# EDGAR Filing Document

**Accession Number:** 0001022671
**File Stem:** 0001104659-25-101080
**Filing Date:** 2025-10
**Character Count:** 36390
**Document Hash:** d72bcffe6fc85bb1d42b91bf7a2a8654
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-101080.hdr.sgml**: 20251021

**ACCESSION NUMBER**: 0001104659-25-101080

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251020

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251021

**DATE AS OF CHANGE**: 20251021

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** STEEL DYNAMICS INC
- **CENTRAL INDEX KEY:** 0001022671
- **STANDARD INDUSTRIAL CLASSIFICATION:** STEEL WORKS, BLAST FURNACES  ROLLING MILLS (COKE OVENS) [3312]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 351929476
- **STATE OF INCORPORATION:** IN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-21719
- **FILM NUMBER:** 251405749

**BUSINESS ADDRESS:**
- **STREET 1:** 7575 W JEFFERSON BLVD
- **CITY:** FORT WAYNE
- **STATE:** IN
- **ZIP:** 46804
- **BUSINESS PHONE:** 260 459 3553

**MAIL ADDRESS:**
- **STREET 1:** 7575 W JEFFERSON BLVD
- **CITY:** FORT WAYNE
- **STATE:** IN
- **ZIP:** 46804

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (date of earliest event reported) **October 20, 2025**

**STEEL DYNAMICS, INC.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Indiana** | **0-21719** | **35-1929476** |
| (State or other jurisdiction<br> of incorporation) | (Commission File Number) | (IRS Employer<br> Identification No.) |

---

**7575 West Jefferson Blvd** **, Fort Wayne, Indiana 46804**

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: **260** **-969-3500**

**Not Applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

◻ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

◻ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

◻ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

◻ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol | Name of each exchange on which registered |
| Common Stock voting, $0.0025 par value | STLD | NASDAQ Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

**Item 2.02. Results of Operations and Financial Condition**

On October 20, 2025, Steel Dynamics, Inc. issued a press release titled "Steel Dynamics Reports Third Quarter 2025 Results." A copy of that press release is attached hereto as Exhibit 99.1.

The information contained in Exhibit 99.1 is furnished under this Item 2.02 and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or incorporated by reference in any filing thereunder or under the Securities Act of 1933, as amended, except as may be expressly set forth by specific reference in any such filing.

**Item 9.01. Financial Statements and Exhibits**

(d) Exhibits.

The following exhibit is furnished with this report:

Exhibit Number Description

[99.1](tm2529138d1_ex99-1.htm) [A press release dated October 20, 2025, titled "Steel Dynamics Reports Third Quarter 2025 Results."](tm2529138d1_ex99-1.htm)

104 Cover Page Interactive Data File – the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereto duly authorized.

---

| | | |
|:---|:---|:---|
|  |  | STEEL DYNAMICS, INC.<br>/s/ Theresa E. Wagler |
| Date: October 21, 2025 | By: | Theresa E. Wagler |
|  | Title: | Executive Vice President and Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

---

| | |
|:---|:---|
| **Press Release** | ![](tm2529138d1_ex99-1img01.jpg) |
| **October 20, 2025** | ![](tm2529138d1_ex99-1img01.jpg) |

---

**7575 W. Jefferson Blvd.**

**Fort Wayne, IN 46804**

------

**Steel Dynamics Reports Third Quarter 2025 Results**

FORT WAYNE, INDIANA, October 20, 2025 / PRNewswire /

Third Quarter 2025 Performance Highlights:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Successful production and qualification of industrial, beverage can, and automotive quality flat rolled aluminum products

&nbsp;&nbsp;&nbsp;&nbsp;▪ Successful production and consumption of biocarbon material

&nbsp;&nbsp;&nbsp;&nbsp;▪ Record steel shipments of 3.6 million tons

&nbsp;&nbsp;&nbsp;&nbsp;▪ Net sales of $4.8 billion, operating income of $508 million, and net income of $404 million

&nbsp;&nbsp;&nbsp;&nbsp;▪ Adjusted EBITDA of $664 million and cash flow from operations of $723 million

&nbsp;&nbsp;&nbsp;&nbsp;▪ Liquidity of over $2.2 billion

&nbsp;&nbsp;&nbsp;&nbsp;▪ Share repurchases of $210 million of the company's common stock, representing 1.1 percent of its outstanding shares

Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced third quarter 2025 financial results. The company reported third quarter 2025 net sales of $4.8 billion and net income of $404 million, or $2.74 per diluted share. Comparatively, the company's sequential second quarter 2025 net income was $299 million, or $2.01 per diluted share and prior year third quarter net income was $318 million, or $2.05 per diluted share.

