[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_101":102},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","o80mqnatdiy07zjmeyffhvjno","revision",2,"title","Steel Dynamics公布2026年第三季度及前九个月业绩：净销售额分别为65.09亿和178.06亿美元","originalTitle","10-Q - STEEL DYNAMICS INC (0001022671) (Filer)","summary","Steel Dynamics截至2026年9月30日的10-Q节选显示，2026年第三季度净销售额为65.094亿美元、营业收入为10.064亿美元、归属于公司的净利润为7.56亿美元；前九个月净销售额为178.058亿美元、营业收入为22.449亿美元、归属于公司的净利润为16.94亿美元，均高于上年同期。","reason","10-Q节选显示公司前三季度经营业绩同比增长，同时利息费用上升、营运资本增加，并披露了铝业务爬坡与流动性情况。","source",{"_12":92,"_93":94,"_9":95,"_96":42,"_97":98,"_99":100},"links",{"_89":90,"_78":91},"publishedAt","2026-10-23T20:01:06.000Z","discoveredAt","2026-10-24T00:35:24.697Z","timelineAt","category","ai-products","tags",[84,85,86,87,88],"stockSymbols",[83],"score",77,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":69},"hasTranslation","bodyLanguage","zh","factId","fkG8vAr2ppek",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","e1588e80-4530-497b-b3f8-c31a1884db82","Steel Dynamics公布2026年第三季度及前九个月业绩",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区 20549

FORM 10-Q

☒ 根据《1934年证券交易法》第13或15(d)条提交的季度报告，报告季度期间

截至 2026年9月30日

或

☐ 根据《1934年证券交易法》第13或15(d)条提交的过渡报告，过渡期间自 _______ 至 _______

委员会档案编号 0-21719

Steel Dynamics, Inc.

（注册人章程中规定的准确名称）

印第安纳州		35-1929476
（注册成立或组织所在州或其他司法管辖区）		（美国国税局雇主识别号码）

西杰斐逊大道7575号, 韦恩堡, IN		46804
（主要行政办公室地址）		（邮政编码）

注册人电话号码（含区号）：(260) 969-3500

不适用

（自上次报告以来，如有变更，则填写原名称、原地址和原会计年度。）

根据该法第12(b)条注册的证券。


各类别名称	交易代码	注册交易所名称
普通股，有表决权，面值$0.0025	STLD	NASDAQ全球精选市场

请勾选标记说明注册人是否：(1) 已在此前12个月（或注册人必须提交此类报告的较短期间）内提交《1934年证券交易法》第13或15(d)条要求提交的所有报告；以及 (2) 在过去90天内一直受此类提交要求约束。是 ⌧ 否 ◻

请勾选标记说明注册人是否已在此前12个月（或注册人必须提交此类文件的较短期间）内，以电子方式提交根据S-T条例第405条（本章§232.405）要求提交的每个交互式数据文件。是 ⌧ 否 ◻

请勾选标记说明注册人是大型加速申报公司、加速申报公司、非加速申报公司、较小申报公司还是新兴成长型公司。参见《交易法》规则12b-2中“大型加速申报公司”“加速申报公司”“较小申报公司”和“新兴成长型公司”的定义。

大型加速申报公司 ⌧	加速申报公司 ◻	非加速申报公司 ◻

较小申报公司 ☐	新兴成长型公司 ☐

如果属于新兴成长型公司，请勾选标记说明注册人是否选择不采用《交易法》第13(a)条规定的、遵守任何新的或修订的财务会计准则的延长过渡期。 ◻

请勾选以表明注册人是否为壳公司（定义见《交易法》第12b-2条）。是 ☐ 否⌧

截至2026年10月21日，注册人有 142,217,487 股已发行普通股。

STEEL DYNAMICS, INC.


第一部分。财务信息

第1项。	财务报表：	页码

	截至2026年9月30日（未经审计）和2025年12月31日的合并资产负债表	1

	截至2026年和2025年9月30日止三个月及九个月期间的合并损益表（未经审计）	2

	截至2026年和2025年9月30日止三个月及九个月期间的合并综合收益表（未经审计）	3

	截至2026年和2025年9月30日止三个月及九个月期间的合并现金流量表（未经审计）	4

	合并财务报表附注（未经审计）	5

第2项。	管理层对财务状况和经营成果的讨论与分析	15

第3项。	有关市场风险的定量和定性披露	24

第4项。	控制与程序	24



	第二部分。其他信息

第1项。	法律诉讼	25

第1A项。	风险因素	25

第2项。	未注册证券的销售及所得款项用途	25

第3项。	优先证券违约	25

第4项。	矿山安全披露	25

第5项。	其他信息	25

第6项。	附件	26

附件索引	26

签名	27

STEEL DYNAMICS, INC.

合并资产负债表

（单位：千，股份数据除外）


	9月30日，		12月31日，
	2026		2025
资产	（未经审计）
流动资产
现金及现金等价物	$	928,558		$	769,878
应收账款，净额		2,440,985			1,680,249
应收关联方款项		5,458			2,411
存货		4,249,059			3,738,516
其他流动资产		390,108			293,117
流动资产总额		8,014,168			6,484,171

不动产、厂房及设备，净额		8,491,088			8,569,466
无形资产，净额		303,815			331,290
商誉		477,471			477,471
其他资产		549,302			557,382
资产总额	$	17,835,844		$	16,419,780
负债和权益
流动负债
应付账款	$	1,597,786		$	1,223,776
应付关联方款项		7,442			7,582
应付所得税		64,227			67,315
应计工资和福利		427,993			361,494
应计费用		429,974			427,432
长期债务的流动部分		20,854			34,655
流动负债总额		2,548,276			2,122,254

长期债务		4,183,039			4,176,508
递延所得税		1,116,084			1,004,375
其他负债		208,934			186,232
负债总额		8,056,333			7,489,369

承诺和或有事项

可赎回非控股权益		143,259			141,226

权益
普通股投票权股，$0.0025 面值；授权发行 900,000,000 股；
已发行 268,694,947 股和 268,644,427 股；以及 142,453,485 股和 144,940,102
截至 2026 年 9 月 30 日和 2025 年 12 月 31 日的流通股数		653			653
库存股，按成本计；126,241,462 股和 123,704,325 股，
截至 2026 年 9 月 30 日和 2025 年 12 月 31 日		(8,563,301)			(7,980,549)
额外实缴资本		1,243,105			1,248,634
留存收益		17,154,093			15,689,042
累计其他综合收益（亏损）		7,878			(598)
Steel Dynamics, Inc. 股东权益合计		9,842,428			8,957,182
非控股权益		(206,176)			(167,997)
权益合计		9,636,252			8,789,185
负债和权益合计	$	17,835,844		$	16,419,780

参见合并财务报表附注。

STEEL DYNAMICS, INC.

合并损益表（未经审计）

（单位：千，除每股数据外）



	截至以下日期的三个月期间		截至以下日期的九个月期间
	9 月 30 日		9 月 30 日
	2026		2025		2026	2025

净销售额
非关联方	$	6,501,423		$	4,651,398	$	17,756,269	$	13,233,695
关联方		7,996			176,817		49,565		528,838
净销售额合计		6,509,419			4,828,215		17,805,834		13,762,533

销售成本		5,227,132			4,070,335		14,801,350		11,899,641
毛利		1,282,287			757,880		3,004,484		1,862,892

销售、一般及管理费用		186,974			200,844		555,645		580,662
利润分享		81,250			42,389		180,762		95,790
无形资产摊销		7,696			6,890		23,227		20,684
营业收入		1,006,367			507,757		2,244,850		1,165,756

利息支出（扣除资本化利息）		39,331			13,573		111,692		43,085
其他净收益		(11,548)			(19,662)		(42,103)		(59,695)
所得税前收入		978,584			513,846		2,175,261		1,182,366

所得税费用		222,896			109,920		488,683		259,570
净利润		755,688			403,926		1,686,578		922,796

归属于非控股权益的净亏损（收益）		312			(241)		6,945		(3,234)
归属于 Steel Dynamics, Inc. 的净利润	$	756,000		$	403,685	$	1,693,523	$	919,562



归属于 Steel 的基本每股收益
Dynamics, Inc. 股东	$	5.29		$	2.75	$	11.77	$	6.19

加权平均流通普通股数		142,990			146,947		143,928		148,532

归属于 Steel 的稀释每股收益
Dynamics, Inc. 股东，包括
假定转换产生的摊薄影响	$	5.26		$	2.74	$	11.72	$	6.17

加权平均普通股及等价股数		143,623			147,600		144,512		149,123

每股宣告股息	$	0.53		$	0.50	$	1.59	$	1.50

参见合并财务报表附注。

STEEL DYNAMICS, INC.

