{
  "ticker": "STLD",
  "company": "Steel Dynamics Inc.",
  "filing_type": "10-K",
  "year_current": "2026",
  "year_prior": "2025",
  "summary": {
    "added": 18,
    "removed": 20,
    "modified": 82,
    "unchanged": 52,
    "total_current": 152,
    "total_prior": 154
  },
  "source": "SEC EDGAR",
  "url": "https://riskdiff.com/stld/2026-vs-2025/",
  "markdown_url": "https://riskdiff.com/stld/2026-vs-2025/index.md",
  "json_url": "https://riskdiff.com/stld/2026-vs-2025/index.json",
  "generated": "2026-06-01",
  "ai_summary": null,
  "risks": [
    {
      "status": "ADDED",
      "current_title": "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, may constrain operating levels and reduce profit margins.",
      "prior_title": null,
      "current_body": "Steel and aluminum producers require large amounts of raw materials, including ferrous and aluminum scrap metal and scrap substitute products such as pig iron and pelletized iron, and other supplies such as zinc, graphite electrodes and ferroalloys. The principal raw materials of our EAF steel operations and aluminum operations are recycled scrap derived from, among other sources, “home scrap,” generated internally at steel and aluminum mills themselves; industrial scrap, generated as a by-product of manufacturing; obsolete scrap, recycled from end-of-life automobiles, appliances, machinery, food packaging and used beverage cans; and demolition scrap, recycled from obsolete structures, containers and machines. The prices for scrap are subject to market forces largely beyond our control, including demand by United States and foreign steel and aluminum producers, freight costs and speculation. The scrap metal recycling industry has historically been, and is expected to remain, highly cyclical and the prices for scrap have varied significantly in the past, may vary significantly in the future and do not necessarily fluctuate in tandem with the price of steel and aluminum. Moreover, some of our integrated steel producer competitors are not as dependent as we are on ferrous scrap as a part of their raw material melt mix, which, during periods of high scrap costs relative to the cost of blast furnace iron used by the integrated producers, give them a raw material cost advantage over EAF mills. However, given environmental considerations of investors, customers and regulators, additional EAF mills may be constructed, or companies currently operating blast furnace mills may invest in EAF mills, leading to increased demand in ferrous scrap possibly resulting in higher ferrous scrap prices. Additionally, the construction of any new aluminum flat rolled products mills may also lead to increased demand in aluminum scrap possibly resulting in higher aluminum scrap prices. While our vertical integration with our metals recycling business and liquid pig-iron operations are expected to enable us to continue being a cost-effective supplier to our own steelmaking and aluminum operations, for some of our metallics requirements, we still rely on other metallics and raw material suppliers, as well as upon general industry supply conditions for the balance of our needs. The availability and prices of raw materials and supplies, particularly those with positive environmental attributes, may also be negatively affected by new, existing or changing laws, regulations, sanctions or embargoes, including those that may impose output limitations or higher costs associated with climate change or GHG allocation by suppliers, interruptions in production, accidents or natural disasters, changes in exchange rates, global price fluctuations, the availability and cost of transportation, and competing uses, all of which may be heightened during times of war or hostilities. Any inability to secure a consistent, cost-effective and timely supply of our raw materials and supplies may adversely affect our business, financial condition, results of operations and cash flows. Additionally, our inability to pass on all or a substantial part of any cost increases, whether due to positive environmental attributes, inflation, supply and demand imbalances, or otherwise, or to provide for our customers’ needs because of the potential unavailability of raw materials, supplies or required environmental attributes, may result in production slowdowns or curtailments or may otherwise adversely affect our business, financial condition, results of operations and cash flows."
    },
    {
      "status": "ADDED",
      "current_title": "We may experience difficulties in the launch or production ramp-up of new products which may adversely affect our business.",
      "prior_title": null,
      "current_body": "As we ramp up manufacturing processes for newly introduced products, we may experience difficulties, including manufacturing disruptions, delays, or other complications, which could adversely affect our ability to serve our customers, our reputation, our costs of production and, ultimately, our business, financial condition, results of operations and cash flows."
    },
    {
      "status": "ADDED",
      "current_title": "Our aluminum operations depend on a core group of significant customers.",
      "prior_title": null,
      "current_body": "We have a relatively concentrated group of aluminum customers. Most of these customers have one or more sizable sales agreements with us. If one or more of these customers experienced a prolonged period of adverse demand, depressed business activity or financial distress, if any of these customers breached or sought relief from its contractual obligations under its sales agreements with us or if any of these customer relationships otherwise ended or materiality deteriorated and such lost business was not successfully replaced, our aluminum operations financial condition, results of operations, and cash flows may be adversely affected."
    },
    {
      "status": "ADDED",
      "current_title": "Steel Operations Segment Results 2025 vs. 2024",
      "prior_title": null,
      "current_body": "During 2025, our steel operations achieved record annual shipments of 13.7 million tons (12.3 million excluding intra-segment), 9% higher than 2024 shipments, primarily due to significant sales volume increases at our Sinton and Heartland facilities as the four new value-added lines operated for a full year in 2025. Customer order activity and steel demand were strong during 2025, particularly as imports declined in the latter half of the year. Demand was supported by manufacturing onshoring, infrastructure program funding, lower interest rates, and the increasing regionalization of supply chains in the US. Despite these favorable market demand conditions, in the face of trade policy uncertainty, average selling prices were modestly lower during 2025 compared to 2024. Steel segment average selling prices decreased 1%, or $14 per ton, compared to 2024. Net sales for the steel operations segment were 7% higher in 2025 when compared to 2024, due to a 9% increase in segment shipments. ​ Metallic raw materials used in our electric arc furnaces represent our single most significant steel manufacturing cost, generally comprising approximately 55% to 65% of our steel mill operations’ manufacturing costs. Our metallic raw material cost consumed in our steel mills was unchanged on a per net ton basis in 2025 compared to 2024, consistent with overall steady domestic scrap pricing noted below in the metals recycling operations segment discussion. ​ As a result of average selling prices decreasing more than scrap costs, metal spread (which we define as the difference between average steel mill selling prices and the cost of ferrous scrap consumed in our steel mills) decreased 2% in 2025 compared to 2024. Due to metal spread compression, operating income for the steel operations decreased 10% to $1.4 billion in 2025 compared to 2024."
    },
    {
      "status": "ADDED",
      "current_title": "Metals Recycling Operations Segment Results 2025 vs. 2024",
      "prior_title": null,
      "current_body": "During 2025, our metals recycling operations continued to benefit from solid domestic steel industry demand, resulting in increased ferrous scrap shipments compared to 2024. Net sales for our metals recycling operations in 2025 increased 5% compared to 2024, driven by increased ferrous volumes and increased selling prices for both ferrous and nonferrous metals. Ferrous and nonferrous scrap average selling prices increased 2% and 7%, respectively, during 2025 compared to 2024. Ferrous shipments increased 5% and nonferrous shipments decreased 5% in 2025 compared to 2024. ​ Ferrous metal spreads (which we define as the difference between average selling prices and the cost of purchased scrap) were flat, while nonferrous metal spreads, primarily aluminum, increased 24% in 2025 compared to 2024, with aluminum prices rising in the fourth quarter of 2025. As a result of these volume and metal spread changes, metals recycling operations operating income in 2025 of $97.2 million increased 27% from 2024. ​"
    },
    {
      "status": "ADDED",
      "current_title": "Aluminum Operations Segment",
      "prior_title": null,
      "current_body": "Aluminum Dynamics, LLC ​ Columbus, MS ​ Recycled Aluminum Flat Rolled Products Mill ​ 2,112 ​ — Aluminum Dynamics of Mexico ​ San Luis Potosi, Mexico ​ Recycled Aluminum Slab Facility ​ 692 ​ — Superior Aluminum Alloys ​ New Haven, IN ​ Recycled Aluminum Deox-Rod Facility ​ 96 ​ — ​ The company’s corporate headquarters is located in Fort Wayne, Indiana on 20 owned acres. Our copper rod and wire facility, a controlled subsidiary, is in New Haven, Indiana on 35 owned and 4 leased acres. *Our 2025 steel mill production utilization was 86% of our estimated annual steelmaking capability. 33 33 Table of ContentsITEM 3. LEGAL PROCEEDINGSWe are involved in various litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are currently expected to have a material impact on our financial condition, results of operations, or liquidity.We may also be involved from time to time in various governmental investigations, regulatory proceedings or judicial actions seeking penalties, injunctive relief, and/or remediation under federal, state and local environmental laws and regulations. The United States EPA has conducted such investigations and proceedings involving us, in some instances along with state environmental regulators, under various environmental laws, including RCRA, CERCLA, the Clean Water Act and the Clean Air Act. Some of these matters have resulted in fines or penalties, exclusive of interest and costs, which did not exceed $1 million in aggregate, as of December 31, 2025.ITEM 4. MINE SAFETY DISCLOSURESNone.​34 Table of Contents Table of Contents Table of Contents ITEM 3. LEGAL PROCEEDINGSWe are involved in various litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are currently expected to have a material impact on our financial condition, results of operations, or liquidity.We may also be involved from time to time in various governmental investigations, regulatory proceedings or judicial actions seeking penalties, injunctive relief, and/or remediation under federal, state and local environmental laws and regulations. The United States EPA has conducted such investigations and proceedings involving us, in some instances along with state environmental regulators, under various environmental laws, including RCRA, CERCLA, the Clean Water Act and the Clean Air Act. Some of these matters have resulted in fines or penalties, exclusive of interest and costs, which did not exceed $1 million in aggregate, as of December 31, 2025.ITEM 4. MINE SAFETY DISCLOSURESNone.​ ITEM 3. LEGAL PROCEEDINGS We are involved in various litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are currently expected to have a material impact on our financial condition, results of operations, or liquidity. We may also be involved from time to time in various governmental investigations, regulatory proceedings or judicial actions seeking penalties, injunctive relief, and/or remediation under federal, state and local environmental laws and regulations. The United States EPA has conducted such investigations and proceedings involving us, in some instances along with state environmental regulators, under various environmental laws, including RCRA, CERCLA, the Clean Water Act and the Clean Air Act. Some of these matters have resulted in fines or penalties, exclusive of interest and costs, which did not exceed $1 million in aggregate, as of December 31, 2025. ITEM 4. MINE SAFETY DISCLOSURES None. ​ 34 34 Table of ContentsPART IIITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIESThe information required by Item 5 with respect to securities authorized for issuance under equity compensation plans is set forth in Part III, Item 12 of this Form 10-K. Our common stock trades on The NASDAQ Global Select Stock Market under the symbol STLD.As of February 25, 2026, we had 144,882,401 shares of common stock outstanding and held beneficially by approximately 25,000 stockholders based on our security position listing. Because many of the shares were held by depositories, brokers and other nominees, the number of registered holders (approximately 1,160) is not representative of the number of beneficial holders.Issuer Purchases of Equity SecuritiesWe purchased the following equity securities registered by us pursuant to Section 12 of the Exchange Act during the three months ended December 31, 2025.​​​​​​​​​​​​​​​​​​​​​​​​Period​Total Number of Shares Purchased​Average Price Paid per Share​Total Number of Shares Purchased as Part of Publicly Announced Program(1)​Maximum Dollar Value of Shares That May Yet be Purchased Under the Program (in thousands) (1)​​​​​​​​​​​​Quarter ended December 31, 2025​​​​​​​​​​​​​​​​​​​​​October 1-31​ 109,815​$ 146.90​​ 109,815​$ 1,023,609November 1-30​ 910,321​​ 157.62​​ 910,321​​ 881,551December 1-31​ 466,035​​ 173.11​​ 466,035​​ 800,968​​ 1,486,171​​​​​ 1,486,171​​​​(1)In February 2025, our board of directors authorized a share repurchase program of up to $1.5 billion of our common stock. ​35 Table of Contents Table of Contents Table of Contents PART IIITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIESThe information required by Item 5 with respect to securities authorized for issuance under equity compensation plans is set forth in Part III, Item 12 of this Form 10-K. Our common stock trades on The NASDAQ Global Select Stock Market under the symbol STLD.As of February 25, 2026, we had 144,882,401 shares of common stock outstanding and held beneficially by approximately 25,000 stockholders based on our security position listing. Because many of the shares were held by depositories, brokers and other nominees, the number of registered holders (approximately 1,160) is not representative of the number of beneficial holders.Issuer Purchases of Equity SecuritiesWe purchased the following equity securities registered by us pursuant to Section 12 of the Exchange Act during the three months ended December 31, 2025.​​​​​​​​​​​​​​​​​​​​​​​​Period​Total Number of Shares Purchased​Average Price Paid per Share​Total Number of Shares Purchased as Part of Publicly Announced Program(1)​Maximum Dollar Value of Shares That May Yet be Purchased Under the Program (in thousands) (1)​​​​​​​​​​​​Quarter ended December 31, 2025​​​​​​​​​​​​​​​​​​​​​October 1-31​ 109,815​$ 146.90​​ 109,815​$ 1,023,609November 1-30​ 910,321​​ 157.62​​ 910,321​​ 881,551December 1-31​ 466,035​​ 173.11​​ 466,035​​ 800,968​​ 1,486,171​​​​​ 1,486,171​​​​(1)In February 2025, our board of directors authorized a share repurchase program of up to $1.5 billion of our common stock. ​ PART II ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES The information required by Item 5 with respect to securities authorized for issuance under equity compensation plans is set forth in Part III, Item 12 of this Form 10-K. Our common stock trades on The NASDAQ Global Select Stock Market under the symbol STLD. As of February 25, 2026, we had 144,882,401 shares of common stock outstanding and held beneficially by approximately 25,000 stockholders based on our security position listing. Because many of the shares were held by depositories, brokers and other nominees, the number of registered holders (approximately 1,160) is not representative of the number of beneficial holders."
    },
    {
      "status": "ADDED",
      "current_title": "Aluminum Operations Segment Results 2025 vs. 2024",
      "prior_title": null,
      "current_body": "During 2025, the results of this segment largely consisted of sales from the ancillary recycled aluminum deox-rod facility, as well as construction, start-up, and commissioning costs associated with the recycled aluminum flat roll products mill and satellite recycled aluminum slab centers. The flat rolled products mill shipped 15,000 metric tons of finished product during the second half of 2025. In 2025, aluminum operations sales, including those of our ancillary recycled aluminum deox-rod facility, totaled $473.9 million, an increase of 49%, compared to $318.7 million in 2024 primarily due to the volumes from the aluminum flat rolled products mill beginning in the second half of 2025. ​"
    },
    {
      "status": "ADDED",
      "current_title": "Variable Rate",
      "prior_title": null,
      "current_body": "​ ​ ​ ​ ​ ​ Average ​ ​ ​ Average ​ ​ ​ ​ Principal ​ Rate ​ Principal ​ Rate ​ ​ Expected maturity date: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ $ 1,493 ​ ​ 5.2% ​ $ 33,162 ​ ​ 5.5% ​ ​ 2027 ​ ​ 351,099 ​ ​ 1.7 ​ ​ - ​ ​ ​ ​ ​ 2028 ​ ​ 650,416 ​ ​ 4.0 ​ ​ - ​ ​ ​ ​ ​ 2029 ​ ​ 198 ​ ​ 5.1 ​ ​ - ​ ​ ​ ​ ​ 2030 ​ ​ 600,095 ​ ​ 3.5 ​ ​ - ​ ​ ​ ​ ​ Thereafter ​ ​ 2,650,147 ​ ​ 4.7 ​ ​ - ​ ​ ​ ​ ​ Total debt outstanding ​ $ 4,253,448 ​ ​ 4.2% ​ $ 33,162 ​ ​ 5.5% ​ ​ Fair value ​ $ 4,108,867 ​ ​ ​ ​ $ 33,162 ​ ​ ​ ​ ​"
    },
    {
      "status": "ADDED",
      "current_title": "Critical Audit Matters",
      "prior_title": null,
      "current_body": "The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing a separate opinion on the critical audit matters or on the account or disclosure to which it relates. 54 54 Table of Contents​​​Valuation of GoodwillDescription ofthe MatterAt December 31, 2025, the Company’s goodwill was approximately $477 million. As discussed in Note 1 of the consolidated financial statements, the Company performs an impairment test for goodwill at least annually or when indicators of impairment exist. The Company performed a qualitative assessment as of October 1, 2025, to assess if it is more likely than not that the fair value of a reporting unit exceeds its carrying amount. Auditing management’s annual goodwill impairment test was complex and judgmental as management considers the impact of several factors on the Company overall and each reporting unit individually including assessing the qualitative factors to be considered in the qualitative goodwill impairment assessment, changes in the carrying amount of the reporting unit, macroeconomic conditions (including changes in interest and discount rates), industry and market conditions, recent and projected financial performance, the Company’s competitive position and other factors. Significant judgment is involved in evaluating the totality of all factors to determine whether it is more likely than not that the fair value of the reporting unit exceeds its carrying value.How WeAddressed theMatter in OurAuditWe obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s goodwill impairment testing process, including controls over management’s review of the qualitative factors described above.To test management’s conclusion that it is more likely than not that the fair values of the Company’s reporting units exceed their carrying amounts, we performed audit procedures that included, among others, assessing the reasonableness of the qualitative factors considered within the analyses, testing the evaluation of the qualitative factors and the underlying data used by the Company in its analyses. We evaluated management’s assessment of the qualitative factors for each reporting unit by comparing to current industry and economic trends, current and historical results and key business drivers for each reporting unit, comparing the Company’s share price trends to historical amounts, and other relevant factors, including considering consistency with evidence obtained in other parts of the audit and evaluating whether any contrary evidence exists. ​Valuation of Acquired Customer Relationships Intangible Asset Description ofthe MatterAs described in Note 2 to the consolidated financial statements, on December 1, 2025, the Company completed the acquisition of the remaining 55% interest in New Process Steel, L.P. for a purchase price of $229 million. The Company measured the assets and liabilities assumed at fair value, which resulted in the recognition of a customer relationships intangible asset of $96 million. ​Auditing the valuation of the acquired customer relationships intangible asset required auditor judgment due to the nature and extent of audit effort in evaluating certain assumptions required to estimate the fair value using a multi-period excess earnings method, which is a specific discounted cash flow method. In particular, the fair value measurement of customer relationships utilized management’s forecasts of revenue growth rates and projected margins to estimate the discounted cash flows. How WeAddressed theMatter in OurAuditWe obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s process to estimate the fair value of the acquired customer relationships intangible asset, including controls over management’s review of the significant assumption described above.​To test the fair value estimate of the customer relationships intangible asset, we performed audit procedures which included, among others, testing the significant assumptions described above, testing the completeness and accuracy of the underlying data, and evaluating the valuation methodology with the assistance of our valuation specialists. We compared the significant assumptions to current industry and economic trends and historical results of the acquired business. We performed sensitivity analyses to evaluate the impact of changes in the significant assumptions to the fair value of the customer relationships intangible asset.​/s/ Ernst & Young LLP​We have served as the Company’s auditor since 1999.​Indianapolis, IndianaFebruary 27, 202655 Table of Contents Table of Contents Table of Contents ​​​Valuation of GoodwillDescription ofthe MatterAt December 31, 2025, the Company’s goodwill was approximately $477 million. As discussed in Note 1 of the consolidated financial statements, the Company performs an impairment test for goodwill at least annually or when indicators of impairment exist. The Company performed a qualitative assessment as of October 1, 2025, to assess if it is more likely than not that the fair value of a reporting unit exceeds its carrying amount. Auditing management’s annual goodwill impairment test was complex and judgmental as management considers the impact of several factors on the Company overall and each reporting unit individually including assessing the qualitative factors to be considered in the qualitative goodwill impairment assessment, changes in the carrying amount of the reporting unit, macroeconomic conditions (including changes in interest and discount rates), industry and market conditions, recent and projected financial performance, the Company’s competitive position and other factors. Significant judgment is involved in evaluating the totality of all factors to determine whether it is more likely than not that the fair value of the reporting unit exceeds its carrying value.How WeAddressed theMatter in OurAuditWe obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s goodwill impairment testing process, including controls over management’s review of the qualitative factors described above.To test management’s conclusion that it is more likely than not that the fair values of the Company’s reporting units exceed their carrying amounts, we performed audit procedures that included, among others, assessing the reasonableness of the qualitative factors considered within the analyses, testing the evaluation of the qualitative factors and the underlying data used by the Company in its analyses. We evaluated management’s assessment of the qualitative factors for each reporting unit by comparing to current industry and economic trends, current and historical results and key business drivers for each reporting unit, comparing the Company’s share price trends to historical amounts, and other relevant factors, including considering consistency with evidence obtained in other parts of the audit and evaluating whether any contrary evidence exists. ​Valuation of Acquired Customer Relationships Intangible Asset Description ofthe MatterAs described in Note 2 to the consolidated financial statements, on December 1, 2025, the Company completed the acquisition of the remaining 55% interest in New Process Steel, L.P. for a purchase price of $229 million. The Company measured the assets and liabilities assumed at fair value, which resulted in the recognition of a customer relationships intangible asset of $96 million. ​Auditing the valuation of the acquired customer relationships intangible asset required auditor judgment due to the nature and extent of audit effort in evaluating certain assumptions required to estimate the fair value using a multi-period excess earnings method, which is a specific discounted cash flow method. In particular, the fair value measurement of customer relationships utilized management’s forecasts of revenue growth rates and projected margins to estimate the discounted cash flows. How WeAddressed theMatter in OurAuditWe obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s process to estimate the fair value of the acquired customer relationships intangible asset, including controls over management’s review of the significant assumption described above.​To test the fair value estimate of the customer relationships intangible asset, we performed audit procedures which included, among others, testing the significant assumptions described above, testing the completeness and accuracy of the underlying data, and evaluating the valuation methodology with the assistance of our valuation specialists. We compared the significant assumptions to current industry and economic trends and historical results of the acquired business. We performed sensitivity analyses to evaluate the impact of changes in the significant assumptions to the fair value of the customer relationships intangible asset.​/s/ Ernst & Young LLP​We have served as the Company’s auditor since 1999.​Indianapolis, IndianaFebruary 27, 2026 ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "ADDED",
      "current_title": "Balances at December 31, 2024",
      "prior_title": null,
      "current_body": "​ 151,117 ​ ​ 117,260 ​ $ 652 ​ $ (7,094,266) ​ $ 1,229,819 ​ $ 14,798,082 ​ $ - ​ $ (160,253) ​ $ 8,774,034 ​ $ 171,212 Dividends declared ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (294,132) ​ ​ - ​ ​ - ​ ​ (294,132) ​ ​ - Noncontrolling investors, net ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (9,460) ​ ​ (9,460) ​ ​ (29,986) Share repurchases ​ (6,680) ​ ​ 6,680 ​ ​ - ​ ​ (900,870) ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (900,870) ​ ​ - Equity-based compensation ​ 503 ​ ​ (236) ​ ​ 1 ​ ​ 14,587 ​ ​ 18,815 ​ ​ (503) ​ ​ - ​ ​ - ​ ​ 32,900 ​ ​ - Net income ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 1,185,595 ​ ​ - ​ ​ 1,716 ​ ​ 1,187,311 ​ ​ - Other comprehensive loss, net of tax ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (598) ​ ​ - ​ ​ (598) ​ ​ -"
    },
    {
      "status": "ADDED",
      "current_title": "(Denominator)",
      "prior_title": null,
      "current_body": "​ Amount Basic earnings per share ​ $ 1,185,595 ​ ​ 147,806 ​ $ 8.02 ​ ​ $ 1,537,134 ​ ​ 155,420 ​ $ 9.89 Dilutive common share equivalents ​ ​ - ​ ​ 598 ​ ​ ​ ​ ​ ​ - ​ ​ 716 ​ ​ ​ Diluted earnings per share ​ $ 1,185,595 ​ ​ 148,404 ​ $ 7.99 ​ ​ $ 1,537,134 ​ ​ 156,136 ​ $ 9.84 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ ​ Net Income ​ Shares ​ Per Share ​ ​"
    },
    {
      "status": "ADDED",
      "current_title": "New Process Steel, L.P.",
      "prior_title": null,
      "current_body": "On December 1, 2025, the company acquired the remaining 55% equity interest in New Process Steel, L.P., increasing its ownership from 45% to 100% and obtaining control. NPS is a metals solutions and distribution supply-chain management company headquartered in Houston, Texas, with a focus toward growing its value-added manufacturing applications. The acquisition of NPS expands the company’s exposure to value-added manufacturing opportunities. Prior to the 2025 acquisition date, the company accounted for its 45% minority equity interest in NPS as an equity-method investment. Upon the acquisition of the remaining interest, the previously held equity interest was remeasured to an acquisition-date fair value of $220.4 million, based on the purchase price of the remaining 55% interest. The company recognized a gain of $6.5 million as a result of remeasuring its prior equity interest in NPS before the business combination, included in other (income) expense, net in the consolidated statements of income for the year ended December 31, 2025. other (income) expense ​ 68 68 Table of ContentsNote 2. Business Combinations (Continued)The total purchase consideration consisted of the fair value of the previously held equity interest and the consideration transferred to acquire the remaining ownership interest. Operating results of NPS from and after December 1, 2025, have been included in the company’s consolidated financial statements within the steel operations segment. The acquisition-date fair value of the consideration transferred totaled $449.3 million, which consisted of the following (in thousands):​​​​​​​Cash paid for remaining 55% interest$228,935​​Fair value of previously held equity interest​220,366​​Total consideration$449,301​​The aggregate purchase price was preliminarily allocated to the identified assets acquired and liabilities assumed of NPS at December 1, 2025, based on their estimated acquisition date fair values (in thousands):​​​​​​Cash$ 53,161​​Accounts receivable​ 106,021​​Inventory​ 205,955​​Property, plant & equipment​ 45,752​​Other assets​ 59,030​​Identifiable intangible assets​ 131,960​​Total identifiable assets acquired​ 601,879​​Accounts payable​ 63,963​​Other liabilities​ 88,615​​Total liabilities assumed​ 152,578​​Total consideration$ 449,301​​The company is in the process of obtaining third-party valuations of property, plant, and equipment and certain intangible assets. Accordingly, the provisional amounts included above are subject to change during the measurement period. The identifiable intangible assets acquired include customer relationships of $96.3 million and trade names of $35.6 million. The company estimated the provisional amount for the trade name based on a relief from royalty method under the income approach and estimated the provisional amount for the customer relationships based on a multi-period excess earnings method, which is a specific discounted cash flow method under the income approach. The company utilizes an accelerated amortization methodology to follow the pattern in which the economic benefits of the customer relationship intangible asset are anticipated to be consumed over its 25 year assigned life. The company amortized the intangible asset related to the trade name using a straight-line methodology over its 25 year assigned life.​New Process Steel Unaudited Pro Forma ResultsNPS’s operating results have been reflected in the company’s financial statements since the effective date of the acquisition, December 1, 2025. The following unaudited pro forma information is presented below as if the NPS acquisition was completed as of January 1, 2024 (in thousands):​​​​​​​​​Years Ended December 31,​​​2025​​2024​Net sales$ 18,647,759​$ 18,067,014​Net income attributable to Steel Dynamics, Inc.​ 1,189,831​​ 1,542,398​The information presented is for informational purposes only and is not necessarily indicative of the actual results that would have occurred had the acquisition been consummated at the beginning of the respective period, nor are they necessarily indicative of future operating results of the combined companies under the ownership and management of the company. The amounts have been calculated after applying the company’s accounting policies and adjusting the results of NPS to reflect the additional depreciation and amortization that would have been charged assuming the fair 69 Table of Contents Table of Contents Table of Contents Note 2. Business Combinations (Continued)The total purchase consideration consisted of the fair value of the previously held equity interest and the consideration transferred to acquire the remaining ownership interest. Operating results of NPS from and after December 1, 2025, have been included in the company’s consolidated financial statements within the steel operations segment. The acquisition-date fair value of the consideration transferred totaled $449.3 million, which consisted of the following (in thousands):​​​​​​​Cash paid for remaining 55% interest$228,935​​Fair value of previously held equity interest​220,366​​Total consideration$449,301​​The aggregate purchase price was preliminarily allocated to the identified assets acquired and liabilities assumed of NPS at December 1, 2025, based on their estimated acquisition date fair values (in thousands):​​​​​​Cash$ 53,161​​Accounts receivable​ 106,021​​Inventory​ 205,955​​Property, plant & equipment​ 45,752​​Other assets​ 59,030​​Identifiable intangible assets​ 131,960​​Total identifiable assets acquired​ 601,879​​Accounts payable​ 63,963​​Other liabilities​ 88,615​​Total liabilities assumed​ 152,578​​Total consideration$ 449,301​​The company is in the process of obtaining third-party valuations of property, plant, and equipment and certain intangible assets. Accordingly, the provisional amounts included above are subject to change during the measurement period. The identifiable intangible assets acquired include customer relationships of $96.3 million and trade names of $35.6 million. The company estimated the provisional amount for the trade name based on a relief from royalty method under the income approach and estimated the provisional amount for the customer relationships based on a multi-period excess earnings method, which is a specific discounted cash flow method under the income approach. The company utilizes an accelerated amortization methodology to follow the pattern in which the economic benefits of the customer relationship intangible asset are anticipated to be consumed over its 25 year assigned life. The company amortized the intangible asset related to the trade name using a straight-line methodology over its 25 year assigned life.​New Process Steel Unaudited Pro Forma ResultsNPS’s operating results have been reflected in the company’s financial statements since the effective date of the acquisition, December 1, 2025. The following unaudited pro forma information is presented below as if the NPS acquisition was completed as of January 1, 2024 (in thousands):​​​​​​​​​Years Ended December 31,​​​2025​​2024​Net sales$ 18,647,759​$ 18,067,014​Net income attributable to Steel Dynamics, Inc.​ 1,189,831​​ 1,542,398​The information presented is for informational purposes only and is not necessarily indicative of the actual results that would have occurred had the acquisition been consummated at the beginning of the respective period, nor are they necessarily indicative of future operating results of the combined companies under the ownership and management of the company. The amounts have been calculated after applying the company’s accounting policies and adjusting the results of NPS to reflect the additional depreciation and amortization that would have been charged assuming the fair"
    },
    {
      "status": "ADDED",
      "current_title": "Note 2. Business Combinations (Continued)",
      "prior_title": null,
      "current_body": "The total purchase consideration consisted of the fair value of the previously held equity interest and the consideration transferred to acquire the remaining ownership interest. Operating results of NPS from and after December 1, 2025, have been included in the company’s consolidated financial statements within the steel operations segment. The acquisition-date fair value of the consideration transferred totaled $449.3 million, which consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for remaining 55% interest $ 228,935 ​ ​ Fair value of previously held equity interest ​ 220,366 ​ ​ Total consideration $ 449,301 ​ ​ The aggregate purchase price was preliminarily allocated to the identified assets acquired and liabilities assumed of NPS at December 1, 2025, based on their estimated acquisition date fair values (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash $ 53,161 ​ ​ Accounts receivable ​ 106,021 ​ ​ Inventory ​ 205,955 ​ ​ Property, plant & equipment ​ 45,752 ​ ​ Other assets ​ 59,030 ​ ​ Identifiable intangible assets ​ 131,960 ​ ​ Total identifiable assets acquired ​ 601,879 ​ ​ Accounts payable ​ 63,963 ​ ​ Other liabilities ​ 88,615 ​ ​ Total liabilities assumed ​ 152,578 ​ ​ Total consideration $ 449,301 ​ ​ The company is in the process of obtaining third-party valuations of property, plant, and equipment and certain intangible assets. Accordingly, the provisional amounts included above are subject to change during the measurement period. The identifiable intangible assets acquired include customer relationships of $96.3 million and trade names of $35.6 million. The company estimated the provisional amount for the trade name based on a relief from royalty method under the income approach and estimated the provisional amount for the customer relationships based on a multi-period excess earnings method, which is a specific discounted cash flow method under the income approach. The company utilizes an accelerated amortization methodology to follow the pattern in which the economic benefits of the customer relationship intangible asset are anticipated to be consumed over its 25 year assigned life. The company amortized the intangible asset related to the trade name using a straight-line methodology over its 25 year assigned life. ​"
    },
    {
      "status": "ADDED",
      "current_title": "New Process Steel Unaudited Pro Forma Results",
      "prior_title": null,
      "current_body": "NPS’s operating results have been reflected in the company’s financial statements since the effective date of the acquisition, December 1, 2025. The following unaudited pro forma information is presented below as if the NPS acquisition was completed as of January 1, 2024 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "ADDED",
      "current_title": "Financing Activity",
      "prior_title": null,
      "current_body": "​ In March 2025, the company issued $600.0 million of 5.250% notes due 2035 and $400.0 million of 5.750% notes due 2055. Proceeds from these notes were used for repayment of the company’s $400.0 million of 2.400% notes due 2025 and for other general corporate purposes. In November 2025, the company issued $650.0 million of 4.000% notes due 2028 and an additional $150.0 million of 5.250% notes due 2035. Proceeds from these notes were used to redeem the company’s $400.0 million of 5.000% notes due 2026 and for other general corporate purposes."
    },
    {
      "status": "ADDED",
      "current_title": "Note 3. Long-Term Debt (Continued)",
      "prior_title": null,
      "current_body": "The financial covenants under the Facility state that the company must maintain an interest coverage ratio of not less than 2.50:1.00. The company’s interest coverage ratio is calculated by dividing its LTM consolidated EBITDA by its LTM gross interest expense, less amortization of financing fees. In addition, a debt to capitalization ratio of not more than 0.60:1.00 must be maintained. At December 31, 2025, the company’s interest coverage ratio and debt to capitalization ratio were 13.33:1.00 and 0.32:1.00, respectively. The company was, therefore, in compliance with these covenants at December 31, 2025, and anticipates remaining in compliance during the next twelve months."
    },
    {
      "status": "ADDED",
      "current_title": "Senior Unsecured Notes",
      "prior_title": null,
      "current_body": "The company has eight different tranches of senior unsecured notes (Notes) outstanding. These Notes are in equal right of payment with all existing and future senior unsecured indebtedness and are senior in right of payment to all subordinated indebtedness. These Notes contain provisions that allow the company to redeem the Notes on or after the dates and at redemption prices (expressed as a percentage of principal amount) listed below. ​ The company’s $350.0 million of 1.650% senior notes due 2027 mature on October 15, 2027, with interest payable semi-annually. Early redemption is permitted any time prior to August 15, 2027, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.20%; and as of August 15, 2027, at 100.000%. U.S. Treasury rate ​"
    },
    {
      "status": "ADDED",
      "current_title": "Long-Term Incentive Compensation Program (LTIP)",
      "prior_title": null,
      "current_body": "The company maintains an LTIP performance-based program directed toward key senior leadership of the company, as determined at the discretion of the Compensation Committee of the Board of Directors. Awards are in shares of the company’s common stock using the closing stock price on the first day of the performance period to convert each key senior executive’s predetermined multiple of annual base salary. The performance period is generally three years; however, transition awards can be issued with a shorter performance period. Performance is measured in terms of equal portions of four growth and profitability measures, as compared to the same measures, similarly treated, of a pre-established group of steel sector competitors. Awards earned can range from zero to 100% of the shares awarded, and award shares vest immediately once earned on the basis of performance. The Compensation Committee granted the following three-year performance period awards and transition awards, which have been earned and have or will be issued as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Our level of production and our sales and earnings are subject to significant fluctuations as a result of the cyclical nature of the steel industry and some of the industries we serve.",
      "prior_body": "The steel manufacturing business is cyclical in nature, and the selling price of the steel we make may fluctuate significantly due to many factors beyond our control. Furthermore, a number of our products are commodities, subject to their own cyclical fluctuations in supply and demand in both metal consuming and metal generating industries, including the construction and manufacturing industries. The timing, magnitude and duration of these cycles and the resulting price fluctuations are difficult to predict. The sale of our manufactured steel products is directly affected by demand for our products in other cyclical industries, such as construction, automotive, manufacturing, transportation, heavy and agriculture equipment, energy and pipe and tube (including OCTG) markets. Economic difficulties, stagnant or slow global economies, supply and demand imbalances, supply chain disruptions, periods of heightened inflation or high interest rates, and currency fluctuations in the United States or globally may decrease the demand for our products or increase the amount of imports of steel into the United States, which may decrease our sales, margins and profitability."
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "The cost and availability of electricity, natural gas, oil and other energy resources are subject to volatile market conditions.",
      "prior_body": "We consume large amounts of energy to melt scrap, reheat semi-finished products for rolling into finished products and perform other steps necessary to our production process. We rely on third parties for the supply of energy resources we require in our production activities. The prices for and availability of electricity, natural gas, oil and other energy resources, including renewable or other clean energy sources, are subject to regulation and volatile market conditions, often affected by weather conditions as well as political, environmental and economic factors beyond our control. As large consumers of electricity and natural gas, we must have dependable delivery in order to operate. Accordingly, we are at risk in the event of an energy disruption, including power outages, power unavailability or inability to obtain power at a reasonable price or with sufficient desired environmental attributes. Prolonged blackouts, curtailments or disruptions caused by natural disasters or by political or environmental considerations would substantially disrupt our production. Since a significant portion of our finished products are delivered by truck, unforeseen fluctuations in the price of fuel would also adversely affect our costs or the costs of many of our customers."
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Years Ended December 31,",
      "prior_body": "​ ​ ​ 2024 ​ % Change ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 12,527,066 ​ (4)% ​ $ 13,067,622 ​ ​ Metals Recycling Operations ​ 4,136,913 ​ (1)% ​ ​ 4,158,588 ​ ​ Steel Fabrication Operations ​ 1,771,795 ​ (37)% ​ ​ 2,806,777 ​ ​ Aluminum Operations ​ 318,689 ​ 11% ​ ​ 285,907 ​ ​ Other ​ 1,451,723 ​ 24% ​ ​ 1,171,901 ​ ​ ​ ​ 20,206,186 ​ ​ ​ ​ 21,490,795 ​ ​ Intra-company ​ (2,665,796) ​ ​ ​ ​ (2,695,479) ​ ​ ​ $ 17,540,390 ​ (7)% ​ $ 18,795,316 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 1,582,374 ​ (16)% ​ $ 1,881,600 ​ ​ Metals Recycling Operations ​ 76,807 ​ 61% ​ ​ 47,735 ​ ​ Steel Fabrication Operations ​ 666,984 ​ (58)% ​ ​ 1,593,261 ​ ​ Aluminum Operations ​ (72,331) ​ (522)% ​ ​ 17,146 ​ ​ Other ​ (317,408) ​ 20% ​ ​ (394,577) ​ ​ ​ ​ 1,936,426 ​ ​ ​ ​ 3,145,165 ​ ​ Intra-company ​ 6,611 ​ ​ ​ ​ 6,016 ​ ​ ​ $ 1,943,037 ​ (38)% ​ $ 3,151,181 ​ ​ ​ 40 40 Table of Contents​Steel Operations Segment​Steel operations include our EAF steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, Steel of West Virginia, steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply, Vulcan Threaded Products, Inc., warehouse operations in Mexico, and SDI Biocarbon Solutions, LLC, a joint venture to construct and operate a biocarbon production facility. Steel operations accounted for 69% and 67% of our consolidated net sales during 2024 and 2023, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2024​% Change​2023​​Total shipments 12,660,487​(1)%​ 12,821,753​​Intra-segment shipments (1,306,364)​​​ (1,449,832)​​Steel Operations Segment shipments 11,354,123​-​ 11,371,921​​​​​​​​​​External shipments 10,929,453​-​ 10,976,707​​​Segment Results 2024 vs. 2023During 2024, our steel operations achieved annual shipments of 12.7 million tons (11.4 million excluding intra-segment), slightly less than 2023 total record shipments. Customer order activity and steel demand were stable during 2024, with the construction, automotive, industrial, and energy sectors leading demand. In spite of strong market demand, average selling prices were lower during 2024 compared to 2023, as total steel segment average selling prices decreased 4%, or $46 per ton, compared to 2023. Net sales for the steel operations segment were 4% lower in 2024 when compared to 2023, due to lower average steel selling prices on consistent volumes.​41 Table of Contents Table of Contents Table of Contents ​Steel Operations Segment​Steel operations include our EAF steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, Steel of West Virginia, steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply, Vulcan Threaded Products, Inc., warehouse operations in Mexico, and SDI Biocarbon Solutions, LLC, a joint venture to construct and operate a biocarbon production facility. Steel operations accounted for 69% and 67% of our consolidated net sales during 2024 and 2023, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2024​% Change​2023​​Total shipments 12,660,487​(1)%​ 12,821,753​​Intra-segment shipments (1,306,364)​​​ (1,449,832)​​Steel Operations Segment shipments 11,354,123​-​ 11,371,921​​​​​​​​​​External shipments 10,929,453​-​ 10,976,707​​​Segment Results 2024 vs. 2023During 2024, our steel operations achieved annual shipments of 12.7 million tons (11.4 million excluding intra-segment), slightly less than 2023 total record shipments. Customer order activity and steel demand were stable during 2024, with the construction, automotive, industrial, and energy sectors leading demand. In spite of strong market demand, average selling prices were lower during 2024 compared to 2023, as total steel segment average selling prices decreased 4%, or $46 per ton, compared to 2023. Net sales for the steel operations segment were 4% lower in 2024 when compared to 2023, due to lower average steel selling prices on consistent volumes.​ ​Steel Operations Segment​Steel operations include our EAF steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, Steel of West Virginia, steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply, Vulcan Threaded Products, Inc., warehouse operations in Mexico, and SDI Biocarbon Solutions, LLC, a joint venture to construct and operate a biocarbon production facility. Steel operations accounted for 69% and 67% of our consolidated net sales during 2024 and 2023, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2024​% Change​2023​​Total shipments 12,660,487​(1)%​ 12,821,753​​Intra-segment shipments (1,306,364)​​​ (1,449,832)​​Steel Operations Segment shipments 11,354,123​-​ 11,371,921​​​​​​​​​​External shipments 10,929,453​-​ 10,976,707​​​Segment Results 2024 vs. 2023During 2024, our steel operations achieved annual shipments of 12.7 million tons (11.4 million excluding intra-segment), slightly less than 2023 total record shipments. Customer order activity and steel demand were stable during 2024, with the construction, automotive, industrial, and energy sectors leading demand. In spite of strong market demand, average selling prices were lower during 2024 compared to 2023, as total steel segment average selling prices decreased 4%, or $46 per ton, compared to 2023. Net sales for the steel operations segment were 4% lower in 2024 when compared to 2023, due to lower average steel selling prices on consistent volumes.​ ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Years Ended December 31,",
      "prior_body": "​ ​ ​ 2024 ​ % Change ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 12,527,066 ​ (4)% ​ $ 13,067,622 ​ ​ Metals Recycling Operations ​ 4,136,913 ​ (1)% ​ ​ 4,158,588 ​ ​ Steel Fabrication Operations ​ 1,771,795 ​ (37)% ​ ​ 2,806,777 ​ ​ Aluminum Operations ​ 318,689 ​ 11% ​ ​ 285,907 ​ ​ Other ​ 1,451,723 ​ 24% ​ ​ 1,171,901 ​ ​ ​ ​ 20,206,186 ​ ​ ​ ​ 21,490,795 ​ ​ Intra-company ​ (2,665,796) ​ ​ ​ ​ (2,695,479) ​ ​ ​ $ 17,540,390 ​ (7)% ​ $ 18,795,316 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 1,582,374 ​ (16)% ​ $ 1,881,600 ​ ​ Metals Recycling Operations ​ 76,807 ​ 61% ​ ​ 47,735 ​ ​ Steel Fabrication Operations ​ 666,984 ​ (58)% ​ ​ 1,593,261 ​ ​ Aluminum Operations ​ (72,331) ​ (522)% ​ ​ 17,146 ​ ​ Other ​ (317,408) ​ 20% ​ ​ (394,577) ​ ​ ​ ​ 1,936,426 ​ ​ ​ ​ 3,145,165 ​ ​ Intra-company ​ 6,611 ​ ​ ​ ​ 6,016 ​ ​ ​ $ 1,943,037 ​ (38)% ​ $ 3,151,181 ​ ​ ​ 40 40 Table of Contents​Steel Operations Segment​Steel operations include our EAF steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, Steel of West Virginia, steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply, Vulcan Threaded Products, Inc., warehouse operations in Mexico, and SDI Biocarbon Solutions, LLC, a joint venture to construct and operate a biocarbon production facility. Steel operations accounted for 69% and 67% of our consolidated net sales during 2024 and 2023, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2024​% Change​2023​​Total shipments 12,660,487​(1)%​ 12,821,753​​Intra-segment shipments (1,306,364)​​​ (1,449,832)​​Steel Operations Segment shipments 11,354,123​-​ 11,371,921​​​​​​​​​​External shipments 10,929,453​-​ 10,976,707​​​Segment Results 2024 vs. 2023During 2024, our steel operations achieved annual shipments of 12.7 million tons (11.4 million excluding intra-segment), slightly less than 2023 total record shipments. Customer order activity and steel demand were stable during 2024, with the construction, automotive, industrial, and energy sectors leading demand. In spite of strong market demand, average selling prices were lower during 2024 compared to 2023, as total steel segment average selling prices decreased 4%, or $46 per ton, compared to 2023. Net sales for the steel operations segment were 4% lower in 2024 when compared to 2023, due to lower average steel selling prices on consistent volumes.​41 Table of Contents Table of Contents Table of Contents ​Steel Operations Segment​Steel operations include our EAF steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, Steel of West Virginia, steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply, Vulcan Threaded Products, Inc., warehouse operations in Mexico, and SDI Biocarbon Solutions, LLC, a joint venture to construct and operate a biocarbon production facility. Steel operations accounted for 69% and 67% of our consolidated net sales during 2024 and 2023, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2024​% Change​2023​​Total shipments 12,660,487​(1)%​ 12,821,753​​Intra-segment shipments (1,306,364)​​​ (1,449,832)​​Steel Operations Segment shipments 11,354,123​-​ 11,371,921​​​​​​​​​​External shipments 10,929,453​-​ 10,976,707​​​Segment Results 2024 vs. 2023During 2024, our steel operations achieved annual shipments of 12.7 million tons (11.4 million excluding intra-segment), slightly less than 2023 total record shipments. Customer order activity and steel demand were stable during 2024, with the construction, automotive, industrial, and energy sectors leading demand. In spite of strong market demand, average selling prices were lower during 2024 compared to 2023, as total steel segment average selling prices decreased 4%, or $46 per ton, compared to 2023. Net sales for the steel operations segment were 4% lower in 2024 when compared to 2023, due to lower average steel selling prices on consistent volumes.​ ​Steel Operations Segment​Steel operations include our EAF steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, Steel of West Virginia, steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply, Vulcan Threaded Products, Inc., warehouse operations in Mexico, and SDI Biocarbon Solutions, LLC, a joint venture to construct and operate a biocarbon production facility. Steel operations accounted for 69% and 67% of our consolidated net sales during 2024 and 2023, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2024​% Change​2023​​Total shipments 12,660,487​(1)%​ 12,821,753​​Intra-segment shipments (1,306,364)​​​ (1,449,832)​​Steel Operations Segment shipments 11,354,123​-​ 11,371,921​​​​​​​​​​External shipments 10,929,453​-​ 10,976,707​​​Segment Results 2024 vs. 2023During 2024, our steel operations achieved annual shipments of 12.7 million tons (11.4 million excluding intra-segment), slightly less than 2023 total record shipments. Customer order activity and steel demand were stable during 2024, with the construction, automotive, industrial, and energy sectors leading demand. In spite of strong market demand, average selling prices were lower during 2024 compared to 2023, as total steel segment average selling prices decreased 4%, or $46 per ton, compared to 2023. Net sales for the steel operations segment were 4% lower in 2024 when compared to 2023, due to lower average steel selling prices on consistent volumes.​ ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Aluminum Operations Segment",
      "prior_body": "Aluminum Dynamics, LLC ​ Columbus, MS ​ Recycled Aluminum Flat Rolled Products Mill ​ 2,112 ​ — Aluminum Dynamics of Mexico ​ San Luis Potosi, Mexico ​ Recycled Aluminum Slab Facility ​ 692 ​ — Superior Aluminum Alloys ​ New Haven, IN ​ Aluminum Operations ​ 96 ​ — ​ The company’s corporate headquarters is in Fort Wayne, Indiana on 20 owned acres. Our copper rod and wire facility, a controlled subsidiary, is in New Haven, Indiana on 35 owned and 4 leased acres. *Our 2024 steel mill production utilization was 81% of our estimated annual steelmaking capability. 33 33 Table of ContentsITEM 3. LEGAL PROCEEDINGSWe are involved in various litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are currently expected to have a material impact on our financial condition, results of operations, or liquidity.We may also be involved from time to time in various governmental investigations, regulatory proceedings or judicial actions seeking penalties, injunctive relief, and/or remediation under federal, state and local environmental laws and regulations. The United States EPA has conducted such investigations and proceedings involving us, in some instances along with state environmental regulators, under various environmental laws, including RCRA, CERCLA, the Clean Water Act and the Clean Air Act. Some of these matters have resulted in fines or penalties, exclusive of interest and costs, which did not exceed $1 million in aggregate, as of December 31, 2024.ITEM 4. MINE SAFETY DISCLOSURESNone.​34 Table of Contents Table of Contents Table of Contents ITEM 3. LEGAL PROCEEDINGSWe are involved in various litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are currently expected to have a material impact on our financial condition, results of operations, or liquidity.We may also be involved from time to time in various governmental investigations, regulatory proceedings or judicial actions seeking penalties, injunctive relief, and/or remediation under federal, state and local environmental laws and regulations. The United States EPA has conducted such investigations and proceedings involving us, in some instances along with state environmental regulators, under various environmental laws, including RCRA, CERCLA, the Clean Water Act and the Clean Air Act. Some of these matters have resulted in fines or penalties, exclusive of interest and costs, which did not exceed $1 million in aggregate, as of December 31, 2024.ITEM 4. MINE SAFETY DISCLOSURESNone.​ ITEM 3. LEGAL PROCEEDINGSWe are involved in various litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are currently expected to have a material impact on our financial condition, results of operations, or liquidity.We may also be involved from time to time in various governmental investigations, regulatory proceedings or judicial actions seeking penalties, injunctive relief, and/or remediation under federal, state and local environmental laws and regulations. The United States EPA has conducted such investigations and proceedings involving us, in some instances along with state environmental regulators, under various environmental laws, including RCRA, CERCLA, the Clean Water Act and the Clean Air Act. Some of these matters have resulted in fines or penalties, exclusive of interest and costs, which did not exceed $1 million in aggregate, as of December 31, 2024.ITEM 4. MINE SAFETY DISCLOSURESNone.​ ITEM 3. LEGAL PROCEEDINGS We are involved in various litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are currently expected to have a material impact on our financial condition, results of operations, or liquidity. We may also be involved from time to time in various governmental investigations, regulatory proceedings or judicial actions seeking penalties, injunctive relief, and/or remediation under federal, state and local environmental laws and regulations. The United States EPA has conducted such investigations and proceedings involving us, in some instances along with state environmental regulators, under various environmental laws, including RCRA, CERCLA, the Clean Water Act and the Clean Air Act. Some of these matters have resulted in fines or penalties, exclusive of interest and costs, which did not exceed $1 million in aggregate, as of December 31, 2024. ITEM 4. MINE SAFETY DISCLOSURES None. ​ 34 34 Table of ContentsPART IIITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIESThe information required by Item 5 with respect to securities authorized for issuance under equity compensation plans is set forth in Part III, Item 12 of this Form 10-K. Our common stock trades on The NASDAQ Global Select Stock Market under the symbol STLD.As of February 24, 2025, we had 150,163,986 shares of common stock outstanding and held beneficially by approximately 30,000 stockholders based on our security position listing. Because many of the shares were held by depositories, brokers and other nominees, the number of registered holders (approximately 1,220) is not representative of the number of beneficial holders.Issuer Purchases of Equity SecuritiesWe purchased the following equity securities registered by us pursuant to Section 12 of the Exchange Act during the three months ended December 31, 2024.​​​​​​​​​​​​​​​​​​​​​​​​Period​Total Number of Shares Purchased​Average Price Paid per Share​Total Number of Shares Purchased as Part of Publicly Announced Program(1)​Maximum Dollar Value of Shares That May Yet be Purchased Under the Program (in thousands) (1)​​​​​​​​​​​​Quarter ended December 31, 2024​​​​​​​​​​​​​​​​​​​​​October 1-31​ 664,066​$ 132.25​​ 664,066​$ 399,476November 1-30​ 790,538​​ 144.37​​ 790,538​​ 286,494December 1-31​ 728,796​​ 128.87​​ 728,796​​ 193,510​​ 2,183,400​​​​​ 2,183,400​​​​(1)In November 2023, our board of directors authorized a share repurchase program of up to $1.5 billion of our common stock. In February 2025, our board of directors authorized an additional share repurchase program of up to $1.5 billion of our common stock. ​35 Table of Contents Table of Contents Table of Contents PART IIITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIESThe information required by Item 5 with respect to securities authorized for issuance under equity compensation plans is set forth in Part III, Item 12 of this Form 10-K. Our common stock trades on The NASDAQ Global Select Stock Market under the symbol STLD.As of February 24, 2025, we had 150,163,986 shares of common stock outstanding and held beneficially by approximately 30,000 stockholders based on our security position listing. Because many of the shares were held by depositories, brokers and other nominees, the number of registered holders (approximately 1,220) is not representative of the number of beneficial holders.Issuer Purchases of Equity SecuritiesWe purchased the following equity securities registered by us pursuant to Section 12 of the Exchange Act during the three months ended December 31, 2024.​​​​​​​​​​​​​​​​​​​​​​​​Period​Total Number of Shares Purchased​Average Price Paid per Share​Total Number of Shares Purchased as Part of Publicly Announced Program(1)​Maximum Dollar Value of Shares That May Yet be Purchased Under the Program (in thousands) (1)​​​​​​​​​​​​Quarter ended December 31, 2024​​​​​​​​​​​​​​​​​​​​​October 1-31​ 664,066​$ 132.25​​ 664,066​$ 399,476November 1-30​ 790,538​​ 144.37​​ 790,538​​ 286,494December 1-31​ 728,796​​ 128.87​​ 728,796​​ 193,510​​ 2,183,400​​​​​ 2,183,400​​​​(1)In November 2023, our board of directors authorized a share repurchase program of up to $1.5 billion of our common stock. In February 2025, our board of directors authorized an additional share repurchase program of up to $1.5 billion of our common stock. ​ PART IIITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIESThe information required by Item 5 with respect to securities authorized for issuance under equity compensation plans is set forth in Part III, Item 12 of this Form 10-K. Our common stock trades on The NASDAQ Global Select Stock Market under the symbol STLD.As of February 24, 2025, we had 150,163,986 shares of common stock outstanding and held beneficially by approximately 30,000 stockholders based on our security position listing. Because many of the shares were held by depositories, brokers and other nominees, the number of registered holders (approximately 1,220) is not representative of the number of beneficial holders.Issuer Purchases of Equity SecuritiesWe purchased the following equity securities registered by us pursuant to Section 12 of the Exchange Act during the three months ended December 31, 2024.​​​​​​​​​​​​​​​​​​​​​​​​Period​Total Number of Shares Purchased​Average Price Paid per Share​Total Number of Shares Purchased as Part of Publicly Announced Program(1)​Maximum Dollar Value of Shares That May Yet be Purchased Under the Program (in thousands) (1)​​​​​​​​​​​​Quarter ended December 31, 2024​​​​​​​​​​​​​​​​​​​​​October 1-31​ 664,066​$ 132.25​​ 664,066​$ 399,476November 1-30​ 790,538​​ 144.37​​ 790,538​​ 286,494December 1-31​ 728,796​​ 128.87​​ 728,796​​ 193,510​​ 2,183,400​​​​​ 2,183,400​​​​(1)In November 2023, our board of directors authorized a share repurchase program of up to $1.5 billion of our common stock. In February 2025, our board of directors authorized an additional share repurchase program of up to $1.5 billion of our common stock. ​ PART II ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES The information required by Item 5 with respect to securities authorized for issuance under equity compensation plans is set forth in Part III, Item 12 of this Form 10-K. Our common stock trades on The NASDAQ Global Select Stock Market under the symbol STLD. As of February 24, 2025, we had 150,163,986 shares of common stock outstanding and held beneficially by approximately 30,000 stockholders based on our security position listing. Because many of the shares were held by depositories, brokers and other nominees, the number of registered holders (approximately 1,220) is not representative of the number of beneficial holders."
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Variable Rate",
      "prior_body": "​ ​ ​ ​ ​ ​ Average ​ ​ ​ Average ​ ​ ​ ​ Principal ​ Rate ​ Principal ​ Rate ​ ​ Expected maturity date: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ $ 401,071 ​ ​ 2.4% ​ $ 26,371 ​ ​ 6.4% ​ ​ 2026 ​ ​ 400,896 ​ ​ 5.0 ​ ​ - ​ ​ ​ ​ ​ 2027 ​ ​ 350,465 ​ ​ 1.7 ​ ​ - ​ ​ ​ ​ ​ 2028 ​ ​ - ​ ​ - ​ ​ - ​ ​ ​ ​ ​ 2029 ​ ​ - ​ ​ - ​ ​ - ​ ​ ​ ​ ​ Thereafter ​ ​ 2,100,000 ​ ​ 3.9 ​ ​ - ​ ​ ​ ​ ​ Total debt outstanding ​ $ 3,252,432 ​ ​ 3.6% ​ $ 26,371 ​ ​ 6.4% ​ ​ Fair value ​ $ 2,987,850 ​ ​ ​ ​ $ 26,371 ​ ​ ​ ​ ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Balances at January 1, 2022",
      "prior_body": "​ 194,998 ​ ​ 72,227 ​ ​ 649 ​ ​ (2,674,267) ​ ​ 1,218,933 ​ ​ 7,761,417 ​ ​ (2,091) ​ ​ (195,884) ​ ​ 6,108,757 ​ ​ 211,414 Dividends declared ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (245,287) ​ ​ - ​ ​ - ​ ​ (245,287) ​ ​ - Noncontrolling investors, net ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 630 ​ ​ (2,495) ​ ​ - ​ ​ (36,989) ​ ​ (38,854) ​ ​ (29,911) Share repurchases ​ (22,996) ​ ​ 22,996 ​ ​ - ​ ​ (1,800,905) ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (1,800,905) ​ ​ - Equity-based compensation ​ 934 ​ ​ (397) ​ ​ 1 ​ ​ 15,659 ​ ​ (6,997) ​ ​ (544) ​ ​ - ​ ​ - ​ ​ 8,119 ​ ​ - Net income ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 3,862,674 ​ ​ - ​ ​ 16,818 ​ ​ 3,879,492 ​ ​ - Other comprehensive loss, net of tax ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 2,980 ​ ​ - ​ ​ 2,980 ​ ​ -"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued)",
      "prior_body": "Refer to Note 12. Segment Information for disaggregated revenue by segment to external, external non-United States, and other segment customers."
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "(Denominator)",
      "prior_body": "​ Amount Basic earnings per share ​ $ 1,537,134 ​ ​ 155,420 ​ $ 9.89 ​ ​ $ 2,450,882 ​ ​ 166,552 ​ $ 14.72 Dilutive common share equivalents ​ ​ - ​ ​ 716 ​ ​ ​ ​ ​ ​ - ​ ​ 879 ​ ​ ​ Diluted earnings per share ​ $ 1,537,134 ​ ​ 156,136 ​ $ 9.84 ​ ​ $ 2,450,882 ​ ​ 167,431 ​ $ 14.64 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ Net Income ​ Shares ​ Per Share ​ ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Business Combinations",
      "prior_body": "ROCA The company acquired 100% of ROCA ACERO, S.A. de C.V. (ROCA) on October 1, 2022. The acquisition of ROCA is part of the company’s North American raw material procurement strategy. ROCA is headquartered in Monterrey, Mexico, and operates ferrous and nonferrous scrap facilities strategically positioned near high-volume industrial scrap sources located throughout Central and Northern Mexico. The transaction was funded with available cash. Post-acquisition operating results are reflected in the company’s financial statements in the metals recycling operations segment. ​ 68 68 Table of ContentsNote 2. Business Combinations and Investments in Unconsolidated Affiliates (Continued)Aluminum DynamicsThe company obtained a 94.4% equity interest in a joint venture concurrently formed with Unity Aluminum, Inc. on July 29, 2022, for the construction and operation of a new state-of-the-art lower-carbon recycled aluminum flat rolled products mill. The transaction was funded with available cash. Operating results from and after July 29, 2022, are reflected in the company’s consolidated financial statements in the aluminum operations segment. ​United Steel SupplyThe company purchased a 75% equity interest in United Steel Supply, LLC on March 1, 2019. On April 1, 2022, the company purchased an additional 12.5% equity interest in USS. On April 1, 2023, a noncontrolling member of USS exercised its option to require SDI to purchase its 2.5% equity interest, increasing SDI’s ownership to 90%. The remaining noncontrolling members have the option to require SDI to purchase the remaining 10% equity interest of USS on or after February 28, 2025. The USS noncontrolling interest is therefore reflected in redeemable noncontrolling interest in the consolidated balance sheets. ​Investments in Unconsolidated AffiliatesThe company purchased a 45% minority equity interest in New Process Steel, L.P. (NPS) on January 31, 2022. NPS is a metals solutions and distribution supply-chain management company headquartered in Houston, Texas, with a focus toward growing its value-added manufacturing applications. On February 28, 2022, the company also purchased a minority equity interest in Aymium, a producer of renewable biocarbon products. As the company does not have power to control these entities, the company accounts for these investments using the equity method of accounting, which are recorded in Other Assets (noncurrent) in the company’s consolidated balance sheets with related activity recorded in Other (Income) Expense, net. Profits or losses from transactions with NPS are eliminated until realized by the majority equity interest owner.​Note 3. Long-Term DebtThe company’s borrowings consisted of the following at December 31 (in thousands):​​​​​​​​​​​​​2024​2023​​​​2.800% senior notes due 2024$ -​$ 400,000​​​​2.400% senior notes due 2025​ 400,000​​ 400,000​​​​5.000% senior notes due 2026​ 400,000​​ 400,000​​​​1.650% senior notes due 2027​ 350,000​​ 350,000​​​​3.450% senior notes due 2030​ 600,000​​ 600,000​​​​3.250% senior notes due 2031​ 500,000​​ 500,000​​​​5.375% senior notes due 2034​ 600,000​​ -​​​​3.250% senior notes due 2050​ 400,000​​ 400,000​​​​Other obligations ​ 28,803​​ 61,836​​​​Total debt ​ 3,278,803​​ 3,111,836​​​​ Less debt issuance costs and original issue discounts​ 47,796​​ 40,780​​​​Total amounts outstanding​ 3,231,007​​ 3,071,056​​​​ Less current maturities ​ 426,990​​ 459,987​​​​Long-term debt $ 2,804,017​$ 2,611,069​​​Financing Activity​In July 2024, the company issued $600.0 million of 5.375% notes due 2034. Proceeds from these notes were used for general corporate purposes, including the repayment of the company’s 2.800% senior notes due December 2024, working capital, capital expenditures, advances for or investments in the company’s subsidiaries, acquisitions, redemption and repayment of other outstanding indebtedness, and purchases of the company’s common stock. 69 Table of Contents Table of Contents Table of Contents Note 2. Business Combinations and Investments in Unconsolidated Affiliates (Continued)Aluminum DynamicsThe company obtained a 94.4% equity interest in a joint venture concurrently formed with Unity Aluminum, Inc. on July 29, 2022, for the construction and operation of a new state-of-the-art lower-carbon recycled aluminum flat rolled products mill. The transaction was funded with available cash. Operating results from and after July 29, 2022, are reflected in the company’s consolidated financial statements in the aluminum operations segment. ​United Steel SupplyThe company purchased a 75% equity interest in United Steel Supply, LLC on March 1, 2019. On April 1, 2022, the company purchased an additional 12.5% equity interest in USS. On April 1, 2023, a noncontrolling member of USS exercised its option to require SDI to purchase its 2.5% equity interest, increasing SDI’s ownership to 90%. The remaining noncontrolling members have the option to require SDI to purchase the remaining 10% equity interest of USS on or after February 28, 2025. The USS noncontrolling interest is therefore reflected in redeemable noncontrolling interest in the consolidated balance sheets. ​Investments in Unconsolidated AffiliatesThe company purchased a 45% minority equity interest in New Process Steel, L.P. (NPS) on January 31, 2022. NPS is a metals solutions and distribution supply-chain management company headquartered in Houston, Texas, with a focus toward growing its value-added manufacturing applications. On February 28, 2022, the company also purchased a minority equity interest in Aymium, a producer of renewable biocarbon products. As the company does not have power to control these entities, the company accounts for these investments using the equity method of accounting, which are recorded in Other Assets (noncurrent) in the company’s consolidated balance sheets with related activity recorded in Other (Income) Expense, net. Profits or losses from transactions with NPS are eliminated until realized by the majority equity interest owner.​Note 3. Long-Term DebtThe company’s borrowings consisted of the following at December 31 (in thousands):​​​​​​​​​​​​​2024​2023​​​​2.800% senior notes due 2024$ -​$ 400,000​​​​2.400% senior notes due 2025​ 400,000​​ 400,000​​​​5.000% senior notes due 2026​ 400,000​​ 400,000​​​​1.650% senior notes due 2027​ 350,000​​ 350,000​​​​3.450% senior notes due 2030​ 600,000​​ 600,000​​​​3.250% senior notes due 2031​ 500,000​​ 500,000​​​​5.375% senior notes due 2034​ 600,000​​ -​​​​3.250% senior notes due 2050​ 400,000​​ 400,000​​​​Other obligations ​ 28,803​​ 61,836​​​​Total debt ​ 3,278,803​​ 3,111,836​​​​ Less debt issuance costs and original issue discounts​ 47,796​​ 40,780​​​​Total amounts outstanding​ 3,231,007​​ 3,071,056​​​​ Less current maturities ​ 426,990​​ 459,987​​​​Long-term debt $ 2,804,017​$ 2,611,069​​​Financing Activity​In July 2024, the company issued $600.0 million of 5.375% notes due 2034. Proceeds from these notes were used for general corporate purposes, including the repayment of the company’s 2.800% senior notes due December 2024, working capital, capital expenditures, advances for or investments in the company’s subsidiaries, acquisitions, redemption and repayment of other outstanding indebtedness, and purchases of the company’s common stock. Note 2. Business Combinations and Investments in Unconsolidated Affiliates (Continued)Aluminum DynamicsThe company obtained a 94.4% equity interest in a joint venture concurrently formed with Unity Aluminum, Inc. on July 29, 2022, for the construction and operation of a new state-of-the-art lower-carbon recycled aluminum flat rolled products mill. The transaction was funded with available cash. Operating results from and after July 29, 2022, are reflected in the company’s consolidated financial statements in the aluminum operations segment. ​United Steel SupplyThe company purchased a 75% equity interest in United Steel Supply, LLC on March 1, 2019. On April 1, 2022, the company purchased an additional 12.5% equity interest in USS. On April 1, 2023, a noncontrolling member of USS exercised its option to require SDI to purchase its 2.5% equity interest, increasing SDI’s ownership to 90%. The remaining noncontrolling members have the option to require SDI to purchase the remaining 10% equity interest of USS on or after February 28, 2025. The USS noncontrolling interest is therefore reflected in redeemable noncontrolling interest in the consolidated balance sheets. ​Investments in Unconsolidated AffiliatesThe company purchased a 45% minority equity interest in New Process Steel, L.P. (NPS) on January 31, 2022. NPS is a metals solutions and distribution supply-chain management company headquartered in Houston, Texas, with a focus toward growing its value-added manufacturing applications. On February 28, 2022, the company also purchased a minority equity interest in Aymium, a producer of renewable biocarbon products. As the company does not have power to control these entities, the company accounts for these investments using the equity method of accounting, which are recorded in Other Assets (noncurrent) in the company’s consolidated balance sheets with related activity recorded in Other (Income) Expense, net. Profits or losses from transactions with NPS are eliminated until realized by the majority equity interest owner.​Note 3. Long-Term DebtThe company’s borrowings consisted of the following at December 31 (in thousands):​​​​​​​​​​​​​2024​2023​​​​2.800% senior notes due 2024$ -​$ 400,000​​​​2.400% senior notes due 2025​ 400,000​​ 400,000​​​​5.000% senior notes due 2026​ 400,000​​ 400,000​​​​1.650% senior notes due 2027​ 350,000​​ 350,000​​​​3.450% senior notes due 2030​ 600,000​​ 600,000​​​​3.250% senior notes due 2031​ 500,000​​ 500,000​​​​5.375% senior notes due 2034​ 600,000​​ -​​​​3.250% senior notes due 2050​ 400,000​​ 400,000​​​​Other obligations ​ 28,803​​ 61,836​​​​Total debt ​ 3,278,803​​ 3,111,836​​​​ Less debt issuance costs and original issue discounts​ 47,796​​ 40,780​​​​Total amounts outstanding​ 3,231,007​​ 3,071,056​​​​ Less current maturities ​ 426,990​​ 459,987​​​​Long-term debt $ 2,804,017​$ 2,611,069​​​Financing Activity​In July 2024, the company issued $600.0 million of 5.375% notes due 2034. Proceeds from these notes were used for general corporate purposes, including the repayment of the company’s 2.800% senior notes due December 2024, working capital, capital expenditures, advances for or investments in the company’s subsidiaries, acquisitions, redemption and repayment of other outstanding indebtedness, and purchases of the company’s common stock."
