Steel Dynamics (STLD) Q3 2025 earnings summary

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%.