Note 12. Segment Information

The company’s chief operating decision maker (CODM), who is the Chief Executive Officer, analyzes the results of the business through the following reportable segments: steel operations, metals recycling operations, steel fabrication operations, and aluminum operations. The segment operations are more fully described in Note 1. Description of the Business and Summary of Significant Accounting Policies to the consolidated financial statements.

The CODM assesses segment performance and allocates resources primarily based on operating income. The CODM uses operating income to allocate operating and capital resources and assesses performance of each segment by comparing actual operating income results to historical and previously forecasted financial information. The accounting policies of the reportable segments are consistent with those described in Note 1 to the consolidated financial statements. Intra-segment sales and any related profits are eliminated in consolidation.

The company’s segment results, including disaggregated revenue by segment to external, external non-United States, and other segment customers, are as follows (in thousands):


			Metals		Steel
For the year ended	Steel		Recycling		Fabrication		Aluminum
December 31, 2025	Operations		Operations		Operations		Operations		Other ^(a)			Eliminations		Consolidated

Net sales - disaggregated revenue
External	$	12,492,494	$	1,430,347	$	1,416,560	$	360,550	$	1,322,330		$	-	$	17,022,281
External Non-United States		529,484		611,294		1,329		544		11,649			-		1,154,300
Intersegment		390,795		2,304,433		776		112,787		1,475			(2,810,266)		-
Net sales		13,412,773		4,346,074		1,418,665		473,881		1,335,454			(2,810,266)		18,176,581
Less:
Cost of goods sold		11,740,371		4,142,083		906,556		497,604		1,305,229			(2,807,445)		15,784,398
Other segment items ^(b)		244,858		106,815		104,684		149,247		312,076			(1,483)		916,197
Operating income (loss)		1,427,544		97,176		407,425		(172,970)		(281,851)			(1,338)		1,475,986
Interest expense, net of capitalized interest															70,043
Other (income) expense, net															(87,028)
Income before income taxes														$	1,492,971

Depreciation and amortization	$	400,394	$	64,255	$	13,150	$	19,442	$	54,549		$	(400)	$	551,390
Capital expenditures		317,547		111,964		15,098		593,452		29,341			(119,377)		948,025
Total Assets		9,233,768		1,463,184		666,983		3,905,799		4,584,424	^(c)		(3,434,378)		16,419,780

Note 12. Segment Information (Continued)


			Metals		Steel
For the year ended	Steel		Recycling		Fabrication		Aluminum
December 31, 2024	Operations		Operations		Operations		Operations		Other ^(a)			Eliminations		Consolidated

Net sales - disaggregated revenue
External	$	11,311,552	$	1,311,124	$	1,761,771	$	256,051	$	1,435,062		$	-	$	16,075,560
External Non-United States		749,932		694,010		1,731		2,496		16,661			-		1,464,830
Intersegment		465,582		2,131,779		8,293		60,142		-			(2,665,796)		-
Net sales		12,527,066		4,136,913		1,771,795		318,689		1,451,723			(2,665,796)		17,540,390
Less:
Cost of goods sold		10,736,557		3,946,457		1,006,211		298,572		1,420,978			(2,670,971)		14,737,804
Other segment items ^(b)		208,135		113,649		98,600		92,448		348,153			(1,436)		859,549
Operating income (loss)		1,582,374		76,807		666,984		(72,331)		(317,408)			6,611		1,943,037
Interest expense, net of capitalized interest															56,347
Other (income) expense, net															(96,191)
Income before income taxes														$	1,982,881

Depreciation and amortization	$	351,558	$	56,148	$	11,071	$	6,786	$	53,344		$	-	$	478,907
Capital expenditures		461,524		83,020		29,374		1,309,027		55,183			(70,122)		1,868,006
Total Assets		8,776,445		1,301,234		665,867		2,802,647		3,319,917	^(c)		(1,930,877)		14,935,233


			Metals		Steel
For the year ended	Steel		Recycling		Fabrication		Aluminum
December 31, 2023	Operations		Operations		Operations		Operations		Other ^(a)		Eliminations		Consolidated

Net sales - disaggregated revenue
External	$	11,603,139	$	1,162,246	$	2,798,262	$	239,095	$	1,164,942	$	-	$	16,967,684
External Non-United States		1,037,412		774,211		672		9,105		6,232		-		1,827,632
Intersegment		427,071		2,222,131		7,843		37,707		727		(2,695,479)		-
Net sales		13,067,622		4,158,588		2,806,777		285,907		1,171,901		(2,695,479)		18,795,316
Less:
Cost of goods sold		10,977,249		3,971,743		1,115,515		237,759		1,147,441		(2,700,274)		14,749,433
Other segment items ^(b)		208,773		139,110		98,001		31,002		419,037		(1,221)		894,702
Operating income (loss)		1,881,600		47,735		1,593,261		17,146		(394,577)		6,016		3,151,181
Interest expense, net of capitalized interest														76,484
Other (income) expense, net														(144,246)
Income before income taxes													$	3,218,943

Depreciation and amortization	$	331,225	$	65,803	$	9,787	$	4,917	$	26,072	$	-	$	437,804
Capital expenditures		453,955		185,903		22,044		967,739		28,264		-		1,657,905

^(a) Amounts included in Other are from subsidiary operations that are below the quantitative thresholds required for reportable segments and primarily consist of a joint venture and the idled Minnesota ironmaking operations. Also included are certain unallocated corporate accounts, such as the company's senior unsecured credit facility, senior notes, certain other investments, amortization of intangible assets and certain profit sharing expenses.

^(b) Other segment items for each reportable operating segment include selling, general, and administrative expenses including payroll & benefit expenses and professional service expenses. Other segment items within Other include selling, general, and administrative expenses such as payroll & benefit expenses, companywide equity-based compensation expenses, and professional service expenses, as well as company-wide profit sharing expense and amortization of intangible assets.

^(c) Asset amounts included in Other consist of assets held by subsidiary operations that are below the quantitative thresholds required for reportable segments and the company's corporate assets. Corporate assets primarily consist of cash, short-term and other investments, and intra-company debt.

Historical Timeline

Fiscal Year	Filed
2025	Feb 27, 2026	Showing above
2024	Feb 28, 2025

2023	Feb 29, 2024

2022	Feb 28, 2023

2021	Feb 28, 2022

2020	Mar 1, 2021

2019	Feb 27, 2020

2018	Feb 27, 2019

2017	Feb 27, 2018

2016	Feb 28, 2017

2015	Feb 26, 2016

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

STEEL DYNAMICS INC Segments Disclosure

Historical Timeline

About Segments Disclosures

Other Available Disclosures