合并综合收益表（未经审计）

（单位：千）



	截至以下日期的三个月期间		截至以下日期的九个月期间
	9 月 30 日		9 月 30 日
	2026		2025		2026	2025

净利润	$	755,688		$	403,926	$	1,686,578	$	922,796
其他综合收益（亏损） - 现金流套期衍生工具未实现净收益（亏损）
扣除所得税费用（收益）后的金额
为 $1,498 和 ($805)（截至当日的三个月期间），以及 $2,721 和 ($426)
（截至 2026 年和 2025 年 9 月 30 日的九个月期间），分别。		4,666			(2,506)		8,476		(1,328)
综合收益		760,354			401,420		1,695,054		921,468

归属于非控股权益的综合亏损（收益）		312			(241)		6,945		(3,234)
归属于 Steel Dynamics, Inc. 的综合收益	$	760,666		$	401,179	$	1,701,999	$	918,234

参见合并财务报表附注。

STEEL DYNAMICS, INC.

合并现金流量表（未经审计）

（单位：千）



	截至以下日期的三个月期间		截至以下日期的九个月期间
	9 月 30 日		9 月 30 日
	2026		2025		2026	2025

经营活动：
净利润	$	755,688		$	403,926	$	1,686,578	$	922,796

将净利润调节为经营活动提供的现金净额：
经营活动：
折旧和摊销		174,845			138,487		508,047		405,108
股权激励薪酬		14,435			14,238		46,048		45,341
递延所得税		44,489			147,570		107,136		202,948
其他调整		(2,040)			(7,986)		10,098		(13,071)
某些资产和负债的变动：
应收账款		(3,505)			(60,985)		(763,783)		(344,762)
存货		(294,124)			64,501		(517,394)		(85,106)
其他资产		(65,738)			(34,551)		(68,205)		(58,877)
应付账款		107,023			(4,817)		371,238		238,516
应收/应付所得税		35,320			(65,070)		(137)		(104,965)
应计费用		79,401			127,295		42,420		(31,106)
经营活动提供的现金净额		845,794			722,608		1,422,046		1,176,822

投资活动：
购置不动产、厂房和设备		(149,608)			(165,692)		(411,429)		(759,529)
购买短期投资		-			-		-		(39,571)
短期投资到期所得款项		-			39,571		-		186,996
其他投资活动		(1,993)			5,593		2,725		7,121
投资活动使用的现金净额		(151,601)			(120,528)		(408,704)		(604,983)

融资活动：
发行流动及长期债务		671,649			407,965		1,966,209		2,298,186
偿还流动及长期债务		(652,573)			(408,291)		(1,981,155)		(1,743,423)
已付股息		(76,113)			(73,894)		(225,138)		(218,098)
购买库存股		(275,563)			(210,388)		(590,938)		(660,574)
其他融资活动		(743)			(5,056)		(23,752)		(67,243)
融资活动使用的现金净额		(333,343)			(289,664)		(854,774)		(391,152)

现金、现金等价物及受限现金增加额		360,850			312,416		158,568		180,687
期初现金、现金等价物及受限现金		572,990			463,281		775,272		595,010

期末现金、现金等价物及受限现金	$	933,840		$	775,697	$	933,840	$	775,697


补充披露信息：
已付利息现金	$	25,808		$	25,645	$	118,957	$	88,859
已付所得税现金净额	$	143,107		$	22,192	$	378,660	$	150,662

参见合并财务报表附注。

STEEL DYNAMICS, INC.

未经审计的合并财务报表附注

附注 1. 业务描述和重要会计政策

业务描述

Steel Dynamics, Inc.（SDI）及其子公司（以下简称“公司”）是一家领先的工业金属解决方案公司，在美国和墨西哥各地设有工厂。SDI是北美最大的本土钢铁生产商和金属回收商之一，同时拥有规模可观的下游钢材加工业务。公司近期还新增了铝业务，进一步丰富了产品种类，为具有逆周期特征的可持续饮料罐行业以及汽车和工业领域供应再生含量较高的铝扁轧产品。公司设有四个报告分部：钢铁业务、金属回收业务、钢材加工业务和铝业务。

钢铁业务分部。钢铁业务包括公司的电弧炉（EAF）钢厂，包括Butler扁轧部、Columbus扁轧部、Southwest-Sinton扁轧部、型钢与钢轨部、工程棒材产品部和Roanoke棒材部；Steel of West Virigina、The Techs、Heartland扁轧部、United Steel Supply（“USS”）、New Process Steel, L.P.（“NPS”）和Vulcan Threaded Products, Inc.的钢材涂镀及加工业务；在墨西哥的仓储业务；以及SDI Biocarbon Solutions, LLC。自2026年6月19日起，SDI在SDI Biocarbon Solutions, LLC的持股比例增至100%。

金属回收业务分部。金属回收业务包括公司旗下Omni的黑色金属和有色金属加工、运输、营销、经纪及废料管理服务，业务主要分布于美国各地以及墨西哥中部和北部。

钢铁制造业务分部。钢铁制造业务包括公司位于美国各地及墨西哥北部的 New Millennium Building Systems 桁架和楼承板工厂。这些工厂的收入来自为非住宅建筑行业制造钢桁架、桁架梁和钢楼承板系统。

铝业务分部。铝业务包括一座位于密西西比州哥伦布市、年产能为 650,000 公吨的再生铝轧制板材厂；两座年产能为 150,000 公吨的卫星再生铝板坯中心，其中一座位于墨西哥中部，另一座正在密西西比州哥伦布市建设；以及一家配套的再生铝脱氧杆设施。该轧制板材厂为合资企业，SDI 持有其 94.4% 的股权，合作方为 Unity Aluminum, Inc.

其他。其他业务由未达到公司可报告分部量化门槛的子公司业务组成，主要包括一家合资企业以及公司已停产的明尼苏达州炼铁业务。“其他”还包括某些未分配的公司账户，例如公司的优先无担保信贷额度、优先票据、某些其他投资以及某些利润分享费用。

重要会计政策

合并原则

合并财务报表包括 SDI 及其全资、控股或受其控制的子公司的账户，并抵销公司间账户和交易。非控股权益和可赎回非控股权益代表非控股所有者按比例享有公司控股或受其控制的合并子公司的权益、收益或亏损。与 USS（SDI 持有 95% 股权）相关的可赎回非控股权益在 2026 年 9 月 30 日为 32.0 百万美元，在 2025 年 12 月 31 日为 30.0 百万美元。与 Mesabi Nugget（SDI 持有 86% 股权）相关的可赎回非控股权益在 2026 年 9 月 30 日和 2025 年 12 月 31 日均为 111.2 百万美元。

STEEL DYNAMICS, INC.

合并财务报表附注（未经审计）

附注 1. 业务说明和重要会计政策（续）

估计的使用

这些合并财务报表按照美国公认会计原则编制，因此包含需要管理层作出估计和假设的金额，这些估计和假设会影响合并财务报表及其附注中报告的金额。实际结果可能与这些估计和假设不同。

管理层认为，这些财务报表反映了公允列报中期业绩所必需的所有正常经常性调整。阅读这些合并财务报表及附注时，应结合公司截至 2025 年 12 月 31 日年度的 Form 10-K 年度报告中所载经审计财务报表及其附注。

现金、现金等价物和受限现金

现金及现金等价物包括所有在取得日到期日为三个月或更短期限的高流动性投资。受限现金主要为根据各种保险机构和政府组织的要求存放在托管账户中的资金。合并现金流量表中的现金、现金等价物及受限现金余额包括受限现金：2026年9月30日和2026年6月30日为$5.3 million，2025年12月31日为$5.4 million，2025年9月30日为$5.3 million，2025年6月30日为$5.2 million，2024年12月31日为$5.5 million；这些金额计入公司合并资产负债表的其他资产（非流动）。

商誉

截至2026年9月30日和2025年12月31日，公司商誉构成如下（单位：千）：



钢铁业务分部	$	272,133
铝业务分部		14,000
金属回收业务分部		189,413
钢铁加工业务分部		1,925
	$	477,471

信贷损失

如果客户未支付应收账款，公司将面临信用风险。公司通常以无担保方式提供信用，通过持续进行信用评估并在必要时采取进一步措施（例如要求提供信用证或其他担保权益以支持客户应收款项）来降低信用风险敞口。应收账款的信贷损失准备基于公司对已知信用风险的合理估计及历史经验。客户应收账款在所有催收努力均已用尽且被认定无法收回时予以核销。

截至2026年9月30日，公司报告的应收账款为$2,446.4 million，扣除信贷损失准备$6.1 million。对于截至2026年9月30日和2025年9月30日止的各三个月及九个月期间，准备金变动均不重大。

STEEL DYNAMICS, INC.

