NASDAQ: STLD

●Health & Safety – Safety is our primary focus and core value. Nothing surpasses the importance of creating and maintaining a safe work environment. Our goal is zero injuries—no accidents.

●Entrepreneurial Culture – Fosters a team of energetic, positive, driven, innovative and diverse individuals by utilizing open communication and meaningful performance-based compensation aligned to our strategic focus.

●Customer Commitment – We focus on being a preferred partner of our customers by providing quality products and unique supply chain solutions to meet their current and future needs.

●Strategic Sustainable Growth – We focus on strategic growth with intentional margin expansion and consistency through-the-cycle.

●Innovation – Through individual creativity and ingenuity, our teams drive innovation to improve safety, quality, productivity, and resource sustainability. We strive to provide unique, superior products, customer supply chain solutions, and next-generation technologies and processes.

●Financial Strength – Through our adaptable value-added product diversification, vertically connected businesses model, highly variable operating cost structure and performance-based incentive compensation, along with our continued operating innovations and efficiency, we achieve higher utilization and lower costs, which provide strong cash flow generation through both strong and weak market cycles.

Differentiated Model - Uniquely Steel Dynamics

Competitively advantaged differentiation is central to our long-term value creation strategy. We distinguish ourselves across all aspects of our business through an overarching culture of excellence that drives how we operate, innovate, and serve our customers.

Unique Entrepreneurial Culture

Our entrepreneurial culture is the foundation of our success and is driven by our extensive, performance-based incentive compensation philosophy that spans from teammates on the plant floor to senior leadership. More than 60% of a production team member’s total potential compensation is “at risk” and tied to quality production and cost-effectiveness metrics. More than 85% of our senior leadership team’s total potential compensation is “at risk” and linked to companywide financial metrics that encourage long-term value creation, including return on equity, growth, cash generation, and return on invested capital. We believe diversity within our teams enhances broad-based thinking, innovation, and value creation. Our common goal of consistently achieving excellence in all we do is reflected in the esprit de corps that permeates our team.

Diversified, Value-Added Product Offerings and Supply-Chain Solutions

We have one of the most diversified, high-margin product portfolios in the domestic steel industry and a proven track record of profitable growth. We have driven diversification across both end markets and value-added product offerings to sustain higher volumes and profitability through varying market environments. Approximately 70% of our steel and steel fabrication sales are considered value-added.

Throughout our history and today, we have focused on providing differentiated supply-chain solutions that help our customers increase efficiency, reduce time and costs, and support decarbonization opportunities. Growing alongside our customers in this way has been instrumental in building long-lasting relationships and advancing product development.

The majority of our scrap consuming operations are located near sustainable sources of scrap metal and close to our customer base, creating freight savings on inbound scrap and outbound finished products. This proximity also allows us to provide consistent, on-time delivery with relatively short lead times, further strengthening our customer relationships.

This diversified product portfolio enables us to access a broad range of markets and serve a large customer base, while helping to mitigate exposure to any single product or end market and supporting higher through-cycle mill utilization. Our value-added product offerings also help balance our exposure to commodity grade products supplied by other manufacturers.

We will continue to seek additional opportunities, including our entry into the recycled aluminum flat rolled products market, and collaborating with our customers to anticipate their future needs by further expanding our range of products and offerings. As with all of our growth initiatives, we seek to competitively differentiate ourselves through service, product capability and quality, and integrated supply-chain solutions.

Vertically Connected Businesses and Pull-Through Volume Advantage

Our vertically connected businesses support our higher through-cycle steel production and overall profitability. Our internal manufacturing operations provide a significant competitive advantage by contributing to more stable through-cycle earnings and cash flow generation. Our steel fabrication operations and downstream processing facilities consume significant volumes of steel. During weaker steel demand environments, we can source their steel needs internally, and during stronger steel demand environments, we may also purchase steel externally. Ultimately, we optimize our companywide profitability and minimize earnings volatility. In 2025, our own steel consuming businesses purchased 1.8 million tons of steel from our steel mills, representing 13% of our total 2025 steel shipments.

A strategic and synergistic relationship exists between our electric arc furnace (EAF) steel mills and our metals recycling operations, as well as between our aluminum operations and our metals recycling operations. Our metals recycling platform is the largest supplier of recycled ferrous scrap to our steel operations and the largest supplier of recycled aluminum scrap to our aluminum operations. This circular model allows us to reduce companywide working capital, as lower scrap inventory volume is required at our steel mills and aluminum operations. We are also able to source higher-quality scrap for our steel mills and aluminum operations, increasing availability, optimizing costs, and improving quality.

Technologically Advanced, Low-Cost, Highly Efficient Operations

We have some of the most technologically advanced and environmentally responsible steel mills and aluminum operations in the world. Our steel mills generate a fraction of the greenhouse gas (GHG) emissions per ton of steel produced as compared to traditional blast furnace steel production and the average global steel industry. Our value-added product diversification, circular manufacturing model, and performance-based incentive compensation programs support our efficient, environmentally responsible, and competitively advantaged footprint. Coupled with our low, highly variable cost structure and our continued operating innovation and efficiency, we are one of the most profitable and lowest-cost domestic metals solutions companies.

Sustainability

Our commitment to all aspects of sustainability is embedded in our founding principles, which emphasizes valuing our people, our partners, our communities, and our environment. These strategic principles guide long-term value creation for all of us. We are committed to operating our business in an environmentally responsible manner and have been since our founding. Our steel mills exclusively use EAF steelmaking technology, which uses recycled ferrous scrap as the primary raw material. Our new recycled aluminum flat rolled products mill uses recycled aluminum scrap as its primary raw material and is engineered to provide an energy-efficient, lower-environmental-impact product alternative compared to average aluminum flat rolled production. These investments allow us to produce high-quality, lower-embodied-carbon steel and aluminum products for our customers and drive returns for our shareholders. Our sustainability and decarbonization strategy is an ongoing journey, and we plan to use our entrepreneurial, innovative spirit to continue to be a leader in the industry.

