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Sep 30, 2025
Steel Dynamics Q3 2025 Earnings Report
Steel Dynamics posted higher earnings driven by record steel shipments and expanding operations in aluminum and biocarbon.
Key Takeaways
Steel Dynamics delivered strong Q3 2025 results, with increased earnings and record steel shipments. Growth was supported by improved performance in core steel operations and ramp-up of aluminum and biocarbon product lines.
Achieved record steel shipments of 3.6 million tons
Net income rose to $404 million from $318 million YoY
Adjusted EBITDA reached $664 million
Aluminum and biocarbon operations exceeded expectations with early customer qualifications
Revenue by Segment
Forward Guidance
Steel Dynamics expects improved demand and favorable trade conditions to support steel and aluminum operations going into 2026.
Positive Outlook
- Increased demand expected from infrastructure and manufacturing onshoring
- Reduced imports due to trade actions improving domestic market share
- Successful qualification of aluminum flat rolled products
- Biocarbon adoption supporting lower-carbon steel production
- Strong backlog in steel fabrication extending into Q1 2026
Challenges Ahead
- Flat rolled steel order hesitancy due to ongoing trade uncertainties
- Customer inventory overhang impacting value-added product orders
- Potential production reduction of 85,000 tons in Q4 due to maintenance outages
- Lower realized steel prices due to lagging contracts
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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