"Our teams performed exceptionally well in the third quarter, achieving strong financial performance and hitting several operating milestones, while continuing to prioritize the safety and well-being of one another," said Mark D. Millett, Chairman and Chief Executive Officer. "Consolidated third quarter 2025 operating income improved 33 percent and adjusted EBITDA increased 24 percent sequentially. Our three-year after-tax return-on-invested capital of 15 percent is a testament to our ongoing high-return capital allocation strategy. We are growing, returning significant capital to shareholders, while also maintaining strong returns as compared to best-in-class domestic manufacturers.

"The aluminum and biocarbon teams are both doing incredibly well," continued Millett. "We have produced finished aluminum flat rolled products for the industrial and beverage can sectors and hot band for the automotive sector, which have been qualified by several customers much sooner than anticipated. We sincerely thank those customers who have helped us. There is still much to be done, and the team has great momentum to continue to commission and ramp operations. Additionally, the SDI Biocarbon Solutions team produced their first biocarbon, which was successfully used as a carbon replacement at our Columbus Flat Roll Steel Division, providing a significantly lower-carbon supply chain for our steel customers. The team plans to continue to refine operations and increase production throughout the rest of the year.

"We also achieved record quarterly steel shipments, as imports declined from the elevated levels seen earlier in the year and Sinton's performance improved," said Millett. "However, we continue to observe some customer inventory overhang of value-added flat rolled products that were imported earlier this year. We have seen some order hesitancy from flat rolled steel customers due to domestic trade actions, despite numerous encouraging demand drivers — such as manufacturing onshoring, infrastructure program funding, lower interest rates, and the increasing regionalization of supply chains in the U.S. As it relates to long product steel demand and pricing, structural steel and railroad rail have remained very strong. Looking ahead, we expect to benefit from stronger demand across our platforms, including aluminum flat rolled products, as we move into 2026."

**Third Quarter 2025 Comments**

Third quarter 2025 operating income for the company's steel operations was $498 million, or 30 percent higher than sequential second quarter results, due to record steel shipments and metal spread expansion, as scrap raw material costs declined more than average realized steel selling values. The third quarter 2025 average external product selling price for the company's steel operations decreased $15 sequentially to $1,119 per ton. The average ferrous scrap cost per ton melted at the company's steel mills decreased $27 per ton sequentially to $381 per ton. Average realized flat rolled steel pricing declined in the quarter based on lagging priced contracts, while long product steel prices increased as demand for structural and rail products was strong. The energy, non-residential construction, automotive, and industrial sectors led steel demand in the quarter.

The steel teams have scheduled normal maintenance outages at the company's Butler, Columbus, and Sinton Flat Roll Steel divisions during the fourth quarter 2025, which could reduce production by as much as 85,000 tons of flat rolled steel in the quarter.

Third quarter 2025 operating income from the company's metals recycling operations was $32 million, or $10 million higher than sequential earnings, based on near-record ferrous scrap shipments and metal spread expansion.

The company's steel fabrication operations generated operating income of $107 million in the third quarter 2025, higher than sequential second quarter results of $93 million, due to a twelve percent increase in shipments. Order activity remained steady in the quarter, with the order backlog maintaining solid levels extending through the first quarter 2026, supported by stable pricing. Demand was largely driven by the commercial, data center, manufacturing, warehouse, and healthcare sectors. Looking ahead, the pace of domestic manufacturing investment, increased domestic onshoring activity, and momentum from the U.S. infrastructure program are expected to further support demand — not only for steel joist and deck products, but also for flat rolled and long product steel.

Based on the company's differentiated business model and highly variable cost structure, the company generated cash flow from operations of $723 million during the quarter. The company also invested $166 million in capital investments, paid cash dividends of $74 million, and repurchased $210 million of its outstanding common stock, representing 1.1 percent of its outstanding shares, while maintaining liquidity of $2.2 billion as of September 30, 2025.

