Cover and table of contents

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

​

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period

ended June 30, 2025

OR

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from _______ to _______

Commission File Number 0-21719

Steel Dynamics, Inc.

(Exact name of registrant as specified in its charter)

Indiana		35-1929476
(State or other jurisdiction of incorporation or organization)	​	(I.R.S. Employer Identification No.)
​	​	​
7575 West Jefferson Blvd**,** Fort Wayne**,** IN	​	46804
(Address of principal executive offices)	​	(Zip Code)

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Registrant’s telephone number, including area code: (260) 969-3500 ​

Not Applicable

(Former name, former address and former fiscal year, if changed since last report.)

​

Securities registered pursuant to Section 12(b) of the Act.

​

​	​	​
Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock voting, $0.0025 par value	STLD	NASDAQ Global Select Market

​

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

​			Large accelerated filer ⌧		Accelerated filer ◻		Non-accelerated filer ◻
​	​		​	​	​	​	​
​	​		Smaller reporting company ☐	​	Emerging growth company ☐	​	​

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No⌧

As of August 6, 2025, Registrant had 147,204,589 outstanding shares of common stock.

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STEEL DYNAMICS, INC.

Table of Contents

PART I. Financial Information
​
Item 1.	Financial Statements:	Page
​	​	​
​	Consolidated Balance Sheets as of June 30, 2025 (unaudited) and December 31, 2024	1
​	​	​
​	Consolidated Statements of Income for the three and six-month periods ended June 30, 2025 and 2024 (unaudited)	2
​	​	​
​	Consolidated Statements of Comprehensive Income for the three and six-month periods ended June 30, 2025 and 2024 (unaudited)	3
​	​	​
​	Consolidated Statements of Cash Flows for the three and six-month periods ended June 30, 2025 and 2024 (unaudited)	4
​	​	​
​	Notes to Consolidated Financial Statements (unaudited)	5
​	​	​
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15
​	​	​
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	24
​	​	​
Item 4.	Controls and Procedures	24
​	​	​
​	​	​
​	​	​
​	PART II. Other Information	​
​	​	​
Item 1.	Legal Proceedings	25
​	​	​
Item 1A.	Risk Factors	25
​	​	​
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	25
​	​	​
Item 3.	Defaults Upon Senior Securities	25
​	​	​
Item 4.	Mine Safety Disclosures	25
​	​	​
Item 5.	Other Information	25
​	​	​
Item 6.	Exhibits	26
​	​	​
Exhibit Index		26
​	​	​
Signature		27

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STEEL DYNAMICS, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

​	​	​	​	​	​	​
​	June 30,		​	​	December 31,
​	2025		​	​	2024
Assets	(unaudited)		​	​	​	​
Current assets	​	​	​	​	​	​
Cash and equivalents	$	458,048	​	​	$	589,464
Short-term investments	​	39,577	​	​	​	147,811
Accounts receivable, net	​	1,606,114	​	​	​	1,362,969
Accounts receivable-related parties	​	94,861	​	​	​	54,230
Inventories	​	3,260,899	​	​	​	3,113,733
Other current assets	​	231,100	​	​	​	163,131
Total current assets	​	5,690,599	​	​	​	5,431,338
​	​	​	​	​	​	​
Property, plant and equipment, net	​	8,465,478	​	​	​	8,117,988
Intangible assets, net	​	213,439	​	​	​	227,234
Goodwill	​	477,471	​	​	​	477,471
Other assets	​	701,651	​	​	​	681,202
Total assets	$	15,548,638	​	​	$	14,935,233
Liabilities and Equity	​	​	​	​	​	​
Current liabilities	​	​	​	​	​	​
Accounts payable	$	1,216,907	​	​	$	972,645
Accounts payable-related parties	​	10,276	​	​	​	7,267
Income taxes payable	​	2,069	​	​	​	3,783
Accrued payroll and benefits	​	233,395	​	​	​	373,216
Accrued expenses	​	354,974	​	​	​	366,682
Current maturities of long-term debt	​	1,460	​	​	​	426,990
Total current liabilities	​	1,819,081	​	​	​	2,150,583
​	​	​	​	​	​	​
Long-term debt	​	3,779,559	​	​	​	2,804,017
Deferred income taxes	​	957,564	​	​	​	902,186
Other liabilities	​	148,384	​	​	​	133,201
Total liabilities	​	6,704,588	​	​	​	5,989,987
​	​	​	​	​	​	​
Commitments and contingencies	​	​	​	​	​	​
​	​	​	​	​	​	​
Redeemable noncontrolling interests	​	141,226	​	​	​	171,212
​	​	​	​	​	​	​
Equity	​	​	​	​	​	​
Common stock voting, $0.0025 par value; 900,000,000 shares authorized;	​	​	​	​	​	​
268,417,974 and 268,377,165 shares issued; and 147,788,364 and 151,117,153	​	​	​	​	​	​
shares outstanding, as of June 30, 2025 and December 31, 2024, respectively	​	652	​	​	​	652
Treasury stock, at cost; 120,629,610 and 117,260,012 shares,	​	​	​	​	​	​
as of June 30, 2025 and December 31, 2024, respectively	​	(7,532,706)	​	​	​	(7,094,266)
Additional paid-in capital	​	1,229,809	​	​	​	1,229,819
Retained earnings	​	15,165,119	​	​	​	14,798,082
Accumulated other comprehensive income	​	1,178	​	​	​	-
Total Steel Dynamics, Inc. equity	​	8,864,052	​	​	​	8,934,287
Noncontrolling interests	​	(161,228)	​	​	​	(160,253)
Total equity	​	8,702,824	​	​	​	8,774,034
Total liabilities and equity	$	15,548,638	​	​	$	14,935,233

​

​

See notes to consolidated financial statements.

STEEL DYNAMICS, INC.

