STLD

EX-99.1

2 tm2627861d2_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

Press Release

October 19, 2026

7575 W. Jefferson Blvd.

Fort Wayne, IN 46804

Steel Dynamics Reports Third Quarter 2026 Results

FORT WAYNE, INDIANA, October 19, 2026 / PRNewswire /

Third Quarter 2026 Performance Highlights:

§Record steel shipments of 3.8 million tons

§Net sales of $6.5 billion, operating income of $1.0 billion, and net income of $756 million

§Adjusted EBITDA of $1.2 billion and cash flow from operations of $846 million

§Liquidity of $2.4 billion

§Share repurchases of $276 million, or one percent, of the company’s common stock

Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced third quarter 2026 financial results. The company reported third quarter 2026 net sales of $6.5 billion and net income of $756 million, or $5.26 per diluted share. Comparatively, the company’s sequential second quarter 2026 net income was $534 million, or $3.69 per diluted share and prior year third quarter net income was $404 million, or $2.74 per diluted share.

“Throughout the third quarter 2026, steel prices continued to improve and the teams executed well across our steel platform, driving a sequential quarterly increase in consolidated operating income of $306 million, or 44 percent,” said Mark D. Millett, Chairman and Chief Executive Officer. “Our steel fabrication platform also had a healthy performance as continued improving demand resulted in higher sequential shipments of 18 percent and increased earnings despite higher steel costs. Our three-year after-tax return on invested capital of 13 percent demonstrates the strength of our differentiated business model and disciplined capital allocation framework. Our disciplined approach to capital allocation continues to support investments in high-return strategic growth opportunities, meaningful shareholder returns, and financial performance that compares favorably with top-tier domestic manufacturers.

“During the third quarter, the domestic steel market remained strong, supported by steady demand, low customer inventories, and historically low import levels,” said Millett. “Steel pricing strengthened, as lead times extended and spot availability tightened across flat-rolled and structural steel products. In addition, as coated flat rolled steel imports abated due to recent trade actions and demand remained strong, value-added flat-rolled steel spreads also expanded. In general, U.S. steel imports remain well below historical and prior-year levels, while improving manufacturing activity, onshoring, and continued investment in infrastructure, energy, healthcare, and computing support healthy steel consumption. Long-product steel demand remains extremely strong, particularly for structural steel and railroad rail. We believe sustained demand across our platforms, combined with favorable market conditions, positions us well moving forward.

“We continue to make meaningful progress at our aluminum operations as the team continues to commission, qualify, and ramp up our state-of-the-art aluminum flat-rolled products mill,” continued Millett. “All three cold mills are now operational which provides us the ability to achieve our annual volume expectations, and the first of two Continuous Annealing and Solution Heat (CASH) lines is operating and is expected to ship finished automotive products before the end of the year. The second CASH line will be commissioned in the coming months and become operational early in the first quarter 2027. The team is successfully producing high-quality products for the industrial, beverage, and automotive markets, while continuing to expand its qualified customer base. Together with our broader investment initiatives across the company, aluminum represents an exciting avenue for continued growth and value creation.”

Third Quarter 2026 Comments

Third quarter 2026 operating income for the company’s steel operations was $1.0 billion, or 43 percent higher than sequential second quarter results, due to record steel shipments and metal spread expansion, as average realized steel selling prices increased and scrap raw material costs declined. The third quarter 2026 average external product selling price for the company’s steel operations increased $102 sequentially to $1,400 per ton. The average ferrous scrap cost per ton melted at the company’s steel mills decreased $8 per ton sequentially to $404 per ton. The energy, non-residential construction, automotive, and industrial sectors led steel demand in the quarter.

Third quarter 2026 operating income from the company’s metals recycling operations was $33 million, or $15 million lower than sequential earnings, based on lower ferrous scrap pricing and metal spread contraction, combined with steady volume. Average third quarter realized ferrous scrap prices declined $15 per gross ton sequentially.

The company’s steel fabrication operations generated operating income of $91 million in the third quarter 2026, higher than s

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