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Aluminum Dynamics",
      "prior_body": "The company obtained a 94.4% equity interest in a joint venture concurrently formed with Unity Aluminum, Inc. on July 29, 2022, for the construction and operation of a new state-of-the-art lower-carbon recycled aluminum flat rolled products mill. The transaction was funded with available cash. Operating results from and after July 29, 2022, are reflected in the company’s consolidated financial statements in the aluminum operations segment. ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Investments in Unconsolidated Affiliates",
      "prior_body": "The company purchased a 45% minority equity interest in New Process Steel, L.P. (NPS) on January 31, 2022. NPS is a metals solutions and distribution supply-chain management company headquartered in Houston, Texas, with a focus toward growing its value-added manufacturing applications. On February 28, 2022, the company also purchased a minority equity interest in Aymium, a producer of renewable biocarbon products. As the company does not have power to control these entities, the company accounts for these investments using the equity method of accounting, which are recorded in Other Assets (noncurrent) in the company’s consolidated balance sheets with related activity recorded in Other (Income) Expense, net. Profits or losses from transactions with NPS are eliminated until realized by the majority equity interest owner. ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Treasury Stock",
      "prior_body": "In July 2021, the board of directors authorized a share repurchase program of up to $1.0 billion of the company’s common stock. This program was exhausted in April 2022. In February 2022, the board of directors authorized an additional share repurchase program of up to $1.25 billion of the company’s common stock. This program was exhausted in November 2022. In November 2022, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. This program was exhausted in November 2023. In November 2023, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. Subsequent to December 31, 2024, in February 2025, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. Under the share repurchase programs, purchases take place as and when we determine in open market or private transactions made based upon the market price of our common stock, the nature of other investment opportunities or growth projects, our cash flows from operations, and general economic conditions. The share repurchase programs do not require us to acquire any specific number of shares, and may be modified, suspended, extended, or terminated by us at any time. The share repurchase programs do not have an expiration date. The company repurchased 9.4 million shares for $1.2 billion during 2024, 13.4 million shares for $1.5 billion during 2023, and 23.0 million shares for $1.8 billion during 2022 under the share repurchase programs. At December 31, 2024, the company had remaining authorization to repurchase $193.5 million of additional shares under the November 2023 share repurchase program. ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Note 6. Equity-Based Incentive Plans (Continued)",
      "prior_body": "Substantially all of the company’s full-time, non-union, U.S. team members receive RSUs, which are granted annually in November at no cost to employees and vest 100% over the shorter of two years from grant date or upon the recipient reaching retirement eligible age (59½ years). During 2024, 2023, and 2022, certain senior leadership of the company received RSUs in February which vest over a period of 2 to 4 years. The stock is issued to employees upon vesting. The company satisfies RSUs with newly issued shares, and satisfies restricted and unrestricted stock awards, DSUs, and performance awards with treasury shares. In addition to the RSUs and LTIP awards granted during the three-year period ended December 31, 2024, presented below, the company awarded 13,000, 18,000 and 20,000 DSUs in 2024, 2023 and 2022, respectively. The 1,300 SARs awards outstanding at December 31, 2024, for which no shares of common stock can be issued because the awards must be cash-settled upon exercise, have a weighted-average exercise price of $42.83. 59½ years"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Note 7. Fair Value Measurements",
      "prior_body": "Accounting standards provide a comprehensive framework for measuring fair value, sets forth a definition of fair value and establishes a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable value inputs. Levels within the hierarchy are defined as follows: 76 76 Table of ContentsNote 7. Fair Value Measurements (Continued)The following table sets forth financial assets and liabilities measured at fair value on a recurring basis in the consolidated balance sheet and the respective levels to which the fair value measurements are classified within the fair value hierarchy as of December 31 (in thousands):​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Quoted Prices​Significant ​​​​​​​​​​ in Active​Other​Significant​​​​​​​ Markets for ​ Observable ​Unobservable​​​​​​​Identical Assets​Inputs​Inputs​​​​Total​ (Level 1)​(Level 2)​(Level 3)​​​December 31, 2024​​​​​​​​​​​​​​Short-term investments$ 147,811​$ -​$ 147,811​$ -​​​Commodity futures – financial assets​ 19,323​​ -​​ 19,323​​ -​​​Commodity futures – financial liabilities​ 6,272​​ -​​ 6,272​​ -​​​​​​​​​​​​​​​​​​December 31, 2023​​​​​​​​​​​​​​Short-term investments$ 721,210​$ -​$ 721,210​$ -​​​Commodity futures – financial assets​ 2,483​​ -​​ 2,483​​ -​​​Commodity futures – financial liabilities​ 9,305​​ -​​ 9,305​​ -​​​The carrying amounts of financial instruments including cash equivalents approximate fair value (Level 1). The fair values of short-term investments commodity futures contracts are estimated by the use of quoted market prices, estimates obtained from brokers, and other appropriate valuation techniques based on references available (Level 2). The fair value of long-term debt, including current maturities, as determined by quoted market prices (Level 2), was approximately $3.0 billion and $2.8 billion at December 31, 2024 and 2023, respectively (with a corresponding carrying amount in the consolidated balance sheet of $3.2 billion and $3.1 billion at December 31, 2024 and 2023, respectively).Note 8. Commitments and ContingenciesThe company has entered into certain commitments with suppliers which are of a customary nature. Commitments have been entered into relating to future expected requirements for commodities such as electricity, water, natural gas and its transportation services, fuel, air products, zinc, and electrodes. Certain commitments contain provisions which require that the company “take or pay” for specified quantities at fixed prices without regard to actual usage for periods of generally up to 5 years for physical commodity requirements and commodity transportation requirements, with some extending beyond, and for up to 15 years for air products and 27 years for water products. The company utilized such “take or pay” requirements during the past three years under these contracts. The company believes that production requirements will be such that consumption of the products or services purchased under these commitments will occur in the normal production process.The company’s commitments for these agreements with “take or pay” or other similar commitment provisions for the years ending December 31 are as follows (in thousands):​​​​​​​2025​$ 358,976​​2026​​ 57,430​​2027​​ 37,483​​2028​​ 24,360​​2029​​ 18,698​​Thereafter​​ 164,532​​​​$ 661,479​​​77 Table of Contents Table of Contents Table of Contents Note 7. Fair Value Measurements (Continued)The following table sets forth financial assets and liabilities measured at fair value on a recurring basis in the consolidated balance sheet and the respective levels to which the fair value measurements are classified within the fair value hierarchy as of December 31 (in thousands):​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Quoted Prices​Significant ​​​​​​​​​​ in Active​Other​Significant​​​​​​​ Markets for ​ Observable ​Unobservable​​​​​​​Identical Assets​Inputs​Inputs​​​​Total​ (Level 1)​(Level 2)​(Level 3)​​​December 31, 2024​​​​​​​​​​​​​​Short-term investments$ 147,811​$ -​$ 147,811​$ -​​​Commodity futures – financial assets​ 19,323​​ -​​ 19,323​​ -​​​Commodity futures – financial liabilities​ 6,272​​ -​​ 6,272​​ -​​​​​​​​​​​​​​​​​​December 31, 2023​​​​​​​​​​​​​​Short-term investments$ 721,210​$ -​$ 721,210​$ -​​​Commodity futures – financial assets​ 2,483​​ -​​ 2,483​​ -​​​Commodity futures – financial liabilities​ 9,305​​ -​​ 9,305​​ -​​​The carrying amounts of financial instruments including cash equivalents approximate fair value (Level 1). The fair values of short-term investments commodity futures contracts are estimated by the use of quoted market prices, estimates obtained from brokers, and other appropriate valuation techniques based on references available (Level 2). The fair value of long-term debt, including current maturities, as determined by quoted market prices (Level 2), was approximately $3.0 billion and $2.8 billion at December 31, 2024 and 2023, respectively (with a corresponding carrying amount in the consolidated balance sheet of $3.2 billion and $3.1 billion at December 31, 2024 and 2023, respectively).Note 8. Commitments and ContingenciesThe company has entered into certain commitments with suppliers which are of a customary nature. Commitments have been entered into relating to future expected requirements for commodities such as electricity, water, natural gas and its transportation services, fuel, air products, zinc, and electrodes. Certain commitments contain provisions which require that the company “take or pay” for specified quantities at fixed prices without regard to actual usage for periods of generally up to 5 years for physical commodity requirements and commodity transportation requirements, with some extending beyond, and for up to 15 years for air products and 27 years for water products. The company utilized such “take or pay” requirements during the past three years under these contracts. The company believes that production requirements will be such that consumption of the products or services purchased under these commitments will occur in the normal production process.The company’s commitments for these agreements with “take or pay” or other similar commitment provisions for the years ending December 31 are as follows (in thousands):​​​​​​​2025​$ 358,976​​2026​​ 57,430​​2027​​ 37,483​​2028​​ 24,360​​2029​​ 18,698​​Thereafter​​ 164,532​​​​$ 661,479​​​ Note 7. Fair Value Measurements (Continued)The following table sets forth financial assets and liabilities measured at fair value on a recurring basis in the consolidated balance sheet and the respective levels to which the fair value measurements are classified within the fair value hierarchy as of December 31 (in thousands):​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Quoted Prices​Significant ​​​​​​​​​​ in Active​Other​Significant​​​​​​​ Markets for ​ Observable ​Unobservable​​​​​​​Identical Assets​Inputs​Inputs​​​​Total​ (Level 1)​(Level 2)​(Level 3)​​​December 31, 2024​​​​​​​​​​​​​​Short-term investments$ 147,811​$ -​$ 147,811​$ -​​​Commodity futures – financial assets​ 19,323​​ -​​ 19,323​​ -​​​Commodity futures – financial liabilities​ 6,272​​ -​​ 6,272​​ -​​​​​​​​​​​​​​​​​​December 31, 2023​​​​​​​​​​​​​​Short-term investments$ 721,210​$ -​$ 721,210​$ -​​​Commodity futures – financial assets​ 2,483​​ -​​ 2,483​​ -​​​Commodity futures – financial liabilities​ 9,305​​ -​​ 9,305​​ -​​​The carrying amounts of financial instruments including cash equivalents approximate fair value (Level 1). The fair values of short-term investments commodity futures contracts are estimated by the use of quoted market prices, estimates obtained from brokers, and other appropriate valuation techniques based on references available (Level 2). The fair value of long-term debt, including current maturities, as determined by quoted market prices (Level 2), was approximately $3.0 billion and $2.8 billion at December 31, 2024 and 2023, respectively (with a corresponding carrying amount in the consolidated balance sheet of $3.2 billion and $3.1 billion at December 31, 2024 and 2023, respectively).Note 8. Commitments and ContingenciesThe company has entered into certain commitments with suppliers which are of a customary nature. Commitments have been entered into relating to future expected requirements for commodities such as electricity, water, natural gas and its transportation services, fuel, air products, zinc, and electrodes. Certain commitments contain provisions which require that the company “take or pay” for specified quantities at fixed prices without regard to actual usage for periods of generally up to 5 years for physical commodity requirements and commodity transportation requirements, with some extending beyond, and for up to 15 years for air products and 27 years for water products. The company utilized such “take or pay” requirements during the past three years under these contracts. The company believes that production requirements will be such that consumption of the products or services purchased under these commitments will occur in the normal production process.The company’s commitments for these agreements with “take or pay” or other similar commitment provisions for the years ending December 31 are as follows (in thousands):​​​​​​​2025​$ 358,976​​2026​​ 57,430​​2027​​ 37,483​​2028​​ 24,360​​2029​​ 18,698​​Thereafter​​ 164,532​​​​$ 661,479​​​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Note 7. Fair Value Measurements (Continued)",
      "prior_body": "The following table sets forth financial assets and liabilities measured at fair value on a recurring basis in the consolidated balance sheet and the respective levels to which the fair value measurements are classified within the fair value hierarchy as of December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Identical Assets",
      "prior_body": "​ Inputs ​ Inputs ​ ​ ​ ​ Total ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ ​ ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "December 31, 2024",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term investments $ 147,811 ​ $ - ​ $ 147,811 ​ $ - ​ ​ ​ Commodity futures – financial assets ​ 19,323 ​ ​ - ​ ​ 19,323 ​ ​ - ​ ​ ​ Commodity futures – financial liabilities ​ 6,272 ​ ​ - ​ ​ 6,272 ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "December 31, 2023",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term investments $ 721,210 ​ $ - ​ $ 721,210 ​ $ - ​ ​ ​ Commodity futures – financial assets ​ 2,483 ​ ​ - ​ ​ 2,483 ​ ​ - ​ ​ ​ Commodity futures – financial liabilities ​ 9,305 ​ ​ - ​ ​ 9,305 ​ ​ - ​ ​ ​ The carrying amounts of financial instruments including cash equivalents approximate fair value (Level 1). The fair values of short-term investments commodity futures contracts are estimated by the use of quoted market prices, estimates obtained from brokers, and other appropriate valuation techniques based on references available (Level 2). The fair value of long-term debt, including current maturities, as determined by quoted market prices (Level 2), was approximately $3.0 billion and $2.8 billion at December 31, 2024 and 2023, respectively (with a corresponding carrying amount in the consolidated balance sheet of $3.2 billion and $3.1 billion at December 31, 2024 and 2023, respectively)."
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Note 8. Commitments and Contingencies",
      "prior_body": "The company has entered into certain commitments with suppliers which are of a customary nature. Commitments have been entered into relating to future expected requirements for commodities such as electricity, water, natural gas and its transportation services, fuel, air products, zinc, and electrodes. Certain commitments contain provisions which require that the company “take or pay” for specified quantities at fixed prices without regard to actual usage for periods of generally up to 5 years for physical commodity requirements and commodity transportation requirements, with some extending beyond, and for up to 15 years for air products and 27 years for water products. The company utilized such “take or pay” requirements during the past three years under these contracts. The company believes that production requirements will be such that consumption of the products or services purchased under these commitments will occur in the normal production process. The company’s commitments for these agreements with “take or pay” or other similar commitment provisions for the years ending December 31 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ $ 358,976 ​ ​ 2026 ​ ​ 57,430 ​ ​ 2027 ​ ​ 37,483 ​ ​ 2028 ​ ​ 24,360 ​ ​ 2029 ​ ​ 18,698 ​ ​ Thereafter ​ ​ 164,532 ​ ​ ​ ​ $ 661,479 ​ ​ ​ 77 77"
    },
    {
      "status": "MODIFIED",
      "current_title": "Metals Recycling Operations Segment",
      "prior_title": "Metals Recycling Operations Segment",
      "similarity_score": 0.919,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"Metals recycling operations include the company’s Omni ferrous and nonferrous processing, transportation, marketing, brokerage, and scrap management services primarily located throughout the United States and in Central and Northern Mexico.\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ OmniSource: ​ ​ ​ ​ ​ ​ ​ ​ Alabama ​ Birmingham, AL ​ Ferrous Scrap Processing ​ 59 ​ — Indiana ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 359 ​ 26 Michigan ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 124 ​ — Mississippi ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 43 ​ 13 North Carolina ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 303 ​ — Ohio ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 239 ​ 21 Oklahoma ​ Sand Springs, OK ​ Ferrous Scrap Processing ​ — ​ 10 Tennessee ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 65 ​ — Texas ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 130 ​ 9 Virginia ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 121 ​ — Mexico ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 17 ​ 62 ​ ​ ​ ​ ​ ​ ​ ​ ​",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ OmniSource: ​ ​ ​ ​ ​ ​ ​ ​ Alabama ​ Birmingham, AL ​ Ferrous Scrap Processing ​ 59 ​ — Indiana ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 359 ​ 26 Michigan ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 124 ​ — Mississippi ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 43 ​ 13 North Carolina ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 303 ​ — Ohio ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 239 ​ 21 Oklahoma ​ Sand Springs, OK ​ Ferrous Scrap Processing ​ — ​ 10 Tennessee ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 65 ​ — Texas ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 130 ​ 12 Virginia ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 121 ​ — Mexico ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 17 ​ 62 ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Revenue from Contracts with Customers",
      "prior_title": "Revenue from Contracts with Customers",
      "similarity_score": 0.917,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"The variable consideration included in the company’s steel and aluminum operations segment contracts, which is not constrained, includes estimated product returns and customer claims based on historical experience, and may include volume rebates which are recorded on an expected value basis.\"",
        "Reworded sentence: \"Shipment of products to customers is considered a fulfillment activity with amounts billed to customers included in the amount of consideration for the products and costs associated with such activities included in cost of goods sold.\"",
        "Reworded sentence: \"Shipment of products to customers, which occurs after control over the product has transferred to the customer and revenue is recognized, is considered a fulfillment activity with amounts billed to customers included in the amount of consideration for the products and costs associated with such activities included in cost of goods sold.\"",
        "Added sentence: \"Segment Information for disaggregated revenue by segment to external, external non-United States, and other segment customers.\"",
        "Reworded sentence: \"Description of the Business and Summary of Significant Accounting Policies (Continued)Credit LossesThe company is exposed to credit risk in the event of nonpayment of accounts receivable by customers.\""
      ],
      "current_body": "In the steel, metals recycling, and aluminum operations segments, revenue is recognized at the point in time the performance obligation is satisfied, and control of the product is transferred to the customer upon shipment or delivery, at the amount of consideration the company expects to receive, including any variable consideration. The variable consideration included in the company’s steel and aluminum operations segment contracts, which is not constrained, includes estimated product returns and customer claims based on historical experience, and may include volume rebates which are recorded on an expected value basis. Revenue recognized is limited to the amount the company expects to receive. The company does not exercise significant judgments in determining the timing of satisfaction of performance obligations or the transaction price. Shipment of products to customers is considered a fulfillment activity with amounts billed to customers included in the amount of consideration for the products and costs associated with such activities included in cost of goods sold. The company’s steel fabrication operations segment recognizes revenue over time at the amount of consideration the company expects to receive. Revenue is measured on an output method representing completed fabricated tons to date as a percentage of total tons required for each contract. Revenue from fabrication of tons remaining on partially fabricated customer contracts as of a reporting date, and future revenue from yet to be fabricated customer contracts, has not been disclosed under the practical expedient in Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers (ASC 606), paragraph ASC 606-10-50-14 related to customer contracts with expected duration of one year or less. The company does not exercise significant judgments in determining the timing of satisfaction of performance obligations or the transaction price. Shipment of products to customers, which occurs after control over the product has transferred to the customer and revenue is recognized, is considered a fulfillment activity with amounts billed to customers included in the amount of consideration for the products and costs associated with such activities included in cost of goods sold. Payments from customers are generally due within 30 days of invoicing, which generally occurs upon shipment of the products. Shipment for the steel fabrication operations segment generally occurs within 30 days of satisfaction of the performance obligation and revenue recognition. The company does not have financing components. Payments from customers have historically been within these terms, however, payments for non-U.S. sales may extend longer. Refer to Note 12. Segment Information for disaggregated revenue by segment to external, external non-United States, and other segment customers. 62 62 Table of ContentsNote 1. Description of the Business and Summary of Significant Accounting Policies (Continued)Credit LossesThe company is exposed to credit risk in the event of nonpayment of accounts receivable by customers. The company mitigates its exposure to credit risk, which it generally extends on an unsecured basis, by performing ongoing credit evaluations and taking further action if necessary, such as requiring letters of credit or other security interests to support the customer receivable. The allowance for credit losses for accounts receivable is based on the company’s reasonable estimate of known credit risks and historical experience, adjusted for current and anticipated economic and other pertinent factors affecting the company’s customers, that may differ from historical experience. Customer accounts receivable are written off when all collection efforts have been exhausted and the amounts are deemed uncollectible. At December 31, 2025 and 2024, the company reported $1,682.7 million and $1,417.2 million, respectively, of accounts receivable, net of allowances for credit losses of $5.4 million and $7.7 million, respectively. Changes in the allowance were not significant for the years ended December 31, 2025, 2024, or 2023.Cash and Equivalents, and Restricted CashCash and equivalents include all highly liquid investments with a maturity of three months or less at the date of acquisition. Restricted cash is primarily funds held in escrow as required by various insurance and government organizations. The balance of cash, cash equivalents and restricted cash in the consolidated statements of cash flows includes restricted cash of $5.4 million at December 31, 2025, $5.5 million at December 31, 2024, $5.6 million at December 31, 2023, and $5.5 million at December 31, 2022, which is recorded in Other Assets (noncurrent) in the company’s consolidated balance sheets.Short-Term InvestmentsShort-term investments include investments with maturity dates of longer than three months but less than one year when purchased. The company’s short-term investments are classified as trading securities. There were no short-term investments held as of December 31, 2025. Short-term investments held as of December 31, 2024 consisted of commercial paper ($19.7 million), US Treasuries ($113.1 million), and certificates of deposit ($15.0 million). Interest income from invested cash and short-term investments was $36.8 million, $90.1 million, and $111.9 million for the years ended December 31, 2025, 2024, and 2023, respectively, and is recorded in other (income) expense, net as earned. InventoriesInventories are stated at lower of cost or net realizable value. Cost is determined using a weighted average cost method for raw materials (including scrap, purchased steel substrate and aluminum slabs) and supplies, and on a first-in, first-out basis for other inventory. Inventory consisted of the following at December 31 (in thousands):​​​​​​​​​​​ 2025​ 2024​​Raw materials$1,741,873​$1,323,920​​Supplies​815,895​​805,035​​Work in progress​414,492​​269,031​​Finished goods​766,256​​715,747​​Total inventories$3,738,516​$3,113,733​​​63 Table of Contents Table of Contents Table of Contents Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued)Credit LossesThe company is exposed to credit risk in the event of nonpayment of accounts receivable by customers. The company mitigates its exposure to credit risk, which it generally extends on an unsecured basis, by performing ongoing credit evaluations and taking further action if necessary, such as requiring letters of credit or other security interests to support the customer receivable. The allowance for credit losses for accounts receivable is based on the company’s reasonable estimate of known credit risks and historical experience, adjusted for current and anticipated economic and other pertinent factors affecting the company’s customers, that may differ from historical experience. Customer accounts receivable are written off when all collection efforts have been exhausted and the amounts are deemed uncollectible. At December 31, 2025 and 2024, the company reported $1,682.7 million and $1,417.2 million, respectively, of accounts receivable, net of allowances for credit losses of $5.4 million and $7.7 million, respectively. Changes in the allowance were not significant for the years ended December 31, 2025, 2024, or 2023.Cash and Equivalents, and Restricted CashCash and equivalents include all highly liquid investments with a maturity of three months or less at the date of acquisition. Restricted cash is primarily funds held in escrow as required by various insurance and government organizations. The balance of cash, cash equivalents and restricted cash in the consolidated statements of cash flows includes restricted cash of $5.4 million at December 31, 2025, $5.5 million at December 31, 2024, $5.6 million at December 31, 2023, and $5.5 million at December 31, 2022, which is recorded in Other Assets (noncurrent) in the company’s consolidated balance sheets.Short-Term InvestmentsShort-term investments include investments with maturity dates of longer than three months but less than one year when purchased. The company’s short-term investments are classified as trading securities. There were no short-term investments held as of December 31, 2025. Short-term investments held as of December 31, 2024 consisted of commercial paper ($19.7 million), US Treasuries ($113.1 million), and certificates of deposit ($15.0 million). Interest income from invested cash and short-term investments was $36.8 million, $90.1 million, and $111.9 million for the years ended December 31, 2025, 2024, and 2023, respectively, and is recorded in other (income) expense, net as earned. InventoriesInventories are stated at lower of cost or net realizable value. Cost is determined using a weighted average cost method for raw materials (including scrap, purchased steel substrate and aluminum slabs) and supplies, and on a first-in, first-out basis for other inventory. Inventory consisted of the following at December 31 (in thousands):​​​​​​​​​​​ 2025​ 2024​​Raw materials$1,741,873​$1,323,920​​Supplies​815,895​​805,035​​Work in progress​414,492​​269,031​​Finished goods​766,256​​715,747​​Total inventories$3,738,516​$3,113,733​​​",
      "prior_body": "In the steel, metals recycling, and aluminum operations segments, revenue is recognized at the point in time the performance obligation is satisfied, and control of the product is transferred to the customer upon shipment or delivery, at the amount of consideration the company expects to receive, including any variable consideration. The variable consideration included in the company’s steel operations segment contracts, which is not constrained, includes estimated product returns and customer claims based on historical experience, and may include volume rebates which are recorded on an expected value basis. Revenue recognized is limited to the amount the company expects to receive. The company does not exercise significant judgments in determining the timing of satisfaction of performance obligations or the transaction price. Shipment of products to customers is considered a fulfillment activity with amounts billed to customers included in sales and costs associated with such activities included in cost of goods sold. The company’s steel fabrication operations segment recognizes revenue over time at the amount of consideration the company expects to receive. Revenue is measured on an output method representing completed fabricated tons to date as a percentage of total tons required for each contract. Revenue from fabrication of tons remaining on partially fabricated customer contracts as of a reporting date, and future revenue from yet to be fabricated customer contracts, has not been disclosed under the practical expedient in Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers (ASC 606), paragraph ASC 606-10-50-14 related to customer contracts with expected duration of one year or less. The company does not exercise significant judgments in determining the timing of satisfaction of performance obligations or the transaction price. Shipment of products to customers, which occurs after control over the product has transferred to the customer and revenue is recognized, is considered a fulfillment activity with amounts billed to customers included in sales and costs associated with such activities included in cost of goods sold. Payments from customers are generally due within 30 days of invoicing, which generally occurs upon shipment of the products. Shipment for the steel fabrication operations segment generally occurs within 30 days of satisfaction of the performance obligation and revenue recognition. The company does not have financing components. Payments from customers have historically been within these terms, however, payments for non-U.S. sales may extend longer. 62 62 Table of ContentsNote 1. Description of the Business and Summary of Significant Accounting Policies (Continued)Refer to Note 12. Segment Information for disaggregated revenue by segment to external, external non-United States, and other segment customers.Credit LossesThe company is exposed to credit risk in the event of nonpayment of accounts receivable by customers. The company mitigates its exposure to credit risk, which it generally extends on an unsecured basis, by performing ongoing credit evaluations and taking further action if necessary, such as requiring letters of credit or other security interests to support the customer receivable. The allowance for credit losses for accounts receivable is based on the company’s reasonable estimate of known credit risks and historical experience, adjusted for current and anticipated economic and other pertinent factors affecting the company’s customers, that may differ from historical experience. Customer accounts receivable are written off when all collection efforts have been exhausted and the amounts are deemed uncollectible. At December 31, 2024 and 2023, the company reported $1,417.2 million and $1,608.3 million, respectively, of accounts receivable, net of allowances for credit losses of $7.7 million and $8.5 million, respectively. Changes in the allowance were not significant for the years ended December 31, 2024, 2023, or 2022.Cash and Equivalents, and Restricted CashCash and equivalents include all highly liquid investments with a maturity of three months or less at the date of acquisition. Restricted cash is primarily funds held in escrow as required by various insurance and government organizations. The balance of cash, cash equivalents and restricted cash in the consolidated statements of cash flows includes restricted cash of $5.5 million at December 31, 2024, $5.6 million at December 31, 2023, and $5.5 million at December 31, 2022, and 2021, which is recorded in Other Assets (noncurrent) in the company’s consolidated balance sheets.Short-Term InvestmentsShort-term investments include investments with maturity dates of longer than three months but less than one year when purchased. The company’s short-term investments are classified as trading securities. The short-term investments held as of December 31, 2024 consisted of commercial paper ($19.7 million), US Treasuries ($113.1 million), and certificates of deposit ($15.0 million). Short-term investments held as of December 31, 2023 consisted of commercial paper ($146.2 million), US Treasuries ($564.9 million), and certificates of deposit ($10.1 million). Interest income from invested cash and short-term investments was $90.1 million, $111.9 million, and $29.3 million for the years ended December 31, 2024, 2023, and 2022, respectively, and is recorded in other (income) expense, net as earned. InventoriesInventories are stated at lower of cost or net realizable value. Cost is determined using a weighted average cost method for raw materials (including scrap and purchased steel substrate) and supplies, and on a first-in, first-out basis for other inventory. Inventory consisted of the following at December 31 (in thousands):​​​​​​​​​​​ 2024​ 2023​​Raw materials$1,323,920​$1,226,272​​Supplies​805,035​​711,653​​Work in progress​269,031​​296,932​​Finished goods​715,747​​659,775​​Total inventories$3,113,733​$2,894,632​​63 Table of Contents Table of Contents Table of Contents Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued)Refer to Note 12. Segment Information for disaggregated revenue by segment to external, external non-United States, and other segment customers.Credit LossesThe company is exposed to credit risk in the event of nonpayment of accounts receivable by customers. The company mitigates its exposure to credit risk, which it generally extends on an unsecured basis, by performing ongoing credit evaluations and taking further action if necessary, such as requiring letters of credit or other security interests to support the customer receivable. The allowance for credit losses for accounts receivable is based on the company’s reasonable estimate of known credit risks and historical experience, adjusted for current and anticipated economic and other pertinent factors affecting the company’s customers, that may differ from historical experience. Customer accounts receivable are written off when all collection efforts have been exhausted and the amounts are deemed uncollectible. At December 31, 2024 and 2023, the company reported $1,417.2 million and $1,608.3 million, respectively, of accounts receivable, net of allowances for credit losses of $7.7 million and $8.5 million, respectively. Changes in the allowance were not significant for the years ended December 31, 2024, 2023, or 2022.Cash and Equivalents, and Restricted CashCash and equivalents include all highly liquid investments with a maturity of three months or less at the date of acquisition. Restricted cash is primarily funds held in escrow as required by various insurance and government organizations. The balance of cash, cash equivalents and restricted cash in the consolidated statements of cash flows includes restricted cash of $5.5 million at December 31, 2024, $5.6 million at December 31, 2023, and $5.5 million at December 31, 2022, and 2021, which is recorded in Other Assets (noncurrent) in the company’s consolidated balance sheets.Short-Term InvestmentsShort-term investments include investments with maturity dates of longer than three months but less than one year when purchased. The company’s short-term investments are classified as trading securities. The short-term investments held as of December 31, 2024 consisted of commercial paper ($19.7 million), US Treasuries ($113.1 million), and certificates of deposit ($15.0 million). Short-term investments held as of December 31, 2023 consisted of commercial paper ($146.2 million), US Treasuries ($564.9 million), and certificates of deposit ($10.1 million). Interest income from invested cash and short-term investments was $90.1 million, $111.9 million, and $29.3 million for the years ended December 31, 2024, 2023, and 2022, respectively, and is recorded in other (income) expense, net as earned. InventoriesInventories are stated at lower of cost or net realizable value. Cost is determined using a weighted average cost method for raw materials (including scrap and purchased steel substrate) and supplies, and on a first-in, first-out basis for other inventory. Inventory consisted of the following at December 31 (in thousands):​​​​​​​​​​​ 2024​ 2023​​Raw materials$1,323,920​$1,226,272​​Supplies​805,035​​711,653​​Work in progress​269,031​​296,932​​Finished goods​715,747​​659,775​​Total inventories$3,113,733​$2,894,632​​ Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued)Refer to Note 12. Segment Information for disaggregated revenue by segment to external, external non-United States, and other segment customers.Credit LossesThe company is exposed to credit risk in the event of nonpayment of accounts receivable by customers. The company mitigates its exposure to credit risk, which it generally extends on an unsecured basis, by performing ongoing credit evaluations and taking further action if necessary, such as requiring letters of credit or other security interests to support the customer receivable. The allowance for credit losses for accounts receivable is based on the company’s reasonable estimate of known credit risks and historical experience, adjusted for current and anticipated economic and other pertinent factors affecting the company’s customers, that may differ from historical experience. Customer accounts receivable are written off when all collection efforts have been exhausted and the amounts are deemed uncollectible. At December 31, 2024 and 2023, the company reported $1,417.2 million and $1,608.3 million, respectively, of accounts receivable, net of allowances for credit losses of $7.7 million and $8.5 million, respectively. Changes in the allowance were not significant for the years ended December 31, 2024, 2023, or 2022.Cash and Equivalents, and Restricted CashCash and equivalents include all highly liquid investments with a maturity of three months or less at the date of acquisition. Restricted cash is primarily funds held in escrow as required by various insurance and government organizations. The balance of cash, cash equivalents and restricted cash in the consolidated statements of cash flows includes restricted cash of $5.5 million at December 31, 2024, $5.6 million at December 31, 2023, and $5.5 million at December 31, 2022, and 2021, which is recorded in Other Assets (noncurrent) in the company’s consolidated balance sheets.Short-Term InvestmentsShort-term investments include investments with maturity dates of longer than three months but less than one year when purchased. The company’s short-term investments are classified as trading securities. The short-term investments held as of December 31, 2024 consisted of commercial paper ($19.7 million), US Treasuries ($113.1 million), and certificates of deposit ($15.0 million). Short-term investments held as of December 31, 2023 consisted of commercial paper ($146.2 million), US Treasuries ($564.9 million), and certificates of deposit ($10.1 million). Interest income from invested cash and short-term investments was $90.1 million, $111.9 million, and $29.3 million for the years ended December 31, 2024, 2023, and 2022, respectively, and is recorded in other (income) expense, net as earned. InventoriesInventories are stated at lower of cost or net realizable value. Cost is determined using a weighted average cost method for raw materials (including scrap and purchased steel substrate) and supplies, and on a first-in, first-out basis for other inventory. Inventory consisted of the following at December 31 (in thousands):​​​​​​​​​​​ 2024​ 2023​​Raw materials$1,323,920​$1,226,272​​Supplies​805,035​​711,653​​Work in progress​269,031​​296,932​​Finished goods​715,747​​659,775​​Total inventories$3,113,733​$2,894,632​​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Commodity Risk",
      "prior_title": "Commodity Risk",
      "similarity_score": 0.917,
      "confidence": "high",
      "key_changes": [
        "Added sentence: \"We believe these contracts will be fully consummated.\"",
        "Reworded sentence: \"At December 31, 2025, we had a cumulative unrealized loss associated with these financial contracts of $56.0 million, substantially all of which have settlement dates in 2026.\""
      ],
      "current_body": "In the normal course of business, we are exposed to the market risk and price fluctuations related to the sale of our products and to the purchase of raw materials used in our operations, such as metallic raw materials, electricity, water, natural gas and its transportation services, fuel, air products, zinc, and electrodes. Our risk strategy associated with product sales has generally been to obtain competitive prices for our products and to allow operating results to reflect market price movements dictated by supply and demand. Our risk strategy associated with the purchase of raw materials utilized within our operations has generally been to make some commitments with suppliers relating to future expected requirements for some commodities such as electricity, water, natural gas and its transportation services, fuel, air products, zinc, and electrodes. Refer to Note 8. Commitments and Contingencies to the consolidated financial statements elsewhere in this report for additional information. ​ In our metals recycling, aluminum, and steel operations, we have certain fixed price contracts with various customers and suppliers for future delivery of nonferrous and ferrous metals. We believe these contracts will be fully consummated. Our risk strategy has been to enter into base metal financial contracts with the goal to protect the profit margin, within certain parameters, that was contemplated when we entered into the transaction with the customer or vendor. At December 31, 2025, we had a cumulative unrealized loss associated with these financial contracts of $56.0 million, substantially all of which have settlement dates in 2026. ​ ​ 49 49 Table of ContentsITEM 8. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATAINDEX TO CONSOLIDATED FINANCIAL STATEMENTS​​​​ ​ ​ ​Page​​​Management’s Report on Internal Control Over Financial Reporting​51​​​Reports of Independent Registered Public Accounting Firm (PCAOB ID 42)​52​​​Consolidated Balance Sheets as of December 31, 2025 and 2024​56​​​Consolidated Statements of Income for each of the three years in the period ended December 31, 2025​57​​​Consolidated Statements of Comprehensive Income for each of the three years in the period ended December 31, 2025​58​​​Consolidated Statements of Equity for each of the three years in the period ended December 31, 2025​59​​​Consolidated Statements of Cash Flows for each of the three years in the period ended December 31, 2025​60​​​Notes to Consolidated Financial Statements​61​​​50 Table of Contents Table of Contents Table of Contents ITEM 8. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATAINDEX TO CONSOLIDATED FINANCIAL STATEMENTS​​​​ ​ ​ ​Page​​​Management’s Report on Internal Control Over Financial Reporting​51​​​Reports of Independent Registered Public Accounting Firm (PCAOB ID 42)​52​​​Consolidated Balance Sheets as of December 31, 2025 and 2024​56​​​Consolidated Statements of Income for each of the three years in the period ended December 31, 2025​57​​​Consolidated Statements of Comprehensive Income for each of the three years in the period ended December 31, 2025​58​​​Consolidated Statements of Equity for each of the three years in the period ended December 31, 2025​59​​​Consolidated Statements of Cash Flows for each of the three years in the period ended December 31, 2025​60​​​Notes to Consolidated Financial Statements​61​​​ ITEM 8. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA",
      "prior_body": "In the normal course of business, we are exposed to the market risk and price fluctuations related to the sale of our products and to the purchase of raw materials used in our operations, such as metallic raw materials, electricity, water, natural gas and its transportation services, fuel, air products, zinc, and electrodes. Our risk strategy associated with product sales has generally been to obtain competitive prices for our products and to allow operating results to reflect market price movements dictated by supply and demand. Our risk strategy associated with the purchase of raw materials utilized within our operations has generally been to make some commitments with suppliers relating to future expected requirements for some commodities such as electricity, water, natural gas and its transportation services, fuel, air products, zinc, and electrodes. Refer to Note 8. Commitments and Contingencies to the consolidated financial statements elsewhere in this report for additional information. ​ In our metals recycling, aluminum, and steel operations, we have certain fixed price contracts with various customers and suppliers for future delivery of nonferrous and ferrous metals. Our risk strategy has been to enter into base metal financial contracts with the goal to protect the profit margin, within certain parameters, that was contemplated when we entered into the transaction with the customer or vendor. At December 31, 2024, we had a cumulative unrealized gain associated with these financial contracts of $13.1 million, substantially all of which have settlement dates in 2025. We believe the customer contracts associated with the financial contracts will be fully consummated. ​ ​ 50 50 Table of ContentsITEM 8. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATAINDEX TO CONSOLIDATED FINANCIAL STATEMENTS​​​​ Page​​​Management’s Report on Internal Control Over Financial Reporting​52​​​Reports of Independent Registered Public Accounting Firm (PCAOB ID 42)​53​​​Consolidated Balance Sheets as of December 31, 2024 and 2023​56​​​Consolidated Statements of Income for each of the three years in the period ended December 31, 2024​57​​​Consolidated Statements of Comprehensive Income for each of the three years in the period ended December 31, 2024​58​​​Consolidated Statements of Equity for each of the three years in the period ended December 31, 2024​59​​​Consolidated Statements of Cash Flows for each of the three years in the period ended December 31, 2024​60​​​Notes to Consolidated Financial Statements​61​​​51 Table of Contents Table of Contents Table of Contents ITEM 8. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATAINDEX TO CONSOLIDATED FINANCIAL STATEMENTS​​​​ Page​​​Management’s Report on Internal Control Over Financial Reporting​52​​​Reports of Independent Registered Public Accounting Firm (PCAOB ID 42)​53​​​Consolidated Balance Sheets as of December 31, 2024 and 2023​56​​​Consolidated Statements of Income for each of the three years in the period ended December 31, 2024​57​​​Consolidated Statements of Comprehensive Income for each of the three years in the period ended December 31, 2024​58​​​Consolidated Statements of Equity for each of the three years in the period ended December 31, 2024​59​​​Consolidated Statements of Cash Flows for each of the three years in the period ended December 31, 2024​60​​​Notes to Consolidated Financial Statements​61​​​ ITEM 8. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATAINDEX TO CONSOLIDATED FINANCIAL STATEMENTS​​​​ Page​​​Management’s Report on Internal Control Over Financial Reporting​52​​​Reports of Independent Registered Public Accounting Firm (PCAOB ID 42)​53​​​Consolidated Balance Sheets as of December 31, 2024 and 2023​56​​​Consolidated Statements of Income for each of the three years in the period ended December 31, 2024​57​​​Consolidated Statements of Comprehensive Income for each of the three years in the period ended December 31, 2024​58​​​Consolidated Statements of Equity for each of the three years in the period ended December 31, 2024​59​​​Consolidated Statements of Cash Flows for each of the three years in the period ended December 31, 2024​60​​​Notes to Consolidated Financial Statements​61​​​ ITEM 8. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA"
    },
    {
      "status": "MODIFIED",
      "current_title": "The cost and availability of electricity, natural gas, oil and other energy resources are subject to volatile market conditions.",
      "prior_title": "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, may constrain operating levels and reduce profit margins.",
      "similarity_score": 0.912,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"We consume large amounts of energy to melt scrap, reheat semi-finished products for rolling into finished products and perform other steps necessary to our production process.\"",
        "Reworded sentence: \"Prolonged blackouts, curtailments or disruptions caused by, among other things, natural disasters or by political or environmental considerations would substantially disrupt our production.\"",
        "Reworded sentence: \"We are taking further action to reduce our environmental footprint through our 2030 and 2050 goals for GHG emission reduction and increased renewable energy usage.\"",
        "Reworded sentence: \"To achieve these goals, our operational costs may increase, and we have had and will continue to have additional capital expenditures, some of which we may not be able to pass along to our customers.\"",
        "Reworded sentence: \"Compliance with and changes in environmental and remediation requirements may result in substantially increased capital requirements and operating costs.Existing laws or regulations, as currently interpreted or as may be interpreted in the future, as well as future laws or regulations, may adversely affect our results of operations and financial condition.We are subject to numerous local, state, federal and international statutory and regulatory environmental requirements relating to, among other things:●the generation, storage, treatment, handling and disposal of solid and hazardous wastes and secondary materials;●the discharge of materials into the air, including periodic changes to the National Ambient Air Quality Standards and to emission standards;●the management, treatment and discharge of wastewater and storm water;●the use and treatment of groundwater and surface water;●the remediation of equipment, product, soil or water contamination;●climate change legislation or regulation;●the need for and the ability to timely obtain air, water or other environmental permits;●the timely reporting of certain chemical usage, content, storage and releases;●the remediation and reclamation of land used in or affected by our operations;●natural resource protections; and●the protection of our employees’ health and safety.Compliance with environmental laws and regulations, which affect our EAF steelmaking, metals recycling, liquid pig-iron, aluminum, and copper production operations, is a significant factor in our business.\""
      ],
      "current_body": "We consume large amounts of energy to melt scrap, reheat semi-finished products for rolling into finished products and perform other steps necessary to our production process. We rely on third parties for the supply of energy resources we require in our production activities. The prices for and availability of electricity, natural gas, oil and other energy resources, including renewable or other clean energy sources, are subject to regulation and volatile market conditions, often affected by weather conditions as well as political, environmental and economic factors beyond our control. As large consumers of electricity and natural gas, we must have dependable delivery in order to operate. Accordingly, we are at risk in the event of an energy disruption, including power outages, power unavailability or inability to obtain power at a reasonable price or with sufficient desired environmental attributes. Prolonged blackouts, curtailments or disruptions caused by, among other things, natural disasters or by political or environmental considerations would substantially disrupt our production. Since a significant portion of our finished products are delivered by truck, unforeseen fluctuations in the price of fuel would also adversely affect our costs or the costs of many of our customers. 24 24 Table of ContentsIncreased environmental, GHG emissions and sustainability considerations from our customers and investors or related regulations could affect demand for our products and add significant costs.Customers, investors and regulators have increased their focus on the environment, GHG emissions and sustainability. We are committed to the environment and sustainability. We are taking further action to reduce our environmental footprint through our 2030 and 2050 goals for GHG emission reduction and increased renewable energy usage. We believe that achievement of these goals will comport with expectations of our customers and investors, but certain customers and investors may have differing requirements. To achieve these goals, our operational costs may increase, and we have had and will continue to have additional capital expenditures, some of which we may not be able to pass along to our customers. Any failure to timely meet these goals, or other requirements of customers or investors, may have an adverse effect on our business, results of operations and stock price.Additionally, governmental agencies, regulators, investors or other groups have introduced, and may request or require, environmental monitoring, disclosures or regulations in response to the potential impacts of climate change. International treaties or agreements may also result in increasing regulation of GHG emissions, including carbon emissions limitations or trading mechanisms. Any such regulation or disclosure requirement could impose significant costs on our operations and on the operations of our customers and suppliers, including increased energy, capital equipment, emissions controls, environmental monitoring and reporting and other costs in order to comply with current or future laws, regulations or demands concerning the environment, climate change, GHG emissions and sustainability. Any adopted regulations could negatively impact our ability, and that of our customers and suppliers, to compete with companies situated in areas not subject to or not complying with such regulations, or could affect our environmental disclosures for any allowances, offsets or credits. We may see an increase in costs relating to our assets that emit GHGs as a result of these initiatives, which may impact our operations directly or through our customers and suppliers. Compliance with and changes in environmental and remediation requirements may result in substantially increased capital requirements and operating costs.Existing laws or regulations, as currently interpreted or as may be interpreted in the future, as well as future laws or regulations, may adversely affect our results of operations and financial condition.We are subject to numerous local, state, federal and international statutory and regulatory environmental requirements relating to, among other things:●the generation, storage, treatment, handling and disposal of solid and hazardous wastes and secondary materials;●the discharge of materials into the air, including periodic changes to the National Ambient Air Quality Standards and to emission standards;●the management, treatment and discharge of wastewater and storm water;●the use and treatment of groundwater and surface water;●the remediation of equipment, product, soil or water contamination;●climate change legislation or regulation;●the need for and the ability to timely obtain air, water or other environmental permits;●the timely reporting of certain chemical usage, content, storage and releases;●the remediation and reclamation of land used in or affected by our operations;●natural resource protections; and●the protection of our employees’ health and safety.Compliance with environmental laws and regulations, which affect our EAF steelmaking, metals recycling, liquid pig-iron, aluminum, and copper production operations, is a significant factor in our business. We are required to obtain 25 Table of Contents Table of Contents Table of Contents Increased environmental, GHG emissions and sustainability considerations from our customers and investors or related regulations could affect demand for our products and add significant costs.Customers, investors and regulators have increased their focus on the environment, GHG emissions and sustainability. We are committed to the environment and sustainability. We are taking further action to reduce our environmental footprint through our 2030 and 2050 goals for GHG emission reduction and increased renewable energy usage. We believe that achievement of these goals will comport with expectations of our customers and investors, but certain customers and investors may have differing requirements. To achieve these goals, our operational costs may increase, and we have had and will continue to have additional capital expenditures, some of which we may not be able to pass along to our customers. Any failure to timely meet these goals, or other requirements of customers or investors, may have an adverse effect on our business, results of operations and stock price.Additionally, governmental agencies, regulators, investors or other groups have introduced, and may request or require, environmental monitoring, disclosures or regulations in response to the potential impacts of climate change. International treaties or agreements may also result in increasing regulation of GHG emissions, including carbon emissions limitations or trading mechanisms. Any such regulation or disclosure requirement could impose significant costs on our operations and on the operations of our customers and suppliers, including increased energy, capital equipment, emissions controls, environmental monitoring and reporting and other costs in order to comply with current or future laws, regulations or demands concerning the environment, climate change, GHG emissions and sustainability. Any adopted regulations could negatively impact our ability, and that of our customers and suppliers, to compete with companies situated in areas not subject to or not complying with such regulations, or could affect our environmental disclosures for any allowances, offsets or credits. We may see an increase in costs relating to our assets that emit GHGs as a result of these initiatives, which may impact our operations directly or through our customers and suppliers. Compliance with and changes in environmental and remediation requirements may result in substantially increased capital requirements and operating costs.Existing laws or regulations, as currently interpreted or as may be interpreted in the future, as well as future laws or regulations, may adversely affect our results of operations and financial condition.We are subject to numerous local, state, federal and international statutory and regulatory environmental requirements relating to, among other things:●the generation, storage, treatment, handling and disposal of solid and hazardous wastes and secondary materials;●the discharge of materials into the air, including periodic changes to the National Ambient Air Quality Standards and to emission standards;●the management, treatment and discharge of wastewater and storm water;●the use and treatment of groundwater and surface water;●the remediation of equipment, product, soil or water contamination;●climate change legislation or regulation;●the need for and the ability to timely obtain air, water or other environmental permits;●the timely reporting of certain chemical usage, content, storage and releases;●the remediation and reclamation of land used in or affected by our operations;●natural resource protections; and●the protection of our employees’ health and safety.Compliance with environmental laws and regulations, which affect our EAF steelmaking, metals recycling, liquid pig-iron, aluminum, and copper production operations, is a significant factor in our business. We are required to obtain",
      "prior_body": "Steel producers require large amounts of raw materials, including ferrous scrap metal and scrap substitute products such as pig iron and pelletized iron, and other supplies such as zinc, graphite electrodes and ferroalloys. The principal raw material of our EAF steel operations is recycled ferrous scrap derived from, among other sources, “home scrap,” generated internally at steel mills themselves; industrial scrap, generated as a by-product of manufacturing; obsolete scrap, recycled from end-of-life automobiles, appliances and machinery; and demolition scrap, recycled from obsolete structures, containers and machines. The prices for scrap are subject to market forces largely beyond our control, including demand by United States and foreign steel producers, freight costs and speculation. The scrap metal recycling industry has historically been, and is expected to remain, highly cyclical and the prices for scrap have varied significantly in the past, may vary significantly in the future and do not necessarily fluctuate in tandem with the price of steel. Moreover, some of our integrated steel producer competitors are not as dependent as we are on ferrous scrap as a part of their raw material melt mix, which, during periods of high scrap costs relative to the cost of blast furnace iron used by the integrated producers, give them a raw material cost advantage over EAF mills. However, given environmental considerations of investors, customers and regulators, additional EAF mills may be constructed, or companies currently operating blast furnace mills may invest in EAF mills, leading to increased demand in ferrous scrap possibly resulting in higher scrap prices. While our vertical integration into the metals recycling business and our liquid pig-iron operations are expected to enable us to continue being a cost-effective supplier to our own steelmaking operations, for some of our metallics requirements, we still rely on other metallics and raw material suppliers, as well as upon general industry supply conditions for the balance of our needs. The availability and prices of raw materials and supplies, particularly those with positive environmental attributes, may also be negatively affected by new, existing or changing laws, regulations, sanctions or embargoes, including those that may impose output limitations or higher costs associated with climate change or GHG allocation by suppliers, interruptions in production, accidents or natural disasters, changes in exchange rates, global price fluctuations, the availability and cost of transportation, and competing uses, all of which may be heighted during times of war or hostilities. As a major producer of galvanized steel products, we purchase and consume a large amount of zinc, which if purchased at high prices, may adversely affect our profit margins. Any inability to secure a consistent, cost-effective and timely supply of our raw materials and supplies may adversely affect our business, financial condition, results of operations and cash flows. Additionally, our inability to pass on all or a substantial part of any cost increases, whether due to positive environmental attributes, inflation, supply and demand imbalances, or otherwise, or to provide for our customers’ needs because of the potential unavailability of raw materials, supplies or required environmental attributes, may result in production slowdowns or curtailments or may otherwise adversely affect our business, financial condition, results of operations and cash flows. 24 24 Table of ContentsThe cost and availability of electricity, natural gas, oil and other energy resources are subject to volatile market conditions.We consume large amounts of energy to melt scrap, reheat semi-finished products for rolling into finished products and perform other steps necessary to our production process. We rely on third parties for the supply of energy resources we require in our production activities. The prices for and availability of electricity, natural gas, oil and other energy resources, including renewable or other clean energy sources, are subject to regulation and volatile market conditions, often affected by weather conditions as well as political, environmental and economic factors beyond our control. As large consumers of electricity and natural gas, we must have dependable delivery in order to operate. Accordingly, we are at risk in the event of an energy disruption, including power outages, power unavailability or inability to obtain power at a reasonable price or with sufficient desired environmental attributes. Prolonged blackouts, curtailments or disruptions caused by natural disasters or by political or environmental considerations would substantially disrupt our production. Since a significant portion of our finished products are delivered by truck, unforeseen fluctuations in the price of fuel would also adversely affect our costs or the costs of many of our customers.Increased environmental, GHG emissions and sustainability considerations from our customers and investors or related regulations could affect demand for our products and add significant costs.Customers, investors and regulators have increased their focus on the environment, GHG emissions and sustainability. We are committed to the environment and sustainability. We are taking further action to reduce our environmental footprint through our 2025, 2030, and 2050 goals for GHG emission reduction and increased renewable energy usage. We believe that achievement of these goals will comport with expectations of our customers and investors, but certain customers and investors may have differing requirements. To achieve these goals, our operational costs may increase and we have had and will continue to have additional capital expenditures, some of which we may not be able to pass along to our customers. Any failure to timely meet these goals, or other requirements of customers or investors, may have an adverse effect on our business, results of operations and stock price.Additionally, governmental agencies, regulators, investors or other groups have introduced, and may request or require, environmental monitoring, disclosures or regulations in response to the potential impacts of climate change. International treaties or agreements may also result in increasing regulation of GHG emissions, including carbon emissions limitations or trading mechanisms. Any such regulation or disclosure requirement could impose significant costs on our operations and on the operations of our customers and suppliers, including increased energy, capital equipment, emissions controls, environmental monitoring and reporting and other costs in order to comply with current or future laws, regulations or demands concerning the environment, climate change, GHG emissions and sustainability. Any adopted regulations could negatively impact our ability, and that of our customers and suppliers, to compete with companies situated in areas not subject to or not complying with such regulations, or could affect our environmental disclosures for any allowances, offsets or credits. We may see an increase in costs relating to our assets that emit GHGs as a result of these initiatives, which may impact our operations directly or through our customers and suppliers. Compliance with and changes in environmental and remediation requirements may result in substantially increased capital requirements and operating costs.Existing laws or regulations, as currently interpreted or as may be interpreted in the future, as well as future laws or regulations, may adversely affect our results of operations and financial condition.We are subject to numerous local, state, federal and international statutory and regulatory environmental requirements relating to, among other things:●the generation, storage, treatment, handling and disposal of solid and hazardous wastes and secondary materials;●the discharge of materials into the air, including periodic changes to the National Ambient Air Quality Standards and to emission standards;●the management, treatment and discharge of wastewater and storm water;25 Table of Contents Table of Contents Table of Contents The cost and availability of electricity, natural gas, oil and other energy resources are subject to volatile market conditions.We consume large amounts of energy to melt scrap, reheat semi-finished products for rolling into finished products and perform other steps necessary to our production process. We rely on third parties for the supply of energy resources we require in our production activities. The prices for and availability of electricity, natural gas, oil and other energy resources, including renewable or other clean energy sources, are subject to regulation and volatile market conditions, often affected by weather conditions as well as political, environmental and economic factors beyond our control. As large consumers of electricity and natural gas, we must have dependable delivery in order to operate. Accordingly, we are at risk in the event of an energy disruption, including power outages, power unavailability or inability to obtain power at a reasonable price or with sufficient desired environmental attributes. Prolonged blackouts, curtailments or disruptions caused by natural disasters or by political or environmental considerations would substantially disrupt our production. Since a significant portion of our finished products are delivered by truck, unforeseen fluctuations in the price of fuel would also adversely affect our costs or the costs of many of our customers.Increased environmental, GHG emissions and sustainability considerations from our customers and investors or related regulations could affect demand for our products and add significant costs.Customers, investors and regulators have increased their focus on the environment, GHG emissions and sustainability. We are committed to the environment and sustainability. We are taking further action to reduce our environmental footprint through our 2025, 2030, and 2050 goals for GHG emission reduction and increased renewable energy usage. We believe that achievement of these goals will comport with expectations of our customers and investors, but certain customers and investors may have differing requirements. To achieve these goals, our operational costs may increase and we have had and will continue to have additional capital expenditures, some of which we may not be able to pass along to our customers. Any failure to timely meet these goals, or other requirements of customers or investors, may have an adverse effect on our business, results of operations and stock price.Additionally, governmental agencies, regulators, investors or other groups have introduced, and may request or require, environmental monitoring, disclosures or regulations in response to the potential impacts of climate change. International treaties or agreements may also result in increasing regulation of GHG emissions, including carbon emissions limitations or trading mechanisms. Any such regulation or disclosure requirement could impose significant costs on our operations and on the operations of our customers and suppliers, including increased energy, capital equipment, emissions controls, environmental monitoring and reporting and other costs in order to comply with current or future laws, regulations or demands concerning the environment, climate change, GHG emissions and sustainability. Any adopted regulations could negatively impact our ability, and that of our customers and suppliers, to compete with companies situated in areas not subject to or not complying with such regulations, or could affect our environmental disclosures for any allowances, offsets or credits. We may see an increase in costs relating to our assets that emit GHGs as a result of these initiatives, which may impact our operations directly or through our customers and suppliers. Compliance with and changes in environmental and remediation requirements may result in substantially increased capital requirements and operating costs.Existing laws or regulations, as currently interpreted or as may be interpreted in the future, as well as future laws or regulations, may adversely affect our results of operations and financial condition.We are subject to numerous local, state, federal and international statutory and regulatory environmental requirements relating to, among other things:●the generation, storage, treatment, handling and disposal of solid and hazardous wastes and secondary materials;●the discharge of materials into the air, including periodic changes to the National Ambient Air Quality Standards and to emission standards;●the management, treatment and discharge of wastewater and storm water; The cost and availability of electricity, natural gas, oil and other energy resources are subject to volatile market conditions.We consume large amounts of energy to melt scrap, reheat semi-finished products for rolling into finished products and perform other steps necessary to our production process. We rely on third parties for the supply of energy resources we require in our production activities. The prices for and availability of electricity, natural gas, oil and other energy resources, including renewable or other clean energy sources, are subject to regulation and volatile market conditions, often affected by weather conditions as well as political, environmental and economic factors beyond our control. As large consumers of electricity and natural gas, we must have dependable delivery in order to operate. Accordingly, we are at risk in the event of an energy disruption, including power outages, power unavailability or inability to obtain power at a reasonable price or with sufficient desired environmental attributes. Prolonged blackouts, curtailments or disruptions caused by natural disasters or by political or environmental considerations would substantially disrupt our production. Since a significant portion of our finished products are delivered by truck, unforeseen fluctuations in the price of fuel would also adversely affect our costs or the costs of many of our customers.Increased environmental, GHG emissions and sustainability considerations from our customers and investors or related regulations could affect demand for our products and add significant costs.Customers, investors and regulators have increased their focus on the environment, GHG emissions and sustainability. We are committed to the environment and sustainability. We are taking further action to reduce our environmental footprint through our 2025, 2030, and 2050 goals for GHG emission reduction and increased renewable energy usage. We believe that achievement of these goals will comport with expectations of our customers and investors, but certain customers and investors may have differing requirements. To achieve these goals, our operational costs may increase and we have had and will continue to have additional capital expenditures, some of which we may not be able to pass along to our customers. Any failure to timely meet these goals, or other requirements of customers or investors, may have an adverse effect on our business, results of operations and stock price.Additionally, governmental agencies, regulators, investors or other groups have introduced, and may request or require, environmental monitoring, disclosures or regulations in response to the potential impacts of climate change. International treaties or agreements may also result in increasing regulation of GHG emissions, including carbon emissions limitations or trading mechanisms. Any such regulation or disclosure requirement could impose significant costs on our operations and on the operations of our customers and suppliers, including increased energy, capital equipment, emissions controls, environmental monitoring and reporting and other costs in order to comply with current or future laws, regulations or demands concerning the environment, climate change, GHG emissions and sustainability. Any adopted regulations could negatively impact our ability, and that of our customers and suppliers, to compete with companies situated in areas not subject to or not complying with such regulations, or could affect our environmental disclosures for any allowances, offsets or credits. We may see an increase in costs relating to our assets that emit GHGs as a result of these initiatives, which may impact our operations directly or through our customers and suppliers. Compliance with and changes in environmental and remediation requirements may result in substantially increased capital requirements and operating costs.Existing laws or regulations, as currently interpreted or as may be interpreted in the future, as well as future laws or regulations, may adversely affect our results of operations and financial condition.We are subject to numerous local, state, federal and international statutory and regulatory environmental requirements relating to, among other things:●the generation, storage, treatment, handling and disposal of solid and hazardous wastes and secondary materials;●the discharge of materials into the air, including periodic changes to the National Ambient Air Quality Standards and to emission standards;●the management, treatment and discharge of wastewater and storm water;"
    },
    {
      "status": "MODIFIED",
      "current_title": "Amortization",
      "prior_title": "Amortization",
      "similarity_score": 0.909,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ 2025 ​ 2024 ​ Life ​ Period ​ ​ Customer, vendor and scrap generator relationships $ 539,505 ​ $ 444,812 ​ 8 to 25 years ​ 23 years ​ ​ Trade names ​ 183,579 ​ ​ 147,950 ​ 15 to 25 years ​ 21 years ​ ​ ​ ​ 723,084 ​ ​ 592,762 ​ ​ ​ 22 years ​ ​ Less accumulated amortization ​ 391,794 ​ ​ 365,528 ​ ​ ​ ​ ​ ​ ​ $ 331,290 ​ $ 227,234 ​ ​ ​ ​ ​ ​ The company utilizes an accelerated amortization methodology for customer, vendor and scrap generator relationships in order to follow the pattern in which the economic benefits of the amounts are anticipated to be consumed.\"",
        "Reworded sentence: \"Amortization of intangible assets was $27.9 million, $30.5 million, and $34.0 million for the years ended December 31, 2025, 2024, and 2023, respectively.\"",
        "Reworded sentence: \"Description of the Business and Summary of Significant Accounting Policies (Continued)Estimated amortization expense related to amortizable intangibles for the years ending December 31 is as follows (in thousands):​​​​​​​​​​​​​2026​$ 30,840​​2027​​ 28,441​​2028​​ 27,231​​2029​​ 24,861​​2030​​ 23,168​​Thereafter ​​ 196,749​​Total ​$ 331,290​​Impairment of Long-Lived Tangible and Definite-Lived Intangible AssetsThe company reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may not be fully recoverable.\"",
        "Reworded sentence: \"GoodwillThe company’s goodwill consisted of the following at December 31, 2025 and 2024 (in thousands):​​​​​​​​​​​​​​​Steel Operations Segment​$ 272,133​​​Aluminum Operations Segment​​ 14,000​​​Metals Recycling Operations Segment​​ 189,413​​​Steel Fabrication Operations Segment ​​ 1,925​​​​​$ 477,471​​​​Impairment of GoodwillAt least once annually (as of October 1), or when indicators of impairment exist, the company performs a goodwill impairment analysis.\"",
        "Reworded sentence: \"If elected to bypass the qualitative assessment or if indications of a potential impairment exist, the company performs a quantitative test.​65 Table of Contents Table of Contents Table of Contents Note 1.\""
      ],
      "current_body": "​ ​ ​ 2025 ​ 2024 ​ Life ​ Period ​ ​ Customer, vendor and scrap generator relationships $ 539,505 ​ $ 444,812 ​ 8 to 25 years ​ 23 years ​ ​ Trade names ​ 183,579 ​ ​ 147,950 ​ 15 to 25 years ​ 21 years ​ ​ ​ ​ 723,084 ​ ​ 592,762 ​ ​ ​ 22 years ​ ​ Less accumulated amortization ​ 391,794 ​ ​ 365,528 ​ ​ ​ ​ ​ ​ ​ $ 331,290 ​ $ 227,234 ​ ​ ​ ​ ​ ​ The company utilizes an accelerated amortization methodology for customer, vendor and scrap generator relationships in order to follow the pattern in which the economic benefits of the amounts are anticipated to be consumed. Trade names are amortized using a straight-line methodology. Amortization of intangible assets was $27.9 million, $30.5 million, and $34.0 million for the years ended December 31, 2025, 2024, and 2023, respectively. ​ ​ 64 64 Table of ContentsNote 1. Description of the Business and Summary of Significant Accounting Policies (Continued)Estimated amortization expense related to amortizable intangibles for the years ending December 31 is as follows (in thousands):​​​​​​​​​​​​​2026​$ 30,840​​2027​​ 28,441​​2028​​ 27,231​​2029​​ 24,861​​2030​​ 23,168​​Thereafter ​​ 196,749​​Total ​$ 331,290​​Impairment of Long-Lived Tangible and Definite-Lived Intangible AssetsThe company reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may not be fully recoverable. Impairment losses are recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. The impairment loss is measured by comparing the fair value of the assets to its carrying amount. The company considers various factors and determines whether an impairment test is necessary, including by way of examples, a significant and prolonged deterioration in operating results and/or projected cash flows, significant changes in the extent or manner in which an asset is used, technological advances with respect to assets which would potentially render them obsolete, the company’s strategy and capital planning, and the economic environment in markets to be served. GoodwillThe company’s goodwill consisted of the following at December 31, 2025 and 2024 (in thousands):​​​​​​​​​​​​​​​Steel Operations Segment​$ 272,133​​​Aluminum Operations Segment​​ 14,000​​​Metals Recycling Operations Segment​​ 189,413​​​Steel Fabrication Operations Segment ​​ 1,925​​​​​$ 477,471​​​​Impairment of GoodwillAt least once annually (as of October 1), or when indicators of impairment exist, the company performs a goodwill impairment analysis. Goodwill is allocated to various reporting units, which are generally one level below the company’s operating segments. If the fair value exceeds the carrying value of the reporting unit, there is no impairment. If the carrying amount exceeds the fair value, the company recognizes an impairment loss in the amount by which the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the reporting unit. The company has the option to consider qualitative factors to assess if it is more likely than not that the fair value of a reporting unit exceeds its carrying value. If elected to bypass the qualitative assessment or if indications of a potential impairment exist, the company performs a quantitative test.​65 Table of Contents Table of Contents Table of Contents Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued)Estimated amortization expense related to amortizable intangibles for the years ending December 31 is as follows (in thousands):​​​​​​​​​​​​​2026​$ 30,840​​2027​​ 28,441​​2028​​ 27,231​​2029​​ 24,861​​2030​​ 23,168​​Thereafter ​​ 196,749​​Total ​$ 331,290​​Impairment of Long-Lived Tangible and Definite-Lived Intangible AssetsThe company reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may not be fully recoverable. Impairment losses are recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. The impairment loss is measured by comparing the fair value of the assets to its carrying amount. The company considers various factors and determines whether an impairment test is necessary, including by way of examples, a significant and prolonged deterioration in operating results and/or projected cash flows, significant changes in the extent or manner in which an asset is used, technological advances with respect to assets which would potentially render them obsolete, the company’s strategy and capital planning, and the economic environment in markets to be served. GoodwillThe company’s goodwill consisted of the following at December 31, 2025 and 2024 (in thousands):​​​​​​​​​​​​​​​Steel Operations Segment​$ 272,133​​​Aluminum Operations Segment​​ 14,000​​​Metals Recycling Operations Segment​​ 189,413​​​Steel Fabrication Operations Segment ​​ 1,925​​​​​$ 477,471​​​​Impairment of GoodwillAt least once annually (as of October 1), or when indicators of impairment exist, the company performs a goodwill impairment analysis. Goodwill is allocated to various reporting units, which are generally one level below the company’s operating segments. If the fair value exceeds the carrying value of the reporting unit, there is no impairment. If the carrying amount exceeds the fair value, the company recognizes an impairment loss in the amount by which the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the reporting unit. The company has the option to consider qualitative factors to assess if it is more likely than not that the fair value of a reporting unit exceeds its carrying value. If elected to bypass the qualitative assessment or if indications of a potential impairment exist, the company performs a quantitative test.​",
      "prior_body": "​ ​ ​ 2024 ​ 2023 ​ Life ​ Period ​ ​ Customer, vendor and scrap generator relationships $ 444,812 ​ $ 444,812 ​ 8 to 25 years ​ 22 years ​ ​ Trade names ​ 147,950 ​ ​ 147,950 ​ 15 to 25 years ​ 19 years ​ ​ Other ​ - ​ ​ 600 ​ ​ ​ ​ ​ ​ ​ ​ 592,762 ​ ​ 593,362 ​ ​ ​ 22 years ​ ​ Less accumulated amortization ​ 365,528 ​ ​ 335,603 ​ ​ ​ ​ ​ ​ ​ $ 227,234 ​ $ 257,759 ​ ​ ​ ​ ​ ​ The company utilizes an accelerated amortization methodology for customer, vendor and scrap generator relationships in order to follow the pattern in which the economic benefits of the amounts are anticipated to be consumed. Trade names are amortized using a straight-line methodology. Amortization of intangible assets was $30.5 million, $34.0 million, and $27.8 million for the years ended December 31, 2024, 2023, and 2022, respectively. ​ ​ 64 64 Table of ContentsNote 1. Description of the Business and Summary of Significant Accounting Policies (Continued)Estimated amortization expense related to amortizable intangibles for the years ending December 31 is as follows (in thousands):​​​​​​​​​​​​​2025​$ 27,464​​2026​​ 25,562​​2027​​ 23,163​​2028​​ 21,953​​2029​​ 19,583​​Thereafter ​​ 109,509​​Total ​$ 227,234​​Impairment of Long-Lived Tangible and Definite-Lived Intangible AssetsThe company reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may not be fully recoverable. Impairment losses are recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. The impairment loss is measured by comparing the fair value of the assets to its carrying amount. The company considers various factors and determines whether an impairment test is necessary, including by way of examples, a significant and prolonged deterioration in operating results and/or projected cash flows, significant changes in the extent or manner in which an asset is used, technological advances with respect to assets which would potentially render them obsolete, the company’s strategy and capital planning, and the economic environment in markets to be served. GoodwillThe company’s goodwill consisted of the following at December 31, 2024 and 2023 (in thousands):​​​​​​​​​​​​​​​Steel Operations Segment​$ 272,133​​​Aluminum Operations Segment​​ 14,000​​​Metals Recycling Operations Segment​​ 189,413​​​Steel Fabrication Operations Segment ​​ 1,925​​​​​$ 477,471​​​In the fourth quarter 2024, results from an entity previously included in the metals recycling operations segment were moved to the aluminum operations segment, which also resulted in $14 million of goodwill being reassigned to the aluminum operations segment based on a relative fair value allocation approach. Segment information for 2023 has been recast consistent with the current reportable segment presentation. Cumulative OmniSource goodwill impairment charges were $346.8 million at December 31, 2024 and 2023.​Impairment of GoodwillAt least once annually (as of October 1), or when indicators of impairment exist, the company performs a goodwill impairment analysis. Goodwill is allocated to various reporting units, which are generally one level below the company’s operating segments. If the fair value exceeds the carrying value of the reporting unit, there is no impairment. If the carrying amount exceeds the fair value, the company recognizes an impairment loss in the amount by which the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the reporting unit. The company has the option to consider qualitative factors to assess if it is more likely than not that the fair value of a reporting unit exceeds its carrying value. If elected to bypass the qualitative assessment or if indications of a potential impairment exist, the company performs a quantitative test.65 Table of Contents Table of Contents Table of Contents Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued)Estimated amortization expense related to amortizable intangibles for the years ending December 31 is as follows (in thousands):​​​​​​​​​​​​​2025​$ 27,464​​2026​​ 25,562​​2027​​ 23,163​​2028​​ 21,953​​2029​​ 19,583​​Thereafter ​​ 109,509​​Total ​$ 227,234​​Impairment of Long-Lived Tangible and Definite-Lived Intangible AssetsThe company reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may not be fully recoverable. Impairment losses are recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. The impairment loss is measured by comparing the fair value of the assets to its carrying amount. The company considers various factors and determines whether an impairment test is necessary, including by way of examples, a significant and prolonged deterioration in operating results and/or projected cash flows, significant changes in the extent or manner in which an asset is used, technological advances with respect to assets which would potentially render them obsolete, the company’s strategy and capital planning, and the economic environment in markets to be served. GoodwillThe company’s goodwill consisted of the following at December 31, 2024 and 2023 (in thousands):​​​​​​​​​​​​​​​Steel Operations Segment​$ 272,133​​​Aluminum Operations Segment​​ 14,000​​​Metals Recycling Operations Segment​​ 189,413​​​Steel Fabrication Operations Segment ​​ 1,925​​​​​$ 477,471​​​In the fourth quarter 2024, results from an entity previously included in the metals recycling operations segment were moved to the aluminum operations segment, which also resulted in $14 million of goodwill being reassigned to the aluminum operations segment based on a relative fair value allocation approach. Segment information for 2023 has been recast consistent with the current reportable segment presentation. Cumulative OmniSource goodwill impairment charges were $346.8 million at December 31, 2024 and 2023.​Impairment of GoodwillAt least once annually (as of October 1), or when indicators of impairment exist, the company performs a goodwill impairment analysis. Goodwill is allocated to various reporting units, which are generally one level below the company’s operating segments. If the fair value exceeds the carrying value of the reporting unit, there is no impairment. If the carrying amount exceeds the fair value, the company recognizes an impairment loss in the amount by which the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the reporting unit. The company has the option to consider qualitative factors to assess if it is more likely than not that the fair value of a reporting unit exceeds its carrying value. If elected to bypass the qualitative assessment or if indications of a potential impairment exist, the company performs a quantitative test. Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued)Estimated amortization expense related to amortizable intangibles for the years ending December 31 is as follows (in thousands):​​​​​​​​​​​​​2025​$ 27,464​​2026​​ 25,562​​2027​​ 23,163​​2028​​ 21,953​​2029​​ 19,583​​Thereafter ​​ 109,509​​Total ​$ 227,234​​Impairment of Long-Lived Tangible and Definite-Lived Intangible AssetsThe company reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may not be fully recoverable. Impairment losses are recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. The impairment loss is measured by comparing the fair value of the assets to its carrying amount. The company considers various factors and determines whether an impairment test is necessary, including by way of examples, a significant and prolonged deterioration in operating results and/or projected cash flows, significant changes in the extent or manner in which an asset is used, technological advances with respect to assets which would potentially render them obsolete, the company’s strategy and capital planning, and the economic environment in markets to be served. GoodwillThe company’s goodwill consisted of the following at December 31, 2024 and 2023 (in thousands):​​​​​​​​​​​​​​​Steel Operations Segment​$ 272,133​​​Aluminum Operations Segment​​ 14,000​​​Metals Recycling Operations Segment​​ 189,413​​​Steel Fabrication Operations Segment ​​ 1,925​​​​​$ 477,471​​​In the fourth quarter 2024, results from an entity previously included in the metals recycling operations segment were moved to the aluminum operations segment, which also resulted in $14 million of goodwill being reassigned to the aluminum operations segment based on a relative fair value allocation approach. Segment information for 2023 has been recast consistent with the current reportable segment presentation. Cumulative OmniSource goodwill impairment charges were $346.8 million at December 31, 2024 and 2023.​Impairment of GoodwillAt least once annually (as of October 1), or when indicators of impairment exist, the company performs a goodwill impairment analysis. Goodwill is allocated to various reporting units, which are generally one level below the company’s operating segments. If the fair value exceeds the carrying value of the reporting unit, there is no impairment. If the carrying amount exceeds the fair value, the company recognizes an impairment loss in the amount by which the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the reporting unit. The company has the option to consider qualitative factors to assess if it is more likely than not that the fair value of a reporting unit exceeds its carrying value. If elected to bypass the qualitative assessment or if indications of a potential impairment exist, the company performs a quantitative test."
