STEEL DYNAMICS (STLD) Company Report

Steel Dynamics (SDI) and SGH Ltd have jointly submitted a non-binding indicative offer to acquire 100% of BlueScope Steel Ltd for AUD 30.00 per share (USD 20.041), valuing the deal at AUD 13.2 billion (USD 8.8 billion).
The offer represents a 27% premium to BlueScope’s closing price and 33% premiums to its 3-month and 52-week VWAPs, with valuation multiples of 18.6x EV/FY25A EBIT and 9.5x EV/FY25A EBITDA.
Under the proposal, SDI would acquire BlueScope’s North American operations, while SGH would retain the Australia + Rest of World businesses post-close.
The transaction will be funded via existing cash reserves and debt financing, without issuing new equity, and remains subject to customary due diligence, shareholder, and regulatory approvals.

Jan 5, 2026, 10:22 PM

Press Release

Steel Dynamics issues Q4 2025 earnings guidance

STLD

Guidance Update

Share Buyback

Steel Dynamics forecasts Q4 2025 EPS of $1.65–$1.69, compared to $2.74 in Q3 2025 and $1.36 in Q4 2024.
Lower steel operations profitability driven by 140,000–150,000 tons of reduced flat rolled steel production due to planned maintenance and > $70/ton drop in hot rolled steel prices sequentially.
Metals recycling and steel fabrication earnings are also expected to decline sequentially due to seasonal shipment reductions and maintenance outages, despite a healthy order backlog into Q2 2026.
The company has repurchased approximately $200 million (1%) of its common stock during Q4 2025.

Dec 17, 2025, 3:54 PM

8-K

Steel Dynamics provides Q4 2025 earnings guidance

STLD

Guidance Update

Share Buyback

Steel Dynamics issued Q4 2025 EPS guidance of $1.65–$1.69, down from $2.74 in Q3 2025 and up from $1.36 in Q4 2024.
Lower Q4 profitability expected across steel, metals recycling and fabrication due to seasonal demand, planned maintenance outages reducing production by ~140,000–150,000 tons, and a >$70/ton drop in hot-rolled steel prices from July to October 2025.
Aluminum operations commissioning continues at Columbus, MS and San Luis Potosí, with initial product qualifications for the beverage can, industrial and automotive sectors.
The company repurchased $200 million (1%) of common stock in Q4 2025 and will release full Q4 results on January 26, 2026 before market open.

Dec 17, 2025, 1:00 PM

Press Release

Steel Dynamics completes full acquisition of New Process Steel

STLD

M&A

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.

Dec 2, 2025, 4:11 PM

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.

Dec 1, 2025, 9:30 PM

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).