Overview

• U.S. steelmaker's Q1 revenue rose, beating analyst expectations

• Adjusted EPS for Q1 slightly missed analyst consensus

• Company raised quarterly dividend by 6%

Outlook

• Steel Dynamics expects strong domestic steel and aluminum consumption through 2026 and beyond

• Company says customer optimism, order entry activity, and pricing have been improving

• Third cold mill and second CASH line at Columbus aluminum facility expected to commission in Q3 2026

Result Drivers

• RECORD STEEL SHIPMENTS AND PRICING - Co said higher steel shipments and increased steel prices drove operating income growth

• STRONG SECTOR DEMAND - Co cited strengthened underlying steel demand, with customer orders and backlogs increasing, led by energy, non-residential construction, automotive, and industrial sectors

• ALUMINUM RAMP-UP AND STARTUP COSTS - Increased aluminum shipments and ongoing commissioning of new facilities contributed to higher operating losses, with normal startup issues impacting costs

Company press release: ID:nPn8vmjsza

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Beat	$5.20 bln	$5.10 bln (8 Analysts)
Q1 EPS	Miss	$2.78	$2.79 (9 Analysts)
Q1 Net Income		$400.11 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 5 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the iron & steel peer group is "buy"

• Wall Street's median 12-month price target for Steel Dynamics Inc is $192.50, about 3.9% below its April 17 closing price of $200.32

• The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 13 three months ago

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