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(in thousands, except per share data)

​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​
​	Three-Month Periods Ended					​	Six-Month Periods Ended
​	June 30,					​	June 30,
​	2025		​	2024		​	2025		​	2024
​	​	​	​	​	​	​	​	​	​	​	​
Net sales	​	​	​	​	​	​	​	​	​	​	​
Unrelated parties	$	4,340,798	​	$	4,443,994	​	$	8,582,297	​	$	8,940,813
Related parties	​	224,325	​	​	188,640	​	​	352,021	​	​	385,824
Total net sales	​	4,565,123	​	​	4,632,634	​	​	8,934,318	​	​	9,326,637
​	​	​	​	​	​	​	​	​	​	​	​
Costs of goods sold	​	3,946,655	​	​	3,857,797	​	​	7,829,306	​	​	7,571,002
Gross profit	​	618,468	​	​	774,837	​	​	1,105,012	​	​	1,755,635
​	​	​	​	​	​	​	​	​	​	​	​
Selling, general and administrative expenses	​	198,010	​	​	160,016	​	​	379,818	​	​	319,523
Profit sharing	​	30,706	​	​	48,053	​	​	53,401	​	​	110,705
Amortization of intangible assets	​	6,897	​	​	7,645	​	​	13,794	​	​	15,309
Operating income	​	382,855	​	​	559,123	​	​	657,999	​	​	1,310,098
​	​	​	​	​	​	​	​	​	​	​	​
Interest expense, net of capitalized interest	​	17,381	​	​	12,719	​	​	29,512	​	​	24,697
Other (income) expense, net	​	(22,392)	​	​	(18,708)	​	​	(40,033)	​	​	(45,492)
Income before income taxes	​	387,866	​	​	565,112	​	​	668,520	​	​	1,330,893
​	​	​	​	​	​	​	​	​	​	​	​
Income tax expense	​	86,675	​	​	133,422	​	​	149,650	​	​	311,703
Net income	​	301,191	​	​	431,690	​	​	518,870	​	​	1,019,190
​	​	​	​	​	​	​	​	​	​	​	​
Net income attributable to noncontrolling interests	​	(2,465)	​	​	(3,692)	​	​	(2,993)	​	​	(7,151)
Net income attributable to Steel Dynamics, Inc.	$	298,726	​	$	427,998	​	$	515,877	​	$	1,012,039
​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​
Basic earnings per share attributable to Steel	​	​	​	​	​	​	​	​	​	​	​
Dynamics, Inc. stockholders	$	2.01	​	$	2.73	​	$	3.45	​	$	6.42
​	​	​	​	​	​	​	​	​	​	​	​
Weighted average common shares outstanding	​	148,387	​	​	156,856	​	​	149,325	​	​	157,761
​	​	​	​	​	​	​	​	​	​	​	​
Diluted earnings per share attributable to Steel	​	​	​	​	​	​	​	​	​	​	​
Dynamics, Inc. stockholders, including the effect	​	​	​	​	​	​	​	​	​	​	​
of assumed conversions when dilutive	$	2.01	​	$	2.72	​	$	3.44	​	$	6.39
​	​	​	​	​	​	​	​	​	​	​	​
Weighted average common shares and share equivalents outstanding	​	148,960	​	​	157,579	​	​	149,885	​	​	158,467
​	​	​	​	​	​	​	​	​	​	​	​
Dividends declared per share	$	0.50	​	$	0.46	​	$	1.00	​	$	0.92

​

​

​

See notes to consolidated financial statements.

STEEL DYNAMICS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(in thousands)

​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​
​	Three-Month Periods Ended					​	Six-Month Periods Ended
​	June 30,					​	June 30,
​	2025		​	2024		​	2025		​	2024
​	​	​	​	​	​	​	​	​	​	​	​
Net income	$	301,191	​	$	431,690	​	$	518,870	​	$	1,019,190
Other comprehensive income (loss) - net unrealized income gain (loss)	​	​	​	​	​	​	​	​	​	​	​
on cash flow hedging derivatives, net of income tax expense (benefit)	​	​	​	​	​	​	​	​	​	​	​
of $379 and ($452) for the three months ended, and $379 and ($590)	​	​	​	​	​	​	​	​	​	​	​
for the six months ended June 30, 2025 and 2024, respectively.	​	1,178	​	​	(1,415)	​	​	1,178	​	​	(1,849)
Comprehensive income	​	302,369	​	​	430,275	​	​	520,048	​	​	1,017,341
​	​	​	​	​	​	​	​	​	​	​	​
Comprehensive income attributable to noncontrolling interests	​	(2,465)	​	​	(3,692)	​	​	(2,993)	​	​	(7,151)
Comprehensive income attributable to Steel Dynamics, Inc.	$	299,904	​	$	426,583	​	$	517,055	​	$	1,010,190

​

​

See notes to consolidated financial statements.

STEEL DYNAMICS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands)

