Steel Dynamics Inc

steeldynamics.com

What Do They Do?

Makes steel products, including building components, for construction and industrial customers; processes recycled metals for industrial users; and produces aluminum products for beverage and industrial markets.

How Do They Make Money?

Steel, recycled metal and aluminum customers pay for products when they ship or are delivered; fabrication customers pay for completed work as the contract progresses. Invoices are generally due within 30 days.

FY2025 revenue

Who Are Their Customers?

Steel mills, foundries and other metal users buy processed scrap; construction fabricators, contractors and property owners buy building components. Steel and aluminum products also serve construction, automotive, manufacturing and beverage markets.

Do Revenues Turn Into Profits?

Yes. It kept 7 cents of every revenue dollar as net income in FY2025 and turned 3 cents into free cash flow.

Operating income, FY2025

8% of revenue

▼ −24% vs FY2024 ($1.9B, 11%)

Net income, FY2025

7% of revenue

▼ −23% vs FY2024 ($1.5B, 9%)

Free cash flow, FY2025

3% of revenue

▲ Now profitable vs FY2024 (−$23.5M, 0%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Sep 30, 2026

Revenue: ▲ +35%; vs $4.8B in Q3 FY2025
Net income: ▲ +87%; vs $403.7M in Q3 FY2025

Aug 4, 2026 CEO Mark Millett plans to retire; Theresa Wagler will succeed him Millett will become executive chairman when Wagler takes over as CEO.
Jun 18, 2026 Company issued second-quarter earnings guidance Guidance was $3.51 to $3.55 per diluted share, reduced by a $16 million aluminum-site relocation write-down.

Flat. Revenue was $18.2B in FY2025, about the same as the $18.4B of FY2021.

Aluminum production The planned aluminum mill has moved into production, adding flat-rolled products for beverage, automotive and industrial customers.

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