未经审计的合并财务报表附注

附注 1. 业务描述和重要会计政策（续）

衍生金融工具

公司通常订立交易所交易期货，以管理与有色金属库存以及有色金属（主要是铝和铜）和黑色金属的采购与销售相关的价格风险，从而降低大宗商品价格波动带来的风险敞口。这些交易所交易期货合约符合衍生金融工具的定义。公司不以投机为目的订立这些衍生金融工具。公司将所有衍生工具确认为合并资产负债表中的资产或负债，并按公允价值计量。未指定为现金流量套期的衍生工具必须通过损益调整至公允价值。对于有效的公允价值套期，被套期项目按公允价值在资产负债表中确认。被套期资产负债表项目公允价值的变动在销售成本中确认，用以抵销衍生工具公允价值的变动，并计入经营活动现金流。公允价值套期中衍生工具公允价值变动的无效部分立即计入损益。现金流量套期公允价值的变动计入其他综合收益，直至被套期项目计入损益。

公司根据主净额结算协议，对与同一交易对手签订的衍生工具确认的公允价值金额进行抵销。截至2026年9月30日和2025年12月31日，公司衍生工具的公允价值及所需保证金存款金额合计分别为143.8 million美元和56.2 million美元，其中截至2026年9月30日和2025年12月31日的所需保证金存款分别为109.6 million美元和112.2 million美元，并反映在合并资产负债表的其他流动资产中。衍生工具的公允价值见附注6。公允价值计量。与公允价值套期关系中的衍生工具以及未指定为套期工具的衍生工具相关的全部收益和损失均计入销售成本。公司在截至2026年和2025年9月30日的三个月期间分别确认收益22.7 million美元和损失8.0 million美元；在截至2026年和2025年9月30日的九个月期间分别确认损失136.8 million美元和35.6 million美元。作为现金流量套期处理的衍生工具，其收益和损失计入其他综合收益，并连同从累计其他综合收益中重新分类的净额，在截至2026年和2025年9月30日的三个月和九个月期间均不重大。

近期发布但尚未采用的会计公告

2024年11月，FASB发布了ASU 2024-03，损益表列报综合收益与费用分解披露（子专题220-40）：损益表费用分解，要求上市实体在中期和年度财务报表附注中披露有关特定费用类别的更多信息。ASU 2024-03适用于2026年12月15日之后开始的财年，以及2027年12月15日之后开始的中期期间，允许提前采用。公司目前正在评估采用ASU 2024-03的影响。

STEEL DYNAMICS, INC.

合并财务报表附注（未经审计）

附注2. 业务合并

2025年12月1日，公司收购了New Process Steel, L.P.剩余的55%股权，将持股比例从45%提高至100%，并取得控制权。NPS是一家金属解决方案和分销供应链管理公司，总部位于德克萨斯州休斯敦，专注于拓展增值制造应用。收购NPS扩大了公司在增值制造领域的业务布局。在2025年收购日之前，公司将其持有的NPS 45%少数股权作为权益法投资进行会计处理。收购剩余权益后，此前持有的股权按收购日公允价值重新计量为220.4 million美元，该公允价值基于剩余55%权益的购买价格。

2026年第三季度，公司收到第三方估值机构出具的最终估值报告。在考虑该估值报告的结果后，收购取得的客户关系无形资产、商标名称无形资产以及不动产、厂房和设备的估计公允价值分别为 55.8 million、71.9 million 和 50.0 million。因此，截至 2026 年 9 月 30 日，商标名称无形资产和不动产、厂房和设备的公允价值分别增加 36.3 million 和 4.2 million，相应地，客户关系无形资产减少 40.5 million。临时金额的变更导致折旧和摊销费用及累计折旧和摊销略有增加，并已反映在本期。

未经审计的备考业绩。 自收购生效日 2025 年 12 月 1 日起，NPS 的经营业绩已计入公司的财务报表。以下列示未经审计的备考信息，仅供比较之用，假设 NPS 收购于 2025 年 1 月 1 日完成（单位：千）：


	截至以下日期的三个月期间		截至以下日期的九个月期间
	2025 年 9 月 30 日		2025 年 9 月 30 日
净销售额	$	4,877,755		$	14,141,259
归属于 Steel Dynamics, Inc. 的净利润		407,041			925,297

所列信息仅供参考，并不一定代表假设收购于相应期间开始时完成时本应出现的实际业绩，也不一定代表公司所有权和管理下合并后公司的未来经营业绩。相关金额在应用公司的会计政策后计算，并调整了 NPS 的业绩，以反映假设于 2024 年 1 月 1 日应用不动产、厂房和设备及无形资产公允价值调整时应计提的额外折旧和摊销，以及相应的税务影响。

注释 3. 每股收益

基本每股收益按期内发行在外普通股的加权平均股数计算。稀释每股收益假设将期内发行在外普通股等价物的加权平均稀释影响应用于公司的基本每股收益。普通股等价物代表可能具有稀释性的限制性股票单位、递延股票单位、限制性股票和绩效奖励；在其具有反稀释作用的期间，不计入计算。截至 2026 年和 2025 年 9 月 30 日的三个月期间，均无反稀释普通股等价物。截至 2026 年和 2025 年 9 月 30 日的九个月期间，分别有 44,000 和 62,000 个反稀释普通股等价物未计入普通股等价物。

STEEL DYNAMICS, INC.

合并财务报表附注（未经审计）

注释 3. 每股收益（续）



	截至 9 月 30 日的三个月期间，
	2026		2025
				加权							加权
				平均							平均
	净利润		股数		每股	净利润		股数		每股
	（分子）		（分母）		金额	（分子）		（分母）		金额
基本每股收益	$	756,000			142,990	$	5.29		$	403,685		146,947	$	2.75
稀释性普通股等价物		-			633					-		653
稀释后每股收益	$	756,000			143,623	$	5.26		$	403,685		147,600	$	2.74



	截至9月30日的九个月期间
	2026		2025
				加权							加权
				平均							平均
	净利润		股份数		每股	净利润		股份数		每股
	（分子）		（分母）		金额	（分子）		（分母）		金额
基本每股收益	$	1,693,523			143,928	$	11.77		$	919,562		148,532	$	6.19
稀释性普通股等价物		-			584					-		591
稀释后每股收益	$	1,693,523			144,512	$	11.72		$	919,562		149,123	$	6.17

注释 4. 存货

存货按成本与可变现净值孰低计量。原材料（包括废料、外购钢基材和铝板）及物料采用加权平均成本法确定成本，其他存货采用先进先出法。存货构成如下（单位：千美元）：


	9月30日		12月31日
	2026		2025
原材料	$	1,779,489		$	1,741,873
物料		861,812			815,895
在制品		843,186			414,492
制成品		764,572			766,256
存货总额	$	4,249,059		$	3,738,516

STEEL DYNAMICS, INC.

合并财务报表附注（未经审计）

注释 5. 权益变动

下列表格列示截至2026年和2025年9月30日的三个月和九个月期间，权益总额、归属于Steel Dynamics, Inc.股东的权益，以及归属于非控股权益的权益和可赎回金额的期初与期末账面金额的调节情况（单位：千美元）。



	Steel Dynamics, Inc.股东权益
									累计
					额外			其他					可赎回
	普通		库存		实收	留存		综合		非控股	权益		非控股
	股本		股份		资本	收益		收益（亏损）		权益	总额		权益
2025年12月31日余额	$	653		$	(7,980,549)	$	1,248,634		$	15,689,042	$	(598)		$	(167,997)	$	8,789,185	$	141,226
已宣告股息		-			-		-			(76,555)		-			-		(76,555)		-
非控股投资者净额		-			-		-			-		-			(1,354)		(1,354)		-
回购股份		-			(115,087)		-			-		-			-		(115,087)		-
股权激励薪酬		-			6,937		(10,695)			(100)		-			-		(3,858)		-
净利润（亏损）		-			-		-			403,436		-			(3,331)		400,105		-
其他综合亏损，税后净额		-			-		-			-		(260)			-		(260)		-
2026年3月31日余额		653			(8,088,699)		1,237,939			16,015,823		(858)			(172,682)		8,992,176		141,226
已宣告股息		-			-		-			(76,113)		-			-		(76,113)		-
非控股投资者净额		-			-		(20,806)			-		-			(23,736)		(44,542)		2,033
回购股份		-			(200,288)		-			-		-			-		(200,288)		-
股权激励薪酬		-			1,229		12,601			(106)		-			-		13,724		-
净利润（亏损）		-			-		-			534,087		-			(3,302)		530,785		-
其他综合收益，税后净额		-			-		-			-		4,070			-		4,070		-
2026年6月30日余额		653			(8,287,758)		1,229,734			16,473,691		3,212			(199,720)		9,219,812		143,259
已宣告股息		-			-		-			(75,501)		-			-		(75,501)		-
非控股投资者净额		-			-		-			-		-			(6,144)		(6,144)		-
回购股份		-			(275,563)		-			-		-			-		(275,563)		-
股权激励薪酬		-			20		13,371			(97)		-			-		13,294		-
净利润（亏损）		-			-		-			756,000		-			(312)		755,688		-
其他综合收益，税后净额		-			-		-			-		4,666			-		4,666		-
2026年9月30日余额	$	653		$	(8,563,301)	$	1,243,105		$	17,154,093	$	7,878		$	(206,176)	$	9,636,252	$	143,259

STEEL DYNAMICS, INC.

