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, 2026

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)

​

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 ☐	​	​

​

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 July 23, 2026, Registrant had 143,328,088 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, 2026 (unaudited) and December 31, 2025	1
​	​	​
​	Consolidated Statements of Income for the three and six-month periods ended June 30, 2026 and 2025 (unaudited)	2
​	​	​
​	Consolidated Statements of Comprehensive Income for the three and six-month periods ended June 30, 2026 and 2025 (unaudited)	3
​	​	​
​	Consolidated Statements of Cash Flows for the three and six-month periods ended June, 30 2026 and 2025 (unaudited)	4
​	​	​
​	Notes to Consolidated Financial Statements (unaudited)	5
​	​	​
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14
​	​	​
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	23
​	​	​
Item 4.	Controls and Procedures	23
​	​	​
​	​	​
​	​	​
​	PART II. Other Information	​
​	​	​
Item 1.	Legal Proceedings	24
​	​	​
Item 1A.	Risk Factors	24
​	​	​
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	24
​	​	​
Item 3.	Defaults Upon Senior Securities	24
​	​	​
Item 4.	Mine Safety Disclosures	24
​	​	​
Item 5.	Other Information	24
​	​	​
Item 6.	Exhibits	25
​	​	​
Exhibit Index		25
​	​	​
Signature		26

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STEEL DYNAMICS, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

​	​	​	​	​	​	​
​	June 30,		​	​	December 31,
​	2026		​	​	2025
Assets	(unaudited)		​	​	​	​
Current assets	​	​	​	​	​	​
Cash and equivalents	$	567,708	​	​	$	769,878
Accounts receivable, net	​	2,435,045	​	​	​	1,680,249
Accounts receivable-related parties	​	7,893	​	​	​	2,411
Inventories	​	3,955,621	​	​	​	3,738,516
Other current assets	​	314,768	​	​	​	293,117
Total current assets	​	7,281,035	​	​	​	6,484,171
​	​	​	​	​	​	​
Property, plant and equipment, net	​	8,491,771	​	​	​	8,569,466
Intangible assets, net	​	315,759	​	​	​	331,290
Goodwill	​	477,471	​	​	​	477,471
Other assets	​	547,363	​	​	​	557,382
Total assets	$	17,113,399	​	​	$	16,419,780
Liabilities and Equity	​	​	​	​	​	​
Current liabilities	​	​	​	​	​	​
Accounts payable	$	1,465,868	​	​	$	1,223,776
Accounts payable-related parties	​	17,698	​	​	​	7,582
Income taxes payable	​	32,345	​	​	​	67,315
Accrued payroll and benefits	​	313,113	​	​	​	361,494
Accrued expenses	​	456,950	​	​	​	427,432
Current maturities of long-term debt	​	1,332	​	​	​	34,655
Total current liabilities	​	2,287,306	​	​	​	2,122,254
​	​	​	​	​	​	​
Long-term debt	​	4,180,810	​	​	​	4,176,508
Deferred income taxes	​	1,070,817	​	​	​	1,004,375
Other liabilities	​	211,395	​	​	​	186,232
Total liabilities	​	7,750,328	​	​	​	7,489,369
​	​	​	​	​	​	​
Commitments and contingencies	​	​	​	​	​	​
​	​	​	​	​	​	​
Redeemable noncontrolling interests	​	143,259	​	​	​	141,226
​	​	​	​	​	​	​
Equity	​	​	​	​	​	​
Common stock voting, $0.0025 par value; 900,000,000 shares authorized;	​	​	​	​	​	​
268,694,947 and 268,644,427 shares issued; and 143,610,058 and 144,940,102	​	​	​	​	​	​
shares outstanding, as of June 30, 2026 and December 31, 2025, respectively	​	653	​	​	​	653
Treasury stock, at cost; 125,084,889 and 123,704,325 shares,	​	​	​	​	​	​
as of June 30, 2026 and December 31, 2025, respectively	​	(8,287,758)	​	​	​	(7,980,549)
Additional paid-in capital	​	1,229,734	​	​	​	1,248,634
Retained earnings	​	16,473,691	​	​	​	15,689,042
Accumulated other comprehensive income (loss)	​	3,212	​	​	​	(598)
Total Steel Dynamics, Inc. equity	​	9,419,532	​	​	​	8,957,182
Noncontrolling interests	​	(199,720)	​	​	​	(167,997)
Total equity	​	9,219,812	​	​	​	8,789,185
Total liabilities and equity	$	17,113,399	​	​	$	16,419,780

