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 .
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| 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?
Research analysts who have asked questions during STEEL DYNAMICS earnings calls.
Tristan Gresser
BNP Paribas
8 questions for STLD
Carlos de Alba
Morgan Stanley
7 questions for STLD
Lawson Winder
Bank of America
7 questions for STLD
Bill Peterson
JPMorgan Chase & Co.
6 questions for STLD
Katja Jancic
BMO Capital Markets
6 questions for STLD
Alex Hacking
Citigroup
5 questions for STLD
Andy Jones
UBS Group
5 questions for STLD
Mike Harris
Goldman Sachs
5 questions for STLD
Philip Gibbs
KeyBanc Capital Markets
5 questions for STLD
John Tumazos
John Tumazos Very Independent Research
4 questions for STLD
Andrew Jones
UBS
3 questions for STLD
Timna Tanners
Wolfe Research
3 questions for STLD
William Peterson
JPMorgan Chase & Co.
2 questions for STLD
Alexander Hacking
Citigroup
1 question for STLD
Christopher LaFemina
Jefferies
1 question for STLD
Martin Englert
S&P Global Commodity Insights
1 question for STLD
Michael Harris
Goldman Sachs
1 question for STLD
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.
- Steel Dynamics achieved record steel shipments of 3.6 million tons, revenues of $4.8 billion, adjusted EBITDA of $664 million, earnings per share of $2.74, and cash flow from operations of $723 million in Q3 2025.
- Steel operations operating income rose 30% sequentially to $498 million, driven by record shipments and metal spread expansion; volumes included 1.097 million tons of hot band, 120,000 tons of cold-rolled, and 1.486 million tons of coated product, with Q4 maintenance potentially reducing volume by ~85,000 tons.
- Aluminum flat-rolled operations recorded a startup loss of $57 million in Q3, with full-year 2025 losses expected around $40 million, and monthly EBITDA breakeven targeted in Q4 2025.
- Financial flexibility remains strong with $2.2 billion of liquidity; 2025 capital expenditures are guided at $200 million, rising to $500–600 million in 2026; the company has repurchased $661 million of stock YTD, leaving $1 billion available.
- Q3 2025 revenue of $4.828 billion, up 11% year-over-year and 6% sequentially.
- Net income of $404 million (+27% YoY, +35% QoQ) and diluted EPS of $2.74 (+34% YoY, +36% QoQ).
- Adjusted EBITDA of $664 million (14% margin), a 19% increase YoY and 24% sequential gain.
- Free cash flow of $498 million and share repurchases of $210 million (1.1% of shares outstanding).
- The company posted Q3 2025 net sales of $4.8 billion and net income of $404 million ($2.74 per diluted share).
- Achieved record steel shipments of 3.6 million tons in the quarter.
- Delivered adjusted EBITDA of $664 million, operating cash flow of $723 million, and maintained liquidity of over $2.2 billion.
- Returned capital via $210 million in share repurchases, representing 1.1% of outstanding shares.
- Steel Dynamics reported Q3 2025 net sales of $4.8 billion and net income of $404 million ($2.74 per diluted share)
- Adjusted EBITDA of $664 million and operating cash flow of $723 million, with over $2.2 billion of liquidity
- Achieved record steel shipments of 3.6 million tons and repurchased $210 million of common stock (1.1% of shares)
- Continued commissioning of aluminum flat rolled products and biocarbon operations, positioning for growth into 2026
- The International Trade Commission issued a unanimous affirmative final determination that imports of corrosion-resistant steel from ten countries injured the U.S. steel industry, paving the way for final antidumping and countervailing duties based on Commerce’s August 2025 rates.
- Imports of corrosion-resistant steel from these countries surged nearly 60% in the first half of 2024, rising from 2.49 million tons in 2023 to 3.64 million tons in 2024, and have since declined to 1.28 million tons in the first eight months of 2025 after preliminary duties.
- Steel Dynamics has invested billions in its CORE business in recent years, positioning itself as the largest U.S. producer of CORE, Galvalume, and painted steel, and emphasized that restoring fair trade is essential for its workforce.
- Steel Dynamics filed an 8-K to furnish Q3 2025 EPS guidance of $2.60–$2.64 per diluted share, versus $2.01 in Q2 2025 and $2.05 in Q3 2024
- Guidance reflects expected sequential improvement across its steel operations, metals recycling, and steel fabrication platforms driven by shipments and metal spread expansion
- The company repurchased $185 million (1% of shares) of common stock during Q3 2025 as of September 11, 2025
- Q3 2025 earnings will be released after market close on October 20, 2025, with a conference call on October 21, 2025
- Steel Dynamics projects Q3 2025 EPS of $2.60–$2.64, up from $2.01 in Q2 2025 and $2.05 in Q3 2024.
- All three operating platforms—steel, metals recycling, and fabrication—are expected to deliver sequential profitability improvements.
- Ongoing commissioning of the Columbus (MS) aluminum mill and San Luis Potosí recycled slab center remains on track.
- As of September 11, 2025, the company repurchased $185 million (1%) of its common stock during Q3 and will report results on October 20 with a conference call on October 21.
- Steel Dynamics reported EPS of $2.01, missing the consensus estimate of $2.05 and marking a 23.5% decline year-over-year.
- Revenues were approximately $4.6 billion, flat year-over-year and below analyst forecasts.
- Operating income rose 39% and adjusted EBITDA increased 19%, driven by improved margins and higher shipments of long-products steel.
- The company maintained $1.9 billion in liquidity after repaying $400 million of senior notes and shipped its first aluminum flat-rolled coils, expanding into the aluminum market.
- Analysts hold an Outperform consensus rating with an average 12-month price target of ~$149, implying about an 11% upside.
- Q2 2025 earnings guidance of $2.00–$2.04 per diluted share vs $1.44 in Q1 2025 and $2.72 in Q2 2024
- Steel segment profitability expected to improve sequentially with expanded metal spreads, partially offset by a $32 million non-cash write-off of consumable assets
- Metals recycling earnings forecast to remain steady; steel fabrication results may decline sequentially amid metal spread compression and modest pricing pressure, with an improved order backlog noted
- Aluminum operations progressing with commissioning of its aluminum flat-rolled products mill in Columbus, MS and a recycled slab center in San Luis Potosí; first ingots cast in January (MS) and March (MX) with shipments planned for mid-2025
- Repurchased $179 million (1%) of common stock through June 11, 2025
- 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 .