In the fourth quarter, Steel Dynamics reported earnings per share of $1.82, up from $1.36 in the year-ago period and ahead of the consensus estimate by 6%. Net sales totaled $4.4 billion, a 14% increase year-over-year driven by record steel shipments of approximately 3.3 million tons and higher average selling prices. Steel operations generated net sales of $3.14 billion, up 18.7% from the prior year, offsetting softer results in recycling and fabrication segments. While average realized selling prices dipped sequentially by $12 per ton to $1,107, ferrous scrap costs also declined by $7 to $374 per ton, supporting healthy margins across the steel platform.

For full-year 2025, Steel Dynamics delivered net sales of $18.2 billion, up 3.6% from 2024, with operating income of $1.5 billion and net income of $1.2 billion. Adjusted EBITDA reached $2.2 billion, and operating cash flow totaled $1.4 billion after investing $450 million in working capital for its new aluminum products platform. The company returned significant capital to shareholders, repurchasing $901 million of common shares (over 4% of outstanding stock) and paying $291 million in dividends, while maintaining a liquidity position of $2.2 billion.

Steel Dynamics is commissioning its new flat-rolled aluminum mill in Columbus, Mississippi, and an associated recycled slab center in San Luis Potosí, with finished product qualifications secured in industrial, beverage can and automotive segments. The company achieved positive aluminum EBITDA in December, signaling ramp momentum. Record annual steel shipments of 13.7 million tons benefited from trade actions, onshoring trends and infrastructure funding. Management expects improving market conditions, stable domestic demand for low-carbon steel and aluminum, and ongoing customer emphasis on sustainability to support sustained volume growth and margin expansion.