Steel Dynamics reported fourth quarter net income of $266 million, or $1.82 per diluted share, beating the consensus $1.72 estimate by 5.6%. Revenue reached $4.41 billion, up 14% year-over-year, driven by record steel shipments approaching 3.3 million tons and an 18.7% increase in steel operations net sales to $3.14 billion. Average realized selling prices in the steel segment remained stable even as recycling and fabrication revenues softened, reflecting resilient demand across non-residential construction, automotive and industrial end markets.

For the full year, Steel Dynamics generated net sales of $18.2 billion, a 3.6% increase over 2024, and adjusted EBITDA of $2.2 billion. Operating income totaled $1.5 billion, while net income reached $1.2 billion, or $7.99 per diluted share. The company achieved record annual steel shipments of 13.7 million tons and produced industrial, beverage can and automotive-grade aluminum flat-rolled products. Cash flow from operations was $1.4 billion, supporting $901 million in share repurchases (over 4% of shares outstanding), $291 million in dividends and organic growth investments of $948 million. Liquidity stood at $2.2 billion as of year end.

Steel Dynamics expects sustained demand fueled by infrastructure funding, manufacturing onshoring and a shift toward domestically produced, lower-carbon steel and aluminum. The company is commissioning its Columbus, Mississippi aluminum flat-rolled mill and San Luis Potosí recycled slab center, with industrial and beverage can product qualifications secured and automotive hot-band shipments already underway. Management anticipates that new aluminum capacity, combined with continued high-return capital allocation in its circular steel model, will drive long-term margin expansion and shareholder value.