We have intentionally developed a circular manufacturing model. Our metals recycling platform collects and processes scrap, which is then sold to end users for reuse, including our EAF steel mills and our aluminum operations. Our steel and aluminum products are then sold to consumers that both further process and manufacture end products. We sell a meaningful amount of steel to our own manufacturing businesses that in turn sell finished products to consumers. Scrap, from the industrial manufacturing process, and from when these products ultimately reach the end of their lives, can be collected and used again in our steel and aluminum operations, creating our circular manufacturing model.

While we believe we operate some of the most efficient steel mills in the world, we recognize the need for continuous improvement. Our biocarbon production facility located in Columbus, Mississippi uses high-temperature pyrolysis to convert sustainably sourced biomass to high-purity biocarbon. We plan to use this biocarbon as a renewable replacement for anthracite in our steelmaking operations, which could result in as much as a 35% reduction in our steel mills’ Scope 1 GHG absolute emissions. The facility began operations in the second half of 2025. This investment represents a significant step toward the decarbonization of our steel mills.

Experienced Leadership Team / Fosters an Entrepreneurial Culture

Our senior leadership team is highly experienced and has a proven track record in the steel, metals recycling, and steel fabrication industries, as well as building and operating low-cost melting, casting and rolling facilities, such as our recycled aluminum flat rolled products mill. Our leadership objectives are closely aligned with our shareholder interests through meaningful stock ownership and performance-based incentive compensation programs that are tied to the company’s profitability and operational performance in relation to our steel manufacturing peers. We emphasize decentralized operational decision making and accountability, while maintaining appropriate corporate governance and risk oversight. We reward teamwork, innovation, and operating efficiency, and focus on maintaining the effectiveness of our performance-driven incentive bonus plans designed to maximize overall productivity and align the interests of our leadership and teams with our shareholders.

Name

Age

Position

Mark D. Millett

Co-founder, Chairman, and Chief Executive Officer

Barry T. Schneider

President and Chief Operating Officer

Theresa E. Wagler

Executive Vice President, Chief Financial Officer, and Corporate Secretary

Miguel Alvarez

Senior Vice President, Aluminum Group

James S. Anderson

Senior Vice President, Long Products Steel Group

Chris A. Graham

Senior Vice President, Flat Roll Steel Group

Richard A. Poinsatte

Senior Vice President and Treasurer

Matt Bell

Vice President, Metals Recycling

Chad Bickford

Vice President, Steel Fabrication

Mark D. Millett co-founded the Company in 1993. Mr. Millett has been our Board Chair since May 2021 and has been our Chief Executive Officer since January 2012. Prior to that, he held various positions within the Company, including President and Chief Operating Officer, Executive Vice President of Metals Recycling and Ferrous Resources, and Executive Vice President of Flat Roll Operations. Mr. Millett was responsible for the design, construction, and start-up operation of all of our steel mills, including our Butler, Indiana flat roll, melting, and casting operations. Mr. Millett earned his bachelor’s degree in metallurgy from the University of Surrey, England. Mr. Millett is a Past Chairman of the Steel Manufacturers Association (SMA). In 2019, he was the recipient of the James F. Collins Achievement in Advocacy Award by the SMA. In 2014 and 2022, Mr. Millet was named Steelmaker of the Year by the Association for Iron & Steel Technology. In 2024, he received the Willy Korf / Ken Iverson Steel Vision Award for his significant contributions to the steel industry while promoting goodwill and integrity. In 2025, Mr. Millett received Harbor Aluminum’s Gene Greenberg 2025 World’s Aluminum Executive of the Year Award, an award that honors leaders with integrity who have made significant contributions to technically improve and/or disrupt the aluminum industry for the better. Also in 2025, Mr. Millett was the recipient of the Bessemer Gold Medal, a Premier Award from the Institute of Materials, Minerals & Mining, honoring those who have contributed significantly to the steel industry.

Barry T. Schneider has been our President and Chief Operating Officer since March 2023. Mr. Schneider is responsible for the company’s steel platform, steel fabrication platform, and metals recycling platform, and oversees information technology and innovation. Prior to that, Mr. Schneider served as Senior Vice President, Flat Roll Steel Group, responsible for the company’s entire flat roll steel operations, including the company’s three flat roll steel mills and numerous flat rolled processing, coating, and distribution operations. Mr. Schneider has been with Steel Dynamics since 1995, serving in various operational and leadership roles within the company’s steel operations, including our Engineered Bar Products Division and Butler Flat Roll Division. He was also a part of the team that constructed the company’s first steel mill in Butler, Indiana. Mr. Schneider earned a bachelor's degree in mechanical engineering and a master of science in engineering management from Rose-Hulman Institute of Technology. He also received an Executive Certificate in Technology, Operations, and Value Chain Management from the MIT Sloan School of Management. In addition, Mr. Schneider is the Chairman of the Steel Manufacturers Association and served as a Past President for the Association for Iron & Steel Technology.

Theresa E. Wagler has been our Executive Vice President, Chief Financial Officer, and Corporate Secretary since May 2007. Ms. Wagler joined the Steel Dynamics corporate finance team in 1998, and has held various finance and accounting positions, including Chief Accounting Officer and Vice President – Corporate Controller. She is responsible for and oversees accounting and taxation, treasury, risk management, legal, cybersecurity, human resources, decarbonization strategy, and strategic business development functions, as well as, financial planning and analysis, investor relations, and corporate communications. Ms. Wagler also has various operational responsibilities directly overseeing several operating joint ventures. Prior to joining Steel Dynamics, Ms. Wagler was a certified public accountant with Ernst & Young LLP. Ms. Wagler graduated cum laude from Taylor University with a bachelor’s degree in accounting and systems analysis. In addition, she serves as a director, member of the audit committee, and a member of the environmental sustainability and community committee of CF Industries Holdings, Inc., a public company, and also serves as a trustee for Trine University and a director for the Metals Service Center Institute.

