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Steel Dynamics (STLD) investor relations material
Steel Dynamics Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary21 Oct, 2025
Executive summary
Achieved record steel shipments of 3.6 million tons and revenue of $4.8 billion in Q3 2025, with adjusted EBITDA of $664 million and operating income of $508 million, both higher sequentially from Q2 2025.
Net income was $404 million, up 35% sequentially and 27% year-over-year; adjusted EBITDA margin was approximately 13.8%.
Sinton mill and aluminum operations achieved operational milestones, with early product certifications and first shipments; biocarbon team shipped first product, supporting decarbonization.
Announced acquisition of the remaining 55% of New Process Steel, expanding operational capabilities.
For the first nine months of 2025, operating income was $1.2 billion and net income $920 million, both down over 30% year-to-date due to margin compression.
Financial highlights
Q3 2025 net sales were $4.83 billion, up 11% year-over-year; net income attributable to shareholders was $403.7 million ($2.74 diluted EPS), up from $317.8 million ($2.05 diluted EPS) in Q3 2024.
Adjusted EBITDA was $664 million (14% margin), up 25% sequentially and 19% year-over-year; operating income was $508 million, up 33% sequentially.
Cash flow from operations reached $723 million; free cash flow for Q3 was $498 million.
Share repurchases totaled $210 million (1.1% of shares) in Q3; $661 million (3.4%) YTD; $1 billion remains authorized.
Q3 average steel selling price was $1,119/ton, down $15 sequentially; average ferrous scrap cost was $381/ton, down $27.
Outlook and guidance
Aluminum operations expected to reach EBITDA break-even or better in Q4 2025, ramping to 75% utilization by end of 2026; annual EBITDA potential of $650–700 million once fully ramped.
Q4 2025 capital investments projected at $200 million; 2026 CapEx estimated at $500–$600 million.
Planned maintenance outages in Q4 could reduce steel volume by up to 85,000 tons; seasonality expected to impact volumes.
Steel and aluminum demand expected to improve into 2026, supported by infrastructure spending, trade policy, and decarbonization trends.
Biocarbon facility planned to reduce Scope 1 GHG emissions by up to 35%.
Impact of early aluminum product qualification?
Quantify biocarbon's carbon reduction impact.
How do trade actions resolve order hesitancy?
Aluminum certification impact on 2026 mix?
Future M&A focus areas?
Biocarbon impact on cost and market share?
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Next Steel Dynamics earnings date
Q4 202526 Jan, 2026
Next Steel Dynamics earnings date
Q4 202526 Jan, 2026
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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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