Steel Dynamics, Inc. · NASDAQ:STLD
Steel Dynamics — Q4 2025 Earnings Presentation
31 slides from Steel Dynamics's earnings presentation, Jan 26, 2026
Slide 1: Investor Presentation Fourth Quarter and Full Year 2025
2022 Investor Investor Call Presentation PresentationFourth Quarter and Full Year 2025 January 26, 2026 Health and Safety Entrepreneurial Culture Customer Commitment Strategic Growth z Innovation Financial Strength Health and Safety Entrepreneurial Culture Customer Commitment Strategic Sustainable G
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: Full Year 2025 Highlights
Full Year 2025 Highlights Another great year for safety Record steel shipments Completed 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 Growth
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 Aluminum Fabrication Recycling 3.7 2.3 3.4 1.7 1.4 1.5 1.4 1.9 1.7 1.5 1.5 1.5 1.1 2021 2022 2023 2024 2025 Steel Dynamics Industry²
Slide 5: Solid full year 2025 performance
Solid full year 2025 performance Key highlights Strong revenue of $18.2 billion $18.2 billion Revenue Net Income of $1.2 billion $1.2 billion Net income Cash flow from operations of $1.4 billion $1.4 billion Cash flow from operations Adjusted EBITDA1 of $2.2 billion, a 12% margin $2.2 billion Adjust
Slide 6: Fourth quarter 2025 financial performance metrics
Fourth quarter 2025 financial performance metrics Key highlights Strong revenue of $4.4 billion $4.4 billion Revenue Net Income of $266 million $266 million Net income Cash flow from operations of $273 million $273 million Cash flow from operations Adjusted EBITDA1 of $505 million, a 11% margin $505
Slide 7: Fourth quarter 2025 financial performance declined vs third quarter due to outages and seasonality
Fourth quarter 2025 financial performance declined vs third quarter due to outages and seasonality Solid results given the operational outages in the quarter % Sequential % Prior Year Dollars in millions, except per share data Q4 2025 Q3 2025 Q4 2024 Change Change Net Sales $4,414 $4,828 $3,872 (9)%
Slide 8: Fourth quarter 2025 operating performance
Fourth quarter 2025 operating performance Lower shipments due to outages and seasonality with slightly lower steel metal spreads % Sequential % Prior Year Quarterly Segment Highlights Q4 2025 Q3 2025 Q4 2024 Change Change Steel Average External Sales Price per ton $ 1,107 $ 1,119 $1,011 (1)% 9% Stee
Slide 9: 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 10: 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 11: 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 12: 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 63% of net income, or $7.7 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 33% of
Slide 13: 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 profile2 (dollars in millions) – As of
Slide 14: 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 15: 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 16: 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 17: 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 18: 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 19: Appendix
Appendix Health and Safety Entrepreneurial Culture Customer Commitment Strategic Sustainable Growth Innovation Financial Strength Differentiated, Sustainable, Metals Growth Company 26 January 2026 19
Slide 20: Transformational flat roll steel growth – New Texas steel mill & 4 value-added coating lines
Transformational flat roll steel growth ꟷ New 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%
Slide 21: 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 22: 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 23: 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 24: 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 25: 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 26: 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 $18.2 $17.5 $3,151 $9.6 $1,943 $1,476 $867 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 Net Inco
Slide 27: 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 12.8 12.7 12.2 11.2 Sinton started in $4,376 10.7 3.6 3.2 2022 3.6 3.7 3.1 3.7 10.2 $3,108 9.2 9.5 8.4 7.6 7.5 $1,896 $1,587 $1,432 $1,249 0 2020 2021 202
Slide 28: 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 5.8 5.9 5.4 5.3 65% of 2025 ferrous scrap volume was 4.6 $129 sold to Steel Dynamics’ own steel mills $97 $77 $67 $45 2020 2021 2022 2023 2024 2025 2020
Slide 29: Annual steel fabrication operations results
Annual steel fabrication operations results Shipments (thousands of tons) Operating Income (dollars in millions) Record Record High High 856 $2,425 789 666 663 607 561 $1,593 $667 $121 $365 $407 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 Differentiated, Sustainable, Metals Growth Co
Slide 30: 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 Net Income (Loss) $266 $142 $164 $92 ($145) $360 $806 $1,256 $678 $571 $3,247 $3,879 $2,467 $1,550 $1,187 Income Taxes (Benefit) 158 62 99 73 (9
Slide 31: Quarterly adjusted EBITDA reconciliation
Quarterly adjusted EBITDA reconciliation Dollars in millions Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Net Income $210 $218 $301 $404 $265 Income Taxes 34 63 87 110 46 Net Interest Expense(Income) (3) 2 7 7 17 Depreciation 116 125 124 130 136 Amortization 8 7 7 7 7 EBITDA $364 $415 $526 $657 $471 Unre