**Year-to-Date September 30, 2025 Comparison**

For the nine-months ended September 30, 2025, net income was $920 million, or $6.17 per diluted share, with net sales of $13.8 billion, as compared to net income of $1.3 billion, or $8.46 per diluted share, with net sales of $13.7 billion for the same period in 2024.

For the first nine-months of 2025 net sales were steady at $13.8 billion, and operating income declined 32 percent to $1.2 billion, when compared to the same period in 2024. Decreased earnings were the result of lower realized pricing in the company's steel and steel fabrication operations during the period. For the first nine-months of 2025 operating income from the company's steel operations was $1.1 billion, compared to $1.4 billion for the same prior year period. The average nine-months 2025 external selling price for the company's steel operations decreased $50 to $1,083 per ton compared to the same prior year period, and the average ferrous scrap cost per ton melted at the company's steel mills was stable at $391 per ton. For the first nine-months of 2025 operating income from the company's steel fabrication operations was $317 million, compared to $525 million in the prior year period.

Based on the company's differentiated business model and highly variable cost structure, the company achieved cash flow from operations of $1.2 billion in the first nine-months of 2025. The company also invested $760 million in capital investments, repaid $400 million of its senior notes, paid cash dividends of $218 million, and repurchased $661 million of its outstanding common stock, representing 3.4 percent of its outstanding shares, while maintaining liquidity of $2.2 billion.

**Outlook** 

"We anticipate that improving market conditions, including increased trade stability and a more favorable interest rate environment, will contribute to strong domestic demand for steel and aluminum products," continued Millett. "Additionally, discussions with our customers reinforce the increasing importance of low-carbon, U.S.-made steel and aluminum — positioning our businesses for a long-term competitive advantage. We expect a favorable market environment to take shape as unfair trade practices diminish, policy clarity improves, and U.S. manufacturing continues to expand — driving stronger demand.

"We view the U.S. International Trade Commission's final determinations on coated flat rolled steel as a significant positive development. As the largest non-automotive flat-rolled steel coater in the United States, we view a reduction in unfairly traded imports as a significant tailwind for our operations and market positioning. We anticipate that these broader market dynamics will positively influence performance across our operating platforms.

"The aluminum team is continuing with the successful commissioning and startup of the company's Columbus, Mississippi aluminum flat rolled products mill and San Luis Potosi satellite recycled slab center. The cast houses and hot strip mill are operating extremely well and performing above expectations, and commissioning is ongoing in other areas of the facility. The teams successfully produced finished products for the industrial and beverage can sectors, receiving product qualification from several customers. They also produced and received qualification for aluminum hot band for use in automotive applications. We continue commissioning of the cold mill and other downstream lines, including the CASH line. It is an extremely exciting time for all of us. There is still much to be done, yet much has also been accomplished.

"Our growth strategy has been deliberately aligned with the changing needs of our customers, emphasizing sustainable, efficient supply chain solutions and top-tier product quality — primarily within the steel industry. However, with many of our steel customers also consuming aluminum flat-rolled products, we are expanding into this adjacent market — offering high recycled-content aluminum solutions to meet growing demand — serving the counter-cyclical, sustainability-driven beverage can and packaging industry, as well as the automotive, industrial, and construction sectors. With a performance-based operating culture and deep expertise in developing and managing cost-efficient, high-margin flat-rolled steel mills, we are uniquely positioned to execute this strategic initiative. We view this expansion as a significant opportunity for long-term value creation — one that is generating strong enthusiasm among both our customers and our teams.

"We remain firmly committed to the health and safety of our teams, their families, and the communities we serve, while meeting the evolving needs of our customers. Our culture and performance-driven business model continue to positively differentiate our company. We remain focused on delivering superior value to our team members, customers, and shareholders," concluded Millett.

**Conference Call and Webcast**

Steel Dynamics, Inc. will hold a conference call to discuss third quarter 2025 operating and financial results on Tuesday, October 21, 2025, at 11:00 a.m. Eastern Daylight Time. You may access the call and find dial-in information on the Investors section of the company's website at www.steeldynamics.com. A replay of the call will be available on our website until 11:59 p.m. Eastern Daylight Time on October 28, 2025.