合并财务报表附注（未经审计）

注释 5. 权益变动（续）



	Steel Dynamics, Inc.股东权益
									累计
					额外			其他					可赎回
	普通		库存		实收	留存		综合		非控股	权益		非控股
	股本		股份		资本	收益		收益（亏损）		权益	总额		权益
2024年12月31日余额	$	652		$	(7,094,266)	$	1,229,819		$	14,798,082	$	-		$	(160,253)	$	8,774,034	$	171,212
已宣告股息		-			-		-			(74,690)		-			-		(74,690)		-
非控股投资者净额		-			-		-			-		-			(2,303)		(2,303)		-
回购股份		-			(250,138)		-			-		-			-		(250,138)		-
股权激励薪酬		-			9,809		(11,584)			(125)		-			-		(1,900)		-
净利润		-			-		-			217,151		-			528		217,679		-
2025年3月31日余额		652			(7,334,595)		1,218,235			14,940,418		-			(162,028)		8,662,682		171,212
已宣告股息		-			-		-			(73,894)		-			-		(73,894)		-
非控股投资者净额		-			-		-			-		-			(1,665)		(1,665)		(29,986)
回购股份		-			(200,048)		-			-		-			-		(200,048)		-
股权激励薪酬		-			1,937		11,574			(131)		-			-		13,380		-
净利润		-			-		-			298,726		-			2,465		301,191		-
其他综合收益，税后净额		-			-		-			-		1,178			-		1,178		-
2025年6月30日余额		652			(7,532,706)		1,229,809			15,165,119		1,178			(161,228)		8,702,824		141,226
已宣告股息		-			-		-			(73,078)		-			-		(73,078)		-
非控股投资者净额		-			-		-			-		-			(5,056)		(5,056)		-
回购股份		-			(210,388)		-			-		-			-		(210,388)		-
股权激励薪酬		-			48		13,452			(123)		-			-		13,377		-
净利润		-			-		-			403,685		-			241		403,926		-
其他综合亏损，税后净额		-			-		-			-		(2,506)			-		(2,506)		-
2025年9月30日余额	$	652		$	(7,743,046)	$	1,243,261		$	15,495,603	$	(1,328)		$	(166,043)	$	8,829,099	$	141,226

注释 6. 公允价值计量

会计准则为公允价值计量提供了全面框架，规定了公允价值的定义，并建立了估值技术输入值的优先级层次：最高优先级为相同资产和负债在活跃市场中的报价，最低优先级为不可观察的价值输入值。层次中的各级定义如下：

●

第 1 级——相同资产和负债在活跃市场中的未经调整报价；

●

第 2 级——类似资产和负债在活跃市场中的报价（第 1 级所列项目除外），这些报价可直接或间接观察到资产或负债；以及

●

第 3 级——采用估值技术得出的估值，其中一个或多个重大输入值或重大价值驱动因素不可观察。

STEEL DYNAMICS, INC.

未经审计的合并财务报表附注

附注 6. 公允价值计量（续）

下表列示了截至 2026 年 9 月 30 日和 2025 年 12 月 31 日，在合并资产负债表中按经常性基础以公允价值计量的金融资产和负债，以及这些公允价值计量在公允价值层次中的相应级别（单位：千美元）：



				报价		重大
				活跃市场		其他		重大
				中针对		可观察		不可观察
				相同资产的		输入值		输入值
	总计		（第 1 级）		（第 2 级）		（第 3 级）
2026 年 9 月 30 日
商品期货——金融资产	$	48,192		$	-		$	48,192	$	-
商品期货——金融负债		13,937			-			13,937		-

2025 年 12 月 31 日
商品期货——金融资产		8,925			-			8,925		-
商品期货——金融负债		64,896			-			64,896		-

包括现金等价物在内的金融工具账面金额接近其公允价值（第 1 级）。商品期货合约的公允价值采用市场报价、经纪商提供的估值以及基于可用参考资料的其他适当估值技术进行估算（第 2 级）。根据市场报价确定的长期债务（包括流动部分）的公允价值（第 2 级）在 2026 年 9 月 30 日和 2025 年 12 月 31 日分别约为 39 亿美元和 41 亿美元（合并资产负债表中的相应账面金额在 2026 年 9 月 30 日和 2025 年 12 月 31 日均为 42 亿美元）。

附注 7. 承诺和或有事项

公司涉及各种诉讼事项，包括在日常经营过程中产生的行政和监管程序；预计这些事项均不会对公司的财务状况、经营业绩或流动性产生重大影响。

附注 8. 分部信息

公司的主要经营决策者（CODM），即首席执行官，通过以下可报告分部分析业务业绩：钢铁业务、金属回收业务、钢结构制造业务和铝业务。各分部业务的详细说明见合并财务报表附注 1。业务说明和重大会计政策概要。

CODM 主要根据营业收入或亏损评估各分部的业绩并分配资源。CODM 使用营业收入分配运营和资本资源，并通过将各分部的实际营业收入与历史及先前预测的财务信息进行比较来评估其业绩。可报告分部的会计政策与合并财务报表附注 1 所述政策一致。分部间销售及任何相关利润在合并时予以抵销。

STEEL DYNAMICS, INC.

合并财务报表附注（未经审计）

附注 8. 分部信息（续）

公司各分部的业绩，包括按分部列示的对外部客户、美国以外外部客户及其他分部客户的收入明细如下（单位：千美元）：



				金属		钢铁
截至三个月期间	钢铁		回收		制造		铝
2026 年 9 月 30 日	运营		运营		运营		运营		其他 ^(a)		抵销	合并

净销售额——收入明细
外部	$	4,142,467		$	436,221		$	466,282		$	474,926	$	590,227		$	-	$	6,110,123
美国以外外部		207,905			178,561			-			771		12,059			-		399,296
分部间		170,978			640,944			2,424			17,827		-			(832,173)		-
净销售额		4,521,350			1,255,726			468,706			493,524		602,286			(832,173)		6,509,419
减：
销售成本		3,416,341			1,193,374			349,951			505,580		588,616			(826,730)		5,227,132
其他分部项目 ^(b)		73,491			29,388			28,167			14,169		131,077			(372)		275,920
营业收入（亏损）		1,031,518			32,964			90,588			(26,225)		(117,407)			(5,071)		1,006,367
利息支出，扣除资本化利息																39,331
其他收入，净额																		(11,548)
所得税前收入																	$	978,584

折旧和摊销	$	109,067		$	17,342		$	3,715		$	33,094	$	12,626		$	(999)	$	174,845
资本支出		53,976			17,012			1,766			70,528		10,861			(4,535)		149,608
总资产		9,545,021			1,634,259			793,762			4,671,624		5,733,664	^(c)		(4,542,486)		17,835,844



				金属		钢铁
截至三个月期间	钢铁		回收		制造		铝
2025 年 9 月 30 日	运营		运营		运营		运营		其他 ^(a)		抵销	合并

净销售额——收入明细
外部	$	3,380,992		$	361,107		$	376,869		$	71,139	$	316,942	$	-	$	4,507,049
美国以外外部		157,052			159,879			814			-		3,421		-		321,166
分部间		112,812			613,141			576			33,305		400		(760,234)		-
净销售额		3,650,856			1,134,127			378,259			104,444		320,763		(760,234)		4,828,215
减：
销售成本		3,095,740			1,076,364			244,038			106,899		308,130		(760,836)		4,070,335
其他分部项目 ^(b)		58,324			26,230			27,201			54,055		84,684		(371)		250,123
营业收入（亏损）		496,792			31,533			107,020			(56,510)		(72,051)		973		507,757
利息支出，扣除资本化利息															13,573
其他收入，净额																	(19,662)
所得税前收入																$	513,846

折旧和摊销	$	101,913		$	16,471		$	3,415		$	3,229	$	13,459	$	-	$	138,487
资本支出		76,113			30,858			4,061			65,774		17,371		(28,485)		165,692

STEEL DYNAMICS, INC.

合并财务报表附注（未经审计）

附注 8. 分部信息（续）



				金属		钢铁
截至九个月期间	钢铁		回收		制造		铝
2026 年 9 月 30 日	运营		运营		运营		运营		其他 ^(a)		抵销	合并

净销售额——收入明细
外部	$	11,291,514		$	1,289,110		$	1,215,341		$	1,199,968	$	1,613,466	$	-	$	16,609,399
美国以外外部		603,111			572,619			180			989		19,536		-		1,196,435
分部间		421,585			1,784,443			2,500			53,583		763		(2,262,874)		-
净销售额		12,316,210			3,646,172			1,218,021			1,254,540		1,633,765		(2,262,874)		17,805,834
减：
销售成本		9,794,902			3,431,241			869,996			1,346,002		1,604,129		(2,244,920)		14,801,350
其他分部项目 ^(b)		214,458			86,684			83,330			49,213		327,061		(1,112)		759,634
营业收入（亏损）		2,306,850			128,247			264,695			(140,675)		(297,425)		(16,842)		2,244,850
利息支出，扣除资本化利息															111,692
其他收入，净额																	(42,103)
所得税前收入																$	2,175,261

折旧和摊销	$	323,488		$	51,037		$	11,046		$	83,398	$	41,797	$	(2,719)	$	508,047
资本支出		152,104			52,106			5,384			205,031		24,078		(27,274)		411,429



