STLD•STLD•Steel Dynamics projects Q2 2026 EPS of $3.51–$3.55, up from $2.78 in Q1 and $2.01 a year earlier, despite a $16 million asset write-down tied to moving its satellite aluminum slab center to Mississippi. Steel margins are expanding on robust demand while aluminum shipments and pricing lift flat-rolled volumes.
Steel Dynamics forecasts Q2 2026 diluted EPS of $3.51 to $3.55, compared to $2.78 in Q1 2026 and $2.01 in Q2 2025. Guidance includes a $16 million reduction from asset write-downs tied to relocating its planned satellite aluminum slab center to Columbus, Mississippi.
Profitability in steel operations is expected to surpass Q1 levels, driven by strong order activity, low inventory supporting pricing, and margin expansion as realized selling values outpace scrap cost increases. Demand remains solid across non-residential construction, energy, automotive, and industrial sectors.
Metals recycling earnings are projected to match Q1 2026 results as higher ferrous and non-ferrous shipments are offset by hedging losses. Steel fabrication profits are forecast slightly below Q1 due to rising raw material costs counterbalancing shipment gains and steady pricing; order backlog is nearly 40% higher year-over-year.
Aluminum operations should see meaningful Q2 improvement from increased shipments and pricing. Two of three cold mills in Columbus are operational, with the third starting material qualification in July, and the first Continuous Annealing and Solution Heat line is shipping, with the second line slated for Q4 2026 qualification.