​

​

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,
​	2026		​	2025		​	2026		​	2025
​	​	​	​	​	​	​	​	​	​	​	​
Net sales	​	​	​	​	​	​	​	​	​	​	​
Unrelated parties	$	6,069,512	​	$	4,340,798	​	$	11,254,846	​	$	8,582,297
Related parties	​	22,045	​	​	224,325	​	​	41,569	​	​	352,021
Total net sales	​	6,091,557	​	​	4,565,123	​	​	11,296,415	​	​	8,934,318
​	​	​	​	​	​	​	​	​	​	​	​
Costs of goods sold	​	5,132,583	​	​	3,946,655	​	​	9,574,218	​	​	7,829,306
Gross profit	​	958,974	​	​	618,468	​	​	1,722,197	​	​	1,105,012
​	​	​	​	​	​	​	​	​	​	​	​
Selling, general and administrative expenses	​	193,451	​	​	198,010	​	​	368,671	​	​	379,818
Profit sharing	​	57,314	​	​	30,706	​	​	99,512	​	​	53,401
Amortization of intangible assets	​	7,730	​	​	6,897	​	​	15,531	​	​	13,794
Operating income	​	700,479	​	​	382,855	​	​	1,238,483	​	​	657,999
​	​	​	​	​	​	​	​	​	​	​	​
Interest expense, net of capitalized interest	​	39,120	​	​	17,381	​	​	72,361	​	​	29,512
Other income, net	​	(22,105)	​	​	(22,392)	​	​	(30,555)	​	​	(40,033)
Income before income taxes	​	683,464	​	​	387,866	​	​	1,196,677	​	​	668,520
​	​	​	​	​	​	​	​	​	​	​	​
Income tax expense	​	152,679	​	​	86,675	​	​	265,787	​	​	149,650
Net income	​	530,785	​	​	301,191	​	​	930,890	​	​	518,870
​	​	​	​	​	​	​	​	​	​	​	​
Net loss (income) attributable to noncontrolling interests	​	3,302	​	​	(2,465)	​	​	6,633	​	​	(2,993)
Net income attributable to Steel Dynamics, Inc.	$	534,087	​	$	298,726	​	$	937,523	​	$	515,877
​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​
Basic earnings per share attributable to Steel	​	​	​	​	​	​	​	​	​	​	​
Dynamics, Inc. stockholders	$	3.71	​	$	2.01	​	$	6.49	​	$	3.45
​	​	​	​	​	​	​	​	​	​	​	​
Weighted average common shares outstanding	​	143,997	​	​	148,387	​	​	144,397	​	​	149,325
​	​	​	​	​	​	​	​	​	​	​	​
Diluted earnings per share attributable to Steel	​	​	​	​	​	​	​	​	​	​	​
Dynamics, Inc. stockholders, including the effect	​	​	​	​	​	​	​	​	​	​	​
of assumed conversions when dilutive	$	3.69	​	$	2.01	​	$	6.47	​	$	3.44
​	​	​	​	​	​	​	​	​	​	​	​
Weighted average common shares and share equivalents outstanding	​	144,591	​	​	148,960	​	​	144,956	​	​	149,885
​	​	​	​	​	​	​	​	​	​	​	​
Dividends declared per share	$	0.53	​	$	0.50	​	$	1.06	​	$	1.00

​

​

​

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,
​	2026		​	2025		​	2026		​	2025
​	​	​	​	​	​	​	​	​	​	​	​
Net income	$	530,785	​	$	301,191	​	$	930,890	​	$	518,870
Other comprehensive income - net unrealized gain	​	​	​	​	​	​	​	​	​	​	​
on cash flow hedging derivatives, net of income tax expense	​	​	​	​	​	​	​	​	​	​	​
of $1,305 and $379 for the three months ended, and $1,223 and $379	​	​	​	​	​	​	​	​	​	​	​
for the six months ended June 30, 2026 and 2025, respectively.	​	4,070	​	​	1,178	​	​	3,810	​	​	1,178
Comprehensive income	​	534,855	​	​	302,369	​	​	934,700	​	​	520,048
​	​	​	​	​	​	​	​	​	​	​	​
Comprehensive loss (income) attributable to noncontrolling interests	​	3,302	​	​	(2,465)	​	​	6,633	​	​	(2,993)
Comprehensive income attributable to Steel Dynamics, Inc.	$	538,157	​	$	299,904	​	$	941,333	​	$	517,055

