Steel Dynamics Smashes Q1 2026 Targets with Record Steel Shipments and Boosted EBITDA
Steel Dynamics, a leading steel producer in North America, has announced a stellar first quarter (Q1) 2026 performance, shattering records and exceeding expectations. In a conference call on April 21st, the company's leadership team outlined key highlights from the quarter, showcasing its continued growth and success.
Mark Millett, Chairman and Chief Executive Officer of Steel Dynamics, proudly declared that the company had achieved "a very strong first-quarter financial and operational performance." A major factor contributing to this success was the record quarterly steel shipments of 3.6 million tons, a significant milestone for the company. This achievement underscores Steel Dynamics' ability to meet growing demand in the steel market.
"It's exciting to see our vision coming to life" in the aluminum operations, Millett noted, highlighting the company's commitment to diversifying its product offerings and expanding into new markets. The adjusted EBITDA of $700 million further emphasizes Steel Dynamics' financial health and operational efficiency.
Theresa Wagler, Executive Vice President and Chief Financial Officer, provided a detailed analysis of the company's Q1 2026 results, which included net income of $403 million, or $2.78 per diluted share, with adjusted EBITDA of $700 million. First quarter 2026 revenues were $5.2 billion, with operating income reaching $538 million – an impressive increase from the previous quarter.
The steel operations generated operating income of $557 million in the first quarter, a 73% sequential increase driven by higher realized steel pricing and record steel volumes. The average selling prices per ton increased by $86, and the average HRC (Hot-Rolled Coil) pricing rose from $850 per ton in the fourth quarter to $975 per ton – a significant boost.
Barry Schneider, President and Chief Operating Officer, will discuss market trends further, but it's clear that the company is well-positioned for future success. With approximately 75-80% of its flat-rolled steel business linked to lagging price contracts, Steel Dynamics is poised to benefit from recent price increases in the second quarter.
The company's metals recycling segment also saw significant growth, with operating income reaching $47 million – a 155% increase over sequential earnings. Higher pricing for both ferrous and non-ferrous scrap contributed to this success.
Throughout the conference call, Steel Dynamics' leadership emphasized their commitment to safety, highlighting an impressive zero-incident environment at 94% of its 135 locations during Q1 2026. This dedication to employee safety is a testament to the company's values and prioritization of people over profits.