    },
    {
      "status": "MODIFIED",
      "current_title": "Net income attributable to Steel Dynamics, Inc.",
      "prior_title": "Net income attributable to Steel Dynamics, Inc.",
      "similarity_score": 0.909,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"$ 1,185,595 ​ $ 1,537,134 ​ $ 2,450,882 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​\""
      ],
      "current_body": "$ 1,185,595 ​ $ 1,537,134 ​ $ 2,450,882 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​",
      "prior_body": "$ 1,537,134 ​ $ 2,450,882 ​ $ 3,862,674 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Impairment of Long-Lived Tangible and Definite-Lived Intangible Assets",
      "prior_title": "Impairment of Long-Lived Tangible and Definite-Lived Intangible Assets",
      "similarity_score": 0.909,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"Goodwill The company’s goodwill consisted of the following at December 31, 2025 and 2024 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations Segment ​ $ 272,133 ​ ​ ​ Aluminum Operations Segment ​ ​ 14,000 ​ ​ ​ Metals Recycling Operations Segment ​ ​ 189,413 ​ ​ ​ Steel Fabrication Operations Segment ​ ​ 1,925 ​ ​ ​ ​ ​ $ 477,471 ​ ​ ​ ​\""
      ],
      "current_body": "The company reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may not be fully recoverable. Impairment losses are recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. The impairment loss is measured by comparing the fair value of the assets to its carrying amount. The company considers various factors and determines whether an impairment test is necessary, including by way of examples, a significant and prolonged deterioration in operating results and/or projected cash flows, significant changes in the extent or manner in which an asset is used, technological advances with respect to assets which would potentially render them obsolete, the company’s strategy and capital planning, and the economic environment in markets to be served. Goodwill The company’s goodwill consisted of the following at December 31, 2025 and 2024 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations Segment ​ $ 272,133 ​ ​ ​ Aluminum Operations Segment ​ ​ 14,000 ​ ​ ​ Metals Recycling Operations Segment ​ ​ 189,413 ​ ​ ​ Steel Fabrication Operations Segment ​ ​ 1,925 ​ ​ ​ ​ ​ $ 477,471 ​ ​ ​ ​",
      "prior_body": "The company reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may not be fully recoverable. Impairment losses are recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. The impairment loss is measured by comparing the fair value of the assets to its carrying amount. The company considers various factors and determines whether an impairment test is necessary, including by way of examples, a significant and prolonged deterioration in operating results and/or projected cash flows, significant changes in the extent or manner in which an asset is used, technological advances with respect to assets which would potentially render them obsolete, the company’s strategy and capital planning, and the economic environment in markets to be served. Goodwill The company’s goodwill consisted of the following at December 31, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations Segment ​ $ 272,133 ​ ​ ​ Aluminum Operations Segment ​ ​ 14,000 ​ ​ ​ Metals Recycling Operations Segment ​ ​ 189,413 ​ ​ ​ Steel Fabrication Operations Segment ​ ​ 1,925 ​ ​ ​ ​ ​ $ 477,471 ​ ​ ​ In the fourth quarter 2024, results from an entity previously included in the metals recycling operations segment were moved to the aluminum operations segment, which also resulted in $14 million of goodwill being reassigned to the aluminum operations segment based on a relative fair value allocation approach. Segment information for 2023 has been recast consistent with the current reportable segment presentation. Cumulative OmniSource goodwill impairment charges were $346.8 million at December 31, 2024 and 2023. goodwill ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Our existing debt agreements contain, and any future financing agreements may contain, restrictive covenants that may limit our flexibility.",
      "prior_title": "Our senior unsecured credit facility contains, and any future financing agreements may contain, restrictive covenants that may limit our flexibility.",
      "similarity_score": 0.907,
      "confidence": "high",
      "current_body": "Restrictions and covenants in our existing debt agreements, including our senior unsecured credit facility, and any future financing agreements, may impair our ability to finance future operations or capital needs or to engage in other business activities. A breach of any of the restrictions or covenants could cause a default under our senior unsecured credit facility, our senior notes, or our other debt. A significant portion of our indebtedness may then become immediately due and payable. Under our senior unsecured credit facility, we are required to maintain certain financial covenants. Our ability to meet such covenants or other restrictions can be affected by events beyond our control. If a default were to occur, the lenders could elect to declare all amounts then outstanding to be immediately due and payable and terminate all commitments to extend further credit.",
      "prior_body": "Restrictions and covenants in our existing debt agreements, including our senior unsecured credit facility, and any future financing agreements, may impair our ability to finance future operations or capital needs or to engage in other business activities. A breach of any of the restrictions or covenants could cause a default under our senior unsecured credit facility, our senior notes, or our other debt. A significant portion of our indebtedness may then become immediately due and payable. Under our senior unsecured credit facility, we are required to maintain certain financial covenants. Our ability to meet such covenants or other restrictions can be affected by events beyond our control. If a default were to occur, the lenders could elect to declare all amounts then outstanding to be immediately due and payable and terminate all commitments to extend further credit."
    },
    {
      "status": "MODIFIED",
      "current_title": "Liquidity and Capital Resources",
      "prior_title": "Liquidity and Capital Resources",
      "similarity_score": 0.905,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"Our business is capital intensive and requires substantial expenditures for, among other things, the purchase and maintenance of equipment used in our operations.\"",
        "Reworded sentence: \"Our liquidity at December 31, 2025, is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and equivalents ​ $ 769,878 ​ ​ ​ ​ ​ ​ Short-term and other investments ​ ​ 255,731 ​ ​ ​ ​ ​ ​ Unsecured revolver availability ​ ​ 1,190,820 ​ ​ ​ ​ ​ ​ Total liquidity ​ $ 2,216,429 ​ ​ ​ ​ Our total outstanding debt of $4.2 billion increased $980.2 million compared to December 31, 2024, due to our issuance of $600.0 million of 5.250% notes due 2035 and $400.0 million of 5.750% notes due 2055 in March 2025 and $650.0 million of 4.000% notes due 2028 and an additional $150.0 million of 5.250% notes due 2035 in November 2025 as described in Note 3, the proceeds of which were used to redeem our $400.0 million of 2.400% notes due June 2025 and our $400.0 million of 5.000% notes due December 2026, and other general corporate purposes.\"",
        "Reworded sentence: \"At December 31, 2025, we had $1.2 billion of availability on the Revolver, $9.2 million of outstanding letters of credit and other obligations which reduce availability, and there were no borrowings outstanding.\"",
        "Reworded sentence: \"Our interest coverage ratio is calculated by dividing our last-twelve-months (LTM) consolidated EBITDA as defined in the Facility (earnings before interest, taxes, depreciation, amortization, and certain other non-cash transactions as defined in the Facility) by our LTM gross interest expense, less amortization of financing fees.\"",
        "Reworded sentence: \"At December 31, 2025, our interest coverage ratio and debt to capitalization ratio were 13.33:1.00 and 0.32:1.00, respectively.\""
      ],
      "current_body": "Capital Resources and Long-term Debt. Our business is capital intensive and requires substantial expenditures for, among other things, the purchase and maintenance of equipment used in our operations. Our short-term and long-term liquidity needs arise primarily from working capital requirements, capital expenditures, including expansion projects, principal and interest payments related to our outstanding indebtedness, dividends to our shareholders, potential stock repurchases and acquisitions or investments. We have met and intend to continue to meet these liquidity requirements primarily with available cash and cash provided by operations, long-term borrowings, and we also have availability under our unsecured Revolver. Our liquidity at December 31, 2025, is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and equivalents ​ $ 769,878 ​ ​ ​ ​ ​ ​ Short-term and other investments ​ ​ 255,731 ​ ​ ​ ​ ​ ​ Unsecured revolver availability ​ ​ 1,190,820 ​ ​ ​ ​ ​ ​ Total liquidity ​ $ 2,216,429 ​ ​ ​ ​ Our total outstanding debt of $4.2 billion increased $980.2 million compared to December 31, 2024, due to our issuance of $600.0 million of 5.250% notes due 2035 and $400.0 million of 5.750% notes due 2055 in March 2025 and $650.0 million of 4.000% notes due 2028 and an additional $150.0 million of 5.250% notes due 2035 in November 2025 as described in Note 3, the proceeds of which were used to redeem our $400.0 million of 2.400% notes due June 2025 and our $400.0 million of 5.000% notes due December 2026, and other general corporate purposes. Our total long-term debt to capitalization ratio (representing our long-term debt, including current maturities, divided by the sum of our long-term debt, redeemable noncontrolling interests, and our total stockholders’ equity) was 32.1% and 26.5% at December 31, 2025, and December 31, 2024, respectively. Our unsecured credit agreement has a senior unsecured revolving credit facility (Facility), which provides a $1.2 billion Revolver and matures in July 2028. Subject to certain conditions, we have the ability to increase the Facility size by $500.0 million. The unsecured Revolver is available to fund working capital, capital expenditures, and other general corporate purposes. The Facility contains financial covenants and other covenants pertaining to our ability to incur indebtedness and permit liens on certain assets. Our ability to borrow funds within the terms of the unsecured Revolver is dependent upon our continued compliance with the financial and other covenants. At December 31, 2025, we had $1.2 billion of availability on the Revolver, $9.2 million of outstanding letters of credit and other obligations which reduce availability, and there were no borrowings outstanding. The financial covenants under our Facility state that we must maintain an interest coverage ratio of not less than 2.50:1.00. Our interest coverage ratio is calculated by dividing our last-twelve-months (LTM) consolidated EBITDA as defined in the Facility (earnings before interest, taxes, depreciation, amortization, and certain other non-cash transactions as defined in the Facility) by our LTM gross interest expense, less amortization of financing fees. In addition, a debt to capitalization ratio of not more than 0.60:1.00 must be maintained. At December 31, 2025, our interest coverage ratio and debt to capitalization ratio were 13.33:1.00 and 0.32:1.00, respectively. We were in compliance with these covenants at December 31, 2025, and we anticipate we will continue to be in compliance during the next twelve months. Working Capital (representing excess of current assets over current liabilities). We generated cash flow from operations of $1.4 billion in 2025 compared to $1.8 billion in 2024. Working capital increased $1.1 billion, or 33%, 44 44 Table of Contentsduring 2025 to $4.4 billion at December 31, 2025, due to a $265.5 million increase in accounts receivable, as well as a $624.8 million dollar increase in inventories, primarily within our aluminum operations segment as our recycled aluminum flat rolled products mill began commissioning and operations in the second half of 2025.Capital Investments. During 2025, we invested $948.0 million in property, plant and equipment, primarily within our aluminum operations and steel operations segments, compared with $1.9 billion invested during 2024. Our liquidity of $2.2 billion and anticipated future operating cash flow generation is sufficient to provide for our planned 2026 capital requirements. Cash Dividends. As a reflection of continued confidence in our current and future cash flow generation capability and financial position, we increased our quarterly cash dividend by 9% to $0.50 per share in the first quarter of 2025 (from $0.46 per share for each quarter in 2024), resulting in declared cash dividends of $294.1 million during 2025, compared to $284.1 million during 2024. We paid cash dividends of $291.2 million and $282.6 million during 2025 and 2024, respectively. Our board of directors approves the payment of dividends on a quarterly basis. The determination to pay cash dividends in the future is at the discretion of our board of directors, after taking into account various factors provided by executive management, including our financial condition, results of operations, outstanding indebtedness, current and anticipated cash needs and growth plans.Other. Our board of directors has authorized share repurchase programs during prior years and the current year, the most recent of which occurred in February 2025 for a program of up to $1.5 billion of the company’s common stock. Under the share repurchase programs, purchases take place as and when we determine in open market or private transactions made based upon the market price of our common stock, the nature of other investment opportunities or growth projects, our cash flows from operations, and general economic conditions. The share repurchase programs do not require us to acquire any specific number of shares, and may be modified, suspended, extended, or terminated by us at any time. The share repurchase programs do not have an expiration date. There were $900.9 million and $1.2 billion of share repurchases during 2025 and 2024, respectively. As of December 31, 2025, we had $801.0 million remaining available to purchase under the February 2025 share repurchase program. See Part II, Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities for additional information.Our ability to meet our debt service obligations and reduce our total debt will depend upon our future performance which, in turn, will depend upon general economic, financial, and business conditions, along with competition, legislation and regulatory factors that are largely beyond our control. In addition, we cannot assure that our operating results, cash flows, access to credit markets and capital resources will be sufficient for repayment of our indebtedness in the future. We believe that based upon current levels of operations and anticipated growth, cash flows from operations, together with other available sources of funds, including borrowings under our Facility, if necessary, will be adequate for the next twelve months for making required payments of principal and interest on our indebtedness, funding working capital requirements, and funding anticipated capital expenditures.Contractual Obligations and Other Long-Term LiabilitiesWe have the following minimum commitments under contractual obligations, including purchase obligations, as defined by the Securities and Exchange Commission. A “purchase obligation” is defined as an agreement to purchase goods or services that is enforceable and legally binding and that specifies all significant terms, including fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction.Long-term debt and estimated interest. Refer to Note 3. Long-Term Debt to the consolidated financial statements elsewhere in this report for our long-term debt maturities. Estimated interest payments on our senior unsecured notes were determined based on their outstanding balances through maturity at their contractual interest rates, as detailed in Note 3. Estimated interest payments also include a 0.175% commitment fee on our available Revolver, and an average interest rate of 5.44% on our other debt of $36.6 million. Our estimated interest payments are $180.5 million, $177.4 million, $168.5 million, $144.6 million, and $129.9 million, for the years 2026 through 2030, respectively, and $1.1 billion thereafter.45 Table of Contents Table of Contents Table of Contents during 2025 to $4.4 billion at December 31, 2025, due to a $265.5 million increase in accounts receivable, as well as a $624.8 million dollar increase in inventories, primarily within our aluminum operations segment as our recycled aluminum flat rolled products mill began commissioning and operations in the second half of 2025.Capital Investments. During 2025, we invested $948.0 million in property, plant and equipment, primarily within our aluminum operations and steel operations segments, compared with $1.9 billion invested during 2024. Our liquidity of $2.2 billion and anticipated future operating cash flow generation is sufficient to provide for our planned 2026 capital requirements. Cash Dividends. As a reflection of continued confidence in our current and future cash flow generation capability and financial position, we increased our quarterly cash dividend by 9% to $0.50 per share in the first quarter of 2025 (from $0.46 per share for each quarter in 2024), resulting in declared cash dividends of $294.1 million during 2025, compared to $284.1 million during 2024. We paid cash dividends of $291.2 million and $282.6 million during 2025 and 2024, respectively. Our board of directors approves the payment of dividends on a quarterly basis. The determination to pay cash dividends in the future is at the discretion of our board of directors, after taking into account various factors provided by executive management, including our financial condition, results of operations, outstanding indebtedness, current and anticipated cash needs and growth plans.Other. Our board of directors has authorized share repurchase programs during prior years and the current year, the most recent of which occurred in February 2025 for a program of up to $1.5 billion of the company’s common stock. Under the share repurchase programs, purchases take place as and when we determine in open market or private transactions made based upon the market price of our common stock, the nature of other investment opportunities or growth projects, our cash flows from operations, and general economic conditions. The share repurchase programs do not require us to acquire any specific number of shares, and may be modified, suspended, extended, or terminated by us at any time. The share repurchase programs do not have an expiration date. There were $900.9 million and $1.2 billion of share repurchases during 2025 and 2024, respectively. As of December 31, 2025, we had $801.0 million remaining available to purchase under the February 2025 share repurchase program. See Part II, Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities for additional information.Our ability to meet our debt service obligations and reduce our total debt will depend upon our future performance which, in turn, will depend upon general economic, financial, and business conditions, along with competition, legislation and regulatory factors that are largely beyond our control. In addition, we cannot assure that our operating results, cash flows, access to credit markets and capital resources will be sufficient for repayment of our indebtedness in the future. We believe that based upon current levels of operations and anticipated growth, cash flows from operations, together with other available sources of funds, including borrowings under our Facility, if necessary, will be adequate for the next twelve months for making required payments of principal and interest on our indebtedness, funding working capital requirements, and funding anticipated capital expenditures.Contractual Obligations and Other Long-Term LiabilitiesWe have the following minimum commitments under contractual obligations, including purchase obligations, as defined by the Securities and Exchange Commission. A “purchase obligation” is defined as an agreement to purchase goods or services that is enforceable and legally binding and that specifies all significant terms, including fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction.Long-term debt and estimated interest. Refer to Note 3. Long-Term Debt to the consolidated financial statements elsewhere in this report for our long-term debt maturities. Estimated interest payments on our senior unsecured notes were determined based on their outstanding balances through maturity at their contractual interest rates, as detailed in Note 3. Estimated interest payments also include a 0.175% commitment fee on our available Revolver, and an average interest rate of 5.44% on our other debt of $36.6 million. Our estimated interest payments are $180.5 million, $177.4 million, $168.5 million, $144.6 million, and $129.9 million, for the years 2026 through 2030, respectively, and $1.1 billion thereafter. during 2025 to $4.4 billion at December 31, 2025, due to a $265.5 million increase in accounts receivable, as well as a $624.8 million dollar increase in inventories, primarily within our aluminum operations segment as our recycled aluminum flat rolled products mill began commissioning and operations in the second half of 2025. Capital Investments. During 2025, we invested $948.0 million in property, plant and equipment, primarily within our aluminum operations and steel operations segments, compared with $1.9 billion invested during 2024. Our liquidity of $2.2 billion and anticipated future operating cash flow generation is sufficient to provide for our planned 2026 capital requirements. Cash Dividends. As a reflection of continued confidence in our current and future cash flow generation capability and financial position, we increased our quarterly cash dividend by 9% to $0.50 per share in the first quarter of 2025 (from $0.46 per share for each quarter in 2024), resulting in declared cash dividends of $294.1 million during 2025, compared to $284.1 million during 2024. We paid cash dividends of $291.2 million and $282.6 million during 2025 and 2024, respectively. Our board of directors approves the payment of dividends on a quarterly basis. The determination to pay cash dividends in the future is at the discretion of our board of directors, after taking into account various factors provided by executive management, including our financial condition, results of operations, outstanding indebtedness, current and anticipated cash needs and growth plans. Other. Our board of directors has authorized share repurchase programs during prior years and the current year, the most recent of which occurred in February 2025 for a program of up to $1.5 billion of the company’s common stock. Under the share repurchase programs, purchases take place as and when we determine in open market or private transactions made based upon the market price of our common stock, the nature of other investment opportunities or growth projects, our cash flows from operations, and general economic conditions. The share repurchase programs do not require us to acquire any specific number of shares, and may be modified, suspended, extended, or terminated by us at any time. The share repurchase programs do not have an expiration date. There were $900.9 million and $1.2 billion of share repurchases during 2025 and 2024, respectively. As of December 31, 2025, we had $801.0 million remaining available to purchase under the February 2025 share repurchase program. See Part II, Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities for additional information. Our ability to meet our debt service obligations and reduce our total debt will depend upon our future performance which, in turn, will depend upon general economic, financial, and business conditions, along with competition, legislation and regulatory factors that are largely beyond our control. In addition, we cannot assure that our operating results, cash flows, access to credit markets and capital resources will be sufficient for repayment of our indebtedness in the future. We believe that based upon current levels of operations and anticipated growth, cash flows from operations, together with other available sources of funds, including borrowings under our Facility, if necessary, will be adequate for the next twelve months for making required payments of principal and interest on our indebtedness, funding working capital requirements, and funding anticipated capital expenditures.",
      "prior_body": "Capital Resources and Long-term Debt. Our business is capital intensive and requires substantial expenditures for, among other things, the purchase and maintenance of equipment used in our operations, and to remain in compliance with environmental laws. Our short-term and long-term liquidity needs arise primarily from working capital requirements, capital expenditures, including expansion projects, principal and interest payments related to our outstanding indebtedness, dividends to our shareholders, potential stock repurchases and acquisitions or investments. We have met and intend to continue to meet these liquidity requirements primarily with available cash and cash provided by operations, long-term borrowings, and we also have availability under our unsecured Revolver. Our liquidity at December 31, 2024, is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and equivalents ​ $ 589,464 ​ ​ ​ ​ ​ ​ Short-term and other investments ​ ​ 388,563 ​ ​ ​ ​ ​ ​ Unsecured revolver availability ​ ​ 1,190,741 ​ ​ ​ ​ ​ ​ Total liquidity ​ $ 2,168,768 ​ ​ ​ ​ Our total outstanding debt of $3.2 billion increased $160.0 million compared to December 31, 2023, due to our issuance of $600.0 million of senior unsecured notes in July 2024 as described in Note 3, the proceeds of which were used for general corporate purposes, including the repayment of our 2.800% senior notes due December 2024, working capital, capital expenditures, advances for or investments in subsidiaries, acquisitions, redemption and repayment of other outstanding indebtedness, and purchases of the company’s common stock. Our total long-term debt to capitalization ratio (representing our long-term debt, including current maturities, divided by the sum of our long-term debt, redeemable noncontrolling interests, and our total stockholders’ equity) was 26.5% and 25.8% at December 31, 2024 and 2023, respectively. Our unsecured credit agreement has a senior unsecured revolving credit facility (Facility), which provides a $1.2 billion Revolver and matures in July 2028. Subject to certain conditions, we have the ability to increase the Facility size by $500.0 million. The unsecured Revolver is available to fund working capital, capital expenditures, and other general corporate purposes. The Facility contains financial covenants and other covenants pertaining to our ability to incur indebtedness and permit liens on certain assets. Our ability to borrow funds within the terms of the unsecured Revolver is dependent upon our continued compliance with the financial and other covenants. At December 31, 2024, we had $1.2 billion of availability on the Revolver, $9.3 million of outstanding letters of credit and other obligations which reduce availability, and there were no borrowings outstanding. The financial covenants under our Facility state that we must maintain an interest coverage ratio of not less than 2.50:1.00. Our interest coverage ratio is calculated by dividing our last-twelve-months (LTM) consolidated Adjusted EBITDA as defined in the Facility (earnings before interest, taxes, depreciation, amortization, and certain other non-cash transactions as defined in the Facility) by our LTM gross interest expense, less amortization of financing fees. In addition, a debt to capitalization ratio of not more than 0.60:1.00 must be maintained. At December 31, 2024, our interest coverage ratio and debt to capitalization ratio were 21.68:1.00 and 0.27:1.00, respectively. We were, therefore, in compliance with these covenants at December 31, 2024, and we anticipate we will continue to be in compliance during the next twelve months. Working Capital (representing excess of current assets over current liabilities). We generated cash flow from operations of $1.8 billion in 2024 compared to $3.5 billion in 2023. Working capital decreased $1.2 billion, or 26%, during 2024 to $3.3 billion at December 31, 2024, due primarily to a $1.4 billion decrease in cash and equivalents and short-term investments in support of our capital investments within our aluminum and steel operations. 45 45 Table of ContentsCapital Investments. During 2024, we invested $1.9 billion in property, plant and equipment, primarily within our aluminum operations and steel operations segments, compared with $1.7 billion invested during 2023. We are currently executing our plan to invest $2.7 billion in a new state-of-the-art lower-carbon recycled aluminum flat rolled products mill with two new supporting satellite recycled aluminum slab centers, which are being funded by available cash and cash flow from operations. Related expenditures began in the third quarter of 2022 and are expected to continue through 2025. Our liquidity of $2.2 billion and anticipated future operating cash flow generation is sufficient to provide for our planned 2025 capital requirements. Cash Dividends. As a reflection of continued confidence in our current and future cash flow generation capability and financial position, we increased our quarterly cash dividend by 8% to $0.46 per share in the first quarter of 2024 (from $0.425 per share for each quarter in 2023), resulting in declared cash dividends of $284.1 million during 2024, compared to $280.5 million in 2023. We paid cash dividends of $282.6 million and $271.3 million during 2024 and 2023, respectively. Our board of directors, along with executive management, approves the payment of dividends on a quarterly basis. The determination to pay cash dividends in the future is at the discretion of our board of directors, after taking into account various factors, including our financial condition, results of operations, outstanding indebtedness, current and anticipated cash needs and growth plans.Other. Our board of directors has authorized share repurchase programs during prior years, the most recent of which occurred in November 2023 for a program of up to $1.5 billion of the company’s common stock. In February 2025, our board of directors authorized an additional share repurchase program of up to $1.5 billion of our common stock. Under the share repurchase programs, purchases take place as and when we determine in open market or private transactions made based upon the market price of our common stock, the nature of other investment opportunities or growth projects, our cash flows from operations, and general economic conditions. The share repurchase programs do not require us to acquire any specific number of shares, and may be modified, suspended, extended, or terminated by us at any time. The share repurchase programs do not have an expiration date. There were $1.2 billion and $1.5 billion of share repurchases during 2024 and 2023, respectively. As of December 31, 2024, we had $193.5 million remaining available to purchase under the November 2023 share repurchase program. See Part II, Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities for additional information.Our ability to meet our debt service obligations and reduce our total debt will depend upon our future performance which, in turn, will depend upon general economic, financial, and business conditions, along with competition, legislation and regulatory factors that are largely beyond our control. In addition, we cannot assure that our operating results, cash flows, access to credit markets and capital resources will be sufficient for repayment of our indebtedness in the future. We believe that based upon current levels of operations and anticipated growth, cash flows from operations, together with other available sources of funds, including borrowings under our Facility, if necessary, will be adequate for the next twelve months for making required payments of principal and interest on our indebtedness, funding working capital requirements, and funding anticipated capital expenditures.Contractual Obligations and Other Long-Term LiabilitiesWe have the following minimum commitments under contractual obligations, including purchase obligations, as defined by the Securities and Exchange Commission. A “purchase obligation” is defined as an agreement to purchase goods or services that is enforceable and legally binding and that specifies all significant terms, including fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction.Long-term debt and estimated interest. Refer to Note 3. Long-Term Debt to the consolidated financial statements elsewhere in this report for our long-term debt maturities. Estimated interest payments on our senior unsecured notes were determined based on their outstanding balances through maturity at their contractual interest rates, as detailed in Note 3. Estimated interest payments also include a 0.175% commitment fee on our available Revolver, and an average interest rate of 6.23% on our other debt of $28.8 million. Our estimated interest payments are $116.4 million, $109.4 million, $89.0 million, $83.4 million, and $82.2 million, for the years 2025 through 2029, respectively, and $442.4 million thereafter.46 Table of Contents Table of Contents Table of Contents Capital Investments. During 2024, we invested $1.9 billion in property, plant and equipment, primarily within our aluminum operations and steel operations segments, compared with $1.7 billion invested during 2023. We are currently executing our plan to invest $2.7 billion in a new state-of-the-art lower-carbon recycled aluminum flat rolled products mill with two new supporting satellite recycled aluminum slab centers, which are being funded by available cash and cash flow from operations. Related expenditures began in the third quarter of 2022 and are expected to continue through 2025. Our liquidity of $2.2 billion and anticipated future operating cash flow generation is sufficient to provide for our planned 2025 capital requirements. Cash Dividends. As a reflection of continued confidence in our current and future cash flow generation capability and financial position, we increased our quarterly cash dividend by 8% to $0.46 per share in the first quarter of 2024 (from $0.425 per share for each quarter in 2023), resulting in declared cash dividends of $284.1 million during 2024, compared to $280.5 million in 2023. We paid cash dividends of $282.6 million and $271.3 million during 2024 and 2023, respectively. Our board of directors, along with executive management, approves the payment of dividends on a quarterly basis. The determination to pay cash dividends in the future is at the discretion of our board of directors, after taking into account various factors, including our financial condition, results of operations, outstanding indebtedness, current and anticipated cash needs and growth plans.Other. Our board of directors has authorized share repurchase programs during prior years, the most recent of which occurred in November 2023 for a program of up to $1.5 billion of the company’s common stock. In February 2025, our board of directors authorized an additional share repurchase program of up to $1.5 billion of our common stock. Under the share repurchase programs, purchases take place as and when we determine in open market or private transactions made based upon the market price of our common stock, the nature of other investment opportunities or growth projects, our cash flows from operations, and general economic conditions. The share repurchase programs do not require us to acquire any specific number of shares, and may be modified, suspended, extended, or terminated by us at any time. The share repurchase programs do not have an expiration date. There were $1.2 billion and $1.5 billion of share repurchases during 2024 and 2023, respectively. As of December 31, 2024, we had $193.5 million remaining available to purchase under the November 2023 share repurchase program. See Part II, Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities for additional information.Our ability to meet our debt service obligations and reduce our total debt will depend upon our future performance which, in turn, will depend upon general economic, financial, and business conditions, along with competition, legislation and regulatory factors that are largely beyond our control. In addition, we cannot assure that our operating results, cash flows, access to credit markets and capital resources will be sufficient for repayment of our indebtedness in the future. We believe that based upon current levels of operations and anticipated growth, cash flows from operations, together with other available sources of funds, including borrowings under our Facility, if necessary, will be adequate for the next twelve months for making required payments of principal and interest on our indebtedness, funding working capital requirements, and funding anticipated capital expenditures.Contractual Obligations and Other Long-Term LiabilitiesWe have the following minimum commitments under contractual obligations, including purchase obligations, as defined by the Securities and Exchange Commission. A “purchase obligation” is defined as an agreement to purchase goods or services that is enforceable and legally binding and that specifies all significant terms, including fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction.Long-term debt and estimated interest. Refer to Note 3. Long-Term Debt to the consolidated financial statements elsewhere in this report for our long-term debt maturities. Estimated interest payments on our senior unsecured notes were determined based on their outstanding balances through maturity at their contractual interest rates, as detailed in Note 3. Estimated interest payments also include a 0.175% commitment fee on our available Revolver, and an average interest rate of 6.23% on our other debt of $28.8 million. Our estimated interest payments are $116.4 million, $109.4 million, $89.0 million, $83.4 million, and $82.2 million, for the years 2025 through 2029, respectively, and $442.4 million thereafter. Capital Investments. During 2024, we invested $1.9 billion in property, plant and equipment, primarily within our aluminum operations and steel operations segments, compared with $1.7 billion invested during 2023. We are currently executing our plan to invest $2.7 billion in a new state-of-the-art lower-carbon recycled aluminum flat rolled products mill with two new supporting satellite recycled aluminum slab centers, which are being funded by available cash and cash flow from operations. Related expenditures began in the third quarter of 2022 and are expected to continue through 2025. Our liquidity of $2.2 billion and anticipated future operating cash flow generation is sufficient to provide for our planned 2025 capital requirements. Cash Dividends. As a reflection of continued confidence in our current and future cash flow generation capability and financial position, we increased our quarterly cash dividend by 8% to $0.46 per share in the first quarter of 2024 (from $0.425 per share for each quarter in 2023), resulting in declared cash dividends of $284.1 million during 2024, compared to $280.5 million in 2023. We paid cash dividends of $282.6 million and $271.3 million during 2024 and 2023, respectively. Our board of directors, along with executive management, approves the payment of dividends on a quarterly basis. The determination to pay cash dividends in the future is at the discretion of our board of directors, after taking into account various factors, including our financial condition, results of operations, outstanding indebtedness, current and anticipated cash needs and growth plans.Other. Our board of directors has authorized share repurchase programs during prior years, the most recent of which occurred in November 2023 for a program of up to $1.5 billion of the company’s common stock. In February 2025, our board of directors authorized an additional share repurchase program of up to $1.5 billion of our common stock. Under the share repurchase programs, purchases take place as and when we determine in open market or private transactions made based upon the market price of our common stock, the nature of other investment opportunities or growth projects, our cash flows from operations, and general economic conditions. The share repurchase programs do not require us to acquire any specific number of shares, and may be modified, suspended, extended, or terminated by us at any time. The share repurchase programs do not have an expiration date. There were $1.2 billion and $1.5 billion of share repurchases during 2024 and 2023, respectively. As of December 31, 2024, we had $193.5 million remaining available to purchase under the November 2023 share repurchase program. See Part II, Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities for additional information.Our ability to meet our debt service obligations and reduce our total debt will depend upon our future performance which, in turn, will depend upon general economic, financial, and business conditions, along with competition, legislation and regulatory factors that are largely beyond our control. In addition, we cannot assure that our operating results, cash flows, access to credit markets and capital resources will be sufficient for repayment of our indebtedness in the future. We believe that based upon current levels of operations and anticipated growth, cash flows from operations, together with other available sources of funds, including borrowings under our Facility, if necessary, will be adequate for the next twelve months for making required payments of principal and interest on our indebtedness, funding working capital requirements, and funding anticipated capital expenditures.Contractual Obligations and Other Long-Term LiabilitiesWe have the following minimum commitments under contractual obligations, including purchase obligations, as defined by the Securities and Exchange Commission. A “purchase obligation” is defined as an agreement to purchase goods or services that is enforceable and legally binding and that specifies all significant terms, including fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction.Long-term debt and estimated interest. Refer to Note 3. Long-Term Debt to the consolidated financial statements elsewhere in this report for our long-term debt maturities. Estimated interest payments on our senior unsecured notes were determined based on their outstanding balances through maturity at their contractual interest rates, as detailed in Note 3. Estimated interest payments also include a 0.175% commitment fee on our available Revolver, and an average interest rate of 6.23% on our other debt of $28.8 million. Our estimated interest payments are $116.4 million, $109.4 million, $89.0 million, $83.4 million, and $82.2 million, for the years 2025 through 2029, respectively, and $442.4 million thereafter. Capital Investments. During 2024, we invested $1.9 billion in property, plant and equipment, primarily within our aluminum operations and steel operations segments, compared with $1.7 billion invested during 2023. We are currently executing our plan to invest $2.7 billion in a new state-of-the-art lower-carbon recycled aluminum flat rolled products mill with two new supporting satellite recycled aluminum slab centers, which are being funded by available cash and cash flow from operations. Related expenditures began in the third quarter of 2022 and are expected to continue through 2025. Our liquidity of $2.2 billion and anticipated future operating cash flow generation is sufficient to provide for our planned 2025 capital requirements. Cash Dividends. As a reflection of continued confidence in our current and future cash flow generation capability and financial position, we increased our quarterly cash dividend by 8% to $0.46 per share in the first quarter of 2024 (from $0.425 per share for each quarter in 2023), resulting in declared cash dividends of $284.1 million during 2024, compared to $280.5 million in 2023. We paid cash dividends of $282.6 million and $271.3 million during 2024 and 2023, respectively. Our board of directors, along with executive management, approves the payment of dividends on a quarterly basis. The determination to pay cash dividends in the future is at the discretion of our board of directors, after taking into account various factors, including our financial condition, results of operations, outstanding indebtedness, current and anticipated cash needs and growth plans. Other. Our board of directors has authorized share repurchase programs during prior years, the most recent of which occurred in November 2023 for a program of up to $1.5 billion of the company’s common stock. In February 2025, our board of directors authorized an additional share repurchase program of up to $1.5 billion of our common stock. Under the share repurchase programs, purchases take place as and when we determine in open market or private transactions made based upon the market price of our common stock, the nature of other investment opportunities or growth projects, our cash flows from operations, and general economic conditions. The share repurchase programs do not require us to acquire any specific number of shares, and may be modified, suspended, extended, or terminated by us at any time. The share repurchase programs do not have an expiration date. There were $1.2 billion and $1.5 billion of share repurchases during 2024 and 2023, respectively. As of December 31, 2024, we had $193.5 million remaining available to purchase under the November 2023 share repurchase program. See Part II, Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities for additional information. Our ability to meet our debt service obligations and reduce our total debt will depend upon our future performance which, in turn, will depend upon general economic, financial, and business conditions, along with competition, legislation and regulatory factors that are largely beyond our control. In addition, we cannot assure that our operating results, cash flows, access to credit markets and capital resources will be sufficient for repayment of our indebtedness in the future. We believe that based upon current levels of operations and anticipated growth, cash flows from operations, together with other available sources of funds, including borrowings under our Facility, if necessary, will be adequate for the next twelve months for making required payments of principal and interest on our indebtedness, funding working capital requirements, and funding anticipated capital expenditures."
    },
    {
      "status": "MODIFIED",
      "current_title": "We are subject to cybersecurity threats and may face risks to the security of our sensitive data and information technology which may adversely affect our business, results of operations, financial condition and cash flows.",
      "prior_title": "We are subject to cybersecurity threats and may face risks to the security of our sensitive data and information technology which may adversely affect our business, results of operations, financial condition and cash flows.",
      "similarity_score": 0.9,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"Additionally, cybersecurity vulnerabilities or attacks could result in an interruption of the functionality of our automated and electronically controlled manufacturing operating systems, which, if compromised, could cease, threaten, delay or slow down our ability to melt, roll or otherwise process steel, aluminum or any of our other products for the duration of such interruption.\"",
        "Reworded sentence: \"This could lead to system interruption, production delays or downtimes and operational disruptions, and the disclosure, modification or destruction of sensitive data, which may adversely affect our reputation, customer and supplier relationships, financial results and results of operations, and could result in litigation or regulatory investigations, actions, fines or penalties, as well as increased cybersecurity monitoring 27 27 Table of Contentsand protection costs, including the cost or availability of insurance.\"",
        "Reworded sentence: \"These expansions and transactions may involve some or all of the following risks:● the risk of entering business lines or product, domestic, or foreign markets, in which we have little experience, including the aluminum industry;● the risk of a newly constructed facility being completed over budget or not on time, including due to equipment delays or labor shortages, or having delays or difficulties with its start-up, ramp-up or qualification of products;● the risk of not being able to adequately obtain sufficient labor to efficiently build or staff a new facility, while maintaining our culture;● the risk of expected markets, products, customers and demand for products produced by a new facility being lower than expected;● the risk of new product development and qualification, technology development or customer acquisition and penetration being more costly, time-consuming or difficult than expected;● the difficulty of competing for acquisitions and other growth opportunities with companies having materially greater financial resources than us;● the inability to realize anticipated synergies or other expected benefits;● the difficulty of integrating new or acquired operations and personnel into our existing operations, while maintaining our culture;● the potential disruption of ongoing operations;● the diversion of financial resources or management attention to new operations, acquisition targets or acquired businesses;● the loss of key employees, customers or suppliers of acquired businesses;● the potential exposure to unknown liabilities;● the inability of management to maintain uniform standards, controls, procedures and policies;● the difficulty of managing the growth of a larger company;● the risk of becoming involved in labor, commercial, political, regulatory or other disputes or litigation related to new operations, acquisition targets or acquired businesses;● the risk of becoming more highly leveraged;28 Table of Contents Table of Contents Table of Contents and protection costs, including the cost or availability of insurance.\"",
        "Reworded sentence: \"These expansions and transactions may involve some or all of the following risks:● the risk of entering business lines or product, domestic, or foreign markets, in which we have little experience, including the aluminum industry;● the risk of a newly constructed facility being completed over budget or not on time, including due to equipment delays or labor shortages, or having delays or difficulties with its start-up, ramp-up or qualification of products;● the risk of not being able to adequately obtain sufficient labor to efficiently build or staff a new facility, while maintaining our culture;● the risk of expected markets, products, customers and demand for products produced by a new facility being lower than expected;● the risk of new product development and qualification, technology development or customer acquisition and penetration being more costly, time-consuming or difficult than expected;● the difficulty of competing for acquisitions and other growth opportunities with companies having materially greater financial resources than us;● the inability to realize anticipated synergies or other expected benefits;● the difficulty of integrating new or acquired operations and personnel into our existing operations, while maintaining our culture;● the potential disruption of ongoing operations;● the diversion of financial resources or management attention to new operations, acquisition targets or acquired businesses;● the loss of key employees, customers or suppliers of acquired businesses;● the potential exposure to unknown liabilities;● the inability of management to maintain uniform standards, controls, procedures and policies;● the difficulty of managing the growth of a larger company;● the risk of becoming involved in labor, commercial, political, regulatory or other disputes or litigation related to new operations, acquisition targets or acquired businesses;● the risk of becoming more highly leveraged; and protection costs, including the cost or availability of insurance.\"",
        "Removed sentence: \"We may face risks associated with the implementation of our growth strategy.Our growth strategy subjects us to various risks.\""
      ],
      "current_body": "Increased cybersecurity and information technology security requirements, vulnerabilities and threats and a rise in sophisticated and targeted cybercrime, all of which may be heightened during times of war or hostilities, pose a risk to the security and functionality of our systems and information networks, and to the confidentiality, availability and integrity of sensitive data, including intellectual property, proprietary information, financial information, customer and supplier information, and personally identifiable information. Additionally, cybersecurity vulnerabilities or attacks could result in an interruption of the functionality of our automated and electronically controlled manufacturing operating systems, which, if compromised, could cease, threaten, delay or slow down our ability to melt, roll or otherwise process steel, aluminum or any of our other products for the duration of such interruption. Our customers and suppliers may also store certain of our sensitive information on their information technology systems, which if breached or attacked, could likewise expose our sensitive information. Similarly, information system vendors and software suppliers may experience a cybersecurity or information technology breach that exposes our systems or sensitive data. Any of these cybersecurity and information technology breaches or disruptions may result in reputational harm and may adversely affect our business, results of operations, financial condition and cash flows. Although we believe we have adopted procedures, training programs, and controls to adequately protect our sensitive data, networks and information and operating technology and systems, there can be no assurance that a system or network failure, or cybersecurity breach or attack, will be prevented, whether due to attacks by cyber criminals or due to employee, contractor or other error or malfeasance. This could lead to system interruption, production delays or downtimes and operational disruptions, and the disclosure, modification or destruction of sensitive data, which may adversely affect our reputation, customer and supplier relationships, financial results and results of operations, and could result in litigation or regulatory investigations, actions, fines or penalties, as well as increased cybersecurity monitoring 27 27 Table of Contentsand protection costs, including the cost or availability of insurance. Additionally, as cybersecurity threats continue to evolve and become more sophisticated, we may need to invest additional time, resources and finances to protect the security of our sensitive data, systems and information networks. We maintain an information security risk insurance policy to mitigate the impact of cybersecurity threats. We may face risks associated with the implementation of our growth strategy.Our growth strategy subjects us to various risks. As part of our growth strategy, we may expand existing facilities, enter into new business lines, territories, products or process initiatives, acquire or build additional plants, acquire other businesses and assets, enter into joint ventures, or form strategic alliances that we believe will complement our existing business. These expansions and transactions may involve some or all of the following risks:● the risk of entering business lines or product, domestic, or foreign markets, in which we have little experience, including the aluminum industry;● the risk of a newly constructed facility being completed over budget or not on time, including due to equipment delays or labor shortages, or having delays or difficulties with its start-up, ramp-up or qualification of products;● the risk of not being able to adequately obtain sufficient labor to efficiently build or staff a new facility, while maintaining our culture;● the risk of expected markets, products, customers and demand for products produced by a new facility being lower than expected;● the risk of new product development and qualification, technology development or customer acquisition and penetration being more costly, time-consuming or difficult than expected;● the difficulty of competing for acquisitions and other growth opportunities with companies having materially greater financial resources than us;● the inability to realize anticipated synergies or other expected benefits;● the difficulty of integrating new or acquired operations and personnel into our existing operations, while maintaining our culture;● the potential disruption of ongoing operations;● the diversion of financial resources or management attention to new operations, acquisition targets or acquired businesses;● the loss of key employees, customers or suppliers of acquired businesses;● the potential exposure to unknown liabilities;● the inability of management to maintain uniform standards, controls, procedures and policies;● the difficulty of managing the growth of a larger company;● the risk of becoming involved in labor, commercial, political, regulatory or other disputes or litigation related to new operations, acquisition targets or acquired businesses;● the risk of becoming more highly leveraged;28 Table of Contents Table of Contents Table of Contents and protection costs, including the cost or availability of insurance. Additionally, as cybersecurity threats continue to evolve and become more sophisticated, we may need to invest additional time, resources and finances to protect the security of our sensitive data, systems and information networks. We maintain an information security risk insurance policy to mitigate the impact of cybersecurity threats. We may face risks associated with the implementation of our growth strategy.Our growth strategy subjects us to various risks. As part of our growth strategy, we may expand existing facilities, enter into new business lines, territories, products or process initiatives, acquire or build additional plants, acquire other businesses and assets, enter into joint ventures, or form strategic alliances that we believe will complement our existing business. These expansions and transactions may involve some or all of the following risks:● the risk of entering business lines or product, domestic, or foreign markets, in which we have little experience, including the aluminum industry;● the risk of a newly constructed facility being completed over budget or not on time, including due to equipment delays or labor shortages, or having delays or difficulties with its start-up, ramp-up or qualification of products;● the risk of not being able to adequately obtain sufficient labor to efficiently build or staff a new facility, while maintaining our culture;● the risk of expected markets, products, customers and demand for products produced by a new facility being lower than expected;● the risk of new product development and qualification, technology development or customer acquisition and penetration being more costly, time-consuming or difficult than expected;● the difficulty of competing for acquisitions and other growth opportunities with companies having materially greater financial resources than us;● the inability to realize anticipated synergies or other expected benefits;● the difficulty of integrating new or acquired operations and personnel into our existing operations, while maintaining our culture;● the potential disruption of ongoing operations;● the diversion of financial resources or management attention to new operations, acquisition targets or acquired businesses;● the loss of key employees, customers or suppliers of acquired businesses;● the potential exposure to unknown liabilities;● the inability of management to maintain uniform standards, controls, procedures and policies;● the difficulty of managing the growth of a larger company;● the risk of becoming involved in labor, commercial, political, regulatory or other disputes or litigation related to new operations, acquisition targets or acquired businesses;● the risk of becoming more highly leveraged; and protection costs, including the cost or availability of insurance. Additionally, as cybersecurity threats continue to evolve and become more sophisticated, we may need to invest additional time, resources and finances to protect the security of our sensitive data, systems and information networks. We maintain an information security risk insurance policy to mitigate the impact of cybersecurity threats.",
      "prior_body": "Increased cybersecurity and information technology security requirements, vulnerabilities and threats and a rise in sophisticated and targeted cybercrime, all of which may be heightened during times of war or hostilities, pose a risk to the security and functionality of our systems and information networks, and to the confidentiality, availability and integrity of sensitive data, including intellectual property, proprietary information, financial information, customer and supplier information, and personally identifiable information. Additionally, cybersecurity vulnerabilities or attacks could result in an interruption of the functionality of our automated and electronically controlled manufacturing operating systems, which, if compromised, could cease, threaten, delay or slow down our ability to melt, roll or otherwise process 27 27 Table of Contentssteel or any of our other products for the duration of such interruption. Our customers and suppliers may also store certain of our sensitive information on their information technology systems, which if breached or attacked, could likewise expose our sensitive information. Similarly, information system vendors and software suppliers may experience a cybersecurity or information technology breach that exposes our systems or sensitive data. Any of these cybersecurity and information technology breaches or disruptions may result in reputational harm and may adversely affect our business, results of operations, financial condition and cash flows. Although we believe we have adopted procedures, training programs, and controls to adequately protect our sensitive data, networks and information and operating technology and systems, there can be no assurance that a system or network failure, or cybersecurity breach or attack, will be prevented, whether due to attacks by cyber criminals or due to employee, contractor or other error or malfeasance. This could lead to system interruption, production delays or downtimes and operational disruptions, and the disclosure, modification or destruction of sensitive data, which may adversely affect our reputation, customer and supplier relationships, financial results and results of operations, and could result in litigation or regulatory investigations, actions, fines or penalties, as well as increased cybersecurity monitoring and protection costs, including the cost or availability of insurance. Additionally, as cybersecurity threats continue to evolve and become more sophisticated, we may need to invest additional time, resources and finances to protect the security of our sensitive data, systems and information networks. We maintain an information security risk insurance policy to mitigate the impact of cybersecurity threats. We may face risks associated with the implementation of our growth strategy.Our growth strategy subjects us to various risks. As part of our growth strategy, we may expand existing facilities, enter into new business lines, territories, products or process initiatives, acquire or build additional plants, acquire other businesses and assets, enter into joint ventures, or form strategic alliances that we believe will complement our existing business. These expansions and transactions, including our recycled aluminum flat rolled products mill with an anticipated annual production capacity of 650,000 metric tons of finished products located in Columbus, Mississippi, may involve some or all of the following risks:● the risk of entering business lines or product, domestic, or foreign markets, in which we have little experience, including the aluminum industry;● the risk of a newly constructed facility being completed over budget or not on time, including due to equipment delays or labor shortages, or having delays or difficulties with its start-up;● the risk of not being able to adequately obtain sufficient labor to efficiently build or staff a new facility, while maintaining our culture;● the risk of expected markets, products, customers and demand for products produced by a new facility being lower than expected;● the risk of new product development, technology development or customer acquisition and penetration being more costly or difficult than expected;● the difficulty of competing for acquisitions and other growth opportunities with companies having materially greater financial resources than us;● the inability to realize anticipated synergies or other expected benefits;● the difficulty of integrating new or acquired operations and personnel into our existing operations, while maintaining our culture;● the potential disruption of ongoing operations;● the diversion of financial resources or management attention to new operations or acquired businesses;28 Table of Contents Table of Contents Table of Contents steel or any of our other products for the duration of such interruption. Our customers and suppliers may also store certain of our sensitive information on their information technology systems, which if breached or attacked, could likewise expose our sensitive information. Similarly, information system vendors and software suppliers may experience a cybersecurity or information technology breach that exposes our systems or sensitive data. Any of these cybersecurity and information technology breaches or disruptions may result in reputational harm and may adversely affect our business, results of operations, financial condition and cash flows. Although we believe we have adopted procedures, training programs, and controls to adequately protect our sensitive data, networks and information and operating technology and systems, there can be no assurance that a system or network failure, or cybersecurity breach or attack, will be prevented, whether due to attacks by cyber criminals or due to employee, contractor or other error or malfeasance. This could lead to system interruption, production delays or downtimes and operational disruptions, and the disclosure, modification or destruction of sensitive data, which may adversely affect our reputation, customer and supplier relationships, financial results and results of operations, and could result in litigation or regulatory investigations, actions, fines or penalties, as well as increased cybersecurity monitoring and protection costs, including the cost or availability of insurance. Additionally, as cybersecurity threats continue to evolve and become more sophisticated, we may need to invest additional time, resources and finances to protect the security of our sensitive data, systems and information networks. We maintain an information security risk insurance policy to mitigate the impact of cybersecurity threats. We may face risks associated with the implementation of our growth strategy.Our growth strategy subjects us to various risks. As part of our growth strategy, we may expand existing facilities, enter into new business lines, territories, products or process initiatives, acquire or build additional plants, acquire other businesses and assets, enter into joint ventures, or form strategic alliances that we believe will complement our existing business. These expansions and transactions, including our recycled aluminum flat rolled products mill with an anticipated annual production capacity of 650,000 metric tons of finished products located in Columbus, Mississippi, may involve some or all of the following risks:● the risk of entering business lines or product, domestic, or foreign markets, in which we have little experience, including the aluminum industry;● the risk of a newly constructed facility being completed over budget or not on time, including due to equipment delays or labor shortages, or having delays or difficulties with its start-up;● the risk of not being able to adequately obtain sufficient labor to efficiently build or staff a new facility, while maintaining our culture;● the risk of expected markets, products, customers and demand for products produced by a new facility being lower than expected;● the risk of new product development, technology development or customer acquisition and penetration being more costly or difficult than expected;● the difficulty of competing for acquisitions and other growth opportunities with companies having materially greater financial resources than us;● the inability to realize anticipated synergies or other expected benefits;● the difficulty of integrating new or acquired operations and personnel into our existing operations, while maintaining our culture;● the potential disruption of ongoing operations;● the diversion of financial resources or management attention to new operations or acquired businesses; steel or any of our other products for the duration of such interruption. Our customers and suppliers may also store certain of our sensitive information on their information technology systems, which if breached or attacked, could likewise expose our sensitive information. Similarly, information system vendors and software suppliers may experience a cybersecurity or information technology breach that exposes our systems or sensitive data. Any of these cybersecurity and information technology breaches or disruptions may result in reputational harm and may adversely affect our business, results of operations, financial condition and cash flows. Although we believe we have adopted procedures, training programs, and controls to adequately protect our sensitive data, networks and information and operating technology and systems, there can be no assurance that a system or network failure, or cybersecurity breach or attack, will be prevented, whether due to attacks by cyber criminals or due to employee, contractor or other error or malfeasance. This could lead to system interruption, production delays or downtimes and operational disruptions, and the disclosure, modification or destruction of sensitive data, which may adversely affect our reputation, customer and supplier relationships, financial results and results of operations, and could result in litigation or regulatory investigations, actions, fines or penalties, as well as increased cybersecurity monitoring and protection costs, including the cost or availability of insurance. Additionally, as cybersecurity threats continue to evolve and become more sophisticated, we may need to invest additional time, resources and finances to protect the security of our sensitive data, systems and information networks. We maintain an information security risk insurance policy to mitigate the impact of cybersecurity threats. We may face risks associated with the implementation of our growth strategy.Our growth strategy subjects us to various risks. As part of our growth strategy, we may expand existing facilities, enter into new business lines, territories, products or process initiatives, acquire or build additional plants, acquire other businesses and assets, enter into joint ventures, or form strategic alliances that we believe will complement our existing business. These expansions and transactions, including our recycled aluminum flat rolled products mill with an anticipated annual production capacity of 650,000 metric tons of finished products located in Columbus, Mississippi, may involve some or all of the following risks:● the risk of entering business lines or product, domestic, or foreign markets, in which we have little experience, including the aluminum industry;● the risk of a newly constructed facility being completed over budget or not on time, including due to equipment delays or labor shortages, or having delays or difficulties with its start-up;● the risk of not being able to adequately obtain sufficient labor to efficiently build or staff a new facility, while maintaining our culture;● the risk of expected markets, products, customers and demand for products produced by a new facility being lower than expected;● the risk of new product development, technology development or customer acquisition and penetration being more costly or difficult than expected;● the difficulty of competing for acquisitions and other growth opportunities with companies having materially greater financial resources than us;● the inability to realize anticipated synergies or other expected benefits;● the difficulty of integrating new or acquired operations and personnel into our existing operations, while maintaining our culture;● the potential disruption of ongoing operations;● the diversion of financial resources or management attention to new operations or acquired businesses; steel or any of our other products for the duration of such interruption. Our customers and suppliers may also store certain of our sensitive information on their information technology systems, which if breached or attacked, could likewise expose our sensitive information. Similarly, information system vendors and software suppliers may experience a cybersecurity or information technology breach that exposes our systems or sensitive data. Any of these cybersecurity and information technology breaches or disruptions may result in reputational harm and may adversely affect our business, results of operations, financial condition and cash flows. Although we believe we have adopted procedures, training programs, and controls to adequately protect our sensitive data, networks and information and operating technology and systems, there can be no assurance that a system or network failure, or cybersecurity breach or attack, will be prevented, whether due to attacks by cyber criminals or due to employee, contractor or other error or malfeasance. This could lead to system interruption, production delays or downtimes and operational disruptions, and the disclosure, modification or destruction of sensitive data, which may adversely affect our reputation, customer and supplier relationships, financial results and results of operations, and could result in litigation or regulatory investigations, actions, fines or penalties, as well as increased cybersecurity monitoring and protection costs, including the cost or availability of insurance. Additionally, as cybersecurity threats continue to evolve and become more sophisticated, we may need to invest additional time, resources and finances to protect the security of our sensitive data, systems and information networks. We maintain an information security risk insurance policy to mitigate the impact of cybersecurity threats."