​

​

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,
​	2026		​	2025		​	2026		​	2025
​	​	​	​	​	​	​	​	​	​	​	​
Operating activities:	​	​	​	​	​	​	​	​	​	​	​
Net income	$	530,785	​	$	301,191	​	$	930,890	​	$	518,870
​	​	​	​	​	​	​	​	​	​	​	​
Adjustments to reconcile net income to net cash provided by	​	​	​	​	​	​	​	​	​	​	​
operating activities:	​	​	​	​	​	​	​	​	​	​	​
Depreciation and amortization	​	173,922	​	​	132,865	​	​	333,202	​	​	266,621
Equity-based compensation	​	14,162	​	​	14,063	​	​	31,613	​	​	31,103
Deferred income taxes	​	29,978	​	​	39,129	​	​	62,647	​	​	55,378
Other adjustments	​	14,431	​	​	(890)	​	​	12,138	​	​	(5,085)
Changes in certain assets and liabilities:	​	​	​	​	​	​	​	​	​	​	​
Accounts receivable	​	(386,504)	​	​	19,825	​	​	(760,278)	​	​	(283,777)
Inventories	​	(48,843)	​	​	(163,417)	​	​	(223,270)	​	​	(149,607)
Other assets	​	(23,468)	​	​	7,789	​	​	(2,467)	​	​	(24,326)
Accounts payable	​	107,310	​	​	(5,267)	​	​	264,215	​	​	243,333
Income taxes receivable/payable	​	(109,889)	​	​	(82,710)	​	​	(35,457)	​	​	(39,895)
Accrued expenses	​	126,052	​	​	39,033	​	​	(36,981)	​	​	(158,401)
Net cash provided by operating activities	​	427,936	​	​	301,611	​	​	576,252	​	​	454,214
​	​	​	​	​	​	​	​	​	​	​	​
Investing activities:	​	​	​	​	​	​	​	​	​	​	​
Purchases of property, plant and equipment	​	(123,842)	​	​	(288,331)	​	​	(261,821)	​	​	(593,837)
Purchases of short-term investments	​	-	​	​	(29,571)	​	​	-	​	​	(39,571)
Proceeds from maturities of short-term investments	​	-	​	​	9,614	​	​	-	​	​	147,425
Other investing activities	​	5,805	​	​	2,592	​	​	4,718	​	​	1,528
Net cash used in investing activities	​	(118,037)	​	​	(305,696)	​	​	(257,103)	​	​	(484,455)
​	​	​	​	​	​	​	​	​	​	​	​
Financing activities:	​	​	​	​	​	​	​	​	​	​	​
Issuance of current and long-term debt	​	695,091	​	​	484,278	​	​	1,294,560	​	​	1,890,221
Repayment of current and long-term debt	​	(716,223)	​	​	(902,605)	​	​	(1,328,582)	​	​	(1,335,132)
Dividends paid	​	(76,555)	​	​	(74,690)	​	​	(149,025)	​	​	(144,204)
Purchases of treasury stock	​	(200,288)	​	​	(200,048)	​	​	(315,375)	​	​	(450,186)
Other financing activities	​	(697)	​	​	(31,718)	​	​	(23,009)	​	​	(62,187)
Net cash used in by financing activities	​	(298,672)	​	​	(724,783)	​	​	(521,431)	​	​	(101,488)
​	​	​	​	​	​	​	​	​	​	​	​
Increase (decrease) in cash, cash equivalents, and restricted cash	​	11,227	​	​	(728,868)	​	​	(202,282)	​	​	(131,729)
Cash, cash equivalents, and restricted cash at beginning of period	​	561,763	​	​	1,192,149	​	​	775,272	​	​	595,010
​	​	​	​	​	​	​	​	​	​	​	​
Cash, cash equivalents, and restricted cash at end of period	$	572,990	​	$	463,281	​	$	572,990	​	$	463,281
​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​
Supplemental disclosure information:	​	​	​	​	​	​	​	​	​	​	​
Cash paid for interest	$	67,149	​	$	34,737	​	$	93,149	​	$	63,214
Cash paid for income taxes, net	$	231,062	​	$	124,753	​	$	235,553	​	$	128,470

