Steel Dynamics (STLD)
Runs EAF steel mills, scrap recycling, construction fabrication, and recycled-aluminum rolling.
Something off on this page? Send us feedback.
Steel Dynamics melts scrap metal in electric furnaces and sells what pours out: coil for carmakers and builders, beams and rail, the joists that hold up roofs. It owns the scrap yards that feed the furnaces and the shops that finish the steel afterwards. Now it is trying the same trick in aluminum — a new mill in Mississippi, still losing money, learning to roll can and car sheet.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
7 in detail · 12 more below
Flat Roll Steel Group
Three furnace-fed sheet mills turning scrap into coiled steel for carmakers, builders and solar projects — about half of all sales, and together with the long-products mills the 71.6% of the company that is steelmaking. Coated coil is where the better prices sit.
Competes with Nucor sheet mills (Nucor) · Flat-rolled operations (Cleveland-Cliffs) · Imported coil (Overseas steel mills)
In plain English
Scrap steel goes in one end — the metal Omni's yards collect — and comes out the other as steel in giant rolls, some of it dipped in zinc or painted so it will not rust.
Carmakers, builders, energy and solar customers buy those rolls by the ton. The catch is when the money arrives: most of this coil is sold on contracts that follow the market price from about two months earlier, so a price jump reaches the results a quarter late — and a price drop lands late too, which is the part that cushions a bad year.
New Process Steel
The metals distribution business SDI bought outright in December 2025 — it had been SDI's single largest buyer of flat-rolled steel. Six sites in the U.S. and Mexico, about 1,275 people, and the handling margin now stays inside.
Competes with Flat-roll processing and distribution (Worthington Steel) · Independent steel service centers (Independent distributors)
In plain English
Picture the step between a steel mill and a factory: a warehouse that buys coil by the truckload, does the finishing work its customers would rather not do, and keeps metal on the shelf so a small manufacturer does not have to.
SDI already held a minority stake, and two of these plants sit right beside SDI's Butler and Columbus mills. In December 2025 it bought the rest. The customer that bought more flat-rolled steel from SDI than any other is now part of SDI, so the mark-up on handling that steel stays in the house.
Long Products Steel Group
Four furnace mills rolling I-beams, railroad rail, machining-grade bar and rebar — roughly a fifth of sales and the standout of 2025 and 2026 inside the steel business. An early gauge of construction demand was up more than 30% from a year earlier in mid-2026.
Competes with Beam mills including Nucor-Yamato (Nucor) · Merchant bar, structural and special bar (Gerdau North America) · Merchant bar and rebar (Commercial Metals Company)
In plain English
The heavy stuff. Not thin rolls of sheet but the shapes you could trip over: I-beams for building frames, lengths of railroad rail, round bar that other factories machine into parts, and the ribbed rod that goes inside concrete.
The buyers are whoever is putting up a warehouse, a plant or a bridge, plus the railroads. When the rail system ran short in early 2026, SDI turned up rail production to help fill the gap. Management expects rail and structural shapes to stay the strongest part of this group into 2027.
Omni (Metals Recycling)
SDI's scrap yards. They sold $4.35B of metal in 2025 but only $2.04B of it to outsiders; the rest fed SDI's own furnaces. Watch the odd rhythm — recycling earns least in the quarters the mills earn most.
Competes with Sims Metal (Sims Limited) · The David J. Joseph Company (Nucor) · Radius Recycling (Toyota Tsusho)
In plain English
Old metal is this company's iron mine. Omni runs the yards that buy wrecked cars, retired machinery and factory trimmings, sorts the steel from the copper and aluminum, and shreds it into something a furnace can eat.
More than half of what it sells never leaves the family — it goes straight to SDI's own mills, so SDI is buying scrap from itself rather than from a trader. The rest goes to outside customers. The quirk is that scrap is also the mills' main raw-material cost, so a cheap-scrap quarter is a good one for the steel side and a thin one here.
Aluminum Dynamics
A brand-new recycled-aluminum mill in Mississippi with 650,000 metric tons of capacity — 8.2% of sales in the June 2026 quarter, and a $173.0M loss in 2025. Management wants it near full monthly output leaving 2026.
