Form 8-K

8-K — STEEL DYNAMICS INC

Accession: 0001104659-26-085277

Filed: 2026-07-21

Period: 2026-07-20

CIK: 0001022671

SIC: 3312 (STEEL WORKS, BLAST FURNACES ROLLING MILLS (COKE OVENS))

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — tm2620920d1_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2620920d1_ex99-1.htm)

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8-K (Primary)

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0001022671

2026-07-20

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UNITED STATES

SECURITIES AND

EXCHANGE COMMISSION

WASHINGTON, DC

20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (date of earliest event reported)

July 20, 2026

STEEL

DYNAMICS, INC.

(Exact name of registrant as specified in its

charter)

Indiana

0-21719

35-1929476

(State

or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS

Employer

Identification No.)

7575

West Jefferson Blvd, Fort Wayne,

Indiana 46804

(Address of principal executive offices) (Zip

Code)

Registrant’s telephone number, including

area code: 260-969-3500

Not Applicable

(Former name or former address, if changed since

last report)

Check the appropriate box below if the Form 8-K

filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written

communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting

material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement

communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement

communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of

the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common

Stock voting, $0.0025 par value

STLD

NASDAQ

Global Select Market

Indicate

by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405

of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging

growth company ¨

an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying

with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02. Results of Operations and Financial

Condition

On July 20, 2026, Steel Dynamics, Inc.

issued a press release titled “Steel Dynamics Reports Second Quarter 2026 Results.” A copy of that press release is

attached hereto as Exhibit 99.1.

The information contained in Exhibit 99.1 is furnished under this

Item 2.02 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended,

or incorporated by reference in any filing thereunder or under the Securities Act of 1933, as amended, except as may be expressly set

forth by specific reference in any such filing.

Item 9.01. Financial Statements and Exhibits

(d )

Exhibits.

The following exhibit is furnished

with this report:

Exhibit Number

Description

99.1 A press release dated July 20, 2026, titled “Steel Dynamics Reports Second Quarter 2026 Results.”

104 Cover Page Interactive Data File – the cover page interactive data file does not appear in the Interactive Data File because its

XBRL tags are embedded within the Inline XBRL document.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934,

the registrant has duly caused this Report to be signed on its behalf by the undersigned hereto duly authorized.

STEEL DYNAMICS, INC.

/s/ Theresa E. Wagler

Date: July 21, 2026

By:

Theresa E. Wagler

Title:

Executive Vice President and Chief

Financial Officer

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2620920d1_ex99-1.htm · Sequence: 2

Exhibit 99.1

Press Release

July 20, 2026

7575

W. Jefferson Blvd.

Fort

Wayne, IN 46804

Steel

Dynamics Reports Second Quarter 2026 Results

FORT

WAYNE, INDIANA, July 20, 2026 / PRNewswire /

Second

Quarter 2026 Performance Highlights:

§ Record steel shipments of 3.7 million tons

§ Continued commissioning and increased production from aluminum flat rolled sheet operations

§ Net sales of $6.1 billion, operating income of $700 million, and net income of $534 million

§ Adjusted EBITDA of $921 million and cash flow from operations of $428 million

§ Share repurchases of $200 million of the company’s common stock

Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced second

quarter 2026 financial results. The company reported second quarter 2026 net sales of $6.1 billion and net income of $534 million, or

$3.69 per diluted share which was reduced by a $16 million non-cash asset impairment charge related to the decision to relocate the company’s

planned second satellite aluminum recycled slab center from Arizona to Columbus, Mississippi. Comparatively, the company’s sequential

first quarter 2026 net income was $403 million, or $2.78 per diluted share and prior year second quarter net income was $299 million,

or $2.01 per diluted share.

