Every material Form 8-K Steel Dynamics has filed with the SEC since October 17, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Steel Dynamics reported third quarter 2026 net sales of $6.5 billion and net income of $756 million, or $5.26 per diluted share, up from $404 million, or $2.74 per share, a year earlier and $534 million, or $3.69 per share, in the second quarter. Management attributed the gains mainly to higher steel prices and record steel shipments, while the aluminum operations still posted an operating loss.
Net sales of $6.5 billion versus $4.8 billion in Q3 2025; net income of $756 million versus $404 million a year earlier.
Record steel shipments of 3.8 million tons; steel operations operating income of $1.0 billion.
Aluminum operating loss of $26 million, a 21 percent improvement from the second quarter; management expects improvement in Q4 2026 and throughout 2027.
Share repurchases of $276 million in the quarter; liquidity of $2.4 billion as of September 30, 2026.
Steel Dynamics announced six leadership promotions and role changes in an October 19, 2026 press release filed as Exhibit 99.1. The filing identifies Theresa E. Wagler as incoming President and Chief Executive Officer and Rick Poinsatte as incoming Chief Financial Officer, which signals a change in top executive roles for shareholders to note.
Three Senior Vice Presidents promoted effective October 1, 2026: Chad Bickford, Jeff Hansen and Tommy Scruggs
Daniel Keown named Senior Vice President over three flat rolled steel production facilities, and Yury Krotov named Vice President over four long product steel mills, both effective November 1, 2026
Dominic Freiburger named Vice President and Treasurer, reporting to Rick Poinsatte, incoming CFO
Theresa E. Wagler is described as incoming President and Chief Executive Officer
Steel Dynamics said CEO Mark Millett will retire as chief executive on January 1, 2027, and become Executive Chairman. CFO Theresa Wagler will succeed him as President and CEO on that date, and Richard Poinsatte will become CFO. The filing also lists operating and technology role changes effective September 1, 2026, and the board expanded from seven to eight members.
Theresa Wagler, EVP and CFO since 2007, becomes President and CEO effective January 1, 2027, and joins the board immediately
Mark Millett retires as CEO effective January 1, 2027, and becomes Executive Chairman
Richard Poinsatte becomes EVP and CFO effective January 1, 2027
Barry Schneider becomes EVP and Chief Technology Officer effective September 1, 2026
Steel Dynamics reported second quarter 2026 net sales of $6.1 billion and net income of $534 million, or $3.69 per diluted share, compared with $299 million, or $2.01 per diluted share, a year earlier. Results were reduced by a $16 million non-cash asset impairment charge tied to relocating a planned aluminum recycled slab center from Arizona to Mississippi. The filing gives no numeric guidance; management said steel pricing and demand improved and expects aluminum volumes and profitability to rise in the second half of 2026 and in 2027.
Net sales were $6.1 billion, up from $4.6 billion in the second quarter of 2025, and operating income was $700 million, up from $383 million.
Steel operating income was $721 million, 30 percent higher than the first quarter of 2026, on higher average selling prices of $1,298 per ton.
Aluminum operating losses were $33 million, a 48 percent improvement from the first quarter of 2026.
The company repurchased $200 million of common stock and reported cash flow from operations of $428 million in the quarter.
Steel Dynamics reported first quarter 2026 net sales of $5.2 billion and net income of $403 million, or $2.78 per diluted share, up from $217 million, or $1.44 per share, a year earlier. The company cited record steel shipments and higher steel prices, and said it raised its quarterly cash dividend by six percent, while its new aluminum operations still posted an operating loss of $65 million.
Operating income was $538 million, up from $275 million in the first quarter of 2025.
Adjusted EBITDA was $700 million, compared with $448 million a year earlier.
Cash flow from operations was $148 million after a $120 million annual companywide retirement profit-sharing distribution.
Record steel shipments of 3.6 million tons; aluminum operating losses were $65 million for the quarter.
Two Steel Dynamics board members, Richard P. Teets, Jr. and Gabriel L. Shaheen, told the board they will not stand for reelection and will leave at the May 6, 2026 annual meeting. The board will shrink from nine to seven members at that time, and the filing says the departures were not due to any disagreement with the company.
Richard P. Teets, Jr. and Gabriel L. Shaheen will retire from the board effective at the 2026 Annual Meeting on May 6, 2026.
Board size will be reduced from nine to seven members at the 2026 Annual Meeting.
The filing states neither director's decision resulted from a disagreement with the company on operations, policies or practices.
