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
- • 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
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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