How did Steel Dynamics perform in the first quarter of 2026?

The company reported net sales of $5.20 billion, operating income of $538.0 million, and net income attributable to Steel Dynamics of $403.4 million, or $2.78 per diluted share. This compares with $217.2 million, or $1.44 per diluted share, in the first quarter of 2025 and $266.0 million, or $1.82 per diluted share, in the fourth quarter of 2025.

What drove the improvement in earnings?

Management attributed the improvement to record steel shipments combined with higher steel prices. The company said steel pricing increased more than ferrous scrap costs, and steel operating income reached $557 million, with operating income up $228 million, or 73 percent, from the prior year.

How is the aluminum business performing?

Aluminum operations posted an operating loss of $65 million in the first quarter as startup and commissioning continued at the Columbus, Mississippi mill and the San Luis Potosi, Mexico facility. Management cited a January startup pause and inventory write-off, and said it expects shipments and earnings to increase sharply in the second quarter of 2026, with a third cold mill and second CASH line scheduled to commission in the third quarter of 2026.

How much cash did the company generate and return to shareholders?

Cash flow from operations was $148 million after a $120 million annual companywide retirement profit-sharing distribution. The company paid $72 million in dividends and repurchased $115 million of common stock during the quarter, and reported liquidity of $2.0 billion as of March 31, 2026.

What is management's outlook?

Management said it remains constructive that market conditions will support strong domestic steel and aluminum consumption through 2026 and into following years, citing customer optimism, improving order entry and pricing, trade actions, onshoring, and infrastructure funding. Steel fabrication customer order backlog was stated as over 38 percent higher than a year ago and extending into October 2026.

STLD 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed April 21, 2026. Cited figures are marked; the original filing is the authoritative source.

Steel Dynamics, Inc. (NASDAQ/GS: STLD) furnished a press release reporting first quarter 2026 results, issued April 20, 2026 and filed under Item 2.02 of this 8-K.

The company reported record steel shipments of 3.6 million tons, net sales of $5.20 billion^a, operating income of $538.0 million, net income attributable to Steel Dynamics of $403.4 million, or $2.78 per diluted share, and Adjusted EBITDA of $699.9 million. Compared with the sequential fourth quarter of 2025, net income attributable to the company rose from $266.0 million ($1.82 per diluted share), and operating income increased $228 million, or 73 percent, year over year, driven by record shipments and higher steel prices. Steel operating income was $557 million, and the company said steel pricing rose more than ferrous scrap costs.

Aluminum operations remained a drag, with a first quarter operating loss of $65 million^b as the company commissioned its Columbus, Mississippi aluminum flat rolled mill and its San Luis Potosi, Mexico satellite recycled aluminum slab center. Management said an January startup pause and inventory write-off affected results, and expects shipments and earnings to increase sharply in the second quarter of 2026. The third cold mill and second CASH line are scheduled to commission in the third quarter of 2026.

Steel fabrication operating income was $90 million^c, with its customer order backlog stated as over 38 percent higher than a year ago. Cash flow from operations was $148 million after a $120 million annual companywide retirement profit-sharing distribution, and working capital (excluding profit-sharing and income taxes) increased $413 million.

The company invested $138 million^d in capital expenditures, paid $72 million in dividends, repurchased $115 million of common stock, and reported liquidity of $2.0 billion as of March 31, 2026. The release also announced a six percent increase in the first quarter 2026 cash dividend, with dividends declared per share of $0.53 versus $0.50 a year earlier.

02—Key points

Key Highlights

Record steel shipments of 3.6 million tons (total shipments of 3,638,868 tons) in the first quarter of 2026.
Net sales of $5.20 billion, operating income of $538.0 million, and net income attributable to Steel Dynamics of $403.4 million, or $2.78 per diluted share, versus $1.44 per diluted share in the prior-year first quarter.
Steel operating income of $557 million; average external steel selling price rose to $1,193 per ton from $1,107 in the fourth quarter of 2025.
Aluminum operating loss of $65 million, with aluminum flat rolled shipments rising to 22,500 metric tons from 14,600 metric tons sequentially; management expects a sharp increase in the second quarter of 2026.
Adjusted EBITDA of $699.9 million; cash flow from operations of $148 million after a $120 million profit-sharing distribution.
Liquidity of $2.0 billion as of March 31, 2026, with $115 million of share repurchases and $72 million of dividends paid in the quarter.
First quarter 2026 cash dividend increased six percent, with dividends declared of $0.53 per share.

03—Questions

Frequently Asked Questions

How did Steel Dynamics perform in the first quarter of 2026?
The company reported net sales of $5.20 billion, operating income of $538.0 million, and net income attributable to Steel Dynamics of $403.4 million, or $2.78 per diluted share. This compares with $217.2 million, or $1.44 per diluted share, in the first quarter of 2025 and $266.0 million, or $1.82 per diluted share, in the fourth quarter of 2025.
What drove the improvement in earnings?
Management attributed the improvement to record steel shipments combined with higher steel prices. The company said steel pricing increased more than ferrous scrap costs, and steel operating income reached $557 million, with operating income up $228 million, or 73 percent, from the prior year.
How is the aluminum business performing?
Aluminum operations posted an operating loss of $65 million in the first quarter as startup and commissioning continued at the Columbus, Mississippi mill and the San Luis Potosi, Mexico facility. Management cited a January startup pause and inventory write-off, and said it expects shipments and earnings to increase sharply in the second quarter of 2026, with a third cold mill and second CASH line scheduled to commission in the third quarter of 2026.
How much cash did the company generate and return to shareholders?
Cash flow from operations was $148 million after a $120 million annual companywide retirement profit-sharing distribution. The company paid $72 million in dividends and repurchased $115 million of common stock during the quarter, and reported liquidity of $2.0 billion as of March 31, 2026.
What is management's outlook?
Management said it remains constructive that market conditions will support strong domestic steel and aluminum consumption through 2026 and into following years, citing customer optimism, improving order entry and pricing, trade actions, onshoring, and infrastructure funding. Steel fabrication customer order backlog was stated as over 38 percent higher than a year ago and extending into October 2026.

04—Continue

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