Form 8-K

8-K — STEEL DYNAMICS INC

Accession: 0001104659-26-117217

Filed: 2026-10-20

Period: 2026-10-19

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 — tm2627861d2_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2627861d2_ex99-1.htm)

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8-K (Primary)

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0001022671

2026-10-19

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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)

October 19, 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 October 19, 2026, Steel Dynamics, Inc.

issued a press release titled “Steel Dynamics Reports Third 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 October 19, 2026, titled “Steel Dynamics Reports Third 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: October 20, 2026

By:

Theresa E. Wagler

Title:

Executive Vice President and Chief Financial Officer

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2627861d2_ex99-1.htm · Sequence: 2

Exhibit 99.1

Press Release

October 19, 2026

7575

W. Jefferson Blvd.

Fort Wayne, IN 46804

Steel Dynamics Reports Third Quarter 2026 Results

FORT WAYNE, INDIANA, October 19, 2026 / PRNewswire /

Third Quarter 2026 Performance Highlights:

§ Record steel shipments of 3.8 million tons

§ Net sales of $6.5 billion, operating income of $1.0 billion, and net income of $756 million

§ Adjusted EBITDA of $1.2 billion and cash flow from operations of $846 million

§ Liquidity of $2.4 billion

§ Share repurchases of $276 million, or one percent, of the company’s common stock

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

2026 financial results. The company reported third quarter 2026 net sales of $6.5 billion and net income of $756 million, or $5.26 per

diluted share. Comparatively, the company’s sequential second quarter 2026 net income was $534 million, or $3.69 per diluted share

and prior year third quarter net income was $404 million, or $2.74 per diluted share.

“Throughout the third quarter 2026, steel prices continued to

improve and the teams executed well across our steel platform, driving a sequential quarterly increase in consolidated operating income

of $306 million, or 44 percent,” said Mark D. Millett, Chairman and Chief Executive Officer. “Our steel fabrication platform

also had a healthy performance as continued improving demand resulted in higher sequential shipments of 18 percent and increased earnings

despite higher steel costs. Our three-year after-tax return on invested capital of 13 percent demonstrates the strength of our differentiated

business model and disciplined capital allocation framework. Our disciplined approach to capital allocation continues to support investments

in high-return strategic growth opportunities, meaningful shareholder returns, and financial performance that compares favorably with

top-tier domestic manufacturers.

“During the third quarter, the domestic steel market remained

strong, supported by steady demand, low customer inventories, and historically low import levels,” said Millett. “Steel pricing

strengthened, as lead times extended and spot availability tightened across flat-rolled and structural steel products. In addition, as

coated flat rolled steel imports abated due to recent trade actions and demand remained strong, value-added flat-rolled steel spreads

also expanded. In general, U.S. steel imports remain well below historical and prior-year levels, while improving manufacturing activity,

onshoring, and continued investment in infrastructure, energy, healthcare, and computing support healthy steel consumption. 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.

“We continue to make meaningful progress at our aluminum operations

as the team continues to commission, qualify, and ramp up our state-of-the-art aluminum flat-rolled products mill,” continued Millett.

“All three cold mills are now operational which provides us the ability to achieve our annual volume expectations, and the first

of two Continuous Annealing and Solution Heat (CASH) lines is operating and is expected to ship finished automotive products before the

end of the year. The second CASH line will be commissioned in the coming months and become operational early in the first quarter 2027.

The team is successfully producing high-quality products for the industrial, beverage, and automotive markets, while continuing to expand

its qualified customer base. Together with our broader investment initiatives across the company, aluminum represents an exciting avenue

for continued growth and value creation.”

Third Quarter 2026 Comments

Third quarter

2026 operating income for the company’s steel operations was $1.0 billion, or 43 percent higher than sequential second quarter results,

due to record steel shipments and metal spread expansion, as average realized steel selling prices increased and scrap raw material costs

declined. The third quarter 2026 average external product selling price for the company’s steel operations increased $102 sequentially

to $1,400 per ton. The average ferrous scrap cost per ton melted at the company’s steel mills decreased $8 per ton sequentially

to $404 per ton. The energy, non-residential construction, automotive, and industrial sectors led steel demand in the quarter.

