Steel Dynamics Inc. has issued fourth quarter 2025 earnings guidance in the range of $1.65 to $1.69 per diluted share, down from $2.74 per diluted share reported in the third quarter of 2025, but higher than the $1.36 per diluted share recorded in the fourth quarter of the previous year. The company expects lower fourth quarter earnings from its steel fabrication and metals recycling operations compared to the previous quarter, primarily due to seasonally lower shipments and decreased pricing. In its steel operations, profitability is projected to decline significantly from the third quarter, attributed to lower selling values, reduced volumes from seasonal demand, and planned maintenance outages that lowered flat rolled steel production by an estimated 140,000 to 150,000 tons. Average hot rolled steel prices also dropped over $70 per ton from July to October 2025, further impacting sequential selling values.