Steel Dynamics (STLD) investor relations material

Executive summary

• Achieved record steel shipments of 3.6 million tons in Q3 2025, with strong operational milestones in aluminum and biocarbon production, and continued ramp-up of Aluminum Dynamics operations.

• Net sales reached $4.8 billion, net income was $404 million, and adjusted EBITDA totaled $664 million for the quarter, with sequential net income up 35%.

• Biocarbon team shipped first product, advancing decarbonization efforts and providing a lower carbon supply chain.

• Announced acquisition of the remaining 55% of New Process Steel, further expanding operational capabilities.

• Safety and team culture remain central, with ongoing focus on a zero incident environment.

Financial highlights

• Q3 2025 revenue was $4.8 billion, up 6% sequentially and 11% year-over-year; net income was $404 million, and adjusted EBITDA was $664 million (14% margin).

• Diluted EPS was $2.74, up from $2.01 in Q2 2025 and $2.05 in Q3 2024; cash flow from operations totaled $723 million.

• Steel operations generated $498 million in operating income, up 30% sequentially; Sinton shipments up nearly 20%.

• Metals recycling operating income was $32 million, significantly above Q2, with near record shipments.

• Steel fabrication operating income was $107 million, up 15% sequentially, with backlog extending through 2026.

Outlook and guidance

• Aluminum operations expected to achieve monthly EBITDA breakeven or better in Q4 2025, with 75% utilization rate targeted by end of 2026.

• Planned maintenance outages in Q4 could reduce steel volume by up to 85,000 tons.

• Steel prices believed to have bottomed out, with improvement expected into 2026; demand outlook is positive, supported by infrastructure and trade policy.

• Automotive and nonresidential construction demand expected to remain strong, supported by onshoring and infrastructure spending.

• Capex for 2025 estimated at $200 million; 2026 guidance is $500–600 million.