Steel Dynamics, Inc. reported record financial results for the third quarter of 2026. The company announced net sales of $6.5 billion and net income of $756 million, or $5.26 per diluted share. This represents a significant increase compared to the sequential second quarter of 2026, where net income was $534 million, or $3.69 per diluted share, and the prior year third quarter, where net income was $404 million, or $2.74 per diluted share.
For the three-month period, the company recorded operating income of $1.0 billion and adjusted EBITDA of $1.2 billion. The company also generated $846 million in cash flow from operations and maintained liquidity of $2.4 billion as of September 30, 2026.
During the quarter, Steel Dynamics executed a share repurchase program totaling $276 million, representing one percent of the company's common stock. Additionally, the company paid cash dividends of $76 million and invested $150 million in capital expenditures.
On a year-to-date basis through September 30, 2026, net sales increased 29 percent to $17.8 billion compared to the same period in 2025. Net income for the nine-month period was $1.7 billion, or $11.72 per diluted share, compared to $920 million, or $6.17 per diluted share, in the prior year.
Management attributed the strong performance to record steel shipments of 3.8 million tons and expansion in metal spreads. The average external product selling price for steel operations increased $102 sequentially to $1,400 per ton, while average ferrous scrap costs decreased $8 per ton to $404 per ton.
The company’s steel fabrication operations generated operating income of $91 million, up from $85 million in the previous quarter, driven by a 18 percent increase in shipments. The metals recycling operations reported operating income of $33 million.
The company’s aluminum operations, which are currently ramping up, reported operating losses of $26 million for the quarter. The company noted that all three cold mills are now operational, and the first of two Continuous Annealing and Solution Heat lines is expected to ship finished automotive products before the end of the year.
Steel Dynamics will hold a conference call to discuss the results on Tuesday, October 20, 2026, at 11:00 a.m. Eastern Daylight Time.