“During the second quarter 2026 steel pricing continued to improve

resulting in strong performance across our steel platform, driving a sequential quarterly increase in consolidated operating income of

$162 million, or 30 percent,” said Mark D. Millett, Chairman and Chief Executive Officer. “Our metals recycling, steel fabrication,

and aluminum teams also had a solid performance. Our three-year after-tax return-on-invested capital of 13 percent is a testament to our

ongoing high-return capital allocation execution. We are growing, returning capital to shareholders, and maintaining strong returns with

best-in-class performance compared to domestic manufacturers.

“Steel fundamentals continued to strengthen during the second

quarter, as pricing improved, demand remained solid, and customer inventory levels declined, remaining lower than historical norms,”

said Millett. “Steel backlogs and lead times have also extended. Additionally, value-added flat-rolled steel spreads expanded in

the quarter. We continue to see an improved steel market environment, supported by domestic trade actions, manufacturing reshoring, infrastructure

program funding, and the increasing regionalization of supply chains within the United States. Long-product steel demand remains extremely

strong, particularly for structural steel and railroad rail. We believe sustained demand across our platforms, combined with favorable

market conditions, positions us well moving forward.

“The aluminum team continues to make strong progress on the commissioning

and startup of our aluminum flat-rolled sheet products mill located in Columbus, Mississippi,” continued Millett. “The team

is already providing high-quality products for the industrial, beverage, and automotive markets, with continued customer qualifications

currently underway. We recently received qualifications to supply products for automotive applications, with expectations for automotive

sales to commence before the end of 2026. Simultaneously, the team has finished construction and commenced commissioning of the third

and final cold mill in July, which will allow for the full 650,000-metric-ton capacity. Together with our broader investment initiatives

across the company, aluminum represents an exciting avenue for continued growth and value creation.”

Second Quarter 2026 Comments

Second quarter

2026 operating income for the company’s steel operations was $721 million, or 30 percent higher than sequential first quarter results,

due to record shipments and metal spread expansion across the platform, as steel pricing increased more than ferrous scrap costs. The

second quarter 2026 average external product selling price for the company’s steel operations increased $105 sequentially to $1,298

per ton. The average ferrous scrap cost per ton melted at the company’s steel mills increased $16 sequentially to $412 per ton.

The energy, non-residential construction, automotive, industrial, and agricultural sectors led steel demand in the quarter.

Compared to sequential first quarter results, second

quarter 2026 operating income from the company’s metals recycling operations remained steady at $48 million, supported by higher

volumes as pricing decreased in the quarter. Scrap flows seasonally improved in the second quarter, resulting in ample supply as domestic

steel mills increased utilization.

The company’s steel fabrication operations generated operating

income of $85 million in the second quarter 2026, in line with first quarter results of $90 million, as increased shipments and steady

pricing were offset by higher steel raw material input costs. Customer order activity has continued to strengthen since the end of 2025,

with the order backlog now nearly 45 percent higher than a year ago and extending into the first quarter 2027. Demand improved across

several key end markets, including commercial construction, data centers, manufacturing, warehousing, and healthcare. In addition, accelerating

announcements of significant domestic manufacturing investments and increased reshoring activity, coupled with funding from the U.S. infrastructure

program, are expected to provide meaningful support for demand across our product portfolio, including steel joists and deck products,

as well as flat-rolled and long-product steel.

Second quarter 2026 operating losses associated with the continued

startup of the company’s aluminum operations were $33 million, or a 48 percent improvement compared to sequential first quarter

results. There was also an additional non-cash impairment charge of $16 million in the second quarter, related to the relocation of the

planned second satellite aluminum recycled slab center. Aluminum flat rolled sheet product shipments increased to 53,000 metric tons in

the second quarter 2026, while hot band production increased to 84,000 metric tons. The company expects volumes and profitability from

its aluminum operations to increase sharply in the second half 2026 and for full year 2027, as startup costs subside, utilization and

yields improve, and scrap content increases. Demand for aluminum flat-rolled sheet products across the company’s consumer sectors

remains strong, with the supply deficit growing.

