Steel Dynamics, Inc. Q1 2026 Earnings Recap

Steel Dynamics delivered a robust first quarter 2026 with record steel shipments, strong earnings, and meaningful progress in aluminum, driven by favorable steel pricing and operational efficiencies.

Key Takeaways

• Net income of $403 million ($2.78 per share) and adjusted EBITDA of $700 million, supported by higher steel prices and record volumes.
• Steel shipments reached a record 3.6 million tons, with steel operating income up 73% sequentially, amid improved pricing and strong demand.
• Aluminum operations faced temporary startup costs, posting a $65 million operating loss, but volumes are increasing smoothly after initial delays.
• Metals recycling and steel fabrication delivered solid quarterly results, benefiting from higher scrap prices and strong order activity, respectively.
• Liquidity remains robust at $2 billion, complemented by active capital deployment including $138 million invested and $115 million share repurchases.