Chairman and CEO Mark D. Millett praised Teets as a co-founder and Shaheen for more than sixteen years of service.
Steel Dynamics reported fourth-quarter 2025 net income of $266 million, or $1.82 per diluted share, up from $1.36 a year earlier but down from $2.74 in the third quarter. For full-year 2025, net income fell to $1.2 billion, or $7.99 per diluted share, from $9.84 in 2024, as lower realized steel pricing reduced operating income. The company also repurchased $901 million of its stock in 2025, which reduces the share count for remaining shareholders.
Q4 2025 net income $266 million, $1.82 per diluted share, versus $207 million, $1.36 per share in Q4 2024
Q4 2025 net income was lower than the $404 million, or $2.74 per diluted share, reported for Q3 2025
Full-year 2025 net sales rose 3.6% to $18.2 billion, while operating income declined 24% to $1.5 billion
Share repurchases of $901 million in 2025, representing over four percent of outstanding shares
Steel Dynamics redeemed and repaid all $400 million of its 5.000% Senior Notes due 2026, ahead of their maturity, at 100% of principal plus accrued interest. The filing says the company has paid all sums due and terminated its obligations under the indenture, which removes this debt from its balance sheet.
Notes redeemed and repaid effective December 21, 2025, at 100.000% of the $400,000,000 principal amount plus accrued and unpaid interest
Notes were originally issued under an indenture dated December 6, 2016, with Computershare Trust Company, N.A. as trustee
Company terminated its indenture obligations under Section 8.01 after delivering all notes for cancellation
Filing signed December 23, 2025 by Theresa E. Wagler, Executive Vice President and Chief Financial Officer
On November 21, 2025, Steel Dynamics completed the sale of $650 million of 4.000% notes due 2028 and $150 million of additional 5.250% notes due 2035. The company expects net proceeds of about $792 million, which it plans to use to redeem its $400 million 5.000% notes due 2026 and for general corporate purposes. For shareholders, the deal refinances near-term debt and extends maturities, while adding new interest payment obligations.
$650 million 4.000% notes due 2028 and $150 million add-on to 5.250% notes due 2035 sold November 21, 2025
Net proceeds of about $792 million; plan to redeem $400 million 5.000% notes due 2026 on December 21, 2025
Add-on 2035 notes issued at 101.443% of principal, an implied yield of 5.053%
Notes are senior unsecured obligations; 2028 notes mature December 15, 2028 and 2035 notes mature May 15, 2035
Steel Dynamics reported third quarter 2025 net sales of $4.8 billion and net income of $404 million, up from $318 million a year earlier. Operating income rose to $508 million from $395 million, and the company repurchased $210 million of its stock. For the first nine months of 2025, net income fell to $920 million from $1.3 billion, and operating income declined 32 percent.
Q3 2025 net income was $404 million, or $2.74 per diluted share, versus $318 million, or $2.05 per diluted share, in Q3 2024 and $299 million, or $2.01 per diluted share, in Q2 2025.
Q3 2025 net sales were $4.8 billion, compared with $4.3 billion in Q3 2024, and operating income was $508 million.
Cash flow from operations was $723 million, and the company repurchased $210 million of common stock in the quarter.
For the nine months ended September 30, 2025, net income was $920 million, or $6.17 per diluted share, versus $1.3 billion, or $8.46 per diluted share, a year earlier.
Steel Dynamics reported second quarter 2025 net sales of $4.6 billion and net income of $299 million, or $2.01 per diluted share, in a press release furnished under Item 2.02. Results rose from the first quarter's $217 million but fell from $428 million in the year-earlier quarter, as the company cited steel pricing stabilizing at higher levels and hesitant customer orders tied to trade policy uncertainty.
Q2 2025 net income was $299 million, or $2.01 per diluted share, versus $217 million, or $1.44 per share, in Q1 2025 and $428 million, or $2.72 per share, in Q2 2024.
Adjusted EBITDA was $533 million, compared with $686 million in the prior-year second quarter.
Company repurchased $200 million of common stock and repaid $400 million of senior notes during the quarter, with liquidity of $1.9 billion as of June 30, 2025.
The first aluminum flat rolled coils shipped June 16, 2025; the company expects to exit 2025 at a 40 to 50 percent utilization rate.
