Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
The steel mills out-earned the whole company
Aluminum startup losses and companywide profit sharing outweighed recycling and fabrication profits, so everything beyond the mills subtracted from earnings.
For investorsWhat the steel spread has to do for these margins to last
For foundersOwning your biggest input: the scrap-to-steel playbook
Sales rose 34.8%, but steel prices climbed far faster than scrap costs, so most of the extra revenue reached profit.
Fabrication volumes rose 25%, yet rising steel costs narrowed its spread, so part of the mills' gain is given back inside the group.
Operating cash flow reached 1.12 times net income, after working capital absorbed most of the first quarter's profit.
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Business Lens describes Steel Dynamics from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