​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​
​	Three-Month Periods Ended					​	Six-Month Periods Ended
​	June 30,					​	June 30,
​	2025		​	2024		​	2025		​	2024
​	​	​	​	​	​	​	​	​	​	​	​
Operating activities:	​	​	​	​	​	​	​	​	​	​	​
Net income	$	301,191	​	$	431,690	​	$	518,870	​	$	1,019,190
​	​	​	​	​	​	​	​	​	​	​	​
Adjustments to reconcile net income to net cash provided by	​	​	​	​	​	​	​	​	​	​	​
operating activities:	​	​	​	​	​	​	​	​	​	​	​
Depreciation and amortization	​	132,865	​	​	117,053	​	​	266,621	​	​	232,305
Equity-based compensation	​	14,063	​	​	13,013	​	​	31,103	​	​	28,625
Deferred income taxes	​	39,129	​	​	4,577	​	​	55,378	​	​	(16,447)
Other adjustments	​	(890)	​	​	(6,403)	​	​	(5,085)	​	​	12,302
Changes in certain assets and liabilities:	​	​	​	​	​	​	​	​	​	​	​
Accounts receivable	​	19,825	​	​	(36,332)	​	​	(283,777)	​	​	(167,085)
Inventories	​	(163,417)	​	​	(46,645)	​	​	(149,607)	​	​	(179,670)
Other assets	​	7,789	​	​	1,973	​	​	(24,326)	​	​	(10,203)
Accounts payable	​	(5,267)	​	​	(27,251)	​	​	243,333	​	​	2,248
Income taxes receivable/payable	​	(82,710)	​	​	(145,676)	​	​	(39,895)	​	​	19,988
Accrued expenses	​	39,033	​	​	76,562	​	​	(158,401)	​	​	(203,475)
Net cash provided by operating activities	​	301,611	​	​	382,561	​	​	454,214	​	​	737,778
​	​	​	​	​	​	​	​	​	​	​	​
Investing activities:	​	​	​	​	​	​	​	​	​	​	​
Purchases of property, plant and equipment	​	(288,331)	​	​	(419,166)	​	​	(593,837)	​	​	(793,476)
Purchases of short-term investments	​	(29,571)	​	​	(63,180)	​	​	(39,571)	​	​	(269,053)
Proceeds from maturities of short-term investments	​	9,614	​	​	298,314	​	​	147,425	​	​	571,308
Other investing activities	​	2,592	​	​	(25,554)	​	​	1,528	​	​	(11,299)
Net cash used in investing activities	​	(305,696)	​	​	(209,586)	​	​	(484,455)	​	​	(502,520)
​	​	​	​	​	​	​	​	​	​	​	​
Financing activities:	​	​	​	​	​	​	​	​	​	​	​
Issuance of current and long-term debt	​	484,278	​	​	580,613	​	​	1,890,221	​	​	959,881
Repayment of current and long-term debt	​	(902,605)	​	​	(590,053)	​	​	(1,335,132)	​	​	(1,003,992)
Dividends paid	​	(74,690)	​	​	(72,624)	​	​	(144,204)	​	​	(140,632)
Purchases of treasury stock	​	(200,048)	​	​	(309,064)	​	​	(450,186)	​	​	(607,123)
Other financing activities	​	(31,718)	​	​	8,778	​	​	(62,187)	​	​	(14,330)
Net cash used in financing activities	​	(724,783)	​	​	(382,350)	​	​	(101,488)	​	​	(806,196)
​	​	​	​	​	​	​	​	​	​	​	​
Decrease in cash, cash equivalents, and restricted cash	​	(728,868)	​	​	(209,375)	​	​	(131,729)	​	​	(570,938)
Cash, cash equivalents, and restricted cash at beginning of period	​	1,192,149	​	​	1,044,901	​	​	595,010	​	​	1,406,464
​	​	​	​	​	​	​	​	​	​	​	​
Cash, cash equivalents, and restricted cash at end of period	$	463,281	​	$	835,526	​	$	463,281	​	$	835,526
​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​
Supplemental disclosure information:	​	​	​	​	​	​	​	​	​	​	​
Cash paid for interest	$	34,737	​	$	41,037	​	$	63,214	​	$	50,364
Cash paid for income taxes, net	$	124,753	​	$	273,323	​	$	128,470	​	$	301,713

​

​

​

See notes to consolidated financial statements.

STEEL DYNAMICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 1. Description of the Business and Significant Accounting Policies

Description of the Business

Steel Dynamics, Inc. (SDI), together with its subsidiaries (the company), is one of the largest and most diversified domestic steel producers and metals recycler, combined with a meaningful steel fabrication manufacturing platform. The company has four reporting segments: steel operations, metals recycling operations, steel fabrication operations, and aluminum operations. Effective the fourth quarter 2024, results from an entity previously reported within the metals recycling operations segment were moved to the aluminum operations segment, consistent with a change in how the company’s chief operating decision maker manages the business. Segment information provided within this Form 10-Q, including within Note 8. Segment Information, has been recast for all prior periods consistent with the current reportable segment presentation.

Steel Operations Segment. Steel operations include the company’s electric arc furnace (EAF) steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, and Steel of West Virginia; steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply, and Vulcan Threaded Products, Inc.; warehouse operations in Mexico; and a 75% controlling equity interest in SDI Biocarbon Solutions, LLC.

Metals Recycling Operations Segment. Metals recycling operations include the company’s OmniSource ferrous and nonferrous processing, transportation, marketing, brokerage, and scrap management services throughout the United States (US), and in Central and Northern Mexico.

Steel Fabrication Operations Segment. Steel fabrication operations include the company’s New Millennium Building Systems’ joist and deck plants located throughout the US, and in Northern Mexico. Revenues from these plants are generated from the fabrication of girders, steel joists and steel deck used within the non-residential construction industry.

Aluminum Operations Segment. Aluminum operations include the recycled aluminum flat rolled products mill nearing completion of construction in Columbus, Mississippi, two satellite recycled aluminum slab centers in the southwest United States and Central Mexico, and an ancillary recycled aluminum deox-rod facility, formerly included in the results of the metals recycling operations segment. The flat rolled products mill is a joint venture with Unity Aluminum, Inc. of which SDI has a 94.4% equity interest.

Other. Other operations consist of subsidiary operations that are below the company’s quantitative thresholds required for reportable segments and primarily consist of certain joint ventures and the company’s idled Minnesota ironmaking operations. Also included in “Other” are certain unallocated corporate accounts, such as the company’s senior unsecured credit facility, senior notes, certain other investments and certain profit sharing expenses.

Significant Accounting Policies

Principles of Consolidation

The consolidated financial statements include the accounts of SDI, together with its wholly- and majority-owned or controlled subsidiaries, after elimination of intercompany accounts and transactions. Noncontrolling and redeemable noncontrolling interests represent the noncontrolling owners’ proportionate share in the equity, income, or losses of the company’s majority-owned or controlled consolidated subsidiaries. Redeemable noncontrolling interests related to USS (owned 95% and 90% by SDI at June 30, 2025 and December 31, 2024, respectively) are $30.0 million and $60.0 million at June 30, 2025 and December 31, 2024, respectively. Redeemable noncontrolling interests related to Mesabi Nugget (owned 86% by SDI) are $111.2 million at June 30, 2025, and December 31, 2024.

