Steel Dynamics Inc. (STLD): Healthy 2Q26 Results Indicate Continued Momentum in 2H26; Not Rated

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Steel Dynamics Inc. (STLD): Healthy 2Q26 Results Indicate Continued Momentum in 2H26; Not Rated

Equity Research

21 July 2026 | 5:11PM EDT

Steel Dynamics Inc. (STLD): Healthy 2Q26 Results Indicate Continued

Momentum in 2H26; Not Rated

STLD reported solid 2Q26 results with revenue and adj. EBITDA above GSe/FactSet Nick Cash

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

consensus while EPS came in higher than STLD’s 2Q26 guidance update and slightly Goldman Sachs & Co. LLC

above GSe/consensus. Three things stood out to us this quarter.

1) Record mill shipments and ASP momentum. Shipments were up ~+3% QoQ

driven by strength in coated products (up +5.3% qoq) and long products (up +6.0%

QoQ). Increases in coated mix + general pricing strength drove a consecutive

+$105/st increase in ASPs. Given pricing momentum and lagging price realizations,

expect this to continue in 3Q26.

2) Aluminum ramp on track and ASPs significantly higher than expected. Despite

aluminum shipments of 53kt coming in lighter than the 60kt-70kt guide, implied

ASPs of $9,394/t were significantly above VisibleAlpha consensus estimates of

$6,216/t. Company commentary highlighted a sharp increase in production and

profitability in 2H26 as the company expects to reduce startup costs, increase

shipments and utilization and improve scrap mix. Additionally, automotive shipments

which are expected to begin in 2H26 should drive further ASP upside.

3) Fabrication backlog momentum continues but price improvements likely

~6mo away. 2Q26 backlog sits 45% higher than a year ago and now extends into

1Q27. Despite the positive demand momentum, fabrication prices were down (1%)

QoQ as a result of pricing lags. Commentary from management indicates fabrication

pricing momentum likely starts to reaccelerate in the 4Q26/1Q27 time frame.