Steel Dynamics, Inc. · NASDAQ:STLD
Steel Dynamics — Q3 2025 Earnings Presentation
30 slides from Steel Dynamics's earnings presentation, Oct 21, 2025
Slide 1: Investor Call Presentation Third Quarter 2025
2022 Investor Investor Call Presentation Presentation Third Quarter 2025 October 21, 2025 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 may limit our flexibility; and (18) the impacts of impairment charges. This presentation contains some predictive statements about future events, More specifically, we refer you to our more detailed explanation of
Slide 3: Third Quarter 2025 Highlights
Third Quarter 2025 Highlights Another great quarter for safety Record steel shipments Announced the acquisition of the remaining 55% of New Process Steel Continued ramp up of our Aluminum Dynamics operations First shipments of biocarbon to our Columbus steel mill Differentiated, Sustainable, Metals
Slide 4: 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 Fabrication Recycling 4.7 2.3 4.1 1.7 1.4 1.4 1.4 2.1 1.8 1.5 0.9 2021 2022 2023 2024 Q3'25 TTM Steel Dynamics Industry² Lost Time In
Slide 5: Third quarter 2025 financial performance metrics
Third quarter 2025 financial performance metrics Key highlights Strong revenue of $4.8 billion $4.8 billion Revenue Net Income of $404 million $404 million Net income Cash flow from operations of $723 million $723 million Cash flow from operations Adjusted EBITDA1 of $664 million, a 14% margin $664
Slide 6: Third quarter 2025 financial performance meaningfully higher than sequential second quarter
Third quarter 2025 financial performance meaningfully higher than sequential second quarter Solid results from our operations during the third quarter % Sequential % Prior Year Dollars in millions, except per share data Q3 2025 Q2 2025 Q3 2024 Change Change Net Sales $4,828 $4,565 $4,342 6% 11% Oper
Slide 7: Third quarter 2025 operating performance
Third quarter 2025 operating performance Record steel shipments and improved metal margins drove higher sequential profitability % Sequential % Prior Year Quarterly Segment Highlights Q3 2025 Q2 2025 Q3 2024 Change Change Steel Average External Sales Price per ton $ 1,119 $ 1,134 $1,059 (1)% 6% Stee
Slide 8: 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 2025 91% 92% 91% 89% 8
Slide 9: 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 2024 (dollars in millions) 5-year average: $3.0 billion¹ $4,808 $4,509 Columbus $2,968 Heartland Transformation Acquisition 5-ye
Slide 10: Capital allocation framework, committed to growth, shareholder returns, and investment grade ratings
Capital allocation framework, committed to growth, shareholder returns, and investment grade ratings 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 11: We have a strong track record of returning significant cash to shareholders
We have a strong track record of returning significant cash to shareholders Approximately 61% of net income, or $7.5 billion returned to shareholders over the last 5 years Cash Dividends (dollars per share) Share Repurchases (dollars in millions) 13 consecutive years of increases, Repurchased 34% of
Slide 12: Strong liquidity and credit metrics
Strong liquidity and credit metrics Raised $1 billion of senior notes in Q1 2025 and repaid $400 million of senior notes maturing in June 2025 to further our long-term strategy and provide a strong capital foundation Strong Liquidity Staggered debt maturity profile2 (dollars in millions) – As of Sep
Slide 13: Strategic high-return growth, driving increasing sustainable value
Strategic high-return growth, driving increasing sustainable value Investing to deliver our next phase of transformational growth ▪ New state-of-the art Sinton, Texas flat roll steel mill ― $1.9 billion greenfield investment, started production Q1 2022 ― 3.0-million-ton “Next Generation” EAF flat ro
Slide 14: New Lower-Carbon Recycled Aluminum Flat Roll Mill Investments
New Lower-Carbon Recycled Aluminum Flat Roll Mill Investments 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 Competit
Slide 15: 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 16: 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 17: We are 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 18: Appendix
Appendix Health and Safety Entrepreneurial Culture Customer Commitment z Strategic Sustainable Growth Innovation Financial Strength Differentiated, Sustainable, Metals Growth Company 21 October 2025 18
Slide 19: Transformational flat roll steel growth ꟷ New Texas steel mill & 4 valued-added coating lines
Transformational flat roll steel growth ꟷ New Texas steel mill & 4 valued-added coating lines Represents transformative strategic growth with “next generation” steelmaking capabilities Transformational Strategic Growth • Expands our annual steel production capacity to almost 14 million tons (over 25
Slide 20: Competitively advantaged location
Competitively advantaged location Estimated 27 million tons in Targeted Regional Markets Location Benefits Western U.S. Southern U.S. Mexico • Customer-centric logistics, providing shorter 4 Million Tons 7 Million Tons 16 Million Tons lead times and working capital savings 45%-50% Imported • Central
Slide 21: 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 22: 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/Expanded EAF • 2.2M Tons Steel Mill Steel M
Slide 23: 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 24: 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 25: Financial strength in diverse market environments
Financial strength in diverse market environments Revenue (dollars in billions) Consolidated Operating Income1 (dollars in millions) Record Record High High $5,092 $22.3 $4,301 $18.4 $18.8 $17.5 $17.6 $3,151 $9.6 $1,943 $1,403 $867 2020 2021 2022 2023 2024 Q3'25TTM 2020 2021 2022 2023 2024 Q3'25TTM
Slide 26: Annual steel operations results
Annual steel operations results Steel Operations Shipments (millions of tons) Operating Income (dollars in millions) Record Record High High 13.5 12.8 12.7 12.2 11.2 Sinton started in $4,376 10.7 3.4 3.2 2022 3.6 3.7 3.1 3.7 10.0 $3,108 9.2 9.5 8.4 7.6 7.5 $1,896 $1,587 $1,249 $1,275 0 2020 2021 202
Slide 27: Annual metals recycling results
Annual metals recycling results Ferrous Shipments1 (millions of gross tons) Operating Income1 (dollars in millions) Record High $195 5.9 6.1 5.8 5.4 5.3 62% of 2023 and 2024 ferrous scrap 4.6 $129 volume was sold to Steel Dynamics’ $102 own steel mills $77 $67 $45 2020 2021 2022 2023 2024 Q3'25TTM 2
Slide 28: Annual steel fabrication results
Annual steel fabrication results Shipments (thousands of tons) Operating Income (dollars in millions) Record Record High High 856 $2,425 789 666 663 607 568 $1,593 $667 $459 $121 $365 2020 2021 2022 2023 2024 Q3'25TTM 2020 2021 2022 2023 2024 Q3'25TTM Differentiated, Sustainable, Metals Growth Compa
Slide 29: Adjusted EBITDA, free cash flow, adjusted free cash flow and adjusted operating income reconciliations
Adjusted EBITDA, free cash flow, adjusted free cash flow and adjusted operating income reconciliations Dollars in millions 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q3'25TTM Net Income (Loss) $266 $142 $164 $92 ($145) $360 $806 $1,256 $678 $571 $3,247 $3,879 $2,467 $1,550
Slide 30: Quarterly adjusted EBITDA reconciliation
Quarterly adjusted EBITDA reconciliation Dollars in millions Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net Income $321 $210 $218 $301 $404 Income Taxes 87 34 63 87 110 Net Interest Expense(Income) (8) (3) 2 7 7 Depreciation 112 116 125 124 130 Amortization 8 8 7 7 7 EBITDA $519 $364 $415 $526 $657 Unr