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Steel Dynamics 8-K Report, Financial Results (Jul 21, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed July 21, 2026
Period End
July 20, 2026
Security
STLD
In the 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 · Jul ’18Jul ’18
  2. Leadership change8-K · Nov ’21Nov ’21
  3. Leadership change8-K · Sep ’25Sep ’25

01—Abstract

Summary

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

Steel Dynamics, Inc. (STLD) furnished a press release reporting second quarter 2026 results, dated July 20, 2026.

The company reported net sales of $6.1 billiona, operating income of $700 million, and net income attributable to Steel Dynamics of $534 million, or $3.69 per diluted share. Results include a $16 million non-cash asset impairment charge tied to relocating a planned second satellite aluminum recycled slab center from Arizona to Columbus, Mississippi. Adjusted EBITDA was $921 million and cash flow from operations was $428 million.

Management cited record steel shipments of 3.7 million tons and steel operating income of $721 millionb, up 30% sequentially on higher steel pricing that outpaced scrap costs. For the first half of 2026, net income attributable to Steel Dynamics was $938 million, or $6.47 per diluted share, on net sales of $11.3 billion, versus $516 million, or $3.44 per diluted share, in the first half of 2025. Operating income rose 88% to $1.2 billion.

The company repurchased $315 millionc of common stock in the first half and ended the period with liquidity of $2.0 billion. Aluminum operations remained loss-making in the quarter, with an operating loss of $33 million, but management expects volumes and profitability to rise sharply in the second half of 2026 and in full-year 2027 as startup costs subside and the third cold mill ramps toward full capacity of 650,000 metric tons. Management stated that steel fundamentals continued to strengthen, with improved pricing, solid demand, lower customer inventories, and extended backlogs and lead times.

The company said automotive aluminum sales are expected to commence before the end of 2026. The results are furnished under Item 2.02 and are not deemed filed for Section 18 purposes.

02—Key points

Key Highlights

  1. Net sales of $6.1 billion and net income attributable to Steel Dynamics of $534 million, or $3.69 per diluted share, for Q2 2026, compared with $299 million, or $2.01 per diluted share, in Q2 2025.
  2. Record steel shipments of 3.7 million tons; steel operating income of $721 million, up $162 million sequentially, with the average external steel selling price rising $105 per ton to $1,298.
  3. Adjusted EBITDA of $921 million and cash flow from operations of $428 million in Q2 2026.
  4. A $16 million non-cash asset impairment charge related to relocating the planned second satellite aluminum recycled slab center from Arizona to Columbus, Mississippi.
  5. Aluminum operating loss narrowed to $33 million, a 48% improvement sequentially; aluminum flat-rolled shipments reached 53,000 metric tons, with automotive sales expected to start before the end of 2026.
  6. First-half 2026 net income of $938 million ($6.47 per diluted share) versus $516 million ($3.44) in the first half of 2025; operating income up 88% to $1.2 billion.
  7. Share repurchases of $200 million in Q2 and $315 million year to date; liquidity of $2.0 billion as of June 30, 2026.

03—Questions

Frequently Asked Questions

  1. How did Steel Dynamics perform in the second quarter of 2026?

    The company reported net sales of $6.1 billion, operating income of $700 million, and net income attributable to Steel Dynamics of $534 million, or $3.69 per diluted share. Results were driven mainly by higher steel pricing and record shipments, partly offset by the aluminum startup losses and a $16 million impairment charge.

  2. What drove the improvement in steel operations?

    Management said steel operating income reached $721 million, 30% higher than the first quarter, due to record shipments and metal spread expansion, as steel pricing increased more than ferrous scrap costs. The average external steel selling price rose $105 per ton sequentially to $1,298, while the average ferrous scrap cost rose $16 to $412 per ton.

  3. What is the status of the aluminum operations?

    Aluminum operations posted an operating loss of $33 million in Q2 2026, a 48% improvement from the first quarter. Two of three cold mills are operational, the third is being commissioned with commercial transition expected in August, and the first CASH line is shipping material for customer qualification. The company expects volumes and profitability to increase sharply in the second half of 2026 and in 2027.

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

    In Q2 2026, cash flow from operations was $428 million, capital investments were $124 million, cash dividends were $77 million, and share repurchases were $200 million. For the first half, cash flow from operations was $576 million and share repurchases totaled $315 million, with liquidity of $2.0 billion at June 30, 2026.

  5. What did management say about the outlook?

    Management said market conditions are in place to support strong domestic steel and aluminum consumption through the remainder of 2026 and into 2027, citing steel backlogs and lead times that have extended, lower customer inventories, and expanding value-added flat-rolled spreads. The company also expects aluminum volumes and profitability to rise sharply in the second half of 2026 and for full-year 2027.

04—Continue

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