Steel Dynamics第三季EPS 5.26美元低于公司指引和市场预期，但钢业务创纪录、铝产线问题称已修复

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UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
WASHINGTON, DC
20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (date of earliest event reported)
October 19, 2026
STEEL
DYNAMICS, INC.
(Exact name of registrant as specified in its
charter)
Indiana
0-21719
35-1929476
(State
or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS
Employer
Identification No.)
7575
West Jefferson Blvd
,
Fort Wayne
,
Indiana
46804
(Address of principal executive offices) (Zip
Code)
Registrant’s telephone number, including
area code:
260
-
969-3500
Not Applicable
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of
the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Common
Stock voting, $0.0025 par value
STLD
NASDAQ
Global Select Market
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company
¨
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
¨
Item 2.02. Results of Operations and Financial
Condition
On October 19, 2026, Steel Dynamics, Inc.
issued a press release titled “Steel Dynamics Reports Third Quarter 2026 Results.”  A copy of that press release is attached
hereto as Exhibit 99.1.
The information contained in Exhibit 99.1
is furnished under this Item 2.02 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange
Act of 1934, as amended, or incorporated by reference in any filing thereunder or under the Securities Act of 1933, as amended, except
as may be expressly set forth by specific reference in any such filing.
Item 9.01. Financial Statements and Exhibits
(d )
Exhibits.
The following exhibit is furnished
with this report:
Exhibit Number
Description
99.1
A press release dated October 19, 2026, titled “Steel Dynamics Reports Third Quarter 2026 Results.”
104
Cover Page Interactive Data File – the cover page interactive data file does not appear in the Interactive Data File because
its XBRL tags are embedded within the Inline XBRL document.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this Report to be signed on its behalf by the undersigned hereto duly authorized.
STEEL DYNAMICS, INC.
/s/ Theresa E. Wagler
Date: October 20, 2026
By:
Theresa E. Wagler
Title:
Executive Vice President and Chief Financial Officer

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EX-99.1
2
tm2627861d2_ex99-1.htm
EXHIBIT 99.1
Exhibit 99.1
Press Release
October 19, 2026
7575
W. Jefferson Blvd.
Fort Wayne, IN 46804
Steel Dynamics Reports Third Quarter 2026 Results
FORT WAYNE, INDIANA, October 19, 2026 / PRNewswire /
Third Quarter 2026 Performance Highlights:
§
Record steel shipments of 3.8 million tons
§
Net sales of $6.5 billion, operating income of $1.0 billion, and net income of $756 million
§
Adjusted EBITDA of $1.2 billion and cash flow from operations of $846 million
§
Liquidity of $2.4 billion
§
Share repurchases of $276 million, or one percent, of the company’s common stock
Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced third quarter
2026 financial results. The company reported third quarter 2026 net sales of $6.5 billion and net income of $756 million, or $5.26 per
diluted share. Comparatively, the company’s sequential second quarter 2026 net income was $534 million, or $3.69 per diluted share
and prior year third quarter net income was $404 million, or $2.74 per diluted share.
“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,” said Mark D. Millett, Chairman and Chief Executive Officer. “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. 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. Our disciplined approach to capital allocation continues to support investments
in high-return strategic growth opportunities, meaningful shareholder returns, and financial performance that compares favorably with
top-tier domestic manufacturers.
“During the third quarter, the domestic steel market remained
strong, supported by steady demand, low customer inventories, and historically low import levels,” said Millett. “Steel pricing
strengthened, as lead times extended and spot availability tightened across flat-rolled and structural steel products. 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. 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. 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.
“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,” continued Millett.
“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. The second CASH line will be commissioned in the coming months and become operational early in the first quarter 2027.
The team is successfully producing high-quality products for the industrial, beverage, and automotive markets, while continuing to expand
its qualified customer base. Together with our broader investment initiatives across the company, aluminum represents an exciting avenue
for continued growth and value creation.”
