FORT WAYNE, Ind. – Steel Dynamics Inc. (NASDAQ: STLD) reported robust financial results for the first quarter of 2026, with net income rising to $403 million, or $2.78 per diluted share, compared to $217 million, or $1.44 per diluted share, in the prior-year first quarter. This represents an 85.8% increase in net earnings year-over-year.
The Fort Wayne, Indiana-based steel producer achieved net sales of $5.20 billion for the quarter, an increase from $4.37 billion in the first quarter of 2025, and surpassing analyst expectations of $5.08 billion. The company's operating income also saw a significant boost, rising by $228 million, or 73%, compared to the fourth quarter of 2025.
Steel Dynamics attributed the improved performance to record steel shipments, which reached 3.6 million tons during the quarter. This marks a 10% sequential increase and nearly a 5% rise from the previous year. Higher steel prices and expanded value-added flat-rolled steel margins also contributed to the strong results.
Mark D. Millett, Chairman and Chief Executive Officer, stated that underlying steel demand strengthened in the first quarter of 2026, with customer orders and backlogs increasing across both steel and steel fabrication operations. He noted that steel prices continued to improve, and lead times extended. The average external product selling price for steel operations increased by $86 sequentially to $1,193 per ton.
The company's steel fabrication operations reported an operating income of $90 million, with customer order backlog over 38% higher than a year ago. Metals recycling operations also saw a substantial increase in operating income, rising 155% to $47 million compared to the fourth quarter of 2025.
Millett also provided an update on the commissioning of the company's Columbus, Mississippi aluminum flat rolled products mill. He stated that the aluminum team is making progress, with two of the three planned cold mills ramping operations and producing prime products. The third cold mill is scheduled for commissioning in the third quarter of 2026. The mill has successfully produced finished products for the industrial and beverage can sectors, receiving product qualifications from numerous can sheet consumers.