Steel Dynamics, Inc. (STLD) Earnings Call Transcripts

Steel Dynamics, Inc.'s Latest Earnings Call - Q2 FY2026

In the second quarter of 2026, Steel Dynamics, Inc. (STLD) reported robust financial performance, with revenues of $6.1 billion and net income of $534 million, or $3.69 per diluted share. The results were driven by record steel shipments of 3.7 million tons and improved steel pricing, leading to a sequential increase in operating income to $700 million. Management maintained a positive outlook for the second half of 2026, anticipating further improvements in profitability, particularly in their aluminum operations as ramp-up progresses.

Reported metrics

Guidance from management

Management expects significant improvements in aluminum profitability in the second half of 2026, with a target of exiting the year at 90% utilization in aluminum operations. They anticipate stable pricing in steel and strong demand in fabrication.

What management said

Yes. The -- you got to remember we're commissioning and ramping up and starting up. So there's no way even though we wish it would be this way that we'd be optimal in anything we do. Although the team is doing a phenomenal job where they are at this moment in time. We are using probably in the order of about 80% scrap for a can sheet give or take a little bit. That will continue to grow. Automotive, I believe, we'll ...

I would say operationally, only incremental. The logistics of bringing -- we will still be sourcing UBCs from the West Coast, although it will only be about 60% to 70% as opposed to the 100% that would have gone in the mill. But that's just incremental cost. OpEx would be the same. Again, we took the $16 million write-down for the [ investing ] cost and the CapEx at Columbus is going to rise, I think, in the order of...

What analysts pressed on

Analysts expressed concerns about rising steel imports potentially impacting domestic pricing and the slower-than-expected ramp-up in aluminum operations. There were questions regarding the sustainability of current pricing levels and the impact of working capital increases on cash flow.

Main topics on the call

• Record Steel Shipments — Steel Dynamics achieved record quarterly steel shipments of 3.7 million tons, which contributed to a strong operational performance. CEO Mark Millett noted, "We have invested strategically to successfully achieve signifi...
• Aluminum Operations Progress — The aluminum operations are ramping up, with shipments increasing to 53,000 metric tons from 22,500 in the previous quarter. Management expects volumes and profitability to increase sharply in the second half of 2026 as ...
• Strong Demand in Steel Fabrication — Steel Fabrication order backlog is up 45% year-over-year, driven by strong demand and pricing discussions. CFO Theresa Wagler indicated that "the pricing that's going into the backlog right now is at improved levels," su...
• Cash Flow Generation — The company generated $428 million in cash flow from operations, reflecting strong cash generation capabilities. Management emphasized their commitment to returning capital to shareholders, stating, "Our capital allocati...

Read the full Steel Dynamics, Inc. transcript (Q2 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 29 Steel Dynamics, Inc. earnings call transcripts on record, spanning January 23, 2020 to July 21, 2026. Based on this history, Steel Dynamics, Inc. reports quarterly. The most recent call on file is dated July 21, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

STLD

Exchange

NasdaqGS

Country

US

Sector

Materials

Industry

Metals and Mining

Calls on record

29

First call

January 23, 2020

Most recent

July 21, 2026

Reporting cadence

quarterly