Steel Dynamics Inc. (STLD): 2Q26 Earnings First Take; Strong Mill Performance Drives Beat

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Steel Dynamics Inc. (STLD): 2Q26 Earnings First Take; Strong Mill Performance Drives Beat

Equity Research

20 July 2026 | 6:44PM EDT

Steel Dynamics Inc. (STLD): 2Q26 Earnings First Take; Strong Mill

Performance Drives Beat

Key stock takeaways: We expect the market to have a muted reaction to STLD’s Nick Cash

+1(212)357-6372 | nick.cash@gs.com

2Q26 earnings report. Despite strong performance, specifically within the mills Goldman Sachs & Co. LLC

segment, which drove the bottom line beat, EBITDA margins came in at 15.1%, which

was below GSe/FactSet consensus of 16.2%/15.9%. Positively, mill volumes beat

GSe/Visible Alpha Consensus Data by +3.0%/+0.3%, while realized prices came in at

$1,298/ton, up +$105/ton sequentially and $24/$32 per ton above GSe/consensus

which resulted in operating margins of 18%, up +230bps qoq, just below

GSe/consensus as costs came in slightly higher than expected. Across the board,

operating margins came in just below estimates with the aluminum segment being

the largest drag on operating income. This was coupled with slightly higher than

expected other revenues and eliminations. Still, we believe management’s

commentary on steel, which highlighted improved pricing, solid demand and

declining customer inventories will be received positively by the market while STLD

also highlighted expectations for automotive sales to commence before the end of

2026 following recent qualifications within the Aluminum segment. We await further

details on STLD’s 2Q26 earnings call scheduled for 7/21.

2Q26 Results. STLD reported better than expected diluted EPS of $3.69 vs.

guidance of $3.51-$3.55 vs. GSe/FactSet consensus of $3.68/$3.63. Revenues of

$6.09bn were well above GSe/consensus of $5.61bn/$5.56bn driven by record steel