Steel Dynamics

“In addition, we sell various grades of nonferrous metals including copper, brass, aluminum, and stainless steel, to smelters, refineries, alloy manufacturers, specialty mills and other consumers, including our aluminum operations.”

Annual report 2025A · The company itself

“Additionally, the construction of any new aluminum flat rolled products mills may also lead to increased demand in aluminum scrap possibly resulting in higher aluminum scrap prices.”

Annual report 2025A · The company itself

“Our aluminum operations depend on a core group of significant customers. We have a relatively concentrated group of aluminum customers. Most of these customers have one or more sizable sales agreements with us.”

Annual report 2025A · The company itself

“The company also has aluminum operations, further diversifying its product offerings to supply aluminum flat rolled products with higher recycled content to the countercyclical, sustainable beverage can industry, as well as the automotive and industrial sectors.”

Annual report 2025A · The company itself

“Aluminum Operations Segment ​ Our aluminum operations consist of a 650,000-metric-ton recycled aluminum flat rolled products mill in Columbus, Mississippi; two 150,000-metric-ton satellite recycled aluminum slab centers, one in Central Mexico and one under construction in the Southwest U.S.; and an ancillary recycled aluminum deox-rod facility. The flat rolled products mill produces flat rolled aluminum coil products from aluminum scrap and is a complementary extension of our metals recycling platform.”

Annual report 2025A · The company itself

“We compete with other North American aluminum flat rolled products producers primarily on the basis of price, quality, customer service, and proximity to the customer.”

Annual report 2025A · The company itself

“The principal raw materials of our aluminum operations are raw aluminum (P1020) and recycled aluminum scrap derived from, among other sources, “home scrap,” generated internally at our rolling mill; industrial scrap, generated as a by-product of manufacturing, recycled from automotive and food beverage container manufacturers; and recycled materials from end-of-life trucks and automobiles, industrial products, and used food and beverage containers (“UBCs”). Recycled aluminum content varies by product, alloy, and end customer application. Food and beverage products typically achieve 85% or better recycled content, and industrial and automotive products’ recycled content is typically 65%.”

Annual report 2025A · The company itself

“We sell various grades of processed nonferrous scrap to end-users such as aluminum sheet and manufacturers (including our aluminum operations), ingot manufacturers, brass and bronze ingot makers, copper refineries, smelters, specialty steelmakers, alloy manufacturers, wire and cable producers, and utilities.”

Annual report 2025A · The company itself

“These factors include the level of domestic production (high quality, low-residual scrap is a by-product of manufacturing activity), the level of exports of scrap from the United States, and the amount of obsolete scrap recycled. In addition, historical domestic ferrous scrap prices typically have a strong correlation and spread to global pig iron pricing. Generally, as domestic steel production increases, so does ferrous scrap demand and resulting scrap prices.”

Annual report 2025A · The company itself

“Global and National Risks Related to our Business Our industries, as well as the industries of many of our customers and suppliers upon whom we are dependent, are affected by domestic and global economic factors including periods of slower than anticipated economic growth and the risk of a recession. Our financial results are substantially dependent not only upon overall economic conditions in the United States and globally, including North America, Europe and in Asia, but also as they may affect one or more of the industries upon which we depend for the sale of our products.”

Annual report 2025A · The company itself

“Industry Risks Related to our Business Our level of production and our sales and earnings are subject to significant fluctuations as a result of the cyclical nature of the metals industries and some of the other industries we serve. The steel and aluminum manufacturing business is cyclical in nature, and the selling price of the products we make may fluctuate significantly due to many factors beyond our control.”

Annual report 2025A · The company itself

“In addition, a slowdown of industrial or other scrap sources, such as used beverage cans, production in the United States reduces the supply of industrial grades of metal to the metals recycling industry, resulting in our having less recyclable metal available to process, sell, or consume for our steelmaking or aluminum operations.”

Annual report 2025A · The company itself

“We strive to provide unique, superior products, customer supply chain solutions, and next-generation technologies and processes. ● Financial Strength – Through our adaptable value-added product diversification, vertically connected businesses model, highly variable operating cost structure and performance-based incentive compensation, along with our continued operating innovations and efficiency, we achieve higher utilization and lower costs, which provide strong cash flow generation through both strong and weak market cycles.”