Competes with Bay Minette rolling mill (Novelis) · Rolled aluminum sheet (Kaiser Aluminum) · Imported sheet (Overseas rolling mills)
In plain English
Aluminum sheet is what drink cans and car body panels get stamped out of, and the United States does not roll enough of it — over a million metric tons a year has been coming in from abroad. SDI is running its steel playbook one metal over: melt scrap, roll it flat, sell it in coils.
Shipments started in December 2025 and more than doubled from the first quarter of 2026 to the second. Can makers came first, because can sheet is mostly melted-down scrap. Carmakers take longer, since each alloy has to be approved before it can become a door — and until the volume arrives, the mill runs at a loss.
Automotive body sheet (CASH lines)
Two heat-treating lines at the Mississippi mill that finish aluminum to the standard car body panels require. The first is running; the first commercial automotive metal is expected in the closing months of 2026, with the better product mix pulled forward into 2027.
Competes with Bay Minette automotive line (Novelis) · Automotive aluminum sheet (Constellium) · North American sheet capacity (Arconic)
In plain English
Straight off the rolling mill, the metal is not yet ready to be pressed into a car door. It has to be heated and cooled again on a long, tightly controlled line — tempering a blade, except the blade is a moving ribbon of metal.
That line is what lets the mill sell to carmakers instead of only to can makers. Two of its alloys have already passed testing at several manufacturers and another is in trials, but no commercial automotive metal has shipped yet. The company expects the first late in 2026, with the second line still to be brought up.
New Millennium Building Systems
Joists and floor decking for commercial buildings — a 28.7% operating margin in 2025, by far the best in the company, on an order book up nearly 50% from a year earlier and reaching into early 2027.
Competes with Vulcraft / Verco (Nucor) · Open-web steel joists (Canam Group)
In plain English
Look up inside a big warehouse and you can see the product: the open steel trusses that carry the roof, and the ribbed metal sheet laid across them that the floors get built on top of. New Millennium makes both, cut to one particular building's measurements.
Contractors order project by project, so the order book matters more here than this week's steel price. The plants buy their steel from SDI's own mills, which gives those mills somewhere to send metal when outside demand is soft — and they sit on ten to twelve weeks of it, so a rising steel price pinches here before it helps.
Flat Roll Steel GroupThree furnace-fed sheet mills turning scrap into coiled steel for carmakers, builders and solar projects — about half of all sales, and together with the long-products mills the 71.6% of the company that is steelmaking. Coated coil is where the better prices sit.Three furnace-fed sheet mills turning scrap into coiled steel for carmakers, builders and solar projects — about half of all sales, and together with the long-products mills the 71.6% of the company that is steelmaking. Coated coil is where the better prices sit.
In plain English
Scrap steel goes in one end — the metal Omni's yards collect — and comes out the other as steel in giant rolls, some of it dipped in zinc or painted so it will not rust.
Carmakers, builders, energy and solar customers buy those rolls by the ton. The catch is when the money arrives: most of this coil is sold on contracts that follow the market price from about two months earlier, so a price jump reaches the results a quarter late — and a price drop lands late too, which is the part that cushions a bad year.
Competes with Nucor sheet mills (Nucor) · Flat-rolled operations (Cleveland-Cliffs) · Imported coil (Overseas steel mills)
New Process SteelThe metals distribution business SDI bought outright in December 2025 — it had been SDI's single largest buyer of flat-rolled steel. Six sites in the U.S. and Mexico, about 1,275 people, and the handling margin now stays inside.The metals distribution business SDI bought outright in December 2025 — it had been SDI's single largest buyer of flat-rolled steel. Six sites in the U.S. and Mexico, about 1,275 people, and the handling margin now stays inside.
In plain English
Picture the step between a steel mill and a factory: a warehouse that buys coil by the truckload, does the finishing work its customers would rather not do, and keeps metal on the shelf so a small manufacturer does not have to.
SDI already held a minority stake, and two of these plants sit right beside SDI's Butler and Columbus mills. In December 2025 it bought the rest. The customer that bought more flat-rolled steel from SDI than any other is now part of SDI, so the mark-up on handling that steel stays in the house.