Miguel Alvarez was appointed Senior Vice President, Aluminum Group in October 2025. Mr. Alvarez is responsible for new strategic aluminum investments, as well as an ancillary recycled aluminum deox-rod facility. Beginning in

March 2022, Mr. Alvarez served as Senior Vice President, Metals Recycling and was responsible for leading Omni’s ferrous and nonferrous metals recycling operations, including marketing, trading, and logistics activities. Mr. Alvarez joined the company in 2019 as Senior Vice President, Southwest United States and Mexico and was responsible for the comprehensive business development and partnerships in the regions, encompassing both steel and recycled metals. Prior to joining Steel Dynamics, Mr. Alvarez served in leadership positions at BlueScope; this included leading BlueScope’s North American metal buildings business with manufacturing facilities in the United States and Mexico and being responsible for BlueScope’s only North American electric arc furnace flat roll steel mill as President of North Star BlueScope Steel. Mr. Alvarez earned a bachelor’s degree in industrial engineering and an MBA from Tecnológico de Monterrey, México.

James S. Anderson has been our Senior Vice President, Long Products Steel Group since May 2024. Mr. Anderson is responsible for the company’s four long product steel mills, along with a downstream finishing operation and the company’s copper rod manufacturing facility. Prior to that, Mr. Anderson served as our Senior Vice President, Steel Fabrication and was responsible for the company’s steel fabrication operations, comprised of seven steel joist and deck manufacturing facilities located throughout the U.S. and Mexico. Before that, Mr. Anderson held numerous operational and leadership roles including Vice President, Steel Fabrication, Chief Operating Officer of New Millennium Building Systems, and general manager of The Techs three flat roll steel galvanizing lines. Mr. Anderson earned a bachelor's degree in metallurgical engineering from Grove City College and an MBA from the University of Pittsburgh.

Christopher A. Graham has been our Senior Vice President, Flat Roll Steel Group since October 2023. Mr. Graham is responsible for the company’s entire flat roll steel operations, including three flat roll steel mills and numerous flat roll steel processing, coating, and distribution operations. Prior to that, Mr. Graham served as our Senior Vice President, Long Products Steel Group. In this role, Mr. Graham was responsible for the company’s four long product steel mills, along with a downstream finishing operation and the company’s copper rod manufacturing facility. Prior to that, Mr. Graham served as Senior Vice President, Downstream Manufacturing and President of New Millennium Building Systems, responsible for the company’s steel fabrication and downstream manufacturing operations. Mr. Graham has been with Steel Dynamics since 1994, holding various operational and leadership roles within both steel fabrication and steel operations, and was part of the team that constructed the company’s first steel mill in Butler, Indiana in 1994. Mr. Graham earned a bachelor's degree in business management from Western Governors University and an MBA from the University of Saint Francis. In addition, Mr. Graham completed the Harvard Advanced Management Program in 2017.

Richard A. Poinsatte was appointed Senior Vice President in October 2023 as Treasurer and is responsible for the areas of treasury, legal, business development, cybersecurity, and risk. Mr. Poinsatte joined Steel Dynamics in 2000, as the Chief Financial Officer of one of the company’s joint venture businesses, which is now part of the steel fabrication platform. During his time with Steel Dynamics, he has held positions of increasing responsibility, including the operating position of General Manager of the company’s Florida steel fabrication plant. Since 2008, he has served as Vice President and Treasurer and has been responsible for the company’s treasury, risk, and legal applications. Mr. Poinsatte earned a Bachelor of Business Administration with a concentration in accounting from the University of Notre Dame, and he is a certified public accountant. In addition, Mr. Poinsatte serves as the Chairman of the Board of Trustees for the University of Saint Francis.

Matt Bell was appointed Vice President, Metals Recycling in November 2025. Mr. Bell is responsible for Omni’s ferrous and nonferrous metals recycling operations, including marketing, trading and logistics activities. Beginning in 2023, Mr. Bell served as Vice President of Commercial for Omni, responsible for developing and implementing its ferrous purchasing and sales growth strategies, including optimizing the scrap supply for the company’s steel operations. Since joining the company in 2016, Mr. Bell has held increasingly impactful leadership roles within the metals recycling platform in operations, commercial, and marketing responsibilities, including Southwest Commercial Manager from 2020 to 2022 and Ferrous Trading Manager until 2023. Prior to joining the company, he held various leadership positions in the metals recycling industry. Matt is an alumnus of the Executive Education Program at the University of Texas McCombs School of Business as well as the Emerging Leaders Program at Northwestern University’s Kellogg School of Management.

Chad Bickford has been our Vice President, Steel Fabrication since May 2024. Mr. Bickford is responsible for the company’s steel fabrication operations, New Millennium Building Systems, comprised of seven steel joist and deck

manufacturing facilities located throughout the United States and Mexico. Beginning in 2023, Mr. Bickford served as General Manager for the company’s Butler Flat Roll Division and prior to that he served as General Manager for the company’s Engineered Bar Products Division. Mr. Bickford has been with Steel Dynamics since 2003, holding various operational and leadership roles with increasing responsibility in both steel and steel fabrication operations, including General Manager of the Virginia steel fabrication facility. Mr. Bickford earned a bachelor’s degree in civil engineering from Ohio University.

Human Capital / Valuing People

We value the dedicated people whose passion, innovation, and spirit of excellence have helped successfully grow our company and serve our customers. Our culture of trust is fostered through individual empowerment and accountability that drives decision making throughout our organization. We empower our teams by setting clear performance goals, aligning their interests with the company’s long-term strategy, and providing the right tools and resources needed to succeed. Our performance-based incentive compensation programs align with our strategic long-term growth objectives and the interests of our customers, communities, and shareholders. We believe trust is reinforced through effective communication and transparency, and we are confident our teams will do what is right. The Steel Dynamics team consisted of approximately 14,400 full-time team members at December 31, 2025.

Health and Safety

Valuing people includes providing a healthy and safe work environment and fostering a culture of safety that extends beyond the workplace, into our homes and communities. Safety is, and always will be, our primary focus and core value. Our goal is for every individual to arrive at the workplace safely and return home safely each day. Achieving this requires commitment from leadership and team members at every level to take ownership and responsibility for their safety and the safety of others. Under no circumstance does the pursuit of maximized production or earnings override the importance of individual safety.

