Steel Dynamics (STLD) Q2 2025 earnings summary

Executive summary

• Net income for Q2 2025 was $299 million ($2.01 per diluted share), up 38–40% sequentially but down 30% year-over-year, with adjusted EBITDA of $533 million and record safety metrics.

• Revenue for Q2 2025 was $4.6 billion, with strong sequential improvement in steel operations and the first commercial aluminum coil shipments in June.

• Sinton mill overcame oxygen supply issues, achieved pre-tax break-even, and is expected to accelerate profitability.

• Repurchased $200 million in shares (1.1% of outstanding) and paid increased quarterly dividends of $0.50 per share.

• Biocarbon facility commissioning underway, aiming to reduce Scope 1 GHG emissions by up to 35%.

Financial highlights

• Q2 2025 revenue was $4.6 billion, net income $299 million, and adjusted EBITDA $533 million, with operating income of $383 million, up 39% sequentially but down from $559 million year-over-year.

• Diluted EPS was $2.01, up from $1.44 sequentially but down from $2.72 year-over-year.

• Cash flow from operations for Q2 was $302 million; liquidity at quarter-end was $1.9 billion.

• Steel operations operating income was $382 million, up over 65% sequentially; steel fabrication operating income was $93 million, down from Q1.

• Metal recycling operating income was $21 million, down sequentially due to lower ferrous pricing despite record shipments.

Outlook and guidance

• Aluminum operations are ramping up, with first coils shipped in June and utilization expected to reach 40–50% by year-end 2025.

• Sinton mill and steel fabrication expected to see increased profitability in the second half of 2025.

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

• Anticipate positive impact from U.S. ITC rulings on coated flat rolled steel and reduced unfairly traded imports.

• Management expects sufficient liquidity and compliance with debt covenants for capital needs over the next twelve months.