Third Quarter 2026 Comments
Third quarter
2026 operating income for the company’s steel operations was $1.0 billion, or 43 percent higher than sequential second quarter results,
due to record steel shipments and metal spread expansion, as average realized steel selling prices increased and scrap raw material costs
declined. The third quarter 2026 average external product selling price for the company’s steel operations increased $102 sequentially
to $1,400 per ton. The average ferrous scrap cost per ton melted at the company’s steel mills decreased $8 per ton sequentially
to $404 per ton.
The energy, non-residential construction, automotive, and industrial sectors led steel demand in the quarter.
Third
quarter 2026 operating income from the company’s metals recycling operations was $33 million, or $15 million lower than sequential
earnings, based on lower ferrous scrap pricing and metal spread contraction, combined with steady volume. Average third quarter realized
ferrous scrap prices declined $15 per gross ton sequentially.
The company’s steel fabrication operations generated operating
income of $91 million in the third quarter 2026, higher than sequential second quarter results of $85 million, as increased shipments
and improved average realized pricing more than offset higher steel raw material input costs. Customer order activity has continued to
strengthen since the end of 2025, with the order backlog now 50 percent higher than a year ago and extending into the second quarter 2027.
Demand was largely driven by commercial construction, manufacturing, warehouses, data centers, 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.
“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”, said Millett. “Our Aluminum platform was EBITDA breakeven for the quarter. Aluminum flat rolled sheet product
shipments were 55,000 metric tons in the third quarter 2026, and hot band production increased to 91,000 metric tons. Volumes were less
than expected over a number of weeks, as yield losses increased at higher operating speeds due to quality impacts. 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. Since the change, the mill performance has been excellent in October. 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. Underlying demand for aluminum flat-rolled products across our targeted consumer sectors remains strong and is
forecast to continue to grow.”
Based on the
company’s differentiated business model and highly variable cost structure, t
he company generated cash flow from operations
of $846 million during the quarter. The company also invested $150 million in capital investments, paid cash dividends of $76 million,
and repurchased $276 million of its outstanding common stock, while maintaining liquidity of $2.4 billion as of September 30, 2026.
Year-to-Date September 30, 2026 Comparison
For the nine-months ended September 30, 2026, net income was $1.7
billion, or $11.72 per diluted share, with net sales of $17.8 billion, as compared to net income of $920 million, or $6.17 per diluted
share, with net sales of $13.8 billion for the same period in 2025.
For the first nine-months of 2026 net sales increased 29 percent to
$17.8 billion, and operating income increased 93 percent to $2.2 billion, when compared to the same period in 2025. Increased earnings
were the result of higher realized pricing and shipments in the company’s steel operations during the period. For the first nine-months
of 2026 operating income from the company’s steel operations was $2.3 billion, compared to $1.1 billion for the same prior year
period. The average nine-months 2026 external selling price for the company's steel operations increased $216 to $1,299 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 to $404
per ton. For the first nine-months of 2026 operating income from the company’s steel fabrication operations was $265 million, compared
to $317 million in the prior year period due to higher raw material input costs. For the first nine-months of 2026 operating income from
the company’s metals recycling operations was $128 million, compared to $79 million in the prior year period, due to improved metal
spreads and increased shipments.
The company achieved cash flow from operations of $1.4 billion in the
first nine-months of 2026. The company also invested $411 million in capital investments, paid cash dividends of $225 million, and repurchased
$591 million, or two percent, of its outstanding common stock.
Outlook
“Looking ahead to 2027 and beyond, we remain optimistic regarding
the domestic steel and aluminum industries,” stated Millett. “We expect steel and aluminum consumption to benefit from continued
investment in infrastructure, manufacturing, energy, and data centers, along with improving broader economic activity. 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. 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.
“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. 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. 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.
“We remain firmly committed to the health and safety of our teams,
their families, and the communities we serve, while meeting the evolving needs of our customers. Our culture and performance-driven business
model continue to positively differentiate our company. We remain focused on delivering superior value to our team members, customers,
and shareholders,” concluded Millett.
