# EDGAR Filing Document

**Accession Number:** 0001022671
**File Stem:** 0001104659-26-006889
**Filing Date:** 2026-1
**Character Count:** 36258
**Document Hash:** e93b2ec001fea2d017d7dbb0fc3dbe71
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-006889.hdr.sgml**: 20260127

**ACCESSION NUMBER**: 0001104659-26-006889

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260126

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260127

**DATE AS OF CHANGE**: 20260127

**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:** 26563376

**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) **January 26, 2026**

**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 January 26, 2026, Steel Dynamics, Inc. issued a press release titled "Steel Dynamics Reports Fourth Quarter and Annual 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:

---

| | |
|:---|:---|
| <u>Exhibit Number</u> | <u>Description</u> |
| [99.1](tm264071d1_ex99-1.htm) | [A press release dated January 26, 2026, titled "Steel Dynamics Reports Fourth Quarter and Annual 2025 Results."](tm264071d1_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: January 27, 2026 | By: | Theresa E. Wagler |
|  | Title: | Executive Vice President and Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

---

| | |
|:---|:---|
| **Press Release**<br> **January 26, 2026** | ![](tm264071d1_ex99-1img001.jpg)<br> 7575 W. Jefferson Blvd.<br> **Fort Wayne, IN 46804** |

---

------

**Steel Dynamics Reports Fourth Quarter**

**and Annual 2025 Results**

FORT WAYNE, INDIANA, January 26, 2026 / PRNewswire /

Annual 2025 Performance Highlights:

▪ Successful production and qualifications of industrial, beverage can, and automotive quality flat rolled aluminum products

▪ Successful production and consumption of biocarbon material

▪ Record steel shipments of 13.7 million tons

▪ Net sales of $18.2 billion, operating income of $1.5 billion, and net income of $1.2 billion

▪ Adjusted EBITDA of $2.2 billion and cash flow from operations of $1.4 billion

▪ Liquidity of over $2.2 billion

▪ Share repurchases of $901 million of the company's common stock, representing over four percent of its outstanding shares

Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced fourth quarter and annual 2025 financial results. The company reported fourth quarter 2025 net sales of $4.4 billion and net income of $266 million, or $1.82 per diluted share. Comparatively, the company's sequential third quarter 2025 net income was $404 million, or $2.74 per diluted share, and prior year fourth quarter net income was $207 million, or $1.36 per diluted share.

"The teams delivered solid operational and financial performance across our operating platforms in 2025, generating annual net sales of $18.2 billion, operating income of $1.5 billion, and adjusted EBITDA of $2.2 billion," said Mark D. Millett, Chairman and Chief Executive Officer. "This performance demonstrates the strength and consistency of our cash generation, as we generated $1.4 billion in cash flow from operations during the year, after investing $450 million in growth working capital associated with our new aluminum products platform. Our three-year after-tax return-on-invested-capital of 14 percent is a testament to our ongoing high-return capital allocation strategy. We are growing, returning capital to shareholders, and maintaining strong returns as compared to best-in-class domestic manufacturers.

"The aluminum and biocarbon teams continue to make strong progress," continued Millett. "We have successfully produced finished aluminum flat-rolled products for the industrial and beverage can markets, as well as hot band for the automotive sector. Although there is still work ahead, the team has strong momentum and achieved positive EBITDA in December, positioning us well as we continue commissioning and ramping operations. Additionally, the SDI Biocarbon Solutions team is continuing to refine operations and increase production, providing a significantly lower-carbon supply chain opportunity for our steel and steel fabrication customers.

"We also achieved record annual steel shipments as imports declined from the elevated levels experienced during the first half of the year and as Sinton's year-over-year operating performance improved," said Millett. "We are seeing an improved flat rolled steel market environment, supported by domestic trade actions, manufacturing onshoring, infrastructure program funding, lower interest rates, and the increasing regionalization of supply chains in the U.S. Long product steel demand remains very strong, especially for structural steel and railroad rail. Looking ahead, we expect to benefit from strong demand across our platforms."

**Fourth Quarter 2025 Comments**

Fourth quarter 2025 operating income for the company's steel operations was $322 million, or 35 percent lower than sequential third quarter results, due to lower average realized selling values and lower volumes related to both seasonal demand and planned maintenance outages at the company's flat rolled steel mills. In addition to lower seasonal activity, some of the planned maintenance outages were longer in duration than originally anticipated and decreased volume in the fourth quarter by an estimated 140,000 to 150,000 tons of flat rolled steel production. The fourth quarter 2025 average external product selling price for the company's steel operations decreased $12 sequentially to $1,107 per ton. The average ferrous scrap cost per ton melted at the company's steel mills decreased $7 per ton sequentially to $374 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.