Safety is our first core strategic pillar and the foundation of our decision making. Safety is always at the forefront and is discussed regularly across the company, whether led by a plant-floor team member, supervisor, or manager. Our leadership team is engaged and continuously evaluates opportunities for improvement. We believe that engaging every individual will lead to zero injuries and we are committed to achieving world-class safety performance across our operations. This commitment is foundational and integral to our culture and how we operate.

Our total recordable injury rate compared to industry benchmarks and lost time injury rates for 2025 are as follows:

1 Total Recordable Injury Rate is defined as OSHA recordable incidents x 200,000 / hours worked. Lost Time Injury Rate is defined as OSHA days away from work cases x 200,000 / hours worked.

2 Source: 2024 U.S. DOL Bureau of Labor Statistics released in 2026.

Compensation Structure

We believe in empowering our teams and rewarding them for their achievements through a four-tiered, performance-based compensation framework. The components of our compensation programs are designed to balance high-return growth, disciplined capital investment, low-cost operations, and effective risk mitigation. By rewarding our teams based on their performance at the individual, team, company, and shareholder levels, we believe our compensation structure achieves strong alignment with the interests of our external constituents.

This alignment is achieved through the following methods:

●Individual performance awards consist of an individual’s base compensation, which is determined by their individual superior performance, responsibilities, and skill level.

●Team performance awards, such as quality production, return on assets, and conversion bonuses, are based on departmental results, focusing on productivity, cost control, and efficient use of assets.

●Companywide performance awards unite everyone through our profit-sharing program, which is based on consolidated pretax profitability, and our 401(k) match, which is based on consolidated return on assets.

●Alignment with our shareholders and the pursuit of long-term value creation is fostered through the issuance of restricted stock units. Each full-time, non-union, United States-based team member receives annual equity awards. These awards generally have a two-year vesting period, supporting retention and companywide strategy alignment.

Our team-based culture and competitive pay structure support continued high retention. In 2025, our companywide team retention was approximately 83%, with U.S.-based teams retention of 89%. Our compensation framework helps ensure that we remain strong with best-in-class performance and retain top talent even in economic downturns. We all share in the company’s successes, as well as the challenges.

Talent Development and Educational Opportunities

Our people are the foundation of our six strategic pillars, and their continued education and talent development are essential to our success. Our educational assistance and development programs support personal growth by helping individuals remain current in their areas of responsibility while developing new skills for advancement. Senior leadership plays a key role in our development programs, reinforcing our culture and connecting it to proven leadership principles.

As we continue to grow, building internal talent, retaining team members with relevant industry and technical experience, and creating advancement opportunities within our organization remain among our most important priorities and are critical to our long-term success.

Workplace Philosophy

Our people are the foundation of our success and are our most important resource. Our culture is built on safeguarding all individuals and ensures everyone is treated fairly, with dignity and respect. We provide equal employment opportunity, and all employment-related decisions are based on merit, qualifications, and ability. We do not tolerate harassment or disrespect of any kind.

We respect human rights by providing safe work environments, providing fair compensation based on job responsibilities and performance, and ensuring all team members meet minimum age and eligibility requirements for employment. Our leadership receives recurring training on these critical topics.

We recognize the value of having a business that reflects a variety of backgrounds and experiences. We work together as a unified team while respecting each other as individuals. Our team-based compensation structure reinforces this philosophy. We strive to foster a welcoming and open environment in which the best ideas are heard and valued, regardless of position or individual. We believe these principles will continue to drive our success. Our team member population is representative of our industry and the communities where we live and work.

Segments

Refer to Notes 1 and 12 in the notes to consolidated financial statements in Part II, Item 8 of this Form 10-K for additional segment information.

Steel Operations Segment

Our steel operations consist of electric arc furnace steel mills that produce steel from ferrous scrap and scrap substitutes, using continuous casting and automated rolling mills, along with numerous steel coating, processing, and warehouse operations. Our steel operations sell directly to end users, steel processors, steel fabricators, and service centers. These products are used across a broad range of end markets, including construction, automotive, manufacturing, transportation, heavy and agricultural equipment, energy, and pipe and tube markets, including oil country tubular goods (“OCTG”).

Our steel operations accounted for 72%, 69%, and 67% of our consolidated net sales during 2025, 2024, and 2023, respectively. We are predominantly a domestic steel company. Export sales represented approximately 4%, 6%, and 8% of our steel segment net sales during 2025, 2024, and 2023, respectively.

Our steel operations consist primarily of steelmaking and a broad range of coating operations. In 2025, we had approximately 9.4 million tons of annual flat roll steel production capacity. We also had 2.0 million tons of flat roll steel processing capacity through The Techs and our Heartland Flat Roll Division. Through United Steel Supply (“USS”) and New Process Steel, L.P. (“NPS”) (acquired December 1, 2025), we also have distribution and processing of metallic coated and pre-painted products. In addition, we had annual flat roll galvanizing capability of 5.5 million tons and painting capability of 2.0 million tons. Our long products divisions had approximately 4.6 million tons of annual steel production capacity.

Capacities represent maximum estimated manufacturing capabilities based on steel mill configuration and related team member support and do not reflect expected production volumes in any given year. Estimates of steel mill capacity are also highly dependent on product mix. Each of our steel mills is capable of producing a wide range of products and sizes; accordingly, capacity estimates assume a typical product mix.

The following chart summarizes our steel operations primary products and the estimated percentage of tons sold by end market:

SHEET STEEL PRODUCTS

Our sheet steel products, consisting of hot rolled, cold rolled and coated steel products are produced by our Butler, Columbus, and Sinton Flat Roll Divisions, and our numerous downstream coating lines, including The Techs and the Heartland Flat Roll Division. Distribution and steel processing is provided through USS and NPS. Our sheet steel operations represented 64%, 72%, and 68% of steel operations net sales in 2025, 2024, and 2023, respectively. We produced 10.0 million tons of sheet steel at these facilities in 2025, 9.5 million tons in 2024, and 9.2 million tons in 2023.

