Steel Dynamics logged higher profit and revenue in its latest quarter, with the company pointing to improved pricing and continued solid demand in its steel business.
The steel producer on Monday posted a second-quarter profit of $534.1 million, or $3.69 a share, compared with $298.7 million, or $2.01 a share, a year earlier. Analysts polled by FactSet had expected earnings of $3.63 a share.
Profit in the recent quarter was dented by a $16 million non-cash asset impairment charge related to the company's decision to relocate its planned second satellite aluminum recycled slab center to Columbus, Miss. from Arizona.
Revenue rose to $6.09 billion from $4.57 billion. Analysts forecast $5.56 billion.
The Fort Wayne, Ind. company shipped 3.7 million tons of steel during the quarter.
Chief Executive Mark Millett said trends in the company's steel business strengthened in the quarter, with improved pricing and continued solid demand. Additionally, customer inventory levels declined, remaining lower than historical norms, while steel backlogs and lead times increased, he said.
Millett cited a number of factors driving the improvement, including domestic trade policy, manufacturing reshoring and the increasing regionalization of supply chains within the U.S.
Going forward, the company expects strong domestic steel and aluminum consumption through the remainder of 2026 and into next year, Millett said, noting customer sentiment, order entry activity, and pricing have continued to improve across its businesses.
"Discussions with our customers further underscore the growing importance of lower-carbon, domestically produced steel and aluminum products, positioning our operations with a sustainable long-term competitive advantage," he added.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
July 20, 2026 16:59 ET (20:59 GMT)
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