Steel Dynamics reported Q3 net income of $756M ($5.26/diluted), up from $534M sequentially and $404M a year ago. Net sales were $6.5B. Record steel shipments of 3.8M tons and average selling price of $1,400/ton drove steel operations operating income of $1.0B. Fabrication segment earned $91M, recycling $33M. Aluminum operations lost $26M but were EBITDA breakeven. Cash flow from operations was $846M. The company repurchased $276M of stock. Order backlog is 50% higher year-over-year, extending into Q2 2027.
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