Steel Dynamics Reports Q3 2026 Results: Diluted EPS of $5.26 on Record Steel Shipments

Steel Dynamics, Inc. (STLD) Q3 2026 Earnings Release Summary

Steel Dynamics, Inc. filed Form 8-K under Item 2.02 furnishing its financial results for the third quarter ended September 30, 2026.

Key Financial Highlights:

• Net Sales: $6.51 billion, up sequential quarter ($6.09 billion) and up 35% compared to Q3 2025 ($4.83 billion).
• Net Income Attributable to STLD: $756.0 million, or $5.26 per diluted share, up 42% sequentially ($3.69 per share) and up 87% year-over-year ($2.74 per share).
• Operating Income: $1.01 billion, a sequential increase of 44% compared to Q2 2026 ($700.5 million).
• Adjusted EBITDA & Cash Flow: Adjusted EBITDA stood at $1.2 billion, with operating cash flow of $846 million.
• Volume: Achieved record steel shipments of 3.8 million tons.

Segment Performance:

• Steel Operations: Operating income rose 43% sequentially to $1.0 billion, benefiting from expanded metal spreads and higher realized prices ($1,400 per ton, up $102 sequentially), while scrap costs decreased $8 per ton sequentially to $404 per ton.
• Steel Fabrication: Operating income rose to $91 million (up from $85 million in Q2 2026) supported by strong order backlogs extending into Q2 2027.
• Metals Recycling: Operating income softened to $33 million (down $15 million sequentially) due to lower ferrous scrap pricing and spread compression.
• Aluminum Operations: Operating loss narrowed to $26 million (an improvement of 21% sequentially), reaching EBITDA breakeven as commissioning and ramp-up proceed across three operational cold mills.

Capital Allocation & Balance Sheet:

• Shareholder Returns: Repurchased $276 million (approximately 1%) of common stock and paid $76 million in cash dividends during the quarter.
• Capital Expenditures: $150 million invested in capital projects during Q3 2026 ($411 million year-to-date).
• Liquidity: Strong liquidity balance of $2.4 billion as of September 30, 2026.

Note: This Form 8-K contains earnings results and exhibits; no insider security purchases or sales were reported.