Slide 1: Investor Earnings Call Presentation Second Quarter 2026
2022 Investor Earnings Call Presentation Presentation Second Quarter 2026 July 21, 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 Steel Metals Aluminum Fabrication Recycling 3.7 3.4 1.7 1.6 1.5 1.4 1.4 1.9 1.7 1.5 1.5 1.5 1.1 2022 2023 2024 2025 Q2'2026TTM Steel Dynamics Indu
Slide 4: Second quarter 2026 financial performance metrics
Second quarter 2026 financial performance metrics Key highlights Strong revenue of $6.1 billion $6.1 billion Revenue Net Income of $534 million $534 million Net income Cash flow from operations of $428 million $428 million Cash flow from operations Adjusted EBITDA1 of $921 million, a 15% margin $921
Slide 5: Second quarter 2026 financial performance
Second quarter 2026 financial performance % Sequential % Prior Year Dollars in millions, except per share data Q2 2026 Q1 2026 Q2 2025 Change Change Net Sales $6,092 $5,205 $4,565 17% 33% Operating Income 700 538 383 30 83 Net Income attributable to Steel Dynamics, Inc. 534 403 299 32 79 Diluted Ear
Slide 6: Second quarter 2026 operating performance
Second quarter 2026 operating performance % Sequential % Prior Year Quarterly Segment Highlights Q2 2026 Q1 2026 Q2 2025 Change Change Steel Average External Sales Price per ton $ 1,298 $ 1,193 $1,134 9% 14% Steel Average Ferrous Cost per ton melted 412 396 408 4 1 Steel Fabrication Average Sales Pr
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% 88% 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 Columbus $2,412 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: We have a strong track record of returning responsible and meaningful cash to shareholders
We have a strong track record of returning responsible and meaningful cash to shareholders Approximately 62% 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 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 13: 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 14: 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 15: 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 16: Appendix
Appendix Health and Safety Entrepreneurial Culture Customer Commitment Strategic Sustainable Growth Innovation Financial Strength Differentiated, Sustainable, Metals Growth Company 21 July 2026 16
Slide 17: 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 18: 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 19: 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 20: 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 21: 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 $20.5 $18.8 $18.2 $17.5 $3,151 $1,943 $2,056 $1,476 2022 2023 2024 2025 Q2'2026TTM 2022 2023 2024 2025 Q2'2026TTM Net Income (dollars in millions) Adjuste
Slide 22: Annual steel operations results
Annual steel operations results Steel Operations Shipments (millions of tons) Operating Income (dollars in millions) 13.7 14.3 12.8 12.7 12.2 3.7 Sinton started in 3.6 3.6 3.2 2022 3.7 10.2 10.6 9.5 $3,108 9.2 8.4 $2,098 $1,896 $1,587 $1,432 2022 2023 2024 2025 Q2'2026TTM 2022 2023 2024 2025 Q2'2026
Slide 23: Annual metals recycling operations results
Annual metals recycling operations results Total Ferrous Shipments1 (millions of gross tons) Operating Income1 (dollars in millions) 6.2 6.3 5.8 5.9 5.3 65% of 2025 ferrous scrap volume was $145 sold to Steel $129 Dynamics’ own steel mills $97 $77 $67 2022 2023 2024 2025 Q2'2026TTM 2022 2023 2024 20
Slide 24: Annual steel fabrication operations results
Annual steel fabrication operations results Shipments (thousands of tons) Operating Income (dollars in millions) 856 $2,425 663 607 594 561 $1,593 $667 $407 $372 2022 2023 2024 2025 Q2'2026TTM 2022 2023 2024 2025 Q2'2026TTM Differentiated, Sustainable, Metals Growth Company 21 July 2026 24
Slide 25: 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 Q2'2026TTM Net Income (Loss) $266 $142 $164 $92 ($145) $360 $806 $1,256 $678 $571 $3,247 $3,879 $2,467 $1,550 $1,187 $1,599 Income Taxes (Benefi
Slide 26: Quarterly Adjusted EBITDA reconciliation
Quarterly Adjusted EBITDA reconciliation Dollars in millions Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Net Income $301 $404 $265 $400 $531 Income Taxes 87 110 46 113 153 Net Interest Expense 7 7 17 26 33 Depreciation 124 130 136 149 164 Amortization 7 7 7 8 8 EBITDA $526 $657 $471 $696 $888 Unrealized