Steel Dynamics 发布 2026 年二季度业绩，钢材出货创新高但属于常规财报披露

FORT WAYNE, Ind. , July 20, 2026 /PRNewswire/ —

Second Quarter 2026 Performance Highlights:

Record steel shipments of 3.7 million tons

Continued commissioning and increased production from aluminum flat rolled sheet operations

Net sales of $6.1 billion, operating income of $700 million, and net income of $534 million

Adjusted EBITDA of $921 million and cash flow from operations of $428 million

Share repurchases of $200 million of the company’s common stock

Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced second quarter 2026 financial results. The company reported second quarter 2026 net sales of $6.1 billion and net income of $534 million, or $3.69 per diluted share which was reduced by a $16 million non-cash asset impairment charge related to the decision to relocate the company’s planned second satellite aluminum recycled slab center from Arizona to Columbus, Mississippi. Comparatively, the company’s sequential first quarter 2026 net income was $403 million, or $2.78 per diluted share and prior year second quarter net income was $299 million, or $2.01 per diluted share.

“During the second quarter 2026 steel pricing continued to improve resulting in strong performance across our steel platform, driving a sequential quarterly increase in consolidated operating income of $162 million, or 30 percent,” said Mark D. Millett, Chairman and Chief Executive Officer. “Our metals recycling, steel fabrication, and aluminum teams also had a solid performance. Our three-year after-tax return-on-invested capital of 13 percent is a testament to our ongoing high-return capital allocation execution. We are growing, returning capital to shareholders, and maintaining strong returns with best-in-class performance compared to domestic manufacturers.

“Steel fundamentals continued to strengthen during the second quarter, as pricing improved, demand remained solid, and customer inventory levels declined, remaining lower than historical norms,” said Millett. “Steel backlogs and lead times have also extended. Additionally, value-added flat-rolled steel spreads expanded in the quarter. We continue to see an improved steel market environment, supported by domestic trade actions, manufacturing reshoring, infrastructure program funding, and the increasing regionalization of supply chains within the United States. 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.

“The aluminum team continues to make strong progress on the commissioning and startup of our aluminum flat-rolled sheet products mill located in Columbus, Mississippi,” continued Millett. “The team is already providing high-quality products for the industrial, beverage, and automotive markets, with continued customer qualifications currently underway. We recently received qualifications to supply products for automotive applications, with expectations for automotive sales to commence before the end of 2026. Simultaneously, the team has finished construction and commenced commissioning of the third and final cold mill in July, which will allow for the full 650,000-metric-ton capacity. Together with our broader investment initiatives across the company, aluminum represents an exciting avenue for continued growth and value creation.”

Second Quarter 2026 Comments

Second quarter 2026 operating income for the company’s steel operations was $721 million, or 30 percent higher than sequential first quarter results, due to record shipments and metal spread expansion across the platform, as steel pricing increased more than ferrous scrap costs. The second quarter 2026 average external product selling price for the company’s steel operations increased $105 sequentially to $1,298 per ton. The average ferrous scrap cost per ton melted at the company’s steel mills increased $16 sequentially to $412 per ton. The energy, non-residential construction, automotive, industrial, and agricultural sectors led steel demand in the quarter.

Compared to sequential first quarter results, second quarter 2026 operating income from the company’s metals recycling operations remained steady at $48 million, supported by higher volumes as pricing decreased in the quarter. Scrap flows seasonally improved in the second quarter, resulting in ample supply as domestic steel mills increased utilization.

The company’s steel fabrication operations generated operating income of $85 million in the second quarter 2026, in line with first quarter results of $90 million, as increased shipments and steady pricing were offset by higher steel raw material input costs. Customer order activity has continued to strengthen since the end of 2025, with the order backlog now nearly 45 percent higher than a year ago and extending into the first quarter 2027. Demand improved across several key end markets, including commercial construction, data centers, manufacturing, warehousing, 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.

Second quarter 2026 operating losses associated with the continued startup of the company’s aluminum operations were $33 million, or a 48 percent improvement compared to sequential first quarter results. There was also an additional non-cash impairment charge of $16 million in the second quarter, related to the relocation of the planned second satellite aluminum recycled slab center. Aluminum flat rolled sheet product shipments increased to 53,000 metric tons in the second quarter 2026, while hot band production increased to 84,000 metric tons. The company expects volumes and profitability from its aluminum operations to increase sharply in the second half 2026 and for full year 2027, as startup costs subside, utilization and yields improve, and scrap content increases. Demand for aluminum flat-rolled sheet products across the company’s consumer sectors remains strong, with the supply deficit growing.

The company generated cash flow from operations of $428 million during the second quarter 2026. Working capital, excluding income taxes increased $225 million in the second quarter, as product pricing and demand improved across the business and the aluminum operations continued to ramp. The company also invested $124 million in capital investments, paid cash dividends of $77 million, and repurchased $200 million of its outstanding common stock, while maintaining strong liquidity of $2.0 billion as of June 30, 2026.

Year-to-Date June 30, 2026 Comparison

For the six months ended June 30, 2026, net income was $938 million, or $6.47 per diluted share, with net sales of $11.3 billion, as compared to net income of $516 million, or $3.44 per diluted share, with net sales of $8.9 billion for the same period in 2025.

First half 2026 operating income increased 88 percent to $1.2 billion, when compared to the same period in 2025. Increased earnings were primarily the result of higher realized pricing and shipments in the company’s steel operations. First half 2026 operating income from the company’s steel operations was $1.3 billion, compared to $612 million for the same prior year period. The average first half 2026 external selling price for the company’s steel operations increased $183 to $1,247 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 $7 to $404 per ton. First half 2026 operating income from the company’s steel fabrication operations was $174 million, compared to $210 million in the same prior year period, due to a decrease in average pricing of $100