Steel Dynamics — Oct 20, 2025 release

EXHIBIT 99.1   Exhibit 99.1   Press Release October 20, 2025   7575 W. Jefferson Blvd. Fort Wayne, IN 46804     Steel Dynamics Reports Third Quarter 2025 Results   FORT WAYNE, INDIANA, October 20, 2025 / PRNewswire /   Third Quarter 2025 Performance Highlights:   § Successful production and qualification of industrial, beverage can, and automotive quality flat rolled aluminum products § Successful production and consumption of biocarbon material § Record steel shipments of 3.6 million tons § Net sales of $4.8 billion, operating income of $508 million, and net income of $404 million § Adjusted EBITDA of $664 million and cash flow from operations of $723 million § Liquidity of over $2.2 billion § Share repurchases of $210 million of the company’s common stock, representing 1.1 percent of its outstanding shares   Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced third quarter 2025 financial results. The company reported third quarter 2025 net sales of $4.8 billion and net income of $404 million, or $2.74 per diluted share. Comparatively, the company’s sequential second quarter 2025 net income was $299 million, or $2.01 per diluted share and prior year third quarter net income was $318 million, or $2.05 per diluted share.   “Our teams performed exceptionally well in the third quarter, achieving strong financial performance and hitting several operating milestones, while continuing to prioritize the safety and well-being of one another,” said Mark D. Millett, Chairman and Chief Executive Officer. “Consolidated third quarter 2025 operating income improved 33 percent and adjusted EBITDA increased 24 percent sequentially. Our three-year after-tax return-on-invested capital of 15 percent is a testament to our ongoing high-return capital allocation strategy. We are growing, returning significant capital to shareholders, while also maintaining strong returns as compared to best-in-class domestic manufacturers.   “The aluminum and biocarbon teams are both doing incredibly well,” continued Millett. “We have produced finished aluminum flat rolled products for the industrial and beverage can sectors and hot band for the automotive sector, which have been qualified by several customers much sooner than anticipated. We sincerely thank those customers who have helped us. There is still much to be done, and the team has great momentum to continue to commission and ramp operations. Additionally, the SDI Biocarbon Solutions team produced their first biocarbon, which was successfully used as a carbon replacement at our Columbus Flat Roll Steel Division, providing a significantly lower-carbon supply chain for our steel customers. The team plans to continue to refine operations and increase production throughout the rest of the year.   “We also achieved record quarterly steel shipments, as imports declined from the elevated levels seen earlier in the year and Sinton’s performance improved,” said Millett. “However, we continue to observe some customer inventory overhang of value-added flat rolled products that were imported earlier this year. We have seen some order hesitancy from flat rolled steel customers due to domestic trade actions, despite numerous encouraging demand drivers — such as manufacturing onshoring, infrastructure program funding, lower interest rates, and the increasing regionalization of supply chains in the U.S. As it relates to long product steel demand and pricing, structural steel and railroad rail have remained very strong. Looking ahead, we expect to benefit from stronger demand across our platforms, including aluminum flat rolled products, as we move into 2026.”         Third Quarter 2025 Comments   Third quarter 2025 operating income for the company’s steel operations was $498 million, or 30 percent higher than sequential second quarter results, due to record steel shipments and metal spread expansion, as scrap raw material costs declined more than average realized steel selling values. The third quarter 2025 average external product selling price for the company’s steel operations decreased $15 sequentially to $1,119 per ton. The average ferrous scrap cost per ton melted at the company’s steel mills decreased $27 per ton sequentially to $381 per ton. Average realized flat rolled steel pricing declined in the quarter based on lagging priced contracts, while long product steel prices increased as demand for structural and rail products was strong. The energy, non-residential construction, automotive, and industrial sectors led steel demand in the quarter.   The steel teams have scheduled normal maintenance outages at the company’s Butler, Columbus, and Sinton Flat Roll Steel divisions during the fourth quarter 2025, which could reduce production by as much as 85,000 tons of flat rolled steel in the quarter.   Third quarter 2025 operating income from the company’s metals recycling operations was $32 million, or $10 million higher than sequential earnings, based on near-record ferrous scrap shipments and metal spread expansion.   