​

STEEL DYNAMICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 1. Description of the Business and Significant Accounting Policies (Continued)

​

On April 1, 2025, a noncontrolling member of USS exercised its option to require SDI to purchase its 5% equity interest, increasing SDI’s ownership to 95%. The remaining noncontrolling member has the option to require SDI to purchase, and SDI has the option to acquire, the remaining 5% equity interest of USS.

Use of Estimates

These consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States, and accordingly, include amounts that require management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and in the notes thereto. Actual results may differ from these estimates and assumptions.

In the opinion of management, these financial statements reflect all normal recurring adjustments necessary for a fair presentation of the interim period results. These consolidated financial statements and notes should be read in conjunction with the audited financial statements and notes thereto included in the company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Correction of an Immaterial Prior Period Error

During the three months ended June 30, 2025, the Company recorded a cumulative adjustment related to the write-off of consumable assets within its Steel Operations. The adjustment resulted in an increase to cost of sales and a decrease to supplies inventory of $32.3 million. The Company evaluated the impact of this correction under the SEC Staff Accounting Bulletin No. 99, “Materiality”, (“SAB 99”) and SEC Staff Accounting Bulletin No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements,” (“SAB 108”) from both quantitative and qualitative perspectives and concluded that it was not material to the previously reported annual and interim financial statements and is not expected to be material to the current annual consolidated financial statements for the year ended December 31, 2025.

Cash, Cash Equivalents, and Restricted Cash

Cash and cash equivalents include all highly liquid investments with a maturity of three months or less at the date of acquisition. Restricted cash is primarily funds held in escrow as required by various insurance and government organizations. The balance of cash, cash equivalents, and restricted cash in the consolidated statements of cash flows includes restricted cash of $5.2 million at June 30, 2025 and March 31, 2025, $5.5 million at December 31, 2024, $5.6 million at June 30, 2024, $5.5 million at March 31, 2024, and $5.6 million at December 31, 2023, which are recorded in Other Assets (noncurrent) in the company’s consolidated balance sheets.

Short-Term Investments

Short-term investments include investments with maturity dates of longer than three months but less than one year when purchased. The company’s short-term investments are classified as trading securities. Interest income from invested cash and short-term investments was $10.4 million and $20.6 million for the three-month periods ended June 30, 2025 and 2024, respectively, and $20.2 million and $46.9 million for the six-month periods ended June 30, 2025 and 2024, respectively and is recorded in other (income) expense, net as earned.

​

STEEL DYNAMICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 1. Description of the Business and Significant Accounting Policies (Continued)

​

Goodwill

The company’s goodwill consisted of the following at June 30, 2025, and December 31, 2024 (in thousands):

​	​	​	​	​	​
​	​	​	​	​	​
​	Steel Operations Segment	​	$	272,133	​
​	Aluminum Operations Segment	​	​	14,000	​
​	Metals Recycling Operations Segment	​	​	189,413	​
​	Steel Fabrication Operations Segment	​	​	1,925	​
​	​	​	$	477,471	​

​

Credit Losses

The company is exposed to credit risk in the event of nonpayment of accounts receivable by customers. The company mitigates its exposure to credit risk, which it generally extends on an unsecured basis, by performing ongoing credit evaluations and taking further action if necessary, such as requiring letters of credit or other security interests to support the customer receivable. The allowance for credit losses for accounts receivable is based on the company’s reasonable estimate of known credit risks and historical experience, adjusted for current and anticipated economic and other pertinent factors affecting the company’s customers, that may differ from historical experience. Customer accounts receivable are written off when all collection efforts have been exhausted and the amounts are deemed uncollectible.

​

At June 30, 2025, the company reported $1,701.0 million of accounts receivable, net of allowances for credit losses of $7.0 million. Changes in the allowance were not material for each of the three and six-month periods ended June 30, 2025 and 2024.

​

Derivative Financial Instruments

The company routinely enters into exchange traded futures contracts to manage price risk associated with nonferrous metal inventory, as well as purchases and sales of nonferrous (primarily aluminum and copper) and ferrous metals, to reduce exposure to commodity related price fluctuations. These exchange traded futures contracts meet the definition of derivative financial instruments. The company does not enter into these derivative financial instruments for speculative purposes. The company recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. Derivatives that are not designated as cash flow hedges must be adjusted to fair value through earnings. For the effective fair value hedges, the hedged item is recognized on the balance sheet at fair value. Changes in the fair value of the hedged balance sheet item are recognized as an offset against the change in fair value of the derivative in cost of goods sold. Changes in the fair value of cash flow hedges are recognized in other comprehensive income, until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings for fair value hedges.

The company offsets fair value amounts recognized for derivative instruments executed with the same counterparty under master netting agreements. The fair value of the Company’s derivative instruments and required margin deposit amounts totaled $31.5 million and $26.0 million at June 30, 2025 and December 31, 2024, respectively, and are reflected in other current assets in the consolidated balance sheets. Total gains and losses related to derivatives in fair value hedging relationships, as well as those not designated as hedging instruments, are recognized in costs of goods sold and were insignificant for each of the three and six-month periods ended June 30, 2025 and 2024. Derivatives accounted for as cash flow hedges, for which gains and losses are recognized in other comprehensive income, along with net amounts reclassified from accumulated other comprehensive income, were insignificant for each of the three and six-month periods ended June 30, 2025 and 2024.

​

STEEL DYNAMICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 1. Description of the Business and Significant Accounting Policies (Continued)

Recently Issued Not Yet Adopted Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which modifies the rules on income tax disclosures to require entities to disclose specific categories in the rate reconciliation, the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 is to be applied on a prospective basis, but retrospective application is permitted. The company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements and related disclosures.

​

In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements and related disclosures.

