Record steel shipments and a reaffirmed $650M-$700M EBITDA target. Aluminum mill exit 2026 at 90% capacity. Q3 demand supported by nonresidential construction.
Steel Dynamics posted record steel shipments in the second quarter. The company said its aluminum business is on track to reach profitability, and it reaffirmed a through-cycle EBITDA target of $650 million to $700 million. Management expects to exit 2026 running at least 90% of the new mill's capacity, according to the earnings call.
Shipments rose across both the steel and fabrication segments. The aluminum ramp in Mississippi is a core part of the growth story, with full capacity expected in 2027. For the third quarter, Steel Dynamics said steel demand should stay supported by nonresidential construction. It flagged risks from lower import prices and rising scrap costs.
The board authorized a new share repurchase program. Executives did not specify the size. The company returned $1.2 billion to shareholders through buybacks and dividends in the first half of the year.
Management noted the aluminum business should contribute earnings by the fourth quarter of 2026. Total debt stood at $2.8 billion at quarter end, with $1.5 billion in cash. Steel Dynamics carries an Alpha Score of 49, rated Mixed. The stock page is at /stocks/stld.
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