STEEL DYNAMICS INC Earnings Summary — Q1 FY2026

• Net income attributable to the company rose sharply to $403.4 million compared to $217.2 million in the prior year's first quarter.
• First quarter revenues climbed 19% YoY to reach $5.2 billion, driven by solid demand across core steel and fabrication segments.
• Operating income nearly doubled YoY, growing from $275.1 million to $538.0 million, reflecting strong operational leverage.
• The Aluminum Operations segment is advancing with a new 650,000-metric-ton recycled aluminum mill in Mississippi and satellite centers.
• The total cash and equivalents position decreased to $556.5 million from $769.9 million at year-end, primarily due to treasury stock purchases and debt repayments.
• Steel Dynamics remains one of the most efficient EAF steel producers, successfully integrating recent acquisitions like New Process Steel.
• Management maintains a variable-cost culture, with profit sharing expenses increasing significantly this quarter to $42.2 million alongside rising profitability.

Management remains focused on circular economy advantages and driving long-term value through value-added product mixes and the strategic expansion into aluminum recycling. They highlighted the transition from a regional player to a diversified industrial metals giant.

Improving

Significant year-over-year gains in both top and bottom lines suggest high efficiency in a volatile market environment and successful execution of the EAF model.

The company is optimistic about its diversification into aluminum and its geographic reach into the Southwest and Mexico, expecting these strategic moves to provide countercyclical stability and growth.