Competes with Flat-roll processing and distribution (Worthington Steel) · Independent steel service centers (Independent distributors)
Long Products Steel GroupFour furnace mills rolling I-beams, railroad rail, machining-grade bar and rebar — roughly a fifth of sales and the standout of 2025 and 2026 inside the steel business. An early gauge of construction demand was up more than 30% from a year earlier in mid-2026.Four furnace mills rolling I-beams, railroad rail, machining-grade bar and rebar — roughly a fifth of sales and the standout of 2025 and 2026 inside the steel business. An early gauge of construction demand was up more than 30% from a year earlier in mid-2026.
In plain English
The heavy stuff. Not thin rolls of sheet but the shapes you could trip over: I-beams for building frames, lengths of railroad rail, round bar that other factories machine into parts, and the ribbed rod that goes inside concrete.
The buyers are whoever is putting up a warehouse, a plant or a bridge, plus the railroads. When the rail system ran short in early 2026, SDI turned up rail production to help fill the gap. Management expects rail and structural shapes to stay the strongest part of this group into 2027.
Competes with Beam mills including Nucor-Yamato (Nucor) · Merchant bar, structural and special bar (Gerdau North America) · Merchant bar and rebar (Commercial Metals Company)
Omni (Metals Recycling)SDI's scrap yards. They sold $4.35B of metal in 2025 but only $2.04B of it to outsiders; the rest fed SDI's own furnaces. Watch the odd rhythm — recycling earns least in the quarters the mills earn most.SDI's scrap yards. They sold $4.35B of metal in 2025 but only $2.04B of it to outsiders; the rest fed SDI's own furnaces. Watch the odd rhythm — recycling earns least in the quarters the mills earn most.
In plain English
Old metal is this company's iron mine. Omni runs the yards that buy wrecked cars, retired machinery and factory trimmings, sorts the steel from the copper and aluminum, and shreds it into something a furnace can eat.
More than half of what it sells never leaves the family — it goes straight to SDI's own mills, so SDI is buying scrap from itself rather than from a trader. The rest goes to outside customers. The quirk is that scrap is also the mills' main raw-material cost, so a cheap-scrap quarter is a good one for the steel side and a thin one here.
Competes with Sims Metal (Sims Limited) · The David J. Joseph Company (Nucor) · Radius Recycling (Toyota Tsusho)
Aluminum DynamicsA brand-new recycled-aluminum mill in Mississippi with 650,000 metric tons of capacity — 8.2% of sales in the June 2026 quarter, and a $173.0M loss in 2025. Management wants it near full monthly output leaving 2026.A brand-new recycled-aluminum mill in Mississippi with 650,000 metric tons of capacity — 8.2% of sales in the June 2026 quarter, and a $173.0M loss in 2025. Management wants it near full monthly output leaving 2026.
In plain English
Aluminum sheet is what drink cans and car body panels get stamped out of, and the United States does not roll enough of it — over a million metric tons a year has been coming in from abroad. SDI is running its steel playbook one metal over: melt scrap, roll it flat, sell it in coils.
Shipments started in December 2025 and more than doubled from the first quarter of 2026 to the second. Can makers came first, because can sheet is mostly melted-down scrap. Carmakers take longer, since each alloy has to be approved before it can become a door — and until the volume arrives, the mill runs at a loss.
Competes with Bay Minette rolling mill (Novelis) · Rolled aluminum sheet (Kaiser Aluminum) · Imported sheet (Overseas rolling mills)
Automotive body sheet (CASH lines)Two heat-treating lines at the Mississippi mill that finish aluminum to the standard car body panels require. The first is running; the first commercial automotive metal is expected in the closing months of 2026, with the better product mix pulled forward into 2027.Two heat-treating lines at the Mississippi mill that finish aluminum to the standard car body panels require. The first is running; the first commercial automotive metal is expected in the closing months of 2026, with the better product mix pulled forward into 2027.
In plain English
Straight off the rolling mill, the metal is not yet ready to be pressed into a car door. It has to be heated and cooled again on a long, tightly controlled line — tempering a blade, except the blade is a moving ribbon of metal.
That line is what lets the mill sell to carmakers instead of only to can makers. Two of its alloys have already passed testing at several manufacturers and another is in trials, but no commercial automotive metal has shipped yet. The company expects the first late in 2026, with the second line still to be brought up.
