Steel Dynamics, Inc.

Filing receipts

“Selling, general and administrative expenses of $175.2 million during the first quarter of 2026 decreased 4% from $181.8 million during the first quarter of 2025 primarily due to certain payroll and benefits expense reported within this category during construction and startup of the aluminum flat rolled products mill during the first quarter of 2025 now being reported in cost of goods sold in the first quarter of 2026, consistent with the commencement of production.”

“Net other income was $8.5 million in the first quarter of 2026, compared to $17.6 million in the first quarter of 2025, a decrease of $9.2 million due primarily to decreased interest income from lower invested cash balances during 2026 and decreased income from equity method investments, primarily due to the acquisition of NPS in the fourth quarter of 2025.”

“The increase in working capital included a $373.8 million increase in accounts receivable consistent with increased sales prices and volumes, a $169.6 million increase in inventories consistent with the startup of our recycled aluminum flat rolled products mill, and a $163.0 million decrease in accrued expenses primarily related to the $120.1 million payment of our annual companywide profit sharing funding, partially offset by a $148.1 million increase in accounts payable consistent with increased scrap prices for our metals recycling operations.”