Steel Dynamics Earnings Call Transcripts
Fiscal Year 2026
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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 with $4.8B revenue and 3.6M tons steel shipments, driven by strong operational execution and growth in Sinton and aluminum. Aluminum operations are ramping faster than expected, with break-even EBITDA targeted for Q4 and robust demand outlook into 2026.
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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 financials were driven by new capacity and robust demand. Aluminum operations are ramping up, with commercial shipments expected in June, and positive trade actions and tariffs are set to benefit market share and pricing.
Fiscal Year 2024
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Delivered strong 2024 results with $1.5B net income and $1.8B cash flow, ramped up new steel and aluminum capacity, and maintained robust capital returns. Outlook for 2025 is positive, with higher volumes and profitability expected as new projects mature.
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Q3 2024 saw strong operational execution, with net income of $318M and revenue of $4.3B, despite lower steel pricing. New value-add lines and aluminum investments are set to drive earnings in 2025, while capital allocation remains disciplined and sustainability initiatives advance.
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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.