Annual report 2025A · The company itself

“In addition, we sell various grades of nonferrous metals including copper, brass, aluminum, and stainless steel, to smelters, refineries, alloy manufacturers, specialty mills and other consumers, including our aluminum operations.”

Annual report 2025A · The company itself

“We sell various grades of processed nonferrous scrap to end-users such as aluminum sheet and manufacturers (including our aluminum operations), ingot manufacturers, brass and bronze ingot makers, copper refineries, smelters, specialty steelmakers, alloy manufacturers, wire and cable producers, and utilities.”

Annual report 2025A · The company itself

“USS and NPS provide complementary distribution channels for metallic-coated and pre-painted flat rolled steel coils and steel processing capabilities, including slitting, blanking, cutting to length, stamping and fabrication services. USS primarily serves roll-former customers in the roofing and siding industry, while also expanding our reach to customers that have not historically purchased steel directly from a primary steel producer. NPS serves a wide range of customers, including those in agriculture, appliance, automotive, and construction industries, as well as other markets.”

Annual report 2025A · The company itself

“SBQ products are principally consumed by cold finishers, forgers, intermediate processors, OEM manufacturers, steel service centers, and distributors, as well as pull-through volume to Vulcan. Our MBQ products are sold primarily to steel service centers, as well as reinforcing steel bar distributors, joist producers (such as our New Millennium Building Systems), and OEMs.”

Annual report 2025A · The company itself

“Our aluminum operations provide flat rolled products with high recycled content to the countercyclical, sustainable beverage can industry, as well as the automotive and industrial sectors.”

Annual report 2025A · The company itself

“The principal raw materials of our aluminum operations are raw aluminum (P1020) and recycled aluminum scrap derived from, among other sources, “home scrap,” generated internally at our rolling mill; industrial scrap, generated as a by-product of manufacturing, recycled from automotive and food beverage container manufacturers; and recycled materials from end-of-life trucks and automobiles, industrial products, and used food and beverage containers (“UBCs”).”

Annual report 2025A · The company itself

“Our business is also dependent upon certain industries, such as construction, automotive, manufacturing, transportation, heavy and agricultural equipment, energy, food packaging, beverage can and pipe and tube (including OCTG) markets, and many of these industries are also cyclical in nature and may experience supply chain disruptions.”

Annual report 2025A · The company itself

“The sale of our manufactured steel and aluminum products is directly affected by demand for our products in other cyclical industries, such as construction, automotive, manufacturing, transportation, heavy and agricultural equipment, energy, food packaging, beverage can and pipe and tube (including OCTG) markets.”

Annual report 2025A · The company itself

“Table of Contents The Techs and the Heartland Flat Roll Division specialize in the galvanizing and painting of specific types of flat rolled steel, primarily for non-automotive applications, serving customers in the heating, ventilation, and air conditioning (“HVAC”), construction, agriculture, and consumer goods markets.”

Annual report 2025A · The company itself

“USS and NPS provide complementary distribution channels for metallic-coated and pre-painted flat rolled steel coils and steel processing capabilities, including slitting, blanking, cutting to length, stamping and fabrication services. USS primarily serves roll-former customers in the roofing and siding industry, while also expanding our reach to customers that have not historically purchased steel directly from a primary steel producer. NPS serves a wide range of customers, including those in agriculture, appliance, automotive, and construction industries, as well as other markets.”

Annual report 2025A · The company itself

“Our steel fabrication operations consist of seven strategically located New Millennium Building Systems plants that serve the non-residential construction industry throughout the United States. These facilities provide a national operating footprint that enables us to reach the entire domestic market, including large retail chains, e-commerce distribution facilities, data centers, manufacturing facilities, and schools.”

Annual report 2025A · The company itself

“Our steel fabrication operations primarily serve non-residential steel fabricators, metal building companies, general construction contractors, developers, property owners, brokers, and governmental entities. Our customers are located throughout the United States.”

Annual report 2025A · The company itself

“Our business is also dependent upon certain industries, such as construction, automotive, manufacturing, transportation, heavy and agricultural equipment, energy, food packaging, beverage can and pipe and tube (including OCTG) markets, and many of these industries are also cyclical in nature and may experience supply chain disruptions.”