​

​

​

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 a leading industrial metals solutions company, with facilities located throughout the United States and Mexico. SDI is one of the largest domestic steel producers and metal recyclers in North America, combined with meaningful downstream steel fabrication operations. The company has also recently added aluminum operations, further diversifying its product offerings to supply aluminum flat rolled products with higher recycled content to the countercyclical sustainable beverage can industry, in addition to the automotive and industrial sectors. The company has four reporting segments: steel operations, metals recycling operations, steel fabrication operations, and aluminum operations.

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, and Roanoke Bar Division; steel coating and processing operations at Steel of West Virigina, The Techs, Heartland Flat Roll Division, United Steel Supply (“USS”), New Process Steel, L.P. (“NPS”), and Vulcan Threaded Products, Inc.; warehouse operations in Mexico; and SDI Biocarbon Solutions, LLC. Effective June 19, 2026, SDI’s ownership in SDI Biocarbon Solutions, LLC increased to 100%.

Metals Recycling Operations Segment. Metals recycling operations include the company’s Omni ferrous and nonferrous processing, transportation, marketing, brokerage, and scrap management services primarily located 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 steel joists, joist girders and steel deck systems used within the non-residential construction industry.

Aluminum Operations Segment. Aluminum operations include a 650,000-metric-ton recycled aluminum flat rolled products mill located in Columbus, Mississippi; two 150,000-metric-ton satellite recycled aluminum slab centers, one in Central Mexico and one planned for construction in Columbus, Mississippi; and an ancillary recycled aluminum deox-rod facility. The flat rolled products mill is a joint venture, of which SDI has a 94.4% equity interest, with Unity Aluminum, Inc.

Other. Other operations consist of subsidiary operations that are below the company’s quantitative thresholds required for reportable segments and primarily consists of a joint venture 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% by SDI) are $32.0 million at June 30, 2026 and $30.0 million at December 31, 2025. Redeemable noncontrolling interests related to Mesabi Nugget (owned 86% by SDI) are $111.2 million at June 30, 2026 and December 31, 2025.

​

STEEL DYNAMICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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

​

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, 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 $5.3 million at June 30, 2026, $5.2 million at March 31, 2026, $5.4 million at December 31, 2025, $5.2 million at June 30, 2025 and March 31, 2025, and $5.5 million at December 31, 2024, which are recorded in Other Assets (noncurrent) in the company’s consolidated balance sheets.

Goodwill

The company’s goodwill consisted of the following at June 30, 2026, and December 31, 2025 (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. Customer accounts receivable are written off when all collection efforts have been exhausted and the amounts are deemed uncollectible.

​

At June 30, 2026, the company reported $2,442.9 million of accounts receivable, net of allowances for credit losses of $4.5 million. Changes in the allowance were not material for each of the three and six-month periods ended June 30, 2026 and 2025.

​

​

STEEL DYNAMICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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

Derivative Financial Instruments

The company routinely enters into exchange traded futures 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 and included in cash flows from operations. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings for fair value hedges. Changes in the fair value of cash flow hedges are recognized in other comprehensive income, until the hedged item is recognized in earnings.

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 $81.8 million and $56.2 million at June 30, 2026 and December 31, 2025, respectively, including required margin deposits of $17.9 million and $112.2 million at June 30, 2026 and December 31, 2025, respectively, which are reflected in other current assets in the consolidated balance sheets. The fair value of the derivative instruments is disclosed in Note 6. Fair Value Measurements. 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. The company recognized losses of $98.7 million and gains of $4.7 million for the three-month periods ending June 30, 2026 and 2025, respectively, and losses of $159.5 million and $27.6 million for the six-month periods ending June 30, 2026 and 2025, respectively. 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, 2026 and 2025.

​

Recently Issued Not Yet Adopted Accounting Pronouncements

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 ASU 2024-03.

