AI-extracted from the 10-Q filed 2026-10-23 — Q3 FY2026 (quarter ended September 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Steel Dynamics' Q3 2026 net sales rose 35% YoY to $6.5B and operating income nearly doubled to $1.0B, driven by wider steel metal spreads and record steel shipments of 3.8M tons.
Biggest Revenue Drivers
Steel Operations Segment$4.5B+24% YoY
Average selling prices increased 25% ($282 per ton) while segment shipments decreased 1%, supported by strong domestic demand and historically low imports.
Metals Recycling Operations Segment$1.3B+11% YoY
Selling prices improved for both ferrous and nonferrous scrap, partly offset by a 17% decline in nonferrous shipments.
Biggest Revenue Drivers
Total revenue: $6.5B+35% YoY
Steel Operations Segment$4.5B+24% YoY
Average selling prices increased 25% ($282 per ton) while segment shipments decreased 1%, supported by strong domestic demand and historically low imports.
Metals Recycling Operations Segment$1.3B+11% YoY
Selling prices improved for both ferrous and nonferrous scrap, partly offset by a 17% decline in nonferrous shipments.
Steel Fabrication Operations Segment$0.5B+24% YoY
Volumes increased 25%, while average selling prices decreased 1%; order backlog is 50% higher than a year ago.
Aluminum Operations Segment$0.5B+373% YoY
Flat rolled products mill continued commissioning and startup, shipping 55,000 metric tons of finished product in the quarter.
Largest Expense Items
Costs of goods sold$5.2B+28% YoY
Increase tracks higher volumes and metallic raw material costs; metallic raw material cost per ton rose 6% for steel mills.
Profit sharing$81.3M+92% YoY
Consistent with increased pretax earnings; eligible employees receive 8% of consolidated pretax income excluding noncontrolling interests and other items.
Interest expense, net of capitalized interest$39.3M+190% YoY
Primarily a result of a 72% decrease in capitalized interest as construction of the aluminum mill was substantially completed in 2H 2025.
Margins: Operating income rose 98% to $1.0B as metal spreads expanded, with steel mill metal spread up 35% YoY. Management expects aluminum profitability to improve in Q4 2026 and 2027 as startup costs subside.
Watch Items from the Filing
Steel Fabrication metal spread contracted 18% YoY as steel input costs rose 20% per ton, cutting segment operating income 15% to $90.6M.
Aluminum Operations remained loss-making with a $26.2M operating loss in the quarter, though losses improved 54% YoY.
Total liquidity of $2.4B and an interest coverage ratio of 18.09:1.00 versus a 2.50:1.00 covenant minimum.
Accounts receivable rose $763.8M and inventories rose $510.5M over the nine months, consistent with higher prices and aluminum startup.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
About STEEL DYNAMICS INC (STLD): stock profile, AI score and financials
STEEL DYNAMICS INC (STLD) stock profile, AI quality score, and SEC EDGAR financial data, a Materials sector company. 13F Pro's AI-powered ranking engine scores STLD at 65.0/100 on a composite quality score built from its SEC filings, placing it at rank #496 of 2,925 stocks — the top 25% of the AI-ranked universe. STLD scores in the top quartile across revenue scale (93.2), balance sheet strength (88.3). Areas of concern include earnings quality (34.9), which score below median versus the broader universe. Based on the latest XBRL financial filings (Q3 2026), STEEL DYNAMICS INC reports quarterly revenue of $6.5B, net income of $756.0M, an operating margin of 15.5%. Top institutional holders of STLD by reported 13-F value include BlackRock, VANGUARD CAPITAL MANAGEMENT, FMR, based on the most recent SEC filings. STLD trades on the Nasdaq exchange and files with the SEC under CIK 1022671. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate STLD daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for STEEL DYNAMICS INC directly from SEC EDGAR.