We shipped the following volumes of sheet steel products (net tons):

Butler, Columbus, and Sinton

8,115,111

7,702,731

7,459,023

Flat Roll divisions

Steel Processing divisions

2,071,765

1,779,429

1,731,911

The following chart summarizes sheet steel product sales by product type, based on sales dollars, during the respective years. Cold rolled and coated products are considered value-added products:

Customers. Steel processors and service centers typically act as intermediaries between primary sheet steel producers and end-user manufacturers that require additional processing of hot-rolled coils. Processing performed by these intermediaries includes pickling, galvanizing, cutting to length, slitting, leveling, blanking, shape correcting, edge rolling, shearing, and stamping. We believe steel processors and service centers will continue to be an integral part of our customer base.

Our Columbus and Sinton Flat Roll Divisions enable us to capitalize on industrial markets in the Southern United States and Mexico and to further expand our customer base for painted products, line pipe, and other pipe applications. Galvanized flat rolled products produced by our Butler, Columbus, and Sinton Flat Roll Divisions are similar and are sold to a generally similar customer base.

The Techs and the Heartland Flat Roll Division specialize in the galvanizing and painting of specific types of flat rolled steel, primarily for non-automotive applications, serving customers in the heating, ventilation, and air conditioning (“HVAC”), construction, agriculture, and consumer goods markets.

USS and NPS provide complementary distribution channels for metallic-coated and pre-painted flat rolled steel coils and steel processing capabilities, including slitting, blanking, cutting to length, stamping and fabrication services. USS primarily serves roll-former customers in the roofing and siding industry, while also expanding our reach to customers that have not historically purchased steel directly from a primary steel producer. NPS serves a wide range of customers, including those in agriculture, appliance, automotive, and construction industries, as well as other markets.

Our sheet steel operations also provide a substantial portion (62% in 2025) of the sheet steel utilized in our steel fabrication operations.

The following chart summarizes the types of end customers who purchased our sheet steel products, by sales dollars, during the respective years:

LONG PRODUCTS

Our long steel products consist of a broad range of differentiated products produced by our four mills, as well as Vulcan Threaded Products, Inc. (“Vulcan”), a downstream finishing operation.

Structural and Rail Division produces a variety of parallel flange beams and channel sections, as well as large unequal leg angles, and reinforcing steel bar including custom cut-to-length, smooth bar, and coiled. We also produce standard strength carbon, intermediate alloy hardness, and premium grade rails in 40 to 320 feet length for the railroad industry. Our state-of-the art heat treating system allows us to produce high quality premium rail, which has been certified by all Class I railroads. In addition, our rail-welding facility has the ability to weld (Continuous Welded Rail) in lengths up to 1,650 feet, which offers substantial savings to the railroads both in terms of initial capital cost and through reduced maintenance. We also utilize our Structural and Rail Division’s excess capacity to supply our Engineered Bar Products Division with pull-through volume of billets to utilize its excess rolling capacity.

Engineered Bar Products Division produces a broad range of engineered special-bar-quality (SBQ), merchant-bar-quality (MBQ), and other engineered round steel bars. We also have a bar finishing facility, which provides various downstream finishing operations for SBQ steel bars, including turning, polishing, straightening, chamfering, precision saw-cutting, and heat-treating capabilities. Vulcan produces threaded rod products, and cold drawn and heat-treated bar, creating strategic pull-through demand of our Engineered Bar Products Division’s special-bar-quality products.

Roanoke Bar Division produces merchant products, including channels, angles, flats, merchant rounds, and reinforcing steel bars. Excess steel billet production is sold to mills without sufficient melting capacities, including our Steel of West Virginia facility. Our steel fabrication operations also purchase angles from our Roanoke Bar Division.

Steel of West Virginia produces a wide array of specialty shapes and light structural steel and frequently performs fabrication and finishing operations on those products, such as cutting to length, additional straightening, hole punching, shot blasting, plasma cutting, welding, galvanizing, and coating. Through this array of products and additional finishing, we create custom finished products that are generally placed directly into our customers’ assembly operations.

We shipped the following long products volumes at each of these facilities (net tons):

Structural and Rail Division

1,842,616

1,625,913

1,851,349

Rail shipments (included above)

257,547

254,203

319,241

Engineered Bar Products Division

730,691

714,509

836,179

Roanoke Bar Division

593,290

516,258

564,776

Steel of West Virginia

395,328

321,647

378,515

Customers. The principal customers for our structural steel products are steel service centers, steel fabricators and various manufacturers. Service centers provide key distribution channels for the mills and value-add services to the end-user. The steel rail marketplace in the United States, Canada, and Mexico is specialized and defined, with seven Class I railroads and a large distribution network.

SBQ products are principally consumed by cold finishers, forgers, intermediate processors, OEM manufacturers, steel service centers, and distributors, as well as pull-through volume to Vulcan. Our MBQ products are sold primarily to steel service centers, as well as reinforcing steel bar distributors, joist producers (such as our New Millennium Building Systems), and OEMs. Some of the excess steel billet production at the Roanoke Bar Division is sold to mills without sufficient melting capacities, including our Steel of West Virginia facility. Our steel fabrication operations also purchase angles from Roanoke Bar Division. Steel of West Virginia’s customers are primarily OEMs producing solar panel structures, truck trailers, industrial lift trucks, merchant products, guardrail posts, manufactured housing, mining, and off-highway construction equipment. Steel of West Virginia’s flexible manufacturing capabilities enable us to meet demand for a variety of custom-ordered and designed products. Many of these products are produced in small quantities for low volume end-uses resulting in a wide variety of customers, the largest of which are in the truck trailer and industrial lift truck industries.

Steel Operations Segment Competition

The markets in which we conduct business are highly competitive with an abundance of competition in the carbon steel industry from North American and foreign integrated and mini-mill steelmaking and processing operations. We compete in numerous industry sections, most significantly tied to the construction, automotive, and other manufacturing sectors. In many applications within these industry sections, steel competes with other materials, such as aluminum, cement, composites, plastics, carbon fiber, glass, and wood. Some of our products are commodities, subject to their own cyclical fluctuations in supply and demand. However, we are focused on providing a broad range of diversified value-added products that de-emphasize commodity steel. The primary competitive influences on products we sell are price, quality, and value-added services.