Fourth quarter 2025 operating income from the company's metals recycling operations was $19 million, or $13 million lower than sequential earnings, based on lower selling values and decreased shipments across the platform.

The company's steel fabrication operations generated operating income of $91 million in the fourth quarter 2025, lower than sequential third quarter results of $107 million, based on seasonally lower shipments more than offsetting modest metal spread expansion, as average selling values improved slightly and steel raw material costs declined. Order activity remained steady in the quarter, with the order backlog maintaining solid levels extending through the first half 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.

On November 21, 2025, the company issued $800 million in unsecured notes, comprised of $650 million of 4.000% notes due 2028 and $150 million of 5.250% notes due 2035. The net proceeds from the notes were used to redeem the company's $400 million 5.000% Notes due 2026 and for other general corporate purposes.

Based on the company's differentiated business model and highly variable cost structure, the company generated cash flow from operations of $273 million during the quarter. The company also invested $188 million in capital investments, paid cash dividends of $73 million, and repurchased $240 million of its outstanding common stock, representing one percent of its outstanding shares.

**Annual 2025 Comparison**

Annual 2025 net income was $1.2 billion, or $7.99 per diluted share, with net sales of $18.2 billion, as compared to net income of $1.5 billion, or $9.84 per diluted share, with net sales of $17.5 billion for the same period in 2024.

Annual 2025, net sales increased 3.6 percent to $18.2 billion, and operating income declined 24 percent to $1.5 billion, when compared to the same period of 2024. Decreased earnings were the result of lower realized pricing in the company's steel and steel fabrication operations. Annual 2025 operating income from the company's steel operations and steel fabrication operations declined $155 million and $260 million, respectively, when compared to the prior year. The average 2025 external selling price for the company's steel operations decreased $15 to $1,089 per ton compared to 2024, and the average ferrous scrap cost per ton melted at the company's steel mills increased $1 to $387 per ton.

Based on the company's differentiated circular business model and highly-variable cost structure, the company generated strong cash flow from operations of $1.4 billion during 2025. The company also invested $948 million in organic growth investments, paid cash dividends of $291 million, and repurchased $901 million of its outstanding common stock, representing over four percent of its outstanding shares, all while maintaining strong liquidity of $2.2 billion as of December 31, 2025.

**Outlook**

"We anticipate that improving market conditions, including increased trade stability and a more favorable interest rate environment, will support solid domestic demand for steel and aluminum products," continued Millett. "Steel pricing has improved, and customer optimism remains solid across our businesses, as demand continues to be steady. Additionally, discussions with our customers further underscore the growing importance of lower-carbon, domestically produced steel and aluminum products, positioning our businesses for a sustainable long-term competitive advantage. As unfair trade practices diminish, policy clarity improves, and U.S. manufacturing continues to expand, we believe a favorable market environment will follow.

"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 aluminum slab center. The cast houses and hot strip mill are operating extremely well, and commissioning is ongoing in other areas of the facility. The teams shipped products for the industrial and beverage can sectors, receiving product qualifications from several customers. They also produced and shipped aluminum hot band for use in automotive applications. We continue commissioning the cold mill and other downstream operations, 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.

"We have deliberately aligned our growth strategy with our customers' developing needs, prioritizing product excellence, supply-chain efficiency, and sustainability. Building on our strong positions in steel, we are expanding into high recycled-content aluminum to serve adjacent markets where customer demand is accelerating. This opportunity spans the counter-cyclical beverage can and packaging segment and extends to automotive, industrial, and construction applications. Backed by a performance-based culture and a proven ability to develop and operate cost-efficient, high-margin mills, we are well positioned to deliver attractive long-term value through this expansion.

"Our unwavering commitment to the health and safety of our teams, families, and communities underpins our ability to meet both current and future customer needs. Our differentiated culture and business model continue to drive performance, while strong cash flow generation and disciplined execution of our long-term strategy are strengthening our financial position," concluded Millett.

**Conference Call and Webcast**

Steel Dynamics, Inc. will hold a conference call to discuss fourth quarter and annual 2025 operating and financial results on Monday, January 26, 2026, at 11:00 a.m. Eastern Standard 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 Standard Time on February 2, 2026.

