Financial Performance - Nucor Corporation reported consolidated net earnings of $378 million, or $1.64 per diluted share, for Q4 2025, a decrease from $607 million, or $2.63 per diluted share, in Q3 2025, but an increase from $287 million, or $1.22 per diluted share, in Q4 2024 [1][7] - Adjusted net earnings for Q4 2025, excluding impairment charges, were $400 million, or $1.73 per diluted share [1][7] - Net sales for Q4 2025 were $7.69 billion, compared to $8.52 billion in Q3 2025 and $7.08 billion in Q4 2024 [7][19] Segment Performance - The steel mills segment saw earnings decrease due to lower volumes and margin compression, particularly in sheet products [5] - The steel products segment also experienced a decline in earnings due to lower volumes and higher average costs per ton, although partially offset by higher average realized pricing [5] - The raw materials segment's earnings decreased mainly due to scheduled outages at direct reduced iron facilities [5] Asset Impairments - The fourth quarter included impairment charges of $21 million related to the closure or repurposing of certain facilities in the steel products segment and $6 million for impairments of non-current assets in the steel mills segment [2] Capital Management - Nucor repurchased approximately 0.7 million shares at an average price of $145.23 per share during Q4 2025, totaling about 5.4 million shares for the full year at an average price of $128.66 [8] - The company declared a cash dividend of $0.56 per share, marking its 211th consecutive quarterly cash dividend, with a history of increasing dividends for 53 consecutive years [9][10] Financial Strength - As of the end of Q4 2025, Nucor had $2.70 billion in cash and cash equivalents, with an undrawn $2.25 billion revolving credit facility [6] - The company maintains strong credit ratings in the North American steel sector, rated A-/A-/A3 with stable outlooks [6] Outlook - Nucor anticipates earnings to increase in Q1 2026 across all operating segments, with the steel mills segment expected to see the largest increase due to higher volumes and realized prices [11] - The company is encouraged by robust demand in key end markets and strong backlogs, supported by federal policies favoring the domestic steel industry [4]

Core Viewpoint - Steel Dynamics (NASDAQ: STLD) is positioned as a leading domestic producer of low-carbon, high-recycled-content steel in the U.S., with Q4 results aligning with a positive growth outlook and strong capital return program [2]. Group 1: Financial Performance and Growth - Q4 results were mixed compared to analyst forecasts but indicate sustained growth and margin strength, supporting a robust capital return program [2]. - The company is on track for continued growth, with cash flow and capital returns bolstered by an aggressive share buyback program, reducing share count by over 4% in 2025 [4][5]. - The outlook for 2026 remains favorable, driven by Q4 momentum and management's positive expectations for demand stability across platforms [6]. Group 2: Market Segments and Demand Drivers - Strengths were observed across Steel Dynamics' segments, particularly in the expanding data center market and the new aluminum segment, which is already EBITDA positive [3]. - The company is ramping up commercial aluminum production, targeting critical markets such as automotive, beverage, and industrials, contributing to overall growth [3]. Group 3: Financial Health and Leverage - Year-end balance sheet highlights show increased debt due to the new aluminum segment, but this is offset by higher cash, receivables, and inventory [7]. - The company's leverage remains low, with long-term debt approximately 0.5 times equity, and business momentum is expected to continue, allowing for future debt repayments [8].

Core Viewpoint - Steel Dynamics reported strong operational performance despite a challenging market environment, highlighting the importance of diversification and a circular manufacturing business model in achieving results [1][4]. Financial Performance - For the full year 2025, Steel Dynamics generated cash flow from operations of $1.4 billion and adjusted EBITDA of $2.2 billion [1][7]. - The company reported net income of $1.2 billion, or $7.99 per diluted share, for the full year, with fourth-quarter net income of $266 million on revenue of $4.4 billion [3][7]. - Operating income from steel operations was $1.4 billion, down from $1.6 billion in the prior year, attributed to compressed flat-rolled steel margins [8]. Operational Highlights - Steel Dynamics achieved record annual steel shipments of 13.7 million tons, running at 86% utilization compared to an industry average of approximately 77% [5][11]. - The company experienced planned outages that reduced production by about 140,000 to 150,000 tons in the fourth quarter, but flat-rolled pricing and demand signals have recently improved [5][12]. Aluminum Dynamics - The new Aluminum Dynamics business turned EBITDA-positive in December after shipping approximately 10,000 metric tons, with expectations to exit 2026 at roughly 90% capacity [6][15]. - Management anticipates a through-cycle EBITDA target of $650 million to $700 million for the aluminum mill, plus an additional $40 million to $50 million for the Omni platform [6][17]. Capital Allocation and Shareholder Returns - Steel Dynamics ended 2025 with liquidity exceeding $2.2 billion and issued $800 million of investment-grade unsecured notes to support capital investments and redeem existing notes [18][20]. - The company repurchased $900 million of stock in 2025, representing over 4% of shares outstanding, with $801 million remaining under authorization as of December 31 [20]. Market Outlook - Management expressed optimism for 2026, citing stable demand and lower imports, with expectations for continued strength in structural steel and railroad rail markets [12].

