Declared Dividend • 9h
First quarter dividend of US$0.53 announced Shareholders will receive a dividend of US$0.53. Ex-date: 30th June 2026 Payment date: 10th July 2026 Dividend yield will be 0.9%, which is lower than the industry average of 2.7%. Sustainability & Growth Dividend is well covered by both earnings (22% earnings payout ratio) and cash flows (46% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 68% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Live News • May 05
Steel Dynamics Posts Record Shipments and Grows Revenue With Higher Dividend and Buybacks Steel Dynamics reported Q1 2026 revenue of US$5.2b, up 19.1% year over year and slightly ahead of analyst estimates.
Net income reached US$403 million and earnings per share of US$2.78 came in just under the US$2.79 consensus, supported by record steel shipments of 3.6 million tons and an 89% mill utilization rate.
The aluminum business recorded a US$65 million operating loss tied to startup and quality costs, while the company raised its dividend 6% and repurchased US$115 million of stock as part of a buyback program exceeding US$800 million since early 2025.
For you as an investor, the mix here is important. The core steel operations are generating solid earnings and high utilization, supported by trade measures such as existing Trump-era tariffs and infrastructure-related demand. At the same time, the aluminum segment is still in investment mode, with early losses tied to ramp-up and quality issues rather than mature operations. Management has outlined a target for normalized through-cycle EBITDA of US$650 to US$700 million for aluminum, which frames how they see this business contributing over time.
The higher dividend and continued buybacks suggest management is comfortable returning capital while funding growth projects. Analysts have reacted by lifting their price target to US$223, and commentary points to expectations for revenue growth that could outpace the broader steel sector. Investors may want to watch how quickly aluminum losses narrow, how steel pricing and volumes hold up relative to current levels, and whether trade and infrastructure support continues to underpin shipment and utilization metrics through the rest of 2026. Recent Insider Transactions • Apr 26
Lead Independent Director recently sold US$1.1m worth of stock On the 23rd of April, Kenneth Cornew sold around 5k shares on-market at roughly US$225 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$6.3m more than they bought in the last 12 months. Recent Insider Transactions Derivative • Apr 24
Senior Vice President of Aluminum Group notifies of intention to sell stock Miguel Alvarez intends to sell 5k shares in the next 90 days after lodging an Intent To Sell Form on the 23rd of April. If the sale is conducted around the recent share price of US$226, it would amount to US$1.1m. Since June 2025, Miguel's direct individual holding has increased from 104.24k shares to 127.08k. Company insiders have collectively sold US$4.2m more than they bought, via options and on-market transactions in the last 12 months. Price Target Changed • Apr 22
Price target increased by 13% to US$215 Up from US$191, the current price target is an average from 11 analysts. New target price is 5.3% below last closing price of US$227. Stock is up 86% over the past year. The company is forecast to post earnings per share of US$14.68 for next year compared to US$8.02 last year. Reported Earnings • Apr 21
First quarter 2026 earnings released First quarter 2026 results: Net income: (down US$217.2m from profit in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 28% per year, which means it is well ahead of earnings. New Risk • Apr 21
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Announcement • Mar 30
Steel Dynamics, Inc., Annual General Meeting, May 06, 2026 Steel Dynamics, Inc., Annual General Meeting, May 06, 2026. Location: at the fort wayne country club, 5221 covington road, indiana, 46804., fort wayne, United States Announcement • Mar 28
Steel Dynamics, Inc. Announces Board Retirements, Effective May 6, 2026 Steel Dynamics, Inc. announced On March 25, 2026, each of Richard P. Teets, Jr. and Gabriel L. Shaheen, members of the Board of Directors (the “Board”) of Steel Dynamics, Inc. (the “Company”), informed the Board of his respective intention to retire from the Board at the end of the current term and not stand for reelection effective as of the Company’s 2026 Annual Meeting of Shareholders taking place on May 6, 2026. Upcoming Dividend • Mar 24
