Steel Dynamics reported fourth quarter net income of $266 million, or $1.82 per diluted share, up from $207 million, or $1.36 per share, in the prior year period. The company generated net sales of $4.4 billion, driven by record steel shipments of approximately 3.3 million tons and an average external selling price of $1,107 per ton. Steel operations contributed operating income of $322 million despite a 35% sequential decline due to seasonal demand and planned maintenance outages. Metals recycling and steel fabrication operations produced operating incomes of $19 million and $91 million, respectively.

For the full year, Steel Dynamics posted net sales of $18.2 billion, a 3.6% increase over 2024, and net income of $1.2 billion, or $7.99 per diluted share. Adjusted EBITDA reached $2.2 billion, while cash flow from operations totaled $1.4 billion after investing $450 million of growth working capital in its new aluminum products platform. The company achieved record annual steel shipments of 13.7 million tons and produced biocarbon material for low-carbon steelmaking applications.

During 2025, Steel Dynamics repurchased $901 million of common stock, representing more than 4% of shares outstanding, and paid $291 million in cash dividends. As of December 31, liquidity stood at $2.2 billion, supported by $273 million of operating cash flow in the fourth quarter. The balance sheet reflects a debt issuance of $800 million in unsecured notes, used in part to redeem $400 million of higher-coupon debt, and maintains a debt-to-equity ratio below 0.5.

Management expects stable domestic demand for steel and aluminum products driven by infrastructure funding, manufacturing onshoring and sustainable supply-chain preferences. The Columbus, Mississippi aluminum mill and San Luis Potosí recycled slab center are commissioning downstream operations, with initial qualifications for industrial, beverage can and automotive markets already in hand. Continued expansion in biocarbon solutions and lower-carbon steel products positions the company for long-term margin improvement and differentiated market access.