Fort Wayne, Ind. – September 19, 2026 -- Steel Dynamics, Inc. (NASDAQ/GS: STLD) guided third-quarter 2026 earnings to a range of $5.34 to $5.38 per diluted share, nearly double the $2.74 per diluted share reported in the prior-year third quarter and up from $3.69 per diluted share in the sequential second quarter.
Steel margins widen as shipments hit record levels
Profitability from steel operations is expected to rise significantly from the second quarter, driven by metal margin expansion and record shipments. The company cited higher average realized steel selling values combined with lower scrap costs, alongside strong customer order activity and persistently low customer inventories. Demand remains solid across non-residential construction, energy, automotive, and industrial end markets.
Metals recycling earnings soften on narrower spreads
Third-quarter earnings from metals recycling operations are expected to decline sequentially due to lower metal spreads and modestly lower shipments.
Fabrication backlog runs nearly 50% above prior-year levels
Steel fabrication earnings are expected to improve modestly, as stronger shipments offset metal spread compression from higher steel input material costs. The current order backlog is nearly 50% higher than prior-year third-quarter levels and extends through the first quarter of 2027. Demand remains healthy in commercial construction, data center and warehouse development, manufacturing, and healthcare markets. The company anticipates further fabrication volume growth in 2027, citing domestic manufacturing investment, U.S. infrastructure spending, stimulus programs, and onshoring activity.
Columbus, Mississippi aluminum mill nears full commercial output
Aluminum operations earnings are expected to improve meaningfully on increased shipments. All three cold mills at the company's aluminum flat rolled products mill in Columbus, Mississippi are now operational. The first of two Continuous Annealing and Solution Heat (CASH) lines is running and is expected to ship commercial material in the fourth quarter, while the second CASH line is expected to begin producing material for customer qualification before year-end.
Company repurchases $261 million in stock during the quarter
Steel Dynamics has repurchased $261 million of common stock, just under 1% of shares outstanding, so far during the third quarter of 2026. The company plans to release full third-quarter results after market close on October 19, 2026, followed by a conference call on October 20 at 11:00 a.m. Eastern Daylight Time.