Steel Dynamics said consolidated operating income for Q3 2025 increased $112.3 million, or 28%, to $507.8 million compared with the same period in the prior year. Net income attributable to the company increased $85.9 million, or 27%, to $403.7 million.

1. 01

   Steel Dynamics said consolidated operating income for Q3 2025 increased $112.3 million, or 28%, to $507.8 million compared with the same period in the prior year. Net income attributable to the company increased $85.9 million, or 27%, to $403.7 million.

2. 02

   The company said its steel operations achieved record quarterly shipments of 3.6 million tons in Q3 2025. Average selling prices rose 6%, or $61 per ton, and operating income increased 65% to $496.8 million, as the company cited a 7% expansion in metal spread.

3. 03

   Steel Dynamics said net sales for its steel fabrication operations in Q3 2025 decreased 16% compared with the prior-year period, and operating income fell 35% to $107.0 million from $165.6 million in the same period of the prior year. Average selling prices declined $341 per ton, or 12%.

4. 04

   The company said total outstanding debt as of September 30, 2025 was $3.8 billion, an increase of $551.4 million compared with December 31, 2024. Revolver availability was $1.2 billion with no borrowings outstanding, and the company said liquidity was $2.2 billion.

Key figures

Quarter ended September 30, 2025

Revenue

$4.8B

Operating income

$508M

Net income

$404M

EPS

$2.74

Gross profit

$758M

Operating cash flow

$723M

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.