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of Contents](#TOC)\n\n**-**\n\n​\n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**WASHINGTON, D.C. 20549**\n\n**FORM ****10-K**\n\n​\n\n☒\n\n**ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED****DECEMBER 31, 2025**\n\n​\n\n​\n\n☐\n\n**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n​\n\n**Commission File Number****0-21719**\n\n​\n\nSteel Dynamics, Inc.\n\n(Exact name of registrant as specified in its charter)\n\n​\n\n​\n\n​\n\n​\n\n**Indiana**\n\n**  ​ ​ ​**\n\n**35-1929476**\n\n(State or other jurisdiction of incorporation or organization)\n\n​\n\n(IRS Employer Identification No.)\n\n​\n\n​\n\n​\n\n**7575 West Jefferson Blvd****,****Fort Wayne****,****IN**\n\n​\n\n**46804**\n\n(Address of principal executive offices)\n\n​\n\n(Zip Code)\n\n​\n\nRegistrant’s telephone number, including area code: **(****260****) ****969-3500**\n\n​\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n​\n\nTitle of each class\n\nTrading Symbol\n\nName of each exchange on which registered\n\nCommon Stock voting, $0.0025 par value\n\nSTLD\n\nNASDAQ Global Select Market\n\n​\n\nSecurities registered pursuant to Section 12(g) of the Act: None\n\n​\n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ⌧ No ◻\n\n​\n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ◻ No ⌧\n\n​\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No ◻\n\n​\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No ◻\n\n​\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n​\n\nLarge accelerated filer ⌧\n\nAccelerated filer ◻\n\nNon-accelerated filer ◻\n\nSmaller reporting company ☐\n\nEmerging growth company ☐\n\n​\n\n​\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ◻\n\n​\n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒\n\n​\n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.  ☐\n\n​\n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).  ◻\n\n​\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ⌧\n\n​\n\nThe aggregate market value of the voting stock held by non-affiliates of the registrant computed by reference to the price at which the common equity was last sold as of June 30, 2025, was approximately $13.0 billion. Registrant has no non-voting shares. For purposes of this calculation, shares of common stock held by directors, officers and 5% stockholders known to the registrant have been deemed to be owned by affiliates, but this should not be construed as an admission that any such person possesses the power, direct or indirect, to direct or cause the direction of the management or policies of the registrant or that such person is controlled by or under common control with the registrant.\n\n​\n\nAs of February 25, 2026, Registrant had outstanding 144,882,401 shares of common stock.\n\n​\n\n**DOCUMENTS INCORPORATED BY REFERENCE**\n\n​\n\nPortions of registrant’s definitive proxy statement for the 2026 Annual Meeting of Shareholders are incorporated by reference into Part III, Items 10 through 14, of this report.\n\n​\n\n​\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\nSTEEL DYNAMICS, INC.\n\nTable of Contents\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Page**\n\n[Part I](#PARTI_795192)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Item 1.](#ITEM1BUSINESS_955711)\n\n[Business](#ITEM1BUSINESS_955711)\n\n3\n\n[Item 1A.](#ITEM1ARISKFACTORS_115001)\n\n[Risk Factors](#ITEM1ARISKFACTORS_115001)\n\n22\n\n[Item 1B.](#ITEM1BUNRESOLVEDSTAFFCOMMENTS_407146)\n\n[Unresolved Staff Comments](#ITEM1BUNRESOLVEDSTAFFCOMMENTS_407146)\n\n31\n\n[Item 1C.](#ITEM1CCYBERSECURITY_553646)\n\n[Cybersecurity](#ITEM1CCYBERSECURITY_553646)\n\n31\n\n[Item 2.](#ITEM2PROPERTIES_887366)\n\n[Properties](#ITEM2PROPERTIES_887366)\n\n33\n\n[Item 3.](#ITEM3LEGALPROCEEDINGS_660817)\n\n[Legal Proceedings](#ITEM3LEGALPROCEEDINGS_660817)\n\n34\n\n[Item 