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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 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 and year-over-year growth in key metrics.
Maintained a world-class safety culture and continued focus on decarbonization and sustainability initiatives, including first biocarbon shipments to the Columbus mill.
Announced acquisition of the remaining 55% of New Process Steel, further expanding operational capabilities.
For the first nine months of 2025, operating income was $1.2 billion and net income was $920 million, both down year-over-year due to margin compression.
Financial highlights
Q3 2025 revenue was $4.8 billion, net income $404 million, adjusted EBITDA $664 million, and diluted EPS $2.74, all up sequentially and year-over-year.
Cash flow from operations was $723 million; free cash flow for Q3 was $498 million.
Ended September with over $2.2 billion in liquidity, including $770 million in cash and $1.2 billion in revolver availability.
Repurchased $661 million of common stock YTD, with $1 billion remaining for buybacks; $210 million repurchased in Q3.
Since 2017, increased dividend per share by 223% and repurchased $7.4 billion in stock (over 40% of shares outstanding).
Outlook and guidance
Aluminum operations are ramping up, with first shipments in June 2025 and EBITDA break-even or better expected in Q4 2025; losses estimated at $40 million for Q4.
Capital investments projected at $200 million for Q4 2025 and $500–$600 million for full-year 2026.
Expect to exit 2026 at 75% aluminum utilization rate, with product mix optimization by 2027.
Steel prices and demand expected to improve in 2026 as inventory overhang dissipates and trade actions support domestic producers.
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 202522 Jan, 2026
Next Steel Dynamics earnings date
Q4 202522 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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