Steel Dynamics, Inc. · NASDAQ:STLD
Steel Dynamics — Q3 2026 Earnings Presentation
29 slides from Steel Dynamics's earnings presentation, Oct 20, 2026
Slide 1: Third Quarter 2026 Investor Earnings Call Presentation
2022 Investor Earnings Call Presentation Presentation Third Quarter 2026 October 20, 2026 Health and Safety Entrepreneurial Culture Customer Commitment Strategic Growth z Innovation Financial Strength Health and Safety Entrepreneurial Culture Customer Commitment Strategic Sustainable Growth Innovati
Slide 2: Forward-looking statements and Non-GAAP financial measures
Forward-looking statements and Non-GAAP financial measures Forward-Looking Statements future financing agreements may contain, restrictive covenants that may This presentation contains some predictive statements about future events, limit our flexibility; and (19) the impacts of impairment charges.
Slide 3: Safety is our number one value
Safety is our number one value We continue to work toward zero incidents Total Recordable Injury Rate1 Industry Recordable Injury Rate1 By Platform Steel Steel Metals Aluminum Fabrication Recycling 3.7 3.4 1.7 1.5 1.5 1.4 1.4 1.9 1.7 1.5 1.5 1.5 1.1 2022 2023 2024 2025 Q3'2026TTM Steel Dynamics Indu
Slide 4: Third quarter 2026 financial performance metrics
Third quarter 2026 financial performance metrics Key highlights Revenue $6.5 billion Net Income $756 million Cash flow from operations $846 million Adjusted EBITDA1/EBITDA Margin $1.2 billion/18% Diluted EPS $5.26 Share repurchases $276 million 1 The adjusted EBITDA reconciliation to GAAP net income
Slide 5: Third quarter 2026 financial performance
Third quarter 2026 financial performance % Sequential % Prior Year Dollars in millions, except per share data Q3 2026 Q2 2026 Q3 2025 Change Change Net Sales $6,509 $6,092 $4,828 7% 35% Operating Income 1,006 700 508 43 98 Net Income attributable to Steel Dynamics, Inc. 756 534 404 42 87 Diluted Ear
Slide 6: Third quarter 2026 operating performance
Third quarter 2026 operating performance % Sequential % Prior Year Quarterly Segment Highlights Q3 2026 Q2 2026 Q3 2025 Change Change Steel Average External Sales Price per ton $ 1,400 $ 1,298 $1,119 8% 25% Steel Average Ferrous Cost per ton melted 404 412 381 (2) 6 Steel Fabrication Average Sales P
Slide 7: Differentiated circular business model results in higher through cycle utilization
Differentiated circular business model results in higher through cycle utilization We achieve consistently higher through-cycle steel utilization, driven by our low-cost, circularly connected business model, diversified value-added product portfolio, and supply-chain solutions 2026 92% 91% 92% 89% 9
Slide 8: Differentiated business model, proven cash generation
Differentiated business model, proven cash generation More Than Tripled Average Annual Adjusted Free Cash Flow¹ since the acquisition of our Columbus Flat Roll Division in 2014 (dollars in millions) 5-year average: $3.2 billion¹ $4,808 $4,509 New Process Acquisition $2,968 $2,983 Columbus Heartland
Slide 9: Capital allocation framework, committed to growth, shareholder returns, and investment grade rating
Capital allocation framework, committed to growth, shareholder returns, and investment grade rating Strong cash flow Best-In-Class Significant Strategic generating business Strong Balance Sheet Performance Opportunity model ◼ Strong free cash flow ◼ Capital investments largely ◼ Broad access to low-
Slide 10: Strong track record of returning cash to shareholders
We have a strong track record of returning responsible and meaningful cash to shareholders Approximately 65% of net income, or $7.6 billion returned to shareholders over the last 5 years Cash Dividends (dollars per share) Share Repurchases (dollars in millions) 14 consecutive years of increases, Rep
Slide 11: Strong liquidity and credit metrics
Strong liquidity and credit metrics Raised $1.8 billion of senior notes in 2025 and repaid $800 million of senior notes maturing in 2025 and 2026 to further our long-term strategy and sustain our strong capital foundation Strong Liquidity Optimal debt maturity profile2 (dollars in millions) – As of
Slide 12: New lower-carbon recycled aluminum flat roll mill operations
New lower-carbon recycled aluminum flat roll mill operations Revolutionizing North American aluminum flat rolled industry with SDI’s differentiated, low-cost, sustainable, efficient, customer-centric approach 650,000 Tonnes Estimated Production Columbus, MS Planned Product Mix Levering our Competiti
Slide 13: New lower-carbon recycled aluminum flat roll mill operations
New lower-carbon recycled aluminum flat roll mill operations Revolutionizing North American aluminum flat rolled industry with SDI’s differentiated, low-cost, sustainable, efficient, customer-centric approach Strong Financial Returns • Estimated $2.5 billion investment to build a state-of-the-art lo
Slide 14: We are an industry leader, committed to decarbonization
We are an industry leader, committed to decarbonization From our founding over 30 years ago, we have been intentional in managing our resources sustainably for the benefit of our teams, communities, and the environment We generate significantly less GHG Our steel mills require less than 1/4 of the e