				金属		钢铁
截至九个月期间	钢铁		回收		制造		铝
2025年9月30日	运营		运营		运营		运营		其他 ^(a)		抵销	合并

净销售额 - 分类收入
外部	$	9,440,009		$	1,108,509		$	1,069,333		$	203,347	$	1,020,233	$	-	$	12,841,431
美国以外的外部		440,602			470,093			1,305			-		9,102		-		921,102
分部间		308,804			1,790,185			756			95,311		1,265		(2,196,321)		-
净销售额		10,189,415			3,368,787			1,071,394			298,658		1,030,600		(2,196,321)		13,762,533
减：
销售成本		8,912,032			3,210,057			676,768			286,219		1,003,384		(2,188,819)		11,899,641
其他分部项目 ^(b)		170,635			80,197			77,746			138,311		231,359		(1,112)		697,136
营业收入（亏损）		1,106,748			78,533			316,880			(125,872)		(204,143)		(6,390)		1,165,756
利息支出，扣除资本化利息															43,085
其他收入，净额																	(59,695)
所得税前利润																$	1,182,366

折旧和摊销	$	298,220		$	47,322		$	9,621		$	8,716	$	41,229	$	-	$	405,108
资本支出		244,192			84,911			12,588			484,899		29,084		(96,145)		759,529

^(a) 计入“其他”的金额来自未达到可报告分部定量门槛的子公司业务，主要包括一家合资企业和闲置的明尼苏达州炼铁业务。此外，还包括某些未分配的公司账户，例如公司的高级无担保信贷额度、高级票据、某些其他投资以及某些利润分享费用。

^(b) 各可报告经营分部的其他分部项目包括销售、一般及管理费用，其中包括工资和福利费用以及专业服务费用。“其他”中的其他分部项目包括销售、一般及管理费用，例如工资和福利费用、公司范围内的股权薪酬费用和专业服务费用，以及公司范围内的利润分享费用和无形资产摊销。

^(c) 计入“其他”的资产金额包括未达到可报告分部定量门槛的子公司业务所持资产以及公司的公司资产。公司资产主要包括现金、投资和公司内部债务。

第2项管理层对财务状况和经营成果的讨论与分析

前瞻性陈述

本报告包含一些关于未来事件的预测性陈述，包括与国内或全球经济状况、钢铁、铝和再生金属市场状况、Steel Dynamics 的收入、采购材料成本、未来盈利能力和收益，以及新建、现有或计划中的设施运营相关的陈述。我们通常在这些陈述之前或随附使用「预计」「打算」「相信」「估计」「计划」「寻求」「预测」或「预期」等典型条件性词语，或「可能」「将」或「应该」等词语，意在将其作为《1995 年私人证券诉讼改革法案》安全港条款保护范围内的「前瞻性」陈述，但这些陈述受到诸多风险和不确定因素的影响。这些陈述仅代表截至本日的情况，并基于我们截至本日认为合理的、有关我们业务及其运营环境的信息和假设。这类预测性陈述并不保证未来业绩，我们也不承担更新或修订任何此类陈述的义务。可能导致此类前瞻性陈述的实际结果与预期不同的因素包括：(1) 国内和全球经济因素；(2) 全球炼钢产能过剩及钢铁进口，以及废钢价格上涨；(3) 金属行业及我们所服务行业的周期性；(4) 废金属、废料替代品和供应的价格及可得性波动和大幅起伏，以及我们可能无法将成本上涨转嫁给客户；(5) 电力、天然气、石油及其他能源资源的成本和可得性受市场波动影响；(6) 客户和投资者日益关注环境、温室气体排放和可持续发展，或相关法规；(7) 遵守环境和修复要求，以及此类要求的变化；(8) 来自其他钢铁和铝生产商、废料加工商及替代材料的显著价格竞争和其他形式的竞争；(9) 为我们的金属回收业务提供充足废料供应来源的可得性；(10) 网络安全威胁，以及敏感数据和信息技术安全方面的风险；(11) 我们增长战略的实施；(12) 我们留住、培养和吸引关键人才的能力；(13) 诉讼和法律合规；(14) 设备意外停机或关闭；(15) 新产品推出或产量爬坡过程中遇到的困难；(16) 我们的铝业务依赖一小群重要客户；(17) 政府机构可能拒绝授予或续签我们的某些许可证和许可；(18) 我们现有的债务协议以及未来可能签订的融资协议包含限制性契约，可能限制我们的灵活性；以及(19) 减值费用的影响。

更具体地说，关于这些因素及其他风险可能导致此类预测性陈述与实际情况不同的更详细说明，请参阅我们最近提交的截至2025年12月31日年度的 Form 10-K 年报中“关于前瞻性陈述的特别说明”和“风险因素”标题下的内容、我们的 Form 10-Q 季度报告，或我们不时向美国证券交易委员会提交的其他报告。这些报告可在美国证券交易委员会网站 www.sec.gov 以及我们的网站 www.steeldynamics.com “投资者 – SEC 文件”栏目公开查阅。

业务概述

我们是一家领先的工业金属解决方案公司，在美国和墨西哥各地设有工厂。我们采用循环制造模式，以回收废料为主要投入，生产高品质、低碳排放产品。目前，我们的主要收入来源包括钢铁产品的制造和销售、回收黑色金属和有色金属的加工与销售，以及钢梁和楼承板产品的制造与销售。我们近期还新增了铝业务，进一步丰富产品组合，为具有逆周期特征的可持续饮料罐行业供应再生含量较高的铝轧制扁平材，同时也服务于汽车和工业领域。

经营报表项目分类

净销售额。我们的经营净销售额取决于发货量、产品组合及相关定价。对于某些钢材和铝材等级、产品尺寸、某些较小批量，以及钢铁产品的增值加工或涂层服务，我们会收取溢价。除钢铁加工业务外，我们在产品控制权转移给客户时（即发货或交付时）确认销售收入，并确认预计退货和索赔准备金。我们的钢铁加工业务根据截至目前已完成加工的吨数占每份合同所需总吨数的比例，随时间确认收入。

销售成本。我们的销售成本包括与产品制造相关的所有直接和间接成本。主要构成包括废料及废料替代品（这是合并销售成本中占比最大的单项）、钢铁基材、直接和间接人工及相关福利、合金、锌、运输和运费、维修和维护、电力和天然气等公用事业费用，以及折旧。

销售、一般及管理费用。销售、一般及管理费用包括与销售、财务和会计部门以及行政部门相关的所有成本，其中包括人工及相关福利、专业服务等。

公司范围内的利润分享和无形资产摊销分别在利润表中单独列示。

利息支出（扣除资本化利息）。利息支出包括与我们的优先信贷安排及其他债务相关的利息，扣除某些资本投资项目建设期间必须资本化的利息成本。

其他收入（净额）。其他收入包括临时现金存款、短期及其他投资所赚取的利息收入，以及任何其他非经营性收入活动，包括按权益法核算的未合并关联公司的投资收益。其他支出包括任何非经营性成本，例如某些收购和融资费用。

业绩概览

2026年第三季度，我们实现了创纪录的季度钢材总发货量，达380万吨。国内钢材需求基本面依然强劲，钢铁业务和金属回收业务均从中受益。钢铁加工业务的客户订单和积压订单也持续强劲，2026年第三季度的销售量较2025年第三季度显著增加。最后，我们的铝业务部门在铝制平轧薄板产品轧机的调试和启动方面持续取得显著进展，已开始为工业、饮料和汽车市场提供高质量产品。

2026年第三季度，合并营业收入增加4.986亿美元，增幅为98%，达到10亿美元，较2025年第三季度有所增长，原因是钢铁和金属回收业务的金属价差扩大。2026年第三季度归属于Steel Dynamics, Inc.的净收入增加3.523亿美元，增幅为87%，达到7.560亿美元，较2025年第三季度有所增长，与营业收入增加相符。

2026年前九个月，合并营业收入增加11亿美元，增幅为93%，达到22亿美元，较2025年前九个月有所增长。2026年前九个月归属于Steel Dynamics, Inc.的净收入增加7.740亿美元，增幅为84%，达到17亿美元，较2025年前九个月有所增长，与营业收入增加相符。

2026年与2025年分部经营业绩（金额单位：千美元）



	截至9月30日的三个月		截至9月30日的九个月
	2026		变动百分比		2025		2026		变动百分比	2025
净销售额：
钢铁业务部门	$	4,521,350		24%	$	3,650,856		$	12,316,210	21%	$	10,189,415
金属回收业务部门		1,255,726		11%		1,134,127			3,646,172	8%		3,368,787
钢铁加工业务部门		468,706		24%		378,259			1,218,021	14%		1,071,394
铝业务部门		493,524		373%		104,444			1,254,540	320%		298,658
其他		602,286		88%		320,763			1,633,765	59%		1,030,600
		7,341,592				5,588,449			20,068,708			15,958,854
公司内部		(832,173)				(760,234)			(2,262,874)			(2,196,321)
	$	6,509,419		35%	$	4,828,215		$	17,805,834	29%	$	13,762,533