Conference Call and Webcast
Steel Dynamics, Inc. will hold a conference call to discuss third
quarter 2026 operating and financial results on Tuesday, October 20, 2026, at 11:00 a.m. Eastern Daylight Time. You may access
the call and find dial-in information on the Investors section of the company’s website at www.steeldynamics.com.  A replay
of the call will be available on our website until 11:59 p.m. Eastern Daylight Time on October 27, 2026.
About Steel Dynamics, Inc.
Steel Dynamics is a leading industrial metals solutions company, with
facilities located throughout the United States, and in Mexico. The company operates using a circular manufacturing model, producing lower-carbon-emission,
quality products with recycled scrap as the primary input. Steel Dynamics is one of the largest domestic steel producers and metal recyclers
in North America, combined with a meaningful downstream steel fabrication platform. The company has also recently added aluminum operations,
further diversifying its product offerings to supply aluminum flat rolled products with higher recycled content to the countercyclical
sustainable beverage can industry, in addition to the automotive and industrial sectors. Steel Dynamics is committed to operating with
the highest integrity and to being the safest, most efficient producer of high-quality, broadly diversified, value-added metal products.
Note Regarding Financial Metrics
The company believes that after-tax return-on-invested capital (After-tax
ROIC) provides an indication of the effectiveness of the company’s invested capital and is calculated as follows:
After-tax ROIC =
Net Income Attributable to Steel Dynamics, Inc.
(Quarterly Average Current Maturities of Long-term Debt + Long-term Debt + Total Equity)
Note Regarding Non-GAAP Financial Measures
The company reports its financial results in accordance with U.S. generally
accepted accounting principles (GAAP). Management believes that the non-GAAP financial measures EBITDA and Adjusted EBITDA provide additional
meaningful information regarding the company’s performance and financial strength. Non-GAAP financial measures should be viewed
in addition to and not as an alternative for the company’s reported results prepared in accordance with GAAP. In addition, not all
companies use identical calculations for EBITDA or Adjusted EBITDA; therefore, EBITDA and Adjusted EBITDA included in this release may
not be comparable to similarly titled measures of other companies.
Forward-Looking Statements
This press release contains some predictive statements about future
events, including statements related to conditions in domestic or global economies, conditions in steel, aluminum, and recycled metals
marketplaces, Steel Dynamics' revenues, costs of purchased materials, future profitability and earnings, and the operation of new, existing
or planned facilities. These statements, which we generally precede or accompany by such typical conditional words as “anticipate”,
“intend”, “believe”, “estimate”, “plan”, “seek”, “project”, or
“expect”, or by the words “may”, “will”, or “should”, are intended to be made as “forward-looking”,
subject to many risks and uncertainties, within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. These
statements speak only as of this date and are based upon information and assumptions, which we consider reasonable as of this date, concerning
our businesses and the environments in which they operate. Such predictive statements are not guarantees of future performance, and we
undertake no duty to update or revise any such statements. Some factors that could cause such forward-looking statements to turn out differently
than anticipated include: (1) domestic and global economic factors; (2) global steelmaking overcapacity and imports of steel,
together with increased scrap prices; (3) the cyclical nature of the metals industries and the industries we serve; (4) volatility
and major fluctuations in prices and availability of scrap metal, scrap substitutes and supplies, and our potential inability to pass
higher costs on to our customers; (5) cost and availability of electricity, natural gas, oil, and other energy resources are subject
to volatile market conditions; (6) increased environmental, greenhouse gas emissions and sustainability considerations from our customers
and investors or related regulations; (7) compliance with and changes in environmental and remediation requirements; (8) significant
price and other forms of competition from other steel and aluminum producers, scrap processors and alternative materials; (9) availability
of an adequate source of supply of scrap for our metals recycling operations; (10) cybersecurity threats and risks to the security
of our sensitive data and information technology; (11) the implementation of our growth strategy; (12) our ability to retain, develop
and attract key personnel; (13) litigation and legal compliance; (14) unexpected equipment downtime or shutdowns; (15) difficulties in
the launch or production ramp-up of new products; (16) our aluminum operations depend on a core group of significant customers; (17) governmental
agencies may refuse to grant or renew some of our licenses and permits; (18) our existing debt agreements contain, and any future financing
agreements may contain, restrictive covenants that may limit our flexibility; and (19) the impacts of impairment charges.
