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Steel Dynamics’ 3.7 Million-Ton Record: Can Pricing Keep The Momentum?

Steel Dynamics, Incorporated reported its results for the second quarter of 2026 with several notable operational and financial developments. The company achieved record quarterly steel shipments of 3.7 million tons and posted an adjusted EBITDA of $921 million alongside net income of $534 million, or $3.69 per diluted share. Revenues reached $6.1 billion, and operating income totaled $700 million, driven by higher steel pricing and improved value-added product spreads relative to earlier quarters. The steel operations delivered operating income of $721 million, a 30% sequential increase, aided by a $105 per ton rise in average selling prices. Their flat-rolled steel business, which largely operates on lagging price contracts, is expected to benefit from recent price increases in upcoming quarters. Demand remained strong across the company’s long product steel group and fabrication segment, with fabrication order backlogs up 45% year-over-year, although realized pricing in Q2 remained somewhat stable.