Steel Dynamics — Apr 20, 2026 release

Operating costs were significantly higher in January, as the team experienced normal startup issues, necessitating a temporary pause in operations and the write-off of some inventory. The issues were resolved and the company believes both shipments and earnings will increase sharply in the second quarter 2026. Demand for aluminum flat rolled products across the company’s consumer sectors remains strong, with the supply deficit growing.   T he company generated cash flow from operations of $148 million during the first quarter 2026, after funding the annual companywide retirement profit-sharing distribution of $120 million. Working capital (excluding profit-sharing and income taxes) increased $413 million in the first quarter, as product pricing and demand improved across the business and the aluminum operations continued to ramp. The company also invested $138 million in capital investments, paid cash dividends of $72 million, and repurchased $115 million of its outstanding common stock, while maintaining strong liquidity of $2.0 billion as of March 31, 2026.   Outlook   “We remain constructive that market conditions are in place for domestic steel and aluminum consumption to be strong through 2026 and into the following years,” said Millett. “Customer optimism, order entry activity, and pricing have been improving across our business. Additionally, discussions with our customers further underscore the growing importance of lower-carbon, dom