Upcoming dividend of US$0.53 per share Eligible shareholders must have bought the stock before 31 March 2026. Payment date: 10 April 2026. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of American dividend payers (4.4%). Lower than average of industry peers (1.7%). Reported Earnings • Mar 02
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: US$8.02 (down from US$9.89 in FY 2024). Revenue: US$18.2b (up 3.6% from FY 2024). Net income: US$1.19b (down 23% from FY 2024). Profit margin: 6.5% (down from 8.8% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.0%. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Metals and Mining industry in the US. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Declared Dividend • Feb 25
Fourth quarter dividend increased to US$0.53 Dividend of US$0.53 is 6.0% higher than last year. Ex-date: 31st March 2026 Payment date: 10th April 2026 Dividend yield will be 1.1%, which is lower than the industry average of 2.7%. Sustainability & Growth Dividend is covered by both earnings (25% earnings payout ratio) and cash flows (58% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 99% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 21
Steel Dynamics, Inc. Announces First Quarter 2026 Cash Dividend, Payable on or About April 10, 2026 Steel Dynamics, Inc. announced that the company's board of directors declared a first quarter cash dividend of $0.53 per common share, representing a 6% increase over the company's 2025 quarterly rate. The dividend is payable to shareholders of record at the close of business on March 31, 2026, and is payable on or about April 10, 2026. Reported Earnings • Jan 26
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: US$8.02 (down from US$9.89 in FY 2024). Revenue: US$18.2b (up 3.6% from FY 2024). Net income: US$1.19b (down 23% from FY 2024). Profit margin: 6.5% (down from 8.8% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.0%. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the Metals and Mining industry in the US. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Announcement • Jan 05
SGH Limited (ASX:SGH) and Steel Dynamics, Inc. (NasdaqGS:STLD) signed an unsolicited, non-binding and indicative proposal to acquire BlueScope Steel Limited (ASX:BSL) for AUD 13.2 billion. SGH Limited (ASX:SGH) and Steel Dynamics, Inc. (NasdaqGS:STLD) signed an unsolicited, non-binding and indicative proposal to acquire BlueScope Steel Limited (ASX:BSL) for AUD 13.2 billion on December 12, 2025. A cash consideration of AUD 30 per share will be paid by SGH Limited and Steel Dynamics, Inc. The proposal would see SGH acquire all of BlueScope’s shares and then on-sell BlueScope’s North American businesses to Steel Dynamics. Both SGH and SDI will utilize this support to fund their respective transaction contribution through existing cash reserves and available debt financing.
The Indicative Proposal is subject to a number of conditions, including: exclusivity; due diligence; securing significant debt financing, no material adverse change in BlueScope’s business; a unanimous recommendation from the Board of BlueScope; approval of BlueScope shareholders; no further share buy-back being undertaken by BlueScope; final approval from the Boards of the respective Consortium members; and necessary regulatory approvals.
UBS acted as financial advisor for BlueScope Steel Limited. Herbert Smith Freehills Kramer acted as legal advisor for BlueScope Steel Limited. Upcoming Dividend • Dec 24
Upcoming dividend of US$0.50 per share Eligible shareholders must have bought the stock before 31 December 2025. Payment date: 09 January 2026. Payout ratio is a comfortable 26% and the cash payout ratio is 94%. Trailing yield: 1.1%. Lower than top quartile of American dividend payers (4.4%). Lower than average of industry peers (1.5%). Announcement • Dec 02
Steel Dynamics, Inc. (NasdaqGS:STLD) acquired remaining 55% stake in New Process Steel, L.P. Steel Dynamics, Inc. (NasdaqGS:STLD) entered into a definitive agreement to acquire remaining 55% stake in New Process Steel, L.P. on August 19, 2025. Upon completion, Steel Dynamics, Inc. will own 100% stake in New Process Steel, L.P.
This transaction is subject to customary closing conditions and receipt of regulatory approvals.