Annual report 2025A · The company itself

“The sale of our manufactured steel and aluminum products is directly affected by demand for our products in other cyclical industries, such as construction, automotive, manufacturing, transportation, heavy and agricultural equipment, energy, food packaging, beverage can and pipe and tube (including OCTG) markets.”

Annual report 2025A · The company itself

“Global or domestic actions or conditions, including political actions, proposed or actual trade policies or restrictions, including tariffs or quotas, proposed or actual changes in tax laws, including the imposition of new tax laws or sunset of certain tax laws, proposed or actual regulation, including those related to the environment, interest rates, terrorism, acts of war or hostility, natural disasters, or pandemics, epidemics, widespread illness or other health issues, could result in changing economic conditions in the United States and globally, disruptions to or slowdowns in our business, our supply chain, or our global or domestic industries, or those of our customers or suppliers upon whom we are dependent.”

Annual report 2025A · The company itself

“The availability and prices of raw materials and supplies, particularly those with positive environmental attributes, may also be negatively affected by new, existing or changing laws, regulations, sanctions or embargoes, including those that may impose output limitations or higher costs associated with climate change or GHG allocation by suppliers, interruptions in production, accidents or natural disasters, changes in exchange rates, global price fluctuations, the availability and cost of transportation, and competing uses, all of which may be heightened during times of war or hostilities.”

Annual report 2025A · The company itself

“To achieve these goals, our operational costs may increase, and we have had and will continue to have additional capital expenditures, some of which we may not be able to pass along to our customers. Any failure to timely meet these goals, or other requirements of customers or investors, may have an adverse effect on our business, results of operations and stock price.”

Annual report 2025A · The company itself

“International treaties or agreements may also result in increasing regulation of GHG emissions, including carbon emissions limitations or trading mechanisms. Any such regulation or disclosure requirement could impose significant costs on our operations and on the operations of our customers and suppliers, including increased energy, capital equipment, emissions controls, environmental monitoring and reporting and other costs in order to comply with current or future laws, regulations or demands concerning the environment, climate change, GHG emissions and sustainability.”

Annual report 2025A · The company itself

“We are committed to operating our business in an environmentally responsible manner and have been since our founding. Our steel mills exclusively use EAF steelmaking technology, which uses recycled ferrous scrap as the primary raw material.”

Annual report 2025A · The company itself

“Customers, investors and regulators have increased their focus on the environment, GHG emissions and sustainability. We are committed to the environment and sustainability. We are taking further action to reduce our environmental footprint through our 2030 and 2050 goals for GHG emission reduction and increased renewable energy usage.”

Annual report 2025A · The company itself

“BUSINESS ​ ​ ​ Steel Dynamics, Inc. is a leading industrial metals solutions company, with facilities located throughout the United States and Mexico. The company operates a circular manufacturing model, producing high-quality, lower-carbon-emission products with recycled scrap as the primary input. Steel Dynamics is one of the largest domestic steel producers and metals recyclers in North America based on estimated steelmaking and steel coating capacity of approximately 16 million tons and actual metals recycling volumes as of December 31, 2025, with one of the most diversified product and end market portfolios in the domestic steel industry, combined with a meaningful downstream steel fabrication platform.”

Annual report 2025A · The company itself

“SBQ products are principally consumed by cold finishers, forgers, intermediate processors, OEM manufacturers, steel service centers, and distributors, as well as pull-through volume to Vulcan. Our MBQ products are sold primarily to steel service centers, as well as reinforcing steel bar distributors, joist producers (such as our New Millennium Building Systems), and OEMs.”

Annual report 2025A · The company itself

“Steel of West Virginia’s customers are primarily OEMs producing solar panel structures, truck trailers, industrial lift trucks, merchant products, guardrail posts, manufactured housing, mining, and off-highway construction equipment. Steel of West Virginia’s flexible manufacturing capabilities enable us to meet demand for a variety of custom-ordered and designed products. Many of these products are produced in small quantities for low volume end-uses resulting in a wide variety of customers, the largest of which are in the truck trailer and industrial lift truck industries.”

Annual report 2025A · The company itself

“We sell various grades of processed ferrous scrap to end-users, such as EAF steel mills, integrated steelmakers, foundries, secondary smelters, and metal brokers, who aggregate materials for other large users. Ferrous scrap metal is the primary raw material for EAFs, including our steel mills.”

