Steel Dynamics Inc. (NASDAQ:STLD) announced first-quarter 2026 earnings guidance of $2.73 to $2.77 per diluted share in a statement released Monday. The projected range marks a notable increase from the company’s fourth-quarter 2025 earnings of $1.82 per diluted share and from $1.44 per diluted share reported in the first quarter of the previous year.
The company said its steel operations are expected to deliver stronger profitability than in the prior quarter, supported by higher shipment volumes and improved metal margins as average selling prices have risen more than scrap raw material costs.
Earnings from the metals recycling segment are also projected to improve, reflecting wider metal margins driven by stronger prices for both ferrous and nonferrous materials. However, shipment volumes are anticipated to decline due to winter weather conditions that disrupted scrap supply flows in January and February.
Steel fabrication operations are expected to produce earnings similar to those reported in the fourth quarter. Increased shipment levels are expected to offset margin pressure caused by higher steel input costs.
Steel Dynamics noted that its customer order backlog is more than 35 percent higher than it was a year ago and currently extends into the third quarter of 2026.
During the first quarter of 2026, the company repurchased approximately $66 million of its common stock. Management said the pace of share buybacks was temporarily reduced due to working capital needs associated with the company’s annual profit-sharing payment of about $126 million, as well as higher working capital requirements tied to its aluminum operations.
Steel Dynamics plans to report its full first-quarter 2026 results after market close on April 20, 2026. A conference call to discuss the results is scheduled for April 21 at 11:00 a.m. Eastern Daylight Time.