The

company generated cash flow from operations of $428 million during the second quarter 2026. Working capital, excluding income taxes increased

$225 million in the second quarter, as product pricing and demand improved across the business and the aluminum operations continued to

ramp. The company also invested $124 million in capital investments, paid cash dividends of $77 million, and repurchased $200 million

of its outstanding common stock, while maintaining strong liquidity of $2.0 billion as of June 30, 2026.

Year-to-Date June 30, 2026 Comparison

For the six months ended June 30, 2026, net income was $938 million,

or $6.47 per diluted share, with net sales of $11.3 billion, as compared to net income of $516 million, or $3.44 per diluted share, with

net sales of $8.9 billion for the same period in 2025.

First half 2026 operating income increased 88 percent to $1.2 billion,

when compared to the same period in 2025. Increased earnings were primarily the result of higher realized pricing and shipments in the

company’s steel operations. First half 2026 operating income from the company’s steel operations was $1.3 billion, compared

to $612 million for the same prior year period. The average first half 2026 external selling price for the company's steel operations

increased $183 to $1,247 per ton compared to the same prior year period, and the average ferrous scrap cost per ton melted at the company’s

steel mills increased $7 to $404 per ton. First half 2026 operating income from the company’s steel fabrication operations was $174

million, compared to $210 million in the same prior year period, due to a decrease in average pricing of $100 per ton combined with higher

steel raw material input costs of $95 per ton. First half 2026 operating income from the company’s metals recycling operations was

$95 million, compared to $47 million in the same prior year period, due to improved metal spreads and increased shipments.

Based on the company’s differentiated business model and highly

variable cost structure, the company achieved cash flow from operations of $576 million in the first half 2026. The company also invested

$262 million in capital investments, paid cash dividends of $149 million, and repurchased $315 million of its outstanding common stock,

representing one percent of its outstanding shares, while maintaining liquidity of $2.0 billion.

Outlook

“We remain confident that market conditions are in place to support

strong domestic steel and aluminum consumption through the remainder of 2026 and into 2027,” said Millett. “Customer sentiment,

order entry activity, and pricing have continued to improve across our businesses. In addition, discussions with our customers further

underscore the growing importance of lower-carbon, domestically produced steel and aluminum products, positioning our operations with

a sustainable long-term competitive advantage.

As the impact of unfair trade practices continues to diminish, policy

clarity improves, and U.S. manufacturing investment expands, we believe the foundation is in place for a favorable market environment

and sustained demand growth.

“The aluminum team continues to make progress commissioning our

aluminum flat rolled products mill, as well as our San Luis Potosi, Mexico satellite recycled aluminum slab center. Two of the three cold

mills are now operational, and the third cold mill is currently being commissioned, with expectations to begin transitioning to commercial

operations in August. Additionally, the first of two Continuous Annealing and Solution Heat (CASH) lines, which support the production

of finished automotive products, is operating and shipping material for customer qualification. The second CASH line is also expected

to begin material qualifications in the fourth quarter 2026.

“We have intentionally aligned our growth strategy with our customers’

evolving needs, with a focus on product excellence, supply chain efficiency, and sustainability. Building on our strong positions in steel,

we are expanding into high-recycled-content aluminum sheet products to serve deficit adjacent markets where customer demand continues

to accelerate. This opportunity spans the resilient beverage can and packaging market and extends to automotive, industrial, and construction

applications. Supported by our performance-driven culture and proven ability to develop and operate low-cost, high-margin manufacturing

assets, we believe we are well positioned to create attractive long-term value through this expansion. As demand for domestically produced,

lower-carbon materials continue to grow, our strategic investments in aluminum will complement our existing steel platforms and strengthen

our ability to serve customers across a broader range of end markets.

“Our commitment is to the health and safety of our teams, families,

and communities, while meeting the current and future needs of our customers. Our culture and business model continues to positively differentiate

our performance from the rest of the industry. We continue to focus on delivering superior value to our team members, customers, and shareholders,”

concluded Millett.