Steel Dynamics, Inc. (NasdaqGS:STLD) completed the acquisition of remaining 55% stake in New Process Steel, L.P. on December 1, 2025. Declared Dividend • Nov 12
Third quarter dividend of US$0.50 announced Shareholders will receive a dividend of US$0.50. Ex-date: 31st December 2025 Payment date: 9th January 2026 Dividend yield will be 1.3%, which is lower than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (26% earnings payout ratio) but not adequately covered by cash flows (94% cash payout ratio). The dividend has increased by an average of 16% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 104% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 12
Steel Dynamics, Inc. Appoints Matt Bell as Head of Its Metals Recycling Platform Effective November 11, 2025 Steel Dynamics, Inc. announced the appointment of Matt Bell as the company's head of its metals recycling platform effective November 11, 2025. Matt Bell will assume responsibility and oversight for the company's metals recycling platform as the Vice President of Metals Recycling and the President of OmniSource. Since 2023, Mr. Bell has served as Vice President of Commercial for OmniSource, responsible for developing and implementing its ferrous purchasing and sales growth strategies, including optimizing the scrap supply for the company's steel operations. Since joining the company in 2016, Mr. Bell has held increasingly impactful leadership roles within the metals recycling platform in operations, commercial, and marketing responsibilities. Prior to joining the company, he held various leadership positions in the metals recycling industry. Announcement • Nov 07
Steel Dynamics, Inc. Announces Cash Dividend for fourth Quarter of 2025 , Payable on or About January 9, 2026 Steel Dynamics, Inc. announced that the company's board of directors declared a fourth quarter 2025 cash dividend of $0.50 per common share. The dividend is payable to shareholders of record at the close of business on December 31, 2025 and is payable on or about January 9, 2026. Recent Insider Transactions • Oct 31
Senior Vice President of Aluminum Group recently sold US$1.3m worth of stock On the 29th of October, Miguel Alvarez sold around 8k shares on-market at roughly US$163 per share. This transaction amounted to 7.9% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$8.5m more than they bought in the last 12 months. Recent Insider Transactions Derivative • Oct 30
Senior Vice President of Aluminum Group notifies of intention to sell stock Miguel Alvarez intends to sell 8k shares in the next 90 days after lodging an Intent To Sell Form on the 29th of October. If the sale is conducted around the recent share price of US$163, it would amount to US$1.3m. Since December 2024, Miguel's direct individual holding has increased from 89.27k shares to 104.24k. Company insiders have collectively sold US$7.2m more than they bought, via options and on-market transactions in the last 12 months. Price Target Changed • Oct 28
Price target increased by 7.4% to US$165 Up from US$154, the current price target is an average from 12 analysts. New target price is approximately in line with last closing price of US$161. Stock is up 19% over the past year. The company is forecast to post earnings per share of US$8.45 for next year compared to US$9.89 last year. Announcement • Oct 27
Steel Dynamics, Inc. Launches Lower-Embodied-Carbon Steel Products BIOEDGE and EDGE Steel Dynamics, Inc. announced lower-embodies-carbon steel product offerings, BIOEDGE™ and EDGE™, to support customers in achieving their greenhouse gas emissions reduction and sustainability initiatives. BIOEDGE and EDGE are lower-embodied-carbon steel products produced exclusively with electric arc furnace (EAF) technology. Additionally, the steel is matched with Green-e Energy certified renewable energy certificates or emission-free nuclear energy certificates, significantly reducing Scope 2 emissions. BIOEDGE further reduces embodied carbon in the EAF steelmaking process, utilizing renewable biocarbon as a replacement for anthracite, significantly reducing Scope 1 emissions. BIOEDGE offers an innovative supply-chain solution for companies seeking to meaningfully decarbonize their supply chains without compromising performance or quality. The EDGE family of steel products will be available across the company's steel operations. The company anticipates immediate interest from automotive and construction customers, and from across the renewable energy and infrastructure sectors. The renewable biocarbon used to produce BIOEDGE will be sourced exclusively from SDI Biocarbon Solutions, which is 75%-owned by Steel Dynamics and 25%-owned by Aymium, a leading producer of biocarbon globally. Reported Earnings • Oct 21
