STEEL DYNAMICS INC Annual Report: A Snapshot of Fiscal Year 2025

This summary offers a clear look at Steel Dynamics Inc.'s (SDI) 2025 annual report (10-K).

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Business Overview: A Leader in North American Steel

Steel Dynamics Inc. (SDI) stands as a leading force in the North American steel industry. In fiscal year 2025, the company strengthened its core steel production while strategically growing its fabrication, recycling, and aluminum businesses.

SDI's business model integrates its operations from raw materials to finished products, encompassing:

• Steel Production: SDI primarily produces a range of steel products, such as hot roll, cold roll, and coated steel.
• Steel Fabrication: They transform steel into structural components for construction and other industries.
• Metals Recycling: This segment supplies crucial raw materials to their steel mills, enhancing both efficiency and sustainability.
• Aluminum Operations: A growing segment that diversifies SDI's metal production capabilities.

SDI operates extensively across the United States and internationally in Mexico.

Management Discussion & Analysis (MD&A) Highlights: Strategic Moves

SDI actively pursued several strategic growth and integration initiatives during the year:

• New Process Steel LP: In December 2025, SDI completed an acquisition or significant event involving New Process Steel LP, likely a steel processor or distributor. This move further strengthened SDI's downstream capabilities.
• United Steel Supply LLC: An acquisition or significant event occurred in April 2025 with United Steel Supply LLC, suggesting an expanded role in steel supply or distribution networks.
• Unity Aluminum Inc.: Throughout fiscal year 2025, SDI fully integrated Unity Aluminum Inc. into its Aluminum Operations. This indicates a strategic move to boost its presence and capacity in the aluminum market.
• Biocarbon Solutions: SDI integrated its Biocarbon Solutions into Steel Operations for the full year 2025. This likely reflects an investment in sustainable raw materials or processes, supporting environmental goals in steel production.

Financial Health: Capital Structure

SDI's capital structure includes various debt instruments that support its operations and growth. The company has issued "Senior Notes" with different interest rates and maturity dates, including 2.40% notes due in 2025, 5.500% notes due in 2026, and other tranches maturing as late as 2055. Some subsidiaries also use "secured debt," backed by specific assets. Additionally, SDI's subsidiaries have access to "revolving credit facilities," offering flexible liquidity.