Conference Call and Webcast

Steel Dynamics, Inc. will hold a conference call to discuss second

quarter 2026 operating and financial results on Tuesday, July 21, 2026, at 11:00 a.m. Eastern Daylight Time. You may access

the call and find dial-in information on the Investors section of the company’s website at www.steeldynamics.com. A replay

of the call will be available on our website until 11:59 p.m. Eastern Daylight Time on July 30, 2026.

About Steel Dynamics, Inc.

Steel Dynamics is a leading industrial metals solutions company, with

facilities located throughout the United States, and in Mexico. The company operates using a circular manufacturing model, producing lower-carbon-emission,

quality products with recycled scrap as the primary input. Steel Dynamics is one of the largest domestic steel producers and metal recyclers

in North America, combined with a meaningful downstream steel fabrication platform. The company has also recently added aluminum operations,

further diversifying its product offerings to supply aluminum flat rolled products with higher recycled content to the countercyclical

sustainable beverage can industry, in addition to the automotive and industrial sectors. Steel Dynamics is committed to operating with

the highest integrity and to being the safest, most efficient producer of high-quality, broadly diversified, value-added metal products.

Note Regarding Financial Metrics

The company believes that after-tax return-on-invested capital (After-tax

ROIC) provides an indication of the effectiveness of the company’s invested capital and is calculated as follows:

After-tax

ROIC =

Net Income Attributable to Steel Dynamics, Inc.

(Quarterly Average Current Maturities of Long-term Debt + Long-term Debt + Total Equity)

Note Regarding Non-GAAP Financial Measures

The company reports its financial results in accordance with U.S. generally

accepted accounting principles (GAAP). Management believes that the non-GAAP financial measures EBITDA and Adjusted EBITDA provide additional

meaningful information regarding the company’s performance and financial strength. Non-GAAP financial measures should be viewed

in addition to and not as an alternative for the company’s reported results prepared in accordance with GAAP. In addition, not all

companies use identical calculations for EBITDA or Adjusted EBITDA; therefore, EBITDA and Adjusted EBITDA included in this release may

not be comparable to similarly titled measures of other companies.

Forward-Looking Statements

This press release contains some predictive statements about future

events, including statements related to conditions in domestic or global economies, conditions in steel, aluminum, and recycled metals

marketplaces, Steel Dynamics' revenues, costs of purchased materials, future profitability and earnings, and the operation of new, existing

or planned facilities. These statements, which we generally precede or accompany by such typical conditional words as “anticipate”,

“intend”, “believe”, “estimate”, “plan”, “seek”, “project”, or

“expect”, or by the words “may”, “will”, or “should”, are intended to be made as “forward-looking”,

subject to many risks and uncertainties, within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. These

statements speak only as of this date and are based upon information and assumptions, which we consider reasonable as of this date, concerning

our businesses and the environments in which they operate. Such predictive statements are not guarantees of future performance, and we

undertake no duty to update or revise any such statements. Some factors that could cause such forward-looking statements to turn out differently

than anticipated include: (1) domestic and global economic factors; (2) global steelmaking overcapacity and imports of steel,

together with increased scrap prices; (3) the cyclical nature of the metals industries and the industries we serve; (4) volatility

and major fluctuations in prices and availability of scrap metal, scrap substitutes and supplies, and our potential inability to pass

higher costs on to our customers; (5) cost and availability of electricity, natural gas, oil, and other energy resources are subject

to volatile market conditions; (6) increased environmental, greenhouse gas emissions and sustainability considerations from our customers

and investors or related regulations; (7) compliance with and changes in environmental and remediation requirements; (8) significant

price and other forms of competition from other steel and aluminum producers, scrap processors and alternative materials; (9) availability

of an adequate source of supply of scrap for our metals recycling operations; (10) cybersecurity threats and risks to the security

of our sensitive data and information technology; (11) the implementation of our growth strategy; (12) our ability to retain, develop

and attract key personnel; (13) litigation and legal compliance; (14) unexpected equipment downtime or shutdowns; (15) difficulties in

the launch or production ramp-up of new products; (16) our aluminum operations depend on a core group of significant customers; (17) governmental

agencies may refuse to grant or renew some of our licenses and permits; (18) our existing debt agreements contain, and any future financing

agreements may contain, restrictive covenants that may limit our flexibility; and (19) the impacts of impairment charges.