**About Steel Dynamics, Inc.**

Steel Dynamics is a leading industrial metals solutions company, with facilities located throughout the United States, and in Mexico. The company operates using a circular manufacturing model, producing lower-carbon-emission, quality products with recycled scrap as the primary input. Steel Dynamics is one of the largest domestic steel producers and metal recyclers in North America, combined with a meaningful downstream steel fabrication platform. The company is also currently investing in aluminum operations to further diversify its product offerings, with plans to supply aluminum flat rolled products with high recycled content to the countercyclical sustainable beverage can industry, in addition to the automotive and industrial sectors. Steel Dynamics is committed to operating with the highest integrity and to being the safest, most efficient producer of high-quality, broadly diversified, value-added metal products.

**Note Regarding Financial Metrics**

The company believes that after-tax return-on-invested capital (After-tax ROIC) provides an indication of the effectiveness of the company's invested capital and is calculated as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;After-tax ROIC = | &nbsp;&nbsp;Net Income Attributable to Steel Dynamics, Inc. |
| &nbsp;&nbsp;After-tax ROIC = | &nbsp;&nbsp;(Quarterly Average Current Maturities of Long-term Debt + Long-term Debt + Total Equity) |

---

**Note Regarding Non-GAAP Financial Measures**

The company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). Management believes that the non-GAAP financial measures EBITDA and Adjusted EBITDA provide additional meaningful information regarding the company's performance and financial strength. Non-GAAP financial measures should be viewed in addition to and not as an alternative for the company's reported results prepared in accordance with GAAP. In addition, not all companies use identical calculations for EBITDA or Adjusted EBITDA; therefore, EBITDA and Adjusted EBITDA included in this release may not be comparable to similarly titled measures of other companies.

**Forward-Looking Statements** 

This press release contains some predictive statements about future events, including statements related to conditions in domestic or global economies, conditions in steel, aluminum, and recycled metals market places, Steel Dynamics' revenues, costs of purchased materials, future profitability and earnings, and the operation of new, existing or planned facilities. These statements, which we generally precede or accompany by such typical conditional words as "anticipate", "intend", "believe", "estimate", "plan", "seek", "project", or "expect", or by the words "may", "will", or "should", are intended to be made as "forward-looking", subject to many risks and uncertainties, within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. These statements speak only as of this date and are based upon information and assumptions, which we consider reasonable as of this date, concerning our businesses and the environments in which they operate. Such predictive statements are not guarantees of future performance, and we undertake no duty to update or revise any such statements. Some factors that could cause such forward-looking statements to turn out differently than anticipated include: (1) domestic and global economic factors; (2) global steelmaking overcapacity and imports of steel, together with increased scrap prices; (3) pandemics, epidemics, widespread illness or other health issues; (4) the cyclical nature of the steel industry and the industries we serve; (5) volatility and major fluctuations in prices and availability of scrap metal, scrap substitutes and supplies, and our potential inability to pass higher costs on to our customers; (6) cost and availability of electricity, natural gas, oil, and other energy resources are subject to volatile market conditions; (7) increased environmental, greenhouse gas emissions and sustainability considerations from our customers and investors or related regulations; (8) compliance with and changes in environmental and remediation requirements; (9) significant price and other forms of competition from other steel and aluminum producers, scrap processors and alternative materials; (10) availability of an adequate source of supply of scrap for our metals recycling operations; (11) cybersecurity threats and risks to the security of our sensitive data and information technology; (12) the implementation of our growth strategy; (13) our ability to retain, develop, and attract key personnel; (14) litigation and legal compliance; (15) unexpected equipment downtime or shutdowns; (16) governmental agencies may refuse to grant or renew some of our licenses and permits; (17) our senior unsecured credit facility contains, and any future financing agreements may contain, restrictive covenants that may limit our flexibility; and (18) the impacts of impairment charges.

More specifically, we refer you to our more detailed explanation of these and other factors and risks that may cause such predictive statements to turn out differently, as set forth in our most recent Annual Report on Form 10-K under the headings Special Note Regarding Forward-Looking Statements and Risk Factors, in our Quarterly Reports on Form 10-Q, or in other reports which we file with the Securities and Exchange Commission. These reports are available publicly on the Securities and Exchange Commission website, www.sec.gov, and on our website, www.steeldynamics.com under "Investors – SEC Filings."

