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Steel Dynamics
Steel Dynamics (STLD) investor relations material
Steel Dynamics Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Jan, 2026
Executive summary
Achieved record annual steel shipments of 13.7 million tons in 2025, with net sales of $18.2 billion and net income of $1.2 billion, alongside strong operational and safety performance.
Generated $1.4 billion in cash from operations and Adjusted EBITDA of $2.2 billion for 2025, maintaining liquidity over $2.2 billion.
Completed acquisition of New Process Steel and advanced the Aluminum Dynamics project, with first aluminum shipments and positive EBITDA in December.
Repurchased $901 million in common stock, over 4% of outstanding shares, and increased cash dividend by 9% in 2025.
Submitted a joint offer with SGH to acquire BlueScope, aiming to unlock value in North American assets, though the offer was rejected.
Financial highlights
Full year 2025 revenue reached $18.2 billion, net income $1.2 billion, and adjusted EBITDA $2.2 billion (12% margin); diluted EPS was $7.99.
Fourth quarter 2025 revenue was $4.4 billion, net income $266 million ($1.82 per diluted share), and adjusted EBITDA $505 million.
Steel operations generated $1.43 billion in operating income for the year, down from $1.59 billion in 2024, as record shipments were offset by compressed margins.
Mills recycling operating income rose nearly 30% year-over-year to $97 million.
Steel fabrication earnings were $407 million for the year, with Q4 operating income of $91 million.
Outlook and guidance
Aluminum mill expected to reach 90% utilization by end of 2026, ahead of previous expectations, and to add $650–700 million in annual EBITDA through cycle.
Anticipates continued positive and improving EBITDA for aluminum operations through 2026, with product mix optimization in the second half.
Capital investments for 2026 projected at $600 million.
Steel fabrication backlog extends through first half of 2026, with strong demand expected from infrastructure and manufacturing onshoring.
Growth strategy focused on value-added steel and aluminum products, with major investments in new facilities and decarbonization technology.
What drives earlier aluminum capacity ramp-up?
Future capital investment beyond 2026?
How to mitigate prime ferrous scrap issues?
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Next Steel Dynamics earnings date
Q1 202622 Apr, 2026
Steel Dynamics
Next Steel Dynamics earnings date
Q1 202622 Apr, 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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