Steel Dynamics, Inc., together with its subsidiaries, operates as a steel producer and metal recycler in the United States. It operates through four segments: Steel Operations, Metals Recycling Operations, Steel Fabrication Operations, and Aluminum Operations. The Steel Operations segment offers hot rolled, cold rolled, and coated steel products; parallel flange beams and channel sections, large unequal leg angles, and reinforcing steel bars, standard strength carbon, intermediate alloy hardness, and premium grade rail products; engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars; channels, angles, flats, merchant rounds, and reinforcing steel bars; and specialty shapes and light structural steel products. This segment also engages in turning, polishing, straightening, chamfering, precision saw-cutting, and heat treating of bar products. Its products are used in construction, automotive, manufacturing, transportation, heavy and agricultural equipment, energy, and pipe and tube markets. The Metals Recycling Operations segment is involved in the ferrous and nonferrous scrap metal processing, transportation, marketing, brokerage, and scrap management services. Its ferrous products include heavy melting steel, busheling, bundled scrap, shredded scrap, steel turnings, and cast-iron products; and nonferrous products comprise aluminum, brass, copper, stainless steel, and other nonferrous metals. The Steel Fabrication Operations segment produces steel non-residential building components, such as steel joists, joist girders, and steel deck products for non-residential steel fabricators, metal building companies, general construction contractors, developers, property owners, brokers, and governmental entities. The Aluminum Operations segment offers recycled aluminum flat rolled products. The company also exports its products. Steel Dynamics, Inc. was incorporated in 1993 and is headquartered in Fort Wayne, Indiana.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $18.2B | $2.1B | $1.2B | $502M | 13.2% | 3.6% | -22.9% |
| 2024 | $17.5B | $2.5B | $1.5B | $-24M | 17.2% | -6.7% | -37.3% |
| 2023 | $18.8B | $3.7B | $2.5B | $1.9B | 27.6% | -15.6% | -36.5% |
| 2022 | $22.3B | $5.5B | $3.9B | $3.6B | 47.5% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 22,260.77 | 18,795.32 | 17,540.39 | 18,176.58 |
| Operating Revenue | - | 22,260.77 | 18,795.32 | 17,540.39 | 18,176.58 |
| Cost Of Revenue | - | 16,142.94 | 14,749.43 | 14,737.80 | 15,784.40 |
| Gross Profit | - | 6,117.83 | 4,045.88 | 2,802.59 | 2,392.18 |
| Operating Expense | - | 573.46 | 622.67 | 694.64 | 793.21 |
| Selling General And Administration | - | 545.62 | 588.62 | 664.12 | 765.31 |
| Total Expenses | - | 16,716.40 | 15,372.10 | 15,432.45 | 16,577.61 |
| Operating Income | - | 5,544.37 | 3,423.21 | 2,107.94 | 1,598.97 |
| Total Operating Income As Reported | - | 5,091.82 | 3,151.18 | 1,943.04 | 1,475.99 |
| EBITDA | - | 5,496.81 | 3,733.23 | 2,518.14 | 2,114.40 |
| Normalized EBITDA | - | 5,496.81 | 3,733.23 | 2,518.14 | 2,114.40 |
| EBIT | - | 5,112.61 | 3,295.43 | 2,039.23 | 1,563.01 |
| Interest Expense | - | 91.54 | 76.48 | 56.35 | 70.04 |