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: US$2.75 (up from US$2.06 in 3Q 2024). Revenue: US$4.83b (up 11% from 3Q 2024). Net income: US$403.7m (up 27% from 3Q 2024). Profit margin: 8.4% (up from 7.3% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates by 4.3%. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Metals and Mining industry in the US. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 23
Upcoming dividend of US$0.50 per share Eligible shareholders must have bought the stock before 30 September 2025. Payment date: 10 October 2025. Payout ratio is a comfortable 28% but the company is not cash flow positive. Trailing yield: 1.5%. Lower than top quartile of American dividend payers (4.5%). In line with average of industry peers (1.6%). Announcement • Aug 19
Steel Dynamics, Inc. (NasdaqGS:STLD) entered into a definitive agreement to acquire remaining 55% stake in New Process Steel, L.P. Steel Dynamics, Inc. (NasdaqGS:STLD) entered into a definitive agreement to acquire remaining 55% stake in New Process Steel, L.P. on August 19, 2025. Upon completion, Steel Dynamics, Inc. will own 100% stake in New Process Steel, L.P.
This transaction is subject to customary closing conditions and receipt of regulatory approvals. Declared Dividend • Aug 18
Second quarter dividend of US$0.50 announced Shareholders will receive a dividend of US$0.50. Ex-date: 30th September 2025 Payment date: 10th October 2025 Dividend yield will be 1.6%, which is lower than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (28% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 16% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 100% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 14
Steel Dynamics, Inc. Announces Third Quarter 2025 Cash Dividend, Payable on or About October 10, 2025 Steel Dynamics, Inc. announced that the company's board of directors declared a third quarter 2025 cash dividend of $0.50 per common share. The dividend is payable to shareholders of record at the close of business on September 30, 2025 and is payable on or about October 10, 2025. Recent Insider Transactions • Aug 01
Insider recently sold US$1.5m worth of stock On the 30th of July, Christopher Graham sold around 12k shares on-market at roughly US$127 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$11m more than they bought in the last 12 months. Recent Insider Transactions Derivative • Jul 31
Insider notifies of intention to sell stock Christopher Graham intends to sell 12k shares in the next 90 days after lodging an Intent To Sell Form on the 29th of July. If the sale is conducted around the recent share price of US$130, it would amount to US$1.6m. Since December 2024, Christopher's direct individual holding has increased from 60.62k shares to 78.74k. Company insiders have collectively sold US$9.8m more than they bought, via options and on-market transactions in the last 12 months. Major Estimate Revision • Jul 28
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from US$9.66 to US$8.62 per share. Revenue forecast steady at US$18.5b. Net income forecast to grow 50% next year vs 48% growth forecast for Metals and Mining industry in the US. Consensus price target broadly unchanged at US$150. Share price fell 2.8% to US$131 over the past week. Reported Earnings • Jul 22
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: US$2.01 (down from US$2.73 in 2Q 2024). Revenue: US$4.57b (down 1.5% from 2Q 2024). Net income: US$298.7m (down 30% from 2Q 2024). Profit margin: 6.5% (down from 9.2% in 2Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue missed analyst estimates by 3.6%. Earnings per share (EPS) also missed analyst estimates by 12%. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Metals and Mining industry in the US. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 23
Upcoming dividend of US$0.50 per share Eligible shareholders must have bought the stock before 30 June 2025. Payment date: 11 July 2025. Payout ratio is a comfortable 25% but the company is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of American dividend payers (4.8%). Lower than average of industry peers (1.9%). Recent Insider Transactions • May 22
Insider recently sold US$1.0m worth of stock On the 20th of May, Miguel Alvarez sold around 7k shares on-market at roughly US$135 per share. This transaction amounted to 6.7% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$9.8m more than they bought in the last 12 months. Recent Insider Transactions Derivative • May 21