    },
    {
      "status": "MODIFIED",
      "current_title": "The company’s $650.0 million of 4.000% senior notes due 2028 mature on December 15, 2028, with interest payable semi-annually. Early redemption is permitted any time prior to November 15, 2028, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.10%; and as of November 15, 2028, at 100.000%.",
      "prior_title": "Senior Unsecured Notes",
      "similarity_score": 0.893,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"Treasury rate November 15, 2028 The company’s $600.0 million of 3.450% senior notes due 2030 mature on April 15, 2030, with interest payable semi-annually.\"",
        "Reworded sentence: \"Treasury rate ​ The company’s $500.0 million of 3.250% senior notes due 2031 mature on January 15, 2031, with interest payable semi-annually.\"",
        "Reworded sentence: \"Treasury rate plus 0.40%; and as of October 15, 2030, at 100.000%.\"",
        "Reworded sentence: \"Treasury rate plus 0.20%; and as of May 15, 2034, at 100.000%.\"",
        "Reworded sentence: \"Treasury rate plus 0.30%; and as of April 15, 2050, at 100.000%.\""
      ],
      "current_body": "U.S. Treasury rate November 15, 2028 The company’s $600.0 million of 3.450% senior notes due 2030 mature on April 15, 2030, with interest payable semi-annually. Early redemption is permitted any time prior to January 15, 2030, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.25%; and as of January 15, 2030, at 100.000%. U.S. Treasury rate ​ The company’s $500.0 million of 3.250% senior notes due 2031 mature on January 15, 2031, with interest payable semi-annually. Early redemption is permitted any time prior to October 15, 2030, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.40%; and as of October 15, 2030, at 100.000%. U.S. Treasury rate ​ The company’s $600.0 million of 5.375% senior notes due 2034 mature on August 15, 2034, with interest payable semi-annually. Early redemption is permitted any time prior to May 15, 2034, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.20%; and as of May 15, 2034, at 100.000%. U.S. Treasury rate ​ The company’s $750.0 million of 5.250% senior notes due 2035 mature on May 15, 2035, with interest payable semi-annually. Early redemption is permitted any time prior to February 15, 2035, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.20%; and as of February 15, 2035, at 100.000%. U.S. Treasury The company’s $400.0 million of 3.250% senior notes due 2050 mature on October 15, 2050, with interest payable semi-annually. Early redemption is permitted any time prior to April 15, 2050, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.30%; and as of April 15, 2050, at 100.000%. U.S. Treasury rate ​ 71 71 Table of ContentsNote 3. Long-Term Debt (Continued)The company’s $400.0 million of 5.750% senior notes due 2055 mature on May 15, 2055, with interest payable semi-annually. Early redemption is permitted any time prior to November 15, 2054, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.25%; and as of November 15, 2054, at 100.000%. Other ObligationsSecured Loans. Two of the company’s controlled subsidiaries have entered into financing agreements for certain equipment which bear a weighted average interest rate of 5.15%, with monthly principal and interest payments required through 2033. The outstanding principal balance of these agreements was $3.4 million and $2.4 million at December 31, 2025, and 2024, respectively. One of the company’s controlled subsidiaries has a secured credit agreement, which matures in March 2026, and provides a revolving variable rate credit facility of up to $30.0 million, subject to a borrowing base determined from eligible accounts receivable and inventory. Interest, which was 5.12% at December 31, 2025, is payable monthly. There were no amounts due under the credit facility at December 31, 2025 or 2024. Another of the company’s controlled subsidiaries has a secured credit agreement, which matures in June 2028, and provides a revolving variable rate credit facility of up to $125.0 million, subject to a borrowing base determined from eligible accounts receivable and inventory. Interest, which was 5.47% at December 31, 2025, is payable monthly. Amounts due under the credit facility were $33.2 million and $26.4 million at December 31, 2025, and 2024, respectively. Outstanding Debt MaturitiesMaturities of outstanding debt as of December 31, 2025, are as follows (in thousands):​​​​​2026​$34,655​2027​​351,099​2028​​650,416​2029​​198​2030​​600,095​Thereafter​​2,650,147​​​$4,286,610​​The company capitalizes interest on all qualifying construction in progress assets. For the years ended December 31, 2025, 2024, and 2023, total interest costs incurred were $170.6 million, $123.1 million, and $109.5 million, respectively, of which $100.6 million, $66.8 million, and $33.0 million, respectively, were capitalized.​​72 Table of Contents Table of Contents Table of Contents Note 3. Long-Term Debt (Continued)The company’s $400.0 million of 5.750% senior notes due 2055 mature on May 15, 2055, with interest payable semi-annually. Early redemption is permitted any time prior to November 15, 2054, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.25%; and as of November 15, 2054, at 100.000%. Other ObligationsSecured Loans. Two of the company’s controlled subsidiaries have entered into financing agreements for certain equipment which bear a weighted average interest rate of 5.15%, with monthly principal and interest payments required through 2033. The outstanding principal balance of these agreements was $3.4 million and $2.4 million at December 31, 2025, and 2024, respectively. One of the company’s controlled subsidiaries has a secured credit agreement, which matures in March 2026, and provides a revolving variable rate credit facility of up to $30.0 million, subject to a borrowing base determined from eligible accounts receivable and inventory. Interest, which was 5.12% at December 31, 2025, is payable monthly. There were no amounts due under the credit facility at December 31, 2025 or 2024. Another of the company’s controlled subsidiaries has a secured credit agreement, which matures in June 2028, and provides a revolving variable rate credit facility of up to $125.0 million, subject to a borrowing base determined from eligible accounts receivable and inventory. Interest, which was 5.47% at December 31, 2025, is payable monthly. Amounts due under the credit facility were $33.2 million and $26.4 million at December 31, 2025, and 2024, respectively. Outstanding Debt MaturitiesMaturities of outstanding debt as of December 31, 2025, are as follows (in thousands):​​​​​2026​$34,655​2027​​351,099​2028​​650,416​2029​​198​2030​​600,095​Thereafter​​2,650,147​​​$4,286,610​​The company capitalizes interest on all qualifying construction in progress assets. For the years ended December 31, 2025, 2024, and 2023, total interest costs incurred were $170.6 million, $123.1 million, and $109.5 million, respectively, of which $100.6 million, $66.8 million, and $33.0 million, respectively, were capitalized.​​",
      "prior_body": "The company has seven different tranches of senior unsecured notes (Notes) outstanding. These Notes are in equal right of payment with all existing and future senior unsecured indebtedness and are senior in right of payment to all subordinated indebtedness. These Notes contain provisions that allow the company to redeem the Notes on or after the dates and at redemption prices (expressed as a percentage of principal amount) listed below. ​ The company’s $400.0 million of 2.400% senior notes due 2025 mature on June 15, 2025, with interest payable semi-annually. Early redemption is permitted any time prior to May 15, 2025, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.35%; and as of May 15, 2025, at 100.000%. U.S. Treasury rate ​ The company’s $400.0 million of 5.000% senior notes due 2026 mature on December 15, 2026, with interest payable semi-annually. Early redemption was permitted as of December 15, 2024, at 100.000%. ​ The company’s $350.0 million of 1.650% senior notes due 2027 mature on October 15, 2027, with interest payable semi-annually. Early redemption is permitted any time prior to August 15, 2027, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.20%; and as of August 15, 2027, at 100.000%. U.S. Treasury rate ​ The company’s $600.0 million of 3.450% senior notes due 2030 mature on April 15, 2030, with interest payable semi-annually. Early redemption is permitted any time prior to January 15, 2030, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.25%; and as of January 15, 2030, at 100.000%. U.S. Treasury rate ​ 70 70 Table of ContentsNote 3. Long-Term Debt (Continued)The company’s $500.0 million of 3.250% senior notes due 2031 mature on January 15, 2031, with interest payable semi-annually. Early redemption is permitted any time prior to October 15, 2030, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.40%; and as of October 15, 2030, at 100.000%.​The company’s $600.0 million of 5.375% senior notes due 2034 mature on August 15, 2034, with interest payable semi-annually. Early redemption is permitted any time prior to May 15, 2034, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.20%; and as of May 15, 2034, at 100.000%.​The company’s $400.0 million of 3.250% senior notes due 2050 mature on October 15, 2050, with interest payable semi-annually. Early redemption is permitted any time prior to April 15, 2050, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.30%; and as of April 15, 2050, at 100.000%.​Other ObligationsSecured Loans. One of the company’s controlled subsidiaries has entered into financing agreements for certain equipment which bear a weighted average interest rate of 4.34%, with monthly principal and interest payments required through 2027. The outstanding principal balance of these agreements was $2.4 million and $2.0 million at December 31, 2024, and 2023, respectively. The controlled subsidiary also has a secured credit agreement, which matures in March 2026, and provides a revolving variable rate credit facility of up to $30.0 million, subject to a borrowing base determined from eligible accounts receivable and inventory. Interest, which was 5.81% at December 31, 2024, is payable monthly. There were no amounts due under the credit facility at December 31, 2024 or 2023. One of the company’s controlled subsidiaries has a secured credit agreement, which matures in June 2028, and provides a revolving variable rate credit facility of up to $125.0 million, subject to a borrowing base determined from eligible accounts receivable and inventory. Interest, which was 6.40% at December 31, 2024, is payable monthly. Amounts due under the credit facility were $26.4 million and $59.8 million at December 31, 2024, and 2023, respectively.Outstanding Debt MaturitiesMaturities of outstanding debt as of December 31, 2024, are as follows (in thousands):​​​​​​​2025​$ 427,442​​2026​​ 400,896​​2027​​ 350,465​​2028​​ -​​2029​​ -​​Thereafter ​​ 2,100,000​​​​$ 3,278,803​​The company capitalizes interest on all qualifying construction in progress assets. For the years ended December 31, 2024, 2023, and 2022, total interest costs incurred were $123.1 million, $109.5 million, and $107.4 million, respectively, of which $66.8 million, $33.0 million, and $15.8 million, respectively, were capitalized.71 Table of Contents Table of Contents Table of Contents Note 3. Long-Term Debt (Continued)The company’s $500.0 million of 3.250% senior notes due 2031 mature on January 15, 2031, with interest payable semi-annually. Early redemption is permitted any time prior to October 15, 2030, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.40%; and as of October 15, 2030, at 100.000%.​The company’s $600.0 million of 5.375% senior notes due 2034 mature on August 15, 2034, with interest payable semi-annually. Early redemption is permitted any time prior to May 15, 2034, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.20%; and as of May 15, 2034, at 100.000%.​The company’s $400.0 million of 3.250% senior notes due 2050 mature on October 15, 2050, with interest payable semi-annually. Early redemption is permitted any time prior to April 15, 2050, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.30%; and as of April 15, 2050, at 100.000%.​Other ObligationsSecured Loans. One of the company’s controlled subsidiaries has entered into financing agreements for certain equipment which bear a weighted average interest rate of 4.34%, with monthly principal and interest payments required through 2027. The outstanding principal balance of these agreements was $2.4 million and $2.0 million at December 31, 2024, and 2023, respectively. The controlled subsidiary also has a secured credit agreement, which matures in March 2026, and provides a revolving variable rate credit facility of up to $30.0 million, subject to a borrowing base determined from eligible accounts receivable and inventory. Interest, which was 5.81% at December 31, 2024, is payable monthly. There were no amounts due under the credit facility at December 31, 2024 or 2023. One of the company’s controlled subsidiaries has a secured credit agreement, which matures in June 2028, and provides a revolving variable rate credit facility of up to $125.0 million, subject to a borrowing base determined from eligible accounts receivable and inventory. Interest, which was 6.40% at December 31, 2024, is payable monthly. Amounts due under the credit facility were $26.4 million and $59.8 million at December 31, 2024, and 2023, respectively.Outstanding Debt MaturitiesMaturities of outstanding debt as of December 31, 2024, are as follows (in thousands):​​​​​​​2025​$ 427,442​​2026​​ 400,896​​2027​​ 350,465​​2028​​ -​​2029​​ -​​Thereafter ​​ 2,100,000​​​​$ 3,278,803​​The company capitalizes interest on all qualifying construction in progress assets. For the years ended December 31, 2024, 2023, and 2022, total interest costs incurred were $123.1 million, $109.5 million, and $107.4 million, respectively, of which $66.8 million, $33.0 million, and $15.8 million, respectively, were capitalized. Note 3. Long-Term Debt (Continued)The company’s $500.0 million of 3.250% senior notes due 2031 mature on January 15, 2031, with interest payable semi-annually. Early redemption is permitted any time prior to October 15, 2030, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.40%; and as of October 15, 2030, at 100.000%.​The company’s $600.0 million of 5.375% senior notes due 2034 mature on August 15, 2034, with interest payable semi-annually. Early redemption is permitted any time prior to May 15, 2034, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.20%; and as of May 15, 2034, at 100.000%.​The company’s $400.0 million of 3.250% senior notes due 2050 mature on October 15, 2050, with interest payable semi-annually. Early redemption is permitted any time prior to April 15, 2050, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.30%; and as of April 15, 2050, at 100.000%.​Other ObligationsSecured Loans. One of the company’s controlled subsidiaries has entered into financing agreements for certain equipment which bear a weighted average interest rate of 4.34%, with monthly principal and interest payments required through 2027. The outstanding principal balance of these agreements was $2.4 million and $2.0 million at December 31, 2024, and 2023, respectively. The controlled subsidiary also has a secured credit agreement, which matures in March 2026, and provides a revolving variable rate credit facility of up to $30.0 million, subject to a borrowing base determined from eligible accounts receivable and inventory. Interest, which was 5.81% at December 31, 2024, is payable monthly. There were no amounts due under the credit facility at December 31, 2024 or 2023. One of the company’s controlled subsidiaries has a secured credit agreement, which matures in June 2028, and provides a revolving variable rate credit facility of up to $125.0 million, subject to a borrowing base determined from eligible accounts receivable and inventory. Interest, which was 6.40% at December 31, 2024, is payable monthly. Amounts due under the credit facility were $26.4 million and $59.8 million at December 31, 2024, and 2023, respectively.Outstanding Debt MaturitiesMaturities of outstanding debt as of December 31, 2024, are as follows (in thousands):​​​​​​​2025​$ 427,442​​2026​​ 400,896​​2027​​ 350,465​​2028​​ -​​2029​​ -​​Thereafter ​​ 2,100,000​​​​$ 3,278,803​​The company capitalizes interest on all qualifying construction in progress assets. For the years ended December 31, 2024, 2023, and 2022, total interest costs incurred were $123.1 million, $109.5 million, and $107.4 million, respectively, of which $66.8 million, $33.0 million, and $15.8 million, respectively, were capitalized."
    },
    {
      "status": "MODIFIED",
      "current_title": "Steel Fabrication Operations Segment",
      "prior_title": "Steel Fabrication Operations Segment",
      "similarity_score": 0.892,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ Steel fabrication operations include our New Millennium Building Systems’ joist and deck plants located throughout the United States, and in Northern Mexico.\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ New Millennium Building Systems: ​ ​ ​ ​ ​ ​ ​ ​ Joist and Deck Operations ​ Butler, IN ​ Steel Joist and Deck Fabrication Facility ​ 156 ​ — Joist Operations ​ Fallon, NV ​ Steel Joist Fabrication Facility ​ 68 ​ — Joist and Deck Operations ​ Hope, AR ​ Steel Joist and Deck Fabrication Facility ​ 245 ​ 7 Joist Operations ​ Juarez, MX ​ Steel Joist Fabrication Facility ​ 17 ​ — Joist and Deck Operations ​ Lake City, FL ​ Steel Joist and Deck Fabrication Facility ​ 81 ​ — Deck Operations ​ Memphis, TN ​ Deck Fabrication Facility ​ 19 ​ — Joist and Deck Operations ​ Salem, VA ​ Steel Joist and Deck Fabrication Facility ​ 113 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ New Millennium Building Systems: ​ ​ ​ ​ ​ ​ ​ ​ Joist and Deck Operations ​ Butler, IN ​ Steel Joist and Deck Fabrication Facility ​ 156 ​ — Joist Operations ​ Fallon, NV ​ Steel Joist Fabrication Facility ​ 68 ​ — Joist and Deck Operations ​ Hope, AR ​ Steel Joist and Deck Fabrication Facility ​ 245 ​ 7 Joist Operations ​ Juarez, MX ​ Steel Joist Fabrication Facility ​ 17 ​ — Joist and Deck Operations ​ Lake City, FL ​ Steel Joist and Deck Fabrication Facility ​ 81 ​ — Deck Operations ​ Memphis, TN ​ Deck Fabrication Facility ​ 19 ​ — Joist and Deck Operations ​ Salem, VA ​ Steel Joist and Deck Fabrication Facility ​ 113 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Aluminum Operations Segment",
      "prior_title": "Aluminum Operations Segment",
      "similarity_score": 0.889,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"Aluminum Dynamics, LLC ​ Columbus, MS ​ Recycled Aluminum Flat Rolled Products Mill ​ 2,112 ​ — Aluminum Dynamics of Mexico ​ San Luis Potosi, Mexico ​ Recycled Aluminum Slab Facility ​ 692 ​ — Superior Aluminum Alloys ​ New Haven, IN ​ Recycled Aluminum Deox-Rod Facility ​ 96 ​ — ​ The company’s corporate headquarters is located in Fort Wayne, Indiana on 20 owned acres.\"",
        "Reworded sentence: \"*Our 2025 steel mill production utilization was 86% of our estimated annual steelmaking capability.\"",
        "Reworded sentence: \"Some of these matters have resulted in fines or penalties, exclusive of interest and costs, which did not exceed $1 million in aggregate, as of December 31, 2025.ITEM 4.\"",
        "Reworded sentence: \"Some of these matters have resulted in fines or penalties, exclusive of interest and costs, which did not exceed $1 million in aggregate, as of December 31, 2025.ITEM 4.\"",
        "Reworded sentence: \"Some of these matters have resulted in fines or penalties, exclusive of interest and costs, which did not exceed $1 million in aggregate, as of December 31, 2025.\""
      ],
      "current_body": "Aluminum Dynamics, LLC ​ Columbus, MS ​ Recycled Aluminum Flat Rolled Products Mill ​ 2,112 ​ — Aluminum Dynamics of Mexico ​ San Luis Potosi, Mexico ​ Recycled Aluminum Slab Facility ​ 692 ​ — Superior Aluminum Alloys ​ New Haven, IN ​ Recycled Aluminum Deox-Rod Facility ​ 96 ​ — ​ The company’s corporate headquarters is located in Fort Wayne, Indiana on 20 owned acres. Our copper rod and wire facility, a controlled subsidiary, is in New Haven, Indiana on 35 owned and 4 leased acres. *Our 2025 steel mill production utilization was 86% of our estimated annual steelmaking capability. 33 33 Table of ContentsITEM 3. LEGAL PROCEEDINGSWe are involved in various litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are currently expected to have a material impact on our financial condition, results of operations, or liquidity.We may also be involved from time to time in various governmental investigations, regulatory proceedings or judicial actions seeking penalties, injunctive relief, and/or remediation under federal, state and local environmental laws and regulations. The United States EPA has conducted such investigations and proceedings involving us, in some instances along with state environmental regulators, under various environmental laws, including RCRA, CERCLA, the Clean Water Act and the Clean Air Act. Some of these matters have resulted in fines or penalties, exclusive of interest and costs, which did not exceed $1 million in aggregate, as of December 31, 2025.ITEM 4. MINE SAFETY DISCLOSURESNone.​34 Table of Contents Table of Contents Table of Contents ITEM 3. LEGAL PROCEEDINGSWe are involved in various litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are currently expected to have a material impact on our financial condition, results of operations, or liquidity.We may also be involved from time to time in various governmental investigations, regulatory proceedings or judicial actions seeking penalties, injunctive relief, and/or remediation under federal, state and local environmental laws and regulations. The United States EPA has conducted such investigations and proceedings involving us, in some instances along with state environmental regulators, under various environmental laws, including RCRA, CERCLA, the Clean Water Act and the Clean Air Act. Some of these matters have resulted in fines or penalties, exclusive of interest and costs, which did not exceed $1 million in aggregate, as of December 31, 2025.ITEM 4. MINE SAFETY DISCLOSURESNone.​ ITEM 3. LEGAL PROCEEDINGS We are involved in various litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are currently expected to have a material impact on our financial condition, results of operations, or liquidity. We may also be involved from time to time in various governmental investigations, regulatory proceedings or judicial actions seeking penalties, injunctive relief, and/or remediation under federal, state and local environmental laws and regulations. The United States EPA has conducted such investigations and proceedings involving us, in some instances along with state environmental regulators, under various environmental laws, including RCRA, CERCLA, the Clean Water Act and the Clean Air Act. Some of these matters have resulted in fines or penalties, exclusive of interest and costs, which did not exceed $1 million in aggregate, as of December 31, 2025. ITEM 4. MINE SAFETY DISCLOSURES None. ​ 34 34 Table of ContentsPART IIITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIESThe information required by Item 5 with respect to securities authorized for issuance under equity compensation plans is set forth in Part III, Item 12 of this Form 10-K. Our common stock trades on The NASDAQ Global Select Stock Market under the symbol STLD.As of February 25, 2026, we had 144,882,401 shares of common stock outstanding and held beneficially by approximately 25,000 stockholders based on our security position listing. Because many of the shares were held by depositories, brokers and other nominees, the number of registered holders (approximately 1,160) is not representative of the number of beneficial holders.Issuer Purchases of Equity SecuritiesWe purchased the following equity securities registered by us pursuant to Section 12 of the Exchange Act during the three months ended December 31, 2025.​​​​​​​​​​​​​​​​​​​​​​​​Period​Total Number of Shares Purchased​Average Price Paid per Share​Total Number of Shares Purchased as Part of Publicly Announced Program(1)​Maximum Dollar Value of Shares That May Yet be Purchased Under the Program (in thousands) (1)​​​​​​​​​​​​Quarter ended December 31, 2025​​​​​​​​​​​​​​​​​​​​​October 1-31​ 109,815​$ 146.90​​ 109,815​$ 1,023,609November 1-30​ 910,321​​ 157.62​​ 910,321​​ 881,551December 1-31​ 466,035​​ 173.11​​ 466,035​​ 800,968​​ 1,486,171​​​​​ 1,486,171​​​​(1)In February 2025, our board of directors authorized a share repurchase program of up to $1.5 billion of our common stock. ​35 Table of Contents Table of Contents Table of Contents PART IIITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIESThe information required by Item 5 with respect to securities authorized for issuance under equity compensation plans is set forth in Part III, Item 12 of this Form 10-K. Our common stock trades on The NASDAQ Global Select Stock Market under the symbol STLD.As of February 25, 2026, we had 144,882,401 shares of common stock outstanding and held beneficially by approximately 25,000 stockholders based on our security position listing. Because many of the shares were held by depositories, brokers and other nominees, the number of registered holders (approximately 1,160) is not representative of the number of beneficial holders.Issuer Purchases of Equity SecuritiesWe purchased the following equity securities registered by us pursuant to Section 12 of the Exchange Act during the three months ended December 31, 2025.​​​​​​​​​​​​​​​​​​​​​​​​Period​Total Number of Shares Purchased​Average Price Paid per Share​Total Number of Shares Purchased as Part of Publicly Announced Program(1)​Maximum Dollar Value of Shares That May Yet be Purchased Under the Program (in thousands) (1)​​​​​​​​​​​​Quarter ended December 31, 2025​​​​​​​​​​​​​​​​​​​​​October 1-31​ 109,815​$ 146.90​​ 109,815​$ 1,023,609November 1-30​ 910,321​​ 157.62​​ 910,321​​ 881,551December 1-31​ 466,035​​ 173.11​​ 466,035​​ 800,968​​ 1,486,171​​​​​ 1,486,171​​​​(1)In February 2025, our board of directors authorized a share repurchase program of up to $1.5 billion of our common stock. ​ PART II ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES The information required by Item 5 with respect to securities authorized for issuance under equity compensation plans is set forth in Part III, Item 12 of this Form 10-K. Our common stock trades on The NASDAQ Global Select Stock Market under the symbol STLD. As of February 25, 2026, we had 144,882,401 shares of common stock outstanding and held beneficially by approximately 25,000 stockholders based on our security position listing. Because many of the shares were held by depositories, brokers and other nominees, the number of registered holders (approximately 1,160) is not representative of the number of beneficial holders.",
      "prior_body": "Aluminum Dynamics, LLC ​ Columbus, MS ​ Recycled Aluminum Flat Rolled Products Mill ​ 2,112 ​ — Aluminum Dynamics of Mexico ​ San Luis Potosi, Mexico ​ Recycled Aluminum Slab Facility ​ 692 ​ — Superior Aluminum Alloys ​ New Haven, IN ​ Aluminum Operations ​ 96 ​ — ​ The company’s corporate headquarters is in Fort Wayne, Indiana on 20 owned acres. Our copper rod and wire facility, a controlled subsidiary, is in New Haven, Indiana on 35 owned and 4 leased acres. *Our 2024 steel mill production utilization was 81% of our estimated annual steelmaking capability. 33 33 Table of ContentsITEM 3. LEGAL PROCEEDINGSWe are involved in various litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are currently expected to have a material impact on our financial condition, results of operations, or liquidity.We may also be involved from time to time in various governmental investigations, regulatory proceedings or judicial actions seeking penalties, injunctive relief, and/or remediation under federal, state and local environmental laws and regulations. The United States EPA has conducted such investigations and proceedings involving us, in some instances along with state environmental regulators, under various environmental laws, including RCRA, CERCLA, the Clean Water Act and the Clean Air Act. Some of these matters have resulted in fines or penalties, exclusive of interest and costs, which did not exceed $1 million in aggregate, as of December 31, 2024.ITEM 4. MINE SAFETY DISCLOSURESNone.​34 Table of Contents Table of Contents Table of Contents ITEM 3. LEGAL PROCEEDINGSWe are involved in various litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are currently expected to have a material impact on our financial condition, results of operations, or liquidity.We may also be involved from time to time in various governmental investigations, regulatory proceedings or judicial actions seeking penalties, injunctive relief, and/or remediation under federal, state and local environmental laws and regulations. The United States EPA has conducted such investigations and proceedings involving us, in some instances along with state environmental regulators, under various environmental laws, including RCRA, CERCLA, the Clean Water Act and the Clean Air Act. Some of these matters have resulted in fines or penalties, exclusive of interest and costs, which did not exceed $1 million in aggregate, as of December 31, 2024.ITEM 4. MINE SAFETY DISCLOSURESNone.​ ITEM 3. LEGAL PROCEEDINGSWe are involved in various litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are currently expected to have a material impact on our financial condition, results of operations, or liquidity.We may also be involved from time to time in various governmental investigations, regulatory proceedings or judicial actions seeking penalties, injunctive relief, and/or remediation under federal, state and local environmental laws and regulations. The United States EPA has conducted such investigations and proceedings involving us, in some instances along with state environmental regulators, under various environmental laws, including RCRA, CERCLA, the Clean Water Act and the Clean Air Act. Some of these matters have resulted in fines or penalties, exclusive of interest and costs, which did not exceed $1 million in aggregate, as of December 31, 2024.ITEM 4. MINE SAFETY DISCLOSURESNone.​ ITEM 3. LEGAL PROCEEDINGS We are involved in various litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are currently expected to have a material impact on our financial condition, results of operations, or liquidity. We may also be involved from time to time in various governmental investigations, regulatory proceedings or judicial actions seeking penalties, injunctive relief, and/or remediation under federal, state and local environmental laws and regulations. The United States EPA has conducted such investigations and proceedings involving us, in some instances along with state environmental regulators, under various environmental laws, including RCRA, CERCLA, the Clean Water Act and the Clean Air Act. Some of these matters have resulted in fines or penalties, exclusive of interest and costs, which did not exceed $1 million in aggregate, as of December 31, 2024. ITEM 4. MINE SAFETY DISCLOSURES None. ​ 34 34 Table of ContentsPART IIITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIESThe information required by Item 5 with respect to securities authorized for issuance under equity compensation plans is set forth in Part III, Item 12 of this Form 10-K. Our common stock trades on The NASDAQ Global Select Stock Market under the symbol STLD.As of February 24, 2025, we had 150,163,986 shares of common stock outstanding and held beneficially by approximately 30,000 stockholders based on our security position listing. Because many of the shares were held by depositories, brokers and other nominees, the number of registered holders (approximately 1,220) is not representative of the number of beneficial holders.Issuer Purchases of Equity SecuritiesWe purchased the following equity securities registered by us pursuant to Section 12 of the Exchange Act during the three months ended December 31, 2024.​​​​​​​​​​​​​​​​​​​​​​​​Period​Total Number of Shares Purchased​Average Price Paid per Share​Total Number of Shares Purchased as Part of Publicly Announced Program(1)​Maximum Dollar Value of Shares That May Yet be Purchased Under the Program (in thousands) (1)​​​​​​​​​​​​Quarter ended December 31, 2024​​​​​​​​​​​​​​​​​​​​​October 1-31​ 664,066​$ 132.25​​ 664,066​$ 399,476November 1-30​ 790,538​​ 144.37​​ 790,538​​ 286,494December 1-31​ 728,796​​ 128.87​​ 728,796​​ 193,510​​ 2,183,400​​​​​ 2,183,400​​​​(1)In November 2023, our board of directors authorized a share repurchase program of up to $1.5 billion of our common stock. In February 2025, our board of directors authorized an additional share repurchase program of up to $1.5 billion of our common stock. ​35 Table of Contents Table of Contents Table of Contents PART IIITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIESThe information required by Item 5 with respect to securities authorized for issuance under equity compensation plans is set forth in Part III, Item 12 of this Form 10-K. Our common stock trades on The NASDAQ Global Select Stock Market under the symbol STLD.As of February 24, 2025, we had 150,163,986 shares of common stock outstanding and held beneficially by approximately 30,000 stockholders based on our security position listing. Because many of the shares were held by depositories, brokers and other nominees, the number of registered holders (approximately 1,220) is not representative of the number of beneficial holders.Issuer Purchases of Equity SecuritiesWe purchased the following equity securities registered by us pursuant to Section 12 of the Exchange Act during the three months ended December 31, 2024.​​​​​​​​​​​​​​​​​​​​​​​​Period​Total Number of Shares Purchased​Average Price Paid per Share​Total Number of Shares Purchased as Part of Publicly Announced Program(1)​Maximum Dollar Value of Shares That May Yet be Purchased Under the Program (in thousands) (1)​​​​​​​​​​​​Quarter ended December 31, 2024​​​​​​​​​​​​​​​​​​​​​October 1-31​ 664,066​$ 132.25​​ 664,066​$ 399,476November 1-30​ 790,538​​ 144.37​​ 790,538​​ 286,494December 1-31​ 728,796​​ 128.87​​ 728,796​​ 193,510​​ 2,183,400​​​​​ 2,183,400​​​​(1)In November 2023, our board of directors authorized a share repurchase program of up to $1.5 billion of our common stock. In February 2025, our board of directors authorized an additional share repurchase program of up to $1.5 billion of our common stock. ​ PART IIITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIESThe information required by Item 5 with respect to securities authorized for issuance under equity compensation plans is set forth in Part III, Item 12 of this Form 10-K. Our common stock trades on The NASDAQ Global Select Stock Market under the symbol STLD.As of February 24, 2025, we had 150,163,986 shares of common stock outstanding and held beneficially by approximately 30,000 stockholders based on our security position listing. Because many of the shares were held by depositories, brokers and other nominees, the number of registered holders (approximately 1,220) is not representative of the number of beneficial holders.Issuer Purchases of Equity SecuritiesWe purchased the following equity securities registered by us pursuant to Section 12 of the Exchange Act during the three months ended December 31, 2024.​​​​​​​​​​​​​​​​​​​​​​​​Period​Total Number of Shares Purchased​Average Price Paid per Share​Total Number of Shares Purchased as Part of Publicly Announced Program(1)​Maximum Dollar Value of Shares That May Yet be Purchased Under the Program (in thousands) (1)​​​​​​​​​​​​Quarter ended December 31, 2024​​​​​​​​​​​​​​​​​​​​​October 1-31​ 664,066​$ 132.25​​ 664,066​$ 399,476November 1-30​ 790,538​​ 144.37​​ 790,538​​ 286,494December 1-31​ 728,796​​ 128.87​​ 728,796​​ 193,510​​ 2,183,400​​​​​ 2,183,400​​​​(1)In November 2023, our board of directors authorized a share repurchase program of up to $1.5 billion of our common stock. In February 2025, our board of directors authorized an additional share repurchase program of up to $1.5 billion of our common stock. ​ PART II ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES The information required by Item 5 with respect to securities authorized for issuance under equity compensation plans is set forth in Part III, Item 12 of this Form 10-K. Our common stock trades on The NASDAQ Global Select Stock Market under the symbol STLD. As of February 24, 2025, we had 150,163,986 shares of common stock outstanding and held beneficially by approximately 30,000 stockholders based on our security position listing. Because many of the shares were held by depositories, brokers and other nominees, the number of registered holders (approximately 1,220) is not representative of the number of beneficial holders."
    },
    {
      "status": "MODIFIED",
      "current_title": "Other Obligations",
      "prior_title": "Other Obligations",
      "similarity_score": 0.887,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"Two of the company’s controlled subsidiaries have entered into financing agreements for certain equipment which bear a weighted average interest rate of 5.15%, with monthly principal and interest payments required through 2033.\""
      ],
      "current_body": "Secured Loans. Two of the company’s controlled subsidiaries have entered into financing agreements for certain equipment which bear a weighted average interest rate of 5.15%, with monthly principal and interest payments required through 2033. The outstanding principal balance of these agreements was $3.4 million and $2.4 million at December 31, 2025, and 2024, respectively. One of the company’s controlled subsidiaries has a secured credit agreement, which matures in March 2026, and provides a revolving variable rate credit facility of up to $30.0 million, subject to a borrowing base determined from eligible accounts receivable and inventory. Interest, which was 5.12% at December 31, 2025, is payable monthly. There were no amounts due under the credit facility at December 31, 2025 or 2024. Another of the company’s controlled subsidiaries has a secured credit agreement, which matures in June 2028, and provides a revolving variable rate credit facility of up to $125.0 million, subject to a borrowing base determined from eligible accounts receivable and inventory. Interest, which was 5.47% at December 31, 2025, is payable monthly. Amounts due under the credit facility were $33.2 million and $26.4 million at December 31, 2025, and 2024, respectively.",
      "prior_body": "Secured Loans. One of the company’s controlled subsidiaries has entered into financing agreements for certain equipment which bear a weighted average interest rate of 4.34%, with monthly principal and interest payments required through 2027. The outstanding principal balance of these agreements was $2.4 million and $2.0 million at December 31, 2024, and 2023, respectively. The controlled subsidiary also has a secured credit agreement, which matures in March 2026, and provides a revolving variable rate credit facility of up to $30.0 million, subject to a borrowing base determined from eligible accounts receivable and inventory. Interest, which was 5.81% at December 31, 2024, is payable monthly. There were no amounts due under the credit facility at December 31, 2024 or 2023. One of the company’s controlled subsidiaries has a secured credit agreement, which matures in June 2028, and provides a revolving variable rate credit facility of up to $125.0 million, subject to a borrowing base determined from eligible accounts receivable and inventory. Interest, which was 6.40% at December 31, 2024, is payable monthly. Amounts due under the credit facility were $26.4 million and $59.8 million at December 31, 2024, and 2023, respectively."
    },
    {
      "status": "MODIFIED",
      "current_title": "We may face significant price and other forms of competition from other steel and aluminum producers, scrap processors and alternative materials, which may adversely affect our business, financial condition, results of operations and cash flows.",
      "prior_title": "We may face significant price and other forms of competition from other steel and aluminum producers, scrap processors and alternative materials, which may adversely affect our business, financial condition, results of operations and cash flows.",
      "similarity_score": 0.882,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"The global markets in which steel and aluminum companies and scrap processors conduct business are highly competitive and became even more so due to consolidations in these industries.\""
      ],
      "current_body": "The global markets in which steel and aluminum companies and scrap processors conduct business are highly competitive and became even more so due to consolidations in these industries. Additionally, in many applications, steel and aluminum compete with other materials, such as aluminum or steel, as the case may be, cement, composites, plastics, carbon fiber, titanium, tin, glass, wood, and paperboard. Increased use of alternative materials for any reason, including as a response to regulations or customer demands, could decrease demand for steel and aluminum or force other producers into new products or markets that compete more directly with us, and combined with increased competition could cause us to lose market share, increase expenditures or reduce pricing, any one of which may adversely affect our business, financial condition, results of operations and cash flows.",
      "prior_body": "The global markets in which steel companies and scrap processors conduct business are highly competitive and became even more so due to consolidations in the steel and scrap industries. Additionally, in many applications, steel competes with other materials, such as aluminum, cement, composites, plastics, carbon fiber, glass and wood. Increased use of alternative materials for any reason, including as a response to regulations or customer demands, could decrease demand for steel or force other steel producers into new products or markets that compete more directly with us, and combined with increased competition could cause us to lose market share, increase expenditures or reduce pricing, any one of which may adversely affect our business, financial condition, results of operations and cash flows. Additionally, our recycled aluminum flat rolled products mill with an anticipated annual production capacity of 650,000 metric tons of finished products located in Columbus, Mississippi is expected to produce commercially viable products by mid-year 2025. Although we anticipate being able to effectively compete in the aluminum industry, along with the other risks described herein, including delays or difficulties with our start-up, we may face unexpected and enhanced competition, which may adversely affect the expected contributions of our aluminum operations and our resulting business, financial condition, results of operations and cash flows."
    },
    {
      "status": "MODIFIED",
      "current_title": "Impairment charges may adversely affect our results of operations.",
      "prior_title": "Impairment charges may adversely affect our results of operations.",
      "similarity_score": 0.877,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"Occasionally, assumptions that we have made regarding products or businesses we have acquired or sought to develop, about the sustainability of markets in which we participate, or about industry conditions that underlie our decision making when we elected to capitalize a venture turn out differently than anticipated.\"",
        "Reworded sentence: \"30 30 Table of ContentsAccordingly, we periodically test goodwill, and other assets such as long-lived tangible assets and intangible assets, right of use assets and equity method investments when indicators of impairment are present, to determine whether their estimated fair value is in fact less than their value recorded on our balance sheet.\"",
        "Reworded sentence: \"There can be no assurances that market dynamics or other factors may not result in future impairment charges.ITEM 1B.\"",
        "Reworded sentence: \"Our policies, procedures, and processes utilize recognized frameworks established by the National Institute of Standards and Technology (“NIST”), as well as other relevant standards.\"",
        "Reworded sentence: \"These risks include, among other things: operational risks, intellectual property theft, fraud, extortion, harm to team members or customers, and violations of data privacy or security laws.​Our Information Security Team has established a cybersecurity risk management program of policies and processes for assessing, identifying, and managing risk from cybersecurity threats.\""
      ],
      "current_body": "Occasionally, assumptions that we have made regarding products or businesses we have acquired or sought to develop, about the sustainability of markets in which we participate, or about industry conditions that underlie our decision making when we elected to capitalize a venture turn out differently than anticipated. In such instances, the fair value of such assets may fall below their carrying value recorded on our balance sheet. 30 30 Table of ContentsAccordingly, we periodically test goodwill, and other assets such as long-lived tangible assets and intangible assets, right of use assets and equity method investments when indicators of impairment are present, to determine whether their estimated fair value is in fact less than their value recorded on our balance sheet. If we determine that the fair value of any of these assets, from whatever cause, is less than the value recorded on our balance sheet, we are required to incur non-cash asset impairment charges that adversely affect our results of operations. There can be no assurances that market dynamics or other factors may not result in future impairment charges.ITEM 1B. UNRESOLVED STAFF COMMENTSNone.​ITEM 1C. CYBERSECURITYWe manage risks from cybersecurity threats through our overall companywide risk management process, which is overseen by our Board of Directors and specific Board Committees. Management has created a global information security program, which encompasses a dedicated global information security team and policies, procedures, and processes for assessing, identifying, and managing risks from cybersecurity threats. Our policies, procedures, and processes utilize recognized frameworks established by the National Institute of Standards and Technology (“NIST”), as well as other relevant standards. Our program is designed to maintain the confidentiality, integrity, security, and availability of the data that is created, collected, stored, and used to operate our business. ​Risk Management and Strategy​We recognize the importance of assessing, identifying, and managing material risks associated with cybersecurity threats, utilizing, from time to time, tabletop exercises, business unit assessments, threat modeling, impact analyses, internal audits, external audits, third party vulnerability scans, third party penetration tests, and engagement of third parties to conduct analysis of our information security programs, including an overall assessment utilizing the NIST standards. These risks include, among other things: operational risks, intellectual property theft, fraud, extortion, harm to team members or customers, and violations of data privacy or security laws.​Our Information Security Team has established a cybersecurity risk management program of policies and processes for assessing, identifying, and managing risk from cybersecurity threats. We have integrated these processes into our overall risk management systems and processes, and routinely assess risks from cybersecurity threats, including any potential unauthorized access to or activity conducted through our information systems that may result in material adverse effects on the confidentiality, integrity, or availability of our information systems or any information residing therein. This program includes established reasonable safeguards to minimize the identified risks; processes to reasonably address any identified gaps in existing safeguards; updates to existing safeguards as necessary; and monitoring the effectiveness of those safeguards. ​Our safeguards include continuous network monitoring, complex passwords, team member training that reinforces our policies, standards, and practices, incident response capability reviews and exercises, and cybersecurity insurance and disaster recovery plans for the protection of our assets. The information security training and awareness program engages personnel through training modules on how to identify potential cybersecurity risks and protect our resources and information. This training is mandatory for all team members monthly, and is supplemented by companywide testing initiatives, including periodic phishing tests.​Our cybersecurity risk management program also assesses third party providers, such as vendors, suppliers, and other business partners. Cybersecurity risks are evaluated when determining the selection and oversight of applicable third party providers and potential risks when handling or processing our employee, business, or customer data. ​Further, we have designated a member of our senior leadership team, our Chief Financial Officer, to oversee the management of the safeguards, cybersecurity risk assessment, and mitigation process. From time to time, the Company’s program is reviewed and validated by internal and external experts. ​31 Table of Contents Table of Contents Table of Contents Accordingly, we periodically test goodwill, and other assets such as long-lived tangible assets and intangible assets, right of use assets and equity method investments when indicators of impairment are present, to determine whether their estimated fair value is in fact less than their value recorded on our balance sheet. If we determine that the fair value of any of these assets, from whatever cause, is less than the value recorded on our balance sheet, we are required to incur non-cash asset impairment charges that adversely affect our results of operations. There can be no assurances that market dynamics or other factors may not result in future impairment charges.ITEM 1B. UNRESOLVED STAFF COMMENTSNone.​ITEM 1C. CYBERSECURITYWe manage risks from cybersecurity threats through our overall companywide risk management process, which is overseen by our Board of Directors and specific Board Committees. Management has created a global information security program, which encompasses a dedicated global information security team and policies, procedures, and processes for assessing, identifying, and managing risks from cybersecurity threats. Our policies, procedures, and processes utilize recognized frameworks established by the National Institute of Standards and Technology (“NIST”), as well as other relevant standards. Our program is designed to maintain the confidentiality, integrity, security, and availability of the data that is created, collected, stored, and used to operate our business. ​Risk Management and Strategy​We recognize the importance of assessing, identifying, and managing material risks associated with cybersecurity threats, utilizing, from time to time, tabletop exercises, business unit assessments, threat modeling, impact analyses, internal audits, external audits, third party vulnerability scans, third party penetration tests, and engagement of third parties to conduct analysis of our information security programs, including an overall assessment utilizing the NIST standards. These risks include, among other things: operational risks, intellectual property theft, fraud, extortion, harm to team members or customers, and violations of data privacy or security laws.​Our Information Security Team has established a cybersecurity risk management program of policies and processes for assessing, identifying, and managing risk from cybersecurity threats. We have integrated these processes into our overall risk management systems and processes, and routinely assess risks from cybersecurity threats, including any potential unauthorized access to or activity conducted through our information systems that may result in material adverse effects on the confidentiality, integrity, or availability of our information systems or any information residing therein. This program includes established reasonable safeguards to minimize the identified risks; processes to reasonably address any identified gaps in existing safeguards; updates to existing safeguards as necessary; and monitoring the effectiveness of those safeguards. ​Our safeguards include continuous network monitoring, complex passwords, team member training that reinforces our policies, standards, and practices, incident response capability reviews and exercises, and cybersecurity insurance and disaster recovery plans for the protection of our assets. The information security training and awareness program engages personnel through training modules on how to identify potential cybersecurity risks and protect our resources and information. This training is mandatory for all team members monthly, and is supplemented by companywide testing initiatives, including periodic phishing tests.​Our cybersecurity risk management program also assesses third party providers, such as vendors, suppliers, and other business partners. Cybersecurity risks are evaluated when determining the selection and oversight of applicable third party providers and potential risks when handling or processing our employee, business, or customer data. ​Further, we have designated a member of our senior leadership team, our Chief Financial Officer, to oversee the management of the safeguards, cybersecurity risk assessment, and mitigation process. From time to time, the Company’s program is reviewed and validated by internal and external experts. ​ Accordingly, we periodically test goodwill, and other assets such as long-lived tangible assets and intangible assets, right of use assets and equity method investments when indicators of impairment are present, to determine whether their estimated fair value is in fact less than their value recorded on our balance sheet. If we determine that the fair value of any of these assets, from whatever cause, is less than the value recorded on our balance sheet, we are required to incur non-cash asset impairment charges that adversely affect our results of operations. There can be no assurances that market dynamics or other factors may not result in future impairment charges. ITEM 1B. UNRESOLVED STAFF COMMENTS None. ​ ITEM 1C. CYBERSECURITY We manage risks from cybersecurity threats through our overall companywide risk management process, which is overseen by our Board of Directors and specific Board Committees. Management has created a global information security program, which encompasses a dedicated global information security team and policies, procedures, and processes for assessing, identifying, and managing risks from cybersecurity threats. Our policies, procedures, and processes utilize recognized frameworks established by the National Institute of Standards and Technology (“NIST”), as well as other relevant standards. Our program is designed to maintain the confidentiality, integrity, security, and availability of the data that is created, collected, stored, and used to operate our business. ​",
      "prior_body": "Occasionally, assumptions that we have made regarding products or businesses we have acquired or sought to develop, about the sustainability of markets we sought to exploit, or about industry conditions that underlie our decision making when we elected to capitalize a venture turn out differently than anticipated. In such instances, the fair value of such assets may fall below their carrying value recorded on our balance sheet. Accordingly, we periodically test goodwill, and other assets such as long-lived tangible assets and intangible assets, right of use assets and equity method investments when indicators of impairment are present, to determine whether their estimated fair value is in fact less than their value recorded on our balance sheet. If we determine that the fair value of any of these assets, from whatever cause, is less than the value recorded on our balance sheet, we are required to incur non-cash asset impairment charges that adversely affect our results of operations. There can be no assurances that market dynamics or other factors may not result in future impairment charges. ITEM 1B. UNRESOLVED STAFF COMMENTS None. 30 30 Table of Contents​ITEM 1C. CYBERSECURITYWe manage risks from cybersecurity threats through our overall companywide risk management process, which is overseen by our Board of Directors and specific Board Committees. Management has created a global information security program, which encompasses a dedicated global information security team and policies, procedures, and processes for assessing, identifying, and managing risks from cybersecurity threats. Our policies, procedures, and processes follow recognized frameworks established by the National Institute of Standards and Technology (“NIST”), as well as other relevant standards. Our program is designed to maintain the confidentiality, integrity, security, and availability of the data that is created, collected, stored, and used to operate our business. ​Risk Management and Strategy​We recognize the importance of assessing, identifying, and managing material risks associated with cybersecurity threats, utilizing, from time to time, tabletop exercises, business unit assessments, threat modeling, impact analyses, internal audits, external audits, third party vulnerability scans, third party penetration tests, and engagement of third parties to conduct analysis of our information security programs, including an overall assessment utilizing the NIST standards. These risks include, among other things: operational risks, intellectual property theft, fraud, extortion, harm to team members or customers, and violations of data privacy or security laws.​Our Director of Information Security is responsible for leading the Information Security Team which has established a cybersecurity risk management program of policies and processes for assessing, identifying, and managing risk from cybersecurity threats. We have integrated these processes into our overall risk management systems and processes, and routinely assess risks from cybersecurity threats, including any potential unauthorized access to or activity conducted through our information systems that may result in material adverse effects on the confidentiality, integrity, or availability of our information systems or any information residing therein. This program includes established reasonable safeguards to minimize the identified risks; processes to reasonably address any identified gaps in existing safeguards; updates to existing safeguards as necessary; and monitoring the effectiveness of those safeguards. ​Our safeguards include continuous network monitoring, complex passwords, team member training that reinforces our policies, standards, and practices, incident response capability reviews and exercises, and cybersecurity insurance and disaster recovery plans for the protection of our assets. The information security training and awareness program engages personnel through training modules on how to identify potential cybersecurity risks and protect the Company’s resources and information. This training is mandatory for all team members monthly, and is supplemented by companywide testing initiatives, including periodic phishing tests.​Our cybersecurity risk management program also assesses third party providers, such as vendors, suppliers, and other business partners. Cybersecurity risks are evaluated when determining the selection and oversight of applicable third party providers and potential risks when handling or processing our employee, business, or customer data. ​Further, we have designated a member of our senior leadership team, our Chief Financial Officer, to oversee the management of the safeguards, cybersecurity risk assessment, and mitigation process. From time to time, the Company’s program is reviewed and validated by internal and external experts. ​In general, our incident response process follows the NIST framework and focuses on four phases: (i) preparation; (ii) detection and analysis; (iii) containment, eradication, and recovery; and (iv) post-incident remediation. As cybersecurity incidents occur, including at third party providers, the Director of Information Security leads the Information Security Team through a standardized incident response process that focuses on responding to and containing the threat, minimizing any business impact, and evaluating its severity level. The severity level assessment determines how widespread the incident is and to what degree it could impact our overall business and manufacturing environment. In the event an incident is determined by the Information Security Team to be a high severity level, our cross functional team, with expertise in various disciplines, will assess the incident to determine if it has had a material affect or is reasonably likely of having a material effect on the Company’s business strategy, results of operations, or financial condition.31 Table of Contents Table of Contents Table of Contents ​ITEM 1C. CYBERSECURITYWe manage risks from cybersecurity threats through our overall companywide risk management process, which is overseen by our Board of Directors and specific Board Committees. Management has created a global information security program, which encompasses a dedicated global information security team and policies, procedures, and processes for assessing, identifying, and managing risks from cybersecurity threats. Our policies, procedures, and processes follow recognized frameworks established by the National Institute of Standards and Technology (“NIST”), as well as other relevant standards. Our program is designed to maintain the confidentiality, integrity, security, and availability of the data that is created, collected, stored, and used to operate our business. ​Risk Management and Strategy​We recognize the importance of assessing, identifying, and managing material risks associated with cybersecurity threats, utilizing, from time to time, tabletop exercises, business unit assessments, threat modeling, impact analyses, internal audits, external audits, third party vulnerability scans, third party penetration tests, and engagement of third parties to conduct analysis of our information security programs, including an overall assessment utilizing the NIST standards. These risks include, among other things: operational risks, intellectual property theft, fraud, extortion, harm to team members or customers, and violations of data privacy or security laws.​Our Director of Information Security is responsible for leading the Information Security Team which has established a cybersecurity risk management program of policies and processes for assessing, identifying, and managing risk from cybersecurity threats. We have integrated these processes into our overall risk management systems and processes, and routinely assess risks from cybersecurity threats, including any potential unauthorized access to or activity conducted through our information systems that may result in material adverse effects on the confidentiality, integrity, or availability of our information systems or any information residing therein. This program includes established reasonable safeguards to minimize the identified risks; processes to reasonably address any identified gaps in existing safeguards; updates to existing safeguards as necessary; and monitoring the effectiveness of those safeguards. ​Our safeguards include continuous network monitoring, complex passwords, team member training that reinforces our policies, standards, and practices, incident response capability reviews and exercises, and cybersecurity insurance and disaster recovery plans for the protection of our assets. The information security training and awareness program engages personnel through training modules on how to identify potential cybersecurity risks and protect the Company’s resources and information. This training is mandatory for all team members monthly, and is supplemented by companywide testing initiatives, including periodic phishing tests.​Our cybersecurity risk management program also assesses third party providers, such as vendors, suppliers, and other business partners. Cybersecurity risks are evaluated when determining the selection and oversight of applicable third party providers and potential risks when handling or processing our employee, business, or customer data. ​Further, we have designated a member of our senior leadership team, our Chief Financial Officer, to oversee the management of the safeguards, cybersecurity risk assessment, and mitigation process. From time to time, the Company’s program is reviewed and validated by internal and external experts. ​In general, our incident response process follows the NIST framework and focuses on four phases: (i) preparation; (ii) detection and analysis; (iii) containment, eradication, and recovery; and (iv) post-incident remediation. As cybersecurity incidents occur, including at third party providers, the Director of Information Security leads the Information Security Team through a standardized incident response process that focuses on responding to and containing the threat, minimizing any business impact, and evaluating its severity level. The severity level assessment determines how widespread the incident is and to what degree it could impact our overall business and manufacturing environment. In the event an incident is determined by the Information Security Team to be a high severity level, our cross functional team, with expertise in various disciplines, will assess the incident to determine if it has had a material affect or is reasonably likely of having a material effect on the Company’s business strategy, results of operations, or financial condition. ​ITEM 1C. CYBERSECURITYWe manage risks from cybersecurity threats through our overall companywide risk management process, which is overseen by our Board of Directors and specific Board Committees. Management has created a global information security program, which encompasses a dedicated global information security team and policies, procedures, and processes for assessing, identifying, and managing risks from cybersecurity threats. Our policies, procedures, and processes follow recognized frameworks established by the National Institute of Standards and Technology (“NIST”), as well as other relevant standards. Our program is designed to maintain the confidentiality, integrity, security, and availability of the data that is created, collected, stored, and used to operate our business. ​Risk Management and Strategy​We recognize the importance of assessing, identifying, and managing material risks associated with cybersecurity threats, utilizing, from time to time, tabletop exercises, business unit assessments, threat modeling, impact analyses, internal audits, external audits, third party vulnerability scans, third party penetration tests, and engagement of third parties to conduct analysis of our information security programs, including an overall assessment utilizing the NIST standards. These risks include, among other things: operational risks, intellectual property theft, fraud, extortion, harm to team members or customers, and violations of data privacy or security laws.​Our Director of Information Security is responsible for leading the Information Security Team which has established a cybersecurity risk management program of policies and processes for assessing, identifying, and managing risk from cybersecurity threats. We have integrated these processes into our overall risk management systems and processes, and routinely assess risks from cybersecurity threats, including any potential unauthorized access to or activity conducted through our information systems that may result in material adverse effects on the confidentiality, integrity, or availability of our information systems or any information residing therein. This program includes established reasonable safeguards to minimize the identified risks; processes to reasonably address any identified gaps in existing safeguards; updates to existing safeguards as necessary; and monitoring the effectiveness of those safeguards. ​Our safeguards include continuous network monitoring, complex passwords, team member training that reinforces our policies, standards, and practices, incident response capability reviews and exercises, and cybersecurity insurance and disaster recovery plans for the protection of our assets. The information security training and awareness program engages personnel through training modules on how to identify potential cybersecurity risks and protect the Company’s resources and information. This training is mandatory for all team members monthly, and is supplemented by companywide testing initiatives, including periodic phishing tests.​Our cybersecurity risk management program also assesses third party providers, such as vendors, suppliers, and other business partners. Cybersecurity risks are evaluated when determining the selection and oversight of applicable third party providers and potential risks when handling or processing our employee, business, or customer data. ​Further, we have designated a member of our senior leadership team, our Chief Financial Officer, to oversee the management of the safeguards, cybersecurity risk assessment, and mitigation process. From time to time, the Company’s program is reviewed and validated by internal and external experts. ​In general, our incident response process follows the NIST framework and focuses on four phases: (i) preparation; (ii) detection and analysis; (iii) containment, eradication, and recovery; and (iv) post-incident remediation. As cybersecurity incidents occur, including at third party providers, the Director of Information Security leads the Information Security Team through a standardized incident response process that focuses on responding to and containing the threat, minimizing any business impact, and evaluating its severity level. The severity level assessment determines how widespread the incident is and to what degree it could impact our overall business and manufacturing environment. In the event an incident is determined by the Information Security Team to be a high severity level, our cross functional team, with expertise in various disciplines, will assess the incident to determine if it has had a material affect or is reasonably likely of having a material effect on the Company’s business strategy, results of operations, or financial condition. ​ ITEM 1C. CYBERSECURITY We manage risks from cybersecurity threats through our overall companywide risk management process, which is overseen by our Board of Directors and specific Board Committees. Management has created a global information security program, which encompasses a dedicated global information security team and policies, procedures, and processes for assessing, identifying, and managing risks from cybersecurity threats. Our policies, procedures, and processes follow recognized frameworks established by the National Institute of Standards and Technology (“NIST”), as well as other relevant standards. Our program is designed to maintain the confidentiality, integrity, security, and availability of the data that is created, collected, stored, and used to operate our business. ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Note 3. Long-Term Debt",
      "prior_title": "Note 3. Long-Term Debt",
      "similarity_score": 0.876,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"The company’s borrowings consisted of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ 2024 ​ ​ ​ ​ 2.400% senior notes due 2025 ​ - ​ ​ 400,000 ​ ​ ​ ​ 5.000% senior notes due 2026 ​ - ​ ​ 400,000 ​ ​ ​ ​ 1.650% senior notes due 2027 ​ 350,000 ​ ​ 350,000 ​ ​ ​ ​ 4.000% senior notes due 2028 ​ 650,000 ​ ​ - ​ ​ ​ ​ 3.450% senior notes due 2030 ​ 600,000 ​ ​ 600,000 ​ ​ ​ ​ 3.250% senior notes due 2031 ​ 500,000 ​ ​ 500,000 ​ ​ ​ ​ 5.375% senior notes due 2034 ​ 600,000 ​ ​ 600,000 ​ ​ ​ ​ 5.250% senior notes due 2035 ​ 750,000 ​ ​ - ​ ​ ​ ​ 3.250% senior notes due 2050 ​ 400,000 ​ ​ 400,000 ​ ​ ​ ​ 5.750% senior notes due 2055 ​ 400,000 ​ ​ - ​ ​ ​ ​ Other obligations ​ 36,610 ​ ​ 28,803 ​ ​ ​ ​ Total debt ​ 4,286,610 ​ ​ 3,278,803 ​ ​ ​ ​ Less debt issuance costs and original issue discounts ​ 75,447 ​ ​ 47,796 ​ ​ ​ ​ Total amounts outstanding ​ 4,211,163 ​ ​ 3,231,007 ​ ​ ​ ​ Less current maturities ​ 34,655 ​ ​ 426,990 ​ ​ ​ ​ Long-term debt $ 4,176,508 ​ $ 2,804,017 ​ ​ ​\""
      ],
      "current_body": "The company’s borrowings consisted of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ 2024 ​ ​ ​ ​ 2.400% senior notes due 2025 ​ - ​ ​ 400,000 ​ ​ ​ ​ 5.000% senior notes due 2026 ​ - ​ ​ 400,000 ​ ​ ​ ​ 1.650% senior notes due 2027 ​ 350,000 ​ ​ 350,000 ​ ​ ​ ​ 4.000% senior notes due 2028 ​ 650,000 ​ ​ - ​ ​ ​ ​ 3.450% senior notes due 2030 ​ 600,000 ​ ​ 600,000 ​ ​ ​ ​ 3.250% senior notes due 2031 ​ 500,000 ​ ​ 500,000 ​ ​ ​ ​ 5.375% senior notes due 2034 ​ 600,000 ​ ​ 600,000 ​ ​ ​ ​ 5.250% senior notes due 2035 ​ 750,000 ​ ​ - ​ ​ ​ ​ 3.250% senior notes due 2050 ​ 400,000 ​ ​ 400,000 ​ ​ ​ ​ 5.750% senior notes due 2055 ​ 400,000 ​ ​ - ​ ​ ​ ​ Other obligations ​ 36,610 ​ ​ 28,803 ​ ​ ​ ​ Total debt ​ 4,286,610 ​ ​ 3,278,803 ​ ​ ​ ​ Less debt issuance costs and original issue discounts ​ 75,447 ​ ​ 47,796 ​ ​ ​ ​ Total amounts outstanding ​ 4,211,163 ​ ​ 3,231,007 ​ ​ ​ ​ Less current maturities ​ 34,655 ​ ​ 426,990 ​ ​ ​ ​ Long-term debt $ 4,176,508 ​ $ 2,804,017 ​ ​ ​",
      "prior_body": "The company’s borrowings consisted of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ ​ ​ ​ 2.800% senior notes due 2024 $ - ​ $ 400,000 ​ ​ ​ ​ 2.400% senior notes due 2025 ​ 400,000 ​ ​ 400,000 ​ ​ ​ ​ 5.000% senior notes due 2026 ​ 400,000 ​ ​ 400,000 ​ ​ ​ ​ 1.650% senior notes due 2027 ​ 350,000 ​ ​ 350,000 ​ ​ ​ ​ 3.450% senior notes due 2030 ​ 600,000 ​ ​ 600,000 ​ ​ ​ ​ 3.250% senior notes due 2031 ​ 500,000 ​ ​ 500,000 ​ ​ ​ ​ 5.375% senior notes due 2034 ​ 600,000 ​ ​ - ​ ​ ​ ​ 3.250% senior notes due 2050 ​ 400,000 ​ ​ 400,000 ​ ​ ​ ​ Other obligations ​ 28,803 ​ ​ 61,836 ​ ​ ​ ​ Total debt ​ 3,278,803 ​ ​ 3,111,836 ​ ​ ​ ​ Less debt issuance costs and original issue discounts ​ 47,796 ​ ​ 40,780 ​ ​ ​ ​ Total amounts outstanding ​ 3,231,007 ​ ​ 3,071,056 ​ ​ ​ ​ Less current maturities ​ 426,990 ​ ​ 459,987 ​ ​ ​ ​ Long-term debt $ 2,804,017 ​ $ 2,611,069 ​ ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Property, Plant and Equipment",
      "prior_title": "Property, Plant and Equipment",
      "similarity_score": 0.875,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"Depreciation is provided utilizing the straight-line depreciation methodology, or the units-of-production depreciation methodology for certain production-related steel and aluminum operations segment assets, based on units produced, subject to minimum and maximum levels.\""
      ],
      "current_body": "Property, plant and equipment are stated at cost which includes capitalized interest on construction in progress amounts, and is reduced by proceeds received from certain state and local government grants and other capital cost reimbursements, except for assets acquired in acquisitions which are valued at fair value at the purchase date. The company assigns each fixed asset a useful life ranging from 3 to 15 years for plant, machinery and equipment, and 5 to 40 years for buildings and improvements. Repairs and maintenance are expensed as incurred. Depreciation is provided utilizing the straight-line depreciation methodology, or the units-of-production depreciation methodology for certain production-related steel and aluminum operations segment assets, based on units produced, subject to minimum and maximum levels. Depreciation expense was $515.0 million, $441.2 million, and $397.0 million for the years ended December 31, 2025, 2024, and 2023, respectively. The company’s property, plant and equipment consisted of the following at December 31 (in thousands): s s s ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ 2024 ​ ​ Land and improvements ​ $ 849,391 ​ $ 801,210 ​ ​ Buildings and improvements ​ ​ 1,907,029 ​ ​ 1,487,742 ​ ​ Plant, machinery and equipment ​ ​ 9,193,744 ​ ​ 7,666,513 ​ ​ Construction in progress ​ ​ 1,667,367 ​ ​ 2,767,013 ​ ​ ​ ​ ​ 13,617,531 ​ ​ 12,722,478 ​ ​ Less accumulated depreciation ​ ​ 5,048,065 ​ ​ 4,604,490 ​ ​ Property, plant and equipment, net ​ $ 8,569,466 ​ $ 8,117,988 ​ ​",
      "prior_body": "Property, plant and equipment are stated at cost which includes capitalized interest on construction in progress amounts, and is reduced by proceeds received from certain state and local government grants and other capital cost reimbursements, except for assets acquired in acquisitions which are valued at fair value at the purchase date. The company assigns each fixed asset a useful life ranging from 3 to 15 years for plant, machinery and equipment, and 5 to 40 years for buildings and improvements. Repairs and maintenance are expensed as incurred. Depreciation is provided utilizing the straight-line depreciation methodology, or the units-of-production depreciation methodology for certain production-related steel operations segment assets, based on units produced, subject to minimum and maximum levels. Depreciation expense was $441.2 million, $397.0 million, and $349.4 million for the years ended December 31, 2024, 2023, and 2022, respectively. The company’s property, plant and equipment consisted of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ ​ Land and improvements ​ $ 801,210 ​ $ 693,166 ​ ​ Buildings and improvements ​ ​ 1,487,742 ​ ​ 1,255,274 ​ ​ Plant, machinery and equipment ​ ​ 7,666,513 ​ ​ 6,887,985 ​ ​ Construction in progress ​ ​ 2,767,013 ​ ​ 2,096,489 ​ ​ ​ ​ ​ 12,722,478 ​ ​ 10,932,914 ​ ​ Less accumulated depreciation ​ ​ 4,604,490 ​ ​ 4,198,696 ​ ​ Property, plant and equipment, net ​ $ 8,117,988 ​ $ 6,734,218 ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Steel Operations Segment",
      "prior_title": "Steel Operations Segment",
      "similarity_score": 0.869,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ Steel operations include our electric arc furnace (EAF) steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, and Steel of West Virginia; steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply, New Process Steel, L.P.\""
      ],
      "current_body": "​ Steel operations include our electric arc furnace (EAF) steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, and Steel of West Virginia; steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply, New Process Steel, L.P. (acquired December 1, 2025), and Vulcan Threaded Products, Inc.; warehouse operations in Mexico; and a 75% controlling equity interest in SDI Biocarbon Solutions, LLC. Steel operations accounted for 72% and 69% of our consolidated net sales during 2025 and 2024, respectively. See Item 1. Business for further information on Steel Operations segment operations.",
      "prior_body": "​ Steel operations include our EAF steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, Steel of West Virginia, steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply, Vulcan Threaded Products, Inc., warehouse operations in Mexico, and SDI Biocarbon Solutions, LLC, a joint venture to construct and operate a biocarbon production facility. Steel operations accounted for 69% and 67% of our consolidated net sales during 2024 and 2023, respectively. See Item 1. Business for further information on Steel Operations segment operations."
