Steel Dynamics, Inc.
- Open
- 250.25
- Day high
- 251.88
- Day low
- 244.66
- Prev close
- 247.64
- Volume
- 605K
- Mkt cap
- $35.3B
- P/E (TTM)
- 22.3
- EPS (TTM)
- $11.07
- P/B
- 3.7
- P/S
- 1.7
- Yield
- 0.43%
- Per share
- $1.06
- ▼Insiders net selling -$2.7M over the last 3 months (0 open-market buys, 4 sales)
- 🏛Institutions accumulating (13F)
Steel Dynamics, Inc. (STLD) is a Basic Materials company listed on NASDAQ. The stock is up 88% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 4 sales (SEC Form 4). Drillr has 2 published research articles covering STLD.
Steel Dynamics, Inc. (STLD) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 7 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
STLD earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 21, 2026 | $3.63 | $3.69 | +1.7% | $6.1B | +9.6% |
| Apr 21, 2026 | $2.83 | $2.78 | -1.8% | $5.2B | +2.1% |
| Jan 26, 2026 | $1.72 | $1.82 | +5.8% | $4.4B | -11.3% |
| Oct 20, 2025 | $2.63 | $2.74 | +4.2% | $4.8B | +1.3% |
| Jul 21, 2025 | $2.24 | $2.01 | -10.3% | $4.6B | -3.2% |
| Apr 22, 2025 | $1.38 | $1.44 | +4.3% | $4.4B | +4.2% |
| Jan 22, 2025 | $1.69 | $1.36 | -19.5% | $3.9B | -2.4% |
| Oct 16, 2024 | $1.97 | $2.05 | +4.1% | $4.3B | +3.9% |
| Jul 17, 2024 | $2.67 | $2.72 | +1.9% | $4.6B | +4.6% |
| Jan 23, 2024 | $2.67 | $2.61 | -2.1% | $4.2B | +2.4% |
| Oct 18, 2023 | $3.45 | $3.47 | +0.6% | $4.6B | +11.3% |
| Jul 19, 2023 | $4.83 | $4.81 | -0.5% | $5.1B | -2.9% |
STLD insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 14, 2026 | Hamann Jennifer Ldirector | Grant | 72 | — |
| Jul 14, 2026 | Cornew Kenneth W.director | Grant | 2 | — |
| Jul 14, 2026 | BARGABOS SHEREE Ldirector | Grant | 43 | — |
| Jul 14, 2026 | Hamann Jennifer Ldirector | Grant | 18 | — |
| Jul 14, 2026 | Sierra Luis Manueldirector | Grant | 7 | — |
| Jul 14, 2026 | Seaman Bradley Sdirector | Grant | 109 | — |
| Jul 14, 2026 | DOLAN TRACI Mdirector | Grant | 102 | — |
| Jun 8, 2026 | Anderson James Stanleyofficer: Senior Vice President | Sell | 4,177 | $268.42 |
| Jun 8, 2026 | Anderson James Stanleyofficer: Senior Vice President | Sell | 322 | $269.93 |
| Jun 8, 2026 | Anderson James Stanleyofficer: Senior Vice President | Sell | 4,401 | $269.22 |
| Jun 8, 2026 | Anderson James Stanleyofficer: Senior Vice President | Sell | 1,100 | $267.35 |
| Jun 1, 2026 | DOLAN TRACI Mdirector | Grant | 712 | — |
| Jun 1, 2026 | BARGABOS SHEREE Ldirector | Grant | 712 | — |
| Jun 1, 2026 | Cornew Kenneth W.director | Grant | 712 | — |
| Jun 1, 2026 | Sierra Luis Manueldirector | Grant | 712 | — |
Source: STLD SEC Form 4 filings, latest Aug 14, 2026. For informational purposes only — not investment advice.