Core Viewpoint - Algoma Steel Group Inc. has entered into a binding memorandum of understanding with Hanwha Ocean Co., Ltd. to support Canada's future submarine program with Canadian steel and expertise, representing a strategic partnership valued at approximately USD $250 million (CAD $345 million) [1][2]. Group 1: Strategic Partnership Details - The MOU includes a cash contribution of USD $200 million (CAD $275 million) for the potential development of a structural steel beam mill in Sault Ste. Marie, Ontario, and anticipated purchases of Algoma products valued at up to USD $50 million for the Canadian Patrol Submarine Project [2]. - The arrangement aims to strengthen Canada's domestic industrial base and support the operational needs of the Royal Canadian Navy, potentially creating new skilled jobs in Canada [3][5]. Group 2: Financial and Operational Commitments - Algoma will make annual payments to Hanwha Ocean for ten years, amounting to 3.0% of the net sales from the beam mill facility, contingent on its financial performance [4]. - The MOU is contingent upon Hanwha Ocean being awarded a contract under the Canadian Patrol Submarine Project and the execution of definitive agreements with Algoma [4]. Group 3: Industry Impact and Future Directions - This partnership aligns with Canada's Buy Canadian policy, promoting domestic supply chains and supporting industrial sovereignty and job creation in a global context [5]. - Algoma is transitioning to electric arc furnace steelmaking, which is expected to reduce carbon emissions by approximately 70% once fully operational, marking a significant step in industrial decarbonization in North America [10].

Financial Data and Key Metrics Changes - In 2025, the company achieved operating income of $1.5 billion and net income of $1.2 billion, equating to $7.99 per diluted share [18] - Cash flow from operations was $1.4 billion, with liquidity remaining strong at over $2.2 billion [19] - For Q4 2025, net income was $266 million, or $1.82 per diluted share, with revenue at $4.4 billion and operating income at $310 million, lower than the previous quarter due to reduced pricing and volume [19][20] Business Line Data and Key Metrics Changes - Steel operations generated operating income of $1.4 billion in 2025, down from $1.6 billion in the prior year, despite record steel shipments of 13.7 million tons [20] - Operating income from mills recycling operations was $97 million, nearly 30% higher than 2024, while Q4 operating income declined by $13 million due to lower pricing and shipments [21] - Steel fabrication platform earnings were $407 million for the year, lower than the previous year, but Q4 saw operating income of $91 million with solid demand for steel joists and deck [22] Market Data and Key Metrics Changes - The domestic steel industry operated at a production utilization rate of 77%, while the company's mills operated at 86%, indicating a competitive advantage [29] - The automotive production estimates for 2026 are expected to remain similar to 2025, with dealer inventories declining further [30] - Non-residential construction is anticipated to benefit from ongoing onshoring activity and infrastructure spending [30] Company Strategy and Development Direction - The company focuses on strategic organic investments in steel and aluminum products, with a disciplined capital allocation strategy aimed at high-return growth [9][25] - The proposed acquisition of BlueScope is seen as a strategic move to unlock value in North American assets, although the offer was rejected by BlueScope's board [10][11] - The company emphasizes a commitment to maintaining investment-grade credit metrics while pursuing growth opportunities [25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding demand for diversified value-added steel products, supported by stable demand and lower imports [30] - The company is excited about the operational and commercial progress in aluminum, with expectations of reaching 90% utilization by the end of 2026 [46] - Management highlighted the importance of maintaining a strong safety culture and operational execution as key drivers of success [8] Other Important Information - The company issued $800 million in investment-grade unsecured notes to redeem existing notes and for general corporate purposes [24] - Capital investments for 2026 are projected to be around $600 million, with a focus on high-return growth opportunities [24] - The company has a robust pipeline for growth investments, with a track record of delivering profitable growth [16] Q&A Session Summary Question: What is the expected utilization rate for the aluminum rolling mill by the end of 2026? - Management confirmed that the mill is expected to reach 90% utilization by the end of 2026, which is sooner than previously anticipated [46] Question: How should profitability be viewed over the next few quarters given the current aluminum environment? - Management expects the positive EBITDA profile to continue through the year, with improvements anticipated in the second half related to product mix optimization [47][48] Question: What is the company's comfort level regarding potential debt for acquisitions or investments? - Management indicated that the balance sheet has considerable capacity, with a commitment to remain under a 2x net leverage basis [53][54] Question: Can you provide an update on the Sinton facility and any impacts from recent outages? - Management reported a transformer failure at Sinton but confirmed that operations resumed shortly after and that there are no ongoing concerns [64] Question: How are energy costs being managed given recent fluctuations? - Management stated that energy costs represent about 10% of production costs, and they have unique contracts to mitigate impacts from fluctuations [88][89]

