Steel Dynamics, Inc. earnings overview

STLD FY2026 Q2 · Calendar Q3 2026

Steel Dynamics, Inc.

Steel Dynamics delivered its second consecutive quarter of record steel shipments in Q2 2026, with adjusted EBITDA of $921 million and net income of $534 million, beating both EPS and revenue estimates. The aluminum flat-roll mill is progressing from its Q1 quality challenges toward a 90% utilization target by year-end, with $650-$700 million in normalized EBITDA potential. Steel fabrication backlog is up 45% year-over-year, with pricing expected to improve over the next 6-9 months. Management maintained guidance and capital allocation priorities, including $300-$350 million in H2 2026 capex for growth projects, continued share repurchases, and a growing dividend. Trade protections (Section 232, Section 301) continue to support domestic steel pricing, while a tragic workplace fatality has renewed the company's safety focus.