Slide 15: We are an industry leader, committed to decarbonization
We are an industry leader, committed to decarbonization We set Global Steel Climate Council (GSCC) certified, science-based GHG emissions targets for 2030 and 2050 and have renewable electrical energy goals Our steel mills' GHG emissions intensity targets are aligned with the Paris Agreement’s 1.5°
Slide 16: A leading North American steel producer with a differentiated and proven business model
We are a leading North American steel producer with a differentiated and proven business model Consistent best-in-class performance Differentiated business model delivering strong profitability and cash flow Smart growth — Gaining market share and growing with customers 100% of steel produced with e
Slide 17: Appendix
Appendix Health and Safety Entrepreneurial Culture Customer Commitment Strategic Sustainable Growth Innovation Financial Strength Differentiated, Sustainable, Metals Growth Company 20 October 2026 17
Slide 18: Steel Operations at a glance – Flat Roll Steel Group
Steel Operations at a glance – Flat Roll Steel Group We are one of the largest domestic steel producers, with approx. 16 million tons of steel shipping capability. We have one of the most diversified product and end-market portfolios in the domestic steel industry Flat Roll Steel Group: 11.4M Tons A
Slide 19: Steel Operations at a glance – Long Products Steel Group
Steel Operations at a glance – Long Products Steel Group Long Products Steel Group: 4.6M Tons Annual Shipping Capacity Columbia City, IN Pittsboro, IN Roanoke, VA Huntington, WV Greenfield EAF Steel Mill Acquired/Expanded EAF Acquired/Expanded EAF Acquired • 2.2M Tons Steel Mill Steel Mill • 580K To
Slide 20: Operating efficiently and sustainably
Operating efficiently and sustainably We are a steel industry leader in sustainability, operating exclusively with EAF technology, a circular manufacturing model, and innovative teams creating solutions to increase efficiencies, reduce raw material usage, reuse secondary materials, and promote mater
Slide 21: Innovation is key to lowering emissions – Renewable Biocarbon Investment
Innovation is key to lowering emissions – Renewable Biocarbon Investment Our biocarbon investment represents a significant step forward on our path to achieve our decarbonization targets, and our continued commitment to reduce our environmental footprint. • Plan to construct and operate a biocarbon
Slide 22: Year-to-date 2026 financial performance
Year-to-date 2026 financial performance % Prior Year Dollars in millions, except per share data YTD 2026 YTD 2025 Change Net Sales $17,806 $13,763 29% Operating Income 2,245 1,166 93 Net Income attributable to Steel Dynamics, Inc. 1,694 920 84 Diluted Earnings per Share 11.72 6.17 90 1 Adjusted EBIT
Slide 23: Year-to-date 2026 operating performance
Year-to-date 2026 operating performance % Prior Year Quarterly Segment Highlights YTD 2026 YTD 2025 Change Steel Average External Sales Price per ton $ 1,299 $ 1,083 20% Steel Average Ferrous Cost per ton melted 404 391 3 Steel Fabrication Average Sales Price per ton 2,460 2,536 (3) Shipments (thous
Slide 24: Financial strength in diverse market environments
Financial strength in diverse market environments Revenue (dollars in billions) Consolidated Operating Income1 (dollars in millions) $5,092 $22.3 $22.2 $18.8 $18.2 $17.5 $3,151 $2,555 $1,943 $1,476 2022 2023 2024 2025 Q3'2026TTM 2022 2023 2024 2025 Q3'2026TTM Net Income (dollars in millions) Adjuste
Slide 25: Annual steel operations results
Annual steel operations results Steel Operations Shipments (millions of tons) Operating Income (dollars in millions) 13.7 14.5 12.8 12.7 12.2 3.8 Sinton started in 3.6 2022 3.6 3.2 3.7 10.7 $3,108 10.2 9.2 9.5 8.4 $2,632 $1,896 $1,587 $1,432 2022 2023 2024 2025 Q3'2026TTM 2022 2023 2024 2025 Q3'2026
Slide 26: Annual metals recycling operations results
Annual metals recycling operations results Total Ferrous Shipments1 (millions of gross tons) Operating Income1 (dollars in millions) 6.2 6.4 5.8 5.9 5.3 65% of 2025 ferrous scrap volume was $147 sold to Steel $129 Dynamics’ own steel mills $97 $77 $67 2022 2023 2024 2025 Q3'2026TTM 2022 2023 2024 20
Slide 27: Annual steel fabrication operations results
Annual steel fabrication operations results Shipments (thousands of tons) Operating Income (dollars in millions) 856 $2,425 663 607 633 561 $1,593 $667 $407 $355 2022 2023 2024 2025 Q3'2026TTM 2022 2023 2024 2025 Q3'2026TTM Differentiated, Sustainable, Metals Growth Company 20 October 2026 27
Slide 28: Adjusted EBITDA, Free Cash Flow, and Adjusted Free Cash Flow
Adjusted EBITDA, Free Cash Flow, and Adjusted Free Cash Flow Dollars in millions 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q3'2026TTM Net Income (Loss) $266 $142 $164 $92 ($145) $360 $806 $1,256 $678 $571 $3,247 $3,879 $2,467 $1,550 $1,187 $1,951 Income Taxes (Benefi
Slide 29: Quarterly Adjusted EBITDA reconciliation
Quarterly Adjusted EBITDA reconciliation Dollars in millions Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Net Income $404 $265 $400 $531 $756 Income Taxes 110 46 113 153 223 Net Interest Expense 7 17 26 33 33 Depreciation 130 136 149 164 165 Amortization 7 7 8 8 8 EBITDA $657 $471 $696 $888 $1,184 Unreal