Financial Data and Key Metrics Changes - In 2025, the company achieved operating income of $1.5 billion and net income of $1.2 billion, equating to $7.99 per diluted share [18] - Cash flow from operations was $1.4 billion, with liquidity remaining strong at over $2.2 billion [19] - For Q4 2025, net income was $266 million, or $1.82 per diluted share, with revenue at $4.4 billion and operating income at $310 million, lower than the previous quarter due to lower pricing and volume [19][20] Business Line Data and Key Metrics Changes - Steel operations generated operating income of $1.4 billion in 2025, down from $1.6 billion in the prior year, despite record steel shipments of 13.7 million tons [20] - Operating income from mills recycling operations was $97 million, nearly 30% higher than 2024, while Q4 operating income declined by $13 million due to lower pricing and shipments [21] - Steel fabrication platform earnings were $407 million for the year, lower than the previous year, but Q4 operating income was $91 million, indicating a solid demand for steel joists and deck [22] Market Data and Key Metrics Changes - The domestic steel industry operated at an estimated production utilization rate of 77%, while the company's steel mills operated at 86%, indicating a competitive advantage [29] - The automotive production estimates for 2026 are expected to remain similar to 2025, with dealer inventories declining further [30] - Non-residential construction is anticipated to benefit from ongoing onshoring activity and infrastructure spending, contributing to demand for diversified value-added steel products [30] Company Strategy and Development Direction - The company focuses on strategic organic investments in steel and aluminum products, with a disciplined capital allocation strategy aimed at high-return growth [9][25] - The proposed acquisition of BlueScope is seen as a strategic move to unlock value in North American assets, although the offer was rejected by BlueScope's board [10][11] - The company emphasizes a commitment to maintaining investment-grade credit metrics while pursuing growth opportunities [25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding demand for diversified value-added steel products, supported by stable demand and lower imports [30] - The company is excited about the operational and commercial progress in aluminum, with expectations of reaching 90% utilization by the end of 2026 [45] - The management highlighted a significant domestic supply deficit for aluminum sheet, which is expected to grow, providing a favorable market environment [33] Other Important Information - The company issued $800 million in investment-grade unsecured notes to redeem existing notes and for general corporate purposes [24] - In 2025, the company repurchased $900 million of its common stock, reflecting confidence in its capital foundation and cash flow generation capabilities [25] - The company has a robust pipeline for growth investments, with a projected future through-cycle EBITDA contribution of over $1.4 billion from recent projects [40] Q&A Session Summary Question: Update on aluminum rolling mill utilization - The aluminum rolling mill is expected to reach 90% utilization by the end of 2026, with positive EBITDA anticipated to continue through the year [45][46] Question: Investment capacity and balance sheet comfort level - The company maintains a balance sheet with considerable capacity, aiming to remain under a 2x net leverage ratio [51][52] Question: Status of Sinton facility and recent transformer incident - A transformer failure occurred at the Sinton facility, but operations resumed shortly after, with no ongoing concerns expected [61] Question: Impact of outages on shipment profile - The company had planned maintenance outages in Q4, but no significant outages are expected in Q1 [75] Question: Energy cost considerations - Energy costs are approximately 10% of production costs, and the company has unique contracts to manage fluctuations effectively [87]