Annual report 2025A · The company itself

“Our aluminum operations provide flat rolled products with high recycled content to the countercyclical, sustainable beverage can industry, as well as the automotive and industrial sectors.”

Annual report 2025A · The company itself

“Our business is also dependent upon certain industries, such as construction, automotive, manufacturing, transportation, heavy and agricultural equipment, energy, food packaging, beverage can and pipe and tube (including OCTG) markets, and many of these industries are also cyclical in nature and may experience supply chain disruptions.”

Annual report 2025A · The company itself

“Our steel and aluminum products are then sold to consumers that both further process and manufacture end products. We sell a meaningful amount of steel to our own manufacturing businesses that in turn sell finished products to consumers.”

Annual report 2025A · The company itself

“A strategic and synergistic relationship exists between our electric arc furnace (EAF) steel mills and our metals recycling operations, as well as between our aluminum operations and our metals recycling operations. Our metals recycling platform is the largest supplier of recycled ferrous scrap to our steel operations and the largest supplier of recycled aluminum scrap to our aluminum operations. This circular model allows us to reduce companywide working capital, as lower scrap inventory volume is required at our steel mills and aluminum operations. We are also able to source higher-quality scrap for our steel mills and aluminum operations, increasing availability, optimizing costs, and improving quality.”

Annual report 2025A · The company itself

“Recycled ferrous scrap typically comprises more than 80% of the metallic melt mix in EAF steelmaking, in contrast to integrated mill steelmaking, where the proportion of scrap has traditionally been approximately 25% to 35%.”

Annual report 2025A · The company itself

“While our vertical integration with our metals recycling business and liquid pig-iron operations are expected to enable us to continue being a cost-effective supplier to our own steelmaking and aluminum operations, for some of our metallics requirements, we still rely on other metallics and raw material suppliers, as well as upon general industry supply conditions for the balance of our needs.”

Annual report 2025A · The company itself

“Metals Recycling operations include both ferrous and nonferrous scrap metal processing, transportation, marketing, brokerage, and scrap management services, strategically located in close proximity to our steel mills and our aluminum operations and other end-user scrap consumers, throughout North America. Our metals recycling operations accounted for 11% of our consolidated net sales during 2025, 2024 and 2023.”

Annual report 2025A · The company itself

“International treaties or agreements may also result in increasing regulation of GHG emissions, including carbon emissions limitations or trading mechanisms. Any such regulation or disclosure requirement could impose significant costs on our operations and on the operations of our customers and suppliers, including increased energy, capital equipment, emissions controls, environmental monitoring and reporting and other costs in order to comply with current or future laws, regulations or demands concerning the environment, climate change, GHG emissions and sustainability.”

Annual report 2025A · The company itself

“We are committed to operating our business in an environmentally responsible manner and have been since our founding. Our steel mills exclusively use EAF steelmaking technology, which uses recycled ferrous scrap as the primary raw material.”

Annual report 2025A · The company itself

“Our biocarbon production facility located in Columbus, Mississippi uses high-temperature pyrolysis to convert sustainably sourced biomass to high-purity biocarbon. We plan to use this biocarbon as a renewable replacement for anthracite in our steelmaking operations, which could result in as much as a 35% reduction in our steel mills’ Scope 1 GHG absolute emissions. The facility began operations in the second half of 2025.”

Annual report 2025A · The company itself

“Table of Contents Technologically Advanced, Low-Cost, Highly Efficient Operations We have some of the most technologically advanced and environmentally responsible steel mills and aluminum operations in the world. Our steel mills generate a fraction of the greenhouse gas (GHG) emissions per ton of steel produced as compared to traditional blast furnace steel production and the average global steel industry. Our value-added product diversification, circular manufacturing model, and performance-based incentive compensation programs support our efficient, environmentally responsible, and competitively advantaged footprint. Coupled with our low, highly variable cost structure and our continued operating innovation and efficiency, we are one of the most profitable and lowest-cost domestic metals solutions companies.”

Annual report 2025A · The company itself

“The company also has aluminum operations, further diversifying its product offerings to supply aluminum flat rolled products with higher recycled content to the countercyclical, sustainable beverage can industry, as well as the automotive and industrial sectors.”

Annual report 2025A · The company itself

“Our aluminum operations provide flat rolled products with high recycled content to the countercyclical, sustainable beverage can industry, as well as the automotive and industrial sectors.”