Contact: Investor Relations — +1.260.969.3500

SOURCE Steel Dynamics, Inc.

**Steel Dynamics, Inc.**

**CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)**

**(in thousands, except per share data)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** | |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** | |
|  | **2025** | **2024** | **2025** | **2024** | **Three Months**<br>**Ended**<br>**June 30, 2025** |
| Net sales | $4828215 | $4341615 | $13762533 | $13668252 | $4565123 |
| Costs of goods sold | 4070335 | 3736398 | 11899641 | 11307400 | 3946655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gross profit** | 757880 | 605217 | 1862892 | 2360852 | 618468 |
| Selling, general and administrative expenses | 200844 | 167692 | 580662 | 487215 | 198010 |
| Profit sharing | 42389 | 34444 | 95790 | 145149 | 30706 |
| Amortization of intangible assets | 6890 | 7644 | 20684 | 22953 | 6897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Operating income** | 507757 | 395437 | 1165756 | 1705535 | 382855 |
| Interest expense, net of capitalized interest | 13573 | 17071 | 43085 | 41768 | 17381 |
| Other (income) expense, net | (19662) | (29659) | (59695) | (75151) | (22392) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income before income taxes** | 513846 | 408025 | 1182366 | 1738918 | 387866 |
| Income tax expense | 109920 | 87131 | 259570 | 398834 | 86675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net income** | 403926 | 320894 | 922796 | 1340084 | 301191 |
| Net income attributable to noncontrolling interests | (241) | (3092) | (3234) | (10243) | (2465) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net income attributable to Steel Dynamics, Inc.** | $403685 | $317802 | $919562 | $1329841 | $298726 |
| **Basic earnings per share attributable to Steel Dynamics, Inc. stockholders** | $2.75 | $2.06 | $6.19 | $8.50 | $2.01 |
| Weighted average common shares outstanding | 146947 | 154061 | 148532 | 156528 | 148387 |
| **Diluted earnings per share attributable to Steel Dynamics, Inc. stockholders, including the effect of assumed conversions when dilutive** | $2.74 | $2.05 | $6.17 | $8.46 | $2.01 |
| Weighted average common shares and share equivalents outstanding | 147600 | 154810 | 149123 | 157248 | 148960 |
| **Dividends declared per share** | $0.50 | $0.46 | $1.50 | $1.38 | $0.50 |

---

**Steel Dynamics, Inc.**

**CONSOLIDATED BALANCE SHEETS**

**(in thousands)**

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
|  | (unaudited) | |
| **Assets** |  |  |
| **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and equivalents | $770356 | $589464 |
| &nbsp;&nbsp;&nbsp;Short-term investments |  | 147811 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 1761961 | 1417199 |
| &nbsp;&nbsp;&nbsp;Inventories | 3195660 | 3113733 |
| &nbsp;&nbsp;&nbsp;Other current assets | 351428 | 163131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 6079405 | 5431338 |
| **Property, plant and equipment, net** | 8493550 | 8117988 |
| **Intangible assets, net** | 206549 | 227234 |
| **Goodwill** | 477471 | 477471 |
| **Other assets** | 708055 | 681202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $15965030 | $14935233 |
| **Liabilities and Equity** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $1214765 | $979912 |
| &nbsp;&nbsp;&nbsp;Income taxes payable | 3088 | 3783 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 737444 | 739898 |
| &nbsp;&nbsp;&nbsp;Current maturities of long-term debt | 1429 | 426990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 1956726 | 2150583 |
| **Long-term debt** | 3781026 | 2804017 |
| **Deferred income taxes** | 1105134 | 902186 |
| **Other liabilities** | 151819 | 133201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 6994705 | 5989987 |
| **Commitments and contingencies** |  |  |
| **Redeemable noncontrolling interests** | 141226 | 171212 |
| **Equity** |  |  |
| &nbsp;&nbsp;&nbsp;Common stock | 652 | 652 |
| &nbsp;&nbsp;&nbsp;Treasury stock, at cost | (7743046) | (7094266) |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 1243261 | 1229819 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 15495603 | 14798082 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (1328) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Steel Dynamics, Inc. equity | 8995142 | 8934287 |
| &nbsp;&nbsp;&nbsp;Noncontrolling interests | (166043) | (160253) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total equity** | 8829099 | 8774034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and equity** | $15965030 | $14935233 |

