Steel Dynamics reported second-quarter 2026 net sales of $6.09 billion and operating income of $700 million, with net income attributable to the company of $534 million (diluted EPS $3.69). Adjusted EBITDA was $921 million and cash flow from operations was $428 million as the company recorded an immaterial non-cash impairment charge related to relocating a planned aluminum slab center. Management highlighted record steel shipments, continued commissioning of aluminum flat-rolled sheet operations, and $200 million of share repurchases during the quarter.

Financial Highlights

  • Net sales: $6,091,557 thousand for the three months ended June 30, 2026.
  • Gross profit: $958,974 thousand for the three months ended June 30, 2026.
  • Operating income: $700,479 thousand for the three months ended June 30, 2026.
  • Net income attributable to Steel Dynamics: $534,087 thousand for the three months ended June 30, 2026; diluted EPS $3.69.
  • Adjusted EBITDA: $920,519 thousand for the second quarter 2026; cash flow from operations: $427,936 thousand for the quarter.

Business Highlights

  • Record total steel shipments of 3.741 million tons in Q2 2026, with steel mill production of ~2.974 million tons and external steel shipments of 3.085 million tons.
  • Continued commissioning and ramp of aluminum flat-rolled sheet operations in Columbus, Mississippi: hot band production and increasing shipments (53,000 metric tons in Q2) and commissioning of the third cold mill to reach full 650,000 metric ton capacity.
  • Decision to relocate a planned second satellite aluminum recycled slab center from Arizona to Columbus, Mississippi, resulting in a $16 million non-cash asset impairment charge in Q2.
  • Steel segment performance strengthened: average external steel selling price rose to $1,298 per ton and steel operating income expanded sequentially; long-product demand particularly strong for structural steel and rail.
  • Shareholder capital actions and liquidity: repurchased $200 million of common stock in Q2, paid quarterly dividends, invested in ongoing capital projects, and maintained total liquidity of $2.0 billion as of June 30, 2026.

Original SEC Filing:

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