Third

quarter 2026 operating income from the company’s metals recycling operations was $33 million, or $15 million lower than sequential

earnings, based on lower ferrous scrap pricing and metal spread contraction, combined with steady volume. Average third quarter realized

ferrous scrap prices declined $15 per gross ton sequentially.

The company’s steel fabrication operations generated operating

income of $91 million in the third quarter 2026, higher than sequential second quarter results of $85 million, as increased shipments

and improved average realized pricing more than offset higher steel raw material input costs. Customer order activity has continued to

strengthen since the end of 2025, with the order backlog now 50 percent higher than a year ago and extending into the second quarter 2027.

Demand was largely driven by commercial construction, manufacturing, warehouses, data centers, 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.

“Third quarter 2026 operating losses associated with the continued

startup of the company’s aluminum operations were $26 million, representing a 21 percent improvement compared to sequential second

quarter results”, said Millett. “Our Aluminum platform was EBITDA breakeven for the quarter. Aluminum flat rolled sheet product

shipments were 55,000 metric tons in the third quarter 2026, and hot band production increased to 91,000 metric tons. Volumes were less

than expected over a number of weeks, as yield losses increased at higher operating speeds due to quality impacts. The cause originated

from the hot strip mill rolling coolant composition, which has been successfully changed, and no ongoing additional costs are expected

from this matter. Since the change, the mill performance has been excellent in October. Looking ahead, we expect aluminum volumes and

profitability to improve in the fourth quarter 2026 and throughout 2027, as startup costs subside, utilization and yields improve, and

scrap content increases. Underlying demand for aluminum flat-rolled products across our targeted consumer sectors remains strong and is

forecast to continue to grow.”

Based on the

company’s differentiated business model and highly variable cost structure, the company generated cash flow from operations

of $846 million during the quarter. The company also invested $150 million in capital investments, paid cash dividends of $76 million,

and repurchased $276 million of its outstanding common stock, while maintaining liquidity of $2.4 billion as of September 30, 2026.

Year-to-Date September 30, 2026 Comparison

For the nine-months ended September 30, 2026, net income was $1.7

billion, or $11.72 per diluted share, with net sales of $17.8 billion, as compared to net income of $920 million, or $6.17 per diluted

share, with net sales of $13.8 billion for the same period in 2025.

For the first nine-months of 2026 net sales increased 29 percent to

$17.8 billion, and operating income increased 93 percent to $2.2 billion, when compared to the same period in 2025. Increased earnings

were the result of higher realized pricing and shipments in the company’s steel operations during the period. For the first nine-months

of 2026 operating income from the company’s steel operations was $2.3 billion, compared to $1.1 billion for the same prior year

period. The average nine-months 2026 external selling price for the company's steel operations increased $216 to $1,299 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 to $404

per ton. For the first nine-months of 2026 operating income from the company’s steel fabrication operations was $265 million, compared

to $317 million in the prior year period due to higher raw material input costs. For the first nine-months of 2026 operating income from

the company’s metals recycling operations was $128 million, compared to $79 million in the prior year period, due to improved metal

spreads and increased shipments.

The company achieved cash flow from operations of $1.4 billion in the

first nine-months of 2026. The company also invested $411 million in capital investments, paid cash dividends of $225 million, and repurchased

$591 million, or two percent, of its outstanding common stock.

Outlook

“Looking ahead to 2027 and beyond, we remain optimistic regarding

the domestic steel and aluminum industries,” stated Millett. “We expect steel and aluminum consumption to benefit from continued

investment in infrastructure, manufacturing, energy, and data centers, along with improving broader economic activity. These demand drivers,

combined with a supportive U.S. trade environment and reduced unfairly traded import competition, should provide a healthy backdrop for

domestic steel and aluminum product producers. While additional domestic steelmaking and aluminum capacity may enter the market in the

coming years, we believe improving demand and supportive trade policy will support healthy industry dynamics.