营业收入（亏损）：
钢铁业务部门	$	1,031,518		108%	$	496,792		$	2,306,850	108%	$	1,106,748
金属回收业务部门		32,964		5%		31,533			128,247	63%		78,533
钢铁加工业务部门		90,588		(15)%		107,020			264,695	(16)%		316,880
铝业务部门		(26,225)		54%		(56,510)			(140,675)	(12)%		(125,872)
其他		(117,407)		(63)%		(72,051)			(297,425)	(46)%		(204,143)
		1,011,438				506,784			2,261,692			1,172,146
公司内部		(5,071)				973			(16,842)			(6,390)
	$	1,006,367		98%	$	507,757		$	2,244,850	93%	$	1,165,756

钢铁业务部门

钢铁业务包括我们的电弧炉（EAF）钢厂，包括 Butler Flat Roll Division、Columbus Flat Roll Division、Southwest-Sinton Flat Roll Division、Structural and Rail Division、Engineered Bar Products Division 和 Roanoke Bar Division；钢材涂层和加工业务，包括 Steel of West Virginia、The Techs、Heartland Flat Roll Division、United Steel Supply、New Process Steel, L.P. 和 Vulcan Threaded Products, Inc.；在墨西哥的仓储业务；以及 SDI Biocarbon Solutions, LLC（截至 2026 年 6 月 19 日持股 100%）。在截至 2026 年和 2025 年 9 月 30 日的三个月期间，钢铁业务分别占合并净销售额的 67% 和 73%；在截至 2026 年和 2025 年 9 月 30 日的九个月期间，分别占 67% 和 72%。

钢铁业务分部发货量（吨）：



	截至 9 月 30 日的三个月	截至 9 月 30 日的九个月
	2026	变化百分比	2025	2026	变化百分比	2025

发货总量	3,784,484	5%	3,613,330	11,164,692	7%	10,444,667
分部间发货量	(555,505)		(348,469)	(1,674,008)		(1,038,297)
钢铁业务分部发货量	3,228,979	(1)%	3,264,861	9,490,684	1%	9,406,370

对外发货量	3,107,330	(2)%	3,162,805	9,158,826	0%	9,123,456

$\"Graphic\"$

钢铁业务分部业绩：2026 年与 2025 年对比

2026 年第三季度，我们的钢铁业务实现季度总发货量创纪录，达到 380 万吨（剔除分部间发货量后为 320 万吨）。2026 年第三季度，国内钢铁市场保持强劲，得益于需求稳定、客户库存较低以及进口量处于历史低位。随着交货周期延长、扁平材和结构钢产品现货供应趋紧，钢材价格走强。此外，随着近期贸易措施令涂层扁平钢材进口减少，且需求保持强劲，增值扁平钢材价差也有所扩大。总体而言，美国钢材进口量仍远低于历史水平和上年水平；制造业活动改善、产业回流，以及基础设施、能源、医疗保健和计算领域的持续投资，均支撑钢材消费保持健康。长材需求依然极其强劲，尤其是结构钢和铁路钢轨。我们认为，各业务平台需求持续，加上有利的市场条件，使我们在未来处于有利位置。2026 年第三季度钢铁分部总平均售价较 2025 年第三季度上涨 25%，即每吨上涨 282 美元；分部发货量下降 1%。由于平均售价上涨，2026 年第三季度钢铁业务净销售额较 2025 年同期增长 24%。2026 年前九个月，钢铁业务净销售额较 2025 年同期增长 21%。

电弧炉使用的金属原料是我们最重要的单项钢铁制造成本，通常约占钢厂运营制造成本的 55% 至 65%。2026 年第三季度，我们钢厂每净吨消耗的金属原料成本较 2025 年同期每吨增加 23 美元，涨幅为 6%，这与下文金属回收业务分部讨论中所述的国内黑色废钢价格总体上涨一致。2026 年前九个月，我们每吨金属原料成本较 2025 年同期增加 13 美元，涨幅为 3%。

2026年第三季度，由于平均售价涨幅超过废钢成本涨幅，金属价差（我们将其定义为钢厂平均销售价格与钢厂消耗的黑色废钢成本之差）较2025年第三季度扩大35%。受金属价差扩大的影响，2026年第三季度钢铁业务的营业收入较2025年同期增长108%，达到$1.0 billion。2026年前九个月的营业收入较2025年前九个月增长108%，达到$2.3 billion，主要原因是平均售价涨幅超过废钢成本涨幅，金属价差扩大29%。

金属回收业务分部

金属回收业务包括我们的 Omni 黑色金属和有色金属加工、运输、营销、经纪及废料管理服务，主要分布于美国各地以及墨西哥中部和北部。我们的钢厂将金属回收业务销售的大部分黑色废钢用作钢铁生产原料，其余部分则销售给其他消费者，例如其他钢铁制造商和铸造厂。此外，我们的铝轧制厂在生产中使用的有色铝废料数量不断增加。2026年和2025年第三季度，金属回收业务黑色废钢分别有67%和66%售予我们自己的钢厂；同期我们的钢厂产能利用率分别为92%和88%。截至2026年和2025年9月30日的三个月期间，金属回收业务分别占合并净销售额的9%和11%；截至该日的九个月期间，分别占11%和12%。

金属回收业务分部发货量：



	截至9月30日的三个月	截至9月30日的九个月
	2026	变化百分比	2025	2026	变化百分比	2025
黑色金属（毛吨）
总计	1,702,125	7%	1,590,153	4,848,468	5%	4,639,168
公司内部	(1,135,143)		(1,052,133)	(3,139,213)		(2,998,508)
对外发货量	566,982	5%	538,020	1,709,255	4%	1,640,660

有色金属（千磅）
总计	201,696	(17)%	242,842	610,131	(15)%	721,499
公司内部	(34,445)		(53,799)	(96,411)		(142,780)
对外发货量	167,251	(12)%	189,043	513,720	(11)%	578,719

金属回收业务分部2026年与2025年业绩

During the third quarter of 2026, metals recycling operations net sales increased $121.6 million, or 11%, compared to the third quarter of 2025, as selling prices improved for both ferrous and nonferrous scrap. Scrap flows improved in the third quarter of 2026 as domestic steel mills utilization remained strong. Ferrous scrap shipments increased 7% compared to the same period in 2025 while nonferrous shipments decreased 17%. Ferrous scrap average selling prices increased 6% during the third quarter of 2026 compared to the same period in 2025, while nonferrous scrap prices increased 27%. Ferrous metal spreads (which we define as the difference between average selling prices and the cost of purchased scrap) increased 1% during the third quarter of 2026 compared to the same period in 2025, and nonferrous metal spreads increased 48%, particularly due to increased copper prices. As a result of the increased metals spreads, particularly within nonferrous, metals recycling operations operating income increased 5% to $33.0 million in the third quarter of 2026 compared to the third quarter of 2025.

Net sales for our metals recycling operations in the first nine months of 2026 increased 8% compared to the same period in 2025, driven by increased ferrous volumes as well as increased selling prices for both ferrous and nonferrous scrap. Ferrous scrap average selling prices increased 7% during the first nine months of 2026 compared to the same period in 2025, while nonferrous average selling prices increased 22%. Ferrous shipments increased 5% and nonferrous shipments decreased 15% in the first nine months of 2026 compared to the first nine months of 2025. Ferrous metal spreads increased 10%, while nonferrous metal spreads increased 59% in the first nine months of 2026 compared to the first nine months of 2025. As a result of the combination of these volume and metal spread changes, metals recycling operations operating income in the first nine months of 2026 of $128.2 million increased 63% from the same period in 2025.

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Net sales for our metals recycling operations in the first nine months of 2025 increased 6% compared to the same period in 2024, driven by increased ferrous volumes and increased selling prices for both ferrous and nonferrous metals. Ferrous scrap average selling prices increased 2% during the first nine months of 2025 compared to the same period in 2024, while nonferrous average selling prices increased 7%. Ferrous shipments increased 5% and nonferrous shipments decreased 2% in the first nine months of 2025 compared to the first nine months of 2024. Ferrous metal spreads were flat, while nonferrous metal spreads increased 32% in the first nine months of 2025 compared to the first nine months of 2024. As a result of the combination of these volume and metal spread changes, metals recycling operations operating income in the first nine months of 2025 of $78.5 million increased 88% from the first nine months of 2024.Net sales for our metals recycling operations in the first nine months of 2025 increased 6% compared to the same period in 2024, driven by increased ferrous volumes and increased selling prices for both ferrous and nonferrous metals. Ferrous scrap average selling prices increased 2% during the first nine months of 2025 compared to the same period in 2024, while nonferrous average selling prices increased 7%. Ferrous shipments increased 5% and nonferrous shipments decreased 2% in the first nine months of 2025 compared to the first nine months of 2024. Ferrous metal spreads were flat, while nonferrous metal spreads increased 32% in the first nine months of 2025 compared to the first nine months of 2024. As a result of the combination of these volume and metal spread changes, metals recycling operations operating income in the first nine months of 2025 of $78.5 million increased 88% from the first nine months of 2024.

