 2022 | Steel Dynamics, Inc. acquired ROCA ACERO as part of its North American raw material procurement strategy. This completed deal, announced on May 16, 2022 and finalized on October 1, 2022, provided five scrap processing facilities in Mexico—boosting combined annual capacity to over 2.5 million gross tons—and was funded using available cash. |
New Process Steel, L.P. | 2022 | Steel Dynamics, Inc. acquired a 45% minority equity interest in New Process Steel on January 31, 2022, to enhance its exposure to value-added manufacturing and supply-chain management solutions. This strategic investment, aligning with its largest flat roll steel customer, is accounted for via the equity method and supports operational independence led by its current CEO. |
Recent press releases and 8-K filings for STLD.
- Record Q1 performance: Achieved 3.5 million tons in steel shipments, $4.4B in revenue, $217M in net income (@ $1.44 per diluted share), and $448M in adjusted EBITDA (10% margin) .
- Operating income strength: Improved to $275M with a 39% sequential increase across steel operations, metals recycling, and steel fabrication .
- Robust capital actions: Executed a $250M share buyback (exceeding 30% of outstanding shares), raised cash dividend by 9%, issued $1.0B in unsecured notes, and maintained liquidity of $2.6B .
- Strategic investments: Advanced growth with new flat-rolled steel coating lines to add 1.1M tons of higher-margin products and progress in aluminum operations toward commercial quality shipments .
- Steel Dynamics, Inc. filed an 8‑K on March 17, 2025, which includes the announcement of a press release (Exhibit 99.1) presenting first quarter 2025 earnings guidance.
- The provided guidance indicates an earnings range of $1.36 to $1.40 per diluted share for Q1 2025 while noting that Q4 2024 earnings were $1.36, and highlighting prior year Q1 earnings of $3.67.
- The company also announced an increase in its cash dividend by 9% to $0.50 per share and authorized an additional $1.5 billion for share repurchases, with $191 million repurchased to date in the first quarter.
- EPS guidance for Q1 2025 is forecasted in the range of $1.36 to $1.40 per diluted share, indicating stronger profitability driven by increased shipments in steel operations compared to Q4 2024.
- The company has raised its Q1 cash dividend by 9% to $0.50 per share and authorized an additional $1.5 billion for share repurchases, having already repurchased $191 million of common stock during the quarter.
- Advancements in the aluminum segment are apparent, with commissioning progress at the Columbus, Mississippi flat rolled products mill and near-completion of several key production lines.
- Steel Dynamics Inc. successfully completed a sale of $600 million of 5.250% Notes due 2035 and $400 million of 5.750% Notes due 2055.
- Proceeds from the offering are earmarked for general corporate purposes, including the potential repayment of the $400 million 2.400% Senior Notes due June 2025.
- The transaction supports the company’s strategy to maintain an investment grade credit rating and bolster its capital foundation for ongoing growth.
- Steel Dynamics Inc. successfully completed its debt issuance, selling $600 million 5.250% Notes due 2035 and $400 million 5.750% Notes due 2055.
- The company received net proceeds of approximately $972 million, which will be used for general corporate purposes, including the repayment of its $400 million 2.400% Senior Notes due June 2025.
- Major underwriters involved in the offering include J.P. Morgan Securities LLC, Morgan Stanley, Goldman Sachs, and PNC Capital Markets LLC.