Insider notifies of intention to sell stock Miguel Alvarez intends to sell 7k shares in the next 90 days after lodging an Intent To Sell Form on the 20th of May. If the sale is conducted around the recent share price of US$135, it would amount to US$1.0m. Since December 2024, Miguel's direct individual holding has increased from 89.27k shares to 111.74k. Company insiders have collectively sold US$8.8m more than they bought, via options and on-market transactions in the last 12 months. Announcement • May 10
Steel Dynamics, Inc. Announces Executive Changes Steel Dynamics, Inc. announced operational senior leadership transitions for Glenn Pushis and Miguel Alvarez. Glenn Pushis, Senior Vice President Special Projects: Glenn Pushis will be retiring from Steel Dynamics effective October 1, 2025, to pursue a position as the Chief Executive Officer of McBride Capital Partners "Project Aero", a U.S. based company that plans to construct a titanium manufacturing facility in North Carolina. Post October 1, 2025, he will continue to provide consulting services to Steel Dynamics through commissioning of the company's new aluminum flat rolled facilities during the year. Mr. Pushis joined Steel Dynamics in 1994. Most recently, he was responsible for the successful design and construction of the company's new 650,000 metric ton state-of-the-art lower-carbon, recycled aluminum flat rolled products mill in Columbus, Mississippi with two satellite recycled aluminum slab centers in the Southwestern United States and Northcentral Mexico. From 2019 until 2022, Mr. Pushis was responsible for the successful design and construction of the company's Sinton Flat Roll Division, developed to serve the Southwestern United States and Mexico. He has extensive experience in this capacity and has been instrumental in numerous construction projects for Steel Dynamics since its founding. Prior to that, Mr. Pushis served as Senior Vice President, Long Products Steel Group, responsible for the company's four long product steel mills. Mr. Pushis has held various operational and leadership roles, including roles within the Engineered Bar Products Division and the Butler Flat Roll Division. He was also part of the team that constructed the company's first steel mill in Butler, Indiana. Miguel Alvarez, Senior Vice President Aluminum Group: Miguel Alvarez will assume responsibility and oversight for the company's aluminum operations, effective October 1, 2025. These responsibilities include leadership of the company's new strategic aluminum investments which are currently being commissioned under Mr. Pushis' leadership, as well as an ancillary recycled aluminum deox-rod facility. Mr. Alvarez joined the company in 2019 as Senior Vice President, Southwest U.S. and Mexico to support the company's steel and metals recycling growth strategy in that region, where he utilized his extensive knowledge of flat rolled steel operations and gained considerable knowledge of the metals recycling business. Based on his success, he was promoted to lead the company's metals recycling platform in March 2022, where he has led the transformation and growth of this platform. Prior to joining Steel Dynamics, Mr. Alvarez held numerous senior leadership positions within the steel industry beginning in 2004. The company has an intentional leadership development and succession process and will announce the new senior leader for its metals recycling platform in the coming weeks. Declared Dividend • May 01
First quarter dividend of US$0.50 announced Shareholders will receive a dividend of US$0.50. Ex-date: 30th June 2025 Payment date: 11th July 2025 Dividend yield will be 1.5%, which is lower than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (25% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 16% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 70% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 29
Steel Dynamics, Inc. Announces Second Quarter 2025 Cash Dividend, Payable on June 30, 2025 Steel Dynamics, Inc. announced that the company's board of directors declared a second quarter cash dividend of $0.50 per common share. The dividend is payable to shareholders of record at the close of business on June 30, 2025 and is payable on or about July 11, 2025. Reported Earnings • Apr 23
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: US$1.45 (down from US$3.68 in 1Q 2024). Revenue: US$4.37b (down 6.9% from 1Q 2024). Net income: US$217.2m (down 63% from 1Q 2024). Profit margin: 5.0% (down from 12% in 1Q 2024). The decrease in margin was primarily driven by lower revenue. Revenue exceeded analyst estimates by 4.6%. Earnings per share (EPS) also surpassed analyst estimates by 2.3%. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Metals and Mining industry in the US. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Upcoming Dividend • Mar 24
