01—Abstract
Summary
Summary of the 8-K filed March 18, 2026. Cited figures are marked; the original filing is the authoritative source.
Steel Dynamics, Inc. furnished a press release dated March 17, 2026 under Item 7.01 of this Form 8-K, providing first quarter 2026 earnings guidance of $2.73 to $2.77a per diluted share.
That compares with $1.82b per diluted share for sequential fourth quarter 2025 and $1.44 per diluted share for first quarter 2025. The company said steel operations profitability is expected to be meaningfully higher than in the fourth quarter, driven by increased shipments and metal margin expansion, while metals recycling earnings are expected to be higher on significantly expanded metal margins despite somewhat lower shipments due to winter weather. Steel fabrication earnings are expected to be steady sequentially, with customer order backlog over 35 percent higher than a year ago.
The release also reports progress on the Columbus, Mississippi aluminum flat rolled products mill, which has produced finished products for industrial and beverage can sectors and has received several can sheet product qualifications, with additional qualifications ongoing. On capital allocation, the company estimates it repurchased about $66 millionc of common stock so far in the first quarter, and it temporarily slowed its buyback cadence due to roughly $126 million in annual profit-sharing payments and higher working capital tied to the aluminum ramp and rising aluminum prices. It plans to resume a normalized repurchase cadence in the second quarter of 2026.
The company plans to release first quarter 2026 results after market close on Monday, April 20, 2026, with a conference call the following day at 11:00 a.m. Eastern Daylight Time.
02—Key points
Key Highlights
- Q1 2026 diluted EPS guidance of $2.73 to $2.77, versus $1.82 in Q4 2025 and $1.44 in Q1 2025.
- Steel operations earnings expected to be meaningfully higher than Q4 2025, driven by higher shipments and metal margin expansion as realized selling values rose more than scrap costs.
- Metals recycling earnings expected to be higher on significantly expanded metal margins, though shipments are expected to be somewhat lower due to winter weather that has since normalized.
- Steel fabrication earnings expected to be steady sequentially; customer order backlog is over 35 percent higher than a year ago and extends well into Q3 2026.
- Columbus, Mississippi aluminum flat rolled products mill is commissioning and has received product qualifications from several can sheet consumers, with more ongoing.
- Share repurchases of an estimated $66 million so far in Q1 2026 were slowed due to a roughly $126 million annual profit-sharing payment and higher working capital; normalized cadence expected to resume in Q2 2026.
- First quarter 2026 earnings release scheduled for April 20, 2026 after market close, with a conference call on April 21, 2026 at 11:00 a.m. EDT.
03—Questions
Frequently Asked Questions
What is Steel Dynamics guiding for first quarter 2026 earnings?
The company provided guidance of $2.73 to $2.77 per diluted share for Q1 2026, compared with $1.82 per diluted share in sequential Q4 2025 and $1.44 per diluted share in Q1 2025.
Why has the company slowed its share repurchases?
The company temporarily slowed repurchases because of significant first-quarter working capital funding, including an annual profit-sharing payment of approximately $126 million and a meaningful working capital increase tied to the faster-than-anticipated aluminum ramp and rising aluminum prices. It plans to resume a normalized cadence in Q2 2026.
How is demand looking across the company's segments?
The company states that demand remains strong in non-residential construction, energy, automotive, and industrial sectors. Steel fabrication customer order activity has significantly increased since the end of 2025, with backlog over 35 percent higher than a year ago, supported by commercial construction, data centers, warehouses, manufacturing, and healthcare.
What is the status of the Columbus, Mississippi aluminum mill?
The mill has begun commissioning and startup, has produced finished products for industrial and beverage can sectors, and has received qualifications from several can sheet consumers, with more ongoing. It has also produced aluminum hot band qualified for automotive applications, and the first of two CASH lines for automotive finished products is in commissioning.
When will Steel Dynamics report first quarter 2026 results?
The company plans to release its first quarter 2026 earnings after market close on Monday, April 20, 2026, and will hold a conference call on the following day at 11:00 a.m. Eastern Daylight Time.
04—Continue