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Steel Dynamics (STLD) investor relations material

Steel Dynamics Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary22 Jul, 2025

Executive summary

  • Achieved strong Q2 2025 financial results with net income of $299M, revenue of $4.6B, and record safety metrics, up 38–39% sequentially but down year-over-year.

  • Shipped first commercial quality aluminum flat rolled coils, marking strategic product expansion and entry into new markets.

  • Repurchased $200M in shares (1.1% of outstanding) and increased quarterly dividend by 9% to $0.50 per share.

  • Awarded Volkswagen Global Group Award for Sustainability and achieved record low TRIR and LTIR.

  • Year-to-date net income was $516M on $8.9B sales, down from $1.0B on $9.3B sales in the prior year period.

Financial highlights

  • Q2 2025 net income was $299M ($2.01 per diluted share); adjusted EBITDA was $533M; revenue reached $4.6B.

  • Operating income was $383M, up 39% sequentially but down from $559M year-over-year.

  • Steel operations operating income was $382M, up 65–66% sequentially; impacted by $32M noncash asset write-off.

  • Metal recycling operating income was $21M, down sequentially and year-over-year despite record shipments.

  • Steel fabrication operating income was $93M, down sequentially and year-over-year as pricing declined and substrate costs rose.

Outlook and guidance

  • Aluminum operations projected to reach EBITDA positive before end of 2025; Q3 loss estimated at $40M, improving to $15–20M in Q4.

  • Sinton and steel fabrication expected to accelerate profitability in H2 2025; aluminum and biocarbon projects ramping up.

  • Capital investments for H2 2025 expected at $400M, mainly for aluminum and biocarbon projects.

  • Anticipate higher steel and fabrication volumes and improved product mix to drive sequential profit growth in Q3 and Q4.

  • Order backlog in steel fabrication up 15% YTD, extending into 2026, with expectations for sequential profitability improvement.

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Frequently asked questions

Headquartered in Fort Wayne, Indiana, Steel Dynamics, Inc. is the largest American steel producer and metal recycler with strategic geographic locations throughout the United States. The Company recycles ferrous and non-ferrous metal-bearing commodities that include scrap metal, plate, tin plate, corrugated and alloy sheet metal products and other materials. Steel Dynamics primarily serves automotive, furniture, appliance and building construction manufacturing industries.

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