---

**Steel Dynamics, Inc.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)**

**(in thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Operating activities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $403926 | $320894 | $922796 | $1340084 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 138487 | 121052 | 405108 | 353357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity-based compensation | 14238 | 12828 | 45341 | 41453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 147570 | 14832 | 202948 | (1615) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other adjustments | (7986) | (10523) | (13071) | 1779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in certain assets and liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (60985) | 210435 | (344762) | 43350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 64501 | 28169 | (85106) | (151501) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | (34551) | (11851) | (58877) | (22054) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (4817) | (13852) | 238516 | (11604) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes receivable/payable | (65070) | (12971) | (104965) | 7017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 127295 | 100840 | (31106) | (102635) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 722608 | 759853 | 1176822 | 1497631 |
| **Investing activities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of property, plant and equipment | (165692) | (621355) | (759529) | (1414831) |
| &nbsp;&nbsp;&nbsp;Purchases of short-term investments |  | (430826) | (39571) | (699879) |
| &nbsp;&nbsp;&nbsp;Proceeds from maturities of short-term investments | 39571 | 204543 | 186996 | 775851 |
| &nbsp;&nbsp;&nbsp;Other investing activities | 5593 | (4357) | 7121 | (15656) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (120528) | (851995) | (604983) | (1354515) |
| **Financing activities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of current and long-term debt | 407965 | 1185657 | 2298186 | 2145538 |
| &nbsp;&nbsp;&nbsp;Repayment of current and long-term debt | (408291) | (527977) | (1743423) | (1531969) |
| &nbsp;&nbsp;&nbsp;Dividends paid | (73894) | (71584) | (218098) | (212216) |
| &nbsp;&nbsp;&nbsp;Purchase of treasury stock | (210388) | (309901) | (660574) | (917024) |
| &nbsp;&nbsp;&nbsp;Other financing activities | (5056) | 1177 | (67243) | (13153) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | (289664) | 277372 | (391152) | (528824) |
| Increase (decrease) in cash, cash equivalents, and restricted cash | 312416 | 185230 | 180687 | (385708) |
| Cash, cash equivalents, and restricted cash at beginning of period | 463281 | 835526 | 595010 | 1406464 |
| **Cash, cash equivalents, and restricted cash at end of period** | $775697 | $1020756 | $775697 | $1020756 |
| **Supplemental disclosure information:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for interest | $25645 | $9102 | $88859 | $59466 |
| &nbsp;&nbsp;&nbsp;Cash paid for income taxes, net | $22192 | $81742 | $150662 | $383455 |