“Our growth strategy remains closely aligned with our customers’

evolving needs, focused on providing differentiated products, strengthening supply chain efficiency, and advancing sustainable manufacturing

solutions. Our expansion into high-recycled-content aluminum sheet products builds on the strength of our steel platform and extends our

proven operating model into attractive, supply-deficit markets, including beverage can, packaging, automotive, industrial, and construction

applications. As demand for domestically produced, lower-carbon materials continue to grow, we believe our performance-driven culture,

low-cost operating model, and strategic investments in aluminum position us to broaden our customer relationships, diversify our earnings

profile, and create compelling long-term value.

“We remain firmly committed to the health and safety of our teams,

their families, and the communities we serve, while meeting the evolving needs of our customers. Our culture and performance-driven business

model continue to positively differentiate our company. We remain focused 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 third

quarter 2026 operating and financial results on Tuesday, October 20, 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 October 27, 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

Nine Months Ended

Three Months

September 30,

Ended

2026

2025

2026

2025

June 30, 2026

Net sales

$ 6,509,419

$ 4,828,215

$ 17,805,834

$ 13,762,533

$ 6,091,557

Costs of goods sold

5,227,132

4,070,335

14,801,350

11,899,641

5,132,583

Gross profit

1,282,287

757,880

3,004,484

1,862,892

958,974

Selling, general and administrative expenses

186,974

200,844

555,645

580,662

193,451

Profit sharing

81,250

42,389

180,762

95,790

57,314

Amortization of intangible assets

7,696

6,890

23,227

20,684

7,730

Operating income

1,006,367

507,757

2,244,850

1,165,756

700,479

Interest expense, net of capitalized interest

39,331

13,573

111,692

43,085

39,120

Other income, net

(11,548 )

(19,662 )

(42,103 )

(59,695 )

(22,105 )

Income before income taxes

978,584

513,846

2,175,261

1,182,366

683,464

Income tax expense

222,896

109,920

488,683

259,570

152,679

Net income

755,688

403,926

1,686,578

922,796

530,785

Net loss (income) attributable to noncontrolling interests

312

(241 )

6,945

(3,234 )

3,302

Net income attributable to Steel Dynamics,Inc.

$ 756,000

$ 403,685

$ 1,693,523

$ 919,562

$ 534,087

Basic earnings per share attributable

to Steel Dynamics,Inc. stockholders

$ 5.29

$ 2.75

$ 11.77

$ 6.19

$ 3.71

Weighted average common shares outstanding

142,990

146,947

143,928

148,532

143,997

Diluted earnings per share attributable to Steel Dynamics,Inc.

stockholders, including the effect of assumed conversions when dilutive

$ 5.26

$ 2.74

$ 11.72

$ 6.17

$ 3.69

Weighted average common shares and share equivalents outstanding

143,623

147,600

144,512

149,123

144,591

Dividends declared per share

$ 0.53

$ 0.50

$ 1.59

$ 1.50

$ 0.53

Steel Dynamics, Inc.

CONSOLIDATED BALANCE SHEETS

(in thousands)

September 30,

December 31,

Assets

2026

2025

(unaudited)

Current assets

Cash and equivalents

$ 928,558

$ 769,878

Accounts receivable, net

2,446,443

1,682,660

Inventories

4,249,059

3,738,516

Other current assets

390,108

293,117

Total current assets

8,014,168

6,484,171

Property, plant and equipment, net

8,491,088

8,569,466

Intangible assets, net

303,815

331,290

Goodwill

477,471

Other assets

549,302

557,382

Total assets

$ 17,835,844

$ 16,419,780

Liabilities and Equity

Current liabilities

Accounts payable

$ 1,605,228

$ 1,231,358

Income taxes payable

64,227

67,315

Accrued expenses

857,967

788,926

Current maturities of long-term debt

20,854

34,655

Total current liabilities

2,548,276

2,122,254

Long-term debt

4,183,039

4,176,508

Deferred income taxes

1,116,084

1,004,375

Other liabilities

208,934

186,232

Total liabilities

8,056,333

7,489,369

Commitments and contingencies

Redeemable noncontrolling interests

143,259

141,226

Equity

Common stock

653

Treasury stock, at cost

(8,563,301 )