Note 2. Earnings Per Share

Basic earnings per share is based on the weighted average shares of common stock outstanding during the period. Diluted earnings per share assumes the weighted average dilutive effect of common share equivalents outstanding during the period applied to the company’s basic earnings per share. Common share equivalents represent potentially dilutive restricted stock units, deferred stock units, restricted stock, and performance awards, and are excluded from the computation in periods in which they have an anti-dilutive effect. There were 62,000 anti-dilutive common share equivalents for the three-month period ended March 31, 2025 excluded from common share equivalents for the six-month period ended June 30, 2025. There were no anti-dilutive common share equivalents as of or for the six-month period ended June 30, 2024 or the three-month periods ended June 30, 2025 and 2024.

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	Three-Month Periods Ended June 30,
​	2025								​	2024
​	​	​	​	Weighted		​	​	​	​	​	​	​	Weighted		​	​	​
​	​	​	​	Average		​	​	​	​	​	​	​	Average		​	​	​
​	Net Income		​	Shares		​	Per Share		​	Net Income		​	Shares		​	Per Share
​	(Numerator)		​	(Denominator)		​	Amount		​	(Numerator)		​	(Denominator)		​	Amount
Basic earnings per share	$	298,726	​	​	148,387	​	$	2.01	​	$	427,998	​	​	156,856	​	$	2.73
Dilutive common share equivalents	​	-	​	​	573	​	​	​	​	​	-	​	​	723	​	​	​
Diluted earnings per share	$	298,726	​	​	148,960	​	$	2.01	​	$	427,998	​	​	157,579	​	$	2.72

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	Six-Month Periods Ended June 30,
​	2025								​	2024
​	​	​	​	Weighted		​	​	​	​	​	​	​	Weighted		​	​	​
​	​	​	​	Average		​	​	​	​	​	​	​	Average		​	​	​
​	Net Income		​	Shares		​	Per Share		​	Net Income		​	Shares		​	Per Share
​	(Numerator)		​	(Denominator)		​	Amount		​	(Numerator)		​	(Denominator)		​	Amount
Basic earnings per share	$	515,877	​	​	149,325	​	$	3.45	​	$	1,012,039	​	​	157,761	​	$	6.42
Dilutive common share equivalents	​	-	​	​	560	​	​	​	​	​	-	​	​	706	​	​	​
Diluted earnings per share	$	515,877	​	​	149,885	​	$	3.44	​	$	1,012,039	​	​	158,467	​	$	6.39

STEEL DYNAMICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

​

Note 3. Long Term Debt

Senior Unsecured Notes

In March 2025, the company issued $600.0 million of 5.250% notes due May 15, 2035 (2035 Notes) and $400.0 million of 5.750% notes due May 15, 2055 (2055 Notes, and together with the 2035 Notes, Notes). The net proceeds of $972 million, after expenses and the underwriting discount, from these notes are intended to be used for general corporate purposes, which included the repayment at maturity of the company’s $400.0 million 2.400% notes due June 2025, and may include working capital, capital expenditures, advances for or investments in the company’s subsidiaries, acquisitions, redemption and repayment of other outstanding indebtedness, and purchases of the company’s common stock.

The Notes are in equal right of payment with all existing and future senior unsecured indebtedness and are senior in right of payment to all subordinated indebtedness. Early redemption of the 2035 Notes is permitted any time prior to February 15, 2035, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.20%, and on or after February 15, 2035, at 100.000%. Early redemption of the 2055 Notes is permitted any time prior to November 15, 2054, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.25%, and on or after November 15, 2054, at 100.000%.

Financing Activity

The company’s $400.0 million of 2.400% senior notes due June 2025 were paid at maturity.

​

Note 4. Inventories

Inventories are stated at lower of cost or net realizable value. Cost is determined using a weighted average cost method for raw materials (including scrap and purchased steel substrate) and supplies, and on a first-in, first-out basis for other inventory. Inventory consisted of the following (in thousands):

​

​	​	​	​	​	​
​	June 30,		​	December 31,
​	2025		​	2024
Raw materials	$	1,434,532	​	$	1,323,920
Supplies	​	800,014	​	​	805,035
Work in progress	​	374,429	​	​	269,031
Finished goods	​	651,924	​	​	715,747
Total inventories	$	3,260,899	​	$	3,113,733

​

​

​

​

STEEL DYNAMICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 5. Changes in Equity

​

The following tables provide a reconciliation of the beginning and ending carrying amounts of total equity, equity attributable to stockholders of Steel Dynamics, Inc., and equity and redeemable amounts attributable to noncontrolling interests for each of the three and six-month periods ended June 30, 2025 and 2024 (in thousands).