Metals Recycling Operations Segment

Metals Recycling operations include both ferrous and nonferrous scrap metal processing, transportation, marketing, brokerage, and scrap management services, strategically located in close proximity to our steel mills and our aluminum operations and other end-user scrap consumers, throughout North America. Our metals recycling operations accounted for 11% of our consolidated net sales during 2025, 2024 and 2023. Export sales represented 14%, 17%, and 19% of metals recycling segment net sales during 2025, 2024, and 2023, respectively.

We shipped the following from our metals recycling operations:

Ferrous metal total (gross tons)

6,160,797

5,850,544

5,792,484

Shipments to our steel mills

4,013,035

3,656,034

3,593,328

Percent of total to our steel mills

65%

62%

62%

Nonferrous metals (thousands of pounds)

916,502

965,491

970,445

We sell various grades of processed ferrous scrap primarily to steel mills and foundries. Ferrous scrap metal is the primary raw material for EAFs, including our steel mills. In addition, we sell various grades of nonferrous metals including copper, brass, aluminum, and stainless steel, to smelters, refineries, alloy manufacturers, specialty mills and other consumers, including our aluminum operations.

We purchase processed and unprocessed ferrous and nonferrous scrap metals in a variety of forms for our metals recycling facilities.

Ferrous scrap comes from two primary sources:

●Manufacturing industrial facilities, metal fabrication plants, and machine shops, which generate ferrous scrap referred to as prompt or industrial scrap, and

●Scrap dealers, retail individuals, auto wreckers, demolition firms and others who provide steel and iron scrap, referred to as obsolete scrap. Obsolete scrap includes scrap recycled from end-of-life items, such as automobiles, appliances, and machinery.

Nonferrous scrap comes from three primary sources:

●Manufacturers and other nonferrous scrap sources, which generate or sell scrap aluminum, copper, stainless steel, and other nonferrous metals,

●Producers of items such as electric wire, telecommunication service providers, aerospace, defense, and recycling companies that generate nonferrous scrap consisting primarily of aluminum used beverage cans, copper wire, and various other metals and alloys, and

●Retail transactions conducted with the general public who sell material directly to our facilities, collected from a variety of sources and other independent scrap dealers.

We do not purchase a significant amount of scrap metal from a single source or from a limited number of major sources. Market demand and the composition, quality, size, weight, and location of the materials are the primary factors that determine prices.

Products. Our metals recycling operations primarily involve the purchase, processing, and resale of ferrous and nonferrous scrap metals into reusable forms and grades. We process an array of ferrous products through a variety of methods, including sorting, shredding, shearing, cutting, baling, and breaking. Our major ferrous products include heavy

melting steel, busheling, bundled scrap, shredded scrap, and other scrap metal products, such as steel turnings and cast iron. These products vary in properties or attributes related to cleanness, size of individual pieces, and residual alloys. The necessary characteristics of the ferrous products are determined by the specific needs and requirements of the consumer and affect the individual product’s relative value. We process numerous grades of nonferrous products, including aluminum, brass, copper, stainless steel, and other nonferrous metals. Additionally, we provide transportation logistics (truck, rail, and river barge), marketing, brokerage, and scrap management services, providing competitive price and cost advantages to our suppliers and customers. We design, install, and manage customized scrap management programs for industrial manufacturing companies.

Customers. We sell various grades of processed ferrous scrap to end-users, such as EAF steel mills, integrated steelmakers, foundries, secondary smelters, and metal brokers, who aggregate materials for other large users. Ferrous scrap metal is the primary raw material for EAFs, including our steel mills. Most of our ferrous scrap customers purchase processed scrap through negotiated spot sales contracts which establish a quantity purchase for the month. The price we charge for ferrous scrap depends upon market demand, composition, size, weight, and transportation costs, as well as the quality and grade of the scrap. We sell various grades of processed nonferrous scrap to end-users such as aluminum sheet and manufacturers (including our aluminum operations), ingot manufacturers, brass and bronze ingot makers, copper refineries, smelters, specialty steelmakers, alloy manufacturers, wire and cable producers, and utilities. The price we charge for nonferrous scrap also depends upon market demand and pricing, transportation costs, as well as the quality and grade of the scrap.

Competition. Scrap is a global commodity influenced by conditions in a number of industrialized and emerging markets throughout Asia, Europe, and North America. The markets for scrap metals are highly competitive, both in the purchase of raw or unprocessed scrap, and the sale of processed scrap. With regard to the purchase of unprocessed scrap, we compete with numerous independent recyclers, as well as smaller scrap companies engaged only in collecting obsolete scrap. In many cases, we also purchase unprocessed scrap metal from smaller scrap dealers and other processors. Successful procurement of materials is determined primarily by the price offered by the purchaser for the raw scrap and the proximity of our processing facility to the source of the raw scrap. Both ferrous and nonferrous scrap sell as a commodity in both domestic and international markets, which are affected, sometimes significantly, by relative economic conditions, currency fluctuations, and the availability and cost of transportation. Competition for sales of processed scrap is based primarily on the price, quality, and location of the scrap metals, as well as the level of service provided in terms of reliability and timing of delivery.

We also face potential competition for sales of processed scrap from other producers of steel products, such as EAFs and integrated steel mills, some of which, like us, are also vertically connected in the scrap metals recycling business. In addition, other steel mills may compete with us in attempting to secure scrap supply through direct purchasing from our scrap suppliers. Scrap metal processors also face competition from substitutes for prepared ferrous scrap, such as pig iron, pelletized iron, hot briquetted iron (HBI), direct reduced iron (DRI), and other forms of processed iron.

The industry is highly fragmented with many small, regional, national, and global companies, which have multiple locations in areas in which our metals recycling operations operate. No single scrap metals recycler has a significant market share in the domestic market.

Steel Fabrication Operations Segment

Our steel fabrication operations consist of seven strategically located New Millennium Building Systems plants that serve the non-residential construction industry throughout the United States. These facilities provide a national operating footprint that enables us to reach the entire domestic market, including large retail chains, e-commerce distribution facilities, data centers, manufacturing facilities, and schools.