More specifically, we refer you to our more detailed explanation of
these and other factors and risks that may cause such predictive statements to turn out differently, as set forth in our most recent Annual
Report on Form 10-K under the headings Special Note Regarding Forward-Looking Statements and Risk Factors, in our Quarterly Reports
on Form 10-Q, or in other reports which we file with the Securities and Exchange Commission. These reports are available publicly
on the Securities and Exchange Commission website, www.sec.gov, and on our website, www.steeldynamics.com under “Investors –
SEC Filings.”
Contact: Investor Relations — +1.260.969.3500
Steel Dynamics, Inc.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands, except per share data)
Three Months Ended
Nine Months Ended
Three Months
September 30,
September 30,
Ended
2026
2025
2026
2025
June 30, 2026
Net sales
$
6,509,419
$
4,828,215
$
17,805,834
$
13,762,533
$
6,091,557
Costs of goods sold
5,227,132
4,070,335
14,801,350
11,899,641
5,132,583
Gross profit
1,282,287
757,880
3,004,484
1,862,892
958,974
Selling, general and administrative expenses
186,974
200,844
555,645
580,662
193,451
Profit sharing
81,250
42,389
180,762
95,790
57,314
Amortization of intangible assets
7,696
6,890
23,227
20,684
7,730
Operating income
1,006,367
507,757
2,244,850
1,165,756
700,479
Interest expense, net of capitalized interest
39,331
13,573
111,692
43,085
39,120
Other income, net
(11,548
)
(19,662
)
(42,103
)
(59,695
)
(22,105
)
Income before income taxes
978,584
513,846
2,175,261
1,182,366
683,464
Income tax expense
222,896
109,920
488,683
259,570
152,679
Net income
755,688
403,926
1,686,578
922,796
530,785
Net loss (income) attributable to noncontrolling interests
312
(241
)
6,945
(3,234
)
3,302
Net income attributable to Steel Dynamics,Inc.
$
756,000
$
403,685
$
1,693,523
$
919,562
$
534,087
Basic earnings per share attributable
to Steel Dynamics,Inc. stockholders
$
5.29
$
2.75
$
11.77
$
6.19
$
3.71
Weighted average common shares outstanding
142,990
146,947
143,928
148,532
143,997
Diluted earnings per share attributable to Steel Dynamics,Inc.
stockholders, including the effect of assumed conversions when dilutive
$
5.26
$
2.74
$
11.72
$
6.17
$
3.69
Weighted average common shares and share equivalents outstanding
143,623
147,600
144,512
149,123
144,591
Dividends declared per share
$
0.53
$
0.50
$
1.59
$
1.50
$
0.53
Steel Dynamics, Inc.
