Short answer
Steel Dynamics (STLD) filed its fiscal 2024 10-K annual report with the SEC on Feb 28, 2025. It reported revenue of $17.5B (−6.7% year over year) and net income of $1.5B.
- Top risk flagged: Pricing pressure from imports of coated flat rolled steel impacting domestic flat rolled steel segment
FY2024 key financial metrics · XBRL
- Revenue
- $17.5B
- −6.7% YoY
- Net income
- $1.5B
- −37.3% YoY
- Operating margin
- 11.1%
- −5.7 pp YoY
- Gross margin
- 16.0%
- −5.5 pp YoY
- EPS (diluted)
- $9.84
- −32.8% YoY
- ROE
- 17.2%
- −10.4 pp YoY
- Operating cash flow
- $1.8B
- −47.6% YoY
Source: XBRL data from the Steel Dynamics (STLD) FY2024 10-K on SEC EDGAR. USD.
Steel Dynamics FY2024 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Integrated steel production, metals recycling, and steel fabrication serving construction, automotive, industrial, and energy sectors
- New Aluminum Operations segment emphasized in 2024, including a $2.7 billion investment in a lower-carbon recycled aluminum flat rolled products mill and slab centers, expected operational mid to late 2025
- Strategic shift: increased focus and capital investment in aluminum operations, reflecting growth and diversification beyond steel and recycling segments
- Quantitative highlights: Operating income down 16% to $1.6B in steel operations; metals recycling operating income up 61% to $76.8M; steel fabrication operating income down 58% to $667M; capital expenditures up to $1.9B with $2.7B total planned for aluminum projects
- Noteworthy 2024 fact: Issued $600M senior unsecured notes in July 2024; increased quarterly dividend 8% to $0.46 per share; liquidity remains strong with $2.2B available and maintained compliance with key credit covenants
Management Discussion & Analysis
- Revenue $17.54B, down 7% YoY from $18.80B, driven by Steel (-4%) and Steel Fabrication (-37%)
- Operating income $1.94B, down 38% YoY from $3.15B; Steel margin 12.6% vs 14.4%, Fabrication margin 37.6% vs 56.7%
- Best segment Metals Recycling: operating income +61% to $76.8M on $4.14B sales; worst Aluminum: operating loss $72.3M vs income $17.1M
- No forward-looking guidance or key risks included in provided section
Risk Factors
- Pricing pressure from imports of coated flat rolled steel impacting domestic flat rolled steel segment
- Non-residential construction market boost driving historically strong steel fabrication volumes and prices
- Significant metal spread compression reducing consolidated operating income by $1.2 billion, down 38% from 2023
- Steel shipments 12.7 million tons, slightly below 2023's record 12.8 million tons volume
- Consolidated net sales $17.5 billion with operating cash flow $1.8 billion amidst challenging pricing environment
Generated from the filing text; verify against the original. How to read a 10-K
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