---

**Steel Dynamics, Inc.**

**SUPPLEMENTAL INFORMATION (UNAUDITED)**

**(dollars in thousands)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Third Quarter** | **Third Quarter** | **YTD** | **YTD** | | |
|  | **2025** | **2024** | **2025** | **2024** |<br>**1Q 2025** |<br>**2Q 2025** |
| **External Net Sales** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Steel | $3538044 | $2917021 | $9880611 | $9415490 | $3067016 | $3275551 |
| &nbsp;&nbsp;&nbsp;Steel Fabrication | 377683 | 447265 | 1070638 | 1367276 | 352307 | 340648 |
| &nbsp;&nbsp;&nbsp;Metals Recycling | 520986 | 498616 | 1578602 | 1523053 | 534895 | 522721 |
| &nbsp;&nbsp;&nbsp;Aluminum | 71139 | 66980 | 203347 | 198448 | 66576 | 65632 |
| &nbsp;&nbsp;&nbsp;Other | 320363 | 411733 | 1029335 | 1163985 | 348401 | 360571 |
| Consolidated Net Sales | $4828215 | $4341615 | $13762533 | $13668252 | $4369195 | $4565123 |
| **Operating Income (Loss)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Steel | $497894 | $304950 | $1110053 | $1421915 | $229963 | $382196 |
| &nbsp;&nbsp;&nbsp;Steel Fabrication | 107020 | 165634 | 316880 | 524795 | 116745 | 93115 |
| &nbsp;&nbsp;&nbsp;Metals Recycling | 31533 | 10041 | 78533 | 53446 | 25710 | 21290 |
| &nbsp;&nbsp;&nbsp;Aluminum | (56510) | (22018) | (125872) | (43435) | (28735) | (40627) |
|  | 579937 | 458607 | 1379594 | 1956721 | 343683 | 455974 |
| &nbsp;&nbsp;&nbsp;Non-cash amortization of intangible assets | (6890) | (7644) | (20684) | (22953) | (6897) | (6897) |
| &nbsp;&nbsp;&nbsp;Profit sharing expense | (42389) | (34444) | (95790) | (145149) | (22695) | (30706) |
| &nbsp;&nbsp;&nbsp;Non-segment operations | (22901) | (21082) | (97364) | (83084) | (38947) | (35516) |
| Consolidated Operating Income | $507757 | $395437 | $1165756 | $1705535 | $275144 | $382855 |
| **Adjusted EBITDA** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $403926 | $320894 | $922796 | $1340084 | $217679 | $301191 |
| &nbsp;&nbsp;&nbsp;Income taxes | 109920 | 87131 | 259570 | 398834 | 62975 | 86675 |
| &nbsp;&nbsp;&nbsp;Net interest expense (income) | 6769 | (8063) | 16110 | (30257) | 2316 | 7025 |
| &nbsp;&nbsp;&nbsp;Depreciation | 129833 | 111558 | 378958 | 325437 | 125122 | 124003 |
| &nbsp;&nbsp;&nbsp;Amortization of intangible assets | 6890 | 7644 | 20684 | 22953 | 6897 | 6897 |
| EBITDA | 657338 | 519164 | 1598118 | 2057051 | 414989 | 525791 |
| &nbsp;&nbsp;&nbsp;Non-cash adjustments |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gains) losses on derivatives and currency remeasurement | (7814) | 25114 | 5142 | 24585 | 19153 | (6197) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity-based compensation | 14246 | 12823 | 42246 | 40503 | 14181 | 13819 |
| Adjusted EBITDA | $663770 | $557101 | $1645506 | $2122139 | $448323 | $533413 |
| **Other Operating Information** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Steel |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average external sales price *(Per ton)* | $1119 | $1059 | $1083 | $1133 | $998 | $1134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average ferrous cost (*Per ton melted)* | $381 | $367 | $391 | $391 | $386 | $408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flat Roll shipments |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Butler, Columbus, and Sinton | 2141350 | 1924098 | 6212765 | 5860986 | 2119187 | 1952228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel Processing divisions \* | 543700 | 471441 | 1515429 | 1319267 | 492627 | 479102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long Product shipments |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Structural and Rail Division | 490413 | 397047 | 1396638 | 1263263 | 437398 | 468827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engineered Bar Products Division | 177882 | 176131 | 560152 | 563270 | 191658 | 190612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roanoke Bar Division | 157989 | 138096 | 454003 | 393125 | 144186 | 151828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel of West Virginia | 101996 | 74564 | 305680 | 240260 | 96483 | 107201 |
| Total Shipments (*Tons*) | 3613330 | 3181377 | 10444667 | 9640171 | 3481539 | 3349798 |
| External Shipments *(Tons)* | 3162805 | 2754853 | 9123456 | 8311539 | 3071735 | 2888916 |
| Steel Mill Production *(Tons*) | 3067792 | 2785128 | 9039321 | 8579232 | 3021593 | 2949936 |
| &nbsp;&nbsp;&nbsp;Metals Recycling |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nonferrous shipments (*000's of pounds*) | 242842 | 241292 | 721499 | 739057 | 233080 | 245577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferrous shipments (*Gross tons*) | 1590153 | 1461810 | 4639168 | 4429523 | 1452432 | 1596583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;External ferrous shipments (*Gross tons*) | 538020 | 537082 | 1640660 | 1665175 | 557618 | 545022 |
| &nbsp;&nbsp;&nbsp;Steel Fabrication |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average sales price *(Per ton)* | $2495 | $2836 | $2536 | $2980 | $2599 | $2517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shipments *(Tons)* | 151563 | 158595 | 422492 | 461506 | 135581 | 135347 |

---

Beginning the fourth quarter 2024, results from an entity previously included in Metals Recycling are presented within Aluminum. All prior periods presented have been recast to reflect the change.

\* Includes Heartland, The Techs and United Steel Supply operations