CONSOLIDATED BALANCE SHEETS
(in thousands)
September 30,
December 31,
Assets
2026
2025
(unaudited)
Current assets
Cash and equivalents
$
928,558
$
769,878
Accounts receivable, net
2,446,443
1,682,660
Inventories
4,249,059
3,738,516
Other current assets
390,108
293,117
Total current assets
8,014,168
6,484,171
Property, plant and equipment, net
8,491,088
8,569,466
Intangible assets, net
303,815
331,290
Goodwill
477,471
477,471
Other assets
549,302
557,382
Total assets
$
17,835,844
$
16,419,780
Liabilities and Equity
Current liabilities
Accounts payable
$
1,605,228
$
1,231,358
Income taxes payable
64,227
67,315
Accrued expenses
857,967
788,926
Current maturities of long-term debt
20,854
34,655
Total current liabilities
2,548,276
2,122,254
Long-term debt
4,183,039
4,176,508
Deferred income taxes
1,116,084
1,004,375
Other liabilities
208,934
186,232
Total liabilities
8,056,333
7,489,369
Commitments and contingencies
Redeemable noncontrolling interests
143,259
141,226
Equity
Common stock
653
653
Treasury stock, at cost
(8,563,301
)
(7,980,549
)
Additional paid-in capital
1,243,105
1,248,634
Retained earnings
17,154,093
15,689,042
Accumulated other comprehensive income (loss)
7,878
(598
)
Total Steel Dynamics,Inc. equity
9,842,428
8,957,182
Noncontrolling interests
(206,176
)
(167,997
)
Total equity
9,636,252
8,789,185
Total liabilities and equity
$
17,835,844
$
16,419,780
Steel Dynamics, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
Operating activities:
Net income
$
755,688
$
403,926
$
1,686,578
$
922,796
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
174,845
138,487
508,047
405,108
Equity-based compensation
14,435
14,238
46,048
45,341
Deferred income taxes
44,489
147,570
107,136
202,948
Other adjustments
(2,040
)
(7,986
)
10,098
(13,071
)
Changes in certain assets and liabilities:
Accounts receivable
(3,505
)
(60,985
)
(763,783
)
(344,762
)
Inventories
(294,124
)
64,501
(517,394
)
(85,106
)
Other assets
(65,738
)
(34,551
)
(68,205
)
(58,877
)
Accounts payable
107,023
(4,817
)
371,238
238,516
Income taxes receivable/payable
35,320
(65,070
)
(137
)
(104,965
)
Accrued expenses
79,401
127,295
42,420
(31,106
)
Net cash provided by operating activities
845,794
722,608
1,422,046
1,176,822
Investing activities:
Purchases of property, plant and equipment
(149,608
)
(165,692
)
(411,429
)
(759,529
)
Purchases of short-term investments
-
-
-
(39,571
)
Proceeds from maturities of short-term investments
-
39,571
-
186,996
Other investing activities
(1,993
)
5,593
2,725
7,121
Net cash used in investing activities
(151,601
)
(120,528
)
(408,704
)
(604,983
)
Financing activities:
Issuance of current and long-term debt
671,649
407,965
1,966,209
2,298,186
Repayment of current and long-term debt
(652,573
)
(408,291
)
(1,981,155
)
(1,743,423
)
Dividends paid
(76,113
)
(73,894
)
(225,138
)
(218,098
)
Purchase of treasury stock
(275,563
)
(210,388
)
(590,938
)
(660,574
)
Other financing activities
(743
)
(5,056
)
(23,752
)
(67,243
)
Net cash used in financing activities
(333,343
)
(289,664
)
(854,774
)
(391,152
)
Increase in cash, cash equivalents, and restricted cash
360,850
312,416
158,568
180,687
Cash, cash equivalents, and restricted cash at beginning of period
572,990
463,281
775,272
595,010
Cash, cash equivalents, and restricted cash at end of period
$
933,840
$
775,697
$
933,840
$
775,697
Supplemental disclosure information:
Cash paid for interest
$
25,808
$
25,645
$
118,957
$
88,859
Cash paid for income taxes, net
$
143,107
$
22,192
$
378,660
$
150,662
Steel Dynamics, Inc.