4.](#ITEM4MINESAFETYDISCLOSURES_62861)\n\n[Mine Safety Disclosures](#ITEM4MINESAFETYDISCLOSURES_62861)\n\n34\n\n​\n\n​\n\n​\n\n[Part II](#PARTII_358837)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Item 5.](#ITEM5MARKETFORREGISTRANTSCOMMONEQUITY_91)\n\n[Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#ITEM5MARKETFORREGISTRANTSCOMMONEQUITY_91)\n\n35\n\n[Item 6.](#ITEM6)\n\n[[Reserved]](#ITEM6)\n\n36\n\n[Item 7.](#ITEM7MANAGEMENTSDISCUSSIONANDANALYSISOFF)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#ITEM7MANAGEMENTSDISCUSSIONANDANALYSISOFF)\n\n37\n\n[Item 7A.](#ITEM7AQUANTITATIVEANDQUALITATIVEDISCLOSU)\n\n[Quantitative and Qualitative Disclosures About Market Risk](#ITEM7AQUANTITATIVEANDQUALITATIVEDISCLOSU)\n\n49\n\n[Item 8.](#ITEM8CONSOLIDATEDFINANCIALSTATEMENTS_437)\n\n[Consolidated Financial Statements and Supplementary Data](#ITEM8CONSOLIDATEDFINANCIALSTATEMENTS_437)\n\n50\n\n[Item 9.](#ITEM9CHANGESINANDDISAGREEMENTSWITHACCOUN)\n\n[Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#ITEM9CHANGESINANDDISAGREEMENTSWITHACCOUN)\n\n83\n\n[Item 9A.](#Item9A)\n\n[Controls and Procedures](#Item9A)\n\n83\n\n[Item 9B.](#ITEM9BOTHERINFORMATION_500127)\n\n[Other Information](#ITEM9BOTHERINFORMATION_500127)\n\n83\n\n[Item 9C.](#ITEM9C)\n\n[Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#ITEM9C)\n\n83\n\n​\n\n​\n\n​\n\n[Part III](#PARTIII_745891)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Item 10.](#ITEM10DIRECTORSEXECUTIVEOFFICERS_95546)\n\n[Directors, Executive Officers, and Corporate Governance](#ITEM10DIRECTORSEXECUTIVEOFFICERS_95546)\n\n84\n\n[Item 11.](#ITEM11EXECUTIVECOMPENSATION_392678)\n\n[Executive Compensation](#ITEM11EXECUTIVECOMPENSATION_392678)\n\n84\n\n[Item 12.](#ITEM12SECURITYOWNERSHIPOFCERTAINBENEFICI)\n\n[Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#ITEM12SECURITYOWNERSHIPOFCERTAINBENEFICI)\n\n84\n\n[Item 13.](#ITEM13CERTAINRELATIONSHIPSANDRELATEDTRAN)\n\n[Certain Relationships and Related Transactions, and Director Independence](#ITEM13CERTAINRELATIONSHIPSANDRELATEDTRAN)\n\n85\n\n[Item 14.](#ITEM14PRINCIPALACCOUNTANTFEESANDSERVICES)\n\n[Principal Accountant Fees and Services](#ITEM14PRINCIPALACCOUNTANTFEESANDSERVICES)\n\n85\n\n​\n\n​\n\n​\n\n[Part IV](#PARTIV_360152)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Item 15.](#ITEM15EXHIBITSFINANCIALSTATEMENTSCHEDULE)\n\n[Exhibits and Financial Statement Schedules](#ITEM15EXHIBITSFINANCIALSTATEMENTSCHEDULE)\n\n86\n\n[Item 16.](#ITEM16FORM10KSUMMARY_712404)\n\n[Form 10-K Summary](#ITEM16FORM10KSUMMARY_712404)\n\n86\n\n​\n\n​\n\n​\n\n[Exhibit Index](#EXHIBITINDEX_376119)\n\n87\n\n​\n\n​\n\n​\n\n[Signatures](#SIGNATURES_483178)\n\n90\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\nPART I\n\nSpecial Note Regarding Forward-Looking Statements\n\nThroughout this report, or in other reports or registration statements filed from time to time with the Securities and Exchange Commission under the Securities Exchange Act of 1934, or under the Securities Act of 1933, as well as in documents we incorporate by reference herein or here-from, or in press releases or oral statements made by our officers or Regulation FD authorized representatives, we may make statements that express our opinions, expectations, or projections regarding future events or future results, in contrast with statements that reflect present or historical facts. These predictive statements, which we generally precede or accompany by such typical conditional words as “anticipate,” “intend,” “believe,” “estimate,” “plan,” “seek,” “project” or “expect,” or by the words “may,” “will,” or “should,” are intended to operate as “forward-looking statements” of the kind permitted by the Private Securities Litigation Reform Act of 1995, incorporated in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve both known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. That legislation protects such predictive and cautionary statements by creating a “safe harbor” from liability in the event that a particular prediction does not turn out as anticipated.