Steel Dynamics said senior vice president Glenn Pushis will retire effective October 1, 2025, and will then consult for the company during commissioning of its new aluminum flat rolled facilities. Miguel Alvarez, currently SVP Metals Recycling, will become SVP Aluminum Group on the same date, and the company says it will name a new leader for its metals recycling platform in the coming weeks.
Glenn Pushis retires effective October 1, 2025, and will consult for Steel Dynamics through commissioning of new aluminum flat rolled facilities during the year
Pushis is set to become CEO of McBride Capital Partners' "Project Aero", a planned titanium manufacturing facility in North Carolina, per the May 9, 2025 press release
Miguel Alvarez becomes SVP Aluminum Group effective October 1, 2025, overseeing aluminum operations; a successor for metals recycling will be announced in the coming weeks
Steel Dynamics reported first quarter 2025 net sales of $4.4 billion and net income of $217 million, or $1.44 per diluted share, compared with $584 million, or $3.67 per share, a year earlier. Results rose from the fourth quarter of 2024, when net income was $207 million, or $1.36 per diluted share, and the company cited record steel shipments of 3.5 million tons. Shareholders face lower year-over-year profit, while the filing also reports $250 million of share repurchases and a 9 percent cash dividend increase.
Net sales were $4.4 billion, versus $4.69 billion in the first quarter of 2024 and $3.87 billion in the fourth quarter of 2024.
Operating income was $275 million, versus $751 million a year earlier.
Share repurchases totaled $250 million, and the first quarter 2025 cash dividend rose 9 percent.
The company issued $1.0 billion of unsecured notes on March 12, 2025, with net proceeds for general corporate purposes, which may include repaying $400 million of notes due June 2025.
Steel Dynamics completed the sale of $600 million of 5.250% notes due 2035 and $400 million of 5.750% notes due 2055 on March 12, 2025, receiving net proceeds of approximately $972 million. The company plans to use the proceeds for general corporate purposes, which may include repaying its $400 million 2.400% notes due 2025, so the offering adds new long-term debt while potentially refinancing existing debt.
$600 million of 5.250% notes mature May 15, 2035; $400 million of 5.750% notes mature May 15, 2055
Net proceeds after expenses and underwriting discount were approximately $972 million
Proceeds may be used to repay the $400 million 2.400% notes due 2025, among other general corporate purposes
Notes are senior unsecured obligations, with semi-annual interest payments starting November 15, 2025
Steel Dynamics reported fourth quarter 2024 net sales of $3.9 billion and net income of $207 million, or $1.36 per diluted share, down from $424 million, or $2.61 per diluted share, a year earlier. For full-year 2024, net income was $1.5 billion, or $9.84 per diluted share, compared with $2.5 billion, or $14.64, in 2023, which matters to shareholders because lower earnings reduce the cash available for dividends and buybacks.
Q4 2024 net sales were $3.9 billion, versus $4.2 billion in Q4 2023.
Q4 2024 net income was $207 million, or $1.36 per diluted share, versus $424 million, or $2.61, in Q4 2023.
Full-year 2024 net income was $1.5 billion, or $9.84 per diluted share, versus $14.64 in 2023; the company repurchased $1.2 billion of stock, six percent of outstanding shares.
Sinton Texas Flat Roll Steel Division posted a $58 million operating loss in Q4 2024; the company expects positive operating income contributions beginning in the first half of 2025.
On November 4, 2024, James Marcuccilli resigned from Steel Dynamics' Board of Directors and from his seats on the Audit Committee and Corporate Governance and Nominating Committee. The company said the resignation was not due to any disagreement over its operations, policies or practices.
Resignation effective November 4, 2024, per the filing
Marcuccilli left the Board, the Audit Committee and the Corporate Governance and Nominating Committee
Company states no disagreement with management on operations, policies or practices
Filing signed by CFO Theresa E. Wagler on November 7, 2024
Steel Dynamics reported third quarter 2024 net sales of $4.3 billion and net income of $318 million, or $2.05 per diluted share, down from $577 million, or $3.47 per share, a year earlier. The company said lower average realized steel pricing drove the decline and expects steel pricing to recover in 2025, though it gave no numeric guidance.
Net sales were $4.3 billion, versus $4.6 billion in the third quarter of 2023 and $4.6 billion in the second quarter of 2024.
Operating income was $395 million, versus $734 million in the third quarter of 2023.
Cash flow from operations was $760 million, and share repurchases totaled $310 million, or 1.6 percent of outstanding shares.
Management said it is constructive on 2025 steel market conditions but did not provide quantitative guidance.
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