See the full STLD insider & 13F page →STLD research & analysis
[STLD] Steel Dynamics Thesis 2026: Sinton Aluminum Ramp Tests EAF Steel Cycle Resilience
Steel Dynamics, Inc. (NASDAQ: STLD) FY2025 revenue ~$17-18B (+0-3%) with adj. EPS ~$6.50-9.00 reflecting continued post-2024 EAF steel cycle stabilization (~$13B Steel Operations) + selected post-2024 Sinton TX aluminum mill commercial commissioning (~$2.7B+ aggregate construction; ~650K+ tons capacity) + selected Omnisource Metals Recycling vertical integration + selected ~32-year founder-CEO Mark Millett continuity. Leading US electric arc furnace (EAF) steel + aluminum producer focused on flat-rolled + structural steel + selected aluminum + Omnisource metals recycling. Founded 1993 by Mark Millett + Keith Busse + Richard Teets in Fort Wayne Indiana (~32-year heritage; selected initial focus on selected EAF steel innovation as alternative to traditional blast furnace steelmaking). Headquartered in Fort Wayne Indiana; ~13,000+ employees globally with ~$17-18B revenue. Four reporting segments: Steel Operations ~75% revenue ($13B — ~16M+ tons EAF steel capacity flat-rolled ~10M tons + structural ~3M tons + selected ~3M tons specialty; ~3rd largest US steelmaker vs Nucor #1 + Cleveland-Cliffs #2; EAF cost-advantaged ~30-40% lower cost vs blast furnace; ~50%+ scrap-based feedstock via Omnisource recycling vertical integration), Steel Fabrication ~10% ($2B — joist + deck + fabricated steel for construction), Metals Recycling ~10% ($2B — Omnisource recycling subsidiary scrap feedstock), Aluminum ~5% ($0.5-1B — Sinton TX aluminum mill commercial commissioning post-2024). Sinton aluminum mill: ~$2.7B+ aggregate construction cost (2022-2025 capex deployment); ~650K+ tons aluminum flat-rolled capacity at full ramp (~5-7% US aluminum flat-rolled market share); post-2025 H2 commercial production ramp; ~$1-1.5B+ FY2026 incremental aluminum revenue contribution; target customer mix aluminum can sheet ~50% (Coca-Cola + PepsiCo + selected beverage) + automotive sheet ~30% + industrial/construction ~20%; aluminum strategic rationale: EAF steel + aluminum recycling expertise transfer + ~3-4M ton US aluminum flat-rolled import substitution opportunity + post-2024 IRA Section 232 aluminum tariff support + post-2024 beverage can sheet supply tightness driving pricing power. EAF steel cycle: post-2022 ~$1,300/ton HRC peak vs ~$700-800/ton FY2025 stabilization; FY2026 expected steel cycle stabilization toward $13-14B (+0-7%) with continued IRA Section 232 steel tariff support. CEO Mark D. Millett since founding 1993 (~32-year tenure as co-founder; ~$0M FY1993 → ~$17-18B FY2025 revenue scale; ex-Nucor + ~10-year US steel industry; concurrent Chairman + CEO + Director). Capital return: ~$1.84-1.96 annual dividend FY2025 (~$0.46-0.49/quarter; ~10+ year continuous track); $1-2B buyback program FY2025 (aggressive ~3-5% annual share count reduction); investment-grade Baa2/BBB credit ratings; FCF $1.5-2B. FY2026 thesis: Sinton aluminum ramp + steel cycle stabilization + ~11-year dividend track + capital return continuation. Risks: Sinton aluminum ramp delays, major steel cycle reversal, Nucor competitive substitution, major scrap feedstock disruption.
Steel Tariffs 25%: STLD Hits Shipment Record and AA Margins Surge on Trump Overhaul
WSJ-reported Trump tariff overhaul proposes 25% duties on finished steel/aluminum, boosting STLD's shipment records and AA's EBITDA rebound. Stocks popped on news, with analysis showing margin tailwinds outweigh risks. Bullish stance with specific upside targets.
