钢铁动力公司2026年第四季度报告

Print bView List Steel Dynamics Reports Fourth Quarter andAnnual 2025 Results Jan 26, 2026 FORT WAYNE, Ind., Jan. 26, 2026 /PRNewswire/ — Steel Dynamics (PRNewsfoto/Steel Dynamics, Inc.) Annual 2025 Performance Highlights: quality flat rolled aluminum products Successful production and consumption of biocarbon material Record steel shipments of 13.7 million tons Net sales of $18.2 billion, operating income of $1.5 billion, and net income of $1.2 billion Adjusted EBITDA of $2.2 billion and cash flow from operations of $1.4 billion Liquidity of over $2.2 billion Share repurchases of $901 million of the company’s common stock, representing over four Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced fourth quarter and annual 2025financial results. The company reported fourth quarter 2025 net sales of $4.4 billion and netincome of $266 million, or $1.82 per diluted share. Comparatively, the company’s sequential “The teams delivered solid operational and financial performance across our operatingplatforms in 2025, generating annual net sales of $18.2 billion, operating income of $1.5billion, and adjusted EBITDA of $2.2 billion,” said Mark D. Millett, Chairman and ChiefExecutive Officer. “This performance demonstrates the strength and consistency of our cash work ahead, the team has strong momentum and achieved positive EBITDA in December, positioning us well as we continue commissioning and ramping operations. Additionally, the SDI Biocarbon Solutions team is continuing to refine operations and increase production,providing a significantly lower-carbon supply chain opportunity for our steel and steelfabrication customers. “We also achieved record annual steel shipments as imports declined from the elevatedlevels 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 marketenvironment, supported by domestic trade actions, manufacturing onshoring, infrastructureprogram funding, lower interest rates, and the increasing regionalization of supply chains inthe U.S. Long product steel demand remains very strong, especially for structural steel andrailroad rail. Looking ahead, we expect to benefit from strong demand across our platforms.” Fourth Quarter 2025 Comments Fourth quarter 2025 operating income for the company’s steel operations was $322 million,or 35 percent lower than sequential third quarter results, due to lower average realizedselling values and lower volumes related to both seasonal demand and plannedmaintenance outages at the company’s flat rolled steel mills. In addition to lower seasonalactivity, some of the planned maintenance outages were longer in duration than originallyanticipated and decreased volume in the fourth quarter by an estimated 140,000 to 150,000tons of flat rolled steel production. The fourth quarter 2025 average external product sellingprice for the company’s steel operations decreased $12 sequentially to $1,107 per ton. Theaverage ferrous scrap cost per ton melted at the company’s steel mills decreased $7 per tonsequentially to $374 per ton. Average realized flat rolled steel pricing declined in the quarterbased on lagging priced contracts, while long product steel prices increased as demand forstructural and rail products was strong. The energy, non-residential construction, automotive,and industrial sectors led steel demand in the quarter. Fourth quarter 2025 operating income from the company’s metals recycling operations was$19 million, or $13 million lower than sequential earnings, based on lower selling values and The company’s steel fabrication operations generated operating income of $91 million in thefourth quarter 2025, lower than sequential third quarter results of $107 million, based onseasonally lower shipments more than offsetting modest metal spread expansion, asaverage selling values improved slightly and steel raw material costs declined. Order activity On November 21, 2025, the company issued $800 million in unsecured notes, comprised of$650 million of 4.000% notes due 2028 and $150 million of 5.250% notes due 2035. The net company generated cash flow from operations of $273 million during the quarter. The company also invested $188 million in capital investments, paid cash dividends of $73million, and repurchased $240 million of its outstanding common stock, representing onepercent of its outstanding shares. Annual 2025 Comparison 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 declined24 percent to $1.5 billion, when compared to the same period of 2024. Decreased earningswere the result of lower realized pricing in the company’s steel and steel fabricatio