Steel Dynamics Stock Earnings Reports

Key points for investors: Steel Dynamics delivered a very strong Q1 2026: record steel shipments of 3.6 million tons, adjusted EBITDA of $700 million, net income of $403 million ($2.78 diluted EPS), revenues of $5.2 billion and operating income of $538 million. Steel operations showed sequential margin and price improvement (average HRC ~ $975/ton in Q1, above $1,000 today) and higher value‑added spreads; mills ran at ~89% utilization vs. ~77% industry. Metals recycling and fabrication performed well (recycling operating income up materially; fabrication ~10–12 weeks of steel inventory). Aluminum Dynamics remains in startup: Q1 operating loss of $65 million due to early startup/process quality issues and a temporary pause in January, but management reports rapid resolution, accelerating customer certifications, and an expected ramp (Q2 shipments guide ~60k–70k tons). Management reiterates a through‑cycle aluminum EBITDA target of $650–700M (plus $40–50M for recycling) and expects to exit 2026 at ~90% monthly capacity. Liquidity remained strong ($2.0 billion: $800M cash/investments + $1.2B revolver), capex guidance for 2026 ~ $600M, $138M invested in Q1. Capital allocation: increased dividend, $115M stock repurchases in Q1 (remaining authorization ~$687M), and continued focus on high‑return growth while maintaining investment‑grade metrics. Management emphasized safety, operational execution, recycling advantages (supporting aluminum feedstock), product diversification (coater scale, can/auto/industrial mix), optimism on demand (infrastructure, onshoring, long products, automotive), and selective future growth opportunities in both steel and aluminum.