Steel Dynamics Forecasts Q1 EPS of $2.73–$2.77 on Margin Gains
Steel Dynamics projects Q1 2026 EPS of $2.73–$2.77, up from $1.82 in Q4 2025 and $1.44 last year, driven by higher shipments and margin expansion. Its Columbus aluminum mill cleared product qualifications and the order backlog surged 35% year-over-year while share buybacks resume in Q2.
1. Q1 2026 EPS Guidance
Steel Dynamics expects first quarter 2026 earnings of $2.73 to $2.77 per diluted share, versus $1.82 in Q4 2025 and $1.44 in Q1 2025, reflecting stronger profitability across operations.
2. Steel and Recycling Segment Drivers
Profitability in steel operations is set to improve sequentially on increased shipments and metal margin expansion as selling values outpaced scrap cost rises, while metal recycling margins also widened despite slightly lower shipments due to winter weather disruptions.
3. Aluminum Mill Commissioning and Qualifications
The Columbus, Mississippi aluminum flat rolled products mill began producing qualified can sheet and automotive hot band, with the first two CASH lines and cold mills entering commissioning to support industrial, beverage can and automotive sectors.
4. Backlog and Share Repurchase Plans
Customer order backlog has climbed over 35% year-over-year, supported by construction and manufacturing demand, and the company plans to resume normal share repurchases in Q2 after funding a $126 million profit-sharing payment and increased working capital needs.