Note 2. Business Combination

On December 1, 2025, the company acquired the remaining 55% equity interest in New Process Steel, L.P., increasing its ownership from 45% to 100% and obtaining control. NPS is a metals solutions and distribution supply-chain management company headquartered in Houston, Texas, with a focus toward growing its value-added manufacturing applications. The acquisition of NPS expands the company’s exposure to value-added manufacturing opportunities. Prior to the 2025 acquisition date, the company accounted for its 45% minority equity interest in NPS as an equity-method investment. Upon the acquisition of the remaining interest, the previously held equity interest was remeasured to an acquisition-date fair value of $220.4 million, based on the purchase price of the remaining 55% interest. The company is in the process of obtaining third-party valuations of property, plant, and equipment and certain intangible assets. Accordingly, the provisional amounts recorded as of December 31, 2025 remain subject to change during the measurement period.

​

STEEL DYNAMICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 2. Business Combination (continued)

Unaudited Pro Forma Results. NPS’s operating results have been reflected in the company’s financial statements since the effective date of the acquisition, December 1, 2025. The following unaudited pro forma information is presented below for comparison purposes as if the NPS acquisition was completed as of January 1, 2025 (in thousands):

​

​	​	​	​	​	​
​	Three-months ended		​	Six-months ended
​	June 30, 2025		​	June 30, 2025
Net sales	$	4,736,764	​	$	9,263,504
Net income attributable to Steel Dynamics, Inc.	​	300,397	​	​	518,256

​

The information presented is for informational purposes only and is not necessarily indicative of the actual results that would have occurred had the acquisition been consummated at the beginning of the respective period, nor are they necessarily indicative of future operating results of the combined companies under the ownership and management of the company. The amounts have been calculated after applying the company’s accounting policies and adjusting the results of NPS to reflect the additional depreciation and amortization that would have been charged assuming the fair value adjustments to property, plant, and equipment and intangible assets had been applied on January 1, 2024, together with the consequential tax effects.

Note 3. 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 no anti-dilutive common share equivalents for the three-months ended June 30, 2026 and 2025. There were 44,000 and 62,000 anti-dilutive common share equivalents excluded from common share equivalents for the six-months ended June 30, 2026 and 2025, respectively.

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	Three-Month Periods Ended June 30,
​	2026								​	2025
​	​	​	​	Weighted		​	​	​	​	​	​	​	Weighted		​	​	​
​	​	​	​	Average		​	​	​	​	​	​	​	Average		​	​	​
​	Net Income		​	Shares		​	Per Share		​	Net Income		​	Shares		​	Per Share
​	(Numerator)		​	(Denominator)		​	Amount		​	(Numerator)		​	(Denominator)		​	Amount
Basic earnings per share	$	534,087	​	​	143,997	​	$	3.71	​	$	298,726	​	​	148,387	​	$	2.01
Dilutive common share equivalents	​	-	​	​	594	​	​	​	​	​	-	​	​	573	​	​	​
Diluted earnings per share	$	534,087	​	​	144,591	​	$	3.69	​	$	298,726	​	​	148,960	​	$	2.01

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	Six-Month Periods Ended June 30,
​	2026								​	2025
​	​	​	​	Weighted		​	​	​	​	​	​	​	Weighted		​	​	​
​	​	​	​	Average		​	​	​	​	​	​	​	Average		​	​	​
​	Net Income		​	Shares		​	Per Share		​	Net Income		​	Shares		​	Per Share
​	(Numerator)		​	(Denominator)		​	Amount		​	(Numerator)		​	(Denominator)		​	Amount
Basic earnings per share	$	937,523	​	​	144,397	​	$	6.49	​	$	515,877	​	​	149,325	​	$	3.45
Dilutive common share equivalents	​	-	​	​	559	​	​	​	​	​	-	​	​	560	​	​	​
Diluted earnings per share	$	937,523	​	​	144,956	​	$	6.47	​	$	515,877	​	​	149,885	​	$	3.44

STEEL DYNAMICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

​

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, purchased steel substrate and aluminum slabs) and supplies, and on a first-in, first-out basis for other inventory. Inventory consisted of the following (in thousands):

​

​	​	​	​	​	​
​	June 30,		​	December 31,
​	2026		​	2025
Raw materials	$	1,678,908	​	$	1,741,873
Supplies	​	840,403	​	​	815,895
Work in progress	​	706,554	​	​	414,492
Finished goods	​	729,756	​	​	766,256
Total inventories	$	3,955,621	​	$	3,738,516