Annual report 2025A · The company itself

“The principal raw materials of our aluminum operations are raw aluminum (P1020) and recycled aluminum scrap derived from, among other sources, “home scrap,” generated internally at our rolling mill; industrial scrap, generated as a by-product of manufacturing, recycled from automotive and food beverage container manufacturers; and recycled materials from end-of-life trucks and automobiles, industrial products, and used food and beverage containers (“UBCs”).”

Annual report 2025A · The company itself

“USS and NPS provide complementary distribution channels for metallic-coated and pre-painted flat rolled steel coils and steel processing capabilities, including slitting, blanking, cutting to length, stamping and fabrication services. USS primarily serves roll-former customers in the roofing and siding industry, while also expanding our reach to customers that have not historically purchased steel directly from a primary steel producer. NPS serves a wide range of customers, including those in agriculture, appliance, automotive, and construction industries, as well as other markets.”

Annual report 2025A · The company itself

“Research and Development Our research and development activities have consisted of efforts to expand, develop, and improve our products and operating processes, including those at our recycled aluminum flat rolled products mill and Sinton Flat Roll Division, as well as our efforts to develop and improve renewable product alternatives, such as our biocarbon production facility.”

Annual report 2025A · The company itself

“Research and Development Our research and development activities have consisted of efforts to expand, develop, and improve our products and operating processes, including those at our recycled aluminum flat rolled products mill and Sinton Flat Roll Division, as well as our efforts to develop and improve renewable product alternatives, such as our biocarbon production facility.”

Annual report 2025A · The company itself

“Our steel fabrication operations consist of seven strategically located New Millennium Building Systems plants that serve the non-residential construction industry throughout the United States. These facilities provide a national operating footprint that enables us to reach the entire domestic market, including large retail chains, e-commerce distribution facilities, data centers, manufacturing facilities, and schools.”

Annual report 2025A · The company itself

“Our steel fabrication operations consist of seven strategically located New Millennium Building Systems plants that serve the non-residential construction industry throughout the United States. These facilities provide a national operating footprint that enables us to reach the entire domestic market, including large retail chains, e-commerce distribution facilities, data centers, manufacturing facilities, and schools.”

Annual report 2025A · The company itself

“The company also has aluminum operations, further diversifying its product offerings to supply aluminum flat rolled products with higher recycled content to the countercyclical, sustainable beverage can industry, as well as the automotive and industrial sectors.”

Annual report 2025A · The company itself

“Table of Contents Technologically Advanced, Low-Cost, Highly Efficient Operations We have some of the most technologically advanced and environmentally responsible steel mills and aluminum operations in the world. Our steel mills generate a fraction of the greenhouse gas (GHG) emissions per ton of steel produced as compared to traditional blast furnace steel production and the average global steel industry. Our value-added product diversification, circular manufacturing model, and performance-based incentive compensation programs support our efficient, environmentally responsible, and competitively advantaged footprint. Coupled with our low, highly variable cost structure and our continued operating innovation and efficiency, we are one of the most profitable and lowest-cost domestic metals solutions companies.”

Annual report 2025A · The company itself

“Steel Dynamics is one of the largest domestic steel producers and metals recyclers in North America based on estimated steelmaking and steel coating capacity of approximately 16 million tons and actual metals recycling volumes as of December 31, 2025, with one of the most diversified product and end market portfolios in the domestic steel industry, combined with a meaningful downstream steel fabrication platform.”

Annual report 2025A · The company itself

“We compete with other North American aluminum flat rolled products producers primarily on the basis of price, quality, customer service, and proximity to the customer.”

Annual report 2025A · The company itself

“The majority of our scrap consuming operations are located near sustainable sources of scrap metal and close to our customer base, creating freight savings on inbound scrap and outbound finished products. This proximity also allows us to provide consistent, on-time delivery with relatively short lead times, further strengthening our customer relationships.”

Annual report 2025A · The company itself

“The steel rail marketplace in the United States, Canada, and Mexico is specialized and defined, with seven Class I railroads and a large distribution network.”

Annual report 2025A · The company itself

“The principal customers for our structural steel products are steel service centers, steel fabricators and various manufacturers. Service centers provide key distribution channels for the mills and value-add services to the end-user.”

