Steel Dynamics, Inc. provided second quarter 2026 earnings guidance in the range of $3.51 to $3.55 per diluted share. Comparatively, the company’s sequential first quarter 2026 earnings were $2.78 per diluted share, and prior year second quarter earnings were $2.01 per diluted share.
Estimated second quarter earnings have been reduced by $16 million, as a result of asset write-downs related to the decision to relocate the company’s planned second satellite aluminum recycled slab center from Arizona to Columbus, Mississippi, as differences with Arizona state officials risked the construction and operations of the facility.
Second quarter 2026 profitability from the company’s steel operations is expected to be meaningfully higher than first quarter results, driven by strong demand and metal margin expansion across the platform, as average realized selling values increased more than scrap raw material costs. Order activity remains strong, supported by underlying demand and persistently low steel inventories, which continue to support favorable pricing conditions. Demand across key end markets remains solid, with non-residential construction, energy, automotive, and industrial sectors leading performance.
Second quarter 2026 earnings from the company’s metals recycling operations are expected to be similar to sequential first quarter results, as increased ferrous and nonferrous shipments are expected to be offset by expected nonferrous unrealized hedging losses.
Second quarter 2026 earnings from the company’s steel fabrication operations are expected to be incrementally below sequential first quarter results, as the benefit from stronger shipments combined with steady pricing is offset by higher steel raw material input costs. Customer order activity has remained strong, continuing the momentum beginning at the end of 2025. The order backlog is now nearly 40 percent higher than a year ago and extends through the end of the year and into 2027. Current demand is being supported by commercial construction, data center and warehouse buildouts, manufacturing, and healthcare end markets. The company expects further volume improvement throughout the year and into 2027, supported by domestic manufacturing investment, U.S. infrastructure investment, other stimulus programs, and ongoing onshoring activity.
Second quarter 2026 earnings from the company’s aluminum operations are expected to improve significantly compared to first quarter sequential results, based on increased shipments and higher realized pricing. The aluminum team continues to make strong progress on the commissioning and startup of the company’s aluminum flat rolled products mill in Columbus, Mississippi. Two of the three cold mills are now operational, and the third cold mill is expected to begin qualifying material in July. Additionally, the first of two Continuous Annealing and Solution Heat (CASH) lines, which support the production of finished automotive products, is operating and shipping material for customer qualification. The second CASH line is also expected to begin material qualifications in the fourth quarter 2026.
The company has repurchased $170 million, or one half of one percent, of its common stock during the second quarter.
Published August 2026
