Steel Dynamics’ 2025 Profit Hits $1.2B on Record Shipments

SEATTLE (Scrap Monster): Steel Dynamics, Inc. (STLD) reported fourth-quarter and full-year 2025 financial results, posting Q4 net sales of $4.4 billion and net income of $266 million, or $1.82 per diluted share. This compared with $404 million in net income in Q3 2025 and $207 million in Q4 2024.

For full-year 2025, the company generated net sales of $18.2 billion, operating income of $1.5 billion, and adjusted EBITDA of $2.2 billion. Annual net income totaled $1.2 billion, or $7.99 per diluted share, supported by strong operating cash flow of $1.4 billion. Steel shipments reached record levels as import pressure eased and domestic demand improved.

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Fourth-quarter steel operations delivered operating income of $322 million, impacted by lower selling prices, seasonal demand softness, and planned maintenance outages. Metals recycling generated $19 million, while steel fabrication posted $91 million in operating income, supported by steady order activity and a solid backlog extending into mid-2026.

Looking ahead, Steel Dynamics expects continued demand strength driven by infrastructure spending, domestic manufacturing investment, and ongoing supply-chain regionalization.