Steel Dynamics, Inc. (STLD)

In December 2025, Steel Dynamics provided fourth-quarter earnings guidance, projecting lower diluted earnings per share due to decreased steel prices, seasonal demand, and extended maintenance outages at flat-rolled steel mills. The company completed the acquisition of the remaining ownership interest in New Process Steel in December 2025. Steel Dynamics, along with SGH, confirmed the submission of a non-binding indicative offer to acquire BlueScope Steel Ltd in December 2025. The company declared a $0.50 cash dividend for the fourth quarter of 2025. From July to October 2025, average indexed hot-rolled steel prices experienced a decline of over $70 per ton. In November 2025, Steel Dynamics announced the completion of a notes offering and a redemption call for its 5.000% Notes due 2026, and also announced a leadership appointment. In January 2026, Morgan Stanley downgraded Steel Dynamics to a "hold" rating ahead of the company's fourth-quarter and full-year 2025 earnings release.

Demand for Steel Dynamics' products and services is subject to predictable seasonal cycles, typically peaking during construction seasons and slowing during winter months. Late fall also experiences a decline in demand, and monsoon periods in certain regions can lead to reduced demand. Steel Dynamics anticipates seasonal shipment drops to affect earnings from its metals recycling and steel fabrication segments. Flat-rolled steel prices have recently shown signs of recovery, and the company has a strong order backlog extending into the second quarter of 2026, with anticipated demand growth from infrastructure spending, onshoring initiatives, and easing interest rates expected to support improved volumes in 2026.

Steel Dynamics, Inc. is an industrial metals solutions company that operates primarily in the Steel/Iron Ore industry. The company employs a circular manufacturing model, utilizing Electric Arc Furnace (EAF) minimills to produce lower-carbon-emission steel from recycled ferrous scrap. Its core business encompasses steel production, metals recycling, and steel fabrication, with a recent strategic expansion into aluminum operations. The company's major products include flat rolled steel, long products, and steel fabrication products. The company is also investing in aluminum flat rolled products, with the first coils expected to be shipped in June 2025, targeting the beverage can, automotive, and industrial sectors.

Steel Dynamics maintains a significant geographic footprint across the United States and in Mexico. Its steel fabrication operations, in particular, have a national presence, enabling the company to serve the entire domestic construction market.

Steel Dynamics has maintained a strong brand reputation, particularly for its commitment to sustainability and its position as a leader in lower-carbon steel production. The company's strategic diversification into aluminum operations also contributes positively to its image. MarketBeat rated Steel Dynamics highly, scoring it above 99% of evaluated companies. However, analyst sentiment is generally "Hold," and insider sentiment has been negative, marked by significant open-market selling from key executives. The company's profit margins were also noted to be lower than the previous year.

Steel Dynamics' ownership structure is largely dominated by institutional investors, who collectively hold approximately 65% to 79% of the company's stock. Major institutional shareholders include Vanguard Group Inc., BlackRock, Inc., State Street Corp, and others. Insiders hold between 6.57% and 7.24% of the shares, with Richard P. Teets Jr. identified as the largest individual shareholder.