The company’s steel fabrication operations generated operating income of $107 million in the third quarter 2025, higher than sequential second quarter results of $93 million, due to a twelve percent increase in shipments. Order activity remained steady in the quarter, with the order backlog maintaining solid levels extending through the first quarter 2026, supported by stable pricing. Demand was largely driven by the commercial, data center, manufacturing, warehouse, and healthcare sectors. Looking ahead, the pace of domestic manufacturing investment, increased domestic onshoring activity, and momentum from the U.S. infrastructure program are expected to further support demand — not only for steel joist and deck products, but also for flat rolled and long product steel.   Based on the company’s differentiated business model and highly variable cost structure, the company generated cash flow from operations of $723 million during the quarter. The company also invested $166 million in capital investments, paid cash dividends of $74 million, and repurchased $210 million of its outstanding common stock, representing 1.1 percent of its outstanding shares, while maintaining liquidity of $2.2 billion as of September 30, 2025.   Year-to-Date September 30, 2025 Comparison   For the nine-months ended September 30, 2025, net income was $920 million, or $6.17 per diluted share, with net sales of $13.8 billion, as compared to net income of $1.3 billion, or $8.46 per diluted share, with net sales of $13.7 billion for the same period in 2024.       For the first nine-months of 2025 net sales were steady at $13.8 billion, and operating income declined 32 percent to $1.2 billion, when compared to the same period in 2024. Decreased earnings were the result of lower realized pricing in the company’s steel and steel fabrication operations during the period. For the first nine-months of 2025 operating income from the company’s steel operations was $1.1 billion, compared to $1.4 billion for the same prior year period. The average nine-months 2025 external selling price for the company's steel operations decreased $50 to $1,083 per ton compared to the same prior year period, and the average ferrous scrap cost per ton melted at the company’s steel mills was stable at $391 per ton. For the first nine-months of 2025 operating income from the company’s steel fabrication operations was $317 million, compared to $525 million in the prior year period.   Based on the company’s differentiated business model and highly variable cost structure, the company achieved cash flow from operations of $1.2 billion in the first nine-months of 2025. The company also invested $760 million in capital investments, repaid $400 million of its senior notes, paid cash dividends of $218 million, and repurchased $661 million of its outstanding common stock, representing 3.4 percent of its outstanding shares, while maintaining liquidity of $2.2 billion.   Outlook   “We anticipate that improving market conditions, including increased trade stability and a more favorable interest rate environment, will contribute to strong domestic demand for steel and aluminum products,” continued Millett. “Additionally, discussions with our customers reinforce the increasing importance of low-carbon, U.S.-made steel and aluminum — positioning our businesses for a long-term competitive advantage. We expect a favorable market environment to take shape as unfair trade practices diminish, policy clarity improves, and U.S. manufacturing continues to expand — driving stronger demand.   “We view the U.S. International Trade Commission’s final determinations on coated flat rolled steel as a significant positive development. As the largest non-automotive flat-rolled steel coater in the United States, we view a reduction in unfairly traded imports as a significant tailwind for our operations and market positioning. We anticipate that these broader market dynamics will positively influence performance across our operating platforms.   “The aluminum team is continuing with the successful commissioning and startup of the company’s Columbus, Mississippi aluminum flat rolled products mill and San Luis Potosi satellite recycled slab center. The cast houses and hot strip mill are operating extremely well and performing above expectations, and commissioning is ongoing in other areas of the facility. The teams successfully produced finished products for the industrial and beverage can sectors, receiving product qualification from several customers. They also produced and received qualification for aluminum hot band for use in automotive applications. We continue commissioning of the cold mill and other downstream lines, including the CASH line. It is an extremely exciting time for all of us. There is still much to be done, yet much has also been accomplished.   "Our growth strategy has been deliberately aligned with the changing needs of our customers, emphasizing sustainable, efficient supply chain solutions and top-tier product quality — primarily within the steel industry. However, with many of our steel customers also consuming aluminum flat-rolled products, we are expanding into this adjacent market — offering high recycled-content aluminum solutions to meet growing demand — serving the counter-cyclical, sustainability-driven beverage can and packaging industry, as well as the automotive, industrial, and construction sectors. With a performance-based operating culture and deep expertise in developing and managing cost-efficient, high-margin flat-rolled steel mills, we are uniquely positioned to execute this strategic initiative. We view this expansion as a significant opportunity for long-term value creation — one that is generating strong enthusiasm among both our customers and our teams.       “We remain firmly committed to the health and safety of our teams, their families, and the communities we serve, while meeting the evolving needs of our customers. Our culture and performance-driven business model continue to positively differentiate our company. We remain focused on delivering superior value to our team members, customers, and shareholders,” concluded Millett.   Conference Call and Webcast   Steel Dynamics, Inc. will hold a conference call to discuss third quarter 2025 operating and financial results on Tuesday, October 21, 2025, at 11:00 a.m. Eastern Daylight Time. You may access the call and find dial-in information on the Investors section of the company’s website at www.steeldynamics.com.  A replay of the call will be available on our website until 11:59 p.m. Eastern Daylight Time on October 28, 2025.   About Steel Dynamics, Inc.   Steel Dynamics is a leading industrial metals solutions company, with facilities located throughout the United States, and in Mexico. The company operates using a circular manufacturing model, producing lower-carbon-emission, quality products with recycled scrap as the primary input. Steel Dynamics is one of the largest domestic steel producers and metal recyclers in North America, combined with a meaningful downstream steel fabrication platform. The company is also currently investing in aluminum operations to further diversify its product offerings, with plans to supply aluminum flat rolled products with high recycled content to the countercyclical sustainable beverage can industry, in addition to the automotive and industrial sectors. Steel Dynamics is committed to operating with the highest integrity and to being the safest, most efficient producer of high-quality, broadly diversified, value-added metal products.   Note Regarding Financial Metrics   The company believes that after-tax return-on-invested capital (After-tax ROIC) provides an indication of the effectiveness of the company’s invested capital and is calculated as follows:   After-tax ROIC = Net Income Attributable to Steel Dynamics, Inc. (Quarterly Average Current Maturities of Long-term Debt + Long-term Debt + Total Equity)   Note Regarding Non-GAAP Financial Measures   The company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). Management believes that the non-GAAP financial measures EBITDA and Adjusted EBITDA provide additional meaningful information regarding the company’s performance and financial strength. Non-GAAP financial measures should be viewed in addition to and not as an alternative for the company’s reported results prepared in accordance with GAAP. In addition, not all companies use identical calculations for EBITDA or Adjusted EBITDA; therefore, EBITDA and Adjusted EBITDA included in this release may not be comparable to similarly titled measures of other companies.         Forward-Looking Statements   This press release contains some predictive statements about future events, including statements related to conditions in domestic or global economies, conditions in steel, aluminum, and recycled metals market places, Steel Dynamics’ revenues, costs of purchased materials, future profitability and earnings, and the operation of new, existing or planned facilities. These statements, which we generally precede or accompany by such typical conditional words as “anticipate”, “intend”, “believe”, “estimate”, “plan”, “seek”, “project”, or “expect”, or by the words “may”, “will”, or “should”, are intended to be made as “forward-looking”, subject to many risks and uncertainties, within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. These statements speak only as of this date and are based upon information and assumptions, which we consider reasonable as of this date, concerning our businesses and the environments in which they operate. Such predictive statements are not guarantees of future performance, and we undertake no duty to update or revise any such statements. Some factors that could cause such forward-looking statements to turn out differently than anticipated include: (1) domestic and global economic factors; (2) global steelmaking overcapacity and imports of steel, together with increased scrap prices; (3) pandemics, epidemics, widespread illness or other health issues; (4) the cyclical nature of the steel industry and the industries we serve; (5) volatility and major fluctuations in prices and availability of scrap metal, scrap substitutes and supplies, and our potential inability to pass higher costs on to our customers; (6) cost and availability of electricity, natural gas, oil, and other energy resources are subject to volatile market