​

​

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, 2026 and 2025 (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, 2025	​	$	653	​	$	(7,980,549)	​	$	1,248,634	​	$	15,689,042	​	$	(598)	​	$	(167,997)	​	$	8,789,185	​	$	141,226
Dividends declared	​	​	-	​	​	-	​	​	-	​	​	(76,555)	​	​	-	​	​	-	​	​	(76,555)	​	​	-
Noncontrolling investors, net	​	​	-	​	​	-	​	​	-	​	​	-	​	​	-	​	​	(1,354)	​	​	(1,354)	​	​	-
Share repurchases	​	​	-	​	​	(115,087)	​	​	-	​	​	-	​	​	-	​	​	-	​	​	(115,087)	​	​	-
Equity-based compensation	​	​	-	​	​	6,937	​	​	(10,695)	​	​	(100)	​	​	-	​	​	-	​	​	(3,858)	​	​	-
Net income (loss)	​	​	-	​	​	-	​	​	-	​	​	403,436	​	​	-	​	​	(3,331)	​	​	400,105	​	​	-
Other comprehensive loss, net of tax	​	​	-	​	​	-	​	​	-	​	​	-	​	​	(260)	​	​	-	​	​	(260)	​	​	-
Balances at March 31, 2026	​	​	653	​	​	(8,088,699)	​	​	1,237,939	​	​	16,015,823	​	​	(858)	​	​	(172,682)	​	​	8,992,176	​	​	141,226
Dividends declared	​	​	-	​	​	-	​	​	-	​	​	(76,113)	​	​	-	​	​	-	​	​	(76,113)	​	​	-
Noncontrolling investors, net	​	​	-	​	​	-	​	​	(20,806)	​	​	-	​	​	-	​	​	(23,736)	​	​	(44,542)	​	​	2,033
Share repurchases	​	​	-	​	​	(200,288)	​	​	-	​	​	-	​	​	-	​	​	-	​	​	(200,288)	​	​	-
Equity-based compensation	​	​	-	​	​	1,229	​	​	12,601	​	​	(106)	​	​	-	​	​	-	​	​	13,724	​	​	-
Net income (loss)	​	​	-	​	​	-	​	​	-	​	​	534,087	​	​	-	​	​	(3,302)	​	​	530,785	​	​	-
Other comprehensive income, net of tax	​	​	-	​	​	-	​	​	-	​	​	-	​	​	4,070	​	​	-	​	​	4,070	​	​	-
Balances at June 30, 2026	​	$	653	​	$	(8,287,758)	​	$	1,229,734	​	$	16,473,691	​	$	3,212	​	$	(199,720)	​	$	9,219,812	​	$	143,259
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

​

STEEL DYNAMICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 5. Changes in Equity (continued)

​

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	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
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

​

​

​

​

Note 6. Fair Value Measurements

Accounting standards provide a comprehensive framework for measuring fair value, set 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.

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, 2026 and December 31, 2025 (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, 2026	​	​	​	​	​	​	​	​	​	​	​
Commodity futures – financial assets	$	130,910	​	$	-	​	$	130,910	​	$	-
Commodity futures – financial liabilities	​	67,063	​	​	-	​	​	67,063	​	​	-
​	​	​	​	​	​	​	​	​	​	​	​
December 31, 2025	​	​	​	​	​	​	​	​	​	​	​
Commodity futures – financial assets	​	8,925	​	​	-	​	​	8,925	​	​	-
Commodity futures – financial liabilities	​	64,896	​	​	-	​	​	64,896	​	​	-

​

​

STEEL DYNAMICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 6. Fair Value Measurements (continued)

The carrying amounts of financial instruments including cash equivalents approximate fair value (Level 1). The fair values of commodity futures contracts are estimated by the use of 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 $4.0 billion and $4.1 billion at June 30, 2026, and December 31, 2025, respectively (with a corresponding carrying amount in the consolidated balance sheet of $4.2 billion at June 30, 2026 and December 31, 2025).

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.

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.