More specifically, we refer you to our more detailed explanation of

these and other factors and risks that may cause such predictive statements to turn out differently, as set forth in our most recent Annual

Report on Form 10-K under the headings Special Note Regarding Forward-Looking Statements and Risk Factors, in our Quarterly Reports

on Form 10-Q, or in other reports which we file with the Securities and Exchange Commission. These reports are available publicly

on the Securities and Exchange Commission website, www.sec.gov, and on our website, www.steeldynamics.com under “Investors –

SEC Filings.”

Contact:

Investor Relations — +1.260.969.3500

Steel Dynamics, Inc.

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(in thousands, except per share data)

Three Months Ended

Six Months Ended

Three Months

June 30,

Ended

2026

2025

2026

2025

March 31, 2026

Net sales

$ 6,091,557

$ 4,565,123

$ 11,296,415

$ 8,934,318

$ 5,204,858

Costs of goods sold

5,132,583

3,946,655

9,574,218

7,829,306

4,441,635

Gross profit

958,974

618,468

1,722,197

1,105,012

763,223

Selling, general and administrative expenses

193,451

198,010

368,671

379,818

175,220

Profit sharing

57,314

30,706

99,512

53,401

42,198

Amortization of intangible assets

7,730

6,897

15,531

13,794

7,801

Operating income

700,479

382,855

1,238,483

657,999

538,004

Interest expense, net of capitalized interest

39,120

17,381

72,361

29,512

33,241

Other income, net

(22,105 )

(22,392 )

(30,555 )

(40,033 )

(8,450 )

Income before income taxes

683,464

387,866

1,196,677

668,520

513,213

Income tax expense

152,679

86,675

265,787

149,650

113,108

Net income

530,785

301,191

930,890

518,870

400,105

Net loss (income) attributable to noncontrolling interests

3,302

(2,465 )

6,633

(2,993 )

3,331

Net income attributable to Steel Dynamics, Inc.

$ 534,087

$ 298,726

$ 937,523

$ 515,877

$ 403,436

Basic earnings per share attributable to

Steel Dynamics, Inc. stockholders

$ 3.71

$ 2.01

$ 6.49

$ 3.45

$ 2.79

Weighted average common shares outstanding

143,997

148,387

144,397

149,325

144,797

Diluted earnings per share attributable to

Steel Dynamics, Inc. stockholders, including the

effect of assumed conversions when dilutive

$ 3.69

$ 2.01

$ 6.47

$ 3.44

$ 2.78

Weighted average common shares and share equivalents outstanding

144,591

148,960

144,956

149,885

145,321

Dividends declared per share

$ 0.53

$ 0.50

$ 1.06

$ 1.00

$ 0.53

Steel Dynamics, Inc.

CONSOLIDATED BALANCE SHEETS

(in thousands)

June 30,

December 31,

Assets

2026

2025

(unaudited)

Current assets

Cash and equivalents

$ 567,708

$ 769,878

Accounts receivable, net

2,442,938

1,682,660

Inventories

3,955,621

3,738,516

Other current assets

314,768

293,117

Total current assets

7,281,035

6,484,171

Property, plant and equipment, net

8,491,771

8,569,466

Intangible assets, net

315,759

331,290

Goodwill

477,471

Other assets

547,363

557,382

Total assets

$ 17,113,399

$ 16,419,780

Liabilities and Equity

Current liabilities

Accounts payable

$ 1,483,566

$ 1,231,358

Income taxes payable

32,345

67,315

Accrued expenses

770,063

788,926

Current maturities of long-term debt

1,332

34,655

Total current liabilities

2,287,306

2,122,254

Long-term debt

4,180,810

4,176,508

Deferred income taxes

1,070,817

1,004,375

Other liabilities

211,395

186,232

Total liabilities

7,750,328

7,489,369

Commitments and contingencies

Redeemable noncontrolling interests

143,259

141,226

Equity

Common stock

653

Treasury stock, at cost

(8,287,758 )

