Steel Dynamics (STLD) FY2025 10-K Annual Report
Steel Dynamics (STLD) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 27, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Steel Dynamics FY2025 10-K Analysis
Business Overview
- • Circular EAF steelmaking platform — scrap-fed steel mills, metals recycling, steel fabrication, and new recycled aluminum flat rolled products
- • Aluminum segment ramped to production in H2 2025: 650,000-metric-ton Columbus, MS mill achieved beverage can and automotive certifications; target mix 45% can sheet, 35% automotive, 20% industrial
Management Discussion & Analysis
- • Revenue $18.2B, up 4% YoY ($636M increase); Steel Operations +7% to $13.4B, Steel Fabrication worst at -20% to $1.4B
- • Operating margin 8.1% vs 11.1% in 2024; operating income fell 24% to $1.5B from $1.9B; net income down 23% to $1.2B; EPS $7.99 vs $9.84
Risk Factors
- • Chinese steelmaking capacity far exceeds domestic demand, making China a major global exporter and depressing US steel prices
- • EAF dust classified as hazardous waste by US EPA; changing regulations on EAF dust or shredder residue could trigger significant additional remediation costs
Steel Dynamics FY2025 Key Financial MetricsXBRL
Revenue
$18.2B
▲ +3.6% YoY
Net Income
$1.2B
▼ -22.9% YoY
Gross Margin
13.2%
▼ -282bp YoY
Operating Margin
8.1%
▼ -296bp YoY
Net Margin
6.5%
▼ -224bp YoY
ROE
13.2%
▼ -397bp YoY
Total Assets
$16.4B
▲ +9.9% YoY
EPS (Diluted)
$7.99
▼ -18.8% YoY
Operating Cash Flow
$1.4B
▼ -21.4% YoY
Source: XBRL data from Steel Dynamics FY2025 10-K filing on SEC EDGAR. All figures in USD.
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