Steel Dynamics Q1 operating income surges 96% to $538M on expanded metal spreads

Filed April 27, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 12, 2025 · ~2 min read

Key Changes

• high

  Operating income nearly doubled to $538M in Q1 2026 from $275M in Q1 2025, driven by 30% expansion in steel metal spreads and 81% growth in nonferrous recycling spreads (particularly copper). Net income rose 86% to $403M.

  MD&A: Consolidated Results verify on EDGAR →
• high

  Steel segment average selling prices jumped 19% ($193/ton) year-over-year, reversing prior-year 17% decline. Company attributes turnaround to domestic trade actions, manufacturing onshoring, and infrastructure funding.

  MD&A: Steel Operations verify on EDGAR →
• high

  Aluminum operations shipped 22,500 metric tons in Q1 2026 (up 54% sequentially) but operating loss widened to $65M from $29M due to startup issues requiring temporary production pause, now resolved. Company expects Q2 improvement.

  MD&A: Aluminum Operations verify on EDGAR →