Steel Dynamics announced its fourth quarter 2025 and annual 2025 financial results. The company reported Q4 2025 net sales of $4.4 billion and net income of $266 million. Comparatively, the company’s sequential third quarter 2025 net income was $404 million and prior year fourth quarter net income was $207 million.
Fourth quarter 2025 operating income for Steel Dynamic’s steel operations was $322 million, or 35 percent lower than its sequential third quarter results, due to lower average realized selling values and lower volumes related to both seasonal demand and planned maintenance outages at the company’s flat rolled steel mills. Q4 operating income from the company’s metals recycling operations was $19 million, or $13 million lower than sequential earnings, based on lower selling values and decreased shipments across the platform. The company’s steel fabrication operations generated operating income of $91 million in the fourth quarter 2025, lower than sequential third quarter results of $107 million. Demand was largely driven by the commercial, data center, manufacturing, warehouse, and healthcare sectors.
Annual 2025 net income was $1.2 billion with net sales of $18.2 billion, as compared to net income of $1.5 billion with net sales of $17.5 billion for the same period in 2024. Annual net sales increased 3.6 percent to $18.2 billion, and operating income declined 24 percent to $1.5 billion, when compared to the same period of 2024 due to lower realized pricing in the company’s steel and steel fabrication operations. Annual operating income from the company’s steel operations and steel fabrication operations declined $155 million and $260 million, respectively, when compared to 2024, and annual steel shipments reached a record of 13.7 million tons.
“We anticipate that improving market conditions, including increased trade stability and a more favorable interest rate environment, will support solid domestic demand for steel and aluminum products,” said aid Mark D. Millett, Chairman and CEO. “Steel pricing has improved, and customer optimism remains solid across our businesses, as demand continues to be steady. Additionally, discussions with our customers further underscore the growing importance of lower-carbon, domestically produced steel and aluminum products, positioning our businesses for a sustainable long-term competitive advantage. As unfair trade practices diminish, policy clarity improves, and U.S. manufacturing continues to expand, we believe a favorable market environment will follow.”