Steel Dynamics, Inc. (NASDAQ: STLD) announced its first-quarter 2026 financial results on Monday, April 20, reporting a significant increase in profitability compared to the same period last year. The Fort Wayne-based steel producer posted net income of $403 million, or $2.78 per diluted share, on net sales of $5.2 billion. The revenue figure represents a 19% increase over the prior year and exceeded analyst expectations of $5.1 billion.
The company’s performance was driven by record steel shipments, which reached 3.6 million tons during the quarter, up from 3.5 million tons in the first quarter of 2025. This volume growth was supported by a substantial rise in realized pricing. The average external selling price for the company’s steel operations was $1,193 per ton, compared to $998 per ton a year ago.
A primary contributor to the earnings jump was the expansion of metal spreads—the margin between the price of finished steel and the cost of raw materials. Steel Dynamics, which utilizes electric arc furnace technology to produce steel from scrap, reported an average ferrous scrap cost of $396 per ton, up from $386 per ton in the previous year. However, because the increase in selling prices significantly outpaced the rise in scrap costs, the metal spread widened to $797 per ton, an increase of $185 per ton year-over-year.
Management attributed the favorable market conditions in part to recent developments in U.S. trade policy. In a statement, Chairman and Chief Executive Officer Mark D. Millett noted that a reduction in unfairly traded imports has provided a tailwind for the company’s operations. Millett specifically highlighted the U.S. International Trade Commission’s final determinations regarding coated flat-rolled steel as a positive factor for the firm’s domestic market positioning.
The company also provided an update on its strategic entry into the aluminum market. During the quarter, Steel Dynamics continued the commissioning and ramp-up of its aluminum flat-rolled sheet operations. While the segment recorded an operating loss of $65 million due to startup costs and temporary operational pauses in January, the company stated that these issues have been resolved. Management expects both shipments and earnings from the aluminum division to increase in the second quarter of 2026.
In addition to its operational performance, Steel Dynamics increased its quarterly cash dividend by 6%. The company also repurchased $115 million of its common stock during the quarter. As of March 31, 2026, the company reported a liquidity position of $2.0 billion. The results mark a sharp improvement from the first quarter of 2025, when the company reported earnings of $1.44 per share.