Steel Dynamics
27 named things its latest annual report says its results depend on, each in the company's own words. 15 of them are also named by other companies we've read.
Customers
Non-residential construction (steel joist and deck)
earns from · approximately one-third of the total domestic steel joist and deck marketWe maintain approximately one-third of the total domestic steel joist and deck market for bookings, representing approximately 2.1 million tons, 1.7 million tons, and 1.8 million tons during 2025, 2024, and 2023, respectively.Business (Item 1)
Beverage can industry
earns from · approximately 45% can sheetOnce the recycled aluminum flat rolled products mill reaches full production, we anticipate our aluminum operations product mix will consist of approximately 45% can sheet, 35% automotive, and 20% common alloy and industrial applications.Business (Item 1)
Construction industry
earns fromnamed as a riskWe compete in numerous industry sections, most significantly tied to the construction, automotive, and other manufacturing sectors.Business (Item 1)
Aluminum operations customers
concentrated innamed as a riskWe have a relatively concentrated group of aluminum customers.Risk factors (Item 1A)
Other companies
Base metal financial contracts
exposed to its price · $56.0 millionnamed as a riskAt December 31, 2025, we had a cumulative unrealized loss associated with these financial contracts of $56.0 million, substantially all of which have settlement dates in 2026.Market risk (Item 7A)
Steel imports into the United States
competes withnamed as a riskExcessive imports of steel and steel products, into the United States, may exert downward pressure on United States steel and steel products prices, which adversely affects our business, results of operations, financial condition and cash flows.Risk factors (Item 1A)
Sinton Flat Roll Division
exposed to its pricenamed as a riskOur Sinton Flat Roll Division purchases electricity at current market prices.Business (Item 1)
New Process Steel, L.P.
Through United Steel Supply (“USS”) and New Process Steel, L.P. (“NPS”) (acquired December 1, 2025), we also have distribution and processing of metallic coated and pre-painted products.Business (Item 1)
Competitors
Integrated blast furnace steel producers
competes withnamed as a riskMoreover, some of our integrated steel producer competitors are not as dependent as we are on ferrous scrap as a part of their raw material melt mix, which, during periods of high scrap costs relative to the cost of blast furnace iron used by the integrated producers, give them a raw material cost advantage over EAF mills.Risk factors (Item 1A)
Places
Columbus, Mississippi
operates in · 650,000-metric-tonOur aluminum operations consist of a 650,000-metric-ton recycled aluminum flat rolled products mill in Columbus, Mississippi; two 150,000-metric-ton satellite recycled aluminum slab centers, one in Central Mexico and one under construction in the Southwest U.S.; and an ancillary recycled aluminum deox-rod facility.Business (Item 1)
Also named by PCAR
China
competes withnamed as a riskThe global steelmaking overcapacity is exacerbated by Chinese steel production capacity that far exceeds that country’s demand and has made China a major global exporter of steel, resulting in weakened global steel pricing than otherwise would be expected.Risk factors (Item 1A)
Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more
Mexico
operates inOur Columbus and Sinton Flat Roll Divisions enable us to capitalize on industrial markets in the Southern United States and Mexico and to further expand our customer base for painted products, line pipe, and other pipe applications.Business (Item 1)
Also named by AAP, AME, AMRC, ANET, AOS, ARES, AYI, AZO and 83 more
Hazards
Shredder residue
subject tonamed as a riskIf laws or regulations or the interpretation of the laws or regulations change with regard to EAF dust or shredder residue or other by-products created by our operations, we may incur significant additional expenditures.Risk factors (Item 1A)
Commodities and inputs
Electricity
exposed to its price · approximately 4% of steel production costs of goods soldnamed as a riskElectricity is a significant input required in our EAF steel operations, representing approximately 4% of steel production costs of goods sold in 2025, 2024, and 2023.Business (Item 1)
Also named by AA, AESI, APD, APLD, ATI, ATO, BA, BMNR and 22 more
Ferrous scrap
exposed to its price · more than 80% of the metallic melt mixnamed as a riskRecycled ferrous scrap typically comprises more than 80% of the metallic melt mix in EAF steelmaking, in contrast to integrated mill steelmaking, where the proportion of scrap has traditionally been approximately 25% to 35%.Business (Item 1)
Also named by TKR
Pig iron, DRI and HBI
depends on · approximately 13% of the tons in 2025named as a riskDuring 2025, 2024, and 2023 we consumed 13.0 million tons of metallic materials in our steelmaking furnaces, of which iron units other than scrap represented approximately 13% of the tons in 2025, and 15% of the tons in 2024 and 2023.Business (Item 1)
Biocarbon / anthracite
depends on · as much as a 35% reductionWe plan to use this biocarbon as a renewable replacement for anthracite in our steelmaking operations, which could result in as much as a 35% reduction in our steel mills’ Scope 1 GHG absolute emissions.Business (Item 1)
Natural gas
exposed to its pricenamed as a riskAs large consumers of electricity and natural gas, we must have dependable delivery in order to operate.Risk factors (Item 1A)
Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more
Zinc
exposed to its pricenamed as a riskSteel and aluminum producers require large amounts of raw materials, including ferrous and aluminum scrap metal and scrap substitute products such as pig iron and pelletized iron, and other supplies such as zinc, graphite electrodes and ferroalloys.Risk factors (Item 1A)
Also named by CDE, FBIN, HL, HLMN, JBI, LFUS, LNN, MAS and 6 more
Aluminum scrap
exposed to its pricenamed as a riskAdditionally, the construction of any new aluminum flat rolled products mills may also lead to increased demand in aluminum scrap possibly resulting in higher aluminum scrap prices.Risk factors (Item 1A)
Regulators
U.S. Environmental Protection Agency (EPA)
subject tonamed as a riskWe have received notices from the United States EPA, state agencies and third parties that we have been identified as potentially responsible for the costs of investigating and cleaning up a number of disposal sites.Risk factors (Item 1A)
Also named by AAON, AAP, ALSN, AMRC, APA, APD, APG, AROC and 78 more
Laws and programs
CERCLA (Superfund)
subject tonamed as a riskHowever, we cannot assure that, even if there has been no fault by us, we may not still be cited as a hazardous substances generator by reason of an environmental cleanup at one of our facilities or a site to which our by-products were transported.Business (Item 1)
Also named by AA, AAOI, ALB, AN, APD, APLD, ATI, AWK and 27 more
Resource Conservation and Recovery Act (RCRA)
subject tonamed as a riskSome of these materials, for example EAF dust, may be categorized as hazardous waste, requiring special handling for disposal or for the recovery of metallics.Business (Item 1)
Also named by AN, CDE, CLH, CTAS, ESI, HL, LB, MLM and 7 more
Clean Air Act
subject tonamed as a riskThe Clean Air Act and analogous state and local laws require many of our facilities to obtain and maintain air permits in order to operate.Business (Item 1)
Also named by AEE, CTAS, CWST, EMN, FIX, HESM, KGS, NOC and 6 more
Clean Water Act
subject tonamed as a riskThese legal provisions can also require new or expanded water treatment investments to be made and can limit or even prohibit certain current or planned activities at our operations.Business (Item 1)
Also named by CLH, CNX, CTAS, DC, ELS, EQT, HL, WTTR and 2 more
U.S. steel import tariffs, duties and quotas
subject tonamed as a riskShould current or new tariffs, duties or quotas expire or be relaxed, repealed or circumvented by importers of steel and steel products, or should trade agreements be renegotiated, downward pressure may be exerted on United States steel and steel products prices, which may adversely affect our steel business, results of operations, financial condition and cash flows.Risk factors (Item 1A)