XAA
Steel Dynamics, Inc. company profile
Overview
Steel Dynamics, Inc. (NASDAQ:STLD) is a leading American steel producer and metal recycler founded in 1993 and headquartered in Fort Wayne, Indiana. The company went public in 1996 and has grown to become one of the largest steel producers in the United States through a combination of organic growth and strategic acquisitions. Steel Dynamics operates as an integrated steel company with three main business segments: steel production, metals recycling, and steel fabrication. The company has established itself as a low-cost producer with a focus on electric arc furnace steelmaking technology and has recently expanded into aluminum production as part of its diversification strategy.
Business
Steel Dynamics operates in the basic materials sector, specifically in steel production and metal recycling. The company's business is divided into three primary segments that work synergistically together. The Steel Operations segment represents the core of the business, producing various steel products including hot-rolled, cold-rolled, and coated steel products. Hot-rolled steel is the basic form of steel that comes directly from the rolling mill at high temperatures, while cold-rolled steel is processed further at room temperature to achieve better surface finish and dimensional accuracy. Coated steel products have protective layers applied to prevent corrosion. The segment also produces structural steel products like parallel flange beams, channel sections, and reinforcing bars used in construction, as well as specialty steel bars for automotive and manufacturing applications. This segment generates approximately 60-70% of total operating income. The Metals Recycling Operations segment purchases, processes, and resells both ferrous (iron-containing) and nonferrous (non-iron) scrap metals. Ferrous products include various grades of steel scrap like heavy melting steel, shredded scrap, and steel turnings, while nonferrous products comprise aluminum, brass, copper, and stainless steel. This segment serves as both a profit center and a strategic source of raw materials for the company's steel operations, contributing approximately 5-10% of operating income. The Steel Fabrication Operations segment produces non-residential steel building components such as steel joists (horizontal structural elements), girders (main support beams), trusses (triangular framework structures), and steel deck products used in commercial and industrial construction. This downstream segment adds value by converting raw steel into finished building components, typically contributing 25-35% of operating income. The company recently announced a major expansion into aluminum production with its Aluminum Dynamics project, a $2.7 billion investment in a 650,000 metric ton aluminum flat-rolled facility in Columbus, Mississippi, expected to begin commercial operations in 2025.
Revenue model
Steel Dynamics generates revenue primarily through product sales across its three business segments, with different customer bases and pricing mechanisms for each. The steel operations segment sells directly to end-users, steel service centers, and fabricators. Revenue comes from the sale of steel products priced based on market conditions, with pricing typically following commodity steel indices. The company benefits from being a low-cost producer using electric arc furnace technology, which is more efficient than traditional blast furnace methods and allows for greater use of recycled steel as feedstock. The metals recycling segment generates revenue by purchasing scrap metal at lower prices and selling processed scrap to steel mills and other manufacturers at higher prices. The segment captures the spread between purchase and sale prices while providing valuable raw materials to the company's own steel operations, creating a natural hedge against raw material cost fluctuations. The steel fabrication segment operates on a project-based model, typically working with contractors and developers on non-residential construction projects. This segment benefits from longer-term contracts and generally achieves higher margins than commodity steel sales due to the value-added nature of fabricated products. Several factors influence the company's margins and profitability. Positive margin drivers include strong construction and manufacturing demand, favorable steel import/export dynamics, efficient scrap availability and pricing, operational improvements at facilities like the Sinton mill, and the upcoming aluminum operations which are expected to generate $650-700 million in annual EBITDA. Negative margin pressures can arise from steel price volatility, increased competition from imports, higher energy costs, raw material cost inflation, economic downturns affecting construction demand, and trade policy changes that could impact competitiveness. The company's integrated business model provides some natural hedging, as the recycling operations can help offset raw material cost increases in steel production, while the fabrication segment's project-based nature provides some insulation from short-term steel price volatility.