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Stockholders of Steel Dynamics, Inc.														​	​	​	​	​	​	​	​	​
​	​	​		​	​	​	​	​		​	​		​	Accumulated		​	​		​	​		​	​
​	​	​		​	​		​	Additional		​	​		​	Other		​	​		​	​		​	Redeemable
​	​	Common		​	Treasury		​	Paid-In		​	Retained		​	Comprehensive		​	Noncontrolling		​	Total		​	Noncontrolling
​	​	Stock		​	Stock		​	Capital		​	Earnings		​	Income (Loss)		​	Interests		​	Equity		​	Interests
Balances at December 31, 2024	​	$	652	​	$	(7,094,266)	​	$	1,229,819	​	$	14,798,082	​	$	-	​	$	(160,253)	​	$	8,774,034	​	$	171,212
Dividends declared	​	​	-	​	​	-	​	​	-	​	​	(74,690)	​	​	-	​	​	-	​	​	(74,690)	​	​	-
Noncontrolling investors, net	​	​	-	​	​	-	​	​	-	​	​	-	​	​	-	​	​	(2,303)	​	​	(2,303)	​	​	-
Share repurchases	​	​	-	​	​	(250,138)	​	​	-	​	​	-	​	​	-	​	​	-	​	​	(250,138)	​	​	-
Equity-based compensation	​	​	-	​	​	9,809	​	​	(11,584)	​	​	(125)	​	​	-	​	​	-	​	​	(1,900)	​	​	-
Net income	​	​	-	​	​	-	​	​	-	​	​	217,151	​	​	-	​	​	528	​	​	217,679	​	​	-
Balances at March 31, 2025	​	​	652	​	​	(7,334,595)	​	​	1,218,235	​	​	14,940,418	​	​	-	​	​	(162,028)	​	​	8,662,682	​	​	171,212
Dividends declared	​	​	-	​	​	-	​	​	-	​	​	(73,894)	​	​	-	​	​	-	​	​	(73,894)	​	​	-
Noncontrolling investors, net	​	​	-	​	​	-	​	​	-	​	​	-	​	​	-	​	​	(1,665)	​	​	(1,665)	​	​	(29,986)
Share repurchases	​	​	-	​	​	(200,048)	​	​	-	​	​	-	​	​	-	​	​	-	​	​	(200,048)	​	​	-
Equity-based compensation	​	​	-	​	​	1,937	​	​	11,574	​	​	(131)	​	​	-	​	​	-	​	​	13,380	​	​	-
Net income	​	​	-	​	​	-	​	​	-	​	​	298,726	​	​	-	​	​	2,465	​	​	301,191	​	​	-
Other comprehensive income, net of tax	​	​	-	​	​	-	​	​	-	​	​	-	​	​	1,178	​	​	-	​	​	1,178	​	​	-
Balances at June 30, 2025	​	$	652	​	$	(7,532,706)	​	$	1,229,809	​	$	15,165,119	​	$	1,178	​	$	(161,228)	​	$	8,702,824	​	$	141,226
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Stockholders of Steel Dynamics, Inc.														​	​	​	​	​	​	​	​	​
​	​	​		​	​	​	​	​		​	​		​	Accumulated		​	​		​	​		​	​
​	​	​		​	​		​	Additional		​	​		​	Other		​	​		​	​		​	Redeemable
​	​	Common		​	Treasury		​	Paid-In		​	Retained		​	Comprehensive		​	Noncontrolling		​	Total		​	Noncontrolling
​	​	Stock		​	Stock		​	Capital		​	Earnings		​	Income (Loss)		​	Interests		​	Equity		​	Interests
Balances at December 31, 2023	​	$	651	​	$	(5,897,606)	​	$	1,217,610	​	$	13,545,590	​	$	421	​	$	(198,351)	​	$	8,668,315	​	$	171,212
Dividends declared	​	​	-	​	​	-	​	​	-	​	​	(72,624)	​	​	-	​	​	-	​	​	(72,624)	​	​	-
Noncontrolling investors, net	​	​	-	​	​	-	​	​	-	​	​	-	​	​	-	​	​	(969)	​	​	(969)	​	​	-
Share repurchases	​	​	-	​	​	(298,059)	​	​	-	​	​	-	​	​	-	​	​	-	​	​	(298,059)	​	​	-
Equity-based compensation	​	​	-	​	​	13,391	​	​	(20,434)	​	​	(139)	​	​	-	​	​	-	​	​	(7,182)	​	​	-
Net income	​	​	-	​	​	-	​	​	-	​	​	584,041	​	​	-	​	​	3,459	​	​	587,500	​	​	-
Other comprehensive income, net of tax	​	​	-	​	​	-	​	​	-	​	​	-	​	​	(434)	​	​	-	​	​	(434)	​	​	-
Balances at March 31, 2024	​	​	651	​	​	(6,182,274)	​	​	1,197,176	​	​	14,056,868	​	​	(13)	​	​	(195,861)	​	​	8,876,547	​	​	171,212
Dividends declared	​	​	-	​	​	-	​	​	-	​	​	(71,584)	​	​	-	​	​	-	​	​	(71,584)	​	​	-
Noncontrolling investors, net	​	​	-	​	​	-	​	​	-	​	​	-	​	​	-	​	​	10,398	​	​	10,398	​	​	-
Share repurchases	​	​	-	​	​	(309,064)	​	​	-	​	​	-	​	​	-	​	​	-	​	​	(309,064)	​	​	-
Equity-based compensation	​	​	-	​	​	1,969	​	​	10,595	​	​	(134)	​	​	-	​	​	-	​	​	12,430	​	​	-
Net income	​	​	-	​	​	-	​	​	-	​	​	427,998	​	​	-	​	​	3,692	​	​	431,690	​	​	-
Other comprehensive loss, net of tax	​	​	-	​	​	-	​	​	-	​	​	-	​	​	(1,415)	​	​	-	​	​	(1,415)	​	​	-
Balances at June 30, 2024	​	$	651	​	$	(6,489,369)	​	$	1,207,771	​	$	14,413,148	​	$	(1,428)	​	$	(181,771)	​	$	8,949,002	​	$	171,212
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

​

​

​

​

Note 6. Fair Value Measurements

Accounting standards provide a comprehensive framework for measuring fair value, sets forth a definition of fair value and establishes a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable value inputs. Levels within the hierarchy are defined as follows:

	●	Level 1—Unadjusted quoted prices for identical assets and liabilities in active markets;

	●	Level 2—Quoted prices for similar assets and liabilities in active markets (other than those included in Level 1) which are observable for the asset or liability, either directly or indirectly; and

	●	Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

STEEL DYNAMICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 6. Fair Value Measurements (Continued)

The following table sets forth financial assets and liabilities measured at fair value on a recurring basis in the consolidated balance sheets and the respective levels to which the fair value measurements are classified within the fair value hierarchy as of June 30, 2025 and December 31, 2024 (in thousands):

