Open report — full analysis, no account required.
Sign up to generate reports and read filings that aren't on the open list.
Get notified when STLD files again. Create a free account and we'll email you the moment its next filing is analyzed.
Get filing alertsSteel Dynamics reports Q1 2026 net income of $403M, up 52% on record steel shipments
Filed April 21, 2026 · Period ending April 20, 2026 · ~1 min read
Key Changes
-
high
Q1 2026 net income reached $403M ($2.78/share), up 52% from Q4 2025 and 86% year-over-year, driven by record steel shipments of 3.6M tons and expanding metal spreads as steel prices rose $86/ton while scrap costs increased only $22/ton.
Item 2.02 — Results of Operations and Financial Condition verify on EDGAR → -
high
Steel operations operating income jumped 73% sequentially to $557M on record shipments and improved margins, with average selling prices reaching $1,193/ton versus scrap costs of $396/ton.
Item 2.02 — Results of Operations and Financial Condition verify on EDGAR → -
high
Aluminum operations reported $65M operating loss (up from $48M in Q4) as Columbus mill continues ramp-up; shipments rose 54% to 22,500 metric tons despite January startup issues requiring temporary pause and inventory write-off. Management expects sharp Q2 improvement.
Item 2.02 — Results of Operations and Financial Condition verify on EDGAR → -
medium
Company generated $148M operating cash flow after $120M profit-sharing distribution, repurchased $115M of stock, paid $72M in dividends, and maintained $2.0B liquidity.
Item 2.02 — Results of Operations and Financial Condition verify on EDGAR → -
medium
Quarterly dividend increased 6% to $0.53/share from $0.50/share.
Item 2.02 — Results of Operations and Financial Condition verify on EDGAR →
Summary
Steel Dynamics delivered strong first-quarter 2026 results with net income of $403 million ($2.78 per share), up 52% sequentially and 86% year-over-year. The core steel business drove the performance with record shipments of 3.6 million tons and expanding margins as steel prices outpaced scrap cost increases.
Steel operations operating income reached $557 million, up 73% from the prior quarter, reflecting strengthening demand across energy, non-residential construction, automotive, and industrial end markets. The company's aluminum expansion continues to weigh on near-term results, with the Columbus, Mississippi mill reporting a $65 million operating loss in the quarter.
Shipments increased 54% sequentially to 22,500 metric tons despite January startup challenges that required a temporary production pause and inventory write-off. Management expects sharp improvements in the second quarter as two cold mills ramp and the first automotive-grade CASH line becomes operational, with additional capacity coming online in Q3. Steel Dynamics maintained strong capital discipline, generating $148 million in operating cash flow after distributing $120 million in annual profit-sharing, repurchasing $115 million of stock, and raising the quarterly dividend 6% to $0.53 per share. The company ended the quarter with $2.0 billion in liquidity. The results demonstrate the steel platform's operating leverage in an improving pricing environment while the aluminum business progresses through its commissioning phase toward profitability.
Section-by-Section Diff
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
The company reported first quarter 2026 net sales of $5.2 billion and net income of $403 million, or $2.78 per diluted share. Comparatively, the company’s sequential fourth quarter 2025 net income was $266 million, or $1.82 per diluted share and prior year first quarter net income was $217 million, or $1.44 per diluted share.
Steel Dynamics disclosed Q1 2026 results showing net income of $403 million ($2.78 per share), up 52% sequentially from Q4 2025's $266 million ($1.82 per share) and up 86% year-over-year from Q1 2025's $217 million ($1.44 per share). The improvement was driven by record steel shipments of 3.6 million tons and higher steel prices relative to scrap costs.
Added in current filing · view on EDGAR →
First quarter 2026 operating income for the company’s steel operations was $557 million, or 73 percent higher than sequential fourth quarter results, due to record shipments and metal spread expansion across the platform, as steel pricing increased more than ferrous scrap costs. The first quarter 2026 average external product selling price for the company’s steel operations increased $86 sequentially to $1,193 per ton. The average ferrous scrap cost per ton melted at the company’s steel mills increased $22 sequentially to $396 per ton.
Steel operations operating income reached $557 million in Q1 2026, up 73% from Q4 2025, driven by record shipments of 3.6 million tons and improved metal spreads. Average steel selling prices rose $86 per ton to $1,193 while scrap costs increased only $22 per ton to $396, expanding margins. The company cited strengthening demand across energy, non-residential construction, automotive, and industrial sectors.
Added in current filing · view on EDGAR →
The company generated cash flow from operations of $148 million during the first quarter 2026, after funding the annual companywide retirement profit-sharing distribution of $120 million. Working capital (excluding profit-sharing and income taxes) increased $413 million in the first quarter, as product pricing and demand improved across the business and the aluminum operations continued to ramp. The company also invested $138 million in capital investments, paid cash dividends of $72 million, and repurchased $115 million of its outstanding common stock, while maintaining strong liquidity of $2.0 billion as of March 31, 2026.
Steel Dynamics generated $148 million in operating cash flow in Q1 2026 after distributing $120 million in annual profit-sharing. The company invested $138 million in capital projects, paid $72 million in dividends, and repurchased $115 million of stock while maintaining $2.0 billion in liquidity. Working capital increased $413 million due to higher pricing and demand plus aluminum ramp-up.
Event · Item 2.02 — Results of Operations and Financial Condition
Steel Dynamics disclosed Q1 2026 earnings results via press release.
Added in current filing · verify on EDGAR →
On April 20, 2026, Steel Dynamics, Inc. issued a press release titled “Steel Dynamics Reports First Quarter 2026 Results.”
Steel Dynamics announced its first quarter 2026 financial results through a press release. The 8-K body does not contain the actual earnings figures, metrics, or commentary — those details are in the attached Exhibit 99.1, which is furnished but not filed.
Thanks — your feedback helps us improve report quality.
Figures/quotes linked to EDGAR · Narrative written by AI · Jun 19, 2026 · How we verify