(7,980,549 )

Additional paid-in capital

1,243,105

1,248,634

Retained earnings

17,154,093

15,689,042

Accumulated other comprehensive income (loss)

7,878

(598 )

Total Steel Dynamics,Inc. equity

9,842,428

8,957,182

Noncontrolling interests

(206,176 )

(167,997 )

Total equity

9,636,252

8,789,185

Total liabilities and equity

$ 17,835,844

$ 16,419,780

Steel Dynamics, Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands)

Three Months Ended

Nine Months Ended

September 30,

2026

2025

2026

2025

Operating activities:

Net income

$ 755,688

$ 403,926

$ 1,686,578

$ 922,796

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

Depreciation and amortization

174,845

138,487

508,047

405,108

Equity-based compensation

14,435

14,238

46,048

45,341

Deferred income taxes

44,489

147,570

107,136

202,948

Other adjustments

(2,040 )

(7,986 )

10,098

(13,071 )

Changes in certain assets and liabilities:

Accounts receivable

(3,505 )

(60,985 )

(763,783 )

(344,762 )

Inventories

(294,124 )

64,501

(517,394 )

(85,106 )

Other assets

(65,738 )

(34,551 )

(68,205 )

(58,877 )

Accounts payable

107,023

(4,817 )

371,238

238,516

Income taxes receivable/payable

35,320

(65,070 )

(137 )

(104,965 )

Accrued expenses

79,401

127,295

42,420

(31,106 )

Net cash provided by operating activities

845,794

722,608

1,422,046

1,176,822

Investing activities:

Purchases of property, plant and equipment

(149,608 )

(165,692 )

(411,429 )

(759,529 )

Purchases of short-term investments

(39,571 )

Proceeds from maturities of short-term investments

39,571

186,996

Other investing activities

(1,993 )

5,593

2,725

7,121

Net cash used in investing activities

(151,601 )

(120,528 )

(408,704 )

(604,983 )

Financing activities:

Issuance of current and long-term debt

671,649

407,965

1,966,209

2,298,186

Repayment of current and long-term debt

(652,573 )

(408,291 )

(1,981,155 )

(1,743,423 )

Dividends paid

(76,113 )

(73,894 )

(225,138 )

(218,098 )

Purchase of treasury stock

(275,563 )

(210,388 )

(590,938 )

(660,574 )

Other financing activities

(743 )

(5,056 )

(23,752 )

(67,243 )

Net cash used in financing activities

(333,343 )

(289,664 )

(854,774 )

(391,152 )

Increase in cash, cash equivalents, and restricted cash

360,850

312,416

158,568

180,687

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

572,990

463,281

775,272

595,010

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

$ 933,840

$ 775,697

$ 933,840

$ 775,697

Supplemental disclosure information:

Cash paid for interest

$ 25,808

$ 25,645

$ 118,957

$ 88,859

Cash paid for income taxes, net

$ 143,107

$ 22,192

$ 378,660

$ 150,662

Steel Dynamics, Inc.

SUPPLEMENTAL INFORMATION (UNAUDITED)

(dollars in thousands)

Third Quarter

YTD

2026

2025

2026

2025

1Q 2026

2Q 2026

External Net Sales

Steel

$ 4,350,372

$ 3,538,044

$ 11,894,625

$ 9,880,611

$ 3,538,743

$ 4,005,510

Steel Fabrication

466,283

377,683

1,215,521

1,070,638

355,433

393,805

Metals Recycling

614,781

520,986

1,861,729

1,578,602

593,183

653,765

Aluminum

475,697

71,139

1,200,957

203,347

227,393

497,867

Other

602,286

320,363

1,633,002

1,029,335

490,106

540,610

Consolidated Net Sales

$ 6,509,419

$ 4,828,215

$ 17,805,834

$ 13,762,533

$ 5,204,858

$ 6,091,557

Operating Income (Loss)

