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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.
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Q3 2025 earnings summary21 Oct, 2025

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.

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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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