\n\nWhile we always intend to express our best judgment when we make statements about what we believe will occur in the future, and although we base these statements on assumptions that we believe to be reasonable when made, these forward-looking statements are not a guarantee of performance, and you should not place undue reliance on such statements. Forward-looking statements are subject to many uncertainties and other variable circumstances, many of which are outside of our control, that could cause our actual results and experience to differ materially from those we thought would occur.\n\nThe following listing represents some, but not necessarily all, of the factors that may cause actual results to differ from those we may have anticipated or predicted:\n\n**Global and National Risks**\n\n●domestic and global economic factors including periods of slower than anticipated economic growth and the risk of a recession;\n\n●global steelmaking overcapacity and imports of steel into the United States, together with increased scrap prices;\n\n**Industry Risks**\n\n●the cyclical nature of the metals industries and some of the industries we serve;\n\n●volatility and major fluctuations in prices and availability of scrap metal, scrap substitutes and supplies, and our potential inability to pass higher costs on to our customers;\n\n●cost and availability of electricity, natural gas, oil and other energy resources are subject to volatile market conditions;\n\n●increased environmental, greenhouse gas emissions and sustainability considerations from our customers and investors or related regulations;\n\n●compliance with and changes in environmental and remediation requirements;\n\n1\n\n[Table of Contents](#TOC)\n\n**Operational and Commercial Risks**\n\n●significant price and other forms of competition from other steel and aluminum producers, scrap processors and alternative materials;\n\n●availability of an adequate source of supply of scrap for our metals recycling operations;\n\n●cybersecurity threats and risks to the security of our sensitive data and information technology;\n\n●the implementation of our growth strategy;\n\n●our ability to retain, develop and attract key personnel;\n\n●litigation and legal compliance;\n\n●unexpected equipment downtime or shutdowns;\n\n●difficulties in the launch or production ramp-up of new products;\n\n●our aluminum operations depend on a core group of significant customers;\n\n●governmental agencies may refuse to grant or renew some of our licenses and permits required to operate our businesses;\n\n●our existing debt agreements contain, and any future financing agreements may contain, restrictive covenants that may limit our flexibility; and\n\n●the impact of impairment charges.\n\nWe also refer you to and urge you to carefully read the section entitled *Risk Factors* at Item 1A of this report to better understand some of the principal risks and uncertainties inherent in our businesses or in owning our securities, as well as the section entitled *Management’s Discussion and Analysis of Financial Condition and Results of Operations*at Item 7*.* You should also review the notes to consolidated financial statements under headings in Note 1. *Use of Estimates* and in Note 8. *Commitments and Contingencies*.\n\nAny forward-looking statements which we make in this report, or in any of the documents that are incorporated by reference herein or here-from, speak only as of the date of such statement, and we undertake no ongoing obligation to update such statements. Comparisons of results between current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.\n\n​\n\n2\n\n[Table of Contents](#TOC)"}