Steel fabrication operations accounted for 8%, 10%, and 15% of consolidated net sales during 2025, 2024, and 2023, respectively. We sold approximately 561,000, 607,000, and 663,000 tons of joist and deck products during 2025, 2024, and 2023, respectively.

Products. Our steel fabrication operations manufacture non-residential building components, including steel joists, joist girders, and steel deck systems. Our joist products include standard joists and girders, as well as specialty configurations including bowstring, arched, scissor, double-pitched, and single-pitched joists. Our deck products include roof deck, form deck, cellular deck, composite floor deck, specialty architectural deck, floor systems, and bridge deck.

Customers and Markets. Our steel fabrication operations primarily serve non-residential steel fabricators, metal building companies, general construction contractors, developers, property owners, brokers, and governmental entities. Our customers are located throughout the United States. We maintain approximately one-third of the total domestic steel joist and deck market for bookings, representing approximately 2.1 million tons, 1.7 million tons, and 1.8 million tons during 2025, 2024, and 2023, respectively.

Competition. We compete with other North American joist and steel deck producers primarily on the basis of price, quality, customer service, and proximity to customers. Our national footprint enables us to efficiently service the entire domestic non-residential construction market, which is particularly valuable for serving national accounts such as large retail chains, distribution warehouse facilities, and data center developers.

Aluminum Operations Segment

Our aluminum operations consist of a 650,000-metric-ton recycled aluminum flat rolled products mill in Columbus, Mississippi; two 150,000-metric-ton satellite recycled aluminum slab centers, one in Central Mexico and one under construction in the Southwest U.S.; and an ancillary recycled aluminum deox-rod facility. The flat rolled products mill produces flat rolled aluminum coil products from aluminum scrap and is a complementary extension of our metals recycling platform. Our product offerings will be supported by various value-added finishing lines that are being commissioned, including two CASH (Continuous Annealing Solutions Heat Treating) lines, a can end and tab coating line, and downstream processing and packaging lines.

The results of our aluminum operations for 2025, 2024, and 2023 largely consisted of sales from the ancillary recycled aluminum deox-rod facility, as well as construction, start-up, and commissioning costs associated with the recycled aluminum flat rolled products mill and satellite recycled aluminum slab centers. During the second half of 2025, the recycled aluminum flat rolled products mill produced finished products for the industrial and beverage can markets and achieved product certifications across multiple customers. In addition, the mill also successfully produced and qualified aluminum hot rolled coils for automotive applications. Aluminum operations accounted for 2% of our consolidated net sales in 2025, and 1%, in each of 2024 and 2023.

Products. Our aluminum operations provide flat rolled products with high recycled content to the countercyclical, sustainable beverage can industry, as well as the automotive and industrial sectors. Once the recycled aluminum flat rolled products mill reaches full production, we anticipate our aluminum operations product mix will consist of approximately 45% can sheet, 35% automotive, and 20% common alloy and industrial applications.

Customers and Markets. We have intentionally aligned the growth of our aluminum operations to serve a significant number of our existing carbon flat roll steel customers who also consume, or process, aluminum flat rolled products for automotive, appliance, construction, and other applications. We are further diversifying our end markets by supplying aluminum flat rolled products to the sustainable beverage can industry. We have developed our real estate to

allow customers to co-locate on-site, with one customer already in the construction process and others expected to co-locate at the rolling mill site in Columbus, enhancing cost efficiencies and reducing emissions across the supply chain.

Competition. We compete with other North American aluminum flat rolled products producers primarily on the basis of price, quality, customer service, and proximity to the customer. We also face potential competition from other producers of aluminum products in attempting to secure aluminum scrap supply through direct purchasing from our scrap suppliers.

Other Information

Sources, Availability, and Cost of Steel and Other Operations’ Raw Materials

Ferrous Scrap Metals. The principal raw material of our EAF steel operations is recycled ferrous scrap derived from, among other sources, "home scrap,” generated internally at our steel mills themselves; industrial scrap, generated as a by-product of manufacturing; obsolete scrap, recycled from end-of-life automobiles, appliances, and machinery; and demolition scrap, recycled from obsolete structures, containers, and machines.

Recycled ferrous scrap typically comprises more than 80% of the metallic melt mix in EAF steelmaking, in contrast to integrated mill steelmaking, where the proportion of scrap has traditionally been approximately 25% to 35%. Depending upon the scrap substitute material that may be available from time to time, and the relative cost of such material, the percentage of scrap used in our steelmaking operations could be increased or reduced in our metallic melt mix.

Iron Units. In addition to scrap, pig iron, DRI, HBI, and internally sourced liquid pig iron are used in our EAF steel mill production. During 2025, 2024, and 2023 we consumed 13.0 million tons of metallic materials in our steelmaking furnaces, of which iron units other than scrap represented approximately 13% of the tons in 2025, and 15% of the tons in 2024 and 2023.

Aluminum Scrap Metals. The principal raw materials of our aluminum operations are raw aluminum (P1020) and recycled aluminum scrap derived from, among other sources, “home scrap,” generated internally at our rolling mill; industrial scrap, generated as a by-product of manufacturing, recycled from automotive and food beverage container manufacturers; and recycled materials from end-of-life trucks and automobiles, industrial products, and used food and beverage containers (“UBCs”). Recycled aluminum content varies by product, alloy, and end customer application. Food and beverage products typically achieve 85% or better recycled content, and industrial and automotive products’ recycled content is typically 65%. Depending upon the scrap substitute material that may be available from time to time, and the relative cost of such material, the percentage of scrap used in our aluminum operations could be increased or reduced in our metallic melt mix.