(7,980,549 )

Additional paid-in capital

1,229,734

1,248,634

Retained earnings

16,473,691

15,689,042

Accumulated other comprehensive income (loss)

3,212

(598 )

Total Steel Dynamics, Inc. equity

9,419,532

8,957,182

Noncontrolling interests

(199,720 )

(167,997 )

Total equity

9,219,812

8,789,185

Total liabilities and equity

$ 17,113,399

$ 16,419,780

Steel Dynamics, Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands)

Three Months Ended

Six Months Ended

June 30,

2026

2025

2026

2025

Operating activities:

Net income

$ 530,785

$ 301,191

$ 930,890

$ 518,870

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

173,922

132,865

333,202

266,621

Equity-based compensation

14,162

14,063

31,613

31,103

Deferred income taxes

29,978

39,129

62,647

55,378

Other adjustments

14,431

(890 )

12,138

(5,085 )

Changes in certain assets and liabilities:

Accounts receivable

(386,504 )

19,825

(760,278 )

(283,777 )

Inventories

(48,843 )

(163,417 )

(223,270 )

(149,607 )

Other assets

(23,468 )

7,789

(2,467 )

(24,326 )

Accounts payable

107,310

(5,267 )

264,215

243,333

Income taxes receivable/payable

(109,889 )

(82,710 )

(35,457 )

(39,895 )

Accrued expenses

126,052

39,033

(36,981 )

(158,401 )

Net cash provided by operating activities

427,936

301,611

576,252

454,214

Investing activities:

Purchases of property, plant and equipment

(123,842 )

(288,331 )

(261,821 )

(593,837 )

Purchases of short-term investments

(29,571 )

(39,571 )

Proceeds from maturities of short-term investments

9,614

147,425

Other investing activities

5,805

2,592

4,718

1,528

Net cash used in investing activities

(118,037 )

(305,696 )

(257,103 )

(484,455 )

Financing activities:

Issuance of current and long-term debt

695,091

484,278

1,294,560

1,890,221

Repayment of current and long-term debt

(716,223 )

(902,605 )

(1,328,582 )

(1,335,132 )

Dividends paid

(76,555 )

(74,690 )

(149,025 )

(144,204 )

Purchase of treasury stock

(200,288 )

(200,048 )

(315,375 )

(450,186 )

Other financing activities

(697 )

(31,718 )

(23,009 )

(62,187 )

Net cash used in financing activities

(298,672 )

(724,783 )

(521,431 )

(101,488 )

Increase (decrease) in cash, cash equivalents, and restricted cash

11,227

(728,868 )

(202,282 )

(131,729 )

Cash, cash equivalents, and restricted cash at beginning of period

561,763

1,192,149

775,272

595,010

Cash, cash equivalents, and restricted cash at end of period

$ 572,990

$ 463,281

$ 572,990

$ 463,281

Supplemental disclosure information:

Cash paid for interest

$ 67,149

$ 34,737

$ 93,149

$ 63,214

Cash paid for income taxes, net

$ 231,062

$ 124,753

$ 235,553

$ 128,470

Steel Dynamics, Inc.

