Steel Dynamics, Inc. · NASDAQ:STLD
Steel Dynamics — Q1 2026 Earnings Presentation
29 slides from Steel Dynamics's earnings presentation, Apr 21, 2026
Slide 1: Investor Earnings Call Presentation First Quarter 2026
2022 Investor Earnings Call Presentation Presentation First Quarter 2026 April 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 Innovation
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 Metals Fabrication Recycling 3.7 Steel 3.4 Aluminum 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 2026TTM Steel Dynamics Industr
Slide 4: First quarter 2026 financial performance metrics
First quarter 2026 financial performance metrics Key highlights Strong revenue of $5.2 billion $5.2 billion Revenue Net Income of $403 million $403 million Net income Cash flow from operations of $148 million $148 million Cash flow from operations Adjusted EBITDA1 of $700 million, a 13% margin $700
Slide 5: First quarter 2026 financial performance improved vs sequential fourth quarter
First quarter 2026 financial performance improved vs sequential fourth quarter results due to higher steel prices and shipments Strong results in the quarter % Sequential % Prior Year Dollars in millions, except per share data Q1 2026 Q4 2025 Q1 2025 Change Change Net Sales $5,205 $4,414 $4,369 18%
Slide 6: First quarter 2026 operating performance
First quarter 2026 operating performance % Sequential % Prior Year Quarterly Segment Highlights Q1 2026 Q4 2025 Q1 2025 Change Change Steel Average External Sales Price per ton $ 1,193 $ 1,107 $998 8% 20% Steel Average Ferrous Cost per ton 396 374 386 6 3 Steel Fabrication Average Sales Price per to
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% 89% 88% 8
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 Columbus $2,968 Heartland Transformation Acquisition 5-ye
Slide 9: 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 10: 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 62% of net income, or $7.8 billion returned to shareholders over the last 5 years Cash Dividends (dollars per share) Share Repurchases (dollars in millions) 14 consecutive years of increases, Repurchased 35% of
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 provide a strong capital foundation Strong Liquidity Staggered debt maturity profile1 (dollars in millions) – As of
Slide 12: 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 ▪ 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 roll s
Slide 13: 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 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: We are a leading industrials metals solutions growth company
We are a leading industrials metals solutions growth company 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 electric-arc-furnace technology Str
Slide 17: Appendix
Appendix Health and Safety Entrepreneurial Culture Customer Commitment Strategic Sustainable Growth Innovation Financial Strength Differentiated, Sustainable, Metals Growth Company 20 April 2026 17
Slide 18: Transformational flat roll steel growth - Texas steel mill & 4 value-added coating lines
Transformational flat roll steel growth ꟷ Texas steel mill & 4 value-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% gro
Slide 19: 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 20: 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 21: 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 22: 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 23: 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 24: Financial strength in diverse market environments
Financial strength in diverse market environments Revenue (dollars in billions) Operating Income1 (dollars in millions) Record Record High High $5,092 $22.3 $4,301 $18.4 $18.8 $19.0 $17.5 $18.2 $3,151 $1,943 $1,739 $1,476 2021 2022 2023 2024 2025 2026TTM 2021 2022 2023 2024 2025 2026TTM Net Income (
Slide 25: Annual steel operations results
Annual steel operations results Steel Operations Shipments (millions of tons) Operating Income (dollars in millions) Record Record High High 13.7 13.9 12.8 12.7 12.2 11.2 Sinton started in $4,376 3.6 3.6 3.6 3.2 2022 3.7 3.7 10.2 10.3 9.5 $3,108 9.2 8.4 7.5 $1,896 $1,759 $1,587 $1,432 2021 2022 2023
Slide 26: Annual metals recycling operations results
Annual metals recycling operations results Ferrous Shipments1 (millions of gross tons) Operating Income1 (dollars in millions) Record High $195 6.2 6.2 5.8 5.9 5.4 5.3 65% of 2025 ferrous scrap volume was sold to Steel $129 $119 Dynamics’ own steel mills $97 $77 $67 2021 2022 2023 2024 2025 2026TTM
Slide 27: Annual steel fabrication operations results
Annual steel fabrication operations results Shipments (thousands of tons) Operating Income (dollars in millions) Record Record High High 856 $2,425 789 663 607 561 569 $1,593 $667 $365 $407 $380 2021 2022 2023 2024 2025 2026TTM 2021 2022 2023 2024 2025 2026TTM Differentiated, Sustainable, Metals Gro
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 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 $1,370 Income Taxes (Benefit)
Slide 29: Quarterly adjusted EBITDA reconciliation
Quarterly adjusted EBITDA reconciliation Dollars in millions Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Net Income $218 $301 $404 $265 $400 Income Taxes 63 87 110 46 113 Net Interest Expense 2 7 7 17 26 Depreciation 125 124 130 136 149 Amortization 7 7 7 7 8 EBITDA $415 $526 $657 $471 $696 Unrealized (