| Net Interest Income | - | -91.54 | -76.48 | -56.35 | -70.04 |
| Other Non Operating Income Expenses | - | 20.78 | 144.25 | 96.19 | 87.03 |
| Other Income Expense | - | -431.77 | -127.79 | -68.71 | -35.96 |
| Interest Expense Non Operating | - | 91.54 | 76.48 | 56.35 | 70.04 |
| Net Non Operating Interest Income Expense | - | -91.54 | -76.48 | -56.35 | -70.04 |
| Pretax Income | - | 5,021.07 | 3,218.94 | 1,982.88 | 1,492.97 |
| Tax Provision | - | 1,141.58 | 751.61 | 432.92 | 305.66 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 3,879.49 | 2,467.33 | 1,549.96 | 1,187.31 |
| Net Income From Continuing And Discontinued Operation | - | 3,862.67 | 2,450.88 | 1,537.13 | 1,185.60 |
| Net Income From Continuing Operation Net Minority Interest | - | 3,862.67 | 2,450.88 | 1,537.13 | 1,185.60 |
| Net Income | - | 3,862.67 | 2,450.88 | 1,537.13 | 1,185.60 |
| Net Income Common Stockholders | - | 3,862.67 | 2,450.88 | 1,537.13 | 1,185.60 |
| Net Income Including Noncontrolling Interests | - | 3,879.49 | 2,467.33 | 1,549.96 | 1,187.31 |
| Normalized Income | - | 3,862.67 | 2,450.88 | 1,537.13 | 1,185.60 |
| Diluted NI Availto Com Stockholders | - | 3,862.67 | 2,450.88 | 1,537.13 | 1,185.60 |
| Basic Average Shares | - | 183.39 | 166.55 | 155.42 | 147.81 |
| Diluted Average Shares | - | 184.62 | 167.43 | 156.14 | 148.40 |
| Reconciled Depreciation | - | 384.20 | 437.80 | 478.91 | 551.39 |
| Reconciled Cost Of Revenue | - | 15,786.58 | 14,345.68 | 14,289.42 | 15,260.91 |
| Total Unusual Items | 0 | 0 | - | - | - |
| Total Unusual Items Excluding Goodwill | 0 | 0 | - | - | - |
| Minority Interests | - | -16.82 | -16.45 | -12.82 | -1.72 |
| Special Income Charges | 0 | 0 | - | - | - |
| Impairment Of Capital Assets | 0 | 0 | - | - | - |
| Depreciation Amortization Depletion Income Statement | - | 27.84 | 34.05 | 30.53 | 27.90 |
| Depreciation And Amortization In Income Statement | - | 27.84 | 34.05 | 30.53 | 27.90 |
| General And Administrative Expense | 643.98 | 545.62 | - | - | - |
| Other Gand A | 643.98 | 545.62 | - | - | - |
| Salaries And Wages | 388.11 | 452.55 | - | - | - |
| Earnings From Equity Interest | - | -452.55 | -272.03 | -164.90 | -122.99 |
| Amortization | - | 27.84 | 34.05 | 30.53 | 27.90 |
| Amortization Of Intangibles Income Statement | - | 27.84 | 34.05 | 30.53 | 27.90 |
Basic Materials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Steel Dynamics, Inc.this co. | STLD | $39.9B | 33.68 | 4.46 | 13.2% | 20.51 |
| Nucor Corporation | NUE | $59.7B | 34.25 | 2.85 | 8.3% | 15.31 |
| Corteva, Inc. | CTVA | $51.8B | 47.36 | 2.15 | 4.5% | 16.23 |
| Vulcan Materials Company | VMC | $36.7B | 34.11 | 4.31 | 12.6% | 17.57 |
| Martin Marietta Materials, Inc. | MLM | $34.9B | 30.68 |
| - |
| - |
| - |
| - |
| - |
| 3.48 |
| 11.3% |
| 19.36 |
| Dow Inc. | DOW | $25.1B | -9.56 | 1.57 | -16.4% | 34.39 |
| PPG Industries, Inc. | PPG | $25.0B | 15.83 | 3.14 | 19.8% | 10.91 |
| LyondellBasell Industries N.V. | LYB | $21.4B | - | 2.12 | -7.5% | 28.02 |
| Albemarle Corporation | ALB | $19.5B | - | 2.05 | -7.1% | 67.51 |
| Peer Median | - | 32.39 | 2.50 | 6.4% | 18.47 | |