STEEL DYNAMICS (STLD) Company Report

Fourth quarter net sales of $4.4 billion and net income of $266 million (diluted EPS $1.82); full-year net sales of $18.2 billion and net income of $1.2 billion (diluted EPS $7.99).
Record annual steel shipments of 13.7 million tons, $2.2 billion of adjusted EBITDA, and $1.4 billion in cash flow from operations; liquidity over $2.2 billion as of December 31, 2025.
Returned capital via $901 million of share repurchases (over 4% of shares) and $291 million of dividends in 2025.
Issued $800 million of unsecured notes (4.000% due 2028; 5.250% due 2035) and redeemed $400 million of notes due 2026.

7 days ago

8-K

Steel Dynamics reports Q4 and Full Year 2025 results

STLD

Earnings

Debt Issuance

M&A

Steel Dynamics achieved record annual steel shipments of 13.7 million tons, with $1.4 billion cash from operations and $2.2 billion Adjusted EBITDA in 2025.
In Q4 2025, revenue was $4.4 billion, net income $266 million ($1.82/share), and operating income $310 million, down sequentially due to lower pricing and volumes.
Liquidity remained strong at >$2.2 billion, complemented by an $800 million investment-grade note issuance and $240 million in share repurchases in the quarter.
Closed acquisition of the remaining 55% of New Process Steel in December 2025; proposed all-cash bid for BlueScope North America was ultimately rejected by BlueScope’s board.

Jan 26, 2026, 4:00 PM

Transcript

Steel Dynamics reports Q4 and full year 2025 results

STLD

Earnings

M&A

New Projects/Investments

Steel Dynamics achieved 2025 operating income of $1.5 billion and net income of $1.2 billion ( $7.99 per diluted share ); in Q4 2025, revenue was $4.4 billion, operating income $310 million, and net income $266 million ($1.82 per diluted share)
Cash flow from operations totaled $1.4 billion in 2025 with year-end liquidity over $2.2 billion; the company invested $948 million in capital expenditures and expects ~$600 million in CapEx for 2026
Completed the acquisition of the remaining 55% equity interest in New Process Steel effective December 1, 2025, and in December submitted an all-cash offer for BlueScope alongside partner SGH to unlock value in North American assets
Steel operations set a record with 13.7 million tons of shipments in 2025; in Q4 2025 flat-rolled steel operating income was $322 million, with shipments of 942,000 tons hot-rolled, 122,000 tons cold-rolled, and 1,395,000 tons coated products
Aluminum Dynamics achieved positive EBITDA in December with 10,000 metric tons shipped; through-cycle EBITDA is forecast at $650–700 million, and the rolling mill is expected to reach 90% utilization by end-2026

Jan 26, 2026, 4:00 PM

Transcript

Steel Dynamics reports Q4 and full‐year 2025 results

STLD

Earnings

Debt Issuance

Share Buyback

In 2025, Steel Dynamics reported $1.5 billion operating income and $1.2 billion net income ($7.99 per diluted share); cash flow from operations was $1.4 billion and liquidity exceeded $2.2 billion.
In Q4 2025, net income was $266 million ($1.82 per diluted share), revenue was $4.4 billion, and operating income was $310 million.
Record steel shipments of 13.7 million tons drove full-year volume, though flat-rolled operations saw Q4 operating income of $322 million after planned maintenance outages.
Aluminum flat-rolled operations in Columbus and San Luis Potosí became EBITDA-positive in December, shipping 10 000 metric tons amid ongoing commissioning.
The company issued $800 million in unsecured notes, repurchased $900 million of common stock (with $801 million of authorization remaining), and forecasts $600 million in capex for 2026.

Jan 26, 2026, 4:00 PM

Transcript

Steel Dynamics reports Q4 2025 results

STLD

Earnings

Share Buyback

M&A

Full Year 2025: Revenue of $18.2 billion, Net Income of $1.2 billion, Adjusted EBITDA of $2.2 billion (12% margin), Diluted EPS of $7.99, and 4.4% share repurchase
Q4 2025: Net Sales of $4.414 billion (down 9% sequential), Net Income of $266 million, Adjusted EBITDA of $505 million (11% margin), Diluted EPS of $1.82, and 1.0% share repurchase
Operational highlights: Record steel shipments; completed acquisition of remaining 55% of New Process Steel; ramp-up of Aluminum Dynamics; first biocarbon shipments to Columbus mill
Safety performance: Total Recordable Injury Rate of 1.5 versus industry steel rate 1.7; Lost Time Injury Rate of 0.34 for 2025

Jan 26, 2026, 4:00 PM

Presentation

Steel Dynamics reports Q4 and 2025 financial results

STLD

Earnings

Share Buyback

Debt Issuance

Q4 2025 net sales of $4.4 billion and net income of $266 million ($1.82 EPS), down from $404 million ($2.74 EPS) in Q3 and up from $207 million ($1.36 EPS) in Q4 2024.
Full-year 2025 net sales of $18.2 billion, operating income of $1.5 billion, net income of $1.2 billion ($7.99 EPS), and adjusted EBITDA of $2.2 billion, with record steel shipments of 13.7 million tons, $1.4 billion cash flow from operations, and liquidity of over $2.2 billion.
Executed $901 million of share repurchases (4% of shares) and paid $291 million in dividends in 2025.
Issued $800 million of unsecured notes (4.00% due 2028; 5.25% due 2035) to redeem $400 million of 2026 notes and for general corporate purposes.

Jan 26, 2026, 12:00 PM

Press Release

Steel Dynamics and SGH submit NBIO for BlueScope Steel acquisition

STLD

M&A

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.