SUPPLEMENTAL INFORMATION (UNAUDITED)
(dollars in thousands)
Third Quarter
YTD
2026
2025
2026
2025
1Q 2026
2Q 2026
External Net Sales
Steel
$
4,350,372
$
3,538,044
$
11,894,625
$
9,880,611
$
3,538,743
$
4,005,510
Steel Fabrication
466,283
377,683
1,215,521
1,070,638
355,433
393,805
Metals Recycling
614,781
520,986
1,861,729
1,578,602
593,183
653,765
Aluminum
475,697
71,139
1,200,957
203,347
227,393
497,867
Other
602,286
320,363
1,633,002
1,029,335
490,106
540,610
Consolidated Net Sales
$
6,509,419
$
4,828,215
$
17,805,834
$
13,762,533
$
5,204,858
$
6,091,557
Operating Income (Loss)
Steel
$
1,032,594
$
497,894
$
2,310,076
$
1,110,053
$
556,564
$
720,918
Steel Fabrication
90,588
107,020
264,695
316,880
89,514
84,593
Metals Recycling
32,964
31,533
128,247
78,533
47,467
47,816
Aluminum
(26,226
)
(56,510
)
(124,198
)
(125,872
)
(64,592
)
(33,380
)
1,129,920
579,937
2,578,820
1,379,594
628,953
819,947
Non-cash amortization of intangible assets
(7,696
)
(6,890
)
(23,227
)
(20,684
)
(7,801
)
(7,730
)
Profit sharing expense
(81,250
)
(42,389
)
(180,762
)
(95,790
)
(42,198
)
(57,314
)
Non-segment operations
(34,607
)
(22,901
)
(113,503
)
(97,364
)
(40,950
)
(37,946
)
Non-cash asset impairment charges
-
-
(16,478
)
-
-
(16,478
)
Consolidated Operating Income
$
1,006,367
$
507,757
$
2,244,850
$
1,165,756
$
538,004
$
700,479
Adjusted EBITDA
Net income
$
755,688
$
403,926
$
1,686,578
$
922,796
$
400,105
$
530,785
Income taxes
222,896
109,920
488,683
259,570
113,108
152,679
Net interest expense
32,857
6,769
92,089
16,110
26,053
33,179
Depreciation
164,848
129,833
477,943
378,958
149,194
163,901
Amortization of intangible assets
7,696
6,890
23,227
20,684
7,801
7,730
EBITDA
1,183,985
657,338
2,768,520
1,598,118
696,261
888,274
Non-cash adjustments
Unrealized (gains) losses on derivatives and currency
remeasurement
(8,100
)
(7,814
)
(18,135
)
5,142
(11,594
)
1,559
Equity-based compensation
14,435
14,246
43,873
42,246
15,230
14,208
Asset impairment charges
-
-
16,478
-
-
16,478
Adjusted EBITDA
$
1,190,320
$
663,770
$
2,810,736
$
1,645,506
$
699,897
$
920,519
Other Operating Information
Steel
Average external sales price (Per ton)
$
1,400
$
1,119
$
1,299
$
1,083
$
1,193
$
1,298
Average ferrous cost (Per ton Melted)
$
404
$
381
$
404
$
391
$
396
$
412
Flat Roll shipments
Butler, Columbus, and Sinton
2,024,201
2,141,350
6,061,723
6,212,765
2,011,443
2,026,079
Steel Processing divisions *
743,254
543,700
2,147,531
1,515,429
686,440
717,837
Long Product shipments
Structural and Rail Division
527,427
490,413
1,528,720
1,396,638
490,971
510,322
Engineered Bar Products Division
221,540
177,882
628,782
560,152
194,022
213,220
Roanoke Bar Division
170,197
157,989
513,826
454,003
167,837
175,792
Steel of West Virginia
97,865
101,996
284,110
305,680
88,155
98,090
Total Shipments (
Tons
)
3,784,484
3,613,330
11,164,692
10,444,667
3,638,868
3,741,340
External Shipments
(Tons)
3,107,330
3,162,805
9,158,826
9,123,456
2,966,124
3,085,372
Steel Mill Production
(Tons
)
3,088,339
3,067,792
9,101,781
9,039,321
3,039,367
2,974,075
Metals Recycling
Nonferrous shipments (000's of pounds)
201,696
242,842
610,131
721,499
197,385
211,050
Ferrous shipments (Gross tons)
1,702,125
1,590,153
4,848,468
4,639,168
1,473,457
1,672,886
External ferrous shipments (Gross tons)
566,982
538,020
1,709,255
1,640,660
553,367
588,906
Steel Fabrication
Average sales price (Per ton)
$
2,462
$
2,495
$
2,459
$
2,536
$
2,478
$
2,442
Shipments (Tons)
190,151
151,563
494,583
422,492
143,422
161,010
* Includes Heartland, The Techs, United Steel Supply, and New Process Steel (beginning December 1, 2025) operations