Steel Dynamics 10-Q: Q3 Net Income $756M, EPS $5.26, Steel Spreads Up 35%
STLD sits 63% above its 52-week low of $148.13.
Summary
Steel Dynamics' Q3 10-Q confirms $756 million of net income ($5.26 diluted EPS) on $6.5 billion of sales, with steel spreads up 35% offsetting a 15% drop in fabrication profit and continued aluminum startup losses.
Key Events · Earnings and Guidance · STLD
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Q3 Net Income $756 Million
Net sales of $6,509,419 thousand produced operating income of $1,006,367 thousand and net income attributable to Steel Dynamics of $756,000 thousand, or $5.26 diluted EPS versus $2.74 a year earlier.
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Steel Spreads Drive 108% Profit Jump
Steel operations operating income rose to $1,031,518 thousand as average selling prices climbed 25% ($282 per ton) while scrap cost per ton rose only 6%, expanding metal spread 35%.
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Fabrication Profit Falls 15%
Steel fabrication operating income dropped to $90,588 thousand as purchased steel cost per ton rose 20% and metal spread contracted 18%, despite a backlog 50% higher than a year ago extending into Q2 2027.
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Aluminum Loss Narrows to $26 Million
The aluminum segment shipped 55,000 metric tons and cut its operating loss 54% to $26,225 thousand; management expects volumes and profitability to improve in Q4 2026 and through 2027 as startup costs subside.
Analysis · STLD · Manufacturing
The headline numbers were already out on October 19, but this 10-Q is where the full picture lands: $6.5 billion of quarterly sales, $1.0 billion of operating income and $756 million of net income, with steel operations carrying the quarter on a 35% metal spread expansion. Two things matter beyond the print. First, the aluminum mill is still losing money ($26.2 million operating loss) but the loss narrowed 54% and management expects volumes and profitability to improve in Q4 and through 2027 as startup costs subside. Second, steel fabrication is the soft spot — operating income fell 15% as purchased steel costs rose 20% and spreads compressed 18%, even though backlog is 50% higher than a year ago and extends into Q2 2027. The balance sheet is comfortable: $2.4 billion of liquidity, debt flat at $4.2 billion, and $215.9 million left on the buyback.
How filings like this one have moved
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At the time of this filing, STLD was trading at $241.65 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $34.6B. The 52-week trading range was $148.13 to $288.74. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.