Steel Dynamics stock steadies after lower Q3 guidance
Published on 09/22/2026 at 10:04 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS
Steel Dynamics stock (ISIN US8581191009) closed at USD 235.26 on Nasdaq on September 18, 2026, after the company issued third-quarter earnings guidance of USD 5.34 to USD 5.38 per diluted share. The range was below the USD 5.60 consensus cited in a September 21, 2026 report by Stocktwits.
Q3 guidance misses consensus
The projected third-quarter EPS range compares with USD 3.69 in the second quarter of 2026 and USD 2.74 in the year-ago quarter, according to Stocktwits on September 21, 2026. That implies a higher expected EPS level than both comparison periods, but the lower-than-consensus range explains why the immediate market reaction was negative.
For the second quarter ended July 21, 2026, Steel Dynamics reported net income of USD 534 million, or USD 3.69 per diluted share, on revenue of USD 6.1 billion. The same report recorded adjusted EBITDA of USD 921 million and record quarterly steel shipments of 3.7 million tonnes, providing the operating base behind the higher third-quarter outlook.
Steel margins drive the outlook
Steel Dynamics expects third-quarter steel profitability to rise from the second quarter as expanded metal margins and record shipments support the steel operations. Metals recycling is expected to produce lower sequential earnings because of narrower metal spreads and modestly lower shipments, while aluminum earnings are projected to improve from the second quarter, according to Stocktwits on September 21, 2026.
The key comparison is therefore between stronger steel margins and weaker recycling spreads. Steel shipments reached 3.7 million tonnes in Q2 2026, while the company expects Q3 steel profitability to improve sequentially rather than relying on a single group-wide volume number.
Analysts remain divided
JPMorgan lowered its price target to USD 272 from USD 273 and retained a Neutral rating, while Wells Fargo raised its target to USD 257 from USD 255 and maintained Overweight, according to Stocktwits on September 21, 2026. The split captures the central debate: near-term guidance is below consensus, while steel margins and shipments may support earnings beyond the quarter.
Stock remains below yearly high
At the September 18, 2026 Nasdaq close, the stock's USD 235.26 price stood within a 52-week range of USD 134.87 to USD 288.74, with market capitalization of about USD 33.72 billion. Trading volume was approximately 3.10 million shares, while the session range extended from USD 232.41 to USD 244.98.
Steel Dynamics stock closed at USD 235.26 on Nasdaq on September 18, 2026, with the latest cited market data placing it about USD 53.48 below the 52-week high of USD 288.74.
Steel Dynamics stock facts
- Company: Steel Dynamics, Inc.
- ISIN: US8581191009
- Ticker: STLD
- Trading venue: Nasdaq
- Price as of September 18, 2026: USD 235.26
- Market capitalization: USD 33.72 billion as of September 18, 2026
- Sector / Industry: Materials / Steel
- Index membership: S&P 500