conditions; (7) increased environmental, greenhouse gas emissions and sustainability considerations from our customers and investors or related regulations; (8) compliance with and changes in environmental and remediation requirements; (9) significant price and other forms of competition from other steel and aluminum producers, scrap processors and alternative materials; (10) availability of an adequate source of supply of scrap for our metals recycling operations; (11) cybersecurity threats and risks to the security of our sensitive data and information technology; (12) the implementation of our growth strategy; (13) our ability to retain, develop, and attract key personnel; (14) litigation and legal compliance; (15) unexpected equipment downtime or shutdowns; (16) governmental agencies may refuse to grant or renew some of our licenses and permits; (17) our senior unsecured credit facility contains, and any future financing agreements may contain, restrictive covenants that may limit our flexibility; and (18) the impacts of impairment charges.   More specifically, we refer you to our more detailed explanation of these and other factors and risks that may cause such predictive statements to turn out differently, as set forth in our most recent Annual Report on Form 10-K under the headings Special Note Regarding Forward-Looking Statements and Risk Factors, in our Quarterly Reports on Form 10-Q, or in other reports which we file with the Securities and Exchange Commission. These reports are available publicly on the Securities and Exchange Commission website,  www.sec.gov , and on our website,  www.steeldynamics.com  under “Investors – SEC Filings.”   Contact: Investor Relations — +1.260.969.3500   SOURCE Steel Dynamics, Inc.         Steel Dynamics, Inc. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (in thousands, except per share data)       Three Months Ended     Nine Months Ended     Three Months       September 30,     September 30,     Ended       2025     2024     2025     2024     June 30, 2025   Net sales   $ 4,828,215     $ 4,341,615     $ 13,762,533     $ 13,668,252     $ 4,565,123   Costs of goods sold     4,070,335       3,736,398       11,899,641       11,307,400       3,946,655   Gross profit     757,880       605,217       1,862,892       2,360,852       618,468                                             Selling, general and administrative expenses     200,844       167,692       580,662       487,215       198,010   Profit sharing     42,389       34,444       95,790       145,149       30,706   Amortization of intangible assets     6,890       7,644       20,684       22,953       6,897   Operating income     507,757       395,437       1,165,756       1,705,535       382,855                                             Interest expense, net of capitalized interest     13,573       17,071       43,085       41,768       17,381   Other (income) expense, net     (19,662 )     (29,659 )     (59,695 )     (75,151 )     (22,392 ) Income before income taxes     513,846       408,025       1,182,366       1,738,918       387,866                                             Income tax expense     109,920       87,131       259,570       398,834       86,675   Net income     403,926       320,894       922,796       1,340,084       301,191   Net income attributable to noncontrolling interests     (241 )     (3,092 )     (3,234 )     (10,243 )     (2,465 ) Net income attributable to Steel Dynamics, Inc.   $ 403,685     $ 317,802     $ 919,562     $ 1,329,841     $ 298,726                                             Basic earnings per share attributable to Steel Dynamics, Inc. stockholders   $ 2.75     $ 2.06     $ 6.19     $ 8.50     $ 2.01                                             Weighted average common shares outstanding     146,947       154,061       148,532       156,528       148,387                                             Diluted earnings per share attributable to Steel Dynamics, Inc. stockholders, including the effect of assumed conversions when dilutive   $ 2.74     $ 2.05     $ 6.17     $ 8.46     $ 2.01                                             Weighted average common shares and share equivalents outstanding     147,600       154,810       149,123       157,248       148,960                                             Dividends declared per share   $ 0.50     $ 0.46     $ 1.50     $ 1.38     $ 0.50           Steel Dynamics, Inc. CONSOLIDATED BALANCE SHEETS (in thousands)       September 30,     December 31,       2025     2024       (unaudited)         Assets                 Current assets                 Cash and equivalents   $ 770,356     $ 589,464   Short-term investments     -       147,811   Accounts receivable, net     1,761,961       1,417,199   Inventories     3,195,660       3,113,733   Other current assets     351,428       163,131   Total current assets     6,079,405       5,431,338                     Property, plant and equipment, net     8,493,550       8,117,988                     Intangible assets, net     206,549       227,234                     Goodwill     477,471       477,471                     Other assets     708,055       681,202   