**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 in aluminum operations, further diversifying its product offerings to supply aluminum flat rolled products with higher 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 <br> ROIC = | &nbsp;&nbsp;Net Income Attributable to Steel Dynamics, Inc. |
| &nbsp;&nbsp;After-tax <br> 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** | **Year Ended** | **Year Ended** | |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **Three Months**<br>**Ended** |
|  | **2025** | **2024** | **2025** | **2024** | **Sept. 30, 2025** |
| Net sales | $4414048 | $3872138 | $18176581 | $17540390 | $4828215 |
| Costs of goods sold | 3884757 | 3430404 | 15784398 | 14737804 | 4070335 |
| &nbsp;&nbsp;&nbsp;**Gross profit** | 529291 | 441734 | 2392183 | 2802586 | 757880 |
| Selling, general and administrative expenses | 184646 | 176904 | 765308 | 664119 | 200844 |
| Profit sharing | 27196 | 19755 | 122986 | 164904 | 42389 |
| Amortization of intangible assets | 7219 | 7573 | 27903 | 30526 | 6890 |
| &nbsp;&nbsp;&nbsp;**Operating income** | 310230 | 237502 | 1475986 | 1943037 | 507757 |
| Interest expense, net of capitalized interest | 26958 | 14579 | 70043 | 56347 | 13573 |
| Other (income) expense, net | (27333) | (21040) | (87028) | (96191) | (19662) |
| &nbsp;&nbsp;&nbsp;**Income before income taxes** | 310605 | 243963 | 1492971 | 1982881 | 513846 |
| Income tax expense | 46090 | 34091 | 305660 | 432925 | 109920 |
| &nbsp;&nbsp;&nbsp;**Net income** | 264515 | 209872 | 1187311 | 1549956 | 403926 |
| Net loss (income) attributable to noncontrolling interests | 1518 | (2579) | (1716) | (12822) | (241) |
| &nbsp;&nbsp;&nbsp;**Net income attributable to Steel Dynamics,Inc.** | $266033 | $207293 | $1185595 | $1537134 | $403685 |
| **Basic earnings per share attributable to Steel Dynamics,Inc. stockholders** | $1.83 | $1.36 | $8.02 | $9.89 | $2.75 |
| Weighted average common shares outstanding | 145627 | 152096 | 147806 | 155420 | 146947 |
| **Diluted earnings per share attributable to Steel Dynamics,Inc. stockholders, including the effect of assumed conversions when dilutive** | $1.82 | $1.36 | $7.99 | $9.84 | $2.74 |
| Weighted average common shares and share equivalents outstanding | <br> 146249 | <br> 152801 | <br> 148404 | <br> 156136 | <br> 147600 |
| **Dividends declared per share** | $0.50 | $0.46 | $2.00 | $1.84 | $0.50 |

---

**Steel Dynamics, Inc.**

**CONSOLIDATED BALANCE SHEETS**

**(in thousands)**

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2025** | **December 31,**<br>**2024** |
|  | (unaudited) |  |
| **Assets** |  |  |
| **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and equivalents | $769878 | $589464 |
| &nbsp;&nbsp;&nbsp;Short-term investments |  | 147811 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 1682660 | 1417199 |
| &nbsp;&nbsp;&nbsp;Inventories | 3738516 | 3113733 |
| &nbsp;&nbsp;&nbsp;Other current assets | 293117 | 163131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 6484171 | 5431338 |
| **Property, plant and equipment, net** | 8569466 | 8117988 |
| **Intangible assets, net** | 331290 | 227234 |
| **Goodwill** | 477471 | 477471 |
| **Other assets** | 550456 | 681202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $16412854 | $14935233 |
| **Liabilities and Equity** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $1231358 | $979912 |
| &nbsp;&nbsp;&nbsp;Income taxes payable | 67315 | 3783 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 788926 | 739898 |
| &nbsp;&nbsp;&nbsp;Current maturities of long-term debt | 34655 | 426990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 2122254 | 2150583 |
| **Long-term debt** | 4176508 | 2804017 |
| **Deferred income taxes** | 997449 | 902186 |
| **Other liabilities** | 186232 | 133201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 7482443 | 5989987 |
| **Commitments and contingencies** |  |  |
| **Redeemable noncontrolling interests** | 141226 | 171212 |
| **Equity** |  |  |
| &nbsp;&nbsp;&nbsp;Common stock | 653 | 652 |
| &nbsp;&nbsp;&nbsp;Treasury stock, at cost | (7980549) | (7094266) |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 1248634 | 1229819 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 15689042 | 14798082 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (598) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Steel Dynamics,Inc. equity | 8957182 | 8934287 |
| &nbsp;&nbsp;&nbsp;Noncontrolling interests | (167997) | (160253) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total equity** | 8789185 | 8774034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and equity** | $16412854 | $14935233 |

