$STLD · STEEL DYNAMICS INC

Steel Dynamics reported Q3 2026 results with net sales of $6.5B, operating income of $1.0B, and net income of $756M ($5.26 diluted EPS), compared to $404M ($2.74) in Q3 2025. Record steel shipments of 3.8M tons and metal spread expansion drove the 87% YoY earnings increase. The aluminum segment reached EBITDA breakeven with 55K metric tons shipped, though operating losses were $26M. Cash flow from operations was $846M, with $276M in share repurchases and $2.4B in liquidity at quarter-end.

STLD down 3.37% to $236.92 in the regular session despite strong results. The selloff likely reflects profit-taking after a significant run, or concern that the aluminum ramp — with $26M in Q3 operating losses — is progressing slower than expected, even as management flagged the coolant issue as resolved.

Steel Dynamics nearly doubled YoY earnings on record volumes and favorable pricing, while its aluminum diversification hit EBITDA breakeven — a pivotal milestone for the company's highest-profile

Steel Dynamics' results reflect the broader domestic steel industry tailwinds: historically low imports, steady demand from infrastructure/energy/automotive, and expanding metal spreads. The aluminum diversification mirrors Nucor's downstream strategy, targeting the supply-deficit beverage can and

Aluminum operations posted $26M in Q3 operating losses; yield losses at higher speeds traced to hot strip mill coolant composition. While resolved, further startup issues could delay the profitability ramp. Additional domestic steelmaking and aluminum capacity entering the market in coming years may