Competitive moat
Steel Dynamics possesses a moderate competitive moat built primarily around operational efficiency, strategic integration, and scale advantages, though the steel industry remains fundamentally cyclical and competitive. The company's primary competitive advantages stem from its low-cost production model using electric arc furnace technology, which is more energy-efficient than traditional blast furnaces and allows for higher recycled content. This technology, combined with the company's integrated recycling operations, provides better control over raw material costs and supply chain reliability. The geographic positioning of facilities near key markets and transportation infrastructure also contributes to cost advantages. The vertical integration across steel production, recycling, and fabrication creates operational synergies and provides multiple revenue streams that can partially offset cyclical downturns in any single segment. The recycling operations serve as both a profit center and a strategic raw material source, while the fabrication segment captures higher-margin downstream opportunities. However, the steel industry faces significant competitive pressures. Import competition from countries with lower labor costs and different regulatory environments remains a persistent challenge, though the company actively pursues trade protection measures. The industry is also subject to commodity price cycles that can dramatically impact profitability regardless of operational efficiency. Potential disruption risks include technological changes in steelmaking, shifts toward alternative materials in construction and automotive applications, and environmental regulations that could favor different production methods. The company's expansion into aluminum represents both an opportunity to diversify and a response to potential long-term shifts in materials demand. The moat is further strengthened by the company's strong balance sheet and cash generation capabilities, which provide flexibility to invest in growth opportunities and weather industry downturns better than more leveraged competitors.
Risks & safety
Steel Dynamics demonstrates a strong margin of safety with solid financial fundamentals and conservative capital structure, though subject to industry cyclicality. **Liquidity and Solvency:** - Strong liquidity position with $1.2 billion in cash and short-term investments as of Q1 2025 - Current ratio of 2.74 indicates strong short-term liquidity - Total liquidity of approximately $2.6 billion including credit facilities - Debt-to-equity ratio of 0.48 represents moderate leverage - No immediate solvency concerns with strong cash flow generation **Valuation Metrics:** - Trading at P/E ratio of 21.6x based on recent earnings - EV/EBITDA of 12.8x appears reasonable for a cyclical business - Price-to-book ratio of 2.13x reflects premium to tangible assets - Graham number of $43.70 suggests potential undervaluation at current levels **Other Considerations:** - Strong historical cash flow generation with $1.8 billion from operations in 2024 - Significant capital investments ($800 million to $1 billion planned for 2025) may pressure near-term free cash flow - Cyclical nature of steel industry creates earnings volatility risk - Aluminum project represents substantial capital commitment but with attractive projected returns
Recent development
Over the past few years, Steel Dynamics has executed several major strategic initiatives focused on operational improvements, capacity expansion, and diversification. The company successfully commissioned four new value-added flat-rolled steel coating lines that became operational in 2024, expanding its higher-margin coated steel production capabilities. These facilities allow the company to serve growing demand for corrosion-resistant steel products used in automotive and construction applications. A significant operational turnaround occurred at the Sinton, Texas steel mill, which had struggled with reliability issues since its acquisition. Through focused operational improvements and equipment upgrades, the facility achieved positive EBITDA in Q1 2025 and is now running at 80-90% capacity utilization, representing a major operational success. The most transformative development is the Aluminum Dynamics project, a $2.7 billion investment in a 650,000 metric ton aluminum flat-rolled facility in Columbus, Mississippi. The company cast its first aluminum ingots in early 2025 and expects to begin commercial shipments in June 2025. This facility targets high-value applications including beverage can stock, automotive components, and industrial products, with projected through-cycle annual EBITDA of $650-700 million. The project represents Steel Dynamics' strategic diversification beyond steel into the growing aluminum market. The company has also made significant investments in sustainability initiatives, including setting science-based greenhouse gas emissions targets and developing a biocarbon project expected to start in Q1 2025. These efforts position the company favorably as environmental regulations become more stringent and customers increasingly demand lower-carbon steel products. Additionally, Steel Dynamics has actively pursued trade protection measures, filing trade cases against multiple countries to address unfair import competition, demonstrating its commitment to maintaining competitive market conditions for domestic steel production.
STLD company profile · for informational purposes only — not investment advice.
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