Company Announcements
April 20, 2026
SDI gets Q1'26 earnings bump from higher steel tags, record shipments
Written by Ethan Bernard
Steel Dynamics Inc.
| First quarter ended March 31 | 2026 | 2025 | % Change |
|---|---|---|---|
| Net sales | $5,204.9 | $4,369.2 | 19.1% |
| Net earnings (loss) | $403.4 | $217.2 | 85.8% |
| Per diluted share | $2.78 | $1.44 | 93.1% |
Steel Dynamics Inc.’s (SDI’s) first-quarter 2026 earnings soared on record steel shipments and a jump in steel prices.
The Fort Wayne, Ind.-based steelmaker reported net earnings attributable to SDI of $403.4 million in the first quarter of 2026, up 85% from $217.2 million a year earlier. Net sales rose 19% to $5.2 billion in the same comparison.
The company shipped 3.6 million short tons (st) of steel in Q1’26. That’s up 10% sequentially and nearly 5% from a year earlier.
“The improvement in earnings was driven by record steel shipments combined with higher steel prices,” Chairman and CEO Mark D. Millett said in a statement after market close on Monday.
“Underlying steel demand strengthened during the first quarter 2026, as customer orders rebounded and backlogs increased across our steel and steel fabrication operations,” he added.
Millett commented that, overall, SDI is seeing an improved steel market environment. That is supported by domestic trade actions, manufacturing onshoring, infrastructure program funding, and the “increasing regionalization of supply chains in the United States.”
He noted the energy, non-residential construction, automotive, and industrial sectors led steel demand in the first quarter.
Outlook
Millett was bullish on the long-term outlook for both steel and aluminum.
“We remain constructive that market conditions are in place for domestic steel and aluminum consumption to be strong through 2026 and into the following years,” he said.
He added that customer optimism, order entry activity, and pricing have been improving across the company’s business.
Additionally, Millett was optimistic about the future of “green steel.”
He said discussions with customers “further underscore the growing importance of lower-carbon, domestically produced steel and aluminum products.”
And this, he said, positions SDI “for a sustainable long-term competitive advantage.”
Millett also looked positively on the wider economic environment.
“As unfair trade practices diminish, policy clarity improves, and US manufacturing continues to expand, we believe a favorable market environment will follow,” he said.
(Note that earnings from SDI’s aluminum subsidiary, Aluminum Dynamics Inc., will be covered in SMU’s sister publication, Aluminum Market Update.)