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, 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, 2026	​	Operations		​	Operations		​	Operations		​	Operations		​	Other (a)		​	Eliminations		​	Consolidated
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net sales - disaggregated revenue	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
External	​	$	3,744,196	​	$	445,811	​	$	393,629	​	$	497,733	​	$	537,532	​	$	-	​	$	5,618,901
External Non-United States	​	​	261,314	​	​	207,953	​	​	177	​	​	134	​	​	3,078	​	​	-	​	​	472,656
Intersegment	​	​	132,586	​	​	611,250	​	​	55	​	​	21,050	​	​	271	​	​	(765,212)	​	​	-
Net sales	​	​	4,138,096	​	​	1,265,014	​	​	393,861	​	​	518,917	​	​	540,881	​	​	(765,212)	​	​	6,091,557
Less:	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Cost of goods sold	​	​	3,348,457	​	​	1,186,826	​	​	280,638	​	​	542,690	​	​	534,444	​	​	(760,472)	​	​	5,132,583
Other segment items (b)	​	​	69,797	​	​	30,372	​	​	28,630	​	​	26,085	​	​	103,982	​	​	(371)	​	​	258,495
Operating income (loss)	​	​	719,842	​	​	47,816	​	​	84,593	​	​	(49,858)	​	​	(97,545)	​	​	(4,369)	​	​	700,479
Interest expense, net of capitalized interest				​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	39,120
Other income, net	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	(22,105)
Income before income taxes	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	$	683,464
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Depreciation and amortization	​	$	108,357	​	$	16,814	​	$	3,680	​	$	31,198	​	$	14,902	​	$	(1,029)	​	$	173,922
Capital expenditures	​	​	49,674	​	​	13,922	​	​	2,078	​	​	58,249	​	​	6,068	​	​	(6,149)	​	​	123,842
Total Assets	​	​	9,560,891	​	​	1,622,448	​	​	746,885	​	​	4,438,726	​	​	4,974,660	(c)	​	(4,230,211)	​	​	17,113,399
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

​

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, 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
Intersegment	​	​	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, 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
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	Metals		​	Steel		​	​	​	​	​	​	​	​	​	​	​	​
For the six-month period ended	​	Steel		​	Recycling		​	Fabrication		​	Aluminum		​	​	​	​	​	​	​	​	​
June 30, 2026	​	Operations		​	Operations		​	Operations		​	Operations		​	Other (a)		​	Eliminations		​	Consolidated
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net sales - disaggregated revenue	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
External	​	$	7,149,047	​	$	852,889	​	$	749,059	​	$	725,042	​	$	1,023,239	​	$	-	​	$	10,499,276
External Non-United States	​	​	395,206	​	​	394,058	​	​	180	​	​	218	​	​	7,477	​	​	-	​	​	797,139
Intersegment	​	​	250,607	​	​	1,143,499	​	​	76	​	​	35,756	​	​	763	​	​	(1,430,701)	​	​	-
Net sales	​	​	7,794,860	​	​	2,390,446	​	​	749,315	​	​	761,016	​	​	1,031,479	​	​	(1,430,701)	​	​	11,296,415
Less:	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Cost of goods sold	​	​	6,378,561	​	​	2,237,867	​	​	520,045	​	​	840,422	​	​	1,015,513	​	​	(1,418,190)	​	​	9,574,218
Other segment items (b)	​	​	140,967	​	​	57,296	​	​	55,163	​	​	35,044	​	​	195,984	​	​	(740)	​	​	483,714
Operating income (loss)	​	​	1,275,332	​	​	95,283	​	​	174,107	​	​	(114,450)	​	​	(180,018)	​	​	(11,771)	​	​	1,238,483
Interest expense, net of capitalized interest				​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	72,361
Other income, net	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	(30,555)
Income before income taxes	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	$	1,196,677
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Depreciation and amortization	​	$	214,421	​	$	33,695	​	$	7,331	​	$	50,304	​	$	29,171	​	$	(1,720)	​	$	333,202
Capital expenditures	​	​	98,128	​	​	35,094	​	​	3,618	​	​	134,503	​	​	13,217	​	​	(22,739)	​	​	261,821
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

​

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, 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
Intersegment	​	​	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, 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
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

​

(a) Amounts included in Other are from subsidiary operations that are below the quantitative thresholds required for reportable segments and primarily consist of a joint venture 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 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 companywide 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, investments, and intra-company debt.

​

​