Steel Dynamics, Inc. (NASDAQ:STLD) stock rose on Monday after the company reported fourth-quarter and full-year 2025 financial results.
The company reported fourth-quarter net sales of $4.414 billion. Net income attributable to Steel Dynamics totaled $266 million in the fourth quarter, or $1.82 per diluted share, compared with $207 million, or $1.36 per diluted share, in the prior-year period.
Revenue of $4.414 billion missed an analyst estimate of $4.575 billion, while diluted EPS of $1.82 fell short of a $1.95 estimate. The company reported fourth-quarter adjusted EBITDA of $505.4 million.
Fourth-quarter operating income totaled $322 million for steel operations, $91 million for steel fabrication, and $19 million for metals recycling. Aluminum operations recorded an operating loss of $47 million during the period.
Steel Dynamics said planned maintenance outages reduced fourth-quarter flat-rolled steel production by an estimated 140,000 to 150,000 tons.
The average external steel selling price during the quarter was $1,107 per ton, while the average ferrous scrap cost was $374 per ton.
Full-Year Results and Shipments
For full-year 2025, Steel Dynamics reported net sales of $18.2 billion and net income of $1.2 billion, or $7.99 per diluted share. This compares with net sales of $17.5 billion and net income of $1.5 billion, or $9.84 per diluted share, in 2024.
The operating income declined 24% to $1.5 billion. It reported adjusted EBITDA of $2.2 billion for the year and record annual steel shipments of 13.7 million tons.
Cash flow from operations totaled $273 million in the fourth quarter and $1.4 billion for the full-year 2025. Cash and equivalents stood at $769.9 million as of Dec. 31, 2025, while long-term debt totaled $4.176 billion.
On Nov. 21, 2025, the company issued $800 million in unsecured notes and said the proceeds were used in part to redeem $400 million of 5.000% notes due 2026.
CEO Commentary
CEO Mark D. Millett said, “The aluminum and biocarbon teams continue to make strong progress,” continued Millett. “We have successfully produced finished aluminum flat-rolled products for the industrial and beverage can markets, as well as hot band for the automotive sector. Although there is still 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 steel fabrication customers.”
Looking ahead, Millett said, “We anticipate that improving market conditions, including increased trade stability and a more favorable interest rate environment, will support solid domestic demand for steel and aluminum products.”
STLD Price Action: Steel Dynamics shares were trading up 1.26% at $183.60 at the time of publication on Monday. The stock is trading at a new 52-week high, according to Benzinga Pro data.
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