Financial Data and Key Metrics Changes - In 2025, the company achieved operating income of $1.5 billion and net income of $1.2 billion, equating to $7.99 per diluted share [16] - Cash flow from operations was $1.4 billion, with liquidity remaining strong at over $2.2 billion [17][21] - For Q4 2025, net income was $266 million, or $1.82 per diluted share, with revenue at $4.4 billion [17] Business Line Data and Key Metrics Changes - Steel operations generated operating income of $1.4 billion in 2025, down from $1.6 billion in the prior year, despite record steel shipments of 13.7 million tons [17][18] - The mills recycling operations saw operating income of $97 million, nearly 30% higher than 2024, while Q4 income declined due to lower pricing [18][25] - Steel fabrication platform earnings were $407 million for the year, lower than the previous year, but Q4 operating income was $91 million, indicating a solid demand for steel joists and deck [19][25] Market Data and Key Metrics Changes - The domestic steel industry operated at a production utilization rate of 77%, while the company's mills operated at 86%, showcasing a competitive advantage [26] - Long-product steel markets remained strong throughout 2025, with expectations for continued demand and pricing stability [28] - The automotive production estimates for 2026 are expected to remain similar to 2025, with dealer inventories declining further [28] Company Strategy and Development Direction - The company focuses on strategic organic investments in steel and aluminum products, aiming for differentiated product offerings and value creation for stakeholders [8][9] - The proposed acquisition of BlueScope is seen as a strategic move to unlock value in North American assets, despite the rejection of the offer by BlueScope's board [9][10] - The company emphasizes a disciplined capital allocation strategy, prioritizing high-return growth and maintaining investment-grade credit metrics [23] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the demand for diversified value-added steel products, supported by ongoing infrastructure spending and manufacturing onshoring [28] - The aluminum segment is expected to grow significantly, with a domestic supply deficit forecasted to increase, providing opportunities for the company [30] - The company remains committed to achieving a zero-incident safety environment and continues to prioritize safety culture [6] Other Important Information - The company issued $800 million in investment-grade unsecured notes to redeem existing notes and for general corporate purposes [22] - Capital investments for 2026 are projected to be around $600 million, with a focus on maintaining strong cash flow generation [22][23] - The company repurchased $900 million of common stock in 2025, reflecting confidence in future growth [22] Q&A Session Questions and Answers Question: Update on aluminum rolling mill utilization - The aluminum rolling mill is expected to reach 90% utilization by the end of 2026, with positive EBITDA anticipated to continue through the year [39][40] Question: Investment capacity and balance sheet comfort level - The company maintains a balance sheet with considerable capacity, aiming to remain under a 2x net leverage ratio while improving structural EBITDA [41][42] Question: Status of the four value-add lines and Sinton - The four value-add lines are operating well, and Sinton is expected to converge with other facilities in terms of operational capability [47][49]

Core Viewpoint - Steel Dynamics, Inc. (STLD) has shown strong performance over the past year, with a 50% increase in share value, attributed to the benefits of steel tariffs protecting the business [1] Company Performance - The company has gained 50% in share price over the last year, indicating robust market performance [1] - Initially, tariffs had a mixed impact on the business, but recent trends show increasing benefits from these tariffs [1] Industry Context - The steel industry is experiencing a favorable environment due to protective tariffs, which are contributing positively to the financial performance of companies like Steel Dynamics [1]

Presentation I n v e s t o r C a l l P r e s e n t a t i o n F o u r t h Q u a r t e r a n d F u l l Y e a r 2 0 2 5 January 26, 2026 Health and Safety Health and Safety Entrepreneurial Culture Customer Commitment Strategic Sustainable Growth Innovation Financial Strength z Investor 2022 Entrepreneurial Culture Customer Commitment Strategic Growth Innovation Financial Strength Forward-looking statements and Non-GAAP financial measures Forward-Looking Statements This presentation contains some predictive sta ...

Core Insights - Steel Dynamics, Inc. (STLD) reported Q4 2025 earnings of $1.82 per share, an increase from $1.36 year-over-year, surpassing the Zacks Consensus Estimate of $1.72 [1] - Net sales for the quarter reached $4,414 million, a 14% year-over-year increase, but fell short of the Zacks Consensus Estimate of $4,539.1 million [1] Segment Highlights - Steel operations net sales were $3,141.4 million, up approximately 18.7% year-over-year, with steel shipments of about 3.3 million tons, exceeding the consensus estimate of 3.29 million tons [1] - The average external product selling price for steel was $1,107 per ton, up from $1,011 year-over-year, but down from $1,119 in the previous quarter, beating the consensus estimate of $1,092 per ton [2] - Metal recycling operations reported net sales of $463 million, down around 4% year-over-year, with ferrous shipments of approximately 1.52 million gross tons, up roughly 7% year-over-year, surpassing the consensus of 1.44 million gross tons [3] - Steel fabrication operations had sales of about $347.3 million, down roughly 12.3% year-over-year, with shipments of 138,375 tons, down around 5.2% year-over-year, missing the consensus estimate of 142,000 tons [4] Financial Position - Steel Dynamics ended the quarter with cash and cash equivalents of $769.9 million, a 31% increase year-over-year, while long-term debt rose to $4,176.5 million, up roughly 49% [5] - Cash flow from operations was $272.7 million, down approximately 21.4% year-over-year [5] Outlook - The company anticipates improved trade conditions and a favorable interest rate environment to bolster steel and aluminum demand, with a growing interest in low-carbon, U.S.-made metals [6] - Progress is being made on the commissioning and start-up of the Columbus aluminum flat rolled mill and San Luis Potosí slab center, with expectations for strong long-term growth and value creation [6] Price Performance - Steel Dynamics shares have increased by 48.6% over the past year, compared to a 59.1% rise in its industry [7]