STEEL DYNAMICS (STLD) Company Report

Steel Dynamics has acquired the remaining 55% equity interest in New Process Steel, L.P., making it a wholly owned subsidiary.
New Process Steel, headquartered in Houston with six manufacturing sites across the U.S. and Mexico, employs approximately 1,275 individuals and is Steel Dynamics’ largest flat rolled steel customer.
The acquisition enhances Steel Dynamics’ exposure to value-added manufacturing and supply-chain management opportunities.
The transaction announcement is filed as Exhibit 99.1 to the Form 8-K.

3 days ago

8-K

Steel Dynamics completes acquisition of remaining stake in New Process Steel

STLD

M&A

New Projects/Investments

Steel Dynamics has acquired the remaining 55% equity interest in New Process Steel, finalizing its full ownership of the metal products and distribution firm.
The deal is aimed at expanding Steel Dynamics’ exposure to value-added manufacturing opportunities while continuing to serve its flat-rolled steel customer base.
New Process Steel operates six manufacturing locations across North America (including two at Steel Dynamics’ Butler and Columbus facilities), employs approximately 1,275 people, and is Steel Dynamics’ largest flat-roll customer.

4 days ago

Press Release

Steel Dynamics completes $800M notes offering and calls 5.000% Notes due 2026

STLD

Debt Issuance

Steel Dynamics issued $650 million of 4.000% Notes due 2028 and reopened $150 million of 5.250% Notes due 2035 at 101.443% with an implied yield of 5.053%, consolidating the new 2035 Notes with the existing series.
The company will use the net proceeds to redeem $400 million of its 5.000% Notes due 2026 and for other general corporate purposes, enhancing liquidity and capital structure flexibility.
Steel Dynamics called for redemption of the $400 million 2026 Notes on December 21, 2025 at 100.000% of principal plus accrued and unpaid interest, with interest ceasing thereafter.
J.P. Morgan Securities, Morgan Stanley, BofA Securities and Wells Fargo Securities served as joint book-running managers for the transaction.

Nov 21, 2025, 8:11 PM

8-K

Steel Dynamics completes notes offering and calls redemption of 5.000% Notes due 2026

STLD

Debt Issuance

Steel Dynamics issued $650 million aggregate principal of 4.000% Notes due 2028 and reopened $150 million of 5.250% Notes due 2035 at 101.443%, implying a 5.053% yield.
The Additional 2035 Notes will consolidate with the existing $600 million series; net proceeds will redeem $400 million of 5.000% Notes due 2026 and support general corporate purposes.
The redemption date for the 2026 Notes is set for December 21, 2025 at 100.000% of par plus accrued interest, after which interest will cease.

Nov 21, 2025, 6:30 PM

Press Release

Steel Dynamics launches lower-embodied-carbon steel products BIOEDGE and EDGE

STLD

Product Launch

Steel Dynamics introduces BIOEDGE™ and EDGE™, lower-embodied-carbon steel products produced exclusively with electric arc furnace (EAF) technology and paired with renewable energy or emission-free nuclear certificates to reduce Scope 1 and Scope 2 emissions.
BIOEDGE™ further minimizes embodied carbon by substituting renewable biocarbon for anthracite in the EAF process, cutting Scope 1 emissions.
The EDGE™ family will be rolled out across Steel Dynamics’ steel operations, with anticipated demand from automotive, construction, renewable energy and infrastructure sectors.
BIOEDGE’s renewable biocarbon is sourced from SDI Biocarbon Solutions—75% owned by Steel Dynamics—with an annual production capacity of 228,000 metric tons.

Oct 27, 2025, 11:00 AM

Press Release

Steel Dynamics reports Q3 2025 results

STLD

Earnings

Share Buyback

New Projects/Investments

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.

Oct 21, 2025, 3:00 PM

Transcript

Steel Dynamics reports Q3 2025 results

STLD

Earnings

Share Buyback

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).

Oct 21, 2025, 3:00 PM

Presentation

Steel Dynamics announces Q3 2025 results

STLD

Earnings

Share Buyback

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.

Oct 21, 2025, 2:54 PM

8-K

Steel Dynamics reports Q3 2025 results

STLD

Earnings

Share Buyback

New Projects/Investments

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

Oct 20, 2025, 8:30 PM

Press Release

Steel Dynamics applauds ITC injury vote on corrosion-resistant steel imports

STLD

Legal Proceedings

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.

Sep 26, 2025, 12:30 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for STEEL DYNAMICS.

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