Steel Dynamics, Inc. announced fourth quarter and annual 2025 financial results. The company reported fourth quarter 2025 net sales of $4.4 billion and net income of $266 million, or $1.82 per diluted share. Comparatively, the company’s sequential third quarter 2025 net income was $404 million, or $2.74 per diluted share, and prior year fourth quarter net income was $207 million, or $1.36 per diluted share.
“The teams delivered solid operational and financial performance across our operating platforms in 2025, generating annual net sales of $18.2 billion, operating income of $1.5 billion and adjusted EBITDA of $2.2 billion,” said Mark D. Millett, chairman and chief executive officer. “This performance demonstrates the strength and consistency of our cash generation, as we generated $1.4 billion in cash flow from operations during the year, after investing $450 million in growth working capital associated with our new aluminum products platform. Our three-year after-tax return on invested capital of 14 percent is a testament to our ongoing high-return capital allocation strategy. We are growing, returning capital to shareholders and maintaining strong returns as compared to best-in-class domestic manufacturers.
“We also achieved record annual steel shipments as imports declined from the elevated levels experienced during the first half of the year and as Sinton’s year-over-year operating performance improved,” said Millett. “We are seeing an improved flat rolled steel market environment, supported by domestic trade actions, manufacturing onshoring, infrastructure program funding, lower interest rates and the increasing regionalization of supply chains in the U.S. Long product steel demand remains very strong, especially for structural steel and railroad rail. Looking ahead, we expect to benefit from strong demand across our platforms.”
Annual 2025 net income was $1.2 billion, or $7.99 per diluted share, with net sales of $18.2 billion, as compared to net income of $1.5 billion, or $9.84 per diluted share, with net sales of $17.5 billion for the same period in 2024.
Annual 2025 net sales increased 3.6 percent to $18.2 billion and operating income declined 24 percent to $1.5 billion, when compared to the same period of 2024. Decreased earnings were the result of lower realized pricing in the company’s steel and steel fabrication operations. Annual 2025 operating income from the company’s steel operations and steel fabrication operations declined $155 million and $260 million, respectively, when compared to the prior year. The average 2025 external selling price for the company’s steel operations decreased $15 to $1,089 per ton compared to 2024 and the average ferrous scrap cost per ton melted at the company’s steel mills increased $1 to $387 per ton.
Based on the company’s differentiated circular business model and highly-variable cost structure, the company generated strong cash flow from operations of $1.4 billion during 2025. The company also invested $948 million in organic growth investments, paid cash dividends of $291 million and repurchased $901 million of its outstanding common stock, representing over four percent of its outstanding shares, all while maintaining strong liquidity of $2.2 billion as of December 31, 2025.
“We anticipate that improving market conditions, including increased trade stability and a more favorable interest rate environment will support solid domestic demand for steel and aluminum products,” continued Millett. “Steel pricing has improved and customer optimism remains solid across our businesses, as demand continues to be steady. Additionally, discussions with our customers further underscore the growing importance of lower-carbon, domestically produced steel and aluminum products, positioning our businesses for a sustainable long-term competitive advantage. As unfair trade practices diminish, policy clarity improves and U.S. manufacturing continues to expand, we believe a favorable market environment will follow.”
Published March 2026
