Steel Dynamics Posts 41% Surge in Q3 Net Income on Strong Steel Prices

SEATTLE (Scrap Monster): Fort Wayne, Indiana-based Steel Dynamics, Inc. reported a sharp improvement in third-quarter earnings, supported by stronger steel prices, record shipments, and robust demand across key domestic markets.

The steelmaker posted net income of $756 million, or $5.26 per diluted share, for the quarter ended September 30, 2026. This compares with $534 million in the preceding quarter and $404 million a year earlier. Net sales reached $6.5 billion, while adjusted EBITDA totalled $1.2 billion.

According to a company news release, steel operations generated $1 billion in operating income, up 43% sequentially. Record shipments of 3.8 million tons, higher selling prices and lower scrap costs contributed to margin expansion during the quarter. The average external selling price climbed by $102 to $1,400 per ton, while scrap costs declined to $404 per ton.

Demand from energy, automotive, industrial and non-residential construction customers remained robust. Steel fabrication earnings also improved to $91 million, the news release said.

Meanwhile, aluminum operations narrowed their quarterly operating losses by 21% to $26 million. All three cold mills are now operational, with the first automotive finishing line expected to ship products before year-end.

Operating cash flow reached $846 million. The company repurchased $276 million in shares and maintained $2.4 billion in liquidity.