Steel Fabrication Operations Segment

Steel fabrication operations include our New Millennium Building Systems joist and deck plants located throughout the United States, and in Northern Mexico. Revenues from these plants are generated from the fabrication of steel joists, joist girders, and steel deck systems used within the non-residential construction industry. Steel fabrication operations accounted for 7% of our consolidated net sales during the three and nine-month periods ending September 30, 2026, and 8% during the three and nine-month periods ending September 30, 2025.

$\"Graphic\"$

Steel Fabrication Operations Segment Results 2026 vs. 2025

Net sales for our steel fabrication operations increased 24% during the third quarter of 2026 compared to the same period in 2025, as volumes increased 25%, while average selling prices decreased $33 per ton, or 1%, from the third quarter of 2025. Customer order activity has continued to strengthen since the end of 2025, with the order backlog now 50 percent higher than a year ago and extending into the second quarter 2027. Demand has been largely driven by commercial construction, manufacturing, warehouses, data centers, and healthcare. In addition, accelerating announcements of significant domestic manufacturing investments and increased reshoring activity, coupled with funding from the U.S. infrastructure program, are expected to provide meaningful support for demand across our product portfolio, including steel joists and deck products.

The purchase of various steel products is the largest single cost of production for our steel fabrication operations, historically representing approximately two-thirds of the total cost of manufacturing. The average cost per ton of steel consumed increased 20% in the third quarter of 2026 compared to the same period in 2025. Metal spread (which we define as the difference between average selling prices and the cost of purchased steel) contracted 18% in the third quarter of 2026 compared to the same period in 2025 due to rising steel input costs. Metal spread compression resulted in operating income decreasing 15% to $90.6 million in the third quarter 2026, compared to $107.0 million in the same period in 2025. For the first nine months of 2026, operating income decreased 16% to $264.7 million compared to the first nine months of 2025, as a result of a 15% decrease in metal spread, primarily attributable to rising steel input costs.

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Aluminum Operations Segment

Aluminum operations include a 650,000-metric-ton recycled aluminum flat rolled products mill located in Columbus, Mississippi; two 150,000-metric-ton satellite recycled aluminum slab centers, one in Central Mexico and one under construction in Columbus, Mississippi; and an ancillary recycled aluminum deox-rod facility. The recycled aluminum flat rolled products mill produces flat rolled aluminum products from aluminum scrap and is a complementary extension of the company’s metals recycling platform. Our product offerings are supported by various value-added finishing lines that are in production or currently being commissioned, including two CASH (Continuous Annealing Solutions Heat Treating) lines, a can end and tab coating line, and downstream processing and packaging lines. Aluminum operations accounted for 7% of our consolidated net sales during the three and nine-month periods ending September 30, 2026 and 2% during the three and nine-month periods ending September 30, 2025.

Aluminum Operations Segment Results 2026 vs. 2025

During the third quarter of 2026, the results of aluminum operations consisted of the continued commissioning and startup of our recycled aluminum flat rolled products mill, and associated satellite recycled aluminum slab centers, and our ancillary recycled aluminum deox-rod facility. The flat rolled products mill shipped 55,000 metric tons of finished product during the third quarter of 2026. Net sales for the aluminum operations increased 373% during the third quarter of 2026 compared to the same period in 2025, while operating losses improved 54%. For the first nine months of 2026, net sales increased 320% compared to the same period in 2025. We expect aluminum volumes and profitability to improve in the fourth quarter 2026 and throughout 2027, as startup costs subside, utilization and yields improve, and scrap content increases. Underlying demand for aluminum flat rolled products across our targeted consumer sectors remains strong and is forecast to continue to grow.

Other Consolidated Results

Third Quarter Consolidated Results 2026 vs. 2025

Selling, General and Administrative Expenses. Selling, general and administrative expenses of $187.0 million during the third quarter of 2026 decreased 7% from $200.8 million during the third quarter of 2025. Selling, general and administrative expenses represented 2.9% and 4.2% of net sales during the third quarters of 2026 and 2025, respectively.

Profit sharing expense during the third quarter of 2026 of $81.3 million increased 92% from $42.4 million during the same period in 2025, consistent with increased pretax earnings. This increase in profit sharing expense was the primary driver of the increased operating loss for our other operations of 63% in the third quarter of 2026 compared to the same period in 2025. Profit sharing expense for eligible employees is 8% of consolidated pretax income excluding noncontrolling interests and other items.

Interest Expense, net of Capitalized Interest. During the third quarter of 2026, net interest expense of $39.3 million increased 190% from $13.6 million during the third quarter of 2025. This increase is primarily a result of a $21.4 million, or 72%, decrease in capitalized interest during the third quarter of 2026 compared to the third quarter of 2025 as construction of the aluminum flat rolled products mill was substantially completed in the second half of 2025.

Other Income, net. Net other income was $11.5 million in the third quarter of 2026, a decrease of 41% from $19.7 million in the third quarter of 2025 primarily due to foreign currency remeasurement losses and a decrease in income from investments in unconsolidated affiliates in the third quarter of 2026 compared to the same period in 2025.

Income Tax Expense. Third quarter 2026 income tax expense of $222.9 million, at an effective income tax rate of 22.8%, increased 103% compared to $109.9 million, at an effective income tax rate of 21.4%, during the third quarter of 2025, consistent with increased pretax earnings.

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First Nine Months Consolidated Results 2026 vs. 2025

Selling, General and Administrative Expenses. Selling, general and administrative expenses of $555.6 million during the first nine months of 2026 decreased 4% from $580.7 million during the first nine months of 2025. Selling, general and administrative expenses represented 3.1% and 4.2% of net sales during the first nine months of 2026 and 2025, respectively.

Profit sharing expense during the first nine months of 2026 of $180.8 million increased 89% from $95.8 million during the same period in 2025, consistent with increased pretax earnings. This increase in profit sharing expense was the primary driver of increased operating loss for our other operations of 46% in the first nine months of 2026 compared to the same period in 2025.

Interest Expense, net of Capitalized Interest. During the first nine months of 2026, interest expense of $111.7 million increased 159% from $43.1 million during the first nine months of 2025. This increase is primarily a result of a $47.9 million, or 60%, decrease in capitalized interest during the first nine months of 2026 compared to the same period in 2025 as construction of the aluminum flat rolled products mill was substantially completed in the second half of 2025. The increase is also attributable to higher outstanding long-term debt balances during the first nine months of 2026 compared to the first nine months of 2025 due to our issuance of senior unsecured notes in March and November 2025.

Other Income, net. Net other income was $42.1 million in the first nine months of 2026, compared to $59.7 million in the first nine months of 2025, a decrease of $17.6 million due primarily to the impact of decreased interest income due to lower returns on invested cash balances in the first nine months of 2026 compared to the same period in 2025, as well as decreased income from investments in unconsolidated affiliates.

Income Tax Expense. First nine months 2026 income tax expense of $488.7 million, at an effective income tax rate of 22.5%, increased 88% compared to $259.6 million, at an effective income tax rate of 22.0%, during the first nine months of 2025, consistent with increased pretax earnings.

Liquidity and Capital Resources

Capital Resources and Long-term Debt. Our business is capital intensive and requires substantial expenditures for, among other things, the purchase and maintenance of equipment used in our operations. Our short-term and long-term liquidity needs arise primarily from working capital requirements, capital expenditures, including expansion projects, principal and interest payments related to our outstanding indebtedness, dividends to our shareholders, potential stock repurchases and acquisitions or investments. We have met and intend to continue to meet these liquidity requirements primarily with available cash and cash provided by operations, long-term borrowings, and we also have availability under our unsecured Revolver. Our liquidity at September 30, 2026, is as follows (in thousands):



Cash and equivalents	$	928,558
Other investments		255,219
Revolver availability		1,185,667
Total liquidity	$	2,369,444

Our total outstanding debt of $4.2 billion was unchanged from December 31, 2025. Our total long-term debt to capitalization ratio (representing our long-term debt, including current maturities, divided by the sum of our long-term debt, redeemable noncontrolling interests, and our total stockholders’ equity) was 30% and 32% at September 30, 2026, and December 31, 2025, respectively.

Our unsecured credit agreement has a senior unsecured revolving credit facility (Facility), which provides a $1.2 billion Revolver and matures in July 2028. Subject to certain conditions, we have the ability to increase the Facility size by $500.0 million. The unsecured Revolver is available to fund working capital, capital expenditures, and other general corporate purposes. The Facility contains financial covenants and other covenants pertaining to our ability to incur indebtedness and permit liens on certain assets. Our ability to borrow funds within the terms of the unsecured Revolver

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is dependent upon our continued compliance with the financial and other covenants. At September 30, 2026, we had $1.2 billion of availability on the Revolver, $14.3 million of outstanding letters of credit and other obligations which reduce availability, and there were no borrowings outstanding.

The financial covenants under our Facility state that we must maintain an interest coverage ratio of not less than 2.50:1.00. Our interest coverage ratio is calculated by dividing our last-twelve-months (LTM) consolidated EBITDA as defined in the Facility (earnings before interest, taxes, depreciation, amortization, and certain other non-cash transactions as defined in the Facility) by our LTM gross interest expense, less amortization of financing fees. In addition, a debt to capitalization ratio of not more than 0.60:1.00 must be maintained. At September 30, 2026, our interest coverage ratio and debt to capitalization ratio were 18.09:1.00 and 0.30:1.00, respectively. We were in compliance with these covenants at September 30, 2026, and we anticipate we will continue to be in compliance during the next twelve months.