---

**Steel Dynamics, Inc.**

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

**(in thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Operating activities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $264515 | $209872 | $1187311 | $1549956 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 146282 | 125550 | 551390 | 478907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity-based compensation | 23642 | 25136 | 68983 | 66589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (108551) | (40968) | 94397 | (42583) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other adjustments | 2863 | (7286) | (10208) | (5507) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in certain assets and liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 187306 | 147758 | (157456) | 191108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (338329) | (69535) | (423435) | (221036) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | (18399) | 8336 | (77276) | (13718) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (31673) | (55757) | 206843 | (67361) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes receivable/payable | 157144 | 3166 | 52179 | 10183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | (12088) | 600 | (43194) | (102035) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 272712 | 346872 | 1449534 | 1844503 |
| **Investing activities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of property, plant and equipment | (188496) | (453175) | (948025) | (1868006) |
| &nbsp;&nbsp;&nbsp;Purchases of short-term investments |  | (39461) | (39571) | (739340) |
| &nbsp;&nbsp;&nbsp;Proceeds from maturities of short-term investments |  | 536443 | 186996 | 1312294 |
| &nbsp;&nbsp;&nbsp;Business combination, net of cash acquired | (175774) |  | (175774) |  |
| &nbsp;&nbsp;&nbsp;Other investing activities | (5704) | 7348 | 1417 | (8308) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) provided by investing activities | (369974) | 51155 | (974957) | (1303360) |
| **Financing activities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of current and long-term debt | 1255497 | 337381 | 3553683 | 2482919 |
| &nbsp;&nbsp;&nbsp;Repayment of current and long-term debt | (824441) | (792089) | (2567864) | (2324058) |
| &nbsp;&nbsp;&nbsp;Dividends paid | (73078) | (70400) | (291176) | (282616) |
| &nbsp;&nbsp;&nbsp;Purchase of treasury stock | (240296) | (295140) | (900870) | (1212164) |
| &nbsp;&nbsp;&nbsp;Other financing activities | (20845) | (3525) | (88088) | (16678) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | 96837 | (823773) | (294315) | (1352597) |
| Increase (decrease) in cash, cash equivalents, and restricted cash | (425) | (425746) | 180262 | (811454) |
| Cash, cash equivalents, and restricted cash at beginning of period | 775697 | 1020756 | 595010 | 1406464 |
| **Cash, cash equivalents, and restricted cash at end of period** | $775272 | $595010 | $775272 | $595010 |
| **Supplemental disclosure information:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for interest | $67890 | $41512 | $156749 | $100978 |
| &nbsp;&nbsp;&nbsp;Cash paid for income taxes, net | $1338 | $80308 | $152000 | $463763 |