Steel

$ 1,032,594

$ 497,894

$ 2,310,076

$ 1,110,053

$ 556,564

$ 720,918

Steel Fabrication

90,588

107,020

264,695

316,880

89,514

84,593

Metals Recycling

32,964

31,533

128,247

78,533

47,467

47,816

Aluminum

(26,226 )

(56,510 )

(124,198 )

(125,872 )

(64,592 )

(33,380 )

1,129,920

579,937

2,578,820

1,379,594

628,953

819,947

Non-cash amortization of intangible assets

(7,696 )

(6,890 )

(23,227 )

(20,684 )

(7,801 )

(7,730 )

Profit sharing expense

(81,250 )

(42,389 )

(180,762 )

(95,790 )

(42,198 )

(57,314 )

Non-segment operations

(34,607 )

(22,901 )

(113,503 )

(97,364 )

(40,950 )

(37,946 )

Non-cash asset impairment charges

(16,478 )

Consolidated Operating Income

$ 1,006,367

$ 507,757

$ 2,244,850

$ 1,165,756

$ 538,004

$ 700,479

Adjusted EBITDA

Net income

$ 755,688

$ 403,926

$ 1,686,578

$ 922,796

$ 400,105

$ 530,785

Income taxes

222,896

109,920

488,683

259,570

113,108

152,679

Net interest expense

32,857

6,769

92,089

16,110

26,053

33,179

Depreciation

164,848

129,833

477,943

378,958

149,194

163,901

Amortization of intangible assets

7,696

6,890

23,227

20,684

7,801

7,730

EBITDA

1,183,985

657,338

2,768,520

1,598,118

696,261

888,274

Non-cash adjustments

Unrealized (gains) losses on derivatives and currency

remeasurement

(8,100 )

(7,814 )

(18,135 )

5,142

(11,594 )

1,559

Equity-based compensation

14,435

14,246

43,873

42,246

15,230

14,208

Asset impairment charges

16,478

Adjusted EBITDA

$ 1,190,320

$ 663,770

$ 2,810,736

$ 1,645,506

$ 699,897

$ 920,519

Other Operating Information

Steel

Average external sales price (Per ton)

$ 1,400

$ 1,119

$ 1,299

$ 1,083

$ 1,193

$ 1,298

Average ferrous cost (Per ton Melted)

$ 404

$ 381

$ 404

$ 391

$ 396

$ 412

Flat Roll shipments

Butler, Columbus, and Sinton

2,024,201

2,141,350

6,061,723

6,212,765

2,011,443

2,026,079

Steel Processing divisions *

743,254

543,700

2,147,531

1,515,429

686,440

717,837

Long Product shipments

Structural and Rail Division

527,427

490,413

1,528,720

1,396,638

490,971

510,322

Engineered Bar Products Division

221,540

177,882

628,782

560,152

194,022

213,220

Roanoke Bar Division

170,197

157,989

513,826

454,003

167,837

175,792

Steel of West Virginia

97,865

101,996

284,110

305,680

88,155

98,090

Total Shipments (Tons)

3,784,484

3,613,330

11,164,692

10,444,667

3,638,868

3,741,340

External Shipments (Tons)

3,107,330

3,162,805

9,158,826

9,123,456

2,966,124

3,085,372

Steel Mill Production (Tons)

3,088,339

3,067,792

9,101,781

9,039,321

3,039,367

2,974,075

Metals Recycling

Nonferrous shipments (000's of pounds)

201,696

242,842

610,131

721,499

197,385

211,050

Ferrous shipments (Gross tons)

1,702,125

1,590,153

4,848,468

4,639,168

1,473,457

1,672,886

External ferrous shipments (Gross tons)

566,982

538,020

1,709,255

1,640,660

553,367

588,906

Steel Fabrication

Average sales price (Per ton)

$ 2,462

$ 2,495

$ 2,459

$ 2,536

$ 2,478

$ 2,442

Shipments (Tons)

190,151

151,563

494,583

422,492

143,422

161,010

* Includes Heartland, The Techs, United Steel Supply, and New Process Steel (beginning December 1, 2025) operations

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