钢铁动力公司2025年季度报告

☒Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for thequarterly periodendedSeptember 30, 2025 OR Commission File Number0-21719 Steel Dynamics, Inc.(Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation ororganization) Not Applicable(Former name, former address and former fiscal year, if changed since last report.) Securities registered pursuant to Section12(b)of the Act. Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or15(d)of the Securities Exchange Act of 1934 during the preceding 12months (or for such shorter period that theregistrant was required to file such reports), and (2)has been subject to such filing requirements for the past90days.Yes⌧No◻ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File requiredto be submitted pursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding12months (or for such shorter period that the registrant was required to submit such files).Yes⌧No◻ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-acceleratedfiler, a smaller reporting company, or an emerging growth company. See the definitions of “large acceleratedfiler,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule12b-2 of theExchange Act. Smaller reporting company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extendedtransition period for complying with any new or revised financial accounting standards provided pursuant toSection13(a)of the Exchange Act.◻ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the ExchangeAct). Yes☐No⌧ As of October 22, 2025, Registrant had146,034,859outstanding shares of common stock. STEEL DYNAMICS,INC.Table of ContentsPARTI. Financial Information Item1.Financial Statements:PageConsolidated Balance Sheets as of September 30, 2025 (unaudited) and December 31,20241Consolidated Statements of Income for the three and nine-month periods endedSeptember 30, 2025 and 2024 (unaudited)2Consolidated Statements of Comprehensive Income for the three and nine-month periodsended September 30, 2025 and 2024 (unaudited)3Consolidated Statements of Cash Flows for the three and nine-month periods endedSeptember 30, 2025 and 2024 (unaudited)4Notes to Consolidated Financial Statements (unaudited)5Item2.Management’s Discussion and Analysis of Financial Condition and Results of Operations15Item3.Quantitative and Qualitative Disclosures about Market Risk24Item4.Controls and Procedures24 PARTII. Other Information Item1.Legal Proceedings25Item1A.Risk Factors25Item2.Unregistered Sales of Equity Securities and Use of Proceeds25Item3.Defaults Upon Senior Securities25Item4.Mine Safety Disclosures25Item5.Other Information25Item6.Exhibits26ExhibitIndex26Signature27 STEEL DYNAMICS,INC.CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)(in thousands, except per share data) STEEL DYNAMICS,INC.CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)(in thousands) See notes to consolidated financial statements. STEEL DYNAMICS,INC.CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)(in thousands) STEEL DYNAMICS, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Note1. Description of the Business and Significant Accounting Policies Description of the Business Steel Dynamics,Inc. (SDI), together with its subsidiaries (the company), is one of the largest andmost diversified domestic steel producers and metals recycler, combined with a meaningful steelfabrication manufacturing platform. The company hasfourreporting segments: steel operations, metalsrecycling operations, steel fabrication operations, and aluminum operations. Effective the fourth quarter2024, results from an entity previously reported within the metals recycling operations segment weremoved to the aluminum operations segment, consistent with a change in how the company’s chiefoperating decision maker manages the business. Segment information provided within this Form 10-Q,including within Note 8.Segment Information, has been recast for all prior periods consistent with thecurrent reportable segment presentation. Steel Operations Segment.Steel operations include the company’s electric arc furnace (EAF) steelmills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat RollDivision, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, andSteel of West Virginia; steel coating and processing operations at The Techs, Heartland Flat Roll Division,United Steel Supply, and Vulcan Threaded Products, Inc.; warehouse operations in Mexico; and a75%controlling equity interest in SDI Biocarbon Solutions, LLC. Metals Recycling Operations Segment.Metals recycling operations include t