    },
    {
      "status": "MODIFIED",
      "current_title": "We may face risks associated with the implementation of our growth strategy.",
      "prior_title": "We may face risks associated with the implementation of our growth strategy.",
      "similarity_score": 0.866,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"These expansions and transactions may involve some or all of the following risks: ● the risk of entering business lines or product, domestic, or foreign markets, in which we have little experience, including the aluminum industry; ● the risk of a newly constructed facility being completed over budget or not on time, including due to equipment delays or labor shortages, or having delays or difficulties with its start-up, ramp-up or qualification of products; ● the risk of not being able to adequately obtain sufficient labor to efficiently build or staff a new facility, while maintaining our culture; ● the risk of expected markets, products, customers and demand for products produced by a new facility being lower than expected; ● the risk of new product development and qualification, technology development or customer acquisition and penetration being more costly, time-consuming or difficult than expected; ● the difficulty of competing for acquisitions and other growth opportunities with companies having materially greater financial resources than us; ● the inability to realize anticipated synergies or other expected benefits; ● the difficulty of integrating new or acquired operations and personnel into our existing operations, while maintaining our culture; ● the potential disruption of ongoing operations; ● the diversion of financial resources or management attention to new operations, acquisition targets or acquired businesses; ● the loss of key employees, customers or suppliers of acquired businesses; ● the potential exposure to unknown liabilities; ● the inability of management to maintain uniform standards, controls, procedures and policies; ● the difficulty of managing the growth of a larger company; ● the risk of becoming involved in labor, commercial, political, regulatory or other disputes or litigation related to new operations, acquisition targets or acquired businesses; ● the risk of becoming more highly leveraged; 28 28 Table of Contents● the risk of contractual or operational liability to other joint venture participants or to third parties as a result of our participation;● the inability to work efficiently with joint venture or strategic alliance partners; and● the difficulties of terminating joint ventures or strategic alliances.Delays in achieving full operational capacity at our new facilities has adversely affected and may continue to adversely affect our prospects, business, financial condition, results of operations and cash flows.These expansions or transactions might be required for us to remain competitive, but we may not be able to complete any such expansions or transactions on favorable terms or obtain financing, if necessary.\"",
        "Reworded sentence: \"We are subject to litigation and legal compliance risks which may adversely affect our financial condition, results of operations and liquidity.We are involved from time to time in various litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are currently expected to have a material impact on our financial condition, results of operations or liquidity.\"",
        "Reworded sentence: \"Legal Proceedings.In addition to risks associated with our environmental and other regulatory compliance, our international operations are subject to complex foreign and United States laws and regulations, including the Foreign Corrupt Practices Act and other anti-bribery laws, regulations related to import-export controls, the Office of Foreign Assets Control, and other laws and regulations, each of which may increase our cost of doing business and expose us to increased risk.Unexpected equipment downtime or shutdowns may adversely affect our business, financial condition, results of operations and cash flows.Interruptions in our production capabilities may adversely affect our production costs, products available for sale and earnings during the affected period.\"",
        "Reworded sentence: \"We are subject to litigation and legal compliance risks which may adversely affect our financial condition, results of operations and liquidity.We are involved from time to time in various litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are currently expected to have a material impact on our financial condition, results of operations or liquidity.\"",
        "Reworded sentence: \"Legal Proceedings.In addition to risks associated with our environmental and other regulatory compliance, our international operations are subject to complex foreign and United States laws and regulations, including the Foreign Corrupt Practices Act and other anti-bribery laws, regulations related to import-export controls, the Office of Foreign Assets Control, and other laws and regulations, each of which may increase our cost of doing business and expose us to increased risk.Unexpected equipment downtime or shutdowns may adversely affect our business, financial condition, results of operations and cash flows.Interruptions in our production capabilities may adversely affect our production costs, products available for sale and earnings during the affected period.\""
      ],
      "current_body": "Our growth strategy subjects us to various risks. As part of our growth strategy, we may expand existing facilities, enter into new business lines, territories, products or process initiatives, acquire or build additional plants, acquire other businesses and assets, enter into joint ventures, or form strategic alliances that we believe will complement our existing business. These expansions and transactions may involve some or all of the following risks: ● the risk of entering business lines or product, domestic, or foreign markets, in which we have little experience, including the aluminum industry; ● the risk of a newly constructed facility being completed over budget or not on time, including due to equipment delays or labor shortages, or having delays or difficulties with its start-up, ramp-up or qualification of products; ● the risk of not being able to adequately obtain sufficient labor to efficiently build or staff a new facility, while maintaining our culture; ● the risk of expected markets, products, customers and demand for products produced by a new facility being lower than expected; ● the risk of new product development and qualification, technology development or customer acquisition and penetration being more costly, time-consuming or difficult than expected; ● the difficulty of competing for acquisitions and other growth opportunities with companies having materially greater financial resources than us; ● the inability to realize anticipated synergies or other expected benefits; ● the difficulty of integrating new or acquired operations and personnel into our existing operations, while maintaining our culture; ● the potential disruption of ongoing operations; ● the diversion of financial resources or management attention to new operations, acquisition targets or acquired businesses; ● the loss of key employees, customers or suppliers of acquired businesses; ● the potential exposure to unknown liabilities; ● the inability of management to maintain uniform standards, controls, procedures and policies; ● the difficulty of managing the growth of a larger company; ● the risk of becoming involved in labor, commercial, political, regulatory or other disputes or litigation related to new operations, acquisition targets or acquired businesses; ● the risk of becoming more highly leveraged; 28 28 Table of Contents● the risk of contractual or operational liability to other joint venture participants or to third parties as a result of our participation;● the inability to work efficiently with joint venture or strategic alliance partners; and● the difficulties of terminating joint ventures or strategic alliances.Delays in achieving full operational capacity at our new facilities has adversely affected and may continue to adversely affect our prospects, business, financial condition, results of operations and cash flows.These expansions or transactions might be required for us to remain competitive, but we may not be able to complete any such expansions or transactions on favorable terms or obtain financing, if necessary. Future expansions and transactions may not improve our competitive position and business prospects as anticipated, and if they do not, our business, financial condition, results of operations and cash flows may be adversely affected.We may face risks associated with our ability to retain, develop and attract key personnel. Our people are the foundation of our success and are our most important resource. Their continued education and talent development are paramount to our success. As we continue to grow, our success depends in part on our ability to retain, develop and attract team members with relevant industry and technical experience, while maintaining our culture. A loss of senior managers or other key personnel, without adequate replacement, which could be exacerbated by a shortage of skilled workers and our more senior workforce, could adversely affect our business and results of operations. We are subject to litigation and legal compliance risks which may adversely affect our financial condition, results of operations and liquidity.We are involved from time to time in various litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are currently expected to have a material impact on our financial condition, results of operations or liquidity. For additional information regarding legal proceedings please refer to Item 3. Legal Proceedings.In addition to risks associated with our environmental and other regulatory compliance, our international operations are subject to complex foreign and United States laws and regulations, including the Foreign Corrupt Practices Act and other anti-bribery laws, regulations related to import-export controls, the Office of Foreign Assets Control, and other laws and regulations, each of which may increase our cost of doing business and expose us to increased risk.Unexpected equipment downtime or shutdowns may adversely affect our business, financial condition, results of operations and cash flows.Interruptions in our production capabilities may adversely affect our production costs, products available for sale and earnings during the affected period. In addition to equipment failures, our facilities are subject to the risk of catastrophic loss due to unanticipated events such as fires, explosions or violent weather conditions. Our manufacturing processes are dependent upon critical pieces of equipment, such as our EAFs, continuous casters, aluminum melting, and rolling equipment, some of which are controlled by our information technology systems, as well as electrical equipment, such as transformers. This equipment may, on occasion, be out of service as a result of unanticipated failures or other events, including equipment failure, power surges, cybersecurity breaches or attacks or system failures. Further, we have experienced and may continue to experience inefficiencies during the start-up and ramp-up of new facilities, including those related to major equipment failures. We have experienced and in the future may experience plant shutdowns or periods of reduced production as a result of equipment failures or other events. Supply chain disruptions and labor shortages have and may continue to exacerbate the effects of equipment failures. Delayed delivery of our products to customers who require on-time delivery from us may cause customers to purchase alternative products, reschedule their own production, or incur other incremental costs. Customers may be able to pursue financial claims against us for their incremental costs, and we may incur costs to correct such problems in addition to any liability resulting from such 29 Table of Contents Table of Contents Table of Contents ● the risk of contractual or operational liability to other joint venture participants or to third parties as a result of our participation;● the inability to work efficiently with joint venture or strategic alliance partners; and● the difficulties of terminating joint ventures or strategic alliances.Delays in achieving full operational capacity at our new facilities has adversely affected and may continue to adversely affect our prospects, business, financial condition, results of operations and cash flows.These expansions or transactions might be required for us to remain competitive, but we may not be able to complete any such expansions or transactions on favorable terms or obtain financing, if necessary. Future expansions and transactions may not improve our competitive position and business prospects as anticipated, and if they do not, our business, financial condition, results of operations and cash flows may be adversely affected.We may face risks associated with our ability to retain, develop and attract key personnel. Our people are the foundation of our success and are our most important resource. Their continued education and talent development are paramount to our success. As we continue to grow, our success depends in part on our ability to retain, develop and attract team members with relevant industry and technical experience, while maintaining our culture. A loss of senior managers or other key personnel, without adequate replacement, which could be exacerbated by a shortage of skilled workers and our more senior workforce, could adversely affect our business and results of operations. We are subject to litigation and legal compliance risks which may adversely affect our financial condition, results of operations and liquidity.We are involved from time to time in various litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are currently expected to have a material impact on our financial condition, results of operations or liquidity. For additional information regarding legal proceedings please refer to Item 3. Legal Proceedings.In addition to risks associated with our environmental and other regulatory compliance, our international operations are subject to complex foreign and United States laws and regulations, including the Foreign Corrupt Practices Act and other anti-bribery laws, regulations related to import-export controls, the Office of Foreign Assets Control, and other laws and regulations, each of which may increase our cost of doing business and expose us to increased risk.Unexpected equipment downtime or shutdowns may adversely affect our business, financial condition, results of operations and cash flows.Interruptions in our production capabilities may adversely affect our production costs, products available for sale and earnings during the affected period. In addition to equipment failures, our facilities are subject to the risk of catastrophic loss due to unanticipated events such as fires, explosions or violent weather conditions. Our manufacturing processes are dependent upon critical pieces of equipment, such as our EAFs, continuous casters, aluminum melting, and rolling equipment, some of which are controlled by our information technology systems, as well as electrical equipment, such as transformers. This equipment may, on occasion, be out of service as a result of unanticipated failures or other events, including equipment failure, power surges, cybersecurity breaches or attacks or system failures. Further, we have experienced and may continue to experience inefficiencies during the start-up and ramp-up of new facilities, including those related to major equipment failures. We have experienced and in the future may experience plant shutdowns or periods of reduced production as a result of equipment failures or other events. Supply chain disruptions and labor shortages have and may continue to exacerbate the effects of equipment failures. Delayed delivery of our products to customers who require on-time delivery from us may cause customers to purchase alternative products, reschedule their own production, or incur other incremental costs. Customers may be able to pursue financial claims against us for their incremental costs, and we may incur costs to correct such problems in addition to any liability resulting from such ● the risk of contractual or operational liability to other joint venture participants or to third parties as a result of our participation; ● the inability to work efficiently with joint venture or strategic alliance partners; and ● the difficulties of terminating joint ventures or strategic alliances. Delays in achieving full operational capacity at our new facilities has adversely affected and may continue to adversely affect our prospects, business, financial condition, results of operations and cash flows. These expansions or transactions might be required for us to remain competitive, but we may not be able to complete any such expansions or transactions on favorable terms or obtain financing, if necessary. Future expansions and transactions may not improve our competitive position and business prospects as anticipated, and if they do not, our business, financial condition, results of operations and cash flows may be adversely affected.",
      "prior_body": "Our growth strategy subjects us to various risks. As part of our growth strategy, we may expand existing facilities, enter into new business lines, territories, products or process initiatives, acquire or build additional plants, acquire other businesses and assets, enter into joint ventures, or form strategic alliances that we believe will complement our existing business. These expansions and transactions, including our recycled aluminum flat rolled products mill with an anticipated annual production capacity of 650,000 metric tons of finished products located in Columbus, Mississippi, may involve some or all of the following risks: ● the risk of entering business lines or product, domestic, or foreign markets, in which we have little experience, including the aluminum industry; ● the risk of a newly constructed facility being completed over budget or not on time, including due to equipment delays or labor shortages, or having delays or difficulties with its start-up; ● the risk of not being able to adequately obtain sufficient labor to efficiently build or staff a new facility, while maintaining our culture; ● the risk of expected markets, products, customers and demand for products produced by a new facility being lower than expected; ● the risk of new product development, technology development or customer acquisition and penetration being more costly or difficult than expected; ● the difficulty of competing for acquisitions and other growth opportunities with companies having materially greater financial resources than us; ● the inability to realize anticipated synergies or other expected benefits; ● the difficulty of integrating new or acquired operations and personnel into our existing operations, while maintaining our culture; ● the potential disruption of ongoing operations; ● the diversion of financial resources or management attention to new operations or acquired businesses; 28 28 Table of Contents● the loss of key employees, customers or suppliers of acquired businesses;● the potential exposure to unknown liabilities;● the inability of management to maintain uniform standards, controls, procedures and policies;● the difficulty of managing the growth of a larger company;● the risk of becoming involved in labor, commercial, or regulatory disputes or litigation related to new operations or acquired businesses;● the risk of becoming more highly leveraged;● the risk of contractual or operational liability to other venture participants or to third parties as a result of our participation;● the inability to work efficiently with joint venture or strategic alliance partners; and● the difficulties of terminating joint ventures or strategic alliances.Delays in achieving full operational capacity at our Sinton Flat Roll Division has and may continue to, and any delays in our recycled aluminum flat rolled products mill may, adversely affect our prospects, business, financial condition, results of operations and cash flows.These expansions or transactions might be required for us to remain competitive, but we may not be able to complete any such expansions or transactions on favorable terms or obtain financing, if necessary. Future expansions and transactions may not improve our competitive position and business prospects as anticipated, and if they do not, our business, financial condition, results of operations and cash flows may be adversely affected.We may face risks associated with our ability to retain, develop and attract key personnel. Our people are the foundation of our success and are our most important resource. Their continued education and talent development are paramount to our success. As we continue to grow, our success depends in part on our ability to retain, develop and attract team members with relevant industry and technical experience, while maintaining our culture. A loss of senior managers or other key personnel, without adequate replacement, which could be exacerbated by a shortage of skilled workers and our more senior workforce, could adversely affect our business and results of operations. We are subject to litigation and legal compliance risks which may adversely affect our financial condition, results of operations and liquidity.We are involved from time to time in various litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are currently expected to have a material impact on our financial conditions, results of operations or liquidity. For additional information regarding legal proceedings please refer to Item 3. Legal Proceedings.In addition to risks associated with our environmental and other regulatory compliance, our international operations are subject to complex foreign and United States laws and regulations, including the Foreign Corrupt Practices Act and other anti-bribery laws, regulations related to import-export controls, the Office of Foreign Assets Control, and other laws and regulations, each of which may increase our cost of doing business and expose us to increased risk.Unexpected equipment downtime or shutdowns may adversely affect our business, financial condition, results of operations and cash flows.29 Table of Contents Table of Contents Table of Contents ● the loss of key employees, customers or suppliers of acquired businesses;● the potential exposure to unknown liabilities;● the inability of management to maintain uniform standards, controls, procedures and policies;● the difficulty of managing the growth of a larger company;● the risk of becoming involved in labor, commercial, or regulatory disputes or litigation related to new operations or acquired businesses;● the risk of becoming more highly leveraged;● the risk of contractual or operational liability to other venture participants or to third parties as a result of our participation;● the inability to work efficiently with joint venture or strategic alliance partners; and● the difficulties of terminating joint ventures or strategic alliances.Delays in achieving full operational capacity at our Sinton Flat Roll Division has and may continue to, and any delays in our recycled aluminum flat rolled products mill may, adversely affect our prospects, business, financial condition, results of operations and cash flows.These expansions or transactions might be required for us to remain competitive, but we may not be able to complete any such expansions or transactions on favorable terms or obtain financing, if necessary. Future expansions and transactions may not improve our competitive position and business prospects as anticipated, and if they do not, our business, financial condition, results of operations and cash flows may be adversely affected.We may face risks associated with our ability to retain, develop and attract key personnel. Our people are the foundation of our success and are our most important resource. Their continued education and talent development are paramount to our success. As we continue to grow, our success depends in part on our ability to retain, develop and attract team members with relevant industry and technical experience, while maintaining our culture. A loss of senior managers or other key personnel, without adequate replacement, which could be exacerbated by a shortage of skilled workers and our more senior workforce, could adversely affect our business and results of operations. We are subject to litigation and legal compliance risks which may adversely affect our financial condition, results of operations and liquidity.We are involved from time to time in various litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are currently expected to have a material impact on our financial conditions, results of operations or liquidity. For additional information regarding legal proceedings please refer to Item 3. Legal Proceedings.In addition to risks associated with our environmental and other regulatory compliance, our international operations are subject to complex foreign and United States laws and regulations, including the Foreign Corrupt Practices Act and other anti-bribery laws, regulations related to import-export controls, the Office of Foreign Assets Control, and other laws and regulations, each of which may increase our cost of doing business and expose us to increased risk.Unexpected equipment downtime or shutdowns may adversely affect our business, financial condition, results of operations and cash flows. ● the loss of key employees, customers or suppliers of acquired businesses;● the potential exposure to unknown liabilities;● the inability of management to maintain uniform standards, controls, procedures and policies;● the difficulty of managing the growth of a larger company;● the risk of becoming involved in labor, commercial, or regulatory disputes or litigation related to new operations or acquired businesses;● the risk of becoming more highly leveraged;● the risk of contractual or operational liability to other venture participants or to third parties as a result of our participation;● the inability to work efficiently with joint venture or strategic alliance partners; and● the difficulties of terminating joint ventures or strategic alliances.Delays in achieving full operational capacity at our Sinton Flat Roll Division has and may continue to, and any delays in our recycled aluminum flat rolled products mill may, adversely affect our prospects, business, financial condition, results of operations and cash flows.These expansions or transactions might be required for us to remain competitive, but we may not be able to complete any such expansions or transactions on favorable terms or obtain financing, if necessary. Future expansions and transactions may not improve our competitive position and business prospects as anticipated, and if they do not, our business, financial condition, results of operations and cash flows may be adversely affected.We may face risks associated with our ability to retain, develop and attract key personnel. Our people are the foundation of our success and are our most important resource. Their continued education and talent development are paramount to our success. As we continue to grow, our success depends in part on our ability to retain, develop and attract team members with relevant industry and technical experience, while maintaining our culture. A loss of senior managers or other key personnel, without adequate replacement, which could be exacerbated by a shortage of skilled workers and our more senior workforce, could adversely affect our business and results of operations. We are subject to litigation and legal compliance risks which may adversely affect our financial condition, results of operations and liquidity.We are involved from time to time in various litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are currently expected to have a material impact on our financial conditions, results of operations or liquidity. For additional information regarding legal proceedings please refer to Item 3. Legal Proceedings.In addition to risks associated with our environmental and other regulatory compliance, our international operations are subject to complex foreign and United States laws and regulations, including the Foreign Corrupt Practices Act and other anti-bribery laws, regulations related to import-export controls, the Office of Foreign Assets Control, and other laws and regulations, each of which may increase our cost of doing business and expose us to increased risk.Unexpected equipment downtime or shutdowns may adversely affect our business, financial condition, results of operations and cash flows. ● the loss of key employees, customers or suppliers of acquired businesses; ● the potential exposure to unknown liabilities; ● the inability of management to maintain uniform standards, controls, procedures and policies; ● the difficulty of managing the growth of a larger company; ● the risk of becoming involved in labor, commercial, or regulatory disputes or litigation related to new operations or acquired businesses; ● the risk of becoming more highly leveraged; ● the risk of contractual or operational liability to other venture participants or to third parties as a result of our participation; ● the inability to work efficiently with joint venture or strategic alliance partners; and ● the difficulties of terminating joint ventures or strategic alliances. Delays in achieving full operational capacity at our Sinton Flat Roll Division has and may continue to, and any delays in our recycled aluminum flat rolled products mill may, adversely affect our prospects, business, financial condition, results of operations and cash flows. These expansions or transactions might be required for us to remain competitive, but we may not be able to complete any such expansions or transactions on favorable terms or obtain financing, if necessary. Future expansions and transactions may not improve our competitive position and business prospects as anticipated, and if they do not, our business, financial condition, results of operations and cash flows may be adversely affected."
    },
    {
      "status": "MODIFIED",
      "current_title": "Opinion on Internal Control Over Financial Reporting",
      "prior_title": "Opinion on Internal Control Over Financial Reporting",
      "similarity_score": 0.865,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"We have audited Steel Dynamics, Inc.’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria).\"",
        "Reworded sentence: \"(the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on the COSO criteria.\""
      ],
      "current_body": "We have audited Steel Dynamics, Inc.’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Steel Dynamics, Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on the COSO criteria. As indicated in the accompanying Management's Report on Internal Control Over Financial Reporting, management's assessment of and conclusion on the effectiveness of internal control over financial reporting did not include the internal controls of New Process Steel, L.P., which is included in the 2025 consolidated financial statements of the Company and constituted 3% and 5% of total and net assets, respectively, as of December 31, 2025, and 0.4% of net sales, for the year then ended. Our audit of internal control over financial reporting of the Company also did not include an evaluation of the internal control over financial reporting of New Process Steel, L.P. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, equity, and cash flows for each of the three years in the period ended December 31, 2025, and the related notes and our report dated February 27, 2026 expressed an unqualified opinion thereon.",
      "prior_body": "We have audited Steel Dynamics, Inc.’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Steel Dynamics, Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on the COSO criteria. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2024 and 2023, the related consolidated statements of income, comprehensive income, equity, and cash flows for each of the three years in the period ended December 31, 2024, and the related notes and our report dated February 28, 2025 expressed an unqualified opinion thereon."
    },
    {
      "status": "MODIFIED",
      "current_title": "Earnings Per Share",
      "prior_title": "Earnings Per Share",
      "similarity_score": 0.86,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"There were 62,000 anti-dilutive common share equivalents for the three-month period ended March 31, 2025 excluded from common share equivalents for the year ended December 31, 2025.\"",
        "Reworded sentence: \"Description of the Business and Summary of Significant Accounting Policies (Continued)The following table presents a reconciliation of the numerators and the denominators of the company’s basic and diluted earnings per share computations for the years ended December 31 (in thousands, except per share data):​​​​​​​​​​​​​​​​​​​​​​2025​​2024​​Net Income​Shares​Per Share​​Net Income​Shares​Per Share​​(Numerator)​(Denominator)​Amount​​(Numerator)​(Denominator)​AmountBasic earnings per share​$ 1,185,595​​ 147,806​$ 8.02​​$ 1,537,134​​ 155,420​$ 9.89 Dilutive common share equivalents​​ -​​ 598​​​​​​ -​​ 716​​​Diluted earnings per share​$ 1,185,595​​ 148,404​$ 7.99​​$ 1,537,134​​ 156,136​$ 9.84​​​​​​​​​​​​2023​​Net Income​Shares​Per Share​​(Numerator)​(Denominator)​Amount​Basic earnings per share$ 2,450,882​​ 166,552​$ 14.72​ Dilutive common share equivalents​ -​​ 879​​​​Diluted earnings per share$ 2,450,882​​ 167,431​$ 14.64​​Concentration of Credit RiskFinancial instruments that potentially subject the company to significant concentrations of credit risk principally consist of temporary cash investments and accounts receivable.\"",
        "Reworded sentence: \"The company mitigates its exposure to credit risk, which it generally extends initially on an unsecured basis, by performing ongoing credit evaluations and taking further action if necessary, such as requiring letters of credit or other security interests to support the customer receivable.Derivative Financial InstrumentsThe company routinely enters into exchange traded futures to manage price risk associated with nonferrous metal inventory, as well as purchases and sales of nonferrous (primarily aluminum and copper) and ferrous metals, to reduce exposure to commodity related price fluctuations.\"",
        "Reworded sentence: \"Derivatives that are not designated as cash flow hedges must be adjusted to fair value through earnings.\"",
        "Reworded sentence: \"Changes in the fair value of cash flow hedges are recognized in other comprehensive income, until the hedged item is recognized in earnings.\""
      ],
      "current_body": "Basic earnings per share is based on the weighted average shares of common stock outstanding during the period. Diluted earnings per share assumes the weighted average dilutive effect of common share equivalents outstanding during the period applied to the company’s basic earnings per share. Common share equivalents represent potentially dilutive restricted stock units, deferred stock units, restricted stock, and performance awards, and are excluded from the computation in periods in which they have an anti-dilutive effect. There were 62,000 anti-dilutive common share equivalents for the three-month period ended March 31, 2025 excluded from common share equivalents for the year ended December 31, 2025. There were 269,000 anti-dilutive common share equivalents as of and for the year ended December 31, 2024. ​ 66 66 Table of ContentsNote 1. Description of the Business and Summary of Significant Accounting Policies (Continued)The following table presents a reconciliation of the numerators and the denominators of the company’s basic and diluted earnings per share computations for the years ended December 31 (in thousands, except per share data):​​​​​​​​​​​​​​​​​​​​​​2025​​2024​​Net Income​Shares​Per Share​​Net Income​Shares​Per Share​​(Numerator)​(Denominator)​Amount​​(Numerator)​(Denominator)​AmountBasic earnings per share​$ 1,185,595​​ 147,806​$ 8.02​​$ 1,537,134​​ 155,420​$ 9.89 Dilutive common share equivalents​​ -​​ 598​​​​​​ -​​ 716​​​Diluted earnings per share​$ 1,185,595​​ 148,404​$ 7.99​​$ 1,537,134​​ 156,136​$ 9.84​​​​​​​​​​​​2023​​Net Income​Shares​Per Share​​(Numerator)​(Denominator)​Amount​Basic earnings per share$ 2,450,882​​ 166,552​$ 14.72​ Dilutive common share equivalents​ -​​ 879​​​​Diluted earnings per share$ 2,450,882​​ 167,431​$ 14.64​​Concentration of Credit RiskFinancial instruments that potentially subject the company to significant concentrations of credit risk principally consist of temporary cash investments and accounts receivable. When advantageous, the company places its temporary cash with high credit quality financial institutions and companies and limits the amount of credit exposure from any one entity. The company is exposed to credit risk in the event of nonpayment by customers. The company mitigates its exposure to credit risk, which it generally extends initially on an unsecured basis, by performing ongoing credit evaluations and taking further action if necessary, such as requiring letters of credit or other security interests to support the customer receivable.Derivative Financial InstrumentsThe company routinely enters into exchange traded futures to manage price risk associated with nonferrous metal inventory, as well as purchases and sales of nonferrous (primarily aluminum and copper) and ferrous metals, to reduce exposure to commodity related price fluctuations. These exchange traded futures contracts meet the definition of derivative financial instruments. The company does not enter into these derivative financial instruments for speculative purposes. The company recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. Derivatives that are not designated as cash flow hedges must be adjusted to fair value through earnings. For the effective fair value hedges, the hedged item is recognized on the balance sheet at fair value. Changes in the fair value of the hedged balance sheet item are recognized as an offset against the change in fair value of the derivative in cost of goods sold and included in cash flows from operations. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings for fair value hedges. Changes in the fair value of cash flow hedges are recognized in other comprehensive income, until the hedged item is recognized in earnings. 67 Table of Contents Table of Contents Table of Contents Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued)The following table presents a reconciliation of the numerators and the denominators of the company’s basic and diluted earnings per share computations for the years ended December 31 (in thousands, except per share data):​​​​​​​​​​​​​​​​​​​​​​2025​​2024​​Net Income​Shares​Per Share​​Net Income​Shares​Per Share​​(Numerator)​(Denominator)​Amount​​(Numerator)​(Denominator)​AmountBasic earnings per share​$ 1,185,595​​ 147,806​$ 8.02​​$ 1,537,134​​ 155,420​$ 9.89 Dilutive common share equivalents​​ -​​ 598​​​​​​ -​​ 716​​​Diluted earnings per share​$ 1,185,595​​ 148,404​$ 7.99​​$ 1,537,134​​ 156,136​$ 9.84​​​​​​​​​​​​2023​​Net Income​Shares​Per Share​​(Numerator)​(Denominator)​Amount​Basic earnings per share$ 2,450,882​​ 166,552​$ 14.72​ Dilutive common share equivalents​ -​​ 879​​​​Diluted earnings per share$ 2,450,882​​ 167,431​$ 14.64​​Concentration of Credit RiskFinancial instruments that potentially subject the company to significant concentrations of credit risk principally consist of temporary cash investments and accounts receivable. When advantageous, the company places its temporary cash with high credit quality financial institutions and companies and limits the amount of credit exposure from any one entity. The company is exposed to credit risk in the event of nonpayment by customers. The company mitigates its exposure to credit risk, which it generally extends initially on an unsecured basis, by performing ongoing credit evaluations and taking further action if necessary, such as requiring letters of credit or other security interests to support the customer receivable.Derivative Financial InstrumentsThe company routinely enters into exchange traded futures to manage price risk associated with nonferrous metal inventory, as well as purchases and sales of nonferrous (primarily aluminum and copper) and ferrous metals, to reduce exposure to commodity related price fluctuations. These exchange traded futures contracts meet the definition of derivative financial instruments. The company does not enter into these derivative financial instruments for speculative purposes. The company recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. Derivatives that are not designated as cash flow hedges must be adjusted to fair value through earnings. For the effective fair value hedges, the hedged item is recognized on the balance sheet at fair value. Changes in the fair value of the hedged balance sheet item are recognized as an offset against the change in fair value of the derivative in cost of goods sold and included in cash flows from operations. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings for fair value hedges. Changes in the fair value of cash flow hedges are recognized in other comprehensive income, until the hedged item is recognized in earnings.",
      "prior_body": "Basic earnings per share is based on the weighted average shares of common stock outstanding during the period. Diluted earnings per share assumes the weighted average dilutive effect of common share equivalents outstanding during the period applied to the company’s basic earnings per share. Common share equivalents represent potentially dilutive restricted stock units, deferred stock units, restricted stock, and performance awards, and are excluded from the computation in periods in which they have an anti-dilutive effect. There were 269,000 anti-dilutive common stock equivalents as of and for the year ended December 31, 2024. There were no anti-dilutive common stock equivalents as of and for the years ended December 31, 2023, and 2022. ​ 66 66 Table of ContentsNote 1. Description of the Business and Summary of Significant Accounting Policies (Continued)The following table presents a reconciliation of the numerators and the denominators of the company’s basic and diluted earnings per share computations for the years ended December 31 (in thousands, except per share data):​​​​​​​​​​​​​​​​​​​​​​​2024​​2023​​Net Income​Shares​Per Share​​Net Income​Shares​Per Share​​(Numerator)​(Denominator)​Amount​​(Numerator)​(Denominator)​AmountBasic earnings per share​$ 1,537,134​​ 155,420​$ 9.89​​$ 2,450,882​​ 166,552​$ 14.72 Dilutive common share equivalents​​ -​​ 716​​​​​​ -​​ 879​​​Diluted earnings per share​$ 1,537,134​​ 156,136​$ 9.84​​$ 2,450,882​​ 167,431​$ 14.64​​​​​​​​​​​​2022​​Net Income​Shares​Per Share​​(Numerator)​(Denominator)​Amount​Basic earnings per share$ 3,862,674​​ 183,393​$ 21.06​ Dilutive common share equivalents​ -​​ 1,229​​​​Diluted earnings per share$ 3,862,674​​ 184,622​$ 20.92​​Concentration of Credit RiskFinancial instruments that potentially subject the company to significant concentrations of credit risk principally consist of temporary cash investments and accounts receivable. When advantageous, the company places its temporary cash with high credit quality financial institutions and companies and limits the amount of credit exposure from any one entity. The company is exposed to credit risk in the event of nonpayment by customers. The company mitigates its exposure to credit risk, which it generally extends initially on an unsecured basis, by performing ongoing credit evaluations and taking further action if necessary, such as requiring letters of credit or other security interests to support the customer receivable.Derivative Financial InstrumentsThe company routinely enters into forward exchange traded futures to manage price risk associated with nonferrous metal inventory, as well as purchases and sales of nonferrous (primarily aluminum and copper) and ferrous metals, to reduce exposure to commodity related price fluctuations. The company does not enter into these derivative financial instruments for speculative purposes. The company recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. Changes in the fair value of derivatives that are designated as hedges, depending on the nature of the hedge, are recognized as either an offset against the change in fair value of the hedged balance sheet item in the case of fair value hedges or as other comprehensive income in the case of cash flow hedges, until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings for fair value hedges. The company offsets fair value amounts recognized for derivative instruments executed with the same counterparty under master netting agreements.In the normal course of business, the company has derivative financial instruments in the form of forward contracts in various metallic commodities and those related to managing fluctuations in foreign exchange rates. At the time of acquiring these financial instruments, the company designates and assigns these instruments as hedges of specific assets, liabilities or anticipated transactions. When hedged assets or liabilities are sold or extinguished, or the anticipated transaction being hedged is no longer expected to occur, the company recognizes the gain or loss on the designated hedged financial instrument in earnings.67 Table of Contents Table of Contents Table of Contents Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued)The following table presents a reconciliation of the numerators and the denominators of the company’s basic and diluted earnings per share computations for the years ended December 31 (in thousands, except per share data):​​​​​​​​​​​​​​​​​​​​​​​2024​​2023​​Net Income​Shares​Per Share​​Net Income​Shares​Per Share​​(Numerator)​(Denominator)​Amount​​(Numerator)​(Denominator)​AmountBasic earnings per share​$ 1,537,134​​ 155,420​$ 9.89​​$ 2,450,882​​ 166,552​$ 14.72 Dilutive common share equivalents​​ -​​ 716​​​​​​ -​​ 879​​​Diluted earnings per share​$ 1,537,134​​ 156,136​$ 9.84​​$ 2,450,882​​ 167,431​$ 14.64​​​​​​​​​​​​2022​​Net Income​Shares​Per Share​​(Numerator)​(Denominator)​Amount​Basic earnings per share$ 3,862,674​​ 183,393​$ 21.06​ Dilutive common share equivalents​ -​​ 1,229​​​​Diluted earnings per share$ 3,862,674​​ 184,622​$ 20.92​​Concentration of Credit RiskFinancial instruments that potentially subject the company to significant concentrations of credit risk principally consist of temporary cash investments and accounts receivable. When advantageous, the company places its temporary cash with high credit quality financial institutions and companies and limits the amount of credit exposure from any one entity. The company is exposed to credit risk in the event of nonpayment by customers. The company mitigates its exposure to credit risk, which it generally extends initially on an unsecured basis, by performing ongoing credit evaluations and taking further action if necessary, such as requiring letters of credit or other security interests to support the customer receivable.Derivative Financial InstrumentsThe company routinely enters into forward exchange traded futures to manage price risk associated with nonferrous metal inventory, as well as purchases and sales of nonferrous (primarily aluminum and copper) and ferrous metals, to reduce exposure to commodity related price fluctuations. The company does not enter into these derivative financial instruments for speculative purposes. The company recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. Changes in the fair value of derivatives that are designated as hedges, depending on the nature of the hedge, are recognized as either an offset against the change in fair value of the hedged balance sheet item in the case of fair value hedges or as other comprehensive income in the case of cash flow hedges, until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings for fair value hedges. The company offsets fair value amounts recognized for derivative instruments executed with the same counterparty under master netting agreements.In the normal course of business, the company has derivative financial instruments in the form of forward contracts in various metallic commodities and those related to managing fluctuations in foreign exchange rates. At the time of acquiring these financial instruments, the company designates and assigns these instruments as hedges of specific assets, liabilities or anticipated transactions. When hedged assets or liabilities are sold or extinguished, or the anticipated transaction being hedged is no longer expected to occur, the company recognizes the gain or loss on the designated hedged financial instrument in earnings. Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued)The following table presents a reconciliation of the numerators and the denominators of the company’s basic and diluted earnings per share computations for the years ended December 31 (in thousands, except per share data):​​​​​​​​​​​​​​​​​​​​​​​2024​​2023​​Net Income​Shares​Per Share​​Net Income​Shares​Per Share​​(Numerator)​(Denominator)​Amount​​(Numerator)​(Denominator)​AmountBasic earnings per share​$ 1,537,134​​ 155,420​$ 9.89​​$ 2,450,882​​ 166,552​$ 14.72 Dilutive common share equivalents​​ -​​ 716​​​​​​ -​​ 879​​​Diluted earnings per share​$ 1,537,134​​ 156,136​$ 9.84​​$ 2,450,882​​ 167,431​$ 14.64​​​​​​​​​​​​2022​​Net Income​Shares​Per Share​​(Numerator)​(Denominator)​Amount​Basic earnings per share$ 3,862,674​​ 183,393​$ 21.06​ Dilutive common share equivalents​ -​​ 1,229​​​​Diluted earnings per share$ 3,862,674​​ 184,622​$ 20.92​​Concentration of Credit RiskFinancial instruments that potentially subject the company to significant concentrations of credit risk principally consist of temporary cash investments and accounts receivable. When advantageous, the company places its temporary cash with high credit quality financial institutions and companies and limits the amount of credit exposure from any one entity. The company is exposed to credit risk in the event of nonpayment by customers. The company mitigates its exposure to credit risk, which it generally extends initially on an unsecured basis, by performing ongoing credit evaluations and taking further action if necessary, such as requiring letters of credit or other security interests to support the customer receivable.Derivative Financial InstrumentsThe company routinely enters into forward exchange traded futures to manage price risk associated with nonferrous metal inventory, as well as purchases and sales of nonferrous (primarily aluminum and copper) and ferrous metals, to reduce exposure to commodity related price fluctuations. The company does not enter into these derivative financial instruments for speculative purposes. The company recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. Changes in the fair value of derivatives that are designated as hedges, depending on the nature of the hedge, are recognized as either an offset against the change in fair value of the hedged balance sheet item in the case of fair value hedges or as other comprehensive income in the case of cash flow hedges, until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings for fair value hedges. The company offsets fair value amounts recognized for derivative instruments executed with the same counterparty under master netting agreements.In the normal course of business, the company has derivative financial instruments in the form of forward contracts in various metallic commodities and those related to managing fluctuations in foreign exchange rates. At the time of acquiring these financial instruments, the company designates and assigns these instruments as hedges of specific assets, liabilities or anticipated transactions. When hedged assets or liabilities are sold or extinguished, or the anticipated transaction being hedged is no longer expected to occur, the company recognizes the gain or loss on the designated hedged financial instrument in earnings."
    },
    {
      "status": "MODIFIED",
      "current_title": "Cash Dividends",
      "prior_title": "Cash Dividends",
      "similarity_score": 0.859,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"The company declared cash dividends of $294.1 million, or $2.00 per common share, during 2025; $284.1 million, or $1.84 per common share, during 2024; and $280.5 million, or $1.70 per common share, during 2023.\""
      ],
      "current_body": "The company declared cash dividends of $294.1 million, or $2.00 per common share, during 2025; $284.1 million, or $1.84 per common share, during 2024; and $280.5 million, or $1.70 per common share, during 2023. The company paid cash dividends of $291.2 million, $282.6 million, and $271.3 million during 2025, 2024, and 2023, respectively.",
      "prior_body": "The company declared cash dividends of $284.1 million, or $1.84 per common share, during 2024; $280.5 million, or $1.70 per common share, during 2023; and $245.3 million, or $1.36 per common share, during 2022. The company paid cash dividends of $282.6 million, $271.3 million, and $237.2 million during 2024, 2023, and 2022, respectively."
    },
    {
      "status": "MODIFIED",
      "current_title": "Intangible assets, net",
      "prior_title": "Intangible assets, net",
      "similarity_score": 0.856,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ 331,290 ​ ​ ​ 227,234 Goodwill ​ 477,471 ​ ​ ​ 477,471\""
      ],
      "current_body": "​ 331,290 ​ ​ ​ 227,234 Goodwill ​ 477,471 ​ ​ ​ 477,471",
      "prior_body": "​ 227,234 ​ ​ ​ 257,759 Goodwill ​ 477,471 ​ ​ ​ 477,471"
    },
    {
      "status": "MODIFIED",
      "current_title": "Steel Operations Segment",
      "prior_title": "Steel Operations Segment",
      "similarity_score": 0.854,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"Steel operations include the company’s electric arc furnace (EAF) steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, and Steel of West Virginia; steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply, New Process Steel, L.P.\""
      ],
      "current_body": "​ Steel operations include our electric arc furnace (EAF) steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, and Steel of West Virginia; steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply, New Process Steel, L.P. (acquired December 1, 2025), and Vulcan Threaded Products, Inc.; warehouse operations in Mexico; and a 75% controlling equity interest in SDI Biocarbon Solutions, LLC. Steel operations accounted for 72% and 69% of our consolidated net sales during 2025 and 2024, respectively. See Item 1. Business for further information on Steel Operations segment operations.",
      "prior_body": "​ Steel operations include our EAF steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, Steel of West Virginia, steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply, Vulcan Threaded Products, Inc., warehouse operations in Mexico, and SDI Biocarbon Solutions, LLC, a joint venture to construct and operate a biocarbon production facility. Steel operations accounted for 69% and 67% of our consolidated net sales during 2024 and 2023, respectively. See Item 1. Business for further information on Steel Operations segment operations."
    },
    {
      "status": "MODIFIED",
      "current_title": "Senior Credit Facility, due 2028",
      "prior_title": "Financing Activity",
      "similarity_score": 0.853,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ On July 19, 2023, the company entered into an unsecured credit agreement comprised of a senior unsecured credit facility (Facility), which provides a $1.2 billion unsecured Revolver, maturing July 2028.\"",
        "Reworded sentence: \"At December 31, 2025, the company had $1.2 billion of availability on the Facility, $9.2 million of outstanding letters of credit and other obligations which reduce availability, and there were no borrowings outstanding.\"",
        "Reworded sentence: \"In addition, the company is subject to an unused commitment fee of between 0.11% and 0.275% (based on either the leverage of net debt to LTM consolidated EBITDA, or the company’s credit ratings) which is applied to the unused portion of the Facility.\"",
        "Reworded sentence: \"At December 31, 2025, the company’s interest coverage ratio and debt to capitalization ratio were 13.33:1.00 and 0.32:1.00, respectively.\"",
        "Reworded sentence: \"​The company’s $350.0 million of 1.650% senior notes due 2027 mature on October 15, 2027, with interest payable semi-annually.\""
      ],
      "current_body": "​ On July 19, 2023, the company entered into an unsecured credit agreement comprised of a senior unsecured credit facility (Facility), which provides a $1.2 billion unsecured Revolver, maturing July 2028. Subject to certain conditions, the company has the opportunity to increase the Facility size by $500.0 million. The unsecured Facility is available to fund working capital, capital expenditures, and other general corporate purposes. The Facility contains financial covenants and other covenants pertaining to the company’s ability to incur indebtedness and permit liens on certain assets. The company’s ability to borrow funds within the terms of the unsecured Facility is dependent upon its continued compliance with financial and other covenants. At December 31, 2025, the company had $1.2 billion of availability on the Facility, $9.2 million of outstanding letters of credit and other obligations which reduce availability, and there were no borrowings outstanding. ​ The Facility pricing grid is adjusted quarterly and is based on either the company’s leverage of net debt (as defined in the Facility) to last-twelve-months (LTM) consolidated EBITDA as defined in the Facility (earnings before interest, taxes, depreciation, amortization, and certain other non-cash items as allowed in the Facility), or the company’s credit ratings. The minimum pricing is adjusted Secured Overnight Financing Rate (SOFR) plus 1.000% and the maximum pricing is adjusted SOFR plus 1.75%. In addition, the company is subject to an unused commitment fee of between 0.11% and 0.275% (based on either the leverage of net debt to LTM consolidated EBITDA, or the company’s credit ratings) which is applied to the unused portion of the Facility. SOFR SOFR 70 70 Table of ContentsNote 3. Long-Term Debt (Continued)The financial covenants under the Facility state that the company must maintain an interest coverage ratio of not less than 2.50:1.00. The company’s interest coverage ratio is calculated by dividing its LTM consolidated EBITDA by its LTM gross interest expense, less amortization of financing fees. In addition, a debt to capitalization ratio of not more than 0.60:1.00 must be maintained. At December 31, 2025, the company’s interest coverage ratio and debt to capitalization ratio were 13.33:1.00 and 0.32:1.00, respectively. The company was, therefore, in compliance with these covenants at December 31, 2025, and anticipates remaining in compliance during the next twelve months.Senior Unsecured NotesThe company has eight different tranches of senior unsecured notes (Notes) outstanding. These Notes are in equal right of payment with all existing and future senior unsecured indebtedness and are senior in right of payment to all subordinated indebtedness. These Notes contain provisions that allow the company to redeem the Notes on or after the dates and at redemption prices (expressed as a percentage of principal amount) listed below. ​The company’s $350.0 million of 1.650% senior notes due 2027 mature on October 15, 2027, with interest payable semi-annually. Early redemption is permitted any time prior to August 15, 2027, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.20%; and as of August 15, 2027, at 100.000%.​The company’s $650.0 million of 4.000% senior notes due 2028 mature on December 15, 2028, with interest payable semi-annually. Early redemption is permitted any time prior to November 15, 2028, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.10%; and as of November 15, 2028, at 100.000%.The company’s $600.0 million of 3.450% senior notes due 2030 mature on April 15, 2030, with interest payable semi-annually. Early redemption is permitted any time prior to January 15, 2030, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.25%; and as of January 15, 2030, at 100.000%.​The company’s $500.0 million of 3.250% senior notes due 2031 mature on January 15, 2031, with interest payable semi-annually. Early redemption is permitted any time prior to October 15, 2030, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.40%; and as of October 15, 2030, at 100.000%.​The company’s $600.0 million of 5.375% senior notes due 2034 mature on August 15, 2034, with interest payable semi-annually. Early redemption is permitted any time prior to May 15, 2034, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.20%; and as of May 15, 2034, at 100.000%.​The company’s $750.0 million of 5.250% senior notes due 2035 mature on May 15, 2035, with interest payable semi-annually. Early redemption is permitted any time prior to February 15, 2035, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.20%; and as of February 15, 2035, at 100.000%.The company’s $400.0 million of 3.250% senior notes due 2050 mature on October 15, 2050, with interest payable semi-annually. Early redemption is permitted any time prior to April 15, 2050, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.30%; and as of April 15, 2050, at 100.000%.​71 Table of Contents Table of Contents Table of Contents Note 3. Long-Term Debt (Continued)The financial covenants under the Facility state that the company must maintain an interest coverage ratio of not less than 2.50:1.00. The company’s interest coverage ratio is calculated by dividing its LTM consolidated EBITDA by its LTM gross interest expense, less amortization of financing fees. In addition, a debt to capitalization ratio of not more than 0.60:1.00 must be maintained. At December 31, 2025, the company’s interest coverage ratio and debt to capitalization ratio were 13.33:1.00 and 0.32:1.00, respectively. The company was, therefore, in compliance with these covenants at December 31, 2025, and anticipates remaining in compliance during the next twelve months.Senior Unsecured NotesThe company has eight different tranches of senior unsecured notes (Notes) outstanding. These Notes are in equal right of payment with all existing and future senior unsecured indebtedness and are senior in right of payment to all subordinated indebtedness. These Notes contain provisions that allow the company to redeem the Notes on or after the dates and at redemption prices (expressed as a percentage of principal amount) listed below. ​The company’s $350.0 million of 1.650% senior notes due 2027 mature on October 15, 2027, with interest payable semi-annually. Early redemption is permitted any time prior to August 15, 2027, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.20%; and as of August 15, 2027, at 100.000%.​The company’s $650.0 million of 4.000% senior notes due 2028 mature on December 15, 2028, with interest payable semi-annually. Early redemption is permitted any time prior to November 15, 2028, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.10%; and as of November 15, 2028, at 100.000%.The company’s $600.0 million of 3.450% senior notes due 2030 mature on April 15, 2030, with interest payable semi-annually. Early redemption is permitted any time prior to January 15, 2030, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.25%; and as of January 15, 2030, at 100.000%.​The company’s $500.0 million of 3.250% senior notes due 2031 mature on January 15, 2031, with interest payable semi-annually. Early redemption is permitted any time prior to October 15, 2030, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.40%; and as of October 15, 2030, at 100.000%.​The company’s $600.0 million of 5.375% senior notes due 2034 mature on August 15, 2034, with interest payable semi-annually. Early redemption is permitted any time prior to May 15, 2034, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.20%; and as of May 15, 2034, at 100.000%.​The company’s $750.0 million of 5.250% senior notes due 2035 mature on May 15, 2035, with interest payable semi-annually. Early redemption is permitted any time prior to February 15, 2035, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.20%; and as of February 15, 2035, at 100.000%.The company’s $400.0 million of 3.250% senior notes due 2050 mature on October 15, 2050, with interest payable semi-annually. Early redemption is permitted any time prior to April 15, 2050, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.30%; and as of April 15, 2050, at 100.000%.​",
      "prior_body": "​ In July 2024, the company issued $600.0 million of 5.375% notes due 2034. Proceeds from these notes were used for general corporate purposes, including the repayment of the company’s 2.800% senior notes due December 2024, working capital, capital expenditures, advances for or investments in the company’s subsidiaries, acquisitions, redemption and repayment of other outstanding indebtedness, and purchases of the company’s common stock. 69 69 Table of ContentsNote 3. Long-Term Debt (Continued)Senior Credit Facility, due 2028​On July 19, 2023, the company entered into an unsecured credit agreement comprised of a senior unsecured credit facility (Facility), which provides a $1.2 billion unsecured Revolver, maturing July 2028. Subject to certain conditions, the company has the opportunity to increase the Facility size by $500.0 million. The unsecured Facility is available to fund working capital, capital expenditures, and other general corporate purposes. The Facility contains financial covenants and other covenants pertaining to the company’s ability to incur indebtedness and permit liens on certain assets. The company’s ability to borrow funds within the terms of the unsecured Facility is dependent upon its continued compliance with financial and other covenants. At December 31, 2024, the company had $1.2 billion of availability on the Facility, $9.3 million of outstanding letters of credit and other obligations which reduce availability, and there were no borrowings outstanding.​The Facility pricing grid is adjusted quarterly and is based on either the company’s leverage of net debt (as defined in the Facility) to last-twelve-months (LTM) consolidated Adjusted EBITDA as defined in the Facility (earnings before interest, taxes, depreciation, amortization, and certain other non-cash items as allowed in the Facility), or the company’s credit ratings. The minimum pricing is adjusted Secured Overnight Financing Rate (SOFR) plus 1.000% and the maximum pricing is adjusted SOFR plus 1.75%. In addition, the company is subject to an unused commitment fee of between 0.11% and 0.275% (based on either the leverage of net debt to LTM consolidated adjusted EBITDA, or the company’s credit ratings) which is applied to the unused portion of the Facility. The financial covenants under the Facility state that the company must maintain an interest coverage ratio of not less than 2.50:1.00. The company’s interest coverage ratio is calculated by dividing its LTM consolidated Adjusted EBITDA by its LTM gross interest expense, less amortization of financing fees. In addition, a debt to capitalization ratio of not more than 0.60:1.00 must be maintained. At December 31, 2024, the company’s interest coverage ratio and debt to capitalization ratio were 21.68:1.00 and 0.27:1.00, respectively. The company was, therefore, in compliance with these covenants at December 31, 2024, and anticipates remaining in compliance during the next twelve months.Senior Unsecured NotesThe company has seven different tranches of senior unsecured notes (Notes) outstanding. These Notes are in equal right of payment with all existing and future senior unsecured indebtedness and are senior in right of payment to all subordinated indebtedness. These Notes contain provisions that allow the company to redeem the Notes on or after the dates and at redemption prices (expressed as a percentage of principal amount) listed below. ​The company’s $400.0 million of 2.400% senior notes due 2025 mature on June 15, 2025, with interest payable semi-annually. Early redemption is permitted any time prior to May 15, 2025, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.35%; and as of May 15, 2025, at 100.000%.​The company’s $400.0 million of 5.000% senior notes due 2026 mature on December 15, 2026, with interest payable semi-annually. Early redemption was permitted as of December 15, 2024, at 100.000%.​The company’s $350.0 million of 1.650% senior notes due 2027 mature on October 15, 2027, with interest payable semi-annually. Early redemption is permitted any time prior to August 15, 2027, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.20%; and as of August 15, 2027, at 100.000%.​The company’s $600.0 million of 3.450% senior notes due 2030 mature on April 15, 2030, with interest payable semi-annually. Early redemption is permitted any time prior to January 15, 2030, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.25%; and as of January 15, 2030, at 100.000%.​70 Table of Contents Table of Contents Table of Contents Note 3. Long-Term Debt (Continued)Senior Credit Facility, due 2028​On July 19, 2023, the company entered into an unsecured credit agreement comprised of a senior unsecured credit facility (Facility), which provides a $1.2 billion unsecured Revolver, maturing July 2028. Subject to certain conditions, the company has the opportunity to increase the Facility size by $500.0 million. The unsecured Facility is available to fund working capital, capital expenditures, and other general corporate purposes. The Facility contains financial covenants and other covenants pertaining to the company’s ability to incur indebtedness and permit liens on certain assets. The company’s ability to borrow funds within the terms of the unsecured Facility is dependent upon its continued compliance with financial and other covenants. At December 31, 2024, the company had $1.2 billion of availability on the Facility, $9.3 million of outstanding letters of credit and other obligations which reduce availability, and there were no borrowings outstanding.​The Facility pricing grid is adjusted quarterly and is based on either the company’s leverage of net debt (as defined in the Facility) to last-twelve-months (LTM) consolidated Adjusted EBITDA as defined in the Facility (earnings before interest, taxes, depreciation, amortization, and certain other non-cash items as allowed in the Facility), or the company’s credit ratings. The minimum pricing is adjusted Secured Overnight Financing Rate (SOFR) plus 1.000% and the maximum pricing is adjusted SOFR plus 1.75%. In addition, the company is subject to an unused commitment fee of between 0.11% and 0.275% (based on either the leverage of net debt to LTM consolidated adjusted EBITDA, or the company’s credit ratings) which is applied to the unused portion of the Facility. The financial covenants under the Facility state that the company must maintain an interest coverage ratio of not less than 2.50:1.00. The company’s interest coverage ratio is calculated by dividing its LTM consolidated Adjusted EBITDA by its LTM gross interest expense, less amortization of financing fees. In addition, a debt to capitalization ratio of not more than 0.60:1.00 must be maintained. At December 31, 2024, the company’s interest coverage ratio and debt to capitalization ratio were 21.68:1.00 and 0.27:1.00, respectively. The company was, therefore, in compliance with these covenants at December 31, 2024, and anticipates remaining in compliance during the next twelve months.Senior Unsecured NotesThe company has seven different tranches of senior unsecured notes (Notes) outstanding. These Notes are in equal right of payment with all existing and future senior unsecured indebtedness and are senior in right of payment to all subordinated indebtedness. These Notes contain provisions that allow the company to redeem the Notes on or after the dates and at redemption prices (expressed as a percentage of principal amount) listed below. ​The company’s $400.0 million of 2.400% senior notes due 2025 mature on June 15, 2025, with interest payable semi-annually. Early redemption is permitted any time prior to May 15, 2025, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.35%; and as of May 15, 2025, at 100.000%.​The company’s $400.0 million of 5.000% senior notes due 2026 mature on December 15, 2026, with interest payable semi-annually. Early redemption was permitted as of December 15, 2024, at 100.000%.​The company’s $350.0 million of 1.650% senior notes due 2027 mature on October 15, 2027, with interest payable semi-annually. Early redemption is permitted any time prior to August 15, 2027, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.20%; and as of August 15, 2027, at 100.000%.​The company’s $600.0 million of 3.450% senior notes due 2030 mature on April 15, 2030, with interest payable semi-annually. Early redemption is permitted any time prior to January 15, 2030, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.25%; and as of January 15, 2030, at 100.000%.​ Note 3. Long-Term Debt (Continued)Senior Credit Facility, due 2028​On July 19, 2023, the company entered into an unsecured credit agreement comprised of a senior unsecured credit facility (Facility), which provides a $1.2 billion unsecured Revolver, maturing July 2028. Subject to certain conditions, the company has the opportunity to increase the Facility size by $500.0 million. The unsecured Facility is available to fund working capital, capital expenditures, and other general corporate purposes. The Facility contains financial covenants and other covenants pertaining to the company’s ability to incur indebtedness and permit liens on certain assets. The company’s ability to borrow funds within the terms of the unsecured Facility is dependent upon its continued compliance with financial and other covenants. At December 31, 2024, the company had $1.2 billion of availability on the Facility, $9.3 million of outstanding letters of credit and other obligations which reduce availability, and there were no borrowings outstanding.​The Facility pricing grid is adjusted quarterly and is based on either the company’s leverage of net debt (as defined in the Facility) to last-twelve-months (LTM) consolidated Adjusted EBITDA as defined in the Facility (earnings before interest, taxes, depreciation, amortization, and certain other non-cash items as allowed in the Facility), or the company’s credit ratings. The minimum pricing is adjusted Secured Overnight Financing Rate (SOFR) plus 1.000% and the maximum pricing is adjusted SOFR plus 1.75%. In addition, the company is subject to an unused commitment fee of between 0.11% and 0.275% (based on either the leverage of net debt to LTM consolidated adjusted EBITDA, or the company’s credit ratings) which is applied to the unused portion of the Facility. The financial covenants under the Facility state that the company must maintain an interest coverage ratio of not less than 2.50:1.00. The company’s interest coverage ratio is calculated by dividing its LTM consolidated Adjusted EBITDA by its LTM gross interest expense, less amortization of financing fees. In addition, a debt to capitalization ratio of not more than 0.60:1.00 must be maintained. At December 31, 2024, the company’s interest coverage ratio and debt to capitalization ratio were 21.68:1.00 and 0.27:1.00, respectively. The company was, therefore, in compliance with these covenants at December 31, 2024, and anticipates remaining in compliance during the next twelve months.Senior Unsecured NotesThe company has seven different tranches of senior unsecured notes (Notes) outstanding. These Notes are in equal right of payment with all existing and future senior unsecured indebtedness and are senior in right of payment to all subordinated indebtedness. These Notes contain provisions that allow the company to redeem the Notes on or after the dates and at redemption prices (expressed as a percentage of principal amount) listed below. ​The company’s $400.0 million of 2.400% senior notes due 2025 mature on June 15, 2025, with interest payable semi-annually. Early redemption is permitted any time prior to May 15, 2025, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.35%; and as of May 15, 2025, at 100.000%.​The company’s $400.0 million of 5.000% senior notes due 2026 mature on December 15, 2026, with interest payable semi-annually. Early redemption was permitted as of December 15, 2024, at 100.000%.​The company’s $350.0 million of 1.650% senior notes due 2027 mature on October 15, 2027, with interest payable semi-annually. Early redemption is permitted any time prior to August 15, 2027, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.20%; and as of August 15, 2027, at 100.000%.​The company’s $600.0 million of 3.450% senior notes due 2030 mature on April 15, 2030, with interest payable semi-annually. Early redemption is permitted any time prior to January 15, 2030, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.25%; and as of January 15, 2030, at 100.000%.​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Our level of production and our sales and earnings are subject to significant fluctuations as a result of the cyclical nature of the metals industries and some of the other industries we serve.",
      "prior_title": "Pandemics, epidemics, widespread illness or other health issues may adversely affect our business, results of operations, financial condition, cash flows, liquidity, and stock price.",
      "similarity_score": 0.851,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"The steel and aluminum manufacturing business is cyclical in nature, and the selling price of the products we make may fluctuate significantly due to many factors beyond our control.\"",
        "Reworded sentence: \"The sale of our manufactured steel and aluminum products is directly affected by demand for our products in other cyclical industries, such as construction, automotive, manufacturing, transportation, heavy and agricultural equipment, energy, food packaging, beverage can and pipe and tube (including OCTG) markets.\"",
        "Reworded sentence: \"However, given environmental considerations of investors, customers and regulators, additional EAF mills may be constructed, or companies currently operating blast furnace mills may invest in EAF mills, leading to increased demand in ferrous scrap possibly resulting in higher ferrous scrap prices.\"",
        "Reworded sentence: \"However, given environmental considerations of investors, customers and regulators, additional EAF mills may be constructed, or companies currently operating blast furnace mills may invest in EAF mills, leading to increased demand in ferrous scrap possibly resulting in higher ferrous scrap prices.\""
      ],
      "current_body": "The steel and aluminum manufacturing business is cyclical in nature, and the selling price of the products we make may fluctuate significantly due to many factors beyond our control. Furthermore, a number of our products are commodities, subject to their own cyclical fluctuations in supply and demand in both metal consuming and metal generating industries, including the construction and manufacturing industries. The timing, magnitude and duration of these cycles and the resulting price fluctuations are difficult to predict. The sale of our manufactured steel and aluminum products is directly affected by demand for our products in other cyclical industries, such as construction, automotive, manufacturing, transportation, heavy and agricultural equipment, energy, food packaging, beverage can and pipe and tube (including OCTG) markets. Economic difficulties, stagnant or slow global economies, supply and demand imbalances, supply chain disruptions, periods of heightened inflation or high interest rates, and currency fluctuations in the United States or globally may decrease the demand for our products or increase the amount of imports of steel or aluminum into the United States, which may decrease our sales, margins and profitability. 23 23 Table of ContentsVolatility 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, may constrain operating levels and reduce profit margins.Steel and aluminum producers require large amounts of raw materials, including ferrous and aluminum scrap metal and scrap substitute products such as pig iron and pelletized iron, and other supplies such as zinc, graphite electrodes and ferroalloys. The principal raw materials of our EAF steel operations and aluminum operations are recycled scrap derived from, among other sources, “home scrap,” generated internally at steel and aluminum mills themselves; industrial scrap, generated as a by-product of manufacturing; obsolete scrap, recycled from end-of-life automobiles, appliances, machinery, food packaging and used beverage cans; and demolition scrap, recycled from obsolete structures, containers and machines. The prices for scrap are subject to market forces largely beyond our control, including demand by United States and foreign steel and aluminum producers, freight costs and speculation. The scrap metal recycling industry has historically been, and is expected to remain, highly cyclical and the prices for scrap have varied significantly in the past, may vary significantly in the future and do not necessarily fluctuate in tandem with the price of steel and aluminum. Moreover, some of our integrated steel producer competitors are not as dependent as we are on ferrous scrap as a part of their raw material melt mix, which, during periods of high scrap costs relative to the cost of blast furnace iron used by the integrated producers, give them a raw material cost advantage over EAF mills. However, given environmental considerations of investors, customers and regulators, additional EAF mills may be constructed, or companies currently operating blast furnace mills may invest in EAF mills, leading to increased demand in ferrous scrap possibly resulting in higher ferrous scrap prices. Additionally, the construction of any new aluminum flat rolled products mills may also lead to increased demand in aluminum scrap possibly resulting in higher aluminum scrap prices. While our vertical integration with our metals recycling business and liquid pig-iron operations are expected to enable us to continue being a cost-effective supplier to our own steelmaking and aluminum operations, for some of our metallics requirements, we still rely on other metallics and raw material suppliers, as well as upon general industry supply conditions for the balance of our needs.The availability and prices of raw materials and supplies, particularly those with positive environmental attributes, may also be negatively affected by new, existing or changing laws, regulations, sanctions or embargoes, including those that may impose output limitations or higher costs associated with climate change or GHG allocation by suppliers, interruptions in production, accidents or natural disasters, changes in exchange rates, global price fluctuations, the availability and cost of transportation, and competing uses, all of which may be heightened during times of war or hostilities. Any inability to secure a consistent, cost-effective and timely supply of our raw materials and supplies may adversely affect our business, financial condition, results of operations and cash flows.Additionally, our inability to pass on all or a substantial part of any cost increases, whether due to positive environmental attributes, inflation, supply and demand imbalances, or otherwise, or to provide for our customers’ needs because of the potential unavailability of raw materials, supplies or required environmental attributes, may result in production slowdowns or curtailments or may otherwise adversely affect our business, financial condition, results of operations and cash flows.The cost and availability of electricity, natural gas, oil and other energy resources are subject to volatile market conditions.We consume large amounts of energy to melt scrap, reheat semi-finished products for rolling into finished products and perform other steps necessary to our production process. We rely on third parties for the supply of energy resources we require in our production activities. The prices for and availability of electricity, natural gas, oil and other energy resources, including renewable or other clean energy sources, are subject to regulation and volatile market conditions, often affected by weather conditions as well as political, environmental and economic factors beyond our control. As large consumers of electricity and natural gas, we must have dependable delivery in order to operate. Accordingly, we are at risk in the event of an energy disruption, including power outages, power unavailability or inability to obtain power at a reasonable price or with sufficient desired environmental attributes. Prolonged blackouts, curtailments or disruptions caused by, among other things, natural disasters or by political or environmental considerations would substantially disrupt our production. Since a significant portion of our finished products are delivered by truck, unforeseen fluctuations in the price of fuel would also adversely affect our costs or the costs of many of our customers.24 Table of Contents Table of Contents Table of Contents 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, may constrain operating levels and reduce profit margins.Steel and aluminum producers require large amounts of raw materials, including ferrous and aluminum scrap metal and scrap substitute products such as pig iron and pelletized iron, and other supplies such as zinc, graphite electrodes and ferroalloys. The principal raw materials of our EAF steel operations and aluminum operations are recycled scrap derived from, among other sources, “home scrap,” generated internally at steel and aluminum mills themselves; industrial scrap, generated as a by-product of manufacturing; obsolete scrap, recycled from end-of-life automobiles, appliances, machinery, food packaging and used beverage cans; and demolition scrap, recycled from obsolete structures, containers and machines. The prices for scrap are subject to market forces largely beyond our control, including demand by United States and foreign steel and aluminum producers, freight costs and speculation. The scrap metal recycling industry has historically been, and is expected to remain, highly cyclical and the prices for scrap have varied significantly in the past, may vary significantly in the future and do not necessarily fluctuate in tandem with the price of steel and aluminum. Moreover, some of our integrated steel producer competitors are not as dependent as we are on ferrous scrap as a part of their raw material melt mix, which, during periods of high scrap costs relative to the cost of blast furnace iron used by the integrated producers, give them a raw material cost advantage over EAF mills. However, given environmental considerations of investors, customers and regulators, additional EAF mills may be constructed, or companies currently operating blast furnace mills may invest in EAF mills, leading to increased demand in ferrous scrap possibly resulting in higher ferrous scrap prices. Additionally, the construction of any new aluminum flat rolled products mills may also lead to increased demand in aluminum scrap possibly resulting in higher aluminum scrap prices. While our vertical integration with our metals recycling business and liquid pig-iron operations are expected to enable us to continue being a cost-effective supplier to our own steelmaking and aluminum operations, for some of our metallics requirements, we still rely on other metallics and raw material suppliers, as well as upon general industry supply conditions for the balance of our needs.The availability and prices of raw materials and supplies, particularly those with positive environmental attributes, may also be negatively affected by new, existing or changing laws, regulations, sanctions or embargoes, including those that may impose output limitations or higher costs associated with climate change or GHG allocation by suppliers, interruptions in production, accidents or natural disasters, changes in exchange rates, global price fluctuations, the availability and cost of transportation, and competing uses, all of which may be heightened during times of war or hostilities. Any inability to secure a consistent, cost-effective and timely supply of our raw materials and supplies may adversely affect our business, financial condition, results of operations and cash flows.Additionally, our inability to pass on all or a substantial part of any cost increases, whether due to positive environmental attributes, inflation, supply and demand imbalances, or otherwise, or to provide for our customers’ needs because of the potential unavailability of raw materials, supplies or required environmental attributes, may result in production slowdowns or curtailments or may otherwise adversely affect our business, financial condition, results of operations and cash flows.The cost and availability of electricity, natural gas, oil and other energy resources are subject to volatile market conditions.We consume large amounts of energy to melt scrap, reheat semi-finished products for rolling into finished products and perform other steps necessary to our production process. We rely on third parties for the supply of energy resources we require in our production activities. The prices for and availability of electricity, natural gas, oil and other energy resources, including renewable or other clean energy sources, are subject to regulation and volatile market conditions, often affected by weather conditions as well as political, environmental and economic factors beyond our control. As large consumers of electricity and natural gas, we must have dependable delivery in order to operate. Accordingly, we are at risk in the event of an energy disruption, including power outages, power unavailability or inability to obtain power at a reasonable price or with sufficient desired environmental attributes. Prolonged blackouts, curtailments or disruptions caused by, among other things, natural disasters or by political or environmental considerations would substantially disrupt our production. Since a significant portion of our finished products are delivered by truck, unforeseen fluctuations in the price of fuel would also adversely affect our costs or the costs of many of our customers.",
      "prior_body": "Pandemics, epidemics, widespread illness or other health issues may adversely affect our business, results of operations, financial condition, cash flows, liquidity and stock price. Government actions globally, including United States federal and state governmental actions, related to pandemics, epidemics, widespread illness or other health issues have historically impacted demand for our products, our supply chain, our employees, the economy generally, inflation and interest rates, and any similar future actions may result in similar or additional impacts. ​ 23 23 Table of ContentsIndustry Risks Related to our BusinessOur level of production and our sales and earnings are subject to significant fluctuations as a result of the cyclical nature of the steel industry and some of the industries we serve.The steel manufacturing business is cyclical in nature, and the selling price of the steel we make may fluctuate significantly due to many factors beyond our control. Furthermore, a number of our products are commodities, subject to their own cyclical fluctuations in supply and demand in both metal consuming and metal generating industries, including the construction and manufacturing industries. The timing, magnitude and duration of these cycles and the resulting price fluctuations are difficult to predict. The sale of our manufactured steel products is directly affected by demand for our products in other cyclical industries, such as construction, automotive, manufacturing, transportation, heavy and agriculture equipment, energy and pipe and tube (including OCTG) markets. Economic difficulties, stagnant or slow global economies, supply and demand imbalances, supply chain disruptions, periods of heightened inflation or high interest rates, and currency fluctuations in the United States or globally may decrease the demand for our products or increase the amount of imports of steel into the United States, which may decrease our sales, margins and profitability.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, may constrain operating levels and reduce profit margins.Steel producers require large amounts of raw materials, including ferrous scrap metal and scrap substitute products such as pig iron and pelletized iron, and other supplies such as zinc, graphite electrodes and ferroalloys. The principal raw material of our EAF steel operations is recycled ferrous scrap derived from, among other sources, “home scrap,” generated internally at steel mills themselves; industrial scrap, generated as a by-product of manufacturing; obsolete scrap, recycled from end-of-life automobiles, appliances and machinery; and demolition scrap, recycled from obsolete structures, containers and machines. The prices for scrap are subject to market forces largely beyond our control, including demand by United States and foreign steel producers, freight costs and speculation. The scrap metal recycling industry has historically been, and is expected to remain, highly cyclical and the prices for scrap have varied significantly in the past, may vary significantly in the future and do not necessarily fluctuate in tandem with the price of steel. Moreover, some of our integrated steel producer competitors are not as dependent as we are on ferrous scrap as a part of their raw material melt mix, which, during periods of high scrap costs relative to the cost of blast furnace iron used by the integrated producers, give them a raw material cost advantage over EAF mills. However, given environmental considerations of investors, customers and regulators, additional EAF mills may be constructed, or companies currently operating blast furnace mills may invest in EAF mills, leading to increased demand in ferrous scrap possibly resulting in higher scrap prices. While our vertical integration into the metals recycling business and our liquid pig-iron operations are expected to enable us to continue being a cost-effective supplier to our own steelmaking operations, for some of our metallics requirements, we still rely on other metallics and raw material suppliers, as well as upon general industry supply conditions for the balance of our needs.The availability and prices of raw materials and supplies, particularly those with positive environmental attributes, may also be negatively affected by new, existing or changing laws, regulations, sanctions or embargoes, including those that may impose output limitations or higher costs associated with climate change or GHG allocation by suppliers, interruptions in production, accidents or natural disasters, changes in exchange rates, global price fluctuations, the availability and cost of transportation, and competing uses, all of which may be heighted during times of war or hostilities. As a major producer of galvanized steel products, we purchase and consume a large amount of zinc, which if purchased at high prices, may adversely affect our profit margins. Any inability to secure a consistent, cost-effective and timely supply of our raw materials and supplies may adversely affect our business, financial condition, results of operations and cash flows.Additionally, our inability to pass on all or a substantial part of any cost increases, whether due to positive environmental attributes, inflation, supply and demand imbalances, or otherwise, or to provide for our customers’ needs because of the potential unavailability of raw materials, supplies or required environmental attributes, may result in production slowdowns or curtailments or may otherwise adversely affect our business, financial condition, results of operations and cash flows.24 Table of Contents Table of Contents Table of Contents Industry Risks Related to our BusinessOur level of production and our sales and earnings are subject to significant fluctuations as a result of the cyclical nature of the steel industry and some of the industries we serve.The steel manufacturing business is cyclical in nature, and the selling price of the steel we make may fluctuate significantly due to many factors beyond our control. Furthermore, a number of our products are commodities, subject to their own cyclical fluctuations in supply and demand in both metal consuming and metal generating industries, including the construction and manufacturing industries. The timing, magnitude and duration of these cycles and the resulting price fluctuations are difficult to predict. The sale of our manufactured steel products is directly affected by demand for our products in other cyclical industries, such as construction, automotive, manufacturing, transportation, heavy and agriculture equipment, energy and pipe and tube (including OCTG) markets. Economic difficulties, stagnant or slow global economies, supply and demand imbalances, supply chain disruptions, periods of heightened inflation or high interest rates, and currency fluctuations in the United States or globally may decrease the demand for our products or increase the amount of imports of steel into the United States, which may decrease our sales, margins and profitability.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, may constrain operating levels and reduce profit margins.Steel producers require large amounts of raw materials, including ferrous scrap metal and scrap substitute products such as pig iron and pelletized iron, and other supplies such as zinc, graphite electrodes and ferroalloys. The principal raw material of our EAF steel operations is recycled ferrous scrap derived from, among other sources, “home scrap,” generated internally at steel mills themselves; industrial scrap, generated as a by-product of manufacturing; obsolete scrap, recycled from end-of-life automobiles, appliances and machinery; and demolition scrap, recycled from obsolete structures, containers and machines. The prices for scrap are subject to market forces largely beyond our control, including demand by United States and foreign steel producers, freight costs and speculation. The scrap metal recycling industry has historically been, and is expected to remain, highly cyclical and the prices for scrap have varied significantly in the past, may vary significantly in the future and do not necessarily fluctuate in tandem with the price of steel. Moreover, some of our integrated steel producer competitors are not as dependent as we are on ferrous scrap as a part of their raw material melt mix, which, during periods of high scrap costs relative to the cost of blast furnace iron used by the integrated producers, give them a raw material cost advantage over EAF mills. However, given environmental considerations of investors, customers and regulators, additional EAF mills may be constructed, or companies currently operating blast furnace mills may invest in EAF mills, leading to increased demand in ferrous scrap possibly resulting in higher scrap prices. While our vertical integration into the metals recycling business and our liquid pig-iron operations are expected to enable us to continue being a cost-effective supplier to our own steelmaking operations, for some of our metallics requirements, we still rely on other metallics and raw material suppliers, as well as upon general industry supply conditions for the balance of our needs.The availability and prices of raw materials and supplies, particularly those with positive environmental attributes, may also be negatively affected by new, existing or changing laws, regulations, sanctions or embargoes, including those that may impose output limitations or higher costs associated with climate change or GHG allocation by suppliers, interruptions in production, accidents or natural disasters, changes in exchange rates, global price fluctuations, the availability and cost of transportation, and competing uses, all of which may be heighted during times of war or hostilities. As a major producer of galvanized steel products, we purchase and consume a large amount of zinc, which if purchased at high prices, may adversely affect our profit margins. Any inability to secure a consistent, cost-effective and timely supply of our raw materials and supplies may adversely affect our business, financial condition, results of operations and cash flows.Additionally, our inability to pass on all or a substantial part of any cost increases, whether due to positive environmental attributes, inflation, supply and demand imbalances, or otherwise, or to provide for our customers’ needs because of the potential unavailability of raw materials, supplies or required environmental attributes, may result in production slowdowns or curtailments or may otherwise adversely affect our business, financial condition, results of operations and cash flows. Industry Risks Related to our BusinessOur level of production and our sales and earnings are subject to significant fluctuations as a result of the cyclical nature of the steel industry and some of the industries we serve.The steel manufacturing business is cyclical in nature, and the selling price of the steel we make may fluctuate significantly due to many factors beyond our control. Furthermore, a number of our products are commodities, subject to their own cyclical fluctuations in supply and demand in both metal consuming and metal generating industries, including the construction and manufacturing industries. The timing, magnitude and duration of these cycles and the resulting price fluctuations are difficult to predict. The sale of our manufactured steel products is directly affected by demand for our products in other cyclical industries, such as construction, automotive, manufacturing, transportation, heavy and agriculture equipment, energy and pipe and tube (including OCTG) markets. Economic difficulties, stagnant or slow global economies, supply and demand imbalances, supply chain disruptions, periods of heightened inflation or high interest rates, and currency fluctuations in the United States or globally may decrease the demand for our products or increase the amount of imports of steel into the United States, which may decrease our sales, margins and profitability.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, may constrain operating levels and reduce profit margins.Steel producers require large amounts of raw materials, including ferrous scrap metal and scrap substitute products such as pig iron and pelletized iron, and other supplies such as zinc, graphite electrodes and ferroalloys. The principal raw material of our EAF steel operations is recycled ferrous scrap derived from, among other sources, “home scrap,” generated internally at steel mills themselves; industrial scrap, generated as a by-product of manufacturing; obsolete scrap, recycled from end-of-life automobiles, appliances and machinery; and demolition scrap, recycled from obsolete structures, containers and machines. The prices for scrap are subject to market forces largely beyond our control, including demand by United States and foreign steel producers, freight costs and speculation. The scrap metal recycling industry has historically been, and is expected to remain, highly cyclical and the prices for scrap have varied significantly in the past, may vary significantly in the future and do not necessarily fluctuate in tandem with the price of steel. Moreover, some of our integrated steel producer competitors are not as dependent as we are on ferrous scrap as a part of their raw material melt mix, which, during periods of high scrap costs relative to the cost of blast furnace iron used by the integrated producers, give them a raw material cost advantage over EAF mills. However, given environmental considerations of investors, customers and regulators, additional EAF mills may be constructed, or companies currently operating blast furnace mills may invest in EAF mills, leading to increased demand in ferrous scrap possibly resulting in higher scrap prices. While our vertical integration into the metals recycling business and our liquid pig-iron operations are expected to enable us to continue being a cost-effective supplier to our own steelmaking operations, for some of our metallics requirements, we still rely on other metallics and raw material suppliers, as well as upon general industry supply conditions for the balance of our needs.The availability and prices of raw materials and supplies, particularly those with positive environmental attributes, may also be negatively affected by new, existing or changing laws, regulations, sanctions or embargoes, including those that may impose output limitations or higher costs associated with climate change or GHG allocation by suppliers, interruptions in production, accidents or natural disasters, changes in exchange rates, global price fluctuations, the availability and cost of transportation, and competing uses, all of which may be heighted during times of war or hostilities. As a major producer of galvanized steel products, we purchase and consume a large amount of zinc, which if purchased at high prices, may adversely affect our profit margins. Any inability to secure a consistent, cost-effective and timely supply of our raw materials and supplies may adversely affect our business, financial condition, results of operations and cash flows.Additionally, our inability to pass on all or a substantial part of any cost increases, whether due to positive environmental attributes, inflation, supply and demand imbalances, or otherwise, or to provide for our customers’ needs because of the potential unavailability of raw materials, supplies or required environmental attributes, may result in production slowdowns or curtailments or may otherwise adversely affect our business, financial condition, results of operations and cash flows."