Competes with Bay Minette automotive line (Novelis) · Automotive aluminum sheet (Constellium) · North American sheet capacity (Arconic)
New Millennium Building SystemsJoists and floor decking for commercial buildings — a 28.7% operating margin in 2025, by far the best in the company, on an order book up nearly 50% from a year earlier and reaching into early 2027.Joists and floor decking for commercial buildings — a 28.7% operating margin in 2025, by far the best in the company, on an order book up nearly 50% from a year earlier and reaching into early 2027.
In plain English
Look up inside a big warehouse and you can see the product: the open steel trusses that carry the roof, and the ribbed metal sheet laid across them that the floors get built on top of. New Millennium makes both, cut to one particular building's measurements.
Contractors order project by project, so the order book matters more here than this week's steel price. The plants buy their steel from SDI's own mills, which gives those mills somewhere to send metal when outside demand is soft — and they sit on ten to twelve weeks of it, so a rising steel price pinches here before it helps.
Competes with Vulcraft / Verco (Nucor) · Open-web steel joists (Canam Group)
Named in filings, launches and programs
- Sinton sheet millProduct lineThe newest of the three sheet mills, part of the roughly $5B build-out; its ramp is finished and it barely comes up on calls now.
- The TechsProduct lineGalvanizing and painting lines in the sheet group — the step that turns bare coil into the coated steel that sells for more.
- Heartland Flat Roll DivisionProduct lineAn Indiana operation with roughly 2.0 million tons of flat roll processing capacity inside the sheet group.
- United Steel SupplyBrand75%-owned distributor selling painted coated sheet steel to smaller construction customers.
- Structural and Rail DivisionProduct lineThe beam and railroad-rail mill of the long products group; output was lifted in early 2026 when the rail system ran short.
- Vulcan Threaded ProductsBrandThreaded-bar finishing at the downstream end of the long products group.
- SDI Biocarbon SolutionsProduct · Ramping75%-owned venture with Aymium making biocarbon to replace fossil carbon in the furnaces; first material shipped September 2025 and was used at Columbus.
- San Luis Potosí slab centerProduct lineA 150,000-metric-ton satellite in central Mexico that casts recycled aluminum slabs for the rolling mill.
- Second satellite slab centerProduct line · AnnouncedPlanned for Arizona, moved to Columbus, Mississippi in June 2026 after disputes with state officials and local opposition; a $16M write-off, start in first-half 2027.
- Recycled aluminum deox-rod facilityProduct lineA small side unit of the aluminum business, making rod rather than sheet.
- Mexican warehouse operationsServiceWarehouse operations in Mexico, reported inside the steel business.
- Other operationsSegmentThe 7.3% of 2025 sales SDI does not break out — smaller subsidiaries and joint ventures below the size at which it has to report them separately.
Sinton sheet millProduct line
The newest of the three sheet mills, part of the roughly $5B build-out; its ramp is finished and it barely comes up on calls now.
The TechsProduct line
Galvanizing and painting lines in the sheet group — the step that turns bare coil into the coated steel that sells for more.
Heartland Flat Roll DivisionProduct line
An Indiana operation with roughly 2.0 million tons of flat roll processing capacity inside the sheet group.
United Steel SupplyBrand
75%-owned distributor selling painted coated sheet steel to smaller construction customers.
Structural and Rail DivisionProduct line
The beam and railroad-rail mill of the long products group; output was lifted in early 2026 when the rail system ran short.
Vulcan Threaded ProductsBrand
Threaded-bar finishing at the downstream end of the long products group.
SDI Biocarbon SolutionsProduct · Ramping
75%-owned venture with Aymium making biocarbon to replace fossil carbon in the furnaces; first material shipped September 2025 and was used at Columbus.
San Luis Potosí slab centerProduct line
A 150,000-metric-ton satellite in central Mexico that casts recycled aluminum slabs for the rolling mill.
Second satellite slab centerProduct line · Announced
Planned for Arizona, moved to Columbus, Mississippi in June 2026 after disputes with state officials and local opposition; a $16M write-off, start in first-half 2027.
Recycled aluminum deox-rod facilityProduct line
A small side unit of the aluminum business, making rod rather than sheet.
Mexican warehouse operationsService
Warehouse operations in Mexico, reported inside the steel business.
Other operationsSegment
The 7.3% of 2025 sales SDI does not break out — smaller subsidiaries and joint ventures below the size at which it has to report them separately.