Annual report 2025A · The company itself

“BUSINESS ​ ​ ​ Steel Dynamics, Inc. is a leading industrial metals solutions company, with facilities located throughout the United States and Mexico. The company operates a circular manufacturing model, producing high-quality, lower-carbon-emission products with recycled scrap as the primary input. Steel Dynamics is one of the largest domestic steel producers and metals recyclers in North America based on estimated steelmaking and steel coating capacity of approximately 16 million tons and actual metals recycling volumes as of December 31, 2025, with one of the most diversified product and end market portfolios in the domestic steel industry, combined with a meaningful downstream steel fabrication platform.”

Annual report 2025A · The company itself

“Accordingly, we are at risk in the event of an energy disruption, including power outages, power unavailability or inability to obtain power at a reasonable price or with sufficient desired environmental attributes. Prolonged blackouts, curtailments or disruptions caused by, among other things, natural disasters or by political or environmental considerations would substantially disrupt our production.”

Annual report 2025A · The company itself

“Electricity is a significant input required in our EAF steel operations, representing approximately 4% of steel production costs of goods sold in 2025, 2024, and 2023. We have entered into fixed price electricity contracts for the Butler Flat Roll Division, Columbus Flat Roll Division, Roanoke Bar Division and Steel of West Virginia, while our Structural and Rail Division and Engineered Bar Products Division have a combination of fixed pricing and market 19 Table of Contents pricing for the various components of the electrical services (demand charge, energy charge, riders, etc.). Our Sinton Flat Roll Division purchases electricity at current market prices.”

Annual report 2025A · The company itself

“The cost and availability of electricity, natural gas, oil and other energy resources are subject to volatile market conditions. We consume large amounts of energy to melt scrap, reheat semi-finished products for rolling into finished products and perform other steps necessary to our production process.”

Annual report 2025A · The company itself

“Thereafter ​ ​ 2,650,147 ​ ​ 4.7 ​ ​ - ​ ​ ​ ​ ​ Total debt outstanding ​ $ 4,253,448 ​ ​ 4.2% ​ $ 33,162 ​ ​ 5.5% ​ ​ Fair value ​ $ 4,108,867 ​ ​ ​ ​ $ 33,162 ​ ​ ​ ​ ​ Commodity Risk In the normal course of business, we are exposed to the market risk and price fluctuations related to the sale of our products and to the purchase of raw materials used in our operations, such as metallic raw materials, electricity, water, natural gas and its transportation services, fuel, air products, zinc, and electrodes.”

Annual report 2025A · The company itself

“Global or domestic actions or conditions, including political actions, proposed or actual trade policies or restrictions, including tariffs or quotas, proposed or actual changes in tax laws, including the imposition of new tax laws or sunset of certain tax laws, proposed or actual regulation, including those related to the environment, interest rates, terrorism, acts of war or hostility, natural disasters, or pandemics, epidemics, widespread illness or other health issues, could result in changing economic conditions in the United States and globally, disruptions to or slowdowns in our business, our supply chain, or our global or domestic industries, or those of our customers or suppliers upon whom we are dependent.”

Annual report 2025A · The company itself

“Therefore, these industries may experience their own fluctuations in demand for our products based on such things as economic conditions, interest rates, supply chain disruptions, raw material and energy costs, consumer demand, the rate of inflation and infrastructure funding decisions by governments.”

Annual report 2025A · The company itself

“A prospective decline in consumer and business confidence and spending, which is often coupled with reductions in the availability of credit or increased cost of credit and interest rates, as well as volatility in the capital and credit markets, may adversely affect the business and economic environment in which we operate and the profitability of our business. We are also exposed to risks associated with the creditworthiness of our customers and suppliers, which during times of high interest rates can be intensified. If the availability of credit to fund or support the continuation and expansion of our customers’ business operations is curtailed or if the cost of that credit is high, the resulting inability of our customers or of their customers to either access credit or absorb the cost of that credit may adversely affect our business by reducing our sales or by increasing our exposure to losses from uncollectible customer accounts.”

Annual report 2025A · The company itself

“The cost and availability of electricity, natural gas, oil and other energy resources are subject to volatile market conditions. We consume large amounts of energy to melt scrap, reheat semi-finished products for rolling into finished products and perform other steps necessary to our production process.”