Many variables can impact ferrous and nonferrous scrap prices, all of which reflect the pushes and pulls of the supply-demand equation. These factors include the level of domestic production (high quality, low-residual scrap is a by-product of manufacturing activity), the level of exports of scrap from the United States, and the amount of obsolete scrap recycled. In addition, historical domestic ferrous scrap prices typically have a strong correlation and spread to global pig iron pricing. Generally, as domestic steel production increases, so does ferrous scrap demand and resulting scrap prices. The reverse is also normally, but not always, true with scrap prices following steel prices downward when supply exceeds demand. When scrap prices greatly accelerate, this can challenge one of the principal elements of an EAF based steel mill’s traditional lower cost structure—the cost of its metallic raw material. ​

Energy Resources

Electricity. Electricity is a significant input required in our EAF steel operations, representing approximately 4% of steel production costs of goods sold in 2025, 2024, and 2023. We have entered into fixed price electricity contracts for the Butler Flat Roll Division, Columbus Flat Roll Division, Roanoke Bar Division and Steel of West Virginia, while our Structural and Rail Division and Engineered Bar Products Division have a combination of fixed pricing and market

pricing for the various components of the electrical services (demand charge, energy charge, riders, etc.). Our Sinton Flat Roll Division purchases electricity at current market prices.

Research and Development

Our research and development activities have consisted of efforts to expand, develop, and improve our products and operating processes, including those at our recycled aluminum flat rolled products mill and Sinton Flat Roll Division, as well as our efforts to develop and improve renewable product alternatives, such as our biocarbon production facility. Most of these research and development efforts have been conducted in-house by our team members.

Environmental Matters

Our operations are subject to substantial and evolving environmental, health and safety laws and regulations concerning, among other things, emissions to the air, discharges to surface and ground water and to sewer systems, use of water, and the generation, handling, storage, transportation, treatment and disposal of solid and hazardous wastes and secondary materials. Our operations are dependent upon permits regulating discharges into the environment or the use and handling of raw materials or by-products in order to operate our facilities. We dedicate considerable resources aimed at achieving compliance with applicable laws concerning the environment. While we do not currently believe that our future compliance efforts with such provisions will have a material adverse effect on our results of operations, cash flows, or financial condition, this is subject to change in the ever-evolving regulatory environment in which we operate.

Since the interpretation and enforcement of environmental laws and regulations that may be enacted from time to time can be subject to changing social or political norms, our environmental capital expenditures and costs for environmental compliance may increase in the future. In addition, due to the possibility of unanticipated regulatory or other developments, the amount and timing of future environmental expenditures may vary substantially from those currently anticipated. The cost of current and future environmental compliance may also place our operations at a competitive disadvantage with respect to foreign producers, which may not be required to undertake equivalent costs in their operations.

Pursuant to the Resource Conservation and Recovery Act (RCRA), which governs the handling, recycling and disposal of solid and hazardous wastes and hazardous secondary materials, the United States Environmental Protection Agency (United States EPA) and authorized state or local environmental agencies may conduct inspections to identify alleged violations or areas where there may have been releases of solid or hazardous constituents into the environment and require the facilities to pay penalties and/or take corrective action to address any such releases. RCRA also allows citizens in certain situations to bring claims against facilities for potential damages and cleanup. Many states have statutes and regulatory authorities similar to RCRA that can also apply. Many of our facilities generate wastes and secondary materials subject to these requirements. Some of these materials, for example EAF dust, may be categorized as hazardous waste, requiring special handling for disposal or for the recovery of metallics. While we cannot predict the future actions of the regulators or other interested parties, the potential exists for required corrective action, the costs of which could be substantial.

Under the Comprehensive Environmental Response Compensation and Liability Act, known as CERCLA or Superfund, the United States EPA, state agencies and, in some instances, private parties have the authority to assert joint and several liability for the remediation of contaminated properties upon generators of hazardous substances, current and former site owners and operators, transporters, and other potentially responsible parties, regardless of fault or the legality of the original disposal activity. Many states have statutes and regulatory authorities similar to CERCLA that can also apply. We have a number of material handling agreements with various contractors to properly dispose of or recycle our EAF dust and other by-products of our operations. However, we cannot assure that, even if there has been no fault by us, we may not still be cited as a hazardous substances generator by reason of an environmental cleanup at one of our facilities or a site to which our by-products were transported.

The Clean Water Act and similar state and local laws apply to aspects of our operations and impose regulatory restrictions related to the discharge of wastewater, storm water, and dredged or fill material. The United States EPA, state agencies and, in certain instances, local governments and private parties have the ability to bring claims alleging

violations and seeking penalties and injunctive relief. These legal provisions can also require new or expanded water treatment investments to be made and can limit or even prohibit certain current or planned activities at our operations.

The Clean Air Act and analogous state and local laws require many of our facilities to obtain and maintain air permits in order to operate. Air permits can impose new or expanded obligations to limit or prevent current or future emissions and to add costly pollution monitoring and control equipment. Claims for alleged violations can be brought by the United States EPA, state agencies, and in certain instances local governments and private parties, and can result in penalties and injunctive relief.

In addition, there are a number of other environmental, health and safety laws and regulations that apply to our facilities and may affect our operations. By way of example and not of limitation, certain portions of the federal Toxic Substances Control Act, Oil Pollution Act, Safe Drinking Water Act, and Emergency Planning and Community Right-to-Know Act, as well as state and local laws and regulations implemented by the regulatory agencies, apply to aspects of our facilities’ operations. Some jurisdictions also have regulations governing the appropriation and use of water and other raw materials. Our operations in Mexico are similarly subject to environmental requirements applicable to those operations. In some instances, we may also be subject to other foreign governments’ regulations and international treaties and laws. Many of these laws allow both the governments and citizens in certain situations to bring claims against facilities for alleged environmental violations. Finally, our operations could in certain situations be subject to toxic tort claims brought by third parties alleging causes of action such as nuisance, negligence, trespass, infliction of emotional distress, or other claims alleging personal injury, property damage, or other harms.

Available Information

Our internet website address is www.steeldynamics.com. We make available on our internet website, under "Investors,” free of charge, as soon as reasonably practicable after such materials are electronically filed with, or furnished to, the Securities and Exchange Commission, our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports, as well as press releases, ownership reports pursuant to Section 16(a) of the Securities Act of 1933, our Code of Ethics for Principal Executive Officers and Senior Financial Officers, our Code of Business Conduct and Ethics, and any amendments thereto or waivers thereof, as well as our Audit, Compensation, and Corporate Governance and Nominating Committee Charters. The contents of our or any other website are not incorporated into this report. These reports are also available publicly on the Securities and Exchange Commission website, www.sec.gov.