US-based Steel Dynamics, Inc. has announced second quarter 2026 results highlighted by record steel shipments of 3.7 million tons, net sales of $6.1 billion, net income of $534 million, and adjusted EBITDA of $921 million. Compared to the first quarter of 2026, net income increased 32.5 percent quarter over quarter from $403 million, and net sales increased 17 percent quarter over quarter from $5.2 billion. Compared to the second quarter of 2025, net income nearly doubled from $299 million and net sales increased 33.4 percent from $4.6 billion.
Steel operations drove the quarter, posting operating income of $721 million, an increase of 30 percent quarter over quarter, as pricing rose faster than ferrous scrap costs. The average external steel selling price increased $105 per ton sequentially to $1,298 per ton, while the average ferrous scrap cost per ton melted increased $16 to $412 per ton.
Metals recycling held steady at $48 million in operating income quarter over quarter. Steel fabrication contributed $85 million, roughly in line with the $90 million posted in the first quarter, with the fabrication order backlog now nearly 45 percent higher than a year ago and extending into the first quarter of 2027.
For the first half of 2026, net income was $938 million on net sales of $11.3 billion, compared to net income of $516 million on net sales of $8.9 billion for the same period in 2025, with first half operating income up 88 percent year over year.
Mark D. Millett, chairman and chief executive officer, said, "During the second quarter 2026 steel pricing continued to improve resulting in strong performance across our steel platform, driving a sequential quarterly increase in consolidated operating income of $162 million, or 30 percent. Our metals recycling, steel fabrication, and aluminum teams also had a solid performance."
On the outlook, Millett said, "We remain confident that market conditions are in place to support strong domestic steel and aluminum consumption through the remainder of 2026 and into 2027. Customer sentiment, order entry activity, and pricing have continued to improve across our businesses. As the impact of unfair trade practices continues to diminish, policy clarity improves, and US manufacturing investment expands, we believe the foundation is in place for a favorable market environment and sustained demand growth."
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