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# Steel Dynamics Earns $756 Million On Record 3.8 Million Tons Shipped
- URL: https://www.bullished.co/steel-dynamics-earns-756-million-on-record-3-8-million-tons-shipped-3e0a21f5/
- Published: 2026-10-20T13:41:10.000Z
- Updated: 2026-10-28T19:40:48.000Z
- Description: Third-quarter net income was $756 million against $404 million a year earlier, with steel prices up $102 a ton from the second quarter.
- Author: Matteo Parrino
- Tags: Earnings, STLD, Industry: Materials

[Steel Dynamics](https://www.bullished.co/tag/stld/) reported third-quarter net income of [$756 million](https://www.sec.gov/Archives/edgar/data/0001022671/000110465926117217/tm2627861d2%5Fex99-1.htm?ref=bullished.co), or $5.26 per diluted share, on record steel shipments of 3.8 million tons. The results came in a press release dated Monday, attached to an [8-K](https://www.sec.gov/Archives/edgar/data/0001022671/000110465926117217/tm2627861d2%5F8k.htm?ref=bullished.co) signed Tuesday.

## What the results show

Net sales were $6.5 billion and operating income $1.0 billion. Net income compares with $534 million ($3.69 per share) in the second quarter and $404 million ($2.74 per share) in the third quarter of 2025, the company said.

The average steel selling price rose $102 from the prior quarter to $1,400 per ton. Scrap cost per ton melted fell $8 to $404.

Adjusted EBITDA was $1.2 billion and operating cash flow $846 million. The company bought back $276 million of its stock, or one percent of the shares, and held liquidity of $2.4 billion at September 30.

For the first nine months, net income was $1.7 billion, or $11.72 per share, against $920 million, or $6.17, a year earlier. Nine-month net sales rose 29 percent to $17.8 billion.

## Steel strength, aluminum still losing money

The steel fabrication order backlog is 50 percent higher than a year ago and extends into the second quarter of 2027, the company said. Fabrication operating income was $91 million, up from $85 million in the second quarter.

Aluminum, still in startup, lost $26 million at the operating level, a 21 percent improvement on the second quarter, and was EBITDA breakeven. Chairman and CEO Mark Millett said volumes fell short for a number of weeks because yield losses rose at higher operating speeds. He traced the cause to the hot strip mill rolling coolant, which has been changed, with "no ongoing additional costs" expected.

Millett said the company expects aluminum volumes and profitability to improve in the fourth quarter and through 2027.

In Tuesday trading, as of 9:38 a.m. ET, shares were at $237.95, about 3% below the prior close of $245.17.

## What to watch

The first of two aluminum finishing lines is expected to ship finished automotive products before year-end. The second will be commissioned in the coming months and become operational early in the first quarter of 2027\. The company holds its earnings call Tuesday at 11:00 a.m. Eastern.

The company's own test for aluminum is the fourth quarter: Millett expects volumes and profit to improve as startup costs subside.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — STEEL DYNAMICS INC (STLD)](https://www.sec.gov/Archives/edgar/data/0001022671/000110465926117217/tm2627861d2%5F8k.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit tm2627861d2\_ex99-1.htm — STEEL DYNAMICS INC 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001022671/000110465926117217/tm2627861d2%5Fex99-1.htm?ref=bullished.co) — SEC EDGAR

### More on Steel Dynamics

- [Steel Dynamics Shifts $40.5 Million Of New Process Steel Deal Value Out Of Customer Relationships](https://www.bullished.co/steel-dynamics-shifts-40-5-million-of-new-process-steel-deal-value-out-of-customer-e31250d7/)
- [Steel Dynamics CEO Dismisses Rumored U.S. Mill As 'An Incredulous Fantasy' And Waves Off Aluminum 'Stumble' Headlines](https://www.bullished.co/steel-dynamics-ceo-dismisses-rumored-u-s-mill-as-an-incredulous-fantasy-and-waves-off-b4085969/)
- [Steel Dynamics Names Six Leaders, Including A New Treasurer, Before CFO Handover](https://www.bullished.co/steel-dynamics-names-six-leaders-including-a-new-treasurer-before-cfo-handover-0de60881/)

[All Steel Dynamics (STLD) coverage →](https://www.bullished.co/tag/stld/)