    },
    {
      "status": "MODIFIED",
      "current_title": "Maximum Dollar Value of Shares That May Yet be Purchased Under the Program (in thousands) (1)",
      "prior_title": "Maximum Dollar Value of Shares That May Yet be Purchased Under the Program (in thousands) (1)",
      "similarity_score": 0.849,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quarter ended December 31, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 1-31 ​ 109,815 ​ $ 146.90 ​ ​ 109,815 ​ $ 1,023,609 November 1-30 ​ 910,321 ​ ​ 157.62 ​ ​ 910,321 ​ ​ 881,551 December 1-31 ​ 466,035 ​ ​ 173.11 ​ ​ 466,035 ​ ​ 800,968 ​ ​ 1,486,171 ​ ​ ​ ​ ​ 1,486,171 ​ ​ ​ ​ ​ 35 35 Table of ContentsTotal Return Graph​The graph below compares Steel Dynamics, Inc.’s cumulative 5-year total shareholder return on common stock with the cumulative total returns of the S&P 500 index and the S&P 500 Steel index.\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quarter ended December 31, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 1-31 ​ 109,815 ​ $ 146.90 ​ ​ 109,815 ​ $ 1,023,609 November 1-30 ​ 910,321 ​ ​ 157.62 ​ ​ 910,321 ​ ​ 881,551 December 1-31 ​ 466,035 ​ ​ 173.11 ​ ​ 466,035 ​ ​ 800,968 ​ ​ 1,486,171 ​ ​ ​ ​ ​ 1,486,171 ​ ​ ​ ​ ​ 35 35 Table of ContentsTotal Return Graph​The graph below compares Steel Dynamics, Inc.’s cumulative 5-year total shareholder return on common stock with the cumulative total returns of the S&P 500 index and the S&P 500 Steel index. The graph tracks the performance of a $100 investment in our common stock and in each index (with the reinvestment of all dividends) from December 31, 2020 to December 31, 2025. ​​ITEM 6. [RESERVED]36 Table of Contents Table of Contents Table of Contents Total Return Graph​The graph below compares Steel Dynamics, Inc.’s cumulative 5-year total shareholder return on common stock with the cumulative total returns of the S&P 500 index and the S&P 500 Steel index. The graph tracks the performance of a $100 investment in our common stock and in each index (with the reinvestment of all dividends) from December 31, 2020 to December 31, 2025. ​​ITEM 6. [RESERVED]",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quarter ended December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 1-31 ​ 664,066 ​ $ 132.25 ​ ​ 664,066 ​ $ 399,476 November 1-30 ​ 790,538 ​ ​ 144.37 ​ ​ 790,538 ​ ​ 286,494 December 1-31 ​ 728,796 ​ ​ 128.87 ​ ​ 728,796 ​ ​ 193,510 ​ ​ 2,183,400 ​ ​ ​ ​ ​ 2,183,400 ​ ​ ​ ​ ​ 35 35 Table of ContentsTotal Return Graph​The graph below compares Steel Dynamics, Inc.’s cumulative 5-year total shareholder return on common stock with the cumulative total returns of the S&P 500 index and the S&P 500 Steel index. The graph tracks the performance of a $100 investment in our common stock and in each index (with the reinvestment of all dividends) from December 31, 2019 to December 31, 2024. ​​​36 Table of Contents Table of Contents Table of Contents Total Return Graph​The graph below compares Steel Dynamics, Inc.’s cumulative 5-year total shareholder return on common stock with the cumulative total returns of the S&P 500 index and the S&P 500 Steel index. The graph tracks the performance of a $100 investment in our common stock and in each index (with the reinvestment of all dividends) from December 31, 2019 to December 31, 2024. ​​​ Total Return Graph​The graph below compares Steel Dynamics, Inc.’s cumulative 5-year total shareholder return on common stock with the cumulative total returns of the S&P 500 index and the S&P 500 Steel index. The graph tracks the performance of a $100 investment in our common stock and in each index (with the reinvestment of all dividends) from December 31, 2019 to December 31, 2024. ​​​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Principles of Consolidation",
      "prior_title": "Principles of Consolidation",
      "similarity_score": 0.843,
      "confidence": "high",
      "key_changes": [
        "Removed sentence: \"Redeemable noncontrolling interests related to USS (owned 90% by SDI) are $60.0 million at December 31, 2024 and 2023.\"",
        "Removed sentence: \"Redeemable noncontrolling interests related to Mesabi Nugget (owned 86% by SDI) are $111.2 million at December 31, 2024 and 2023.\""
      ],
      "current_body": "The consolidated financial statements include the accounts of SDI, together with its wholly- and majority-owned or controlled subsidiaries, after elimination of intercompany accounts and transactions. Noncontrolling and redeemable noncontrolling interests represent the noncontrolling owners' proportionate share in the equity, income, or losses of the company’s majority-owned or controlled consolidated subsidiaries.",
      "prior_body": "The consolidated financial statements include the accounts of SDI, together with its wholly- and majority-owned or controlled subsidiaries, after elimination of intercompany accounts and transactions. Noncontrolling and redeemable noncontrolling interests represent the noncontrolling owners' proportionate share in the equity, income, or losses of the company’s majority-owned or controlled consolidated subsidiaries. Redeemable noncontrolling interests related to USS (owned 90% by SDI) are $60.0 million at December 31, 2024 and 2023. Redeemable noncontrolling interests related to Mesabi Nugget (owned 86% by SDI) are $111.2 million at December 31, 2024 and 2023."
    },
    {
      "status": "MODIFIED",
      "current_title": "Balances at January 1, 2023",
      "prior_title": "Balances at December 31, 2022",
      "similarity_score": 0.842,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ 172,936 ​ ​ 94,826 ​ $ 650 ​ $ (4,459,513) ​ $ 1,212,566 ​ $ 11,375,765 ​ $ 889 ​ $ (216,055) ​ $ 7,914,302 ​ $ 181,503 Dividends declared ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (280,501) ​ ​ - ​ ​ - ​ ​ (280,501) ​ ​ - Noncontrolling investors, net ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 1,254 ​ ​ 1,254 ​ ​ (10,291) Share repurchases ​ (13,394) ​ ​ 13,394 ​ ​ - ​ ​ (1,452,203) ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (1,452,203) ​ ​ - Equity-based compensation ​ 476 ​ ​ (125) ​ ​ 1 ​ ​ 14,110 ​ ​ 5,044 ​ ​ (556) ​ ​ - ​ ​ - ​ ​ 18,599 ​ ​ - Net income ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 2,450,882 ​ ​ - ​ ​ 16,450 ​ ​ 2,467,332 ​ ​ - Other comprehensive loss, net of tax ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (468) ​ ​ - ​ ​ (468) ​ ​ -\""
      ],
      "current_body": "​ 172,936 ​ ​ 94,826 ​ $ 650 ​ $ (4,459,513) ​ $ 1,212,566 ​ $ 11,375,765 ​ $ 889 ​ $ (216,055) ​ $ 7,914,302 ​ $ 181,503 Dividends declared ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (280,501) ​ ​ - ​ ​ - ​ ​ (280,501) ​ ​ - Noncontrolling investors, net ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 1,254 ​ ​ 1,254 ​ ​ (10,291) Share repurchases ​ (13,394) ​ ​ 13,394 ​ ​ - ​ ​ (1,452,203) ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (1,452,203) ​ ​ - Equity-based compensation ​ 476 ​ ​ (125) ​ ​ 1 ​ ​ 14,110 ​ ​ 5,044 ​ ​ (556) ​ ​ - ​ ​ - ​ ​ 18,599 ​ ​ - Net income ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 2,450,882 ​ ​ - ​ ​ 16,450 ​ ​ 2,467,332 ​ ​ - Other comprehensive loss, net of tax ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (468) ​ ​ - ​ ​ (468) ​ ​ -",
      "prior_body": "​ 172,936 ​ ​ 94,826 ​ $ 650 ​ $ (4,459,513) ​ $ 1,212,566 ​ $ 11,375,765 ​ $ 889 ​ $ (216,055) ​ $ 7,914,302 ​ $ 181,503 Dividends declared ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (280,501) ​ ​ - ​ ​ - ​ ​ (280,501) ​ ​ - Noncontrolling investors, net ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 1,254 ​ ​ 1,254 ​ ​ (10,291) Share repurchases ​ (13,394) ​ ​ 13,394 ​ ​ - ​ ​ (1,452,203) ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (1,452,203) ​ ​ - Equity-based compensation ​ 476 ​ ​ (125) ​ ​ 1 ​ ​ 14,110 ​ ​ 5,044 ​ ​ (556) ​ ​ - ​ ​ - ​ ​ 18,599 ​ ​ - Net income ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 2,450,882 ​ ​ - ​ ​ 16,450 ​ ​ 2,467,332 ​ ​ - Other comprehensive income, net of tax ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (468) ​ ​ - ​ ​ (468) ​ ​ -"
    },
    {
      "status": "MODIFIED",
      "current_title": "Inventories",
      "prior_title": "Inventories",
      "similarity_score": 0.833,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"Cost is determined using a weighted average cost method for raw materials (including scrap, purchased steel substrate and aluminum slabs) and supplies, and on a first-in, first-out basis for other inventory.\"",
        "Reworded sentence: \"Depreciation is provided utilizing the straight-line depreciation methodology, or the units-of-production depreciation methodology for certain production-related steel and aluminum operations segment assets, based on units produced, subject to minimum and maximum levels.\"",
        "Reworded sentence: \"Amortization of intangible assets was $27.9 million, $30.5 million, and $34.0 million for the years ended December 31, 2025, 2024, and 2023, respectively.\"",
        "Reworded sentence: \"Depreciation is provided utilizing the straight-line depreciation methodology, or the units-of-production depreciation methodology for certain production-related steel and aluminum operations segment assets, based on units produced, subject to minimum and maximum levels.\"",
        "Reworded sentence: \"Amortization of intangible assets was $27.9 million, $30.5 million, and $34.0 million for the years ended December 31, 2025, 2024, and 2023, respectively.\""
      ],
      "current_body": "Inventories are stated at lower of cost or net realizable value. Cost is determined using a weighted average cost method for raw materials (including scrap, purchased steel substrate and aluminum slabs) and supplies, and on a first-in, first-out basis for other inventory. Inventory consisted of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ 2024 ​ ​ Raw materials $ 1,741,873 ​ $ 1,323,920 ​ ​ Supplies ​ 815,895 ​ ​ 805,035 ​ ​ Work in progress ​ 414,492 ​ ​ 269,031 ​ ​ Finished goods ​ 766,256 ​ ​ 715,747 ​ ​ Total inventories $ 3,738,516 ​ $ 3,113,733 ​ ​ ​ 63 63 Table of ContentsNote 1. Description of the Business and Summary of Significant Accounting Policies (Continued)Property, Plant and EquipmentProperty, plant and equipment are stated at cost which includes capitalized interest on construction in progress amounts, and is reduced by proceeds received from certain state and local government grants and other capital cost reimbursements, except for assets acquired in acquisitions which are valued at fair value at the purchase date. The company assigns each fixed asset a useful life ranging from 3 to 15 years for plant, machinery and equipment, and 5 to 40 years for buildings and improvements. Repairs and maintenance are expensed as incurred. Depreciation is provided utilizing the straight-line depreciation methodology, or the units-of-production depreciation methodology for certain production-related steel and aluminum operations segment assets, based on units produced, subject to minimum and maximum levels. Depreciation expense was $515.0 million, $441.2 million, and $397.0 million for the years ended December 31, 2025, 2024, and 2023, respectively. The company’s property, plant and equipment consisted of the following at December 31 (in thousands):s​​​​​​​​​​​2025​2024​​Land and improvements ​$ 849,391​$ 801,210​​Buildings and improvements ​​ 1,907,029​​ 1,487,742​​Plant, machinery and equipment ​​ 9,193,744​​ 7,666,513​​Construction in progress ​​ 1,667,367​​ 2,767,013​​​​​ 13,617,531​​ 12,722,478​​Less accumulated depreciation ​​ 5,048,065​​ 4,604,490​​Property, plant and equipment, net ​$ 8,569,466​$ 8,117,988​​Intangible AssetsThe company’s intangible assets consisted of the following at December 31 (in thousands):​​​​​​​​​​​​​​​​​​​​​​Weighted​​​​​​​​​​​Average​​​​​​​​​Useful​Amortization​​​2025​2024​Life​ Period​​Customer, vendor and scrap generator relationships $ 539,505​$ 444,812​8 to 25 years​23 years​​Trade names ​ 183,579​​ 147,950​15 to 25 years​21 years​​​​ 723,084​​ 592,762​​​22 years​​Less accumulated amortization ​ 391,794​​ 365,528​​​​​​​$ 331,290​$ 227,234​​​​​​The company utilizes an accelerated amortization methodology for customer, vendor and scrap generator relationships in order to follow the pattern in which the economic benefits of the amounts are anticipated to be consumed. Trade names are amortized using a straight-line methodology. Amortization of intangible assets was $27.9 million, $30.5 million, and $34.0 million for the years ended December 31, 2025, 2024, and 2023, respectively. ​​64 Table of Contents Table of Contents Table of Contents Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued)Property, Plant and EquipmentProperty, plant and equipment are stated at cost which includes capitalized interest on construction in progress amounts, and is reduced by proceeds received from certain state and local government grants and other capital cost reimbursements, except for assets acquired in acquisitions which are valued at fair value at the purchase date. The company assigns each fixed asset a useful life ranging from 3 to 15 years for plant, machinery and equipment, and 5 to 40 years for buildings and improvements. Repairs and maintenance are expensed as incurred. Depreciation is provided utilizing the straight-line depreciation methodology, or the units-of-production depreciation methodology for certain production-related steel and aluminum operations segment assets, based on units produced, subject to minimum and maximum levels. Depreciation expense was $515.0 million, $441.2 million, and $397.0 million for the years ended December 31, 2025, 2024, and 2023, respectively. The company’s property, plant and equipment consisted of the following at December 31 (in thousands):s​​​​​​​​​​​2025​2024​​Land and improvements ​$ 849,391​$ 801,210​​Buildings and improvements ​​ 1,907,029​​ 1,487,742​​Plant, machinery and equipment ​​ 9,193,744​​ 7,666,513​​Construction in progress ​​ 1,667,367​​ 2,767,013​​​​​ 13,617,531​​ 12,722,478​​Less accumulated depreciation ​​ 5,048,065​​ 4,604,490​​Property, plant and equipment, net ​$ 8,569,466​$ 8,117,988​​Intangible AssetsThe company’s intangible assets consisted of the following at December 31 (in thousands):​​​​​​​​​​​​​​​​​​​​​​Weighted​​​​​​​​​​​Average​​​​​​​​​Useful​Amortization​​​2025​2024​Life​ Period​​Customer, vendor and scrap generator relationships $ 539,505​$ 444,812​8 to 25 years​23 years​​Trade names ​ 183,579​​ 147,950​15 to 25 years​21 years​​​​ 723,084​​ 592,762​​​22 years​​Less accumulated amortization ​ 391,794​​ 365,528​​​​​​​$ 331,290​$ 227,234​​​​​​The company utilizes an accelerated amortization methodology for customer, vendor and scrap generator relationships in order to follow the pattern in which the economic benefits of the amounts are anticipated to be consumed. Trade names are amortized using a straight-line methodology. Amortization of intangible assets was $27.9 million, $30.5 million, and $34.0 million for the years ended December 31, 2025, 2024, and 2023, respectively. ​​",
      "prior_body": "Inventories are stated at lower of cost or net realizable value. Cost is determined using a weighted average cost method for raw materials (including scrap and purchased steel substrate) and supplies, and on a first-in, first-out basis for other inventory. Inventory consisted of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ ​ Raw materials $ 1,323,920 ​ $ 1,226,272 ​ ​ Supplies ​ 805,035 ​ ​ 711,653 ​ ​ Work in progress ​ 269,031 ​ ​ 296,932 ​ ​ Finished goods ​ 715,747 ​ ​ 659,775 ​ ​ Total inventories $ 3,113,733 ​ $ 2,894,632 ​ ​ 63 63 Table of ContentsNote 1. Description of the Business and Summary of Significant Accounting Policies (Continued)Property, Plant and EquipmentProperty, plant and equipment are stated at cost which includes capitalized interest on construction in progress amounts, and is reduced by proceeds received from certain state and local government grants and other capital cost reimbursements, except for assets acquired in acquisitions which are valued at fair value at the purchase date. The company assigns each fixed asset a useful life ranging from 3 to 15 years for plant, machinery and equipment, and 5 to 40 years for buildings and improvements. Repairs and maintenance are expensed as incurred. Depreciation is provided utilizing the straight-line depreciation methodology, or the units-of-production depreciation methodology for certain production-related steel operations segment assets, based on units produced, subject to minimum and maximum levels. Depreciation expense was $441.2 million, $397.0 million, and $349.4 million for the years ended December 31, 2024, 2023, and 2022, respectively. The company’s property, plant and equipment consisted of the following at December 31 (in thousands):​​​​​​​​​​​​2024​2023​​Land and improvements ​$ 801,210​$ 693,166​​Buildings and improvements ​​ 1,487,742​​ 1,255,274​​Plant, machinery and equipment ​​ 7,666,513​​ 6,887,985​​Construction in progress ​​ 2,767,013​​ 2,096,489​​​​​ 12,722,478​​ 10,932,914​​Less accumulated depreciation ​​ 4,604,490​​ 4,198,696​​Property, plant and equipment, net ​$ 8,117,988​$ 6,734,218​​Intangible AssetsThe company’s intangible assets consisted of the following at December 31 (in thousands):​​​​​​​​​​​​​​​​​​​​​​Weighted​​​​​​​​​​​Average​​​​​​​​​Useful​Amortization​​​2024​2023​Life​ Period​​Customer, vendor and scrap generator relationships $ 444,812​$ 444,812​8 to 25 years​22 years​​Trade names ​ 147,950​​ 147,950​15 to 25 years​19 years​​Other​ -​​ 600​​​​​​​​ 592,762​​ 593,362​​​22 years​​Less accumulated amortization ​ 365,528​​ 335,603​​​​​​​$ 227,234​$ 257,759​​​​​​The company utilizes an accelerated amortization methodology for customer, vendor and scrap generator relationships in order to follow the pattern in which the economic benefits of the amounts are anticipated to be consumed. Trade names are amortized using a straight-line methodology. Amortization of intangible assets was $30.5 million, $34.0 million, and $27.8 million for the years ended December 31, 2024, 2023, and 2022, respectively. ​​64 Table of Contents Table of Contents Table of Contents Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued)Property, Plant and EquipmentProperty, plant and equipment are stated at cost which includes capitalized interest on construction in progress amounts, and is reduced by proceeds received from certain state and local government grants and other capital cost reimbursements, except for assets acquired in acquisitions which are valued at fair value at the purchase date. The company assigns each fixed asset a useful life ranging from 3 to 15 years for plant, machinery and equipment, and 5 to 40 years for buildings and improvements. Repairs and maintenance are expensed as incurred. Depreciation is provided utilizing the straight-line depreciation methodology, or the units-of-production depreciation methodology for certain production-related steel operations segment assets, based on units produced, subject to minimum and maximum levels. Depreciation expense was $441.2 million, $397.0 million, and $349.4 million for the years ended December 31, 2024, 2023, and 2022, respectively. The company’s property, plant and equipment consisted of the following at December 31 (in thousands):​​​​​​​​​​​​2024​2023​​Land and improvements ​$ 801,210​$ 693,166​​Buildings and improvements ​​ 1,487,742​​ 1,255,274​​Plant, machinery and equipment ​​ 7,666,513​​ 6,887,985​​Construction in progress ​​ 2,767,013​​ 2,096,489​​​​​ 12,722,478​​ 10,932,914​​Less accumulated depreciation ​​ 4,604,490​​ 4,198,696​​Property, plant and equipment, net ​$ 8,117,988​$ 6,734,218​​Intangible AssetsThe company’s intangible assets consisted of the following at December 31 (in thousands):​​​​​​​​​​​​​​​​​​​​​​Weighted​​​​​​​​​​​Average​​​​​​​​​Useful​Amortization​​​2024​2023​Life​ Period​​Customer, vendor and scrap generator relationships $ 444,812​$ 444,812​8 to 25 years​22 years​​Trade names ​ 147,950​​ 147,950​15 to 25 years​19 years​​Other​ -​​ 600​​​​​​​​ 592,762​​ 593,362​​​22 years​​Less accumulated amortization ​ 365,528​​ 335,603​​​​​​​$ 227,234​$ 257,759​​​​​​The company utilizes an accelerated amortization methodology for customer, vendor and scrap generator relationships in order to follow the pattern in which the economic benefits of the amounts are anticipated to be consumed. Trade names are amortized using a straight-line methodology. Amortization of intangible assets was $30.5 million, $34.0 million, and $27.8 million for the years ended December 31, 2024, 2023, and 2022, respectively. ​​ Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued)Property, Plant and EquipmentProperty, plant and equipment are stated at cost which includes capitalized interest on construction in progress amounts, and is reduced by proceeds received from certain state and local government grants and other capital cost reimbursements, except for assets acquired in acquisitions which are valued at fair value at the purchase date. The company assigns each fixed asset a useful life ranging from 3 to 15 years for plant, machinery and equipment, and 5 to 40 years for buildings and improvements. Repairs and maintenance are expensed as incurred. Depreciation is provided utilizing the straight-line depreciation methodology, or the units-of-production depreciation methodology for certain production-related steel operations segment assets, based on units produced, subject to minimum and maximum levels. Depreciation expense was $441.2 million, $397.0 million, and $349.4 million for the years ended December 31, 2024, 2023, and 2022, respectively. The company’s property, plant and equipment consisted of the following at December 31 (in thousands):​​​​​​​​​​​​2024​2023​​Land and improvements ​$ 801,210​$ 693,166​​Buildings and improvements ​​ 1,487,742​​ 1,255,274​​Plant, machinery and equipment ​​ 7,666,513​​ 6,887,985​​Construction in progress ​​ 2,767,013​​ 2,096,489​​​​​ 12,722,478​​ 10,932,914​​Less accumulated depreciation ​​ 4,604,490​​ 4,198,696​​Property, plant and equipment, net ​$ 8,117,988​$ 6,734,218​​Intangible AssetsThe company’s intangible assets consisted of the following at December 31 (in thousands):​​​​​​​​​​​​​​​​​​​​​​Weighted​​​​​​​​​​​Average​​​​​​​​​Useful​Amortization​​​2024​2023​Life​ Period​​Customer, vendor and scrap generator relationships $ 444,812​$ 444,812​8 to 25 years​22 years​​Trade names ​ 147,950​​ 147,950​15 to 25 years​19 years​​Other​ -​​ 600​​​​​​​​ 592,762​​ 593,362​​​22 years​​Less accumulated amortization ​ 365,528​​ 335,603​​​​​​​$ 227,234​$ 257,759​​​​​​The company utilizes an accelerated amortization methodology for customer, vendor and scrap generator relationships in order to follow the pattern in which the economic benefits of the amounts are anticipated to be consumed. Trade names are amortized using a straight-line methodology. Amortization of intangible assets was $30.5 million, $34.0 million, and $27.8 million for the years ended December 31, 2024, 2023, and 2022, respectively. ​​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Operating Statement Classifications",
      "prior_title": "Operating Statement Classifications",
      "similarity_score": 0.829,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"We charge premium prices for certain grades of steel and aluminum, product dimensions, certain smaller volumes, and for value-added processing or coating of our steel products.\"",
        "Reworded sentence: \"37 37 Table of ContentsSelling, General and Administrative Expenses.\"",
        "Reworded sentence: \"Other expense consists of any non-operating costs, such as certain acquisition and financing expenses.2025 OverviewDuring 2025 we achieved record steel shipments of 13.7 million tons.\"",
        "Reworded sentence: \"for 2025 decreased $351.5 million, or 23%, to $1.2 billion, compared to 2024.\"",
        "Reworded sentence: \"was $7.99 for 2025, compared to $9.84 for 2024.\""
      ],
      "current_body": "Net Sales. Net sales from our operations are a factor of volumes shipped, product mix, and related pricing. We charge premium prices for certain grades of steel and aluminum, product dimensions, certain smaller volumes, and for value-added processing or coating of our steel products. Except for the steel fabrication operations, we recognize revenues from sales and the allowance for estimated returns and claims from these sales at the point in time control of the product transfers to the customer, upon shipment or delivery. Our steel fabrication operations recognize revenues over time based on completed fabricated tons to date as a percentage of total tons required for each contract. Costs of Goods Sold. Our costs of goods sold represent all direct and indirect costs associated with the manufacture of our products. The principal elements of these costs are scrap and scrap substitutes (which represent the most significant single component of our consolidated costs of goods sold), steel substrate, direct and indirect labor and related benefits, alloys, zinc, transportation and freight, repairs and maintenance, utilities such as electricity and natural gas, and depreciation. 37 37 Table of ContentsSelling, General and Administrative Expenses. Selling, general and administrative expenses consist of all costs associated with our sales, finance and accounting, and administrative departments, including, among other items, labor and related benefits, and professional services. Companywide profit sharing and amortization of intangible assets are each separately presented in the statements of income.Interest Expense, net of Capitalized Interest. Interest expense consists of interest associated with our senior credit facilities and other debt, net of interest costs that are required to be capitalized during the construction period of certain capital investment projects.Other (Income) Expense, net. Other income consists of interest income earned on our temporary cash deposits, short-term and other investments, and any other non-operating income activity, including income from investments in unconsolidated affiliates accounted for under the equity method. Other expense consists of any non-operating costs, such as certain acquisition and financing expenses.2025 OverviewDuring 2025 we achieved record steel shipments of 13.7 million tons. Underlying domestic steel demand was stable during 2025, as imports declined from the elevated levels experienced during the first half of the year and as the Sinton Flat Roll Division’s year-over-year operating performance improved. Our metals recycling operations segment achieved notable improvement in operating income in 2025 compared to 2024 on higher ferrous metals volumes and higher ferrous and nonferrous pricing. Our steel fabrication operations experienced historically strong, yet moderating product pricing compared to 2024, with stabilization in selling values realized in the fourth quarter of 2025. Finally, our aluminum operations segment achieved successful production and qualifications of industrial, beverage can, and automotive quality flat rolled aluminum products, with shipments commencing in the late second half of 2025.Consolidated net sales were $18.2 billion during 2025, with cash flow from operations of $1.4 billion. Metal spread compression in our steel and, particularly, steel fabrication segments resulted in lower operating income in 2025 compared to 2024. Consolidated operating income for 2025 decreased $467.1 million, or 24%, to $1.5 billion, compared to $1.9 billion in 2024. Net income attributable to Steel Dynamics, Inc. for 2025 decreased $351.5 million, or 23%, to $1.2 billion, compared to 2024. Diluted earnings per share attributable to Steel Dynamics, Inc. was $7.99 for 2025, compared to $9.84 for 2024. Refer to Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II of our Annual Report on Form 10-K for the year ended December 31, 2024, for additional information regarding results of operations for the year ended December 31, 2024, as compared to the year ended December 31, 2023, and segment operating results for 2024 as compared to 2023. ​38 Table of Contents Table of Contents Table of Contents Selling, General and Administrative Expenses. Selling, general and administrative expenses consist of all costs associated with our sales, finance and accounting, and administrative departments, including, among other items, labor and related benefits, and professional services. Companywide profit sharing and amortization of intangible assets are each separately presented in the statements of income.Interest Expense, net of Capitalized Interest. Interest expense consists of interest associated with our senior credit facilities and other debt, net of interest costs that are required to be capitalized during the construction period of certain capital investment projects.Other (Income) Expense, net. Other income consists of interest income earned on our temporary cash deposits, short-term and other investments, and any other non-operating income activity, including income from investments in unconsolidated affiliates accounted for under the equity method. Other expense consists of any non-operating costs, such as certain acquisition and financing expenses.2025 OverviewDuring 2025 we achieved record steel shipments of 13.7 million tons. Underlying domestic steel demand was stable during 2025, as imports declined from the elevated levels experienced during the first half of the year and as the Sinton Flat Roll Division’s year-over-year operating performance improved. Our metals recycling operations segment achieved notable improvement in operating income in 2025 compared to 2024 on higher ferrous metals volumes and higher ferrous and nonferrous pricing. Our steel fabrication operations experienced historically strong, yet moderating product pricing compared to 2024, with stabilization in selling values realized in the fourth quarter of 2025. Finally, our aluminum operations segment achieved successful production and qualifications of industrial, beverage can, and automotive quality flat rolled aluminum products, with shipments commencing in the late second half of 2025.Consolidated net sales were $18.2 billion during 2025, with cash flow from operations of $1.4 billion. Metal spread compression in our steel and, particularly, steel fabrication segments resulted in lower operating income in 2025 compared to 2024. Consolidated operating income for 2025 decreased $467.1 million, or 24%, to $1.5 billion, compared to $1.9 billion in 2024. Net income attributable to Steel Dynamics, Inc. for 2025 decreased $351.5 million, or 23%, to $1.2 billion, compared to 2024. Diluted earnings per share attributable to Steel Dynamics, Inc. was $7.99 for 2025, compared to $9.84 for 2024. Refer to Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II of our Annual Report on Form 10-K for the year ended December 31, 2024, for additional information regarding results of operations for the year ended December 31, 2024, as compared to the year ended December 31, 2023, and segment operating results for 2024 as compared to 2023. ​ Selling, General and Administrative Expenses. Selling, general and administrative expenses consist of all costs associated with our sales, finance and accounting, and administrative departments, including, among other items, labor and related benefits, and professional services. Companywide profit sharing and amortization of intangible assets are each separately presented in the statements of income. Interest Expense, net of Capitalized Interest. Interest expense consists of interest associated with our senior credit facilities and other debt, net of interest costs that are required to be capitalized during the construction period of certain capital investment projects. Other (Income) Expense, net. Other income consists of interest income earned on our temporary cash deposits, short-term and other investments, and any other non-operating income activity, including income from investments in unconsolidated affiliates accounted for under the equity method. Other expense consists of any non-operating costs, such as certain acquisition and financing expenses.",
      "prior_body": "Net Sales. Net sales from our operations are a factor of volumes shipped, product mix, and related pricing. We charge premium prices for certain grades of steel, product dimensions, certain smaller volumes, and for value-added processing or coating of our steel products. Except for the steel fabrication operations, we recognize revenues from sales and the allowance for estimated returns and claims from these sales at the point in time control of the product transfers to the customer, upon shipment or delivery. Our steel fabrication operations recognize revenues over time based on completed fabricated tons to date as a percentage of total tons required for each contract. Costs of Goods Sold. Our costs of goods sold represent all direct and indirect costs associated with the manufacture of our products. The principal elements of these costs are scrap and scrap substitutes (which represent the most significant single component of our consolidated costs of goods sold), steel substrate, direct and indirect labor and related benefits, alloys, zinc, transportation and freight, repairs and maintenance, utilities such as electricity and natural gas, and depreciation. 38 38 Table of ContentsSelling, General and Administrative Expenses. Selling, general and administrative expenses consist of all costs associated with our sales, finance and accounting, and administrative departments, including, among other items, labor and related benefits, and professional services. Companywide profit sharing and amortization of intangible assets are each separately presented in the statements of income.Interest Expense, net of Capitalized Interest. Interest expense consists of interest associated with our senior credit facilities and other debt, net of interest costs that are required to be capitalized during the construction period of certain capital investment projects.Other (Income) Expense, net. Other income consists of interest income earned on our temporary cash deposits, short-term and other investments, and any other non-operating income activity, including income from investments in unconsolidated affiliates accounted for under the equity method. Other expense consists of any non-operating costs, such as certain acquisition and financing expenses.2024 OverviewDuring 2024 we achieved steel shipments of 12.7 million tons, our second highest annual volume behind 2023’s 12.8 million tons. Underlying domestic steel demand was stable during 2024, but imports of certain steel products, most notably coated flat rolled steels, caused pricing pressure for flat rolled steel products. While facing a challenging pricing environment throughout much of the year, our metals recycling teams maintained consistent volumes during 2024 compared to 2023. A solid non-residential construction market during 2024 benefited our steel fabrication operations, as the segment achieved historically strong volumes and average selling prices, compared to pre-Covid levels. Consolidated net sales were $17.5 billion during 2024, with cash flow from operations of $1.8 billion. Metal spread compression in our steel and, particularly, steel fabrication segments resulted in significantly lower operating income in 2024 compared to 2023.Consolidated operating income for 2024 decreased $1.2 billion, or 38%, to $1.9 billion, compared to $3.2 billion in 2023. Net income attributable to Steel Dynamics, Inc. for 2024 decreased $913.7 million, or 37%, to $1.5 billion, compared to 2023. Diluted earnings per share attributable to Steel Dynamics, Inc. was $9.84 for 2024, compared to $14.64 for 2023. Refer to Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II of our Annual Report on Form 10-K for the year ended December 31, 2023, for additional information regarding results of operations for the year ended December 31, 2023, as compared to the year ended December 31, 2022, and segment operating results for 2023 as compared to 2022. Our 2024 change in reportable segments did not change the discussion previously provided. Refer to the Aluminum Operations segment discussion for additional information. ​39 Table of Contents Table of Contents Table of Contents Selling, General and Administrative Expenses. Selling, general and administrative expenses consist of all costs associated with our sales, finance and accounting, and administrative departments, including, among other items, labor and related benefits, and professional services. Companywide profit sharing and amortization of intangible assets are each separately presented in the statements of income.Interest Expense, net of Capitalized Interest. Interest expense consists of interest associated with our senior credit facilities and other debt, net of interest costs that are required to be capitalized during the construction period of certain capital investment projects.Other (Income) Expense, net. Other income consists of interest income earned on our temporary cash deposits, short-term and other investments, and any other non-operating income activity, including income from investments in unconsolidated affiliates accounted for under the equity method. Other expense consists of any non-operating costs, such as certain acquisition and financing expenses.2024 OverviewDuring 2024 we achieved steel shipments of 12.7 million tons, our second highest annual volume behind 2023’s 12.8 million tons. Underlying domestic steel demand was stable during 2024, but imports of certain steel products, most notably coated flat rolled steels, caused pricing pressure for flat rolled steel products. While facing a challenging pricing environment throughout much of the year, our metals recycling teams maintained consistent volumes during 2024 compared to 2023. A solid non-residential construction market during 2024 benefited our steel fabrication operations, as the segment achieved historically strong volumes and average selling prices, compared to pre-Covid levels. Consolidated net sales were $17.5 billion during 2024, with cash flow from operations of $1.8 billion. Metal spread compression in our steel and, particularly, steel fabrication segments resulted in significantly lower operating income in 2024 compared to 2023.Consolidated operating income for 2024 decreased $1.2 billion, or 38%, to $1.9 billion, compared to $3.2 billion in 2023. Net income attributable to Steel Dynamics, Inc. for 2024 decreased $913.7 million, or 37%, to $1.5 billion, compared to 2023. Diluted earnings per share attributable to Steel Dynamics, Inc. was $9.84 for 2024, compared to $14.64 for 2023. Refer to Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II of our Annual Report on Form 10-K for the year ended December 31, 2023, for additional information regarding results of operations for the year ended December 31, 2023, as compared to the year ended December 31, 2022, and segment operating results for 2023 as compared to 2022. Our 2024 change in reportable segments did not change the discussion previously provided. Refer to the Aluminum Operations segment discussion for additional information. ​ Selling, General and Administrative Expenses. Selling, general and administrative expenses consist of all costs associated with our sales, finance and accounting, and administrative departments, including, among other items, labor and related benefits, and professional services. Companywide profit sharing and amortization of intangible assets are each separately presented in the statements of income.Interest Expense, net of Capitalized Interest. Interest expense consists of interest associated with our senior credit facilities and other debt, net of interest costs that are required to be capitalized during the construction period of certain capital investment projects.Other (Income) Expense, net. Other income consists of interest income earned on our temporary cash deposits, short-term and other investments, and any other non-operating income activity, including income from investments in unconsolidated affiliates accounted for under the equity method. Other expense consists of any non-operating costs, such as certain acquisition and financing expenses.2024 OverviewDuring 2024 we achieved steel shipments of 12.7 million tons, our second highest annual volume behind 2023’s 12.8 million tons. Underlying domestic steel demand was stable during 2024, but imports of certain steel products, most notably coated flat rolled steels, caused pricing pressure for flat rolled steel products. While facing a challenging pricing environment throughout much of the year, our metals recycling teams maintained consistent volumes during 2024 compared to 2023. A solid non-residential construction market during 2024 benefited our steel fabrication operations, as the segment achieved historically strong volumes and average selling prices, compared to pre-Covid levels. Consolidated net sales were $17.5 billion during 2024, with cash flow from operations of $1.8 billion. Metal spread compression in our steel and, particularly, steel fabrication segments resulted in significantly lower operating income in 2024 compared to 2023.Consolidated operating income for 2024 decreased $1.2 billion, or 38%, to $1.9 billion, compared to $3.2 billion in 2023. Net income attributable to Steel Dynamics, Inc. for 2024 decreased $913.7 million, or 37%, to $1.5 billion, compared to 2023. Diluted earnings per share attributable to Steel Dynamics, Inc. was $9.84 for 2024, compared to $14.64 for 2023. Refer to Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II of our Annual Report on Form 10-K for the year ended December 31, 2023, for additional information regarding results of operations for the year ended December 31, 2023, as compared to the year ended December 31, 2022, and segment operating results for 2023 as compared to 2022. Our 2024 change in reportable segments did not change the discussion previously provided. Refer to the Aluminum Operations segment discussion for additional information. ​ Selling, General and Administrative Expenses. Selling, general and administrative expenses consist of all costs associated with our sales, finance and accounting, and administrative departments, including, among other items, labor and related benefits, and professional services. Companywide profit sharing and amortization of intangible assets are each separately presented in the statements of income. Interest Expense, net of Capitalized Interest. Interest expense consists of interest associated with our senior credit facilities and other debt, net of interest costs that are required to be capitalized during the construction period of certain capital investment projects. Other (Income) Expense, net. Other income consists of interest income earned on our temporary cash deposits, short-term and other investments, and any other non-operating income activity, including income from investments in unconsolidated affiliates accounted for under the equity method. Other expense consists of any non-operating costs, such as certain acquisition and financing expenses."
    },
    {
      "status": "MODIFIED",
      "current_title": "Consolidated Results 2025 vs. 2024",
      "prior_title": "Consolidated Results 2024 vs. 2023",
      "similarity_score": 0.819,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"Selling, general and administrative expenses of $765.3 million during 2025 increased 15% from $664.1 million during 2024 primarily due to an increase in payroll and benefits expense primarily related to construction, start-up, and commissioning costs associated with the recycled aluminum flat rolled products mill and satellite recycled aluminum slab centers during 2025.\"",
        "Reworded sentence: \"During 2025, interest expense of $70.0 million increased 24% from $56.3 million during 2024.\"",
        "Reworded sentence: \"Net other income was $87.0 million in 2025, compared to $96.2 million in 2024, a decrease of $9.2 million due primarily to the impact of decreased interest income due to declining rates of return and lower invested cash balances in 2025 compared to 2024.\"",
        "Reworded sentence: \"43 43 Table of ContentsIncluded in the balance of unrecognized tax benefits at December 31, 2025, are potential benefits of $27.2 million that, if recognized, would affect the effective tax rate.\"",
        "Reworded sentence: \"During the year ended December 31, 2025, we recognized income from the decrease of interest expense and penalties of $340,000, net of tax.\""
      ],
      "current_body": "Selling, General and Administrative Expenses. Selling, general and administrative expenses of $765.3 million during 2025 increased 15% from $664.1 million during 2024 primarily due to an increase in payroll and benefits expense primarily related to construction, start-up, and commissioning costs associated with the recycled aluminum flat rolled products mill and satellite recycled aluminum slab centers during 2025. Selling, general and administrative expenses represented 4.2% and 3.8% of net sales during 2025 and 2024, respectively. Profit sharing expense during 2025 of $123.0 million decreased 25% from $164.9 million during 2024, consistent with decreased pretax earnings. This decrease in profit sharing expense was the primary driver of decreased operating loss for our other operations of 11% in 2025 compared to 2024. Profit sharing expense for eligible employees is 8% of consolidated pretax income excluding noncontrolling interests and other items. Refer to Note 10. Retirement Plans to the consolidated financial statements elsewhere in this report for further information. Interest Expense, net of Capitalized Interest. During 2025, interest expense of $70.0 million increased 24% from $56.3 million during 2024. This increase is primarily a result of higher outstanding long-term debt balances during 2025 compared to 2024 due to our issuance of senior unsecured notes in March and November 2025. Other (Income) Expense, net. Net other income was $87.0 million in 2025, compared to $96.2 million in 2024, a decrease of $9.2 million due primarily to the impact of decreased interest income due to declining rates of return and lower invested cash balances in 2025 compared to 2024. Income Tax Expense. Income tax expense of $305.7 million, at an effective income tax rate of 20.5%, during 2025 decreased 29% compared to $432.9 million, at an effective income tax rate of 21.8%, during 2024, consistent with decreased pretax earnings. In July 2025, U.S. Congress enacted the One Big Beautiful Bill Act (“OBBBA”), which included significant provisions modifying the U.S. tax framework. These legislative changes did not and are not expected to have a material impact on 2025 and future effective tax rates, tax liabilities, and cash taxes. Refer to Note 4. Income Taxes to the consolidated financial statements elsewhere in this report for additional information. 43 43 Table of ContentsIncluded in the balance of unrecognized tax benefits at December 31, 2025, are potential benefits of $27.2 million that, if recognized, would affect the effective tax rate. We recognize interest and penalties related to our tax contingencies on a net-of-tax basis in income tax expense. During the year ended December 31, 2025, we recognized income from the decrease of interest expense and penalties of $340,000, net of tax. In addition to the unrecognized tax benefits noted above, we had $3.7 million accrued for the payment of interest and penalties at December 31, 2025.We file income tax returns in the U.S. federal jurisdiction as well as income tax returns in various state jurisdictions. The tax years 2022 through 2025 remain open to examination by the Internal Revenue Service and various state and local jurisdictions. At this time, we do not believe there will be any significant examination adjustments that would result in a material change to our financial position, results of operations or cash flows. Liquidity and Capital ResourcesCapital Resources and Long-term Debt. Our business is capital intensive and requires substantial expenditures for, among other things, the purchase and maintenance of equipment used in our operations. Our short-term and long-term liquidity needs arise primarily from working capital requirements, capital expenditures, including expansion projects, principal and interest payments related to our outstanding indebtedness, dividends to our shareholders, potential stock repurchases and acquisitions or investments. We have met and intend to continue to meet these liquidity requirements primarily with available cash and cash provided by operations, long-term borrowings, and we also have availability under our unsecured Revolver. Our liquidity at December 31, 2025, is as follows (in thousands):​​​​​​​​​​​​​​​​​​​​​​​Cash and equivalents​$ 769,878​​​​​​Short-term and other investments​​ 255,731​​​​​​Unsecured revolver availability​​ 1,190,820​​​​​​Total liquidity​$ 2,216,429​​​​Our total outstanding debt of $4.2 billion increased $980.2 million compared to December 31, 2024, due to our issuance of $600.0 million of 5.250% notes due 2035 and $400.0 million of 5.750% notes due 2055 in March 2025 and $650.0 million of 4.000% notes due 2028 and an additional $150.0 million of 5.250% notes due 2035 in November 2025 as described in Note 3, the proceeds of which were used to redeem our $400.0 million of 2.400% notes due June 2025 and our $400.0 million of 5.000% notes due December 2026, and other general corporate purposes. Our total long-term debt to capitalization ratio (representing our long-term debt, including current maturities, divided by the sum of our long-term debt, redeemable noncontrolling interests, and our total stockholders’ equity) was 32.1% and 26.5% at December 31, 2025, and December 31, 2024, respectively.Our unsecured credit agreement has a senior unsecured revolving credit facility (Facility), which provides a $1.2 billion Revolver and matures in July 2028. Subject to certain conditions, we have the ability to increase the Facility size by $500.0 million. The unsecured Revolver is available to fund working capital, capital expenditures, and other general corporate purposes. The Facility contains financial covenants and other covenants pertaining to our ability to incur indebtedness and permit liens on certain assets. Our ability to borrow funds within the terms of the unsecured Revolver is dependent upon our continued compliance with the financial and other covenants. At December 31, 2025, we had $1.2 billion of availability on the Revolver, $9.2 million of outstanding letters of credit and other obligations which reduce availability, and there were no borrowings outstanding.The financial covenants under our Facility state that we must maintain an interest coverage ratio of not less than 2.50:1.00. Our interest coverage ratio is calculated by dividing our last-twelve-months (LTM) consolidated EBITDA as defined in the Facility (earnings before interest, taxes, depreciation, amortization, and certain other non-cash transactions as defined in the Facility) by our LTM gross interest expense, less amortization of financing fees. In addition, a debt to capitalization ratio of not more than 0.60:1.00 must be maintained. At December 31, 2025, our interest coverage ratio and debt to capitalization ratio were 13.33:1.00 and 0.32:1.00, respectively. We were in compliance with these covenants at December 31, 2025, and we anticipate we will continue to be in compliance during the next twelve months.Working Capital (representing excess of current assets over current liabilities). We generated cash flow from operations of $1.4 billion in 2025 compared to $1.8 billion in 2024. Working capital increased $1.1 billion, or 33%, 44 Table of Contents Table of Contents Table of Contents Included in the balance of unrecognized tax benefits at December 31, 2025, are potential benefits of $27.2 million that, if recognized, would affect the effective tax rate. We recognize interest and penalties related to our tax contingencies on a net-of-tax basis in income tax expense. During the year ended December 31, 2025, we recognized income from the decrease of interest expense and penalties of $340,000, net of tax. In addition to the unrecognized tax benefits noted above, we had $3.7 million accrued for the payment of interest and penalties at December 31, 2025.We file income tax returns in the U.S. federal jurisdiction as well as income tax returns in various state jurisdictions. The tax years 2022 through 2025 remain open to examination by the Internal Revenue Service and various state and local jurisdictions. At this time, we do not believe there will be any significant examination adjustments that would result in a material change to our financial position, results of operations or cash flows. Liquidity and Capital ResourcesCapital Resources and Long-term Debt. Our business is capital intensive and requires substantial expenditures for, among other things, the purchase and maintenance of equipment used in our operations. Our short-term and long-term liquidity needs arise primarily from working capital requirements, capital expenditures, including expansion projects, principal and interest payments related to our outstanding indebtedness, dividends to our shareholders, potential stock repurchases and acquisitions or investments. We have met and intend to continue to meet these liquidity requirements primarily with available cash and cash provided by operations, long-term borrowings, and we also have availability under our unsecured Revolver. Our liquidity at December 31, 2025, is as follows (in thousands):​​​​​​​​​​​​​​​​​​​​​​​Cash and equivalents​$ 769,878​​​​​​Short-term and other investments​​ 255,731​​​​​​Unsecured revolver availability​​ 1,190,820​​​​​​Total liquidity​$ 2,216,429​​​​Our total outstanding debt of $4.2 billion increased $980.2 million compared to December 31, 2024, due to our issuance of $600.0 million of 5.250% notes due 2035 and $400.0 million of 5.750% notes due 2055 in March 2025 and $650.0 million of 4.000% notes due 2028 and an additional $150.0 million of 5.250% notes due 2035 in November 2025 as described in Note 3, the proceeds of which were used to redeem our $400.0 million of 2.400% notes due June 2025 and our $400.0 million of 5.000% notes due December 2026, and other general corporate purposes. Our total long-term debt to capitalization ratio (representing our long-term debt, including current maturities, divided by the sum of our long-term debt, redeemable noncontrolling interests, and our total stockholders’ equity) was 32.1% and 26.5% at December 31, 2025, and December 31, 2024, respectively.Our unsecured credit agreement has a senior unsecured revolving credit facility (Facility), which provides a $1.2 billion Revolver and matures in July 2028. Subject to certain conditions, we have the ability to increase the Facility size by $500.0 million. The unsecured Revolver is available to fund working capital, capital expenditures, and other general corporate purposes. The Facility contains financial covenants and other covenants pertaining to our ability to incur indebtedness and permit liens on certain assets. Our ability to borrow funds within the terms of the unsecured Revolver is dependent upon our continued compliance with the financial and other covenants. At December 31, 2025, we had $1.2 billion of availability on the Revolver, $9.2 million of outstanding letters of credit and other obligations which reduce availability, and there were no borrowings outstanding.The financial covenants under our Facility state that we must maintain an interest coverage ratio of not less than 2.50:1.00. Our interest coverage ratio is calculated by dividing our last-twelve-months (LTM) consolidated EBITDA as defined in the Facility (earnings before interest, taxes, depreciation, amortization, and certain other non-cash transactions as defined in the Facility) by our LTM gross interest expense, less amortization of financing fees. In addition, a debt to capitalization ratio of not more than 0.60:1.00 must be maintained. At December 31, 2025, our interest coverage ratio and debt to capitalization ratio were 13.33:1.00 and 0.32:1.00, respectively. We were in compliance with these covenants at December 31, 2025, and we anticipate we will continue to be in compliance during the next twelve months.Working Capital (representing excess of current assets over current liabilities). We generated cash flow from operations of $1.4 billion in 2025 compared to $1.8 billion in 2024. Working capital increased $1.1 billion, or 33%, Included in the balance of unrecognized tax benefits at December 31, 2025, are potential benefits of $27.2 million that, if recognized, would affect the effective tax rate. We recognize interest and penalties related to our tax contingencies on a net-of-tax basis in income tax expense. During the year ended December 31, 2025, we recognized income from the decrease of interest expense and penalties of $340,000, net of tax. In addition to the unrecognized tax benefits noted above, we had $3.7 million accrued for the payment of interest and penalties at December 31, 2025. We file income tax returns in the U.S. federal jurisdiction as well as income tax returns in various state jurisdictions. The tax years 2022 through 2025 remain open to examination by the Internal Revenue Service and various state and local jurisdictions. At this time, we do not believe there will be any significant examination adjustments that would result in a material change to our financial position, results of operations or cash flows.",
      "prior_body": "Selling, General and Administrative Expenses. Selling, general and administrative expenses of $664.1 million during 2024 increased 13% from $588.6 million during 2023 primarily due to an increase in payroll and benefits expense related to the growth of the aluminum operations segment during 2024. Selling, general and administrative expenses represented 3.8% and 3.1% of net sales during 2024 and 2023, respectively. Profit sharing expense during 2024 of $164.9 million decreased 39% from $272.0 million during 2023, consistent with decreased pretax earnings. This decrease in profit sharing expense was the primary driver of decreased operating loss for other operations of 20% in 2024 compared to 2023. Profit sharing expense for eligible employees is 8% of consolidated pretax income excluding noncontrolling interests and other items. Refer to Note 10. Retirement Plans to the consolidated financial statements elsewhere in this report for further information. Interest Expense, net of Capitalized Interest. During 2024, interest expense of $56.3 million decreased 26% from $76.5 million during 2023. The lower interest expense in 2024 compared to 2023 is due to higher capitalized interest in 2024 ($66.8 million, compared to $33.0 million in 2023) related to our ongoing expansion projects, most notably within Aluminum Operations. Other (Income) Expense, net. Net other income was $96.2 million in 2024, compared to $144.2 million in 2023, due primarily to the impact of foreign currency exchange rate losses of $18.7 million in 2024 compared to gains of $10.5 million in 2023, as well as a $21.8 million reduction in interest income on investments in 2024 compared to 2023 due to a decrease in the balance of invested cash during 2024. Income Tax Expense. During 2024, income tax expense of $432.9 million, at an effective income tax rate of 21.8%, decreased 42% compared to the $751.6 million, at an effective income tax rate of 23.3%, during 2023, consistent with decreased pretax earnings. Our effective tax rate decrease was due primarily to certain discrete tax adjustments during the third quarter and fourth quarters of 2024. Refer to Note 4. Income Taxes to the consolidated financial statements elsewhere in this report for additional information. Included in the balance of unrecognized tax benefits at December 31, 2024, are potential benefits of $26.4 million that, if recognized, would affect the effective tax rate. We recognize interest and penalties related to our tax contingencies on a net-of-tax basis in income tax expense. During the year ended December 31, 2024, we recognized expense from the increase of interest expense and penalties of $710,000, net of tax. In addition to the unrecognized tax benefits noted above, we had $4.2 million accrued for the payment of interest and penalties at December 31, 2024. We file income tax returns in the United States federal jurisdiction as well as income tax returns in various state jurisdictions. The tax years 2021 through 2023 remain open to examination by the Internal Revenue Service and various state and local jurisdictions. At this time, we do not believe there will be any significant examination adjustments that would result in a material change to our financial position, results of operations or cash flows. It is reasonably possible that the amount of unrecognized tax benefits could change in the next twelve months in an amount ranging from zero to $12.0 million, as a result of the expiration of the statute of limitations and other federal and state income tax audits. 44 44 Table of ContentsLiquidity and Capital ResourcesCapital Resources and Long-term Debt. Our business is capital intensive and requires substantial expenditures for, among other things, the purchase and maintenance of equipment used in our operations, and to remain in compliance with environmental laws. Our short-term and long-term liquidity needs arise primarily from working capital requirements, capital expenditures, including expansion projects, principal and interest payments related to our outstanding indebtedness, dividends to our shareholders, potential stock repurchases and acquisitions or investments. We have met and intend to continue to meet these liquidity requirements primarily with available cash and cash provided by operations, long-term borrowings, and we also have availability under our unsecured Revolver. Our liquidity at December 31, 2024, is as follows (in thousands):​​​​​​​​​​​​​​​​​​​​​​​Cash and equivalents​$ 589,464​​​​​​Short-term and other investments​​ 388,563​​​​​​Unsecured revolver availability​​ 1,190,741​​​​​​Total liquidity​$ 2,168,768​​​​Our total outstanding debt of $3.2 billion increased $160.0 million compared to December 31, 2023, due to our issuance of $600.0 million of senior unsecured notes in July 2024 as described in Note 3, the proceeds of which were used for general corporate purposes, including the repayment of our 2.800% senior notes due December 2024, working capital, capital expenditures, advances for or investments in subsidiaries, acquisitions, redemption and repayment of other outstanding indebtedness, and purchases of the company’s common stock. Our total long-term debt to capitalization ratio (representing our long-term debt, including current maturities, divided by the sum of our long-term debt, redeemable noncontrolling interests, and our total stockholders’ equity) was 26.5% and 25.8% at December 31, 2024 and 2023, respectively.Our unsecured credit agreement has a senior unsecured revolving credit facility (Facility), which provides a $1.2 billion Revolver and matures in July 2028. Subject to certain conditions, we have the ability to increase the Facility size by $500.0 million. The unsecured Revolver is available to fund working capital, capital expenditures, and other general corporate purposes. The Facility contains financial covenants and other covenants pertaining to our ability to incur indebtedness and permit liens on certain assets. Our ability to borrow funds within the terms of the unsecured Revolver is dependent upon our continued compliance with the financial and other covenants. At December 31, 2024, we had $1.2 billion of availability on the Revolver, $9.3 million of outstanding letters of credit and other obligations which reduce availability, and there were no borrowings outstanding.The financial covenants under our Facility state that we must maintain an interest coverage ratio of not less than 2.50:1.00. Our interest coverage ratio is calculated by dividing our last-twelve-months (LTM) consolidated Adjusted EBITDA as defined in the Facility (earnings before interest, taxes, depreciation, amortization, and certain other non-cash transactions as defined in the Facility) by our LTM gross interest expense, less amortization of financing fees. In addition, a debt to capitalization ratio of not more than 0.60:1.00 must be maintained. At December 31, 2024, our interest coverage ratio and debt to capitalization ratio were 21.68:1.00 and 0.27:1.00, respectively. We were, therefore, in compliance with these covenants at December 31, 2024, and we anticipate we will continue to be in compliance during the next twelve months.Working Capital (representing excess of current assets over current liabilities). We generated cash flow from operations of $1.8 billion in 2024 compared to $3.5 billion in 2023. Working capital decreased $1.2 billion, or 26%, during 2024 to $3.3 billion at December 31, 2024, due primarily to a $1.4 billion decrease in cash and equivalents and short-term investments in support of our capital investments within our aluminum and steel operations.45 Table of Contents Table of Contents Table of Contents Liquidity and Capital ResourcesCapital Resources and Long-term Debt. Our business is capital intensive and requires substantial expenditures for, among other things, the purchase and maintenance of equipment used in our operations, and to remain in compliance with environmental laws. Our short-term and long-term liquidity needs arise primarily from working capital requirements, capital expenditures, including expansion projects, principal and interest payments related to our outstanding indebtedness, dividends to our shareholders, potential stock repurchases and acquisitions or investments. We have met and intend to continue to meet these liquidity requirements primarily with available cash and cash provided by operations, long-term borrowings, and we also have availability under our unsecured Revolver. Our liquidity at December 31, 2024, is as follows (in thousands):​​​​​​​​​​​​​​​​​​​​​​​Cash and equivalents​$ 589,464​​​​​​Short-term and other investments​​ 388,563​​​​​​Unsecured revolver availability​​ 1,190,741​​​​​​Total liquidity​$ 2,168,768​​​​Our total outstanding debt of $3.2 billion increased $160.0 million compared to December 31, 2023, due to our issuance of $600.0 million of senior unsecured notes in July 2024 as described in Note 3, the proceeds of which were used for general corporate purposes, including the repayment of our 2.800% senior notes due December 2024, working capital, capital expenditures, advances for or investments in subsidiaries, acquisitions, redemption and repayment of other outstanding indebtedness, and purchases of the company’s common stock. Our total long-term debt to capitalization ratio (representing our long-term debt, including current maturities, divided by the sum of our long-term debt, redeemable noncontrolling interests, and our total stockholders’ equity) was 26.5% and 25.8% at December 31, 2024 and 2023, respectively.Our unsecured credit agreement has a senior unsecured revolving credit facility (Facility), which provides a $1.2 billion Revolver and matures in July 2028. Subject to certain conditions, we have the ability to increase the Facility size by $500.0 million. The unsecured Revolver is available to fund working capital, capital expenditures, and other general corporate purposes. The Facility contains financial covenants and other covenants pertaining to our ability to incur indebtedness and permit liens on certain assets. Our ability to borrow funds within the terms of the unsecured Revolver is dependent upon our continued compliance with the financial and other covenants. At December 31, 2024, we had $1.2 billion of availability on the Revolver, $9.3 million of outstanding letters of credit and other obligations which reduce availability, and there were no borrowings outstanding.The financial covenants under our Facility state that we must maintain an interest coverage ratio of not less than 2.50:1.00. Our interest coverage ratio is calculated by dividing our last-twelve-months (LTM) consolidated Adjusted EBITDA as defined in the Facility (earnings before interest, taxes, depreciation, amortization, and certain other non-cash transactions as defined in the Facility) by our LTM gross interest expense, less amortization of financing fees. In addition, a debt to capitalization ratio of not more than 0.60:1.00 must be maintained. At December 31, 2024, our interest coverage ratio and debt to capitalization ratio were 21.68:1.00 and 0.27:1.00, respectively. We were, therefore, in compliance with these covenants at December 31, 2024, and we anticipate we will continue to be in compliance during the next twelve months.Working Capital (representing excess of current assets over current liabilities). We generated cash flow from operations of $1.8 billion in 2024 compared to $3.5 billion in 2023. Working capital decreased $1.2 billion, or 26%, during 2024 to $3.3 billion at December 31, 2024, due primarily to a $1.4 billion decrease in cash and equivalents and short-term investments in support of our capital investments within our aluminum and steel operations. Liquidity and Capital ResourcesCapital Resources and Long-term Debt. Our business is capital intensive and requires substantial expenditures for, among other things, the purchase and maintenance of equipment used in our operations, and to remain in compliance with environmental laws. Our short-term and long-term liquidity needs arise primarily from working capital requirements, capital expenditures, including expansion projects, principal and interest payments related to our outstanding indebtedness, dividends to our shareholders, potential stock repurchases and acquisitions or investments. We have met and intend to continue to meet these liquidity requirements primarily with available cash and cash provided by operations, long-term borrowings, and we also have availability under our unsecured Revolver. Our liquidity at December 31, 2024, is as follows (in thousands):​​​​​​​​​​​​​​​​​​​​​​​Cash and equivalents​$ 589,464​​​​​​Short-term and other investments​​ 388,563​​​​​​Unsecured revolver availability​​ 1,190,741​​​​​​Total liquidity​$ 2,168,768​​​​Our total outstanding debt of $3.2 billion increased $160.0 million compared to December 31, 2023, due to our issuance of $600.0 million of senior unsecured notes in July 2024 as described in Note 3, the proceeds of which were used for general corporate purposes, including the repayment of our 2.800% senior notes due December 2024, working capital, capital expenditures, advances for or investments in subsidiaries, acquisitions, redemption and repayment of other outstanding indebtedness, and purchases of the company’s common stock. Our total long-term debt to capitalization ratio (representing our long-term debt, including current maturities, divided by the sum of our long-term debt, redeemable noncontrolling interests, and our total stockholders’ equity) was 26.5% and 25.8% at December 31, 2024 and 2023, respectively.Our unsecured credit agreement has a senior unsecured revolving credit facility (Facility), which provides a $1.2 billion Revolver and matures in July 2028. Subject to certain conditions, we have the ability to increase the Facility size by $500.0 million. The unsecured Revolver is available to fund working capital, capital expenditures, and other general corporate purposes. The Facility contains financial covenants and other covenants pertaining to our ability to incur indebtedness and permit liens on certain assets. Our ability to borrow funds within the terms of the unsecured Revolver is dependent upon our continued compliance with the financial and other covenants. At December 31, 2024, we had $1.2 billion of availability on the Revolver, $9.3 million of outstanding letters of credit and other obligations which reduce availability, and there were no borrowings outstanding.The financial covenants under our Facility state that we must maintain an interest coverage ratio of not less than 2.50:1.00. Our interest coverage ratio is calculated by dividing our last-twelve-months (LTM) consolidated Adjusted EBITDA as defined in the Facility (earnings before interest, taxes, depreciation, amortization, and certain other non-cash transactions as defined in the Facility) by our LTM gross interest expense, less amortization of financing fees. In addition, a debt to capitalization ratio of not more than 0.60:1.00 must be maintained. At December 31, 2024, our interest coverage ratio and debt to capitalization ratio were 21.68:1.00 and 0.27:1.00, respectively. We were, therefore, in compliance with these covenants at December 31, 2024, and we anticipate we will continue to be in compliance during the next twelve months.Working Capital (representing excess of current assets over current liabilities). We generated cash flow from operations of $1.8 billion in 2024 compared to $3.5 billion in 2023. Working capital decreased $1.2 billion, or 26%, during 2024 to $3.3 billion at December 31, 2024, due primarily to a $1.4 billion decrease in cash and equivalents and short-term investments in support of our capital investments within our aluminum and steel operations."
