Steel Dynamics Earnings Call Transcripts
Fiscal Year 2026
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Q3 net income was $756 million and adjusted EBITDA was $1.2 billion, with record steel shipments and strong operating cash flow. Aluminum ramp-up issues were resolved; steel markets remain tight, and aluminum and fabrication are expected to contribute more in 2027.
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Record Q2 results featured $534M net income, $921M adjusted EBITDA, and record steel shipments. Aluminum ramp-up is accelerating, with profitability and utilization expected to rise sharply in H2 2026. Strong demand, robust backlogs, and disciplined capital allocation support a positive outlook.
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Q1 2026 saw record steel shipments, strong financial results, and rapid progress in aluminum operations despite early startup challenges. Steel and recycling segments outperformed, while aluminum is expected to be EBITDA positive for the rest of the year.
Fiscal Year 2025
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Record steel shipments and strong cash flow marked 2025, with aluminum operations ramping up ahead of schedule and positive EBITDA achieved. Capital allocation remains disciplined, with robust liquidity, ongoing share repurchases, and a focus on high-return growth.
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Record Q3 results featured $4.8B revenue, $664M adjusted EBITDA, and strong cash flow. Aluminum and biocarbon initiatives advanced, with aluminum operations targeting EBITDA break-even in Q4. Steel and recycling segments posted higher sequential earnings, and trade actions plus lean inventories support a positive 2026 outlook.
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Second quarter net income was $299 million and adjusted EBITDA reached $533 million, with strong sequential improvement in steel operations and the first commercial aluminum shipments. Sinton mill overcame supply issues and is set for further gains, while biocarbon and sustainability initiatives advance.
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Record Q1 steel shipments and strong EBITDA were driven by operational execution and new capacity ramp-ups. Aluminum operations are on track for commercial shipments in June, with positive EBITDA expected in H2 2025. Strong backlogs and favorable trade actions support a positive outlook.
Fiscal Year 2024
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Delivered strong 2024 results with $1.5B net income and $2.5B adjusted EBITDA, driven by near-record steel shipments and robust operational execution. Aluminum operations are ramping up, with commercial shipments expected by mid-2025 and profitability anticipated in the second half.
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Q3 2024 saw strong operational execution, with $318M net income and $4.3B revenue, despite lower steel pricing. New coating lines and aluminum investments are ramping up, with significant earnings contributions expected in 2025. Liquidity remains robust at $3.1B.
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Q2 2024 saw solid operational results, with $428M net income and $4.6B revenue, despite lower steel prices. Aluminum and Sinton projects are progressing, with strong liquidity and continued shareholder returns. Demand outlook remains positive, supported by infrastructure and onshoring.