Short answer
Steel Dynamics (STLD) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $18.2B (+3.6% year over year) and net income of $1.2B.
- Top risk flagged: Chinese steelmaking capacity far exceeds domestic demand, making China a major global exporter and depressing US steel prices
FY2025 key financial metrics · XBRL
- Revenue
- $18.2B
- +3.6% YoY
- Net income
- $1.2B
- −22.9% YoY
- Operating margin
- 8.1%
- −3.0 pp YoY
- Gross margin
- 13.2%
- −2.8 pp YoY
- EPS (diluted)
- $7.99
- −18.8% YoY
- ROE
- 13.2%
- −4.0 pp YoY
- Operating cash flow
- $1.4B
- −21.4% YoY
Source: XBRL data from the Steel Dynamics (STLD) FY2025 10-K on SEC EDGAR. USD.
Steel Dynamics FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
- Biocarbon facility in Columbus, MS began operations H2 2025: pyrolysis-converted biomass to replace anthracite, targeting up to 35% reduction in Scope 1 GHG emissions
- Steel operations ~16M ton capacity; internal steel consuming businesses purchased 1.8M tons (13% of total shipments) in 2025; team retention 89% (U.S.-based)
- NPS (New Process Steel) acquired December 1, 2025: added metallic-coated/pre-painted flat rolled distribution, expanding downstream processing reach
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
- Best segment: Metals Recycling op income +27% to $97.2M; worst: Steel Fabrication op income -39% to $407.4M; Aluminum ops loss widened to -$173M
- Capex $948M (down from $1.9B in 2024); buybacks $900.9M; dividends raised 9% to $0.50/share quarterly, $294.1M declared; CFO $1.4B vs $1.8B prior year
- Key risks: trade policy uncertainty, aluminum ramp-up still early (15K metric tons shipped H2 2025), debt up $980M to $4.2B total; backlog solid through H1 2026
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
- Aluminum operations dependent on concentrated customer base; loss of one major customer with long-term sales agreement could materially impact segment results
- Scrap suppliers operate without long-term contracts and can withhold supply during low-price periods, creating raw material vulnerability for EAF operations
- Senior unsecured credit facility contains financial covenants; breach could trigger immediate acceleration of "a significant portion" of total indebtedness
Generated from the filing text; verify against the original. How to read a 10-K
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