Skip to content
AnalystLens

Steel DynamicsSTLD

Legal name
Steel Dynamics, Inc.
Sector
Other
Industry
Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)
Exchange
Nasdaq

Stock Price $STLD

Latest filings

You are here#12 of 28 in Materials by market cap

Filing record · 2016–202610-K1110-Q348-K207

STLD filed 11 annual reports (10-K), 34 quarterly reports (10-Q) and 207 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Dec ’16Dec ’16
  2. FY2018 annual report10-K · Feb ’19Feb ’19
  3. Leadership change8-K · Nov ’21Nov ’21
  4. Material agreement8-K · Dec ’25Dec ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $18.18B
YoY changeLargest recent move+91.7%in FY21Latest +3.6%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All STLD Financial Metrics61 metrics

Income Statement15

Balance Sheet27

Cash Flow14

Per Share5

02—Overview

Steel Dynamics Financial Overview 2021–2025

Updated Nov 4, 2026

Steel Dynamics sold a record 13.7 million tons of steel in FY2025 and still earned 62% less per share than in FY2022: $7.99a versus $20.92. The thesis is that volume is not the problem. Metal spreads, the gap between steel selling prices and scrap costs, drive the profit, and the company has been working through a multi-year squeeze on them.

The long-term arc shows it. Net sales were $18.41 billionb in FY2021 and $18.18 billion in FY2025, essentially flat. Operating income fell from $4.30 billion to $1.48 billion over the same span. In FY2025, steel operating income dropped 10% to $1.43 billion, and steel fabrication fell 39% to $407.4 million. Aluminum, the big growth bet, lost $173.0 million as the Columbus mill started up.

The balance sheet absorbed the strain. Total debt rose to $4.2 billionc in FY2025, and long-term debt to capitalization climbed to 32.1% from 26.5%. Even so, the company returned $900.9 million in buybacks and $291.2 million in dividends, backed by $2.2 billion of liquidity.

At the close of FY2025, the stock traded at $169.45d, or 21.2x earnings, for a market cap of $24.6 billion. That is a premium multiple on trough-like earnings. Results in Q3 2026 moved the right way: $5.26 per share versus $2.74 a year earlier, on $6.51 billion of sales.

Recent Developments (Q2 and Q3 2026)

Steel Dynamics announced a CEO succession in Q3 2026. Mark Millett will retire as CEO on January 1, 2027 and become Executive Chairman. CFO Theresa Wagler takes over as CEO. Operations improved in step: Q2 2026 EPS was $3.69e, up from $2.78 in Q1 2026. Steel shipments set records at 3.7 million tons and then 3.8 million tons. The average external steel price rose to $1,400 per ton in Q3, while scrap fell $8 to $404. Aluminum losses narrowed to $26.2 million and reached EBITDA breakeven. The company repurchased $590.9 million of stock in the first nine months.

Bull case: metal spreads are widening, the fabrication backlog is 50% above last year, and the first aluminum automotive shipments are near. Bear case: the stock traded at 30.2x trailing earnings of $7.99 as of the October 22, 2026 report date, not today, so it already prices in peak spreads. Fabrication profit fell 15%, and a new CEO arrives as spreads may normalize.

What to watch: Q4 2026 EPS against the guidance range, and first commercial aluminum automotive shipments

