Steel Mills

SDI's Q1 earnings slump on-year, but up sequentially
Written by Ethan Bernard
April 22, 2025
Steel Dynamics Inc.
First quarter ended March 31 | 2025 | 2024 | % Change |
---|---|---|---|
Net sales | $4,369.2 | $4,694,0 | -6.9% |
Net earnings (loss) | $217.2 | $584.0 | -62.8% |
Per diluted share | $1.44 | $3.67 | -60.8% |
Steel Dynamics Inc. (SDI) posted lower profits in the first quarter vs. a year earlier, but earnings rose from Q4’24.
The Fort Wayne, Ind.-based steelmaker reported net income attributable to SDI of $217 million in Q1’25, down 63% from the year-ago quarter. Still, earnings were up 5% from $207.3 million in Q4’24.
Net sales fell 7% in the year-over-year comparison to $4.37 billion, but were up 13% from the previous quarter.
“Underlying steel demand improved in the first quarter as customer orders rebounded and backlogs increased throughout the quarter at our steel and steel fabrication operations,” Mark D. Millett, chairman and CEO, said in a statement on Tuesday.
Millett noted that the improvement in earnings sequentially “was driven by record steel shipments and supported by solid results from our metals recycling and steel fabrication operations.”
The company said its mill in Sinton, Texas, operated at an 86% rate of capacity for the full quarter, and often at production levels above 90%.
SDI shipped a “record” 3.48 million short tons in Q1’25, up 7% year over year, and a 15% increase from the previous quarter.
Outlook
Looking forward, Millett said that preliminary duties in the coated trade case should have a “significant positive impact” for the company, which is the largest non-automotive flat-rolled steel coater in the US.
Millett also noted that order activity and spot prices improved in the first quarter. And those higher spot tags should benefit the company in the second quarter, when they flow through to contract prices.
He acknowledged that changes to US trade policy had led to “uncertainty from certain customers.” But he said that domestic steel industry should benefit from “continued onshoring,” which President Trump has said his tariffs would encourage.
“We remain constructive that market conditions are in place for domestic steel consumption to be solid through 2025 and into the following years,” Millett said.
Turning to aluminum, Millett said that Aluminum Dynamics, its aluminum subsidiary, had commissioned its aluminum flat-rolled products mill in Columbus, Miss., as well as a recycled slab casting facility in San Luis Potosi, Mexico.
This Mississippi plant cast its first aluminum ingot in January and the Mexico plant in March. “The company continues to expect to ship commercial aluminum flat-rolled coils in mid-2025,” he said.

Ethan Bernard
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