Steel Dynamics Reports Third Quarter 2026 Results

Mark D. Millett, Chairman and Chief Executive Officer of Steel Dynamics

“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”

Mark D. Millett, Chairman and Chief Executive Officer of Steel Dynamics

“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.”

Mark D. Millett, Chairman and Chief Executive Officer of Steel Dynamics

“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.”

Mark D. Millett, Chairman and Chief Executive Officer of Steel Dynamics

“During the third quarter, the domestic steel market remained strong, supported by steady demand, low customer inventories, and historically low import levels,”

Mark D. Millett, Chairman and Chief Executive Officer of Steel Dynamics

“Steel pricing strengthened, as lead times extended and spot availability tightened across flat-rolled and structural steel products.”

Mark D. Millett, Chairman and Chief Executive Officer of Steel Dynamics

“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.”

Mark D. Millett, Chairman and Chief Executive Officer of Steel Dynamics

“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.”

Mark D. Millett, Chairman and Chief Executive Officer of Steel Dynamics

“Long-product steel demand remains extremely strong, particularly for structural steel and railroad rail.”

Mark D. Millett, Chairman and Chief Executive Officer of Steel Dynamics

“We believe sustained demand across our platforms, combined with favorable market conditions, positions us well moving forward.”

Mark D. Millett, Chairman and Chief Executive Officer of Steel Dynamics

“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,”

Mark D. Millett, Chairman and Chief Executive Officer of Steel Dynamics

“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.”

Mark D. Millett, Chairman and Chief Executive Officer of Steel Dynamics

“The second CASH line will be commissioned in the coming months and become operational early in the first quarter 2027.”

Mark D. Millett, Chairman and Chief Executive Officer of Steel Dynamics

“The team is successfully producing high-quality products for the industrial, beverage, and automotive markets, while continuing to expand its qualified customer base.”

Mark D. Millett, Chairman and Chief Executive Officer of Steel Dynamics

“Together with our broader investment initiatives across the company, aluminum represents an exciting avenue for continued growth and value creation.”

Mark D. Millett, Chairman and Chief Executive Officer of Steel Dynamics

“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”

Mark D. Millett, Chairman and Chief Executive Officer of Steel Dynamics

“Our Aluminum platform was EBITDA breakeven for the quarter.”

Mark D. Millett, Chairman and Chief Executive Officer of Steel Dynamics

“Volumes were less than expected over a number of weeks, as yield losses increased at higher operating speeds due to quality impacts.”

Mark D. Millett, Chairman and Chief Executive Officer of Steel Dynamics

“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.”

Mark D. Millett, Chairman and Chief Executive Officer of Steel Dynamics

“Since the change, the mill performance has been excellent in October.”

Mark D. Millett, Chairman and Chief Executive Officer of Steel Dynamics

“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.”

Mark D. Millett, Chairman and Chief Executive Officer of Steel Dynamics

“Underlying demand for aluminum flat-rolled products across our targeted consumer sectors remains strong and is forecast to continue to grow.”

Mark D. Millett, Chairman and Chief Executive Officer of Steel Dynamics

“Looking ahead to 2027 and beyond, we remain optimistic regarding the domestic steel and aluminum industries,”

Mark D. Millett, Chairman and Chief Executive Officer of Steel Dynamics

“We expect steel and aluminum consumption to benefit from continued investment in infrastructure, manufacturing, energy, and data centers, along with improving broader economic activity.”

Mark D. Millett, Chairman and Chief Executive Officer of Steel Dynamics

“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.”

Mark D. Millett, Chairman and Chief Executive Officer of Steel Dynamics

“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.”

Mark D. Millett, Chairman and Chief Executive Officer of Steel 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.”

Mark D. Millett, Chairman and Chief Executive Officer of Steel Dynamics

“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.”

Mark D. Millett, Chairman and Chief Executive Officer of Steel Dynamics

“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.”