Annual report 2025A · The company itself

“Thereafter ​ ​ 2,650,147 ​ ​ 4.7 ​ ​ - ​ ​ ​ ​ ​ Total debt outstanding ​ $ 4,253,448 ​ ​ 4.2% ​ $ 33,162 ​ ​ 5.5% ​ ​ Fair value ​ $ 4,108,867 ​ ​ ​ ​ $ 33,162 ​ ​ ​ ​ ​ Commodity Risk In the normal course of business, we are exposed to the market risk and price fluctuations related to the sale of our products and to the purchase of raw materials used in our operations, such as metallic raw materials, electricity, water, natural gas and its transportation services, fuel, air products, zinc, and electrodes.”

Annual report 2025A · The company itself

“The global steelmaking overcapacity is exacerbated by Chinese steel production capacity that far exceeds that country’s demand and has made China a major global exporter of steel, resulting in weakened global steel pricing than otherwise would be expected.”

Annual report 2025A · The company itself

“We are subject to cybersecurity threats and may face risks to the security of our sensitive data and information technology which may adversely affect our business, results of operations, financial condition and cash flows. Increased cybersecurity and information technology security requirements, vulnerabilities and threats and a rise in sophisticated and targeted cybercrime, all of which may be heightened during times of war or hostilities, pose a risk to the security and functionality of our systems and information networks, and to the confidentiality, availability and integrity of sensitive data, including intellectual property, proprietary information, financial information, customer and supplier information, and personally identifiable information. Additionally, cybersecurity vulnerabilities or attacks could result in an interruption of the functionality of our automated and electronically controlled manufacturing operating systems, which, if compromised, could cease, threaten, delay or slow down our ability to melt, roll or otherwise process steel, aluminum or any of our other products for the duration of such interruption.”

Annual report 2025A · The company itself

“A prospective decline in consumer and business confidence and spending, which is often coupled with reductions in the availability of credit or increased cost of credit and interest rates, as well as volatility in the capital and credit markets, may adversely affect the business and economic environment in which we operate and the profitability of our business. We are also exposed to risks associated with the creditworthiness of our customers and suppliers, which during times of high interest rates can be intensified. If the availability of credit to fund or support the continuation and expansion of our customers’ business operations is curtailed or if the cost of that credit is high, the resulting inability of our customers or of their customers to either access credit or absorb the cost of that credit may adversely affect our business by reducing our sales or by increasing our exposure to losses from uncollectible customer accounts.”

Annual report 2025A · The company itself

“Global steelmaking capacity currently exceeds global consumption of steel products, which adversely affects United States and global steel prices. Such excess capacity sometimes results in steel manufacturers in certain countries exporting steel and steel products, at prices that are lower than prevailing domestic prices, and sometimes at or below their cost of production.”

Annual report 2025A · The company itself

“Since a significant portion of our finished products are delivered by truck, unforeseen fluctuations in the price of fuel would also adversely affect our costs or the costs of many of our customers.”

Annual report 2025A · The company itself

“Thereafter ​ ​ 2,650,147 ​ ​ 4.7 ​ ​ - ​ ​ ​ ​ ​ Total debt outstanding ​ $ 4,253,448 ​ ​ 4.2% ​ $ 33,162 ​ ​ 5.5% ​ ​ Fair value ​ $ 4,108,867 ​ ​ ​ ​ $ 33,162 ​ ​ ​ ​ ​ Commodity Risk In the normal course of business, we are exposed to the market risk and price fluctuations related to the sale of our products and to the purchase of raw materials used in our operations, such as metallic raw materials, electricity, water, natural gas and its transportation services, fuel, air products, zinc, and electrodes.”

Annual report 2025A · The company itself

“Global or domestic actions or conditions, including political actions, proposed or actual trade policies or restrictions, including tariffs or quotas, proposed or actual changes in tax laws, including the imposition of new tax laws or sunset of certain tax laws, proposed or actual regulation, including those related to the environment, interest rates, terrorism, acts of war or hostility, natural disasters, or pandemics, epidemics, widespread illness or other health issues, could result in changing economic conditions in the United States and globally, disruptions to or slowdowns in our business, our supply chain, or our global or domestic industries, or those of our customers or suppliers upon whom we are dependent.”