​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	Quoted Prices		​	Significant		​	​	​
​	​	​	​	in Active		​	Other		​	Significant
​	​	​	​	Markets for		​	Observable		​	Unobservable
​	​	​	​	Identical Assets		​	Inputs		​	Inputs
​	Total		​	(Level 1)		​	(Level 2)		​	(Level 3)
June 30, 2025	​	​	​	​	​	​	​	​	​	​	​
Short-term investments	$	39,577	​	$	-	​	$	39,577	​	$	-
Commodity futures – financial assets	​	28,546	​	​	-	​	​	28,546	​	​	-
Commodity futures – financial liabilities	​	44,938	​	​	-	​	​	44,938	​	​	-
​	​	​	​	​	​	​	​	​	​	​	​
December 31, 2024	​	​	​	​	​	​	​	​	​	​	​
Short-term investments	$	147,811	​	$	-	​	$	147,811	​	$	-
Commodity futures – financial assets	​	19,323	​	​	-	​	​	19,323	​	​	-
Commodity futures – financial liabilities	​	6,272	​	​	-	​	​	6,272	​	​	-

​

The carrying amounts of financial instruments including cash equivalents approximate fair value (Level 1). The fair values of short-term investments and commodity futures contracts are estimated using quoted market prices, estimates obtained from brokers, and other appropriate valuation techniques based on references available (Level 2). The fair value of long-term debt, including current maturities, as determined by quoted market prices (Level 2), was approximately $3.6 billion and $3.0 billion at June 30, 2025 and December 31, 2024, respectively (with a corresponding carrying amount in the consolidated balance sheet of $3.8 billion and $3.2 billion at June 30, 2025 and December 31, 2024, respectively).

Note 7. Commitments and Contingencies

The company is involved in various litigation matters, including administrative and regulatory proceedings, that arise in the ordinary course of business, none of which are expected to have a material impact on the company’s financial condition, results of operations, or liquidity.

STEEL DYNAMICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 8. Segment Information

The company’s chief operating decision maker (CODM), who is the Chief Executive Officer, analyzes the results of the business through the following reportable segments: steel operations, metals recycling operations, steel fabrication operations, and aluminum operations. The segment operations are more fully described in Note 1. Description of the Business and Summary of Significant Accounting Policies to the consolidated financial statements. In the fourth quarter 2024, results from an entity previously reported within the metals recycling operations segment were moved to the aluminum operations segment, consistent with a change in how the CODM manages the business. Segment information provided within this Form 10-Q has been recast for all prior periods presented consistent with the current reportable segment presentation.

The CODM assesses segment performance and allocates resources primarily based on operating income. The CODM uses operating income to allocate operating and capital resources and assesses performance of each segment by comparing actual operating income results to historical and previously forecasted financial information. The accounting policies of the reportable segments are consistent with those described in Note 1 to the consolidated financial statements. Intra-segment sales and any related profits are eliminated in consolidation.

The company’s segment results, with prior periods recast consistent with our current reportable segments presentation, including disaggregated revenue by segment to external, external non-United States, and other segment customers, are as follows (in thousands):

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	Metals		​	Steel		​	​	​	​	​	​	​	​	​	​	​	​
For the three-month period ended	​	Steel		​	Recycling		​	Fabrication		​	Aluminum		​	​	​	​	​	​	​	​	​
June 30, 2025	​	Operations		​	Operations		​	Operations		​	Operations		​	Other (a)		​	Eliminations		​	Consolidated
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net sales - disaggregated revenue	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
External	​	$	3,154,477	​	$	375,526	​	$	340,605	​	$	65,632	​	$	356,222	​	$	-	​	$	4,292,462
External Non-United States	​	​	121,074	​	​	147,195	​	​	43	​	​	-	​	​	4,349	​	​	-	​	​	272,661
Other segments	​	​	108,578	​	​	639,432	​	​	24	​	​	27,935	​	​	865	​	​	(776,834)	​	​	-
Net sales	​	​	3,384,129	​	​	1,162,153	​	​	340,672	​	​	93,567	​	​	361,436	​	​	(776,834)	​	​	4,565,123
Less:	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Cost of goods sold	​	​	2,945,794	​	​	1,113,549	​	​	220,902	​	​	87,849	​	​	348,666	​	​	(770,105)	​	​	3,946,655
Other segment items (b)	​	​	57,241	​	​	27,314	​	​	26,656	​	​	46,345	​	​	78,429	​	​	(372)	​	​	235,613
Operating income (loss)	​	​	381,094	​	​	21,290	​	​	93,114	​	​	(40,627)	​	​	(65,659)	​	​	(6,357)	​	​	382,855
Interest expense, net of capitalized interest				​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	17,381
Other (income) expense, net	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	(22,392)
Income before income taxes	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	387,866
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Depreciation and amortization	​	$	97,377	​	$	15,881	​	$	3,250	​	$	2,840	​	$	13,517	​	$	-	​	$	132,865
Capital expenditures	​	​	76,072	​	​	26,873	​	​	3,283	​	​	210,534	​	​	6,218	​	​	(34,649)	​	​	288,331
Total Assets	​	​	8,967,541	​	​	1,473,372	​	​	620,394	​	​	3,394,694	​	​	3,853,868	(c)	​	(2,761,231)	​	​	15,548,638
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

​

​

STEEL DYNAMICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 8. Segment Information (Continued)