SUPPLEMENTAL INFORMATION (UNAUDITED)

(dollars in thousands)

Second Quarter

YTD

2026

2025

2026

2025

1Q 2026

External Net Sales

Steel

$ 4,005,510

$ 3,275,551

$ 7,544,253

$ 6,342,567

$ 3,538,743

Steel Fabrication

393,805

340,648

749,238

692,955

355,433

Metals Recycling

653,765

522,721

1,246,948

1,057,616

593,183

Aluminum

497,867

65,632

725,260

132,208

227,393

Other

540,610

360,571

1,030,716

708,972

490,106

Consolidated Net Sales

$ 6,091,557

$ 4,565,123

$ 11,296,415

$ 8,934,318

$ 5,204,858

Operating Income (Loss)

Steel

$ 720,918

$ 382,196

$ 1,277,482

$ 612,159

$ 556,564

Steel Fabrication

84,593

93,115

174,107

209,860

89,514

Metals Recycling

47,816

21,290

95,283

47,000

47,467

Aluminum

(33,380 )

(40,627 )

(97,972 )

(69,362 )

(64,592 )

819,947

455,974

1,448,900

799,657

628,953

Non-cash amortization of intangible assets

(7,730 )

(6,897 )

(15,531 )

(13,794 )

(7,801 )

Profit sharing expense

(57,314 )

(30,706 )

(99,512 )

(53,401 )

(42,198 )

Non-segment operations

(37,946 )

(35,516 )

(78,896 )

(74,463 )

(40,950 )

Non-cash asset impairment charges

(16,478 )

Consolidated Operating Income

$ 700,479

$ 382,855

$ 1,238,483

$ 657,999

$ 538,004

Adjusted EBITDA

Net income

$ 530,785

$ 301,191

$ 930,890

$ 518,870

$ 400,105

Income taxes

152,679

86,675

265,787

149,650

113,108

Net interest expense

33,179

7,025

59,232

9,341

26,053

Depreciation

163,901

124,003

313,095

249,125

149,194

Amortization of intangible assets

7,730

6,897

15,531

13,794

7,801

EBITDA

888,274

525,791

1,584,535

940,780

696,261

Non-cash adjustments

Unrealized (gains) losses on derivatives

and currency remeasurement

1,559

(6,197 )

(10,035 )

12,956

(11,594 )

Equity-based compensation

14,208

13,819

29,438

28,000

15,230

Asset impairment charges

16,478

Adjusted EBITDA

$ 920,519

$ 533,413

$ 1,620,416

$ 981,736

$ 699,897

Other Operating Information

Steel

Average external sales price (Per ton)

$ 1,298

$ 1,134

$ 1,247

$ 1,064

$ 1,193

Average ferrous cost (Per ton Melted)

$ 412

$ 408

$ 404

$ 397

$ 396

Flat Roll shipments

Butler, Columbus, and Sinton

2,026,079

1,952,228

4,037,522

4,071,415

2,011,443

Steel Processing divisions *

717,837

479,102

1,404,277

971,729

686,440

Long Product shipments

Structural and Rail Division

510,322

468,827

1,001,293

906,225

490,971

Engineered Bar Products Division

213,220

190,612

407,242

382,270

194,022

Roanoke Bar Division

175,792

151,828

343,629

296,014

167,837

Steel of West Virginia

98,090

107,201

186,245

203,684

88,155

Total Shipments (Tons)

3,741,340

3,349,798

7,380,208

6,831,337

3,638,868

External Shipments (Tons)

3,085,372

2,888,916

6,051,496

5,960,651

2,966,124

Steel Mill Production (Tons)

2,974,075

2,949,936

6,013,442

5,971,529

3,039,367

Metals Recycling

Nonferrous shipments (000's of pounds)

211,050

245,577

408,435

478,657

197,385

Ferrous shipments (Gross tons)

1,672,886

1,596,583

3,146,343

3,049,015

1,473,457

External ferrous shipments (Gross tons)

588,906

545,022

1,142,273

1,102,640

553,367

Steel Fabrication

Average sales price (Per ton)

$ 2,442

$ 2,517

$ 2,458

$ 2,558

$ 2,478

Shipments (Tons)

161,010

135,347

304,432

270,928

143,422

*Includes Heartland, The

Techs, United Steel Supply, and New Process Steel (beginning December 1, 2025) operations

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