Working Capital (representing excess of current assets over current liabilities). We generated cash flow from operations of $1.4 billion in the first nine months of 2026 compared to $1.2 billion in the same 2025 period. Working capital increased $1.1 billion, or 25%, during the first nine months of 2026 to $5.5 billion at September 30, 2026. The increase in working capital included a $763.8 million increase in accounts receivable consistent with increased sales prices and volumes, a $510.5 million increase in inventories consistent with the startup of our recycled aluminum flat rolled products mill, partially offset by a $373.9 million increase in accounts payable consistent with increased scrap prices for our metals recycling operations and increased scrap volumes on hand within our aluminum operations.

Capital Investments. During the first nine months of 2026, we invested $411.4 million in property, plant and equipment, primarily within our aluminum operations and steel operations segments, compared with $759.5 million invested during the same period in 2025. We are nearing completion of commissioning and startup of our recycled aluminum flat rolled products mill and one of the two supporting satellite recycled aluminum slab centers, which are being funded by available cash and cash flow from operations. Our second supporting satellite aluminum recycled slab center is currently under construction. Our liquidity of $2.4 billion and anticipated future operating cash flow generation is sufficient to provide for our planned capital requirements during the next twelve months.

Cash Dividends. As a reflection of continued confidence in our current and future cash flow generation capability and financial position, we increased our quarterly cash dividend by 6% to $0.53 per share in the first quarter of 2026 (from $0.50 per share for each quarter in 2025), resulting in declared cash dividends of $228.2 million during the first nine months of 2026, compared to $221.7 million during the same period in 2025. We paid cash dividends of $225.1 million and $218.1 million during the first nine months of 2026 and 2025, respectively. Our board of directors approves the payment of dividends on a quarterly basis. The determination to pay cash dividends in the future is at the discretion of our board of directors, after taking into account various factors provided by executive management, including our financial condition, results of operations, outstanding indebtedness, current and anticipated cash needs and growth plans.

Other. Our board of directors has authorized share repurchase programs during prior years, the most recent of which occurred in February 2025 for a program of up to $1.5 billion of the company’s common stock. Under the share repurchase programs, purchases take place as and when we determine in open market or private transactions made based upon the market price of our common stock, the nature of other investment opportunities or growth projects, our cash flows from operations, and general economic conditions. The share repurchase programs do not require us to acquire any specific number of shares, and may be modified, suspended, extended, or terminated by us at any time. The share repurchase programs do not have an expiration date. There were $590.9 million and $660.6 million of share repurchases during the first nine months of 2026 and 2025, respectively. As of September 30, 2026, we had $215.9 million remaining available to purchase under the February 2025 share repurchase program.

Our ability to meet our debt service obligations and reduce our total debt will depend upon our future performance which, in turn, will depend upon general economic, financial, and business conditions, along with competition, legislation and regulatory factors that are largely beyond our control. In addition, we cannot assure that our operating results, cash flows, access to credit markets and capital resources will be sufficient for repayment of our indebtedness in the future. We believe that based upon current levels of operations and anticipated growth, cash flows from operations, together with other available sources of funds, including borrowings under our Facility, if necessary, will be adequate for the next twelve months for making required payments of principal and interest on our indebtedness, funding working capital requirements, and funding anticipated capital expenditures.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Commodity Risk

In the normal course of business, we are exposed to the market risk and price fluctuations related to the sale of our products and to the purchase of raw materials used in our operations, such as metallic raw materials, electricity, water, natural gas and its transportation services, fuel, air products, zinc, and electrodes. Our risk strategy associated with product sales has generally been to obtain competitive prices for our products and to allow operating results to reflect market price movements dictated by supply and demand.

Our risk strategy associated with the purchase of raw materials utilized within our operations has generally been to make some commitments with suppliers relating to future expected requirements for some commodities such as electricity, water, natural gas and its transportation services, fuel, air products, zinc, and electrodes. Certain of these commitments contain provisions which require us to “take or pay” for specified quantities without regard to actual usage for periods of generally up to 5 years for physical commodity requirements and commodity transportation requirements, with some extending beyond, and for up to 14 years for air products and 26 years for water products. We utilized such “take or pay” requirements during the past three years under these contracts. We believe that production requirements will be such that consumption of the products or services purchased under these commitments will occur in the normal production process.

In our metals recycling, aluminum, and steel operations, we have certain fixed price contracts with various customers and suppliers for future delivery of nonferrous and ferrous metals. Our risk strategy has been to enter into base metal financial contracts with the goal to protect the profit margin, within certain parameters, that was contemplated when we entered into the transaction with the customer or vendor. As of September 30, 2026, substantially all of these financial contracts have a settlement date within the next twelve months. We believe the customer contracts associated with the financial contracts will be fully consummated.

ITEM 4. CONTROLS AND PROCEDURES

(a)

Evaluation of Disclosure Controls and Procedures

As required, we carried out an evaluation, under the supervision and with the participation of our principal executive officer and principal financial officer, of the effectiveness of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the Exchange Act). Based on this evaluation, our principal executive officer and principal financial officer concluded that, as of September 30, 2026, the end of the period covered by this quarterly report, our disclosure controls and procedures were designed to provide and were effective to provide reasonable assurance that the information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the applicable rules and forms, and that it is accumulated and communicated to our management, including our principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b)

Changes in Internal Controls Over Financial Reporting

No changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during the fiscal quarter ended September 30, 2026, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We are involved in various litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are currently expected to have a material impact on our financial condition, results of operations, or liquidity.

We may also be involved from time to time in various governmental investigations, regulatory proceedings or judicial actions seeking penalties, injunctive relief, and/or remediation under federal, state and local environmental laws and regulations. The United States EPA has conducted such investigations and proceedings involving us, in some instances along with state environmental regulators, under various environmental laws, including RCRA, CERCLA, the Clean Water Act and the Clean Air Act. Some of these matters have resulted in fines or penalties, exclusive of interest and costs, which did not exceed $1 million in aggregate, as of September 30, 2026.

ITEM 1A. RISK FACTORS

No material changes have occurred to the indicated risk factors as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

We purchased the following equity securities registered by us pursuant to Section 12 of the Exchange Act during the three-month period ended September 30, 2026.


Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Programs ⁽¹⁾	Maximum Dollar Value of Shares That May Yet be Purchased Under the Programs (in thousands)⁽¹⁾
Quarter ended September 30, 2026

July 1 - 31	263,614		$	229.88		263,614	$	428,746
August 1 - 31	797,041			244.36		797,041		235,915
September 1 - 30	85,698			235.67		85,698		215,921
	1,146,353					1,146,353

(1)	In February 2025, our board of directors authorized a share repurchase program of up to $1.5 billion of the company’s common stock.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

None.

ITEM 5. OTHER INFORMATION

During the three-month period ended September 30, 2026, none of the Company’s directors or executive officers adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement” as such terms are defined under Item 408 of Regulation S-K.

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ITEM 6. EXHIBITS

Reference is made to the Exhibit Index preceding the signature page hereto, which Exhibit Index is hereby incorporated into this item.

EXHIBIT INDEX


Articles of Incorporation

3.1	Amended and Restated Articles of Incorporation of Steel Dynamics, Inc., reflecting all amendments thereto through May 11, 2023, incorporated herein by reference from Exhibit 3.1 to our Form 10-Q filed August 8, 2023 (File No.: 000-21719).

3.2	Amended and Restated Bylaws of Steel Dynamics, Inc., reflecting all amendments thereto through January 31, 2024, incorporated herein by reference from Exhibit 3.2 to our Form 10-K filed February 29, 2024 (File No.: 000-21719).

Executive Officer Certifications

31.1*	Certification of Chief Executive Officer required by Item 307 of Regulation S-K as promulgated by the Securities and Exchange Commission and pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2*	Certification of Chief Financial Officer required by Item 307 of Regulation S-K as promulgated by the Securities and Exchange Commission and pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1*	Certification of Chief Executive Officer Pursuant to 18 U.S.C Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2*	Certification of Chief Financial Officer Pursuant to 18 U.S.C Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

XBRL Documents

101.INS*	XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH*	Inline XBRL Taxonomy Extension Schema Document

101.CAL*	Inline XBRL Taxonomy Extension Calculation Document

101.DEF*	Inline XBRL Taxonomy Definition Document

101.LAB*	Inline XBRL Taxonomy Extension Label Document

101.PRE*	Inline XBRL Taxonomy Presentation Document

104*	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

Filed concurrently herewith

Table of Contents

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

October 23, 2026

		STEEL DYNAMICS, INC.

	By:	/s/ Theresa E. Wagler
		Theresa E. Wagler
		Executive Vice President and Chief Financial Officer
		(Principal Financial Officer and Principal Accounting Officer)

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