Steel Dynamics (STLD) Q4 FY25 earnings call

Earnings call· Dec 2025 (Q4 FY25)· Materials· Jan 26, 2026

Source: earnings call transcript

The company delivered solid Q4 and FY25 results, marked by record steel shipments and the successful ramp-up of Aluminum Dynamics, which achieved EBITDA positivity in December. Despite market challenges and production impacts from planned maintenance, Steel Dynamics maintained strong cash flow and liquidity, while pursuing strategic growth and disciplined capital allocation, including a rejected offer for BlueScope. The company is confident in its aluminum ramp-up, expecting 90% capacity utilization by year-end 2026 and product mix optimization by 2027.

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STLD operating KPIs by quarter

STLD operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Mar 2025 Q1 FY25	Sep 2025 Q3 FY25	This call Dec 2025 Q4 FY25	Mar 2026 Q1 FY26	Jun 2026 Q2 FY26	Change vs prior quarter
Shipments Steel	3.5M tons Highlights included record steel shipments of 3.5 million tons and adjusted EBITDA of $448 million. Source: earnings call transcript	3.6M tons We had a record steel shipment of 3.6 million tons. Source: earnings call transcript	—	3.6M tons Several highlights for the quarter included record quarterly steel shipments of 3.6 million tons. Source: earnings call transcript	3.7M tons The quarter highlights included record quarterly steel shipments of 3.7 million tons, adjusted EBITDA of $921 million, and we achieved meaningful milestones across our Aluminum and Sinton platforms. Source: earnings call transcript	+2.8%
Shipments Hot band	1.093M tons For modeling purposes for the first quarter of 2025, hot band shipments were 1,093,000 tons, cold-rolled shipments were 116,000 tons and coated shipments were 1,403,000 tons. Source: earnings call transcript	1.097M tons For modeling purposes, this quarter's hot band shipments were 1,097,000 tons, cold-rolled shipments were 120,000 tons; and finally, coated shipments were 1,486,000 tons. Source: earnings call transcript	942K tons For those of you tracking the flat-rolled shipments for your models, fourth quarter hot-rolled shipments were 942,000 tons, cold-rolled 122,000 tons and coated products were 1,395,000 tons. Source: earnings call transcript	1.017M tons I'm sorry, I was -- So I think you're specifically looking for the flat-rolled shipments and the first quarter flat-rolled shipments for hot band was 1,017,000 tons. Source: earnings call transcript	—	+8%
Shipments Cold-rolled	116K tons For modeling purposes for the first quarter of 2025, hot band shipments were 1,093,000 tons, cold-rolled shipments were 116,000 tons and coated shipments were 1,403,000 tons. Source: earnings call transcript	120K tons For modeling purposes, this quarter's hot band shipments were 1,097,000 tons, cold-rolled shipments were 120,000 tons; and finally, coated shipments were 1,486,000 tons. Source: earnings call transcript	122K tons For those of you tracking the flat-rolled shipments for your models, fourth quarter hot-rolled shipments were 942,000 tons, cold-rolled 122,000 tons and coated products were 1,395,000 tons. Source: earnings call transcript	—	—	+1.7%
Shipments Coated	1.403M tons For modeling purposes for the first quarter of 2025, hot band shipments were 1,093,000 tons, cold-rolled shipments were 116,000 tons and coated shipments were 1,403,000 tons. Source: earnings call transcript	1.486M tons For modeling purposes, this quarter's hot band shipments were 1,097,000 tons, cold-rolled shipments were 120,000 tons; and finally, coated shipments were 1,486,000 tons. Source: earnings call transcript	1.395M tons For those of you tracking the flat-rolled shipments for your models, fourth quarter hot-rolled shipments were 942,000 tons, cold-rolled 122,000 tons and coated products were 1,395,000 tons. Source: earnings call transcript	1.53M tons Hot rolls was 151,000 tons, and coated was 1,530,000 tons. Source: earnings call transcript	—	+9.7%
Capacity utilization rate Steel mills	89% During the first quarter, the domestic steel industry operated at a utilization rate of approximately 75%, while our steel mills operated at 89%. Source: earnings call transcript	88% In the third quarter of 2025, the domestic steel industry operated at an estimated production utilization rate of 78%, while our steel mills operated at a notably higher rate of 88%. Source: earnings call transcript	—	89% During the first quarter of 2026, domestic steel industry operated at an estimated production utilization rate of 77%, while our steel mills operated at 89%. Source: earnings call transcript	90% During the second quarter of 2026, the domestic steel industry operated at an estimated production utilization rate of 81%, while our steel mills operated at 90%. Source: earnings call transcript	+1 pt

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.