Steel Dynamics, Inc. issued second quarter 2026 earnings guidance, projecting stronger results across most of its business compared to the first quarter, led by improved performance in its steel operations.
Steel operations are expected to post “meaningfully” higher earnings, with selling prices rising faster than scrap input costs during the quarter. The company described order activity as strong, inventories as low, and demand as solid across non-residential construction, energy, automotive, and industrial end markets.
The metals recycling segment is expected to come in roughly flat with the first quarter. Higher ferrous and non-ferrous shipment volumes are anticipated, but those gains are expected to be offset by non-ferrous hedging losses.
Steel fabrication earnings are expected to dip slightly below first quarter levels. Shipments are up and pricing is holding steady, but higher steel input costs are squeezing the segment. Despite the near-term pressure, the company's fabrication order backlog is now nearly 40 percent larger than a year ago and extends well into 2027, supported by commercial construction, data centers, warehouses, manufacturing, and healthcare projects.
Second quarter earnings are scheduled for release after markets close on July 20, 2026.
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