03—Filings

Recent SEC Filings

  1. 8-KSteel Dynamics 8-K Report, Financial Results (Oct 20, 2026)Steel Dynamics, Inc. reported third quarter 2026 results in a press release furnished as Exhibit 99.1 to this Form 8-K. Net sales were $6.5 billion, operating income was $1.0 billion, and net income was $756 million, or $5.26 per diluted share. Adjusted EBITDA was $1.2 billion and cash flow from operations was $846 million. Management said steel prices continued to improve during the quarter, with sequential operating income up $306 million, or 44 percent, on record steel shipments of 3.8 million tons and expanded metal spreads. The steel fabrication segment's order backlog was described as 50 percent higher than a year earlier. For the first nine months of 2026, net sales rose 29 percent to $17.8 billion and operating income rose 93 percent to $2.2 billion, driven by higher realized steel pricing and shipments. Net income for the period was $1.7 billion, or $11.72 per diluted share, compared with $920 million, or $6.17 per diluted share, a year earlier. Aluminum operations remained in startup, with a third-quarter operating loss of $26 million and EBITDA breakeven for the quarter. Management said the first of two continuous annealing and solution heat (CASH) lines is expected to ship finished automotive products before year-end, and the second is expected to become operational early in the first quarter of 2027. During the quarter the company repurchased $276 million of its common stock, paid $76 million in dividends, and invested $150 million in capital expenditures, ending September 30, 2026 with liquidity of $2.4 billion. Management expressed optimism about steel and aluminum demand into 2027 and beyond, citing infrastructure, manufacturing, energy, and data center investment, while noting that additional domestic capacity may enter the market in coming years.
  2. 8-KSteel Dynamics 8-K Report, Corporate Update (Oct 19, 2026)Steel Dynamics, Inc. filed this Form 8-K on October 19, 2026 under Item 8.01 (Other Events) to furnish a press release titled "Steel Dynamics Announces Leadership Promotions" as Exhibit 99.1. The announcement is a leadership and talent development update rather than a financial disclosure; the filing contains no financial results, guidance, or financial statements. The press release states that Chad Bickford, Jeff Hansen, and Tommy Scruggs were promoted to Senior Vice President effective October 1, 2026, with Bickford continuing to lead steel fabrication with added influence over overall growth strategy, Hansen retaining environmental sustainability and decarbonization responsibilities (including the renewable biocarbon facility) with added influence over energy strategy, and Scruggs continuing to lead Flat Roll commercial operations, including the newly acquired New Process Steel operations. Effective November 1, 2026, Daniel Keown is named Senior Vice President of Flat Rolled Steel Production, Yury Krotov is named Vice President of Long Products Steel Operations, and Dominic Freiburger is named Vice President and Treasurer. The release references "recent leadership changes announced in August" and names Rick Poinsatte as incoming Chief Financial Officer and Theresa E. Wagler as incoming President and Chief Executive Officer. For investors, the key takeaway is organizational: the company is reinforcing its operating and commercial leadership bench and assigning clearer ownership of flat rolled production, long products, and treasury. The filing does not quantify any financial impact of these changes.
  3. 8-KSteel Dynamics 8-K Report, Regulation FD Disclosure (Sep 18, 2026)Steel Dynamics, Inc. furnished a Form 8-K on September 18, 2026 (Item 7.01, Regulation FD) attaching a September 17, 2026 press release that provides third quarter 2026 earnings guidance of $5.34 to $5.38 per diluted share. The company compares this with sequential second quarter 2026 earnings of $3.69 per diluted share and prior year third quarter earnings of $2.74 per diluted share. The information is furnished, not filed, under Section 18 of the Exchange Act. By segment, the company expects steel operations profitability to be significantly higher than in the second quarter, driven by metal margin expansion across the platform and record shipments, with average realized steel selling values expected to rise alongside lower scrap costs. Metals recycling earnings are expected to be lower sequentially due to lower metal spreads and modestly lower shipments. Steel fabrication earnings are expected to improve modestly, and the current backlog is described as nearly 50 percent higher than prior-year third quarter levels and extending through the first quarter of 2027. Aluminum earnings are expected to improve meaningfully on higher shipments, with the first of two CASH lines at the Columbus, Mississippi flat rolled products mill operating and expected to ship commercial material in the fourth quarter. The company also reported repurchasing $261 million, or just under one percent, of its common stock so far in the third quarter of 2026, and plans to release third quarter earnings after the market closes on October 19, 2026, with a conference call the next day at 11:00 a.m. Eastern Daylight Time.
  4. 8-KSteel Dynamics 8-K/A Report, Executive Changes (Aug 18, 2026)Steel Dynamics, Inc. (STLD) filed Amendment No. 1 to its Current Report on Form 8-K, which amends the company's August 4, 2026 Form 8-K. The Explanatory Note states that the earlier report addressed, among other things, Mark D. Millett's planned retirement as Chief Executive Officer effective January 1, 2027, and related leadership transitions. The substantive disclosure under Item 5.02 concerns one-time transition awards. At a meeting held on August 12, 2026, the Compensation Committee of the Board of Directors approved restricted stock unit grants to Barry Schneider and Christopher Graham. Each will receive restricted stock units valued at $2,000,000, to be granted on December 15, 2026. Half of each award vests on December 15, 2028 and the other half vests on December 15, 2029. Vesting in each case is subject to the executive remaining currently employed by the company. For investors, the filing is narrow in scope. It discloses retention-oriented equity compensation tied to continued employment through the leadership transition, with vesting extending to December 2029. The filing does not contain financial results or other operating metrics.
  5. 8-KSteel Dynamics 8-K Report, Corporate Update (Aug 14, 2026)Steel Dynamics, Inc. (NASDAQ/GS: STLD) filed this Form 8-K on August 14, 2026 under Item 8.01 (Other Events) to furnish a press release announcing that its board of directors declared a third quarter 2026 cash dividend. The filing states that the dividend is $0.53 per common share. It is payable to shareholders of record at the close of business on September 30, 2026, and is expected to be paid on or about October 9, 2026. The filing is otherwise limited in scope. Its exhibit describes the company as a leading industrial metals solutions company with facilities in the United States and Mexico, operating a circular manufacturing model that uses recycled scrap as its primary input. The company also notes it has recently added aluminum operations supplying flat rolled products with higher recycled content to the beverage can, automotive and industrial sectors. The 8-K contains no financial results, guidance, or other quantitative disclosures beyond the dividend terms. For investors, the principal takeaway is the declaration of a regular quarterly dividend of $0.53 per share with defined record and payment dates. The filing is signed by Theresa E. Wagler, Executive Vice President and Chief Financial Officer.
View all 8-K filings →
View all filings (10-K, 10-Q, 8-K, proxy & more) →

04—See also

Related Companies

Annual revenue over each company’s last eight fiscal years, each strip on its own scale from zero.