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STEEL DYNAMICS (STLD)

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 .

  1. Steel Operations - Operates electric arc furnace (EAF) steel mills and various processing and coating operations, contributing significantly to the company's revenue .
  2. Steel Fabrication Operations - Produces steel joists and deck products, emphasizing value-added solutions for construction and industrial applications .
  3. Metals Recycling Operations - Provides ferrous and nonferrous metal processing primarily through OmniSource, supporting sustainable material sourcing .
  4. 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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NamePositionExternal RolesShort 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.

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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.

  1. 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?

  2. 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?

  3. 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?

  4. 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?

  5. 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?

Program DetailsProgram 1
Approval DateNovember 2023
End Date/DurationNo expiration date
Total additional amount$1.5 billion
Remaining authorization amount$486.4 million (as of September 30, 2024)
DetailsPurchases based on market price, investment opportunities, cash flows, and economic conditions. Can be modified, suspended, extended, or terminated at any time.
YearAmount Due (millions)Debt TypeInterest Rate (%)% of Total Debt
2024400Senior Notes2.80010.8% = (400M / 3700M) * 100
2024882Current Maturities of Long-Term DebtN/A23.8% = (882M / 3700M) * 100
2025400Senior Notes2.40010.8% = (400M / 3700M) * 100
2034600Senior Unsecured Notes5.37516.2% = (600M / 3700M) * 100
NameStart DateEnd DateReason for Change
Ernst & Young LLP1999 PresentCurrent auditor

Notable M&A activity and strategic investments in the past 3 years.

CompanyYearDetails

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 applauds ITC injury vote on corrosion-resistant steel imports
·$STLD
Legal Proceedings
  • The International Trade Commission issued a unanimous affirmative final determination that imports of corrosion-resistant steel from ten countries injured the U.S. steel industry, paving the way for final antidumping and countervailing duties based on Commerce’s August 2025 rates.
  • Imports of corrosion-resistant steel from these countries surged nearly 60% in the first half of 2024, rising from 2.49 million tons in 2023 to 3.64 million tons in 2024, and have since declined to 1.28 million tons in the first eight months of 2025 after preliminary duties.
  • Steel Dynamics has invested billions in its CORE business in recent years, positioning itself as the largest U.S. producer of CORE, Galvalume, and painted steel, and emphasized that restoring fair trade is essential for its workforce.
7 days ago
Steel Dynamics provides Q3 2025 earnings guidance
·$STLD
Guidance Update
Share Buyback
  • 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 $185 million (1% of shares) of common stock during Q3 2025 as of September 11, 2025
  • Q3 2025 earnings will be released after market close on October 20, 2025, with a conference call on October 21, 2025
Sep 15, 2025, 8:54 PM
Steel Dynamics provides third quarter 2025 earnings guidance
·$STLD
Guidance Update
Share Buyback
New Projects/Investments
  • 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 $185 million (1%) of its common stock during Q3 and will report results on October 20 with a conference call on October 21.
Sep 15, 2025, 8:30 PM
Steel Dynamics misses Q2 2025 earnings
·$STLD
Earnings
Product Launch
New Projects/Investments
  • 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 ~$149, implying about an 11% upside.
Jul 20, 2025, 10:19 PM
Steel Dynamics provides Q2 2025 earnings guidance
·$STLD
Guidance Update
Share Buyback
New Projects/Investments
  • 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 $179 million (1%) of common stock through June 11, 2025
Jun 18, 2025, 12:00 AM
Steel Dynamics Reports Q1 2025 Earnings & Strategic Moves
·$STLD
Earnings
Debt Issuance
Share Buyback
Dividends
New Projects/Investments
  • 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 $2.6B .
  • Strategic investments: Advanced growth with new flat-rolled steel coating lines to add 1.1M tons of higher-margin products and progress in aluminum operations toward commercial quality shipments .
Apr 23, 2025, 12:00 AM
Steel Dynamics Announces Q1 2025 Guidance and Dividend Increase
·$STLD
Guidance Update
Dividends
Share Buyback
  • 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 $191 million repurchased to date in the first quarter.
Mar 18, 2025, 12:00 AM
Steel Dynamics Announces Q1 2025 Earnings Guidance
·$STLD
Earnings
Guidance Update
Share Buyback
  • 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 $191 million of common stock during the quarter.
  • Advancements in the aluminum segment are apparent, with commissioning progress at the Columbus, Mississippi flat rolled products mill and near-completion of several key production lines.
Mar 17, 2025, 8:30 PM
Steel Dynamics Completes Notes Offering
·$STLD
Debt Issuance
  • 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 $400 million 2.400% Senior Notes due June 2025.
  • The transaction supports the company’s strategy to maintain an investment grade credit rating and bolster its capital foundation for ongoing growth.
Mar 12, 2025, 4:15 PM
Steel Dynamics Completes Notes Offering
·$STLD
Debt Issuance
  • 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.
Mar 12, 2025, 12:00 AM