Upcoming dividend of US$0.50 per share Eligible shareholders must have bought the stock before 31 March 2025. Payment date: 11 April 2025. Payout ratio is a comfortable 19% but the company is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of American dividend payers (4.7%). Lower than average of industry peers (2.0%). Announcement • Mar 15
Steel Dynamics, Inc., Annual General Meeting, Apr 25, 2025 Steel Dynamics, Inc., Annual General Meeting, Apr 25, 2025. Location: fort wayne country club, 5221 covington road, fort wayne United States Reported Earnings • Mar 03
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: US$9.89 (down from US$14.72 in FY 2023). Revenue: US$17.5b (down 6.7% from FY 2023). Net income: US$1.54b (down 37% from FY 2023). Profit margin: 8.8% (down from 13% in FY 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.0%. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Metals and Mining industry in the US. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Declared Dividend • Feb 26
Fourth quarter dividend increased to US$0.50 Dividend of US$0.50 is 8.7% higher than last year. Ex-date: 31st March 2025 Payment date: 11th April 2025 Dividend yield will be 1.4%, which is lower than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (19% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 15% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 38% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Recent Insider Transactions • Feb 13
Insider recently sold US$3.2m worth of stock On the 11th of February, Glenn Pushis sold around 24k shares on-market at roughly US$135 per share. This transaction amounted to 19% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$12m more than they bought in the last 12 months. Major Estimate Revision • Jan 29
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from US$18.0b to US$17.8b. EPS estimate also fell from US$9.23 per share to US$8.23 per share. Net income forecast to shrink 13% next year vs 41% growth forecast for Metals and Mining industry in the US . Consensus price target broadly unchanged at US$139. Share price rose 5.1% to US$129 over the past week. Reported Earnings • Jan 23
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: US$9.89 (down from US$14.72 in FY 2023). Revenue: US$17.5b (down 6.7% from FY 2023). Net income: US$1.54b (down 37% from FY 2023). Profit margin: 8.8% (down from 13% in FY 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.0%. Revenue is forecast to grow 4.8% p.a. on average during the next 2 years, compared to a 5.7% growth forecast for the Metals and Mining industry in the US. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 31% per year, which means it is well ahead of earnings. Upcoming Dividend • Dec 24
Upcoming dividend of US$0.46 per share Eligible shareholders must have bought the stock before 31 December 2024. Payment date: 10 January 2025. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of American dividend payers (4.5%). Lower than average of industry peers (2.2%). New Risk • Dec 23
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.07% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.07% per year for the foreseeable future. Minor Risk Significant insider selling over the past 3 months (US$5.2m sold). Announcement • Dec 17
Steel Dynamics, Inc. Provides Earnings Guidance for the Fourth Quarter of 2024 Steel Dynamics, Inc. provided earnings guidance for the fourth quarter of 2024. For the quarter, the company expects diluted earnings per share to be in the range of $1.26 to $1.30. Announcement • Dec 16
Steel Dynamics, Inc. to Report Q4, 2024 Results on Jan 22, 2025 Steel Dynamics, Inc. announced that they will report Q4, 2024 results After-Market on Jan 22, 2025 New Risk • Dec 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Minor Risk Significant insider selling over the past 3 months (US$5.4m sold). Board Change • Dec 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 6 highly experienced directors. Independent Director Jennifer Hamann was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Nov 15
Insider recently sold US$951k worth of stock On the 13th of November, Miguel Alvarez sold around 7k shares on-market at roughly US$143 per share. This transaction amounted to 6.8% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$2.4m. Insiders have been net sellers, collectively disposing of US$13m more than they bought in the last 12 months. 
