Steel Dynamics reports 2025 financial results

Steel Dynamics reported an increase in sales, but a drop in net income for 2025.

The Fort Wayne, Indiana-based firm reported net sales of $18.2 billion for the year, a 3.6 percent increase compared to 2024, and net income of about $1.2 billion, which was about $300 million lower than 2024.

For the fourth quarter of 2025, the company reported sales of $4.4 billion and net income of $266 million, both increases compared to their respective 2024 figures. Operating income also was reported at $1.5 billion for the year, a 24 percent decrease compared to 2024, and adjusted earnings before interest taxes depreciation and amortization (EBITDA) of about $2.07 billion, a decrease of $350 million.

“The aluminum and biocarbon teams continue to make strong progress,” Chairman and CEO Mark D. Millett says. “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.”

Steel Dynamics' metals recycling operations generated operating income of $19 million in the fourth quarter of 2025, or $13 million lower than sequential third quarter earnings. The company cited lower selling values and decreased shipments across the platform as drivers for the decrease.

Operating income for its steel operations was $322 million, or 35 percent lower than its sequential third quarter results. Steel Dynamics attributed this 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. Some of its planned maintenance outages were longer than originally anticipated, decreasing fourth quarter volume by an estimated 140,000-150,000 tons of flat rolled steel production.

The company’s fourth quarter 2025 average external product selling price for the  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. Steel Dynamics says its averaged 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.

Steel Dynamics generated $91 million in operating income from its steel fabrication operations in the fourth quarter of 2025, about $107 million lower than sequential third quarter results. The company says seasonally lower shipments more than offset modest metal spread expansion as average selling values improved slightly and steel raw material costs declined.

The firm says the pace of domestic manufacturing investment, increased domestic onshoring activity and momentum from the U.S. infrastructure program are expected to further support demand.

“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,” Millett says.

“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.”