SDI profits soar in Q3'25 amid 'record' steel shipments

Steel Dynamics Inc.’s (SDI’s) third-quarter profits jumped year over year as the company saw “record” quarterly steel shipments.

The Fort Wayne, Ind.-based steelmaker reported net income attributable to SDI of $403.7 million in the third quarter, up 27% over $317.8 million a year earlier. Net sales increased 11% to nearly $4.83 billion in the same comparison.

Chairman and CEO Mark Millett lauded the company’s “record quarterly steel shipments, as imports declined from the elevated levels seen earlier in the year,” according to a statement after market close on Monday.

He added that the performance of its Sinton, Texas, sheet mill also improved.

SDI logged shipments of 3.61 million short tons (st) in Q3’25, up 14% from the same year-earlier period.

“However, we continue to observe some customer inventory overhang of value-added flat rolled products that were imported earlier this year,” Millett observed.

Additionally, the company has seen some order hesitancy from flat-rolled steel customers due to recent US trade policy.

It wasn’t all negative, though. Millett cited encouraging demand drivers, “such as manufacturing onshoring, infrastructure program funding, lower interest rates, and the increasing regionalization of supply chains in the US.” 

For Q3’25, SDI said the energy, non-residential construction, automotive, and industrial sectors led steel demand.

US ITC decision

A particular bright spot Millett named was the International Trade Commission’s (ITC’s) final determinations on coated flat-rolled steel. SDI was a petitioner in the trade case.

(For background on the decision from late September, click here.)

“As the largest non-automotive flat-rolled steel coater in the United States, we view a reduction in unfairly traded imports as a significant tailwind for our operations and market positioning,” he said. “We anticipate that these broader market dynamics will positively influence performance across our operating platforms.”

Outlook

SDI said its steel teams have scheduled normal maintenance outages at its Butler, Ind.; Columbus, Miss.; and Sinton Flat Roll Steel divisions during Q4’25. This could lower production by “as much as 85,000 tons of flat rolled steel in the quarter.”

Looking ahead, Millett said the company anticipates that “improving market conditions, including increased trade stability and a more favorable interest rate environment, will contribute to strong domestic demand for steel and aluminum products.”

He also noted that discussions with customers highlighted “the increasing importance of low-carbon, US-made steel and aluminum – positioning our businesses for a long-term competitive advantage.”

Overall, Millett expects “a favorable market environment to take shape as unfair trade practices diminish, policy clarity improves, and US manufacturing continues to expand – driving stronger demand.”