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	Metals		​	Steel		​	​	​	​	​	​	​	​	​	​	​	​
For the three-month period ended	​	Steel		​	Recycling		​	Fabrication		​	Aluminum		​	​	​	​	​	​	​	​	​
June 30, 2024	​	Operations		​	Operations		​	Operations		​	Operations		​	Other (a)		​	Eliminations		​	Consolidated
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net sales - disaggregated revenue	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
External	​	$	2,937,985	​	$	324,666	​	$	472,790	​	$	68,031	​	$	439,464	​	$	-	​	$	4,242,936
External Non-United States	​	​	194,247	​	​	192,501	​	​	42	​	​	1,234	​	​	1,674	​	​	-	​	​	389,698
Other segments	​	​	115,730	​	​	592,509	​	​	904	​	​	12,539	​	​	-	​	​	(721,682)	​	​	-
Net sales	​	​	3,247,962	​	​	1,109,676	​	​	473,736	​	​	81,804	​	​	441,138	​	​	(721,682)	​	​	4,632,634
Less:	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Cost of goods sold	​	​	2,756,599	​	​	1,053,939	​	​	269,479	​	​	75,661	​	​	428,151	​	​	(726,032)	​	​	3,857,797
Other segment items (b)	​	​	52,743	​	​	32,898	​	​	23,517	​	​	20,005	​	​	86,922	​	​	(371)	​	​	215,714
Operating income (loss)	​	​	438,620	​	​	22,839	​	​	180,740	​	​	(13,862)	​	​	(73,935)	​	​	4,721	​	​	559,123
Interest expense, net of capitalized interest				​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	12,719
Other (income) expense, net	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	(18,708)
Income before income taxes	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	565,112
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Depreciation and amortization	​	$	87,497	​	$	18,202	​	$	2,777	​	$	1,732	​	$	6,845	​	$	-	​	$	117,053
Capital expenditures	​	​	131,662	​	​	14,338	​	​	7,709	​	​	274,126	​	​	14,095	​	​	(22,764)	​	​	419,166
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	Metals		​	Steel		​	​	​	​	​	​	​	​	​	​	​	​
For the six-month period ended	​	Steel		​	Recycling		​	Fabrication		​	Aluminum		​	​	​	​	​	​	​	​	​
June 30, 2025	​	Operations		​	Operations		​	Operations		​	Operations		​	Other (a)		​	Eliminations		​	Consolidated
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net sales - disaggregated revenue	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
External	​	$	6,059,017	​	$	747,402	​	$	692,464	​	$	132,208	​	$	703,291	​	$	-	​	$	8,334,382
External Non-United States	​	​	283,550	​	​	310,214	​	​	491	​	​	-	​	​	5,681	​	​	-	​	​	599,936
Other segments	​	​	195,992	​	​	1,177,044	​	​	180	​	​	62,006	​	​	865	​	​	(1,436,087)	​	​	-
Net sales	​	​	6,538,559	​	​	2,234,660	​	​	693,135	​	​	194,214	​	​	709,837	​	​	(1,436,087)	​	​	8,934,318
Less:	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Cost of goods sold	​	​	5,816,292	​	​	2,133,693	​	​	432,730	​	​	179,320	​	​	695,254	​	​	(1,427,983)	​	​	7,829,306
Other segment items (b)	​	​	112,311	​	​	53,967	​	​	50,545	​	​	84,256	​	​	146,675	​	​	(741)	​	​	447,013
Operating income (loss)	​	​	609,956	​	​	47,000	​	​	209,860	​	​	(69,362)	​	​	(132,092)	​	​	(7,363)	​	​	657,999
Interest expense, net of capitalized interest				​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	29,512
Other (income) expense, net	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	(40,033)
Income before income taxes	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	668,520
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Depreciation and amortization	​	$	196,307	​	$	30,851	​	$	6,206	​	$	5,487	​	$	27,770	​	$	-	​	$	266,621
Capital expenditures	​	​	168,079	​	​	54,053	​	​	8,527	​	​	419,125	​	​	11,713	​	​	(67,660)	​	​	593,837
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

​

​

STEEL DYNAMICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 8. Segment Information (Continued)

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	Metals		​	Steel		​	​	​	​	​	​	​	​	​	​	​	​
For the six-month period ended	​	Steel		​	Recycling		​	Fabrication		​	Aluminum		​	​	​	​	​	​	​	​	​
June 30, 2024	​	Operations		​	Operations		​	Operations		​	Operations		​	Other (a)		​	Eliminations		​	Consolidated
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net sales - disaggregated revenue	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
External	​	$	6,071,595	​	$	654,510	​	$	918,886	​	$	129,110	​	$	747,323	​	$	-	​	$	8,521,424
External Non-United States	​	​	426,874	​	​	369,927	​	​	1,125	​	​	2,358	​	​	4,929	​	​	-	​	​	805,213
Other segments	​	​	264,021	​	​	1,126,932	​	​	5,488	​	​	22,492	​	​	-	​	​	(1,418,933)	​	​	-
Net sales	​	​	6,762,490	​	​	2,151,369	​	​	925,499	​	​	153,960	​	​	752,252	​	​	(1,418,933)	​	​	9,326,637
Less:	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Cost of goods sold	​	​	5,546,810	​	​	2,047,201	​	​	519,020	​	​	140,237	​	​	735,071	​	​	(1,417,337)	​	​	7,571,002
Other segment items (b)	​	​	106,129	​	​	68,577	​	​	47,399	​	​	35,140	​	​	188,988	​	​	(696)	​	​	445,537
Operating income (loss)	​	​	1,109,551	​	​	35,591	​	​	359,080	​	​	(21,417)	​	​	(171,807)	​	​	(900)	​	​	1,310,098
Interest expense, net of capitalized interest				​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	24,697
Other (income) expense, net	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	(45,492)
Income before income taxes	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	1,330,893
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Depreciation and amortization	​	$	175,004	​	$	35,465	​	$	5,459	​	$	2,959	​	$	13,418	​	$	-	​	$	232,305
Capital expenditures	​	​	227,495	​	​	45,058	​	​	13,145	​	​	512,598	​	​	17,944	​	​	(22,764)	​	​	793,476
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

​

(a) Amounts included in Other are from subsidiary operations that are below the quantitative thresholds required for reportable segments and primarily consist of joint ventures and the idled Minnesota ironmaking operations. Also included are certain unallocated corporate accounts, such as the company's senior unsecured credit facility, senior notes, certain other investments, amortization of intangible assets and certain profit sharing expenses.

​

(b) Other segment items for each reportable operating segment include selling, general, and administrative expenses including payroll & benefit expenses and professional service expenses. Other segment items within Other include selling, general, and administrative expenses such as payroll & benefit expenses, companywide equity-based compensation expenses, and professional service expenses, as well as company-wide profit sharing expense and amortization of intangible assets.

​

(c) Asset amounts included in Other consist of assets held by subsidiary operations that are below the quantitative thresholds required for reportable segments and the company's corporate assets. Corporate assets primarily consist of cash, short-term and other investments, and intra-company debt.

​

​