Total assets   $ 15,965,030     $ 14,935,233   Liabilities and Equity                 Current liabilities                 Accounts payable   $ 1,214,765     $ 979,912   Income taxes payable     3,088       3,783   Accrued expenses     737,444       739,898   Current maturities of long-term debt     1,429       426,990   Total current liabilities     1,956,726       2,150,583                     Long-term debt     3,781,026       2,804,017                     Deferred income taxes     1,105,134       902,186                     Other liabilities     151,819       133,201   Total liabilities     6,994,705       5,989,987                     Commitments and contingencies                                   Redeemable noncontrolling interests     141,226       171,212                     Equity                 Common stock     652       652   Treasury stock, at cost     (7,743,046 )     (7,094,266 ) Additional paid-in capital     1,243,261       1,229,819   Retained earnings     15,495,603       14,798,082   Accumulated other comprehensive loss     (1,328 )     -   Total Steel Dynamics, Inc. equity     8,995,142       8,934,287   Noncontrolling interests     (166,043 )     (160,253 ) Total equity     8,829,099       8,774,034   Total liabilities and equity   $ 15,965,030     $ 14,935,233           Steel Dynamics, Inc. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands)       Three Months Ended     Nine Months Ended       September 30,     September 30,       2025     2024     2025     2024   Operating activities:                                 Net income   $ 403,926     $ 320,894     $ 922,796     $ 1,340,084                                     Adjustments to reconcile net income to net cash provided by operating activities:                                 Depreciation and amortization     138,487       121,052       405,108       353,357   Equity-based compensation     14,238       12,828       45,341       41,453   Deferred income taxes     147,570       14,832       202,948       (1,615 ) Other adjustments     (7,986 )     (10,523 )     (13,071 )     1,779   Changes in certain assets and liabilities:                                 Accounts receivable     (60,985 )     210,435       (344,762 )     43,350   Inventories     64,501       28,169       (85,106 )     (151,501 ) Other assets     (34,551 )     (11,851 )     (58,877 )     (22,054 ) Accounts payable     (4,817 )     (13,852 )     238,516       (11,604 ) Income taxes receivable/payable     (65,070 )     (12,971 )     (104,965 )     7,017   Accrued expenses     127,295       100,840       (31,106 )     (102,635 ) Net cash provided by operating activities     722,608       759,853       1,176,822       1,497,631                                     Investing activities:                                 Purchases of property, plant and equipment     (165,692 )     (621,355 )     (759,529 )     (1,414,831 ) Purchases of short-term investments     -       (430,826 )     (39,571 )     (699,879 ) Proceeds from maturities of short-term investments     39,571       204,543       186,996       775,851   Other investing activities     5,593       (4,357 )     7,121       (15,656 ) Net cash used in investing activities     (120,528 )     (851,995 )     (604,983 )     (1,354,515 )                                   Financing activities:                                 Issuance of current and long-term debt     407,965       1,185,657       2,298,186       2,145,538   Repayment of current and long-term debt     (408,291 )     (527,977 )     (1,743,423 )     (1,531,969 ) Dividends paid     (73,894 )     (71,584 )     (218,098 )     (212,216 ) Purchase of treasury stock     (210,388 )     (309,901 )     (660,574 )     (917,024 ) Other financing activities     (5,056 )     1,177       (67,243 )     (13,153 ) Net cash provided by (used in) financing activities     (289,664 )     277,372       (391,152 )     (528,824 )                                   Increase (decrease) in cash, cash equivalents, and restricted cash     312,416       185,230       180,687       (385,708 ) Cash, cash equivalents, and restricted cash at beginning of period     463,281       835,526       595,010       1,406,464   Cash, cash equivalents, and restricted cash at end of period   $ 775,697     $ 1,020,756     $ 775,697     $ 1,020,756                                     Supplemental disclosure information:                                 Cash paid for interest   $ 25,645     $ 9,102     $ 88,859     $ 59,466   Cash paid for income taxes, net   $ 22,192     $ 81,742     $ 150,662     $ 383,455           Steel Dynamics, Inc. SUPPLEMENTAL INFORMATION (UNAUDITED) (dollars in thousands)       Third Quarter     YTD                   2025     2024     2025     2024     1Q 2025     2Q 2025   External Net Sales                                                 Steel   $ 3,538,044     $ 2,917,021     $ 9,880,611     $ 9,415,490     $ 3,067,016     $ 3,275,551   Steel Fabrication     377,683       447,265       1,070,638       1,367,276       352,307       340,648   Metals Recycling     520,986       498,616       1,578,602       1,523,053       534,895       522,721   Aluminum     71,139       