    },
    {
      "status": "MODIFIED",
      "current_title": "Metals Recycling Operations Segment",
      "prior_title": "Metals Recycling Operations Segment",
      "similarity_score": 0.815,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ Metals recycling operations include our Omni ferrous and nonferrous processing, transportation, marketing, brokerage, and scrap management services located throughout the United States and in Central and Northern Mexico.\"",
        "Reworded sentence: \"In 2025 and 2024, 65% and 62%, respectively, of metals recycling operations ferrous scrap was sold to our own steel mills, as our steel mill utilization increased to 86% in 2025 compared to 81% 2024, with production levels at our Sinton facility increasing during 2025.\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ OmniSource: ​ ​ ​ ​ ​ ​ ​ ​ Alabama ​ Birmingham, AL ​ Ferrous Scrap Processing ​ 59 ​ — Indiana ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 359 ​ 26 Michigan ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 124 ​ — Mississippi ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 43 ​ 13 North Carolina ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 303 ​ — Ohio ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 239 ​ 21 Oklahoma ​ Sand Springs, OK ​ Ferrous Scrap Processing ​ — ​ 10 Tennessee ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 65 ​ — Texas ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 130 ​ 9 Virginia ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 121 ​ — Mexico ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 17 ​ 62 ​ ​ ​ ​ ​ ​ ​ ​ ​",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ OmniSource: ​ ​ ​ ​ ​ ​ ​ ​ Alabama ​ Birmingham, AL ​ Ferrous Scrap Processing ​ 59 ​ — Indiana ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 359 ​ 26 Michigan ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 124 ​ — Mississippi ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 43 ​ 13 North Carolina ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 303 ​ — Ohio ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 239 ​ 21 Oklahoma ​ Sand Springs, OK ​ Ferrous Scrap Processing ​ — ​ 10 Tennessee ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 65 ​ — Texas ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 130 ​ 12 Virginia ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 121 ​ — Mexico ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 17 ​ 62 ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Unexpected equipment downtime or shutdowns may adversely affect our business, financial condition, results of operations and cash flows.",
      "prior_title": "Unexpected equipment downtime or shutdowns may adversely affect our business, financial condition, results of operations and cash flows.",
      "similarity_score": 0.805,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"Interruptions in our production capabilities may adversely affect our production costs, products available for sale and earnings during the affected period.\"",
        "Reworded sentence: \"Our manufacturing processes are dependent upon critical pieces of equipment, such as our EAFs, continuous casters, aluminum melting, and rolling equipment, some of which are controlled by our information technology systems, as well as electrical equipment, such as transformers.\"",
        "Reworded sentence: \"Further, we have experienced and may continue to experience inefficiencies during the start-up and ramp-up of new facilities, including those related to major equipment failures.\"",
        "Reworded sentence: \"Delayed delivery of our products to customers who require on-time delivery from us may cause customers to purchase alternative products, reschedule their own production, or incur other incremental costs.\"",
        "Reworded sentence: \"Failure to do so may adversely affect our business, financial condition, results of operations and cash flows.Our existing debt agreements contain, and any future financing agreements may contain, restrictive covenants that may limit our flexibility.Restrictions and covenants in our existing debt agreements, including our senior unsecured credit facility, and any future financing agreements, may impair our ability to finance future operations or capital needs or to engage in other business activities.\""
      ],
      "current_body": "Interruptions in our production capabilities may adversely affect our production costs, products available for sale and earnings during the affected period. In addition to equipment failures, our facilities are subject to the risk of catastrophic loss due to unanticipated events such as fires, explosions or violent weather conditions. Our manufacturing processes are dependent upon critical pieces of equipment, such as our EAFs, continuous casters, aluminum melting, and rolling equipment, some of which are controlled by our information technology systems, as well as electrical equipment, such as transformers. This equipment may, on occasion, be out of service as a result of unanticipated failures or other events, including equipment failure, power surges, cybersecurity breaches or attacks or system failures. Further, we have experienced and may continue to experience inefficiencies during the start-up and ramp-up of new facilities, including those related to major equipment failures. We have experienced and in the future may experience plant shutdowns or periods of reduced production as a result of equipment failures or other events. Supply chain disruptions and labor shortages have and may continue to exacerbate the effects of equipment failures. Delayed delivery of our products to customers who require on-time delivery from us may cause customers to purchase alternative products, reschedule their own production, or incur other incremental costs. Customers may be able to pursue financial claims against us for their incremental costs, and we may incur costs to correct such problems in addition to any liability resulting from such 29 29 Table of Contentsclaims. Interruptions may also harm our reputation among actual and potential customers, potentially resulting in a loss of business. These disruptions may adversely affect our business, financial condition, results of operations and cash flows.We may experience difficulties in the launch or production ramp-up of new products which may adversely affect our business.As we ramp up manufacturing processes for newly introduced products, we may experience difficulties, including manufacturing disruptions, delays, or other complications, which could adversely affect our ability to serve our customers, our reputation, our costs of production and, ultimately, our business, financial condition, results of operations and cash flows. Our aluminum operations depend on a core group of significant customers.We have a relatively concentrated group of aluminum customers. Most of these customers have one or more sizable sales agreements with us. If one or more of these customers experienced a prolonged period of adverse demand, depressed business activity or financial distress, if any of these customers breached or sought relief from its contractual obligations under its sales agreements with us or if any of these customer relationships otherwise ended or materiality deteriorated and such lost business was not successfully replaced, our aluminum operations financial condition, results of operations, and cash flows may be adversely affected. Governmental agencies may refuse to grant or renew some of our licenses and permits required to operate our businesses.Some of our operations must receive licenses and air, water and other permits and approvals from federal, state and local governments to conduct certain of our operations or to build, expand or acquire new facilities. Governmental agencies, non-governmental organizations, and members of the public sometimes resist the establishment of certain types of facilities in their communities. There can be no assurance that future approvals, licenses and permits will be granted or that we will be able to maintain and renew the approvals, licenses and permits we currently hold. Failure to do so may adversely affect our business, financial condition, results of operations and cash flows.Our existing debt agreements contain, and any future financing agreements may contain, restrictive covenants that may limit our flexibility.Restrictions and covenants in our existing debt agreements, including our senior unsecured credit facility, and any future financing agreements, may impair our ability to finance future operations or capital needs or to engage in other business activities. A breach of any of the restrictions or covenants could cause a default under our senior unsecured credit facility, our senior notes, or our other debt. A significant portion of our indebtedness may then become immediately due and payable.Under our senior unsecured credit facility, we are required to maintain certain financial covenants. Our ability to meet such covenants or other restrictions can be affected by events beyond our control. If a default were to occur, the lenders could elect to declare all amounts then outstanding to be immediately due and payable and terminate all commitments to extend further credit.Impairment charges may adversely affect our results of operations.Occasionally, assumptions that we have made regarding products or businesses we have acquired or sought to develop, about the sustainability of markets in which we participate, or about industry conditions that underlie our decision making when we elected to capitalize a venture turn out differently than anticipated. In such instances, the fair value of such assets may fall below their carrying value recorded on our balance sheet.30 Table of Contents Table of Contents Table of Contents claims. Interruptions may also harm our reputation among actual and potential customers, potentially resulting in a loss of business. These disruptions may adversely affect our business, financial condition, results of operations and cash flows.We may experience difficulties in the launch or production ramp-up of new products which may adversely affect our business.As we ramp up manufacturing processes for newly introduced products, we may experience difficulties, including manufacturing disruptions, delays, or other complications, which could adversely affect our ability to serve our customers, our reputation, our costs of production and, ultimately, our business, financial condition, results of operations and cash flows. Our aluminum operations depend on a core group of significant customers.We have a relatively concentrated group of aluminum customers. Most of these customers have one or more sizable sales agreements with us. If one or more of these customers experienced a prolonged period of adverse demand, depressed business activity or financial distress, if any of these customers breached or sought relief from its contractual obligations under its sales agreements with us or if any of these customer relationships otherwise ended or materiality deteriorated and such lost business was not successfully replaced, our aluminum operations financial condition, results of operations, and cash flows may be adversely affected. Governmental agencies may refuse to grant or renew some of our licenses and permits required to operate our businesses.Some of our operations must receive licenses and air, water and other permits and approvals from federal, state and local governments to conduct certain of our operations or to build, expand or acquire new facilities. Governmental agencies, non-governmental organizations, and members of the public sometimes resist the establishment of certain types of facilities in their communities. There can be no assurance that future approvals, licenses and permits will be granted or that we will be able to maintain and renew the approvals, licenses and permits we currently hold. Failure to do so may adversely affect our business, financial condition, results of operations and cash flows.Our existing debt agreements contain, and any future financing agreements may contain, restrictive covenants that may limit our flexibility.Restrictions and covenants in our existing debt agreements, including our senior unsecured credit facility, and any future financing agreements, may impair our ability to finance future operations or capital needs or to engage in other business activities. A breach of any of the restrictions or covenants could cause a default under our senior unsecured credit facility, our senior notes, or our other debt. A significant portion of our indebtedness may then become immediately due and payable.Under our senior unsecured credit facility, we are required to maintain certain financial covenants. Our ability to meet such covenants or other restrictions can be affected by events beyond our control. If a default were to occur, the lenders could elect to declare all amounts then outstanding to be immediately due and payable and terminate all commitments to extend further credit.Impairment charges may adversely affect our results of operations.Occasionally, assumptions that we have made regarding products or businesses we have acquired or sought to develop, about the sustainability of markets in which we participate, or about industry conditions that underlie our decision making when we elected to capitalize a venture turn out differently than anticipated. In such instances, the fair value of such assets may fall below their carrying value recorded on our balance sheet. claims. Interruptions may also harm our reputation among actual and potential customers, potentially resulting in a loss of business. These disruptions may adversely affect our business, financial condition, results of operations and cash flows.",
      "prior_body": "29 29 Table of ContentsInterruptions in our production capabilities may adversely affect our production costs, products available for sale and earnings during the affected period. In addition to equipment failures, our facilities are subject to the risk of catastrophic loss due to unanticipated events such as fires, explosions or violent weather conditions. Our manufacturing processes are dependent upon critical pieces of steelmaking equipment, such as our EAFs, continuous casters and rolling equipment, some of which are controlled by our information technology systems, as well as electrical equipment, such as transformers. This equipment may, on occasion, be out of service as a result of unanticipated failures or other events, including equipment failure, power surges, cybersecurity breaches or attacks or system failures. Further, we have experienced and may continue to experience inefficiencies at our Sinton Flat Roll Division, including those related to major equipment failures. We have experienced and in the future may experience plant shutdowns or periods of reduced production as a result of equipment failures or other events. Supply chain disruptions and labor shortages have and may continue to exacerbate the effects of equipment failures. These disruptions may adversely affect our business, financial condition, results of operations and cash flows.Governmental agencies may refuse to grant or renew some of our licenses and permits required to operate our businesses.Some of our operations must receive licenses and air, water and other permits and approvals from federal, state and local governments to conduct certain of our operations or to build, expand or acquire new facilities. Governmental agencies, non-governmental organizations, and members of the public sometimes resist the establishment of certain types of facilities in their communities. There can be no assurance that future approvals, licenses and permits will be granted or that we will be able to maintain and renew the approvals, licenses and permits we currently hold. Failure to do so may adversely affect our business, financial condition, results of operations and cash flows.Our senior unsecured credit facility contains, and any future financing agreements may contain, restrictive covenants that may limit our flexibility.Restrictions and covenants in our existing debt agreements, including our senior unsecured credit facility, and any future financing agreements, may impair our ability to finance future operations or capital needs or to engage in other business activities. A breach of any of the restrictions or covenants could cause a default under our senior unsecured credit facility, our senior notes, or our other debt. A significant portion of our indebtedness may then become immediately due and payable.Under our senior unsecured credit facility, we are required to maintain certain financial covenants. Our ability to meet such covenants or other restrictions can be affected by events beyond our control. If a default were to occur, the lenders could elect to declare all amounts then outstanding to be immediately due and payable and terminate all commitments to extend further credit.Impairment charges may adversely affect our results of operations.Occasionally, assumptions that we have made regarding products or businesses we have acquired or sought to develop, about the sustainability of markets we sought to exploit, or about industry conditions that underlie our decision making when we elected to capitalize a venture turn out differently than anticipated. In such instances, the fair value of such assets may fall below their carrying value recorded on our balance sheet.Accordingly, we periodically test goodwill, and other assets such as long-lived tangible assets and intangible assets, right of use assets and equity method investments when indicators of impairment are present, to determine whether their estimated fair value is in fact less than their value recorded on our balance sheet. If we determine that the fair value of any of these assets, from whatever cause, is less than the value recorded on our balance sheet, we are required to incur non-cash asset impairment charges that adversely affect our results of operations. There can be no assurances that market dynamics or other factors may not result in future impairment charges.ITEM 1B. UNRESOLVED STAFF COMMENTSNone.30 Table of Contents Table of Contents Table of Contents Interruptions in our production capabilities may adversely affect our production costs, products available for sale and earnings during the affected period. In addition to equipment failures, our facilities are subject to the risk of catastrophic loss due to unanticipated events such as fires, explosions or violent weather conditions. Our manufacturing processes are dependent upon critical pieces of steelmaking equipment, such as our EAFs, continuous casters and rolling equipment, some of which are controlled by our information technology systems, as well as electrical equipment, such as transformers. This equipment may, on occasion, be out of service as a result of unanticipated failures or other events, including equipment failure, power surges, cybersecurity breaches or attacks or system failures. Further, we have experienced and may continue to experience inefficiencies at our Sinton Flat Roll Division, including those related to major equipment failures. We have experienced and in the future may experience plant shutdowns or periods of reduced production as a result of equipment failures or other events. Supply chain disruptions and labor shortages have and may continue to exacerbate the effects of equipment failures. These disruptions may adversely affect our business, financial condition, results of operations and cash flows.Governmental agencies may refuse to grant or renew some of our licenses and permits required to operate our businesses.Some of our operations must receive licenses and air, water and other permits and approvals from federal, state and local governments to conduct certain of our operations or to build, expand or acquire new facilities. Governmental agencies, non-governmental organizations, and members of the public sometimes resist the establishment of certain types of facilities in their communities. There can be no assurance that future approvals, licenses and permits will be granted or that we will be able to maintain and renew the approvals, licenses and permits we currently hold. Failure to do so may adversely affect our business, financial condition, results of operations and cash flows.Our senior unsecured credit facility contains, and any future financing agreements may contain, restrictive covenants that may limit our flexibility.Restrictions and covenants in our existing debt agreements, including our senior unsecured credit facility, and any future financing agreements, may impair our ability to finance future operations or capital needs or to engage in other business activities. A breach of any of the restrictions or covenants could cause a default under our senior unsecured credit facility, our senior notes, or our other debt. A significant portion of our indebtedness may then become immediately due and payable.Under our senior unsecured credit facility, we are required to maintain certain financial covenants. Our ability to meet such covenants or other restrictions can be affected by events beyond our control. If a default were to occur, the lenders could elect to declare all amounts then outstanding to be immediately due and payable and terminate all commitments to extend further credit.Impairment charges may adversely affect our results of operations.Occasionally, assumptions that we have made regarding products or businesses we have acquired or sought to develop, about the sustainability of markets we sought to exploit, or about industry conditions that underlie our decision making when we elected to capitalize a venture turn out differently than anticipated. In such instances, the fair value of such assets may fall below their carrying value recorded on our balance sheet.Accordingly, we periodically test goodwill, and other assets such as long-lived tangible assets and intangible assets, right of use assets and equity method investments when indicators of impairment are present, to determine whether their estimated fair value is in fact less than their value recorded on our balance sheet. If we determine that the fair value of any of these assets, from whatever cause, is less than the value recorded on our balance sheet, we are required to incur non-cash asset impairment charges that adversely affect our results of operations. There can be no assurances that market dynamics or other factors may not result in future impairment charges.ITEM 1B. UNRESOLVED STAFF COMMENTSNone. Interruptions in our production capabilities may adversely affect our production costs, products available for sale and earnings during the affected period. In addition to equipment failures, our facilities are subject to the risk of catastrophic loss due to unanticipated events such as fires, explosions or violent weather conditions. Our manufacturing processes are dependent upon critical pieces of steelmaking equipment, such as our EAFs, continuous casters and rolling equipment, some of which are controlled by our information technology systems, as well as electrical equipment, such as transformers. This equipment may, on occasion, be out of service as a result of unanticipated failures or other events, including equipment failure, power surges, cybersecurity breaches or attacks or system failures. Further, we have experienced and may continue to experience inefficiencies at our Sinton Flat Roll Division, including those related to major equipment failures. We have experienced and in the future may experience plant shutdowns or periods of reduced production as a result of equipment failures or other events. Supply chain disruptions and labor shortages have and may continue to exacerbate the effects of equipment failures. These disruptions may adversely affect our business, financial condition, results of operations and cash flows.Governmental agencies may refuse to grant or renew some of our licenses and permits required to operate our businesses.Some of our operations must receive licenses and air, water and other permits and approvals from federal, state and local governments to conduct certain of our operations or to build, expand or acquire new facilities. Governmental agencies, non-governmental organizations, and members of the public sometimes resist the establishment of certain types of facilities in their communities. There can be no assurance that future approvals, licenses and permits will be granted or that we will be able to maintain and renew the approvals, licenses and permits we currently hold. Failure to do so may adversely affect our business, financial condition, results of operations and cash flows.Our senior unsecured credit facility contains, and any future financing agreements may contain, restrictive covenants that may limit our flexibility.Restrictions and covenants in our existing debt agreements, including our senior unsecured credit facility, and any future financing agreements, may impair our ability to finance future operations or capital needs or to engage in other business activities. A breach of any of the restrictions or covenants could cause a default under our senior unsecured credit facility, our senior notes, or our other debt. A significant portion of our indebtedness may then become immediately due and payable.Under our senior unsecured credit facility, we are required to maintain certain financial covenants. Our ability to meet such covenants or other restrictions can be affected by events beyond our control. If a default were to occur, the lenders could elect to declare all amounts then outstanding to be immediately due and payable and terminate all commitments to extend further credit.Impairment charges may adversely affect our results of operations.Occasionally, assumptions that we have made regarding products or businesses we have acquired or sought to develop, about the sustainability of markets we sought to exploit, or about industry conditions that underlie our decision making when we elected to capitalize a venture turn out differently than anticipated. In such instances, the fair value of such assets may fall below their carrying value recorded on our balance sheet.Accordingly, we periodically test goodwill, and other assets such as long-lived tangible assets and intangible assets, right of use assets and equity method investments when indicators of impairment are present, to determine whether their estimated fair value is in fact less than their value recorded on our balance sheet. If we determine that the fair value of any of these assets, from whatever cause, is less than the value recorded on our balance sheet, we are required to incur non-cash asset impairment charges that adversely affect our results of operations. There can be no assurances that market dynamics or other factors may not result in future impairment charges.ITEM 1B. UNRESOLVED STAFF COMMENTSNone. Interruptions in our production capabilities may adversely affect our production costs, products available for sale and earnings during the affected period. In addition to equipment failures, our facilities are subject to the risk of catastrophic loss due to unanticipated events such as fires, explosions or violent weather conditions. Our manufacturing processes are dependent upon critical pieces of steelmaking equipment, such as our EAFs, continuous casters and rolling equipment, some of which are controlled by our information technology systems, as well as electrical equipment, such as transformers. This equipment may, on occasion, be out of service as a result of unanticipated failures or other events, including equipment failure, power surges, cybersecurity breaches or attacks or system failures. Further, we have experienced and may continue to experience inefficiencies at our Sinton Flat Roll Division, including those related to major equipment failures. We have experienced and in the future may experience plant shutdowns or periods of reduced production as a result of equipment failures or other events. Supply chain disruptions and labor shortages have and may continue to exacerbate the effects of equipment failures. These disruptions may adversely affect our business, financial condition, results of operations and cash flows."
    },
    {
      "status": "MODIFIED",
      "current_title": "Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued)",
      "prior_title": "Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued)",
      "similarity_score": 0.802,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"The company offsets fair value amounts recognized for derivative instruments executed with the same counterparty under master netting agreements.\""
      ],
      "current_body": "Estimated amortization expense related to amortizable intangibles for the years ending December 31 is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ $ 30,840 ​ ​ 2027 ​ ​ 28,441 ​ ​ 2028 ​ ​ 27,231 ​ ​ 2029 ​ ​ 24,861 ​ ​ 2030 ​ ​ 23,168 ​ ​ Thereafter ​ ​ 196,749 ​ ​ Total ​ $ 331,290 ​ ​",
      "prior_body": "Refer to Note 12. Segment Information for disaggregated revenue by segment to external, external non-United States, and other segment customers."
    },
    {
      "status": "MODIFIED",
      "current_title": "Supplemental disclosure information:",
      "prior_title": "Supplemental disclosure information:",
      "similarity_score": 0.795,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ ​ ​ Cash paid for interest $ 156,749 ​ $ 100,978 ​ $ 103,165 ​ See notes to consolidated financial statements.\"",
        "Reworded sentence: \"(SDI), together with its subsidiaries (the company), is a leading industrial metals solutions company, with facilities located throughout the United States and Mexico.\"",
        "Reworded sentence: \"Approximately 4% of the company’s workforce in four locations is represented by collective bargaining agreements, and agreements affecting 0.1% of the company’s employees at one location expires during 2026.Steel Operations SegmentSteel operations include the company’s electric arc furnace (EAF) steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, and Steel of West Virginia; steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply, New Process Steel, L.P.\"",
        "Reworded sentence: \"Revenues from these plants are generated from the fabrication of steel joists, joist girders and steel deck systems used within the non-residential construction industry.\"",
        "Reworded sentence: \"(SDI), together with its subsidiaries (the company), is a leading industrial metals solutions company, with facilities located throughout the United States and Mexico.\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ Cash paid for interest $ 156,749 ​ $ 100,978 ​ $ 103,165 ​ See notes to consolidated financial statements. ​ 60 60 Table of ContentsNote 1. Description of the Business and Summary of Significant Accounting PoliciesDescription of the BusinessSteel Dynamics, Inc. (SDI), together with its subsidiaries (the company), is a leading industrial metals solutions company, with facilities located throughout the United States and Mexico. SDI is one of the largest domestic steel producers and metal recyclers in North America, combined with a meaningful downstream steel fabrication platform. The company also has aluminum operations, further diversifying its product offerings to supply aluminum flat rolled products with higher recycled content to the countercyclical, sustainable beverage can industry, as well as the automotive and industrial sectors. The company has four reporting segments: steel operations, metals recycling operations, steel fabrication operations, and aluminum operations. Approximately 4% of the company’s workforce in four locations is represented by collective bargaining agreements, and agreements affecting 0.1% of the company’s employees at one location expires during 2026.Steel Operations SegmentSteel operations include the company’s electric arc furnace (EAF) steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, and Steel of West Virginia; steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply, New Process Steel, L.P. (“NPS”) (acquired December 1, 2025), and Vulcan Threaded Products, Inc.; and warehouse operations in Mexico; and a 75% controlling equity interest in SDI Biocarbon Solutions, LLC.Metals Recycling Operations SegmentMetals recycling operations include the company’s Omni ferrous and nonferrous processing, transportation, marketing, brokerage, and scrap management services primarily located throughout the United States and in Central and Northern Mexico. Steel Fabrication Operations SegmentSteel fabrication operations include the company’s New Millennium Building Systems joist and deck plants located throughout the United States, and in Northern Mexico. Revenues from these plants are generated from the fabrication of steel joists, joist girders and steel deck systems used within the non-residential construction industry. Aluminum Operations SegmentAluminum operations include a 650,000-metric-ton recycled aluminum flat rolled products mill in Columbus, Mississippi; two 150,000-metric-ton satellite recycled aluminum slab centers, one in Central Mexico and one under construction in the Southwest U.S.; and an ancillary recycled aluminum deox-rod facility. The flat rolled products mill is a joint venture, of which SDI has a 94.4% controlling equity interest, with Unity Aluminum, Inc. The aluminum flat rolled products mill began operations in the second half of 2025.OtherOther operations consist of subsidiary operations that are below the quantitative thresholds required for reportable segments and primarily consist of a joint venture and the company’s idled Minnesota ironmaking operations. Redeemable noncontrolling interests related to Mesabi Nugget (owned 86% by SDI) are $111.2 million at December 31, 2025 and 2024. Also included in “Other” are certain unallocated corporate accounts, such as the company’s senior unsecured credit facility, senior notes, certain other investments, and certain profit sharing expenses.61 Table of Contents Table of Contents Table of Contents Note 1. Description of the Business and Summary of Significant Accounting PoliciesDescription of the BusinessSteel Dynamics, Inc. (SDI), together with its subsidiaries (the company), is a leading industrial metals solutions company, with facilities located throughout the United States and Mexico. SDI is one of the largest domestic steel producers and metal recyclers in North America, combined with a meaningful downstream steel fabrication platform. The company also has aluminum operations, further diversifying its product offerings to supply aluminum flat rolled products with higher recycled content to the countercyclical, sustainable beverage can industry, as well as the automotive and industrial sectors. The company has four reporting segments: steel operations, metals recycling operations, steel fabrication operations, and aluminum operations. Approximately 4% of the company’s workforce in four locations is represented by collective bargaining agreements, and agreements affecting 0.1% of the company’s employees at one location expires during 2026.Steel Operations SegmentSteel operations include the company’s electric arc furnace (EAF) steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, and Steel of West Virginia; steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply, New Process Steel, L.P. (“NPS”) (acquired December 1, 2025), and Vulcan Threaded Products, Inc.; and warehouse operations in Mexico; and a 75% controlling equity interest in SDI Biocarbon Solutions, LLC.Metals Recycling Operations SegmentMetals recycling operations include the company’s Omni ferrous and nonferrous processing, transportation, marketing, brokerage, and scrap management services primarily located throughout the United States and in Central and Northern Mexico. Steel Fabrication Operations SegmentSteel fabrication operations include the company’s New Millennium Building Systems joist and deck plants located throughout the United States, and in Northern Mexico. Revenues from these plants are generated from the fabrication of steel joists, joist girders and steel deck systems used within the non-residential construction industry. Aluminum Operations SegmentAluminum operations include a 650,000-metric-ton recycled aluminum flat rolled products mill in Columbus, Mississippi; two 150,000-metric-ton satellite recycled aluminum slab centers, one in Central Mexico and one under construction in the Southwest U.S.; and an ancillary recycled aluminum deox-rod facility. The flat rolled products mill is a joint venture, of which SDI has a 94.4% controlling equity interest, with Unity Aluminum, Inc. The aluminum flat rolled products mill began operations in the second half of 2025.OtherOther operations consist of subsidiary operations that are below the quantitative thresholds required for reportable segments and primarily consist of a joint venture and the company’s idled Minnesota ironmaking operations. Redeemable noncontrolling interests related to Mesabi Nugget (owned 86% by SDI) are $111.2 million at December 31, 2025 and 2024. Also included in “Other” are certain unallocated corporate accounts, such as the company’s senior unsecured credit facility, senior notes, certain other investments, and certain profit sharing expenses.",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ Cash paid for interest $ 100,978 ​ $ 103,165 ​ $ 100,994 Cash paid for income taxes, net $ 463,763 ​ $ 642,667 ​ $ 1,063,844 ​ See notes to consolidated financial statements. ​ 60 60 Table of ContentsNote 1. Description of the Business and Summary of Significant Accounting PoliciesDescription of the BusinessSteel Dynamics, Inc. (SDI), together with its subsidiaries (the company), is one of the largest and most diversified domestic steel producers and metals recycler, combined with a meaningful steel fabrication manufacturing platform. The company has four reporting segments: steel operations, metals recycling operations, steel fabrication operations, and aluminum operations. Effective the fourth quarter 2024, results from an entity previously reported within the metals recycling operations segment were moved to the aluminum operations segment, consistent with a change in how the company’s chief operating decision maker manages the business. Segment information provided within this Form 10-K, including that within Note 12. Segment Information, has been recast for all prior periods consistent with the current reportable segment presentation. Approximately 5% of the company’s workforce in four locations is represented by collective bargaining agreements, and agreements affecting 0.5% of the company’s employees at one location expires during 2025.Steel Operations SegmentSteel operations include the company’s electric arc furnace (EAF) steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, and Steel of West Virginia, steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply (USS) – 90% equity interest as of April 1, 2023, Vulcan Threaded Products, warehouse operations in Mexico, and SDI Biocarbon Solutions, a joint venture to construct and operate a biocarbon production facility, of which SDI has a 75% equity interest. Metals Recycling Operations SegmentMetals recycling operations include the company’s OmniSource ferrous and nonferrous processing, transportation, marketing, brokerage, and scrap management services primarily throughout the United States and in Central and Northern Mexico. Steel Fabrication Operations SegmentSteel fabrication operations include the company’s New Millennium Building Systems joist and deck plants located throughout the United States, and in Northern Mexico. Revenues from these plants are generated from the fabrication of girders, steel joists and steel deck used within the non-residential construction industry. Aluminum Operations SegmentAluminum operations include the recycled aluminum flat rolled products mill nearing completion of construction in Columbus, Mississippi, two satellite recycled aluminum slab centers in the southwest United States and Central Mexico, and an entity with aluminum operations, formerly included in the results of the metals recycling operations segment. The flat rolled products mill is a joint venture with Unity Aluminum, Inc. of which SDI has a 94.4% equity interest. The aluminum flat rolled products mill and the Mexico and US recycled aluminum slab centers are expected to begin operations in mid to late 2025.OtherOther operations consist of subsidiary operations that are below the quantitative thresholds required for reportable segments and primarily consist of joint ventures and the company’s idled Minnesota ironmaking operations. Also included in “Other” are certain unallocated corporate accounts, such as the company’s senior unsecured credit facility, senior notes, certain other investments, and certain profit sharing expenses.61 Table of Contents Table of Contents Table of Contents Note 1. Description of the Business and Summary of Significant Accounting PoliciesDescription of the BusinessSteel Dynamics, Inc. (SDI), together with its subsidiaries (the company), is one of the largest and most diversified domestic steel producers and metals recycler, combined with a meaningful steel fabrication manufacturing platform. The company has four reporting segments: steel operations, metals recycling operations, steel fabrication operations, and aluminum operations. Effective the fourth quarter 2024, results from an entity previously reported within the metals recycling operations segment were moved to the aluminum operations segment, consistent with a change in how the company’s chief operating decision maker manages the business. Segment information provided within this Form 10-K, including that within Note 12. Segment Information, has been recast for all prior periods consistent with the current reportable segment presentation. Approximately 5% of the company’s workforce in four locations is represented by collective bargaining agreements, and agreements affecting 0.5% of the company’s employees at one location expires during 2025.Steel Operations SegmentSteel operations include the company’s electric arc furnace (EAF) steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, and Steel of West Virginia, steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply (USS) – 90% equity interest as of April 1, 2023, Vulcan Threaded Products, warehouse operations in Mexico, and SDI Biocarbon Solutions, a joint venture to construct and operate a biocarbon production facility, of which SDI has a 75% equity interest. Metals Recycling Operations SegmentMetals recycling operations include the company’s OmniSource ferrous and nonferrous processing, transportation, marketing, brokerage, and scrap management services primarily throughout the United States and in Central and Northern Mexico. Steel Fabrication Operations SegmentSteel fabrication operations include the company’s New Millennium Building Systems joist and deck plants located throughout the United States, and in Northern Mexico. Revenues from these plants are generated from the fabrication of girders, steel joists and steel deck used within the non-residential construction industry. Aluminum Operations SegmentAluminum operations include the recycled aluminum flat rolled products mill nearing completion of construction in Columbus, Mississippi, two satellite recycled aluminum slab centers in the southwest United States and Central Mexico, and an entity with aluminum operations, formerly included in the results of the metals recycling operations segment. The flat rolled products mill is a joint venture with Unity Aluminum, Inc. of which SDI has a 94.4% equity interest. The aluminum flat rolled products mill and the Mexico and US recycled aluminum slab centers are expected to begin operations in mid to late 2025.OtherOther operations consist of subsidiary operations that are below the quantitative thresholds required for reportable segments and primarily consist of joint ventures and the company’s idled Minnesota ironmaking operations. Also included in “Other” are certain unallocated corporate accounts, such as the company’s senior unsecured credit facility, senior notes, certain other investments, and certain profit sharing expenses. Note 1. Description of the Business and Summary of Significant Accounting PoliciesDescription of the BusinessSteel Dynamics, Inc. (SDI), together with its subsidiaries (the company), is one of the largest and most diversified domestic steel producers and metals recycler, combined with a meaningful steel fabrication manufacturing platform. The company has four reporting segments: steel operations, metals recycling operations, steel fabrication operations, and aluminum operations. Effective the fourth quarter 2024, results from an entity previously reported within the metals recycling operations segment were moved to the aluminum operations segment, consistent with a change in how the company’s chief operating decision maker manages the business. Segment information provided within this Form 10-K, including that within Note 12. Segment Information, has been recast for all prior periods consistent with the current reportable segment presentation. Approximately 5% of the company’s workforce in four locations is represented by collective bargaining agreements, and agreements affecting 0.5% of the company’s employees at one location expires during 2025.Steel Operations SegmentSteel operations include the company’s electric arc furnace (EAF) steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, and Steel of West Virginia, steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply (USS) – 90% equity interest as of April 1, 2023, Vulcan Threaded Products, warehouse operations in Mexico, and SDI Biocarbon Solutions, a joint venture to construct and operate a biocarbon production facility, of which SDI has a 75% equity interest. Metals Recycling Operations SegmentMetals recycling operations include the company’s OmniSource ferrous and nonferrous processing, transportation, marketing, brokerage, and scrap management services primarily throughout the United States and in Central and Northern Mexico. Steel Fabrication Operations SegmentSteel fabrication operations include the company’s New Millennium Building Systems joist and deck plants located throughout the United States, and in Northern Mexico. Revenues from these plants are generated from the fabrication of girders, steel joists and steel deck used within the non-residential construction industry. Aluminum Operations SegmentAluminum operations include the recycled aluminum flat rolled products mill nearing completion of construction in Columbus, Mississippi, two satellite recycled aluminum slab centers in the southwest United States and Central Mexico, and an entity with aluminum operations, formerly included in the results of the metals recycling operations segment. The flat rolled products mill is a joint venture with Unity Aluminum, Inc. of which SDI has a 94.4% equity interest. The aluminum flat rolled products mill and the Mexico and US recycled aluminum slab centers are expected to begin operations in mid to late 2025.OtherOther operations consist of subsidiary operations that are below the quantitative thresholds required for reportable segments and primarily consist of joint ventures and the company’s idled Minnesota ironmaking operations. Also included in “Other” are certain unallocated corporate accounts, such as the company’s senior unsecured credit facility, senior notes, certain other investments, and certain profit sharing expenses."
    },
    {
      "status": "MODIFIED",
      "current_title": "when dilutive",
      "prior_title": "when dilutive",
      "similarity_score": 0.788,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"$ 7.99 ​ $ 9.84 ​ $ 14.64 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares and share equivalents outstanding ​ 148,404 ​ ​ 156,136 ​ ​ 167,431 ​ ​ ​ ​ ​ ​ ​ ​ ​\""
      ],
      "current_body": "$ 7.99 ​ $ 9.84 ​ $ 14.64 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares and share equivalents outstanding ​ 148,404 ​ ​ 156,136 ​ ​ 167,431 ​ ​ ​ ​ ​ ​ ​ ​ ​",
      "prior_body": "$ 9.84 ​ $ 14.64 ​ $ 20.92 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares and share equivalents outstanding ​ 156,136 ​ ​ 167,431 ​ ​ 184,622 ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Compensation",
      "prior_title": "Long-Term Incentive Compensation Program (LTIP)",
      "similarity_score": 0.779,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"Outstanding RSUs as of January 1, 2023 973,551 ​ $ 71.80 ​ $ 94,765 ​ $ 44,394 Granted 433,810 ​ ​ 108.95 ​ ​ ​ ​ ​ ​ Vested (517,041) ​ ​ 64.03 ​ ​ ​ ​ ​ ​ Forfeited (40,829) ​ ​ 78.70 ​ ​ ​ ​ ​ ​ As of December 31, 2023 849,491 ​ $ 99.13 ​ $ 101,480 ​ $ 43,073 Granted 374,370 ​ ​ 137.14 ​ ​ ​ ​ ​ ​ Vested (394,675) ​ ​ 94.28 ​ ​ ​ ​ ​ ​ Forfeited (39,874) ​ ​ 104.21 ​ ​ ​ ​ ​ ​ As of December 31, 2024 789,312 ​ $ 115.47 ​ $ 90,037 ​ $ 54,964 Granted 368,224 ​ ​ 146.64 ​ ​ ​ ​ ​ ​ Vested (421,026) ​ ​ 106.60 ​ ​ ​ ​ ​ ​ Forfeited (35,826) ​ ​ 126.06 ​ ​ ​ ​ ​ ​ As of December 31, 2025 (nonvested) 700,684 ​ $ 136.50 ​ $ 118,731 ​ $ 56,586 ​ ​ ​ 76 76 Table of ContentsNote 6.\"",
        "Reworded sentence: \"Awards earned can range from zero to 100% of the shares awarded, and award shares vest immediately once earned on the basis of performance.The Compensation Committee granted the following three-year performance period awards and transition awards, which have been earned and have or will be issued as follows:​​​​​​​​​​​​Maximum​​​​​​​​Shares That​Award​​​​​​Could Be Issued​ Earned​Award Issued/Issuable​​​​​​​​​​2022 LTIP Award:​​​​​​​​Three-year performance period award 249,759​ 249,759​ 249,759​March 2025​​​​​​​​​​2023 LTIP Award:​​​​​​​​Three-year performance period award 193,946​ 164,857​ 164,857​March 2026​Two-year performance period transition award 5,517​ 4,690​ 4,690​March 2025​One-year performance period transition award 3,678​ 2,759​ 2,759​March 2024​​​​​​​​​​2024 LTIP Award:​​​​​​​​Three-year performance period award 166,791​*​*​​​​​​​​​​​​2025 LTIP Award:​​​​​​​​Three-year performance period award 182,819​*​*​​*Not yet earned as performance period not complete.2018 Executive Incentive Compensation Plan (2018 Executive Plan)The 2018 Executive Plan provides for eligibility of certain senior leadership of the company to receive cash and stock bonuses based on predetermined formulas.\"",
        "Reworded sentence: \"At December 31, 2025, 2024, and 2023, 1.3 million shares under the 2018 Executive Plan remained available for grant.\"",
        "Reworded sentence: \"At December 31, 2025, 2024, and 2023, 1.3 million shares under the 2018 Executive Plan remained available for grant.\""
      ],
      "current_body": "Outstanding RSUs as of January 1, 2023 973,551 ​ $ 71.80 ​ $ 94,765 ​ $ 44,394 Granted 433,810 ​ ​ 108.95 ​ ​ ​ ​ ​ ​ Vested (517,041) ​ ​ 64.03 ​ ​ ​ ​ ​ ​ Forfeited (40,829) ​ ​ 78.70 ​ ​ ​ ​ ​ ​ As of December 31, 2023 849,491 ​ $ 99.13 ​ $ 101,480 ​ $ 43,073 Granted 374,370 ​ ​ 137.14 ​ ​ ​ ​ ​ ​ Vested (394,675) ​ ​ 94.28 ​ ​ ​ ​ ​ ​ Forfeited (39,874) ​ ​ 104.21 ​ ​ ​ ​ ​ ​ As of December 31, 2024 789,312 ​ $ 115.47 ​ $ 90,037 ​ $ 54,964 Granted 368,224 ​ ​ 146.64 ​ ​ ​ ​ ​ ​ Vested (421,026) ​ ​ 106.60 ​ ​ ​ ​ ​ ​ Forfeited (35,826) ​ ​ 126.06 ​ ​ ​ ​ ​ ​ As of December 31, 2025 (nonvested) 700,684 ​ $ 136.50 ​ $ 118,731 ​ $ 56,586 ​ ​ ​ 76 76 Table of ContentsNote 6. Equity-Based Incentive Plans (Continued)The weighted average remaining life before vesting of the outstanding RSUs as of December 31, 2025, is 1.3 years. The fair value of RSUs vesting during 2025, 2024, and 2023 was $60.7 million, $56.2 million, and $58.3 million, respectively, and were net-share settled such that the company withheld shares with value equivalent to the employees’ minimum statutory obligation for the applicable income and other employment taxes and remitted the cash to the appropriate taxing authorities. The total shares withheld in 2025, 2024, and 2023 were approximately 253,000, 287,000, and 342,000 shares, respectively, and were based on the value of the RSUs on their vesting dates as determined by the company’s closing stock price.​Long-Term Incentive Compensation Program (LTIP)The company maintains an LTIP performance-based program directed toward key senior leadership of the company, as determined at the discretion of the Compensation Committee of the Board of Directors. Awards are in shares of the company’s common stock using the closing stock price on the first day of the performance period to convert each key senior executive’s predetermined multiple of annual base salary. The performance period is generally three years; however, transition awards can be issued with a shorter performance period. Performance is measured in terms of equal portions of four growth and profitability measures, as compared to the same measures, similarly treated, of a pre-established group of steel sector competitors. Awards earned can range from zero to 100% of the shares awarded, and award shares vest immediately once earned on the basis of performance.The Compensation Committee granted the following three-year performance period awards and transition awards, which have been earned and have or will be issued as follows:​​​​​​​​​​​​Maximum​​​​​​​​Shares That​Award​​​​​​Could Be Issued​ Earned​Award Issued/Issuable​​​​​​​​​​2022 LTIP Award:​​​​​​​​Three-year performance period award 249,759​ 249,759​ 249,759​March 2025​​​​​​​​​​2023 LTIP Award:​​​​​​​​Three-year performance period award 193,946​ 164,857​ 164,857​March 2026​Two-year performance period transition award 5,517​ 4,690​ 4,690​March 2025​One-year performance period transition award 3,678​ 2,759​ 2,759​March 2024​​​​​​​​​​2024 LTIP Award:​​​​​​​​Three-year performance period award 166,791​*​*​​​​​​​​​​​​2025 LTIP Award:​​​​​​​​Three-year performance period award 182,819​*​*​​*Not yet earned as performance period not complete.2018 Executive Incentive Compensation Plan (2018 Executive Plan)The 2018 Executive Plan provides for eligibility of certain senior leadership of the company to receive cash and stock bonuses based on predetermined formulas. The company’s shareholders approved the 2018 Executive Plan in May 2018 and 2.0 million shares of company stock were reserved for grant through February 28, 2028. At times a portion of the bonus may be distributed in shares of the company’s stock, of which one-third of the shares vest immediately and the remaining shares vest in equal annual installments over an additional two-year service-based vesting period requirement. At December 31, 2025, 2024, and 2023, 1.3 million shares under the 2018 Executive Plan remained available for grant. Pursuant to the 2018 Executive Plan, 15,000, 17,000, and 29,000 shares were awarded with a market value of $2.7 million, $2.2 million, and $3.5 million for the 2025, 2024, and 2023 award years, respectively.77 Table of Contents Table of Contents Table of Contents Note 6. Equity-Based Incentive Plans (Continued)The weighted average remaining life before vesting of the outstanding RSUs as of December 31, 2025, is 1.3 years. The fair value of RSUs vesting during 2025, 2024, and 2023 was $60.7 million, $56.2 million, and $58.3 million, respectively, and were net-share settled such that the company withheld shares with value equivalent to the employees’ minimum statutory obligation for the applicable income and other employment taxes and remitted the cash to the appropriate taxing authorities. The total shares withheld in 2025, 2024, and 2023 were approximately 253,000, 287,000, and 342,000 shares, respectively, and were based on the value of the RSUs on their vesting dates as determined by the company’s closing stock price.​Long-Term Incentive Compensation Program (LTIP)The company maintains an LTIP performance-based program directed toward key senior leadership of the company, as determined at the discretion of the Compensation Committee of the Board of Directors. Awards are in shares of the company’s common stock using the closing stock price on the first day of the performance period to convert each key senior executive’s predetermined multiple of annual base salary. The performance period is generally three years; however, transition awards can be issued with a shorter performance period. Performance is measured in terms of equal portions of four growth and profitability measures, as compared to the same measures, similarly treated, of a pre-established group of steel sector competitors. Awards earned can range from zero to 100% of the shares awarded, and award shares vest immediately once earned on the basis of performance.The Compensation Committee granted the following three-year performance period awards and transition awards, which have been earned and have or will be issued as follows:​​​​​​​​​​​​Maximum​​​​​​​​Shares That​Award​​​​​​Could Be Issued​ Earned​Award Issued/Issuable​​​​​​​​​​2022 LTIP Award:​​​​​​​​Three-year performance period award 249,759​ 249,759​ 249,759​March 2025​​​​​​​​​​2023 LTIP Award:​​​​​​​​Three-year performance period award 193,946​ 164,857​ 164,857​March 2026​Two-year performance period transition award 5,517​ 4,690​ 4,690​March 2025​One-year performance period transition award 3,678​ 2,759​ 2,759​March 2024​​​​​​​​​​2024 LTIP Award:​​​​​​​​Three-year performance period award 166,791​*​*​​​​​​​​​​​​2025 LTIP Award:​​​​​​​​Three-year performance period award 182,819​*​*​​*Not yet earned as performance period not complete.2018 Executive Incentive Compensation Plan (2018 Executive Plan)The 2018 Executive Plan provides for eligibility of certain senior leadership of the company to receive cash and stock bonuses based on predetermined formulas. The company’s shareholders approved the 2018 Executive Plan in May 2018 and 2.0 million shares of company stock were reserved for grant through February 28, 2028. At times a portion of the bonus may be distributed in shares of the company’s stock, of which one-third of the shares vest immediately and the remaining shares vest in equal annual installments over an additional two-year service-based vesting period requirement. At December 31, 2025, 2024, and 2023, 1.3 million shares under the 2018 Executive Plan remained available for grant. Pursuant to the 2018 Executive Plan, 15,000, 17,000, and 29,000 shares were awarded with a market value of $2.7 million, $2.2 million, and $3.5 million for the 2025, 2024, and 2023 award years, respectively.",
      "prior_body": "The company maintains an LTIP performance-based program directed toward key senior leadership of the company, as determined at the discretion of the Compensation Committee of the Board of Directors. Awards are in shares of the company’s common stock using the stock price on the first day of the performance period to convert each key senior executive’s predetermined multiple of annual base salary. The performance period is generally three years; however, transition awards can be issued with a shorter performance period. Performance is measured in terms of equal portions of four growth and profitability measures, as compared to the same measures, similarly treated, of a pre-established group of steel sector competitors. Awards earned can range from zero to 100% of the shares awarded, and award shares vest immediately once earned on the basis of performance. ​ 75 75 Table of ContentsNote 6. Equity-Based Incentive Plans (Continued)The Compensation Committee granted the following three-year performance period awards and transition awards, which have been earned and have or will be issued as follows:​​​​​​​​​​​​Maximum​​​​​​​​Shares That​Award​​​​​​Could Be Issued​ Earned​Award Issued/Issuable​​​​​​​​​​2021 LTIP Award:​​​​​​​​Three-year performance period award 360,189​ 324,173​ 324,173​March 2024​​​​​​​​​​2022 LTIP Award:​​​​​​​​Three-year performance period award 249,759​ 249,759​ 249,759​March 2025​​​​​​​​​​2023 LTIP Award:​​​​​​​​Three-year performance period award 193,946​*​*​​​Two-year performance period transition award 5,517​ 4,690​ 4,690​March 2025​One-year performance period transition award 3,678​ 2,759​ 2,759​March 2024​​​​​​​​​​2024 LTIP Award:​​​​​​​​Three-year performance period award 172,425​*​*​​*Not yet earned as performance period not complete.2018 Executive Incentive Compensation Plan (2018 Executive Plan)The 2018 Executive Plan provides for eligibility of certain senior leadership of the company to receive cash and stock bonuses based on predetermined formulas. The company’s shareholders approved the 2018 Executive Plan in May 2018 and 2.0 million shares of company stock were reserved for grant through February 28, 2028. At times a portion of the bonus may be distributed in shares of the company’s stock, of which one-third of the shares vest immediately and the remaining shares vest in equal annual installments over an additional two-year service-based vesting period requirement. At December 31, 2024, 2023, and 2022, 1.3 million, 1.3 million, and 1.4 million shares, respectively, under the 2018 Executive Plan remained available for grant. Pursuant to the 2018 Executive Plan, 17,000, 29,000, and 26,000 shares were awarded with a market value of $2.2 million, $3.5 million, and $3.2 million for the 2024, 2023, and 2022 award years, respectively.Note 7. Fair Value MeasurementsAccounting standards provide a comprehensive framework for measuring fair value, sets forth a definition of fair value and establishes a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable value inputs. Levels within the hierarchy are defined as follows:●Level 1—Unadjusted quoted prices for identical assets and liabilities in active markets;●Level 2—Quoted prices for similar assets and liabilities in active markets (other than those included in Level 1) which are observable for the asset or liability, either directly or indirectly; and●Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.76 Table of Contents Table of Contents Table of Contents Note 6. Equity-Based Incentive Plans (Continued)The Compensation Committee granted the following three-year performance period awards and transition awards, which have been earned and have or will be issued as follows:​​​​​​​​​​​​Maximum​​​​​​​​Shares That​Award​​​​​​Could Be Issued​ Earned​Award Issued/Issuable​​​​​​​​​​2021 LTIP Award:​​​​​​​​Three-year performance period award 360,189​ 324,173​ 324,173​March 2024​​​​​​​​​​2022 LTIP Award:​​​​​​​​Three-year performance period award 249,759​ 249,759​ 249,759​March 2025​​​​​​​​​​2023 LTIP Award:​​​​​​​​Three-year performance period award 193,946​*​*​​​Two-year performance period transition award 5,517​ 4,690​ 4,690​March 2025​One-year performance period transition award 3,678​ 2,759​ 2,759​March 2024​​​​​​​​​​2024 LTIP Award:​​​​​​​​Three-year performance period award 172,425​*​*​​*Not yet earned as performance period not complete.2018 Executive Incentive Compensation Plan (2018 Executive Plan)The 2018 Executive Plan provides for eligibility of certain senior leadership of the company to receive cash and stock bonuses based on predetermined formulas. The company’s shareholders approved the 2018 Executive Plan in May 2018 and 2.0 million shares of company stock were reserved for grant through February 28, 2028. At times a portion of the bonus may be distributed in shares of the company’s stock, of which one-third of the shares vest immediately and the remaining shares vest in equal annual installments over an additional two-year service-based vesting period requirement. At December 31, 2024, 2023, and 2022, 1.3 million, 1.3 million, and 1.4 million shares, respectively, under the 2018 Executive Plan remained available for grant. Pursuant to the 2018 Executive Plan, 17,000, 29,000, and 26,000 shares were awarded with a market value of $2.2 million, $3.5 million, and $3.2 million for the 2024, 2023, and 2022 award years, respectively.Note 7. Fair Value MeasurementsAccounting standards provide a comprehensive framework for measuring fair value, sets forth a definition of fair value and establishes a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable value inputs. Levels within the hierarchy are defined as follows:●Level 1—Unadjusted quoted prices for identical assets and liabilities in active markets;●Level 2—Quoted prices for similar assets and liabilities in active markets (other than those included in Level 1) which are observable for the asset or liability, either directly or indirectly; and●Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Note 6. Equity-Based Incentive Plans (Continued)The Compensation Committee granted the following three-year performance period awards and transition awards, which have been earned and have or will be issued as follows:​​​​​​​​​​​​Maximum​​​​​​​​Shares That​Award​​​​​​Could Be Issued​ Earned​Award Issued/Issuable​​​​​​​​​​2021 LTIP Award:​​​​​​​​Three-year performance period award 360,189​ 324,173​ 324,173​March 2024​​​​​​​​​​2022 LTIP Award:​​​​​​​​Three-year performance period award 249,759​ 249,759​ 249,759​March 2025​​​​​​​​​​2023 LTIP Award:​​​​​​​​Three-year performance period award 193,946​*​*​​​Two-year performance period transition award 5,517​ 4,690​ 4,690​March 2025​One-year performance period transition award 3,678​ 2,759​ 2,759​March 2024​​​​​​​​​​2024 LTIP Award:​​​​​​​​Three-year performance period award 172,425​*​*​​*Not yet earned as performance period not complete.2018 Executive Incentive Compensation Plan (2018 Executive Plan)The 2018 Executive Plan provides for eligibility of certain senior leadership of the company to receive cash and stock bonuses based on predetermined formulas. The company’s shareholders approved the 2018 Executive Plan in May 2018 and 2.0 million shares of company stock were reserved for grant through February 28, 2028. At times a portion of the bonus may be distributed in shares of the company’s stock, of which one-third of the shares vest immediately and the remaining shares vest in equal annual installments over an additional two-year service-based vesting period requirement. At December 31, 2024, 2023, and 2022, 1.3 million, 1.3 million, and 1.4 million shares, respectively, under the 2018 Executive Plan remained available for grant. Pursuant to the 2018 Executive Plan, 17,000, 29,000, and 26,000 shares were awarded with a market value of $2.2 million, $3.5 million, and $3.2 million for the 2024, 2023, and 2022 award years, respectively.Note 7. Fair Value MeasurementsAccounting standards provide a comprehensive framework for measuring fair value, sets forth a definition of fair value and establishes a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable value inputs. Levels within the hierarchy are defined as follows:●Level 1—Unadjusted quoted prices for identical assets and liabilities in active markets;●Level 2—Quoted prices for similar assets and liabilities in active markets (other than those included in Level 1) which are observable for the asset or liability, either directly or indirectly; and●Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable."
    },
    {
      "status": "MODIFIED",
      "current_title": "Comprehensive income attributable to Steel Dynamics, Inc.",
      "prior_title": "Comprehensive income attributable to Steel Dynamics, Inc.",
      "similarity_score": 0.776,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"$ 1,184,997 ​ $ 1,536,713 ​ $ 2,450,414 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ See notes to consolidated financial statements.\""
      ],
      "current_body": "$ 1,184,997 ​ $ 1,536,713 ​ $ 2,450,414 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ See notes to consolidated financial statements. ​ 58 58 Table of ContentsSTEEL DYNAMICS, INC.CONSOLIDATED STATEMENTS OF EQUITY(in thousands)​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Accumulated​​​​​​​​​​​​​​​​​​​​​​Additional ​​​Other​​​​​Redeemable​Shares​Common​Treasury​Paid-In​Retained​Comprehensive​Noncontrolling​Total​Noncontrolling​Common​Treasury​Stock​Stock​Capital​Earnings​Income (Loss)​Interests​Equity​InterestsBalances at January 1, 2023​ 172,936​​ 94,826​$ 650​$ (4,459,513)​$ 1,212,566​$ 11,375,765​$ 889​$ (216,055)​$ 7,914,302​$ 181,503Dividends declared​ -​​ -​​ -​​ -​​ -​​ (280,501)​​ -​​ -​​ (280,501)​​ -Noncontrolling investors, net​ -​​ -​​ -​​ -​​ -​​ -​​ -​​ 1,254​​ 1,254​​ (10,291)Share repurchases​ (13,394)​​ 13,394​​ -​​ (1,452,203)​​ -​​ -​​ -​​ -​​ (1,452,203)​​ -Equity-based compensation ​ 476​​ (125)​​ 1​​ 14,110​​ 5,044​​ (556)​​ -​​ -​​ 18,599​​ -Net income​ -​​ -​​ -​​ -​​ -​​ 2,450,882​​ -​​ 16,450​​ 2,467,332​​ -Other comprehensive loss, net of tax​ -​​ -​​ -​​ -​​ -​​ -​​ (468)​​ -​​ (468)​​ -Balances at December 31, 2023​ 160,018​​ 108,095​$ 651​$ (5,897,606)​$ 1,217,610​$ 13,545,590​$ 421​$ (198,351)​$ 8,668,315​$ 171,212Dividends declared​ -​​ -​​ -​​ -​​ -​​ (284,122)​​ -​​ -​​ (284,122)​​ -Noncontrolling investors, net​ -​​ -​​ -​​ -​​ 1,350​​ -​​ -​​ 25,276​​ 26,626​​ -Share repurchases​ (9,432)​​ 9,432​​ -​​ (1,212,164)​​ -​​ -​​ -​​ -​​ (1,212,164)​​ -Equity-based compensation ​ 531​​ (267)​​ 1​​ 15,504​​ 10,859​​ (520)​​ -​​ -​​ 25,844​​ -Net income​ -​​ -​​ -​​ -​​ -​​ 1,537,134​​ -​​ 12,822​​ 1,549,956​​ -Other comprehensive loss, net of tax​ -​​ -​​ -​​ -​​ -​​ -​​ (421)​​ -​​ (421)​​ -Balances at December 31, 2024​ 151,117​​ 117,260​$ 652​$ (7,094,266)​$ 1,229,819​$ 14,798,082​$ -​$ (160,253)​$ 8,774,034​$ 171,212Dividends declared​ -​​ -​​ -​​ -​​ -​​ (294,132)​​ -​​ -​​ (294,132)​​ -Noncontrolling investors, net​ -​​ -​​ -​​ -​​ -​​ -​​ -​​ (9,460)​​ (9,460)​​ (29,986)Share repurchases​ (6,680)​​ 6,680​​ -​​ (900,870)​​ -​​ -​​ -​​ -​​ (900,870)​​ -Equity-based compensation ​ 503​​ (236)​​ 1​​ 14,587​​ 18,815​​ (503)​​ -​​ -​​ 32,900​​ -Net income​ -​​ -​​ -​​ -​​ -​​ 1,185,595​​ -​​ 1,716​​ 1,187,311​​ -Other comprehensive loss, net of tax​ -​​ -​​ -​​ -​​ -​​ -​​ (598)​​ -​​ (598)​​ -Balances at December 31, 2025​ 144,940​​ 123,704​$ 653​$ (7,980,549)​$ 1,248,634​$ 15,689,042​$ (598)​$ (167,997)​$ 8,789,185​$ 141,226​​​​​​​​​​​​​​​​​​​​​​​​​​​​​See notes to consolidated financial statements.​​59 Table of Contents Table of Contents Table of Contents STEEL DYNAMICS, INC.CONSOLIDATED STATEMENTS OF EQUITY(in thousands)​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Accumulated​​​​​​​​​​​​​​​​​​​​​​Additional ​​​Other​​​​​Redeemable​Shares​Common​Treasury​Paid-In​Retained​Comprehensive​Noncontrolling​Total​Noncontrolling​Common​Treasury​Stock​Stock​Capital​Earnings​Income (Loss)​Interests​Equity​InterestsBalances at January 1, 2023​ 172,936​​ 94,826​$ 650​$ (4,459,513)​$ 1,212,566​$ 11,375,765​$ 889​$ (216,055)​$ 7,914,302​$ 181,503Dividends declared​ -​​ -​​ -​​ -​​ -​​ (280,501)​​ -​​ -​​ (280,501)​​ -Noncontrolling investors, net​ -​​ -​​ -​​ -​​ -​​ -​​ -​​ 1,254​​ 1,254​​ (10,291)Share repurchases​ (13,394)​​ 13,394​​ -​​ (1,452,203)​​ -​​ -​​ -​​ -​​ (1,452,203)​​ -Equity-based compensation ​ 476​​ (125)​​ 1​​ 14,110​​ 5,044​​ (556)​​ -​​ -​​ 18,599​​ -Net income​ -​​ -​​ -​​ -​​ -​​ 2,450,882​​ -​​ 16,450​​ 2,467,332​​ -Other comprehensive loss, net of tax​ -​​ -​​ -​​ -​​ -​​ -​​ (468)​​ -​​ (468)​​ -Balances at December 31, 2023​ 160,018​​ 108,095​$ 651​$ (5,897,606)​$ 1,217,610​$ 13,545,590​$ 421​$ (198,351)​$ 8,668,315​$ 171,212Dividends declared​ -​​ -​​ -​​ -​​ -​​ (284,122)​​ -​​ -​​ (284,122)​​ -Noncontrolling investors, net​ -​​ -​​ -​​ -​​ 1,350​​ -​​ -​​ 25,276​​ 26,626​​ -Share repurchases​ (9,432)​​ 9,432​​ -​​ (1,212,164)​​ -​​ -​​ -​​ -​​ (1,212,164)​​ -Equity-based compensation ​ 531​​ (267)​​ 1​​ 15,504​​ 10,859​​ (520)​​ -​​ -​​ 25,844​​ -Net income​ -​​ -​​ -​​ -​​ -​​ 1,537,134​​ -​​ 12,822​​ 1,549,956​​ -Other comprehensive loss, net of tax​ -​​ -​​ -​​ -​​ -​​ -​​ (421)​​ -​​ (421)​​ -Balances at December 31, 2024​ 151,117​​ 117,260​$ 652​$ (7,094,266)​$ 1,229,819​$ 14,798,082​$ -​$ (160,253)​$ 8,774,034​$ 171,212Dividends declared​ -​​ -​​ -​​ -​​ -​​ (294,132)​​ -​​ -​​ (294,132)​​ -Noncontrolling investors, net​ -​​ -​​ -​​ -​​ -​​ -​​ -​​ (9,460)​​ (9,460)​​ (29,986)Share repurchases​ (6,680)​​ 6,680​​ -​​ (900,870)​​ -​​ -​​ -​​ -​​ (900,870)​​ -Equity-based compensation ​ 503​​ (236)​​ 1​​ 14,587​​ 18,815​​ (503)​​ -​​ -​​ 32,900​​ -Net income​ -​​ -​​ -​​ -​​ -​​ 1,185,595​​ -​​ 1,716​​ 1,187,311​​ -Other comprehensive loss, net of tax​ -​​ -​​ -​​ -​​ -​​ -​​ (598)​​ -​​ (598)​​ -Balances at December 31, 2025​ 144,940​​ 123,704​$ 653​$ (7,980,549)​$ 1,248,634​$ 15,689,042​$ (598)​$ (167,997)​$ 8,789,185​$ 141,226​​​​​​​​​​​​​​​​​​​​​​​​​​​​​See notes to consolidated financial statements.​​",
      "prior_body": "$ 1,536,713 ​ $ 2,450,414 ​ $ 3,865,654 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ See notes to consolidated financial statements. ​ 58 58 Table of ContentsSTEEL DYNAMICS, INC.CONSOLIDATED STATEMENTS OF EQUITY(in thousands)​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Accumulated​​​​​​​​​​​​​​​​​​​​​​Additional ​​​Other​​​​​Redeemable​Shares​Common​Treasury​Paid-In​Retained​Comprehensive​Noncontrolling​Total​Noncontrolling​Common​Treasury​Stock​Stock​Capital​Earnings​Income (Loss)​Interests​Equity​InterestsBalances at January 1, 2022​ 194,998​​ 72,227​​ 649​​ (2,674,267)​​ 1,218,933​​ 7,761,417​​ (2,091)​​ (195,884)​​ 6,108,757​​ 211,414Dividends declared​ -​​ -​​ -​​ -​​ -​​ (245,287)​​ -​​ -​​ (245,287)​​ -Noncontrolling investors, net​ -​​ -​​ -​​ -​​ 630​​ (2,495)​​ -​​ (36,989)​​ (38,854)​​ (29,911)Share repurchases​ (22,996)​​ 22,996​​ -​​ (1,800,905)​​ -​​ -​​ -​​ -​​ (1,800,905)​​ -Equity-based compensation ​ 934​​ (397)​​ 1​​ 15,659​​ (6,997)​​ (544)​​ -​​ -​​ 8,119​​ -Net income​ -​​ -​​ -​​ -​​ -​​ 3,862,674​​ -​​ 16,818​​ 3,879,492​​ -Other comprehensive loss, net of tax​ -​​ -​​ -​​ -​​ -​​ -​​ 2,980​​ -​​ 2,980​​ -Balances at December 31, 2022​ 172,936​​ 94,826​$ 650​$ (4,459,513)​$ 1,212,566​$ 11,375,765​$ 889​$ (216,055)​$ 7,914,302​$ 181,503Dividends declared​ -​​ -​​ -​​ -​​ -​​ (280,501)​​ -​​ -​​ (280,501)​​ -Noncontrolling investors, net​ -​​ -​​ -​​ -​​ -​​ -​​ -​​ 1,254​​ 1,254​​ (10,291)Share repurchases​ (13,394)​​ 13,394​​ -​​ (1,452,203)​​ -​​ -​​ -​​ -​​ (1,452,203)​​ -Equity-based compensation ​ 476​​ (125)​​ 1​​ 14,110​​ 5,044​​ (556)​​ -​​ -​​ 18,599​​ -Net income​ -​​ -​​ -​​ -​​ -​​ 2,450,882​​ -​​ 16,450​​ 2,467,332​​ -Other comprehensive income, net of tax​ -​​ -​​ -​​ -​​ -​​ -​​ (468)​​ -​​ (468)​​ -Balances at December 31, 2023​ 160,018​​ 108,095​$ 651​$ (5,897,606)​$ 1,217,610​$ 13,545,590​$ 421​$ (198,351)​$ 8,668,315​$ 171,212Dividends declared​ -​​ -​​ -​​ -​​ -​​ (284,122)​​ -​​ -​​ (284,122)​​ -Noncontrolling investors, net​ -​​ -​​ -​​ -​​ 1,350​​ -​​ -​​ 25,276​​ 26,626​​ -Share repurchases​ (9,432)​​ 9,432​​ -​​ (1,212,164)​​ -​​ -​​ -​​ -​​ (1,212,164)​​ -Equity-based compensation ​ 531​​ (267)​​ 1​​ 15,504​​ 10,859​​ (520)​​ -​​ -​​ 25,844​​ -Net income​ -​​ -​​ -​​ -​​ -​​ 1,537,134​​ -​​ 12,822​​ 1,549,956​​ -Other comprehensive loss, net of tax​ -​​ -​​ -​​ -​​ -​​ -​​ (421)​​ -​​ (421)​​ -Balances at December 31, 2024​ 151,117​​ 117,260​$ 652​$ (7,094,266)​$ 1,229,819​$ 14,798,082​$ -​$ (160,253)​$ 8,774,034​$ 171,212​​​​​​​​​​​​​​​​​​​​​​​​​​​​​See notes to consolidated financial statements.​​59 Table of Contents Table of Contents Table of Contents STEEL DYNAMICS, INC.CONSOLIDATED STATEMENTS OF EQUITY(in thousands)​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Accumulated​​​​​​​​​​​​​​​​​​​​​​Additional ​​​Other​​​​​Redeemable​Shares​Common​Treasury​Paid-In​Retained​Comprehensive​Noncontrolling​Total​Noncontrolling​Common​Treasury​Stock​Stock​Capital​Earnings​Income (Loss)​Interests​Equity​InterestsBalances at January 1, 2022​ 194,998​​ 72,227​​ 649​​ (2,674,267)​​ 1,218,933​​ 7,761,417​​ (2,091)​​ (195,884)​​ 6,108,757​​ 211,414Dividends declared​ -​​ -​​ -​​ -​​ -​​ (245,287)​​ -​​ -​​ (245,287)​​ -Noncontrolling investors, net​ -​​ -​​ -​​ -​​ 630​​ (2,495)​​ -​​ (36,989)​​ (38,854)​​ (29,911)Share repurchases​ (22,996)​​ 22,996​​ -​​ (1,800,905)​​ -​​ -​​ -​​ -​​ (1,800,905)​​ -Equity-based compensation ​ 934​​ (397)​​ 1​​ 15,659​​ (6,997)​​ (544)​​ -​​ -​​ 8,119​​ -Net income​ -​​ -​​ -​​ -​​ -​​ 3,862,674​​ -​​ 16,818​​ 3,879,492​​ -Other comprehensive loss, net of tax​ -​​ -​​ -​​ -​​ -​​ -​​ 2,980​​ -​​ 2,980​​ -Balances at December 31, 2022​ 172,936​​ 94,826​$ 650​$ (4,459,513)​$ 1,212,566​$ 11,375,765​$ 889​$ (216,055)​$ 7,914,302​$ 181,503Dividends declared​ -​​ -​​ -​​ -​​ -​​ (280,501)​​ -​​ -​​ (280,501)​​ -Noncontrolling investors, net​ -​​ -​​ -​​ -​​ -​​ -​​ -​​ 1,254​​ 1,254​​ (10,291)Share repurchases​ (13,394)​​ 13,394​​ -​​ (1,452,203)​​ -​​ -​​ -​​ -​​ (1,452,203)​​ -Equity-based compensation ​ 476​​ (125)​​ 1​​ 14,110​​ 5,044​​ (556)​​ -​​ -​​ 18,599​​ -Net income​ -​​ -​​ -​​ -​​ -​​ 2,450,882​​ -​​ 16,450​​ 2,467,332​​ -Other comprehensive income, net of tax​ -​​ -​​ -​​ -​​ -​​ -​​ (468)​​ -​​ (468)​​ -Balances at December 31, 2023​ 160,018​​ 108,095​$ 651​$ (5,897,606)​$ 1,217,610​$ 13,545,590​$ 421​$ (198,351)​$ 8,668,315​$ 171,212Dividends declared​ -​​ -​​ -​​ -​​ -​​ (284,122)​​ -​​ -​​ (284,122)​​ -Noncontrolling investors, net​ -​​ -​​ -​​ -​​ 1,350​​ -​​ -​​ 25,276​​ 26,626​​ -Share repurchases​ (9,432)​​ 9,432​​ -​​ (1,212,164)​​ -​​ -​​ -​​ -​​ (1,212,164)​​ -Equity-based compensation ​ 531​​ (267)​​ 1​​ 15,504​​ 10,859​​ (520)​​ -​​ -​​ 25,844​​ -Net income​ -​​ -​​ -​​ -​​ -​​ 1,537,134​​ -​​ 12,822​​ 1,549,956​​ -Other comprehensive loss, net of tax​ -​​ -​​ -​​ -​​ -​​ -​​ (421)​​ -​​ (421)​​ -Balances at December 31, 2024​ 151,117​​ 117,260​$ 652​$ (7,094,266)​$ 1,229,819​$ 14,798,082​$ -​$ (160,253)​$ 8,774,034​$ 171,212​​​​​​​​​​​​​​​​​​​​​​​​​​​​​See notes to consolidated financial statements.​​ STEEL DYNAMICS, INC.CONSOLIDATED STATEMENTS OF EQUITY(in thousands)​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Accumulated​​​​​​​​​​​​​​​​​​​​​​Additional ​​​Other​​​​​Redeemable​Shares​Common​Treasury​Paid-In​Retained​Comprehensive​Noncontrolling​Total​Noncontrolling​Common​Treasury​Stock​Stock​Capital​Earnings​Income (Loss)​Interests​Equity​InterestsBalances at January 1, 2022​ 194,998​​ 72,227​​ 649​​ (2,674,267)​​ 1,218,933​​ 7,761,417​​ (2,091)​​ (195,884)​​ 6,108,757​​ 211,414Dividends declared​ -​​ -​​ -​​ -​​ -​​ (245,287)​​ -​​ -​​ (245,287)​​ -Noncontrolling investors, net​ -​​ -​​ -​​ -​​ 630​​ (2,495)​​ -​​ (36,989)​​ (38,854)​​ (29,911)Share repurchases​ (22,996)​​ 22,996​​ -​​ (1,800,905)​​ -​​ -​​ -​​ -​​ (1,800,905)​​ -Equity-based compensation ​ 934​​ (397)​​ 1​​ 15,659​​ (6,997)​​ (544)​​ -​​ -​​ 8,119​​ -Net income​ -​​ -​​ -​​ -​​ -​​ 3,862,674​​ -​​ 16,818​​ 3,879,492​​ -Other comprehensive loss, net of tax​ -​​ -​​ -​​ -​​ -​​ -​​ 2,980​​ -​​ 2,980​​ -Balances at December 31, 2022​ 172,936​​ 94,826​$ 650​$ (4,459,513)​$ 1,212,566​$ 11,375,765​$ 889​$ (216,055)​$ 7,914,302​$ 181,503Dividends declared​ -​​ -​​ -​​ -​​ -​​ (280,501)​​ -​​ -​​ (280,501)​​ -Noncontrolling investors, net​ -​​ -​​ -​​ -​​ -​​ -​​ -​​ 1,254​​ 1,254​​ (10,291)Share repurchases​ (13,394)​​ 13,394​​ -​​ (1,452,203)​​ -​​ -​​ -​​ -​​ (1,452,203)​​ -Equity-based compensation ​ 476​​ (125)​​ 1​​ 14,110​​ 5,044​​ (556)​​ -​​ -​​ 18,599​​ -Net income​ -​​ -​​ -​​ -​​ -​​ 2,450,882​​ -​​ 16,450​​ 2,467,332​​ -Other comprehensive income, net of tax​ -​​ -​​ -​​ -​​ -​​ -​​ (468)​​ -​​ (468)​​ -Balances at December 31, 2023​ 160,018​​ 108,095​$ 651​$ (5,897,606)​$ 1,217,610​$ 13,545,590​$ 421​$ (198,351)​$ 8,668,315​$ 171,212Dividends declared​ -​​ -​​ -​​ -​​ -​​ (284,122)​​ -​​ -​​ (284,122)​​ -Noncontrolling investors, net​ -​​ -​​ -​​ -​​ 1,350​​ -​​ -​​ 25,276​​ 26,626​​ -Share repurchases​ (9,432)​​ 9,432​​ -​​ (1,212,164)​​ -​​ -​​ -​​ -​​ (1,212,164)​​ -Equity-based compensation ​ 531​​ (267)​​ 1​​ 15,504​​ 10,859​​ (520)​​ -​​ -​​ 25,844​​ -Net income​ -​​ -​​ -​​ -​​ -​​ 1,537,134​​ -​​ 12,822​​ 1,549,956​​ -Other comprehensive loss, net of tax​ -​​ -​​ -​​ -​​ -​​ -​​ (421)​​ -​​ (421)​​ -Balances at December 31, 2024​ 151,117​​ 117,260​$ 652​$ (7,094,266)​$ 1,229,819​$ 14,798,082​$ -​$ (160,253)​$ 8,774,034​$ 171,212​​​​​​​​​​​​​​​​​​​​​​​​​​​​​See notes to consolidated financial statements.​​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Inc. stockholders",
      "prior_title": "Inc. stockholders",
      "similarity_score": 0.773,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"$ 8.02 ​ $ 9.89 ​ $ 14.72 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ 147,806 ​ ​ 155,420 ​ ​ 166,552 ​ ​ ​ ​ ​ ​ ​ ​ ​\""
      ],
      "current_body": "$ 8.02 ​ $ 9.89 ​ $ 14.72 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ 147,806 ​ ​ 155,420 ​ ​ 166,552 ​ ​ ​ ​ ​ ​ ​ ​ ​",
      "prior_body": "$ 9.89 ​ $ 14.72 ​ $ 21.06 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ 155,420 ​ ​ 166,552 ​ ​ 183,393 ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Income before income taxes",
      "prior_title": "Income before income taxes",
      "similarity_score": 0.771,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ 1,492,971 ​ ​ 1,982,881 ​ ​ 3,218,943 ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax expense ​ 305,660 ​ ​ 432,925 ​ ​ 751,611 Net income ​ 1,187,311 ​ ​ 1,549,956 ​ ​ 2,467,332 ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to noncontrolling interests ​ (1,716) ​ ​ (12,822) ​ ​ (16,450)\""
      ],
      "current_body": "​ 1,492,971 ​ ​ 1,982,881 ​ ​ 3,218,943 ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax expense ​ 305,660 ​ ​ 432,925 ​ ​ 751,611 Net income ​ 1,187,311 ​ ​ 1,549,956 ​ ​ 2,467,332 ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to noncontrolling interests ​ (1,716) ​ ​ (12,822) ​ ​ (16,450)",
      "prior_body": "​ 1,982,881 ​ ​ 3,218,943 ​ ​ 5,021,069 ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax expense ​ 432,925 ​ ​ 751,611 ​ ​ 1,141,577 Net income ​ 1,549,956 ​ ​ 2,467,332 ​ ​ 3,879,492 ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to noncontrolling interests ​ (12,822) ​ ​ (16,450) ​ ​ (16,818)"
    },
    {
      "status": "MODIFIED",
      "current_title": "Years Ended December 31,",
      "prior_title": "Years Ended December 31,",
      "similarity_score": 0.77,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ 2025 ​ 2024 ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income $ 1,187,311 ​ $ 1,549,956 ​ $ 2,467,332\""
      ],
      "current_body": "​ ​ ​ 2025 ​ % Change ​ 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 13,412,773 ​ 7% ​ $ 12,527,066 ​ ​ Metals Recycling Operations ​ 4,346,074 ​ 5% ​ ​ 4,136,913 ​ ​ Steel Fabrication Operations ​ 1,418,665 ​ (20)% ​ ​ 1,771,795 ​ ​ Aluminum Operations ​ 473,881 ​ 49% ​ ​ 318,689 ​ ​ Other ​ 1,335,454 ​ (8)% ​ ​ 1,451,723 ​ ​ ​ ​ 20,986,847 ​ ​ ​ ​ 20,206,186 ​ ​ Inter-segment ​ (2,810,266) ​ ​ ​ ​ (2,665,796) ​ ​ ​ $ 18,176,581 ​ 4% ​ $ 17,540,390 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 1,427,544 ​ (10)% ​ $ 1,582,374 ​ ​ Metals Recycling Operations ​ 97,176 ​ 27% ​ ​ 76,807 ​ ​ Steel Fabrication Operations ​ 407,425 ​ (39)% ​ ​ 666,984 ​ ​ Aluminum Operations ​ (172,970) ​ (139)% ​ ​ (72,331) ​ ​ Other ​ (281,851) ​ 11% ​ ​ (317,408) ​ ​ ​ ​ 1,477,324 ​ ​ ​ ​ 1,936,426 ​ ​ Inter-segment ​ (1,338) ​ ​ ​ ​ 6,611 ​ ​ ​ $ 1,475,986 ​ (24)% ​ $ 1,943,037 ​ ​ ​ 39 39 Table of Contents​Steel Operations Segment​Steel operations include our electric arc furnace (EAF) steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, and Steel of West Virginia; steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply, New Process Steel, L.P. (acquired December 1, 2025), and Vulcan Threaded Products, Inc.; warehouse operations in Mexico; and a 75% controlling equity interest in SDI Biocarbon Solutions, LLC. Steel operations accounted for 72% and 69% of our consolidated net sales during 2025 and 2024, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Segment Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2025​% Change​2024​​Total shipments 13,748,801​9% ​ 12,660,487​​Intra-segment shipments (1,429,299)​​​ (1,306,364)​​Steel Operations Segment shipments 12,319,502​9% ​ 11,354,123​​​​​​​​​​External shipments 11,960,582​9% ​ 10,929,453​​​40 Table of Contents Table of Contents Table of Contents ​Steel Operations Segment​Steel operations include our electric arc furnace (EAF) steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, and Steel of West Virginia; steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply, New Process Steel, L.P. (acquired December 1, 2025), and Vulcan Threaded Products, Inc.; warehouse operations in Mexico; and a 75% controlling equity interest in SDI Biocarbon Solutions, LLC. Steel operations accounted for 72% and 69% of our consolidated net sales during 2025 and 2024, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Segment Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2025​% Change​2024​​Total shipments 13,748,801​9% ​ 12,660,487​​Intra-segment shipments (1,429,299)​​​ (1,306,364)​​Steel Operations Segment shipments 12,319,502​9% ​ 11,354,123​​​​​​​​​​External shipments 11,960,582​9% ​ 10,929,453​​​ ​",
      "prior_body": "​ ​ ​ 2024 ​ % Change ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 12,527,066 ​ (4)% ​ $ 13,067,622 ​ ​ Metals Recycling Operations ​ 4,136,913 ​ (1)% ​ ​ 4,158,588 ​ ​ Steel Fabrication Operations ​ 1,771,795 ​ (37)% ​ ​ 2,806,777 ​ ​ Aluminum Operations ​ 318,689 ​ 11% ​ ​ 285,907 ​ ​ Other ​ 1,451,723 ​ 24% ​ ​ 1,171,901 ​ ​ ​ ​ 20,206,186 ​ ​ ​ ​ 21,490,795 ​ ​ Intra-company ​ (2,665,796) ​ ​ ​ ​ (2,695,479) ​ ​ ​ $ 17,540,390 ​ (7)% ​ $ 18,795,316 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 1,582,374 ​ (16)% ​ $ 1,881,600 ​ ​ Metals Recycling Operations ​ 76,807 ​ 61% ​ ​ 47,735 ​ ​ Steel Fabrication Operations ​ 666,984 ​ (58)% ​ ​ 1,593,261 ​ ​ Aluminum Operations ​ (72,331) ​ (522)% ​ ​ 17,146 ​ ​ Other ​ (317,408) ​ 20% ​ ​ (394,577) ​ ​ ​ ​ 1,936,426 ​ ​ ​ ​ 3,145,165 ​ ​ Intra-company ​ 6,611 ​ ​ ​ ​ 6,016 ​ ​ ​ $ 1,943,037 ​ (38)% ​ $ 3,151,181 ​ ​ ​ 40 40 Table of Contents​Steel Operations Segment​Steel operations include our EAF steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, Steel of West Virginia, steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply, Vulcan Threaded Products, Inc., warehouse operations in Mexico, and SDI Biocarbon Solutions, LLC, a joint venture to construct and operate a biocarbon production facility. Steel operations accounted for 69% and 67% of our consolidated net sales during 2024 and 2023, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2024​% Change​2023​​Total shipments 12,660,487​(1)%​ 12,821,753​​Intra-segment shipments (1,306,364)​​​ (1,449,832)​​Steel Operations Segment shipments 11,354,123​-​ 11,371,921​​​​​​​​​​External shipments 10,929,453​-​ 10,976,707​​​Segment Results 2024 vs. 2023During 2024, our steel operations achieved annual shipments of 12.7 million tons (11.4 million excluding intra-segment), slightly less than 2023 total record shipments. Customer order activity and steel demand were stable during 2024, with the construction, automotive, industrial, and energy sectors leading demand. In spite of strong market demand, average selling prices were lower during 2024 compared to 2023, as total steel segment average selling prices decreased 4%, or $46 per ton, compared to 2023. Net sales for the steel operations segment were 4% lower in 2024 when compared to 2023, due to lower average steel selling prices on consistent volumes.​41 Table of Contents Table of Contents Table of Contents ​Steel Operations Segment​Steel operations include our EAF steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, Steel of West Virginia, steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply, Vulcan Threaded Products, Inc., warehouse operations in Mexico, and SDI Biocarbon Solutions, LLC, a joint venture to construct and operate a biocarbon production facility. Steel operations accounted for 69% and 67% of our consolidated net sales during 2024 and 2023, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2024​% Change​2023​​Total shipments 12,660,487​(1)%​ 12,821,753​​Intra-segment shipments (1,306,364)​​​ (1,449,832)​​Steel Operations Segment shipments 11,354,123​-​ 11,371,921​​​​​​​​​​External shipments 10,929,453​-​ 10,976,707​​​Segment Results 2024 vs. 2023During 2024, our steel operations achieved annual shipments of 12.7 million tons (11.4 million excluding intra-segment), slightly less than 2023 total record shipments. Customer order activity and steel demand were stable during 2024, with the construction, automotive, industrial, and energy sectors leading demand. In spite of strong market demand, average selling prices were lower during 2024 compared to 2023, as total steel segment average selling prices decreased 4%, or $46 per ton, compared to 2023. Net sales for the steel operations segment were 4% lower in 2024 when compared to 2023, due to lower average steel selling prices on consistent volumes.​ ​Steel Operations Segment​Steel operations include our EAF steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, Steel of West Virginia, steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply, Vulcan Threaded Products, Inc., warehouse operations in Mexico, and SDI Biocarbon Solutions, LLC, a joint venture to construct and operate a biocarbon production facility. Steel operations accounted for 69% and 67% of our consolidated net sales during 2024 and 2023, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2024​% Change​2023​​Total shipments 12,660,487​(1)%​ 12,821,753​​Intra-segment shipments (1,306,364)​​​ (1,449,832)​​Steel Operations Segment shipments 11,354,123​-​ 11,371,921​​​​​​​​​​External shipments 10,929,453​-​ 10,976,707​​​Segment Results 2024 vs. 2023During 2024, our steel operations achieved annual shipments of 12.7 million tons (11.4 million excluding intra-segment), slightly less than 2023 total record shipments. Customer order activity and steel demand were stable during 2024, with the construction, automotive, industrial, and energy sectors leading demand. In spite of strong market demand, average selling prices were lower during 2024 compared to 2023, as total steel segment average selling prices decreased 4%, or $46 per ton, compared to 2023. Net sales for the steel operations segment were 4% lower in 2024 when compared to 2023, due to lower average steel selling prices on consistent volumes.​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Comprehensive income",
      "prior_title": "Comprehensive income",
      "similarity_score": 0.764,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ 1,186,713 ​ ​ 1,549,535 ​ ​ 2,466,864 ​ ​ ​ ​ ​ ​ ​ ​ ​ Comprehensive income attributable to noncontrolling interests ​ (1,716) ​ ​ (12,822) ​ ​ (16,450)\""
      ],
      "current_body": "​ 1,186,713 ​ ​ 1,549,535 ​ ​ 2,466,864 ​ ​ ​ ​ ​ ​ ​ ​ ​ Comprehensive income attributable to noncontrolling interests ​ (1,716) ​ ​ (12,822) ​ ​ (16,450)",
      "prior_body": "​ 1,549,535 ​ ​ 2,466,864 ​ ​ 3,882,472 ​ ​ ​ ​ ​ ​ ​ ​ ​ Comprehensive income attributable to noncontrolling interests ​ (12,822) ​ ​ (16,450) ​ ​ (16,818)"
    },
    {
      "status": "MODIFIED",
      "current_title": "Financing activities:",
      "prior_title": "Financing activities:",
      "similarity_score": 0.758,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ ​ ​ Issuance of current and long-term debt ​ 3,553,683 ​ ​ 2,482,919 ​ ​ 1,365,664 Repayment of current and long-term debt ​ (2,567,864) ​ ​ (2,324,058) ​ ​ (1,367,553) Dividends paid ​ (291,176) ​ ​ (282,616) ​ ​ (271,317) Purchases of treasury stock ​ (900,870) ​ ​ (1,212,164) ​ ​ (1,452,203) Other financing activities ​ (88,088) ​ ​ (16,678) ​ ​ (51,725) Net cash used in financing activities ​ (294,315) ​ ​ (1,352,597) ​ ​ (1,777,134) ​ ​ ​ ​ ​ ​ ​ ​ ​ Increase (decrease) in cash and equivalents, and restricted cash ​ 180,262 ​ ​ (811,454) ​ ​ (227,455) Cash and equivalents, and restricted cash at beginning of period ​ 595,010 ​ ​ 1,406,464 ​ ​ 1,633,919 ​ ​ ​ ​ ​ ​ ​ ​ ​\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ Issuance of current and long-term debt ​ 3,553,683 ​ ​ 2,482,919 ​ ​ 1,365,664 Repayment of current and long-term debt ​ (2,567,864) ​ ​ (2,324,058) ​ ​ (1,367,553) Dividends paid ​ (291,176) ​ ​ (282,616) ​ ​ (271,317) Purchases of treasury stock ​ (900,870) ​ ​ (1,212,164) ​ ​ (1,452,203) Other financing activities ​ (88,088) ​ ​ (16,678) ​ ​ (51,725) Net cash used in financing activities ​ (294,315) ​ ​ (1,352,597) ​ ​ (1,777,134) ​ ​ ​ ​ ​ ​ ​ ​ ​ Increase (decrease) in cash and equivalents, and restricted cash ​ 180,262 ​ ​ (811,454) ​ ​ (227,455) Cash and equivalents, and restricted cash at beginning of period ​ 595,010 ​ ​ 1,406,464 ​ ​ 1,633,919 ​ ​ ​ ​ ​ ​ ​ ​ ​",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ Issuance of current and long-term debt ​ 2,482,919 ​ ​ 1,365,664 ​ ​ 1,465,257 Repayment of current and long-term debt ​ (2,324,058) ​ ​ (1,367,553) ​ ​ (1,507,475) Dividends paid ​ (282,616) ​ ​ (271,317) ​ ​ (237,163) Purchases of treasury stock ​ (1,212,164) ​ ​ (1,452,203) ​ ​ (1,800,905) Other financing activities ​ (16,678) ​ ​ (51,725) ​ ​ (116,298) Net cash used in financing activities ​ (1,352,597) ​ ​ (1,777,134) ​ ​ (2,196,584) ​ ​ ​ ​ ​ ​ ​ ​ ​ Increase (decrease) in cash and equivalents, and restricted cash ​ (811,454) ​ ​ (227,455) ​ ​ 384,550 Cash and equivalents, and restricted cash at beginning of period ​ 1,406,464 ​ ​ 1,633,919 ​ ​ 1,249,369 ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Investing activities:",
      "prior_title": "Investing activities:",
      "similarity_score": 0.756,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ ​ ​ Purchases of property, plant and equipment ​ (948,025) ​ ​ (1,868,006) ​ ​ (1,657,905) Purchases of short-term investments ​ (39,571) ​ ​ (739,340) ​ ​ (1,145,493) Proceeds from maturities of short-term investments ​ 186,996 ​ ​ 1,312,294 ​ ​ 1,054,742 Business combinations, net of cash acquired ​ (175,774) ​ ​ - ​ ​ - Other investing activities ​ 1,417 ​ ​ (8,308) ​ ​ (221,593) Net cash used in investing activities ​ (974,957) ​ ​ (1,303,360) ​ ​ (1,970,249) ​ ​ ​ ​ ​ ​ ​ ​ ​\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ Purchases of property, plant and equipment ​ (948,025) ​ ​ (1,868,006) ​ ​ (1,657,905) Purchases of short-term investments ​ (39,571) ​ ​ (739,340) ​ ​ (1,145,493) Proceeds from maturities of short-term investments ​ 186,996 ​ ​ 1,312,294 ​ ​ 1,054,742 Business combinations, net of cash acquired ​ (175,774) ​ ​ - ​ ​ - Other investing activities ​ 1,417 ​ ​ (8,308) ​ ​ (221,593) Net cash used in investing activities ​ (974,957) ​ ​ (1,303,360) ​ ​ (1,970,249) ​ ​ ​ ​ ​ ​ ​ ​ ​",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ Purchases of property, plant and equipment ​ (1,868,006) ​ ​ (1,657,905) ​ ​ (908,902) Purchases of short-term investments ​ (739,340) ​ ​ (1,145,493) ​ ​ (927,584) Proceeds from maturities of short-term investments ​ 1,312,294 ​ ​ 1,054,742 ​ ​ 297,950 Business combinations, net of cash acquired ​ - ​ ​ - ​ ​ (134,090) Investments in unconsolidated affiliates ​ - ​ ​ - ​ ​ (222,480) Other investing activities ​ (8,308) ​ ​ (221,593) ​ ​ 15,837 Net cash used in investing activities ​ (1,303,360) ​ ​ (1,970,249) ​ ​ (1,879,269) ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Recently Issued Not Yet Adopted Accounting Pronouncements",
      "prior_title": "Recently Issued Not Yet Adopted Accounting Pronouncements",
      "similarity_score": 0.755,
      "confidence": "high",
      "key_changes": [
        "Removed sentence: \"In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which modifies the rules on income tax disclosures to require entities to disclose specific categories in the rate reconciliation, the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and income tax expense or benefit from continuing operations (separated by federal, state and foreign).\"",
        "Removed sentence: \"ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state, and local jurisdictions, among other changes.\"",
        "Removed sentence: \"The guidance is effective for annual periods beginning after December 15, 2024.\"",
        "Removed sentence: \"Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance.\"",
        "Removed sentence: \"ASU 2023-09 is to be applied on a prospective basis, but retrospective application is permitted.\""
      ],
      "current_body": "In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entitles to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.",
      "prior_body": "In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which modifies the rules on income tax disclosures to require entities to disclose specific categories in the rate reconciliation, the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state, and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 is to be applied on a prospective basis, but retrospective application is permitted. The company is currently evaluating the impact of adopting ASU 2023-09. In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entitles to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03."