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**Steel Dynamics, Inc.**

**SUPPLEMENTAL INFORMATION (UNAUDITED)**

**(dollars in thousands)**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fourth Quarter** | **Fourth Quarter** | **Year to Date** | **Year to Date** | | | |
|  | **2025** | **2024** | **2025** | **2024** |<br>**1Q 2025** |<br>**2Q 2025** |<br>**3Q 2025** |
| **External Net Sales** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Steel | $3141366 | $2645994 | $13021977 | $12061484 | $3067016 | $3275551 | $3538044 |
| &nbsp;&nbsp;&nbsp;&nbsp;Steel Fabrication | 347252 | 396226 | 1417890 | 1763502 | 352307 | 340648 | 377683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Metals Recycling | 463039 | 482081 | 2041641 | 2005134 | 534895 | 522721 | 520986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aluminum | 157747 | 60099 | 361094 | 258547 | 66576 | 65632 | 71139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 304644 | 287738 | 1333979 | 1451723 | 348401 | 360571 | 320363 |
| Consolidated Net Sales | $4414048 | $3872138 | $18176581 | $17540390 | $4369195 | $4565123 | $4828215 |
| **Operating Income (Loss)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Steel | $322337 | $164989 | $1432390 | $1586904 | $229963 | $382196 | $497894 |
| &nbsp;&nbsp;&nbsp;&nbsp;Steel Fabrication | 90545 | 142189 | 407425 | 666984 | 116745 | 93115 | 107020 |
| &nbsp;&nbsp;&nbsp;&nbsp;Metals Recycling | 18642 | 23361 | 97175 | 76807 | 25710 | 21290 | 31533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aluminum | (47098) | (28896) | (172970) | (72331) | (28735) | (40627) | (56510) |
|  | 384426 | 301643 | 1764020 | 2258364 | 343683 | 455974 | 579937 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash amortization of intangible assets | (7219) | (7573) | (27903) | (30526) | (6897) | (6897) | (6890) |
| &nbsp;&nbsp;&nbsp;&nbsp;Profit sharing expense | (27196) | (19755) | (122986) | (164904) | (22695) | (30706) | (42389) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-segment operations | (39781) | (36813) | (137145) | (119897) | (38947) | (35516) | (22901) |
| Consolidated Operating Income | $310230 | $237502 | $1475986 | $1943037 | $275144 | $382855 | $507757 |
| **Adjusted EBITDA** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $264515 | $209872 | $1187311 | $1549956 | $217679 | $301191 | $403926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | 46090 | 34090 | 305660 | 432924 | 62975 | 86675 | 109920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest expense (income) | 17135 | (3481) | 33245 | (33738) | 2316 | 7025 | 6769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 136467 | 116147 | 515425 | 441584 | 125122 | 124003 | 129833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 7219 | 7573 | 27903 | 30526 | 6897 | 6897 | 6890 |
| &nbsp;&nbsp;&nbsp;&nbsp;EBITDA | 471426 | 364201 | 2069544 | 2421252 | 414989 | 525791 | 657338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash adjustments |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gains) losses on derivatives and currency remeasurement | 9482 | (17703) | 14624 | 6882 | 19153 | (6197) | (7814) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity-based compensation | 24513 | 25121 | 66759 | 65624 | 14181 | 13819 | 14246 |
| Adjusted EBITDA | $505421 | $371619 | $2150927 | $2493758 | $448323 | $533413 | $663770 |
| **Other Operating Information** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Steel |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average external sales price (Per ton) | $1107 | $1011 | $1089 | $1104 | $998 | $1134 | $1119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average ferrous cost (Per ton melted) | $374 | $370 | $387 | $386 | $386 | $408 | $381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flat Roll shipments |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Butler, Columbus, and Sinton | 1902346 | 1841745 | 8115111 | 7702731 | 2119187 | 1952228 | 2141350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel Processing divisions \* | 556336 | 460162 | 2071765 | 1779429 | 492627 | 479102 | 543700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long Product shipments |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Structural and Rail Division | 445978 | 362650 | 1842616 | 1625913 | 437398 | 468827 | 490413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engineered Bar Products Division | 170539 | 151239 | 730691 | 714509 | 191658 | 190612 | 177882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roanoke Bar Division | 139287 | 123133 | 593290 | 516258 | 144186 | 151828 | 157989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel of West Virginia | 89648 | 81387 | 395328 | 321647 | 96483 | 107201 | 101996 |
| Total Shipments (*Tons*) | 3304134 | 3020316 | 13748801 | 12660487 | 3481539 | 3349798 | 3613330 |
| External Shipments *(Tons)* | 2837126 | 2617914 | 11960582 | 10929453 | 3071735 | 2888916 | 3162805 |
| Steel Mill Production *(Tons*) | 2838233 | 2663444 | 11877554 | 11242676 | 3021593 | 2949936 | 3067792 |
| &nbsp;&nbsp;&nbsp;&nbsp;Metals Recycling |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nonferrous shipments (000's of pounds) | 195003 | 226434 | 916502 | 965491 | 233080 | 245577 | 242842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferrous shipments (Gross tons) | 1521629 | 1421021 | 6160797 | 5850544 | 1452432 | 1596583 | 1590153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;External ferrous shipments (Gross tons) | 507102 | 529335 | 2147762 | 2194510 | 557618 | 545022 | 538020 |
| &nbsp;&nbsp;&nbsp;&nbsp;Steel Fabrication |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average sales price (Per ton) | $2509 | $2718 | $2529 | $2917 | $2599 | $2517 | $2495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shipments (Tons) | 138375 | 145901 | 560866 | 607407 | 135581 | 135347 | 151563 |

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\*Includes Heartland, The Techs, United Steel Supply, and New Process Steel (beginning December 1, 2025) operations