66,980       203,347       198,448       66,576       65,632   Other     320,363       411,733       1,029,335       1,163,985       348,401       360,571   Consolidated Net Sales   $ 4,828,215     $ 4,341,615     $ 13,762,533     $ 13,668,252     $ 4,369,195     $ 4,565,123   Operating Income (Loss)                                                 Steel   $ 497,894     $ 304,950     $ 1,110,053     $ 1,421,915     $ 229,963     $ 382,196   Steel Fabrication     107,020       165,634       316,880       524,795       116,745       93,115   Metals Recycling     31,533       10,041       78,533       53,446       25,710       21,290   Aluminum     (56,510 )     (22,018 )     (125,872 )     (43,435 )     (28,735 )     (40,627 )       579,937       458,607       1,379,594       1,956,721       343,683       455,974                                                     Non-cash amortization of intangible assets     (6,890 )     (7,644 )     (20,684 )     (22,953 )     (6,897 )     (6,897 ) Profit sharing expense     (42,389 )     (34,444 )     (95,790 )     (145,149 )     (22,695 )     (30,706 ) Non-segment operations     (22,901 )     (21,082 )     (97,364 )     (83,084 )     (38,947 )     (35,516 ) Consolidated Operating Income   $ 507,757     $ 395,437     $ 1,165,756     $ 1,705,535     $ 275,144     $ 382,855   Adjusted EBITDA                                                 Net income   $ 403,926     $ 320,894     $ 922,796     $ 1,340,084     $ 217,679     $ 301,191   Income taxes     109,920       87,131       259,570       398,834       62,975       86,675   Net interest expense (income)     6,769       (8,063 )     16,110       (30,257 )     2,316       7,025   Depreciation     129,833       111,558       378,958       325,437       125,122       124,003   Amortization of intangible assets     6,890       7,644       20,684       22,953       6,897       6,897   EBITDA     657,338       519,164       1,598,118       2,057,051       414,989       525,791   Non-cash adjustments                                                 Unrealized (gains) losses on derivatives and currency remeasurement     (7,814 )     25,114       5,142       24,585       19,153       (6,197 ) Equity-based compensation     14,246       12,823       42,246       40,503       14,181       13,819   Adjusted EBITDA   $ 663,770     $ 557,101     $ 1,645,506     $ 2,122,139     $ 448,323     $ 533,413                                                     Other Operating Information                                                 Steel                                                 Average external sales price (Per ton)   $ 1,119     $ 1,059     $ 1,083     $ 1,133     $ 998     $ 1,134   Average ferrous cost ( Per ton melted)   $ 381     $ 367     $ 391     $ 391     $ 386     $ 408                                                     Flat Roll shipments                                                 Butler, Columbus, and Sinton     2,141,350       1,924,098       6,212,765       5,860,986       2,119,187       1,952,228   Steel Processing divisions *     543,700       471,441       1,515,429       1,319,267       492,627       479,102   Long Product shipments                                                 Structural and Rail Division     490,413       397,047       1,396,638       1,263,263       437,398       468,827   Engineered Bar Products Division     177,882       176,131       560,152       563,270       191,658       190,612   Roanoke Bar Division     157,989       138,096       454,003       393,125       144,186       151,828   Steel of West Virginia     101,996       74,564       305,680       240,260       96,483       107,201   Total Shipments ( Tons )     3,613,330       3,181,377       10,444,667       9,640,171       3,481,539       3,349,798                                                     External Shipments (Tons)     3,162,805       2,754,853       9,123,456       8,311,539       3,071,735       2,888,916                                                     Steel Mill Production (Tons )     3,067,792       2,785,128       9,039,321       8,579,232       3,021,593       2,949,936                                                     Metals Recycling                                                 Nonferrous shipments ( 000's of pounds )     242,842       241,292       721,499       739,057       233,080       245,577   Ferrous shipments ( Gross tons )     1,590,153       1,461,810       4,639,168       4,429,523       1,452,432       1,596,583   External ferrous shipments ( Gross tons )     538,020       537,082       1,640,660       1,665,175       557,618       545,022   Steel Fabrication                                                 Average sales price (Per ton)   $ 2,495     $ 2,836     $ 2,536     $ 2,980     $ 2,599     $ 2,517   Shipments (Tons)     151,563       158,595       422,492       461,506       135,581       135,347     Beginning the fourth quarter 2024, results from an entity previously included in Metals Recycling are presented within Aluminum. All prior periods presented have been recast to reflect the change.   *   Includes Heartland, The Techs and United Steel Supply operations