Core Viewpoint - Steel Dynamics, Inc. anticipates second quarter 2025 earnings per diluted share in the range of $2.00 to $2.04, a decrease from $2.72 in the same quarter last year and an increase from $1.44 in the first quarter of 2025 [1][2]. Group 1: Steel Operations - Profitability from steel operations is expected to be significantly stronger than the first quarter of 2025, driven by expanded metal spreads and increased average realized steel pricing [2]. - Long product steel shipments improved sequentially, while flat rolled volumes contracted modestly due to inventory overhang from coated flat rolled steel imports [2]. - Demand is primarily led by the energy, non-residential construction, automotive, and industrial sectors [2]. - Steel segment pretax earnings were reduced by approximately $32 million due to a noncash write-off of consumable assets [2]. Group 2: Metals Recycling Operations - Earnings from metals recycling operations are expected to remain steady sequentially, as stronger shipments offset lower realized pricing [3]. Group 3: Steel Fabrication Operations - Earnings from steel fabrication operations are expected to decline compared to the first quarter of 2025, due to steady shipments and metal spread compression from increased raw material costs [4]. - The pace of order activity increased, and the order backlog improved, supported by demand from commercial, data center, manufacturing, warehouse, and healthcare sectors [4]. - Domestic manufacturing investment and the U.S. infrastructure program are expected to positively impact demand for steel products [4]. Group 4: Aluminum Operations - The company is successfully commissioning its aluminum flat rolled products mill in Columbus, Mississippi, and a satellite recycled slab center in San Luis Potosi, Mexico [5]. - The first aluminum ingot was cast in January and March 2025, with shipping expected to begin mid-2025 [5]. Group 5: Stock Repurchase - As of June 11, 2025, the company repurchased $179 million, or one percent, of its common stock during the second quarter [6]. Group 6: Company Overview - Steel Dynamics is a leading industrial metals solutions company, operating with a circular manufacturing model and focusing on lower-carbon-emission products [7]. - The company is one of the largest domestic steel producers and metal recyclers in North America, with ongoing investments in aluminum operations to diversify its product offerings [7].