Annual report 2025A · The company itself

“While measures to curb unfair trade such as tariffs, duties or quotas, along with trade agreements with other countries, have decreased the volume of steel and steel products imports, domestic steel and steel products prices can be negatively impacted by excessive imports of steel and steel products. Should current or new tariffs, duties or quotas expire or be relaxed, repealed or circumvented by importers of steel and steel products, or should trade agreements be renegotiated, downward pressure may be exerted on United States steel and steel products prices, which may adversely affect our steel business, results of operations, financial condition and cash flows.”

Annual report 2025A · The company itself

“The prices for and availability of electricity, natural gas, oil and other energy resources, including renewable or other clean energy sources, are subject to regulation and volatile market conditions, often affected by weather conditions as well as political, environmental and economic factors beyond our control.”

Annual report 2025A · The company itself

“The availability and prices of raw materials and supplies, particularly those with positive environmental attributes, may also be negatively affected by new, existing or changing laws, regulations, sanctions or embargoes, including those that may impose output limitations or higher costs associated with climate change or GHG allocation by suppliers, interruptions in production, accidents or natural disasters, changes in exchange rates, global price fluctuations, the availability and cost of transportation, and competing uses, all of which may be heightened during times of war or hostilities.”

Annual report 2025A · The company itself

“Therefore, these industries may experience their own fluctuations in demand for our products based on such things as economic conditions, interest rates, supply chain disruptions, raw material and energy costs, consumer demand, the rate of inflation and infrastructure funding decisions by governments.”

Annual report 2025A · The company itself

“Fluctuations in the value of the dollar can also affect imports, as a strong United States dollar makes imported products less expensive, potentially resulting in more imports of steel and steel products into the United States by our foreign competitors.”

Annual report 2025A · The company itself

“We are predominantly a domestic steel company. Export sales represented approximately 4%, 6%, and 8% of our steel segment net sales during 2025, 2024, and 2023, respectively.”

Annual report 2025A · The company itself

“BUSINESS ​ ​ ​ Steel Dynamics, Inc. is a leading industrial metals solutions company, with facilities located throughout the United States and Mexico.”

Annual report 2025A · The company itself

“Our steel fabrication operations consist of seven strategically located New Millennium Building Systems plants that serve the non-residential construction industry throughout the United States. These facilities provide a national operating footprint that enables us to reach the entire domestic market, including large retail chains, e-commerce distribution facilities, data centers, manufacturing facilities, and schools.”

Annual report 2025A · The company itself

“Joist and Deck Operations ​ Butler, IN ​ Joist Operations ​ Fallon, NV ​ Steel Joist Fabrication Facility ​ 68 ​ — Joist and Deck Operations ​ Hope, AR ​ Joist Operations ​ Juarez, MX ​ Steel Joist Fabrication Facility ​ 17 ​ — Joist and Deck Operations ​ Lake City, FL ​ Deck Operations ​ Memphis, TN ​ Joist and Deck Operations ​ Salem, VA ​ Aluminum Operations Segment Aluminum Dynamics, LLC ​ Columbus, MS ​ Recycled Aluminum Flat Rolled Products Mill ​ 2,112 ​ — Aluminum Dynamics of Mexico ​ San Luis Potosi, Mexico ​ Recycled Aluminum Slab Facility ​ 692 ​ — Superior Aluminum Alloys ​ New Haven, IN ​ Recycled Aluminum Deox-Rod Facility ​ 96 ​ — ​ The company’s corporate headquarters is located in Fort Wayne, Indiana on 20 owned acres.”

Annual report 2025A · The company itself

“The Steel Dynamics team consisted of approximately 14,400 full-time team members at December 31, 2025.”

Annual report 2025A · The company itself

“Supply chain disruptions and labor shortages have and may continue to exacerbate the effects of equipment failures.”

Annual report 2025A · The company itself

“BUSINESS ​ ​ ​ Steel Dynamics, Inc. is a leading industrial metals solutions company, with facilities located throughout the United States and Mexico.”

Annual report 2025A · The company itself

“Delays in achieving full operational capacity at our new facilities has adversely affected and may continue to adversely affect our prospects, business, financial condition, results of operations and cash flows.”

Annual report 2025A · The company itself

“BUSINESS ​ ​ ​ Steel Dynamics, Inc. is a leading industrial metals solutions company, with facilities located throughout the United States and Mexico.”

Annual report 2025A · The company itself