    },
    {
      "status": "MODIFIED",
      "current_title": "(Denominator)",
      "prior_title": "(Denominator)",
      "similarity_score": 0.747,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ Amount ​ Basic earnings per share $ 2,450,882 ​ ​ 166,552 ​ $ 14.72 ​ Dilutive common share equivalents ​ - ​ ​ 879 ​ ​ ​ ​ Diluted earnings per share $ 2,450,882 ​ ​ 167,431 ​ $ 14.64 ​ ​\""
      ],
      "current_body": "​ Amount Basic earnings per share ​ $ 1,185,595 ​ ​ 147,806 ​ $ 8.02 ​ ​ $ 1,537,134 ​ ​ 155,420 ​ $ 9.89 Dilutive common share equivalents ​ ​ - ​ ​ 598 ​ ​ ​ ​ ​ ​ - ​ ​ 716 ​ ​ ​ Diluted earnings per share ​ $ 1,185,595 ​ ​ 148,404 ​ $ 7.99 ​ ​ $ 1,537,134 ​ ​ 156,136 ​ $ 9.84 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ ​ Net Income ​ Shares ​ Per Share ​ ​",
      "prior_body": "​ Amount Basic earnings per share ​ $ 1,537,134 ​ ​ 155,420 ​ $ 9.89 ​ ​ $ 2,450,882 ​ ​ 166,552 ​ $ 14.72 Dilutive common share equivalents ​ ​ - ​ ​ 716 ​ ​ ​ ​ ​ ​ - ​ ​ 879 ​ ​ ​ Diluted earnings per share ​ $ 1,537,134 ​ ​ 156,136 ​ $ 9.84 ​ ​ $ 2,450,882 ​ ​ 167,431 ​ $ 14.64 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ Net Income ​ Shares ​ Per Share ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Total net sales",
      "prior_title": "Total net sales",
      "similarity_score": 0.739,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ 18,176,581 ​ ​ 17,540,390 ​ ​ 18,795,316 ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs of goods sold ​ 15,784,398 ​ ​ 14,737,804 ​ ​ 14,749,433\""
      ],
      "current_body": "​ 18,176,581 ​ ​ 17,540,390 ​ ​ 18,795,316 ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs of goods sold ​ 15,784,398 ​ ​ 14,737,804 ​ ​ 14,749,433",
      "prior_body": "​ 17,540,390 ​ ​ 18,795,316 ​ ​ 22,260,774 ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs of goods sold ​ 14,737,804 ​ ​ 14,749,433 ​ ​ 16,142,943"
    },
    {
      "status": "MODIFIED",
      "current_title": "Note 4. Income Taxes (Continued)",
      "prior_title": "Note 4. Income Taxes (Continued)",
      "similarity_score": 0.736,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"Cash taxes paid, net of refunds, by jurisdiction for the years ended December 31 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ 2024 ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S.\"",
        "Reworded sentence: \"Based on the evidence, the company maintained a valuation allowance of $1,360,000 and $1,150,000 as of December 31, 2025, and 2024, respectively, with respect to certain state tax credits of the controlled subsidiary.\"",
        "Reworded sentence: \"During the year ended December 31, 2025, the company recognized income from the decrease of interest expense and penalties of $340,000, net of tax.\"",
        "Reworded sentence: \"The tax years 2022 through 2025 remain open to examination by the Internal Revenue Service and various state and local jurisdictions.Note 5.\"",
        "Reworded sentence: \"This program was exhausted in March 2025.\""
      ],
      "current_body": "Cash taxes paid, net of refunds, by jurisdiction for the years ended December 31 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ 2024 ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Federal $ 116,060 ​ $ 399,306 ​ $ 560,000 U.S. State and Local ​ ​ ​ ​ ​ ​ ​ ​ Indiana ​ - ​ ​ 25,863 ​ ​ 13,897 Other States (combined)(b) ​ 27,531 ​ ​ 36,672 ​ ​ 64,630 Foreign - Mexico Foreign - Mexico ​ 8,409 ​ ​ 1,922 ​ ​ 4,140 Total income taxes paid, net $ 152,000 ​ $ 463,763 ​ $ 642,667 ​ (b) All other U.S. state/local jurisdictions individually represented less than 5% and are aggregated into \"Other States\" ​ Significant components of the company’s deferred tax assets and liabilities at December 31 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ 2024 ​ ​ Deferred tax assets ​ ​ ​ ​ ​ ​ ​ Accrued expenses and allowances $ 55,029 ​ $ 41,031 ​ ​ Inventories ​ 76,218 ​ ​ 6,892 ​ ​ Net operating loss carryforwards ​ 61,893 ​ ​ 24,381 ​ ​ Amortizable assets ​ - ​ ​ 39,657 ​ ​ Other ​ 20,500 ​ ​ 5,916 ​ ​ ​ ​ 213,640 ​ ​ 117,877 ​ ​ Less: valuation allowance ​ (1,360) ​ ​ (1,150) ​ ​ Total net deferred tax assets ​ 212,280 ​ ​ 116,727 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment ​ (1,194,237) ​ ​ (1,014,515) ​ ​ Amortizable assets ​ (4,187) ​ ​ - ​ ​ Other ​ (11,305) ​ ​ (4,398) ​ ​ Total deferred tax liabilities ​ (1,209,729) ​ ​ (1,018,913) ​ ​ Net deferred tax liability $ (997,449) ​ $ (902,186) ​ ​ Certain wholly-owned and controlled subsidiaries of the company file separate federal and state income tax returns. These subsidiaries generated state net operating loss carryforwards, which will expire in the years 2034 through 2045 if not utilized. Annually, the company evaluates the realizability of the net deferred tax assets for this controlled subsidiary. In completing this evaluation, the company considers all available positive and negative evidence in order to determine whether, based on the weight of the evidence, a valuation allowance for its deferred tax assets is necessary. Such evidence includes current operating results, historical results, future reversals of existing taxable temporary differences and expectations for future taxable income (exclusive of the reversal of temporary differences and carryforwards), as well as the implementation of feasible and prudent tax planning strategies. Based on the evidence, the company maintained a valuation allowance of $1,360,000 and $1,150,000 as of December 31, 2025, and 2024, respectively, with respect to certain state tax credits of the controlled subsidiary. ​ 74 74 Table of ContentsNote 4. Income Taxes (Continued)A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):​​​​​​​​​​​​​​​​​​​​​​​​2025​2024​2023​​Balance at January 1 $ 29,687​$ 31,258​$ 28,646​​Increases related to current year tax positions ​ 7,245​​ 5,115​​ 1,500​​Increases related to prior year tax positions ​ 2,764​​ 263​​ 1,798​​Decreases related to prior year tax positions ​ (399)​​ (504)​​ -​​Decreases related to lapse of applicable statute of limitations​ (8,614)​​ (6,445)​​ (686)​​Balance at December 31 $ 30,683​$ 29,687​$ 31,258​​Included in the balance of unrecognized tax benefits at December 31, 2025 and 2024 are potential benefits of $27.2 million and $26.4 million, respectively, that, if recognized, would affect the effective tax rate. The company recognizes interest and penalties related to its tax contingencies on a net-of-tax basis in income tax expense. During the year ended December 31, 2025, the company recognized income from the decrease of interest expense and penalties of $340,000, net of tax. During the years ended December 31, 2024 and 2023, the company recognized expense from the increase of interest expense and penalties of $710,000 and $1,560,000, respectively, net of tax. In addition to the unrecognized tax benefits in the table above, the company had $3.7 million and $4.2 million accrued for the payment of interest and penalties at December 31, 2025 and 2024, respectively.The company files income tax returns in the U.S. federal jurisdiction as well as income tax returns in various state jurisdictions. The tax years 2022 through 2025 remain open to examination by the Internal Revenue Service and various state and local jurisdictions.Note 5. Shareholders’ EquityCash DividendsThe company declared cash dividends of $294.1 million, or $2.00 per common share, during 2025; $284.1 million, or $1.84 per common share, during 2024; and $280.5 million, or $1.70 per common share, during 2023. The company paid cash dividends of $291.2 million, $282.6 million, and $271.3 million during 2025, 2024, and 2023, respectively.Treasury StockIn November 2022, the board of directors authorized a share repurchase program of up to $1.5 billion of the company’s common stock. This program was exhausted in November 2023. In November 2023, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. This program was exhausted in March 2025. In February 2025, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. Under the share repurchase programs, purchases take place as and when the company determines in open market or private transactions made based upon the market price of the company’s common stock, the nature of other investment opportunities or growth projects, the company’s cash flows from operations, and general economic conditions. The share repurchase programs do not require the company to acquire any specific number of shares, and may be modified, suspended, extended, or terminated by the company at any time. The share repurchase programs do not have an expiration date. The company repurchased 6.7 million shares for $900.9 million during 2025, 9.4 million shares for $1.2 billion during 2024, and 13.4 million shares for $1.5 billion during 2023 under the share repurchase programs. At December 31, 2025, the company had remaining authorization to repurchase $801.0 million of additional shares under the February 2025 share repurchase program.​75 Table of Contents Table of Contents Table of Contents Note 4. Income Taxes (Continued)A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):​​​​​​​​​​​​​​​​​​​​​​​​2025​2024​2023​​Balance at January 1 $ 29,687​$ 31,258​$ 28,646​​Increases related to current year tax positions ​ 7,245​​ 5,115​​ 1,500​​Increases related to prior year tax positions ​ 2,764​​ 263​​ 1,798​​Decreases related to prior year tax positions ​ (399)​​ (504)​​ -​​Decreases related to lapse of applicable statute of limitations​ (8,614)​​ (6,445)​​ (686)​​Balance at December 31 $ 30,683​$ 29,687​$ 31,258​​Included in the balance of unrecognized tax benefits at December 31, 2025 and 2024 are potential benefits of $27.2 million and $26.4 million, respectively, that, if recognized, would affect the effective tax rate. The company recognizes interest and penalties related to its tax contingencies on a net-of-tax basis in income tax expense. During the year ended December 31, 2025, the company recognized income from the decrease of interest expense and penalties of $340,000, net of tax. During the years ended December 31, 2024 and 2023, the company recognized expense from the increase of interest expense and penalties of $710,000 and $1,560,000, respectively, net of tax. In addition to the unrecognized tax benefits in the table above, the company had $3.7 million and $4.2 million accrued for the payment of interest and penalties at December 31, 2025 and 2024, respectively.The company files income tax returns in the U.S. federal jurisdiction as well as income tax returns in various state jurisdictions. The tax years 2022 through 2025 remain open to examination by the Internal Revenue Service and various state and local jurisdictions.Note 5. Shareholders’ EquityCash DividendsThe company declared cash dividends of $294.1 million, or $2.00 per common share, during 2025; $284.1 million, or $1.84 per common share, during 2024; and $280.5 million, or $1.70 per common share, during 2023. The company paid cash dividends of $291.2 million, $282.6 million, and $271.3 million during 2025, 2024, and 2023, respectively.Treasury StockIn November 2022, the board of directors authorized a share repurchase program of up to $1.5 billion of the company’s common stock. This program was exhausted in November 2023. In November 2023, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. This program was exhausted in March 2025. In February 2025, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. Under the share repurchase programs, purchases take place as and when the company determines in open market or private transactions made based upon the market price of the company’s common stock, the nature of other investment opportunities or growth projects, the company’s cash flows from operations, and general economic conditions. The share repurchase programs do not require the company to acquire any specific number of shares, and may be modified, suspended, extended, or terminated by the company at any time. The share repurchase programs do not have an expiration date. The company repurchased 6.7 million shares for $900.9 million during 2025, 9.4 million shares for $1.2 billion during 2024, and 13.4 million shares for $1.5 billion during 2023 under the share repurchase programs. At December 31, 2025, the company had remaining authorization to repurchase $801.0 million of additional shares under the February 2025 share repurchase program.​",
      "prior_body": "Significant components of the company’s deferred tax assets and liabilities at December 31 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ ​ Deferred tax assets ​ ​ ​ ​ ​ ​ ​ Accrued expenses and allowances $ 41,031 ​ $ 41,894 ​ ​ Inventories ​ 6,892 ​ ​ 10,685 ​ ​ Net operating loss carryforwards ​ 24,381 ​ ​ 7,663 ​ ​ Amortizable assets ​ 39,657 ​ ​ 5,798 ​ ​ Other ​ 5,916 ​ ​ 9,149 ​ ​ ​ ​ 117,877 ​ ​ 75,189 ​ ​ Less: valuation allowance ​ (1,150) ​ ​ (816) ​ ​ Total net deferred tax assets ​ 116,727 ​ ​ 74,373 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment ​ (1,014,515) ​ ​ (1,013,045) ​ ​ Other ​ (4,398) ​ ​ (6,096) ​ ​ Total deferred tax liabilities ​ (1,018,913) ​ ​ (1,019,141) ​ ​ Net deferred tax liability $ (902,186) ​ $ (944,768) ​ ​ Certain wholly-owned and controlled subsidiaries of the company file separate federal and state income tax returns. One of the controlled subsidiaries generated federal net operating loss carryforwards in the years 2018 and prior, which were fully utilized as of December 31, 2024, but continues to have state net operating loss carryforwards which expire in the years 2034 through 2039. Annually, the company evaluates the realizability of the net deferred tax assets for this controlled subsidiary. In completing this evaluation, the company considers all available positive and negative evidence in order to determine whether, based on the weight of the evidence, a valuation allowance for its deferred tax assets is necessary. Such evidence includes current operating results, historical results, future reversals of existing taxable temporary differences and expectations for future taxable income (exclusive of the reversal of temporary differences and carryforwards), as well as the implementation of feasible and prudent tax planning strategies. Based on the evidence, the company maintained a valuation allowance of $1,150,000 and $816,000 as of December 31, 2024, and 2023, respectively, with respect to certain state tax credits of the controlled subsidiary. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ Balance at January 1 $ 31,258 ​ $ 28,646 ​ $ 20,466 ​ ​ Increases related to current year tax positions ​ 5,115 ​ ​ 1,500 ​ ​ 9,600 ​ ​ Increases related to prior year tax positions ​ 263 ​ ​ 1,798 ​ ​ 364 ​ ​ Decreases related to prior year tax positions ​ (6,949) ​ ​ (686) ​ ​ (1,784) ​ ​ Balance at December 31 $ 29,687 ​ $ 31,258 ​ $ 28,646 ​ ​ Included in the balance of unrecognized tax benefits at December 31, 2024 and 2023 are potential benefits of $26.4 million and $27.8 million, respectively, that, if recognized, would affect the effective tax rate. The company recognizes interest and penalties related to its tax contingencies on a net-of-tax basis in income tax expense. During the years ended December 31, 2024, 2023, and 2022, the company recognized expense from the increase of interest expense and penalties of $710,000, $1,560,000, and $480,000, respectively, net of tax. In addition to the unrecognized tax benefits in the table above, the company had $4.2 million and $3.2 million accrued for the payment of interest and penalties at December 31, 2024 and 2023, respectively. ​ 73 73 Table of ContentsNote 4. Income Taxes (Continued)It is reasonably possible that the amount of unrecognized tax benefits could change in the next twelve months in an amount ranging from zero to $12.0 million, as a result of the expiration of the statute of limitations and other federal and state income tax audits. The company files income tax returns in the U.S. federal jurisdiction as well as income tax returns in various state jurisdictions. The tax years 2021 through 2023 remain open to examination by the Internal Revenue Service and various state and local jurisdictions.Note 5. Shareholders’ EquityCash DividendsThe company declared cash dividends of $284.1 million, or $1.84 per common share, during 2024; $280.5 million, or $1.70 per common share, during 2023; and $245.3 million, or $1.36 per common share, during 2022. The company paid cash dividends of $282.6 million, $271.3 million, and $237.2 million during 2024, 2023, and 2022, respectively.Treasury StockIn July 2021, the board of directors authorized a share repurchase program of up to $1.0 billion of the company’s common stock. This program was exhausted in April 2022. In February 2022, the board of directors authorized an additional share repurchase program of up to $1.25 billion of the company’s common stock. This program was exhausted in November 2022. In November 2022, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. This program was exhausted in November 2023. In November 2023, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. Subsequent to December 31, 2024, in February 2025, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. Under the share repurchase programs, purchases take place as and when we determine in open market or private transactions made based upon the market price of our common stock, the nature of other investment opportunities or growth projects, our cash flows from operations, and general economic conditions. The share repurchase programs do not require us to acquire any specific number of shares, and may be modified, suspended, extended, or terminated by us at any time. The share repurchase programs do not have an expiration date. The company repurchased 9.4 million shares for $1.2 billion during 2024, 13.4 million shares for $1.5 billion during 2023, and 23.0 million shares for $1.8 billion during 2022 under the share repurchase programs. At December 31, 2024, the company had remaining authorization to repurchase $193.5 million of additional shares under the November 2023 share repurchase program.​Note 6. Equity-Based Incentive Plans2023 Equity Incentive PlanIn May 2023, the company’s shareholders approved the 2023 Equity Incentive Plan (2023 Plan), which supersedes the prior Amended and Restated 2015 Equity Incentive Plan. The 2023 Plan is designed to attract, motivate, and retain qualified persons that are able to make important contributions to the company’s success. To accomplish these objectives, the 2023 Plan provides for awards of equity-based incentives through granting of restricted stock units (RSUs), deferred stock units (DSUs), stock appreciation rights (SARs), performance awards, such as the long-term incentive compensation program (LTIP), restricted stock awards (of which none have been granted), stock options (of which none have been granted), and unrestricted stock awards (of which none have been granted). Under the 2023 Plan, 9.0 million shares of common stock were reserved for grant through December 31, 2033. The 2023 Plan uses a fungible share concept under which any awards that are not a full-value award, such as stock options and stock-settled SARs, will be counted against the share reserve as one share for each share of common stock, and awards that are full-value awards, such as RSUs, DSUs, restricted and unrestricted stock awards, and performance awards, will be counted against the share reserve as 2.09 shares for each share of common stock. The SARs the company has granted to date can only be settled in cash, and thus, do not count against the share reserve. At December 31, 2024, there were 6.2 million shares still available for issuance.74 Table of Contents Table of Contents Table of Contents Note 4. Income Taxes (Continued)It is reasonably possible that the amount of unrecognized tax benefits could change in the next twelve months in an amount ranging from zero to $12.0 million, as a result of the expiration of the statute of limitations and other federal and state income tax audits. The company files income tax returns in the U.S. federal jurisdiction as well as income tax returns in various state jurisdictions. The tax years 2021 through 2023 remain open to examination by the Internal Revenue Service and various state and local jurisdictions.Note 5. Shareholders’ EquityCash DividendsThe company declared cash dividends of $284.1 million, or $1.84 per common share, during 2024; $280.5 million, or $1.70 per common share, during 2023; and $245.3 million, or $1.36 per common share, during 2022. The company paid cash dividends of $282.6 million, $271.3 million, and $237.2 million during 2024, 2023, and 2022, respectively.Treasury StockIn July 2021, the board of directors authorized a share repurchase program of up to $1.0 billion of the company’s common stock. This program was exhausted in April 2022. In February 2022, the board of directors authorized an additional share repurchase program of up to $1.25 billion of the company’s common stock. This program was exhausted in November 2022. In November 2022, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. This program was exhausted in November 2023. In November 2023, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. Subsequent to December 31, 2024, in February 2025, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. Under the share repurchase programs, purchases take place as and when we determine in open market or private transactions made based upon the market price of our common stock, the nature of other investment opportunities or growth projects, our cash flows from operations, and general economic conditions. The share repurchase programs do not require us to acquire any specific number of shares, and may be modified, suspended, extended, or terminated by us at any time. The share repurchase programs do not have an expiration date. The company repurchased 9.4 million shares for $1.2 billion during 2024, 13.4 million shares for $1.5 billion during 2023, and 23.0 million shares for $1.8 billion during 2022 under the share repurchase programs. At December 31, 2024, the company had remaining authorization to repurchase $193.5 million of additional shares under the November 2023 share repurchase program.​Note 6. Equity-Based Incentive Plans2023 Equity Incentive PlanIn May 2023, the company’s shareholders approved the 2023 Equity Incentive Plan (2023 Plan), which supersedes the prior Amended and Restated 2015 Equity Incentive Plan. The 2023 Plan is designed to attract, motivate, and retain qualified persons that are able to make important contributions to the company’s success. To accomplish these objectives, the 2023 Plan provides for awards of equity-based incentives through granting of restricted stock units (RSUs), deferred stock units (DSUs), stock appreciation rights (SARs), performance awards, such as the long-term incentive compensation program (LTIP), restricted stock awards (of which none have been granted), stock options (of which none have been granted), and unrestricted stock awards (of which none have been granted). Under the 2023 Plan, 9.0 million shares of common stock were reserved for grant through December 31, 2033. The 2023 Plan uses a fungible share concept under which any awards that are not a full-value award, such as stock options and stock-settled SARs, will be counted against the share reserve as one share for each share of common stock, and awards that are full-value awards, such as RSUs, DSUs, restricted and unrestricted stock awards, and performance awards, will be counted against the share reserve as 2.09 shares for each share of common stock. The SARs the company has granted to date can only be settled in cash, and thus, do not count against the share reserve. At December 31, 2024, there were 6.2 million shares still available for issuance. Note 4. Income Taxes (Continued)It is reasonably possible that the amount of unrecognized tax benefits could change in the next twelve months in an amount ranging from zero to $12.0 million, as a result of the expiration of the statute of limitations and other federal and state income tax audits. The company files income tax returns in the U.S. federal jurisdiction as well as income tax returns in various state jurisdictions. The tax years 2021 through 2023 remain open to examination by the Internal Revenue Service and various state and local jurisdictions.Note 5. Shareholders’ EquityCash DividendsThe company declared cash dividends of $284.1 million, or $1.84 per common share, during 2024; $280.5 million, or $1.70 per common share, during 2023; and $245.3 million, or $1.36 per common share, during 2022. The company paid cash dividends of $282.6 million, $271.3 million, and $237.2 million during 2024, 2023, and 2022, respectively.Treasury StockIn July 2021, the board of directors authorized a share repurchase program of up to $1.0 billion of the company’s common stock. This program was exhausted in April 2022. In February 2022, the board of directors authorized an additional share repurchase program of up to $1.25 billion of the company’s common stock. This program was exhausted in November 2022. In November 2022, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. This program was exhausted in November 2023. In November 2023, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. Subsequent to December 31, 2024, in February 2025, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. Under the share repurchase programs, purchases take place as and when we determine in open market or private transactions made based upon the market price of our common stock, the nature of other investment opportunities or growth projects, our cash flows from operations, and general economic conditions. The share repurchase programs do not require us to acquire any specific number of shares, and may be modified, suspended, extended, or terminated by us at any time. The share repurchase programs do not have an expiration date. The company repurchased 9.4 million shares for $1.2 billion during 2024, 13.4 million shares for $1.5 billion during 2023, and 23.0 million shares for $1.8 billion during 2022 under the share repurchase programs. At December 31, 2024, the company had remaining authorization to repurchase $193.5 million of additional shares under the November 2023 share repurchase program.​Note 6. Equity-Based Incentive Plans2023 Equity Incentive PlanIn May 2023, the company’s shareholders approved the 2023 Equity Incentive Plan (2023 Plan), which supersedes the prior Amended and Restated 2015 Equity Incentive Plan. The 2023 Plan is designed to attract, motivate, and retain qualified persons that are able to make important contributions to the company’s success. To accomplish these objectives, the 2023 Plan provides for awards of equity-based incentives through granting of restricted stock units (RSUs), deferred stock units (DSUs), stock appreciation rights (SARs), performance awards, such as the long-term incentive compensation program (LTIP), restricted stock awards (of which none have been granted), stock options (of which none have been granted), and unrestricted stock awards (of which none have been granted). Under the 2023 Plan, 9.0 million shares of common stock were reserved for grant through December 31, 2033. The 2023 Plan uses a fungible share concept under which any awards that are not a full-value award, such as stock options and stock-settled SARs, will be counted against the share reserve as one share for each share of common stock, and awards that are full-value awards, such as RSUs, DSUs, restricted and unrestricted stock awards, and performance awards, will be counted against the share reserve as 2.09 shares for each share of common stock. The SARs the company has granted to date can only be settled in cash, and thus, do not count against the share reserve. At December 31, 2024, there were 6.2 million shares still available for issuance."
    },
    {
      "status": "MODIFIED",
      "current_title": "Steel Operations Segment Shipments (tons):",
      "prior_title": "Steel Operations Shipments (tons):",
      "similarity_score": 0.731,
      "confidence": "medium",
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Gross profit",
      "prior_title": "Gross profit",
      "similarity_score": 0.729,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ 2,392,183 ​ ​ 2,802,586 ​ ​ 4,045,883 ​ ​ ​ ​ ​ ​ ​ ​ ​ Selling, general and administrative expenses ​ 765,308 ​ ​ 664,119 ​ ​ 588,621 Profit sharing ​ 122,986 ​ ​ 164,904 ​ ​ 272,033 Amortization of intangible assets ​ 27,903 ​ ​ 30,526 ​ ​ 34,048\""
      ],
      "current_body": "​ 2,392,183 ​ ​ 2,802,586 ​ ​ 4,045,883 ​ ​ ​ ​ ​ ​ ​ ​ ​ Selling, general and administrative expenses ​ 765,308 ​ ​ 664,119 ​ ​ 588,621 Profit sharing ​ 122,986 ​ ​ 164,904 ​ ​ 272,033 Amortization of intangible assets ​ 27,903 ​ ​ 30,526 ​ ​ 34,048",
      "prior_body": "​ 2,802,586 ​ ​ 4,045,883 ​ ​ 6,117,831 ​ ​ ​ ​ ​ ​ ​ ​ ​ Selling, general and administrative expenses ​ 664,119 ​ ​ 588,621 ​ ​ 545,621 Profit sharing ​ 164,904 ​ ​ 272,033 ​ ​ 452,551 Amortization of intangible assets ​ 30,526 ​ ​ 34,048 ​ ​ 27,837"
    },
    {
      "status": "MODIFIED",
      "current_title": "Balances at December 31, 2025",
      "prior_title": "Balances at December 31, 2024",
      "similarity_score": 0.726,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ 144,940 ​ ​ 123,704 ​ $ 653 ​ $ (7,980,549) ​ $ 1,248,634 ​ $ 15,689,042 ​ $ (598) ​ $ (167,997) ​ $ 8,789,185 ​ $ 141,226 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ See notes to consolidated financial statements.\""
      ],
      "current_body": "​ 144,940 ​ ​ 123,704 ​ $ 653 ​ $ (7,980,549) ​ $ 1,248,634 ​ $ 15,689,042 ​ $ (598) ​ $ (167,997) ​ $ 8,789,185 ​ $ 141,226 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ See notes to consolidated financial statements. ​ ​ 59 59 Table of ContentsSTEEL DYNAMICS, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands)​​​​​​​​​​​Years Ended December 31,​2025​2024​2023​​​​​​​​​Operating activities:​​​​​​​​ Net income$ 1,187,311​$ 1,549,956​$ 2,467,332​​​​​​​​​ Adjustments to reconcile net income to net cash provided by​​​​​​​​ operating activities:​​​​​​​​ Depreciation and amortization​ 551,390​​ 478,907​​ 437,804 Equity-based compensation​ 68,983​​ 66,589​​ 61,744 Deferred income taxes ​ 94,397​​ (42,583)​​ 55,665 Other adjustments​ (10,208)​​ (5,507)​​ (19,716) Changes in certain assets and liabilities:​​​​​​​​ Accounts receivable ​ (157,456)​​ 191,108​​ 446,765 Inventories ​ (423,435)​​ (221,036)​​ 232,282 Other assets​ (77,276)​​ (13,718)​​ (23,777) Accounts payable ​ 206,843​​ (67,361)​​ (30,148) Income taxes receivable/payable​ 52,179​​ 10,183​​ 56,756 Accrued expenses​ (43,194)​​ (102,035)​​ (164,779) Net cash provided by operating activities ​ 1,449,534​​ 1,844,503​​ 3,519,928​​​​​​​​​Investing activities:​​​​​​​​ Purchases of property, plant and equipment ​ (948,025)​​ (1,868,006)​​ (1,657,905) Purchases of short-term investments​ (39,571)​​ (739,340)​​ (1,145,493) Proceeds from maturities of short-term investments​ 186,996​​ 1,312,294​​ 1,054,742 Business combinations, net of cash acquired​ (175,774)​​ -​​ - Other investing activities​ 1,417​​ (8,308)​​ (221,593) Net cash used in investing activities​ (974,957)​​ (1,303,360)​​ (1,970,249)​​​​​​​​​Financing activities:​​​​​​​​ Issuance of current and long-term debt ​ 3,553,683​​ 2,482,919​​ 1,365,664 Repayment of current and long-term debt ​ (2,567,864)​​ (2,324,058)​​ (1,367,553) Dividends paid ​ (291,176)​​ (282,616)​​ (271,317) Purchases of treasury stock​ (900,870)​​ (1,212,164)​​ (1,452,203) Other financing activities​ (88,088)​​ (16,678)​​ (51,725) Net cash used in financing activities ​ (294,315)​​ (1,352,597)​​ (1,777,134)​​​​​​​​​Increase (decrease) in cash and equivalents, and restricted cash​ 180,262​​ (811,454)​​ (227,455)Cash and equivalents, and restricted cash at beginning of period ​ 595,010​​ 1,406,464​​ 1,633,919​​​​​​​​​Cash and equivalents, and restricted cash at end of period $ 775,272​$ 595,010​$ 1,406,464​​​​​​​​​Supplemental disclosure information:​​​​​​​​ Cash paid for interest$ 156,749​$ 100,978​$ 103,165​See notes to consolidated financial statements.​60 Table of Contents Table of Contents Table of Contents STEEL DYNAMICS, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands)​​​​​​​​​​​Years Ended December 31,​2025​2024​2023​​​​​​​​​Operating activities:​​​​​​​​ Net income$ 1,187,311​$ 1,549,956​$ 2,467,332​​​​​​​​​ Adjustments to reconcile net income to net cash provided by​​​​​​​​ operating activities:​​​​​​​​ Depreciation and amortization​ 551,390​​ 478,907​​ 437,804 Equity-based compensation​ 68,983​​ 66,589​​ 61,744 Deferred income taxes ​ 94,397​​ (42,583)​​ 55,665 Other adjustments​ (10,208)​​ (5,507)​​ (19,716) Changes in certain assets and liabilities:​​​​​​​​ Accounts receivable ​ (157,456)​​ 191,108​​ 446,765 Inventories ​ (423,435)​​ (221,036)​​ 232,282 Other assets​ (77,276)​​ (13,718)​​ (23,777) Accounts payable ​ 206,843​​ (67,361)​​ (30,148) Income taxes receivable/payable​ 52,179​​ 10,183​​ 56,756 Accrued expenses​ (43,194)​​ (102,035)​​ (164,779) Net cash provided by operating activities ​ 1,449,534​​ 1,844,503​​ 3,519,928​​​​​​​​​Investing activities:​​​​​​​​ Purchases of property, plant and equipment ​ (948,025)​​ (1,868,006)​​ (1,657,905) Purchases of short-term investments​ (39,571)​​ (739,340)​​ (1,145,493) Proceeds from maturities of short-term investments​ 186,996​​ 1,312,294​​ 1,054,742 Business combinations, net of cash acquired​ (175,774)​​ -​​ - Other investing activities​ 1,417​​ (8,308)​​ (221,593) Net cash used in investing activities​ (974,957)​​ (1,303,360)​​ (1,970,249)​​​​​​​​​Financing activities:​​​​​​​​ Issuance of current and long-term debt ​ 3,553,683​​ 2,482,919​​ 1,365,664 Repayment of current and long-term debt ​ (2,567,864)​​ (2,324,058)​​ (1,367,553) Dividends paid ​ (291,176)​​ (282,616)​​ (271,317) Purchases of treasury stock​ (900,870)​​ (1,212,164)​​ (1,452,203) Other financing activities​ (88,088)​​ (16,678)​​ (51,725) Net cash used in financing activities ​ (294,315)​​ (1,352,597)​​ (1,777,134)​​​​​​​​​Increase (decrease) in cash and equivalents, and restricted cash​ 180,262​​ (811,454)​​ (227,455)Cash and equivalents, and restricted cash at beginning of period ​ 595,010​​ 1,406,464​​ 1,633,919​​​​​​​​​Cash and equivalents, and restricted cash at end of period $ 775,272​$ 595,010​$ 1,406,464​​​​​​​​​Supplemental disclosure information:​​​​​​​​ Cash paid for interest$ 156,749​$ 100,978​$ 103,165​See notes to consolidated financial statements.​",
      "prior_body": "​ 151,117 ​ ​ 117,260 ​ $ 652 ​ $ (7,094,266) ​ $ 1,229,819 ​ $ 14,798,082 ​ $ - ​ $ (160,253) ​ $ 8,774,034 ​ $ 171,212 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ See notes to consolidated financial statements. ​ ​ 59 59 Table of ContentsSTEEL DYNAMICS, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands)​​​​​​​​​​​Years Ended December 31,​2024​2023​2022​​​​​​​​​Operating activities:​​​​​​​​ Net income$ 1,549,956​$ 2,467,332​$ 3,879,492​​​​​​​​​ Adjustments to reconcile net income to net cash provided by​​​​​​​​ operating activities:​​​​​​​​ Depreciation and amortization​ 478,907​​ 437,804​​ 384,202 Equity-based compensation​ 66,589​​ 61,744​​ 59,240 Deferred income taxes ​ (42,583)​​ 55,665​​ 37,186 Other adjustments​ (5,507)​​ (19,716)​​ (1,795) Changes in certain assets and liabilities:​​​​​​​​ Accounts receivable ​ 191,108​​ 446,765​​ (110,560) Inventories ​ (221,036)​​ 232,282​​ 413,262 Other assets​ (13,718)​​ (23,777)​​ (6,884) Accounts payable ​ (67,361)​​ (30,148)​​ (289,042) Income taxes receivable/payable​ 10,183​​ 56,756​​ 31,623 Accrued expenses​ (102,035)​​ (164,779)​​ 63,679 Net cash provided by operating activities ​ 1,844,503​​ 3,519,928​​ 4,460,403​​​​​​​​​Investing activities:​​​​​​​​ Purchases of property, plant and equipment ​ (1,868,006)​​ (1,657,905)​​ (908,902) Purchases of short-term investments​ (739,340)​​ (1,145,493)​​ (927,584) Proceeds from maturities of short-term investments​ 1,312,294​​ 1,054,742​​ 297,950 Business combinations, net of cash acquired​ -​​ -​​ (134,090) Investments in unconsolidated affiliates​ -​​ -​​ (222,480) Other investing activities​ (8,308)​​ (221,593)​​ 15,837 Net cash used in investing activities​ (1,303,360)​​ (1,970,249)​​ (1,879,269)​​​​​​​​​Financing activities:​​​​​​​​ Issuance of current and long-term debt ​ 2,482,919​​ 1,365,664​​ 1,465,257 Repayment of current and long-term debt ​ (2,324,058)​​ (1,367,553)​​ (1,507,475) Dividends paid ​ (282,616)​​ (271,317)​​ (237,163) Purchases of treasury stock​ (1,212,164)​​ (1,452,203)​​ (1,800,905) Other financing activities​ (16,678)​​ (51,725)​​ (116,298) Net cash used in financing activities ​ (1,352,597)​​ (1,777,134)​​ (2,196,584)​​​​​​​​​Increase (decrease) in cash and equivalents, and restricted cash​ (811,454)​​ (227,455)​​ 384,550Cash and equivalents, and restricted cash at beginning of period ​ 1,406,464​​ 1,633,919​​ 1,249,369​​​​​​​​​Cash and equivalents, and restricted cash at end of period $ 595,010​$ 1,406,464​$ 1,633,919​​​​​​​​​Supplemental disclosure information:​​​​​​​​ Cash paid for interest$ 100,978​$ 103,165​$ 100,994 Cash paid for income taxes, net$ 463,763​$ 642,667​$ 1,063,844​See notes to consolidated financial statements.​60 Table of Contents Table of Contents Table of Contents STEEL DYNAMICS, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands)​​​​​​​​​​​Years Ended December 31,​2024​2023​2022​​​​​​​​​Operating activities:​​​​​​​​ Net income$ 1,549,956​$ 2,467,332​$ 3,879,492​​​​​​​​​ Adjustments to reconcile net income to net cash provided by​​​​​​​​ operating activities:​​​​​​​​ Depreciation and amortization​ 478,907​​ 437,804​​ 384,202 Equity-based compensation​ 66,589​​ 61,744​​ 59,240 Deferred income taxes ​ (42,583)​​ 55,665​​ 37,186 Other adjustments​ (5,507)​​ (19,716)​​ (1,795) Changes in certain assets and liabilities:​​​​​​​​ Accounts receivable ​ 191,108​​ 446,765​​ (110,560) Inventories ​ (221,036)​​ 232,282​​ 413,262 Other assets​ (13,718)​​ (23,777)​​ (6,884) Accounts payable ​ (67,361)​​ (30,148)​​ (289,042) Income taxes receivable/payable​ 10,183​​ 56,756​​ 31,623 Accrued expenses​ (102,035)​​ (164,779)​​ 63,679 Net cash provided by operating activities ​ 1,844,503​​ 3,519,928​​ 4,460,403​​​​​​​​​Investing activities:​​​​​​​​ Purchases of property, plant and equipment ​ (1,868,006)​​ (1,657,905)​​ (908,902) Purchases of short-term investments​ (739,340)​​ (1,145,493)​​ (927,584) Proceeds from maturities of short-term investments​ 1,312,294​​ 1,054,742​​ 297,950 Business combinations, net of cash acquired​ -​​ -​​ (134,090) Investments in unconsolidated affiliates​ -​​ -​​ (222,480) Other investing activities​ (8,308)​​ (221,593)​​ 15,837 Net cash used in investing activities​ (1,303,360)​​ (1,970,249)​​ (1,879,269)​​​​​​​​​Financing activities:​​​​​​​​ Issuance of current and long-term debt ​ 2,482,919​​ 1,365,664​​ 1,465,257 Repayment of current and long-term debt ​ (2,324,058)​​ (1,367,553)​​ (1,507,475) Dividends paid ​ (282,616)​​ (271,317)​​ (237,163) Purchases of treasury stock​ (1,212,164)​​ (1,452,203)​​ (1,800,905) Other financing activities​ (16,678)​​ (51,725)​​ (116,298) Net cash used in financing activities ​ (1,352,597)​​ (1,777,134)​​ (2,196,584)​​​​​​​​​Increase (decrease) in cash and equivalents, and restricted cash​ (811,454)​​ (227,455)​​ 384,550Cash and equivalents, and restricted cash at beginning of period ​ 1,406,464​​ 1,633,919​​ 1,249,369​​​​​​​​​Cash and equivalents, and restricted cash at end of period $ 595,010​$ 1,406,464​$ 1,633,919​​​​​​​​​Supplemental disclosure information:​​​​​​​​ Cash paid for interest$ 100,978​$ 103,165​$ 100,994 Cash paid for income taxes, net$ 463,763​$ 642,667​$ 1,063,844​See notes to consolidated financial statements.​ STEEL DYNAMICS, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands)​​​​​​​​​​​Years Ended December 31,​2024​2023​2022​​​​​​​​​Operating activities:​​​​​​​​ Net income$ 1,549,956​$ 2,467,332​$ 3,879,492​​​​​​​​​ Adjustments to reconcile net income to net cash provided by​​​​​​​​ operating activities:​​​​​​​​ Depreciation and amortization​ 478,907​​ 437,804​​ 384,202 Equity-based compensation​ 66,589​​ 61,744​​ 59,240 Deferred income taxes ​ (42,583)​​ 55,665​​ 37,186 Other adjustments​ (5,507)​​ (19,716)​​ (1,795) Changes in certain assets and liabilities:​​​​​​​​ Accounts receivable ​ 191,108​​ 446,765​​ (110,560) Inventories ​ (221,036)​​ 232,282​​ 413,262 Other assets​ (13,718)​​ (23,777)​​ (6,884) Accounts payable ​ (67,361)​​ (30,148)​​ (289,042) Income taxes receivable/payable​ 10,183​​ 56,756​​ 31,623 Accrued expenses​ (102,035)​​ (164,779)​​ 63,679 Net cash provided by operating activities ​ 1,844,503​​ 3,519,928​​ 4,460,403​​​​​​​​​Investing activities:​​​​​​​​ Purchases of property, plant and equipment ​ (1,868,006)​​ (1,657,905)​​ (908,902) Purchases of short-term investments​ (739,340)​​ (1,145,493)​​ (927,584) Proceeds from maturities of short-term investments​ 1,312,294​​ 1,054,742​​ 297,950 Business combinations, net of cash acquired​ -​​ -​​ (134,090) Investments in unconsolidated affiliates​ -​​ -​​ (222,480) Other investing activities​ (8,308)​​ (221,593)​​ 15,837 Net cash used in investing activities​ (1,303,360)​​ (1,970,249)​​ (1,879,269)​​​​​​​​​Financing activities:​​​​​​​​ Issuance of current and long-term debt ​ 2,482,919​​ 1,365,664​​ 1,465,257 Repayment of current and long-term debt ​ (2,324,058)​​ (1,367,553)​​ (1,507,475) Dividends paid ​ (282,616)​​ (271,317)​​ (237,163) Purchases of treasury stock​ (1,212,164)​​ (1,452,203)​​ (1,800,905) Other financing activities​ (16,678)​​ (51,725)​​ (116,298) Net cash used in financing activities ​ (1,352,597)​​ (1,777,134)​​ (2,196,584)​​​​​​​​​Increase (decrease) in cash and equivalents, and restricted cash​ (811,454)​​ (227,455)​​ 384,550Cash and equivalents, and restricted cash at beginning of period ​ 1,406,464​​ 1,633,919​​ 1,249,369​​​​​​​​​Cash and equivalents, and restricted cash at end of period $ 595,010​$ 1,406,464​$ 1,633,919​​​​​​​​​Supplemental disclosure information:​​​​​​​​ Cash paid for interest$ 100,978​$ 103,165​$ 100,994 Cash paid for income taxes, net$ 463,763​$ 642,667​$ 1,063,844​See notes to consolidated financial statements.​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Treasury Stock",
      "prior_title": "2023 Equity Incentive Plan",
      "similarity_score": 0.72,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"In November 2022, the board of directors authorized a share repurchase program of up to $1.5 billion of the company’s common stock.\"",
        "Reworded sentence: \"The SARs the company has granted to date (of which none are outstanding at December 31, 2025) can only be settled in cash, and thus, do not count against the share reserve.\"",
        "Reworded sentence: \"During 2025, 2024, and 2023, certain key senior leadership of the company received RSUs in February which vest over a period of 2 to 4 years.\"",
        "Reworded sentence: \"In addition to the RSUs and LTIP awards granted during the three-year period ended December 31, 2025, presented below, the company awarded 14,000, 13,000 and 18,000 DSUs in 2025, 2024 and 2023, respectively.Restricted Stock UnitsA summary of the company’s RSU activity and outstanding RSUs as of December 31, 2025, are presented below (dollars in thousands except grant date fair value):​​​​​​​​​​​​​​Weighted​Aggregate ​​​​Number​ Average Grant​Intrinsic​Unrecognized​ of RSUs​Date Fair Value​ Value ​ CompensationOutstanding RSUs as of January 1, 2023 973,551​$71.80 ​$ 94,765​$ 44,394Granted 433,810​​108.95 ​​​​​​Vested (517,041)​​64.03 ​​​​​​Forfeited (40,829)​​78.70 ​​​​​​As of December 31, 2023 849,491​$99.13 ​$ 101,480​$ 43,073Granted 374,370​​137.14 ​​​​​​Vested (394,675)​​94.28 ​​​​​​Forfeited (39,874)​​104.21 ​​​​​​As of December 31, 2024 789,312​$115.47 ​$ 90,037​$ 54,964Granted 368,224​​146.64 ​​​​​​Vested (421,026)​​106.60 ​​​​​​Forfeited (35,826)​​126.06 ​​​​​​As of December 31, 2025 (nonvested) 700,684​$136.50 ​$ 118,731​$ 56,586​​​76 Table of Contents Table of Contents Table of Contents Note 6.\"",
        "Reworded sentence: \"During 2025, 2024, and 2023, certain key senior leadership of the company received RSUs in February which vest over a period of 2 to 4 years.\""
      ],
      "current_body": "In November 2022, the board of directors authorized a share repurchase program of up to $1.5 billion of the company’s common stock. This program was exhausted in November 2023. In November 2023, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. This program was exhausted in March 2025. In February 2025, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. Under the share repurchase programs, purchases take place as and when the company determines in open market or private transactions made based upon the market price of the company’s common stock, the nature of other investment opportunities or growth projects, the company’s cash flows from operations, and general economic conditions. The share repurchase programs do not require the company to acquire any specific number of shares, and may be modified, suspended, extended, or terminated by the company at any time. The share repurchase programs do not have an expiration date. The company repurchased 6.7 million shares for $900.9 million during 2025, 9.4 million shares for $1.2 billion during 2024, and 13.4 million shares for $1.5 billion during 2023 under the share repurchase programs. At December 31, 2025, the company had remaining authorization to repurchase $801.0 million of additional shares under the February 2025 share repurchase program. ​ 75 75 Table of ContentsNote 6. Equity-Based Incentive Plans2023 Equity Incentive PlanIn May 2023, the company’s shareholders approved the 2023 Equity Incentive Plan (2023 Plan), which superseded the prior Amended and Restated 2015 Equity Incentive Plan. The 2023 Plan is designed to attract, motivate, and retain qualified persons that are able to make important contributions to the company’s success. To accomplish these objectives, the 2023 Plan provides for awards of equity-based incentives through granting of restricted stock units (RSUs), deferred stock units (DSUs), stock appreciation rights (SARs), performance awards, such as the long-term incentive compensation program (LTIP), restricted stock awards (of which none have been granted), stock options (of which none have been granted), and unrestricted stock awards (of which none have been granted). Under the 2023 Plan, 9.0 million shares of common stock were reserved for grant through December 31, 2033. The 2023 Plan uses a fungible share concept under which any awards that are not a full-value award, such as stock options and stock-settled SARs, will be counted against the share reserve as one share for each share of common stock, and awards that are full-value awards, such as RSUs, DSUs, restricted and unrestricted stock awards, and performance awards, will be counted against the share reserve as 2.09 shares for each share of common stock. The SARs the company has granted to date (of which none are outstanding at December 31, 2025) can only be settled in cash, and thus, do not count against the share reserve. At December 31, 2025, there were 5.1 million shares still available for issuance.Substantially all of the company’s full-time, non-union, U.S. team members receive RSUs, which are granted annually in November at no cost to employees and vest 100% over the shorter of two years from grant date or upon the recipient reaching retirement eligible age (59½ years). During 2025, 2024, and 2023, certain key senior leadership of the company received RSUs in February which vest over a period of 2 to 4 years. The RSUs are converted to stock and issued to employees upon vesting. The company satisfies RSUs with newly issued shares, and satisfies restricted and unrestricted stock awards, DSUs, and performance awards with treasury shares. In addition to the RSUs and LTIP awards granted during the three-year period ended December 31, 2025, presented below, the company awarded 14,000, 13,000 and 18,000 DSUs in 2025, 2024 and 2023, respectively.Restricted Stock UnitsA summary of the company’s RSU activity and outstanding RSUs as of December 31, 2025, are presented below (dollars in thousands except grant date fair value):​​​​​​​​​​​​​​Weighted​Aggregate ​​​​Number​ Average Grant​Intrinsic​Unrecognized​ of RSUs​Date Fair Value​ Value ​ CompensationOutstanding RSUs as of January 1, 2023 973,551​$71.80 ​$ 94,765​$ 44,394Granted 433,810​​108.95 ​​​​​​Vested (517,041)​​64.03 ​​​​​​Forfeited (40,829)​​78.70 ​​​​​​As of December 31, 2023 849,491​$99.13 ​$ 101,480​$ 43,073Granted 374,370​​137.14 ​​​​​​Vested (394,675)​​94.28 ​​​​​​Forfeited (39,874)​​104.21 ​​​​​​As of December 31, 2024 789,312​$115.47 ​$ 90,037​$ 54,964Granted 368,224​​146.64 ​​​​​​Vested (421,026)​​106.60 ​​​​​​Forfeited (35,826)​​126.06 ​​​​​​As of December 31, 2025 (nonvested) 700,684​$136.50 ​$ 118,731​$ 56,586​​​76 Table of Contents Table of Contents Table of Contents Note 6. Equity-Based Incentive Plans2023 Equity Incentive PlanIn May 2023, the company’s shareholders approved the 2023 Equity Incentive Plan (2023 Plan), which superseded the prior Amended and Restated 2015 Equity Incentive Plan. The 2023 Plan is designed to attract, motivate, and retain qualified persons that are able to make important contributions to the company’s success. To accomplish these objectives, the 2023 Plan provides for awards of equity-based incentives through granting of restricted stock units (RSUs), deferred stock units (DSUs), stock appreciation rights (SARs), performance awards, such as the long-term incentive compensation program (LTIP), restricted stock awards (of which none have been granted), stock options (of which none have been granted), and unrestricted stock awards (of which none have been granted). Under the 2023 Plan, 9.0 million shares of common stock were reserved for grant through December 31, 2033. The 2023 Plan uses a fungible share concept under which any awards that are not a full-value award, such as stock options and stock-settled SARs, will be counted against the share reserve as one share for each share of common stock, and awards that are full-value awards, such as RSUs, DSUs, restricted and unrestricted stock awards, and performance awards, will be counted against the share reserve as 2.09 shares for each share of common stock. The SARs the company has granted to date (of which none are outstanding at December 31, 2025) can only be settled in cash, and thus, do not count against the share reserve. At December 31, 2025, there were 5.1 million shares still available for issuance.Substantially all of the company’s full-time, non-union, U.S. team members receive RSUs, which are granted annually in November at no cost to employees and vest 100% over the shorter of two years from grant date or upon the recipient reaching retirement eligible age (59½ years). During 2025, 2024, and 2023, certain key senior leadership of the company received RSUs in February which vest over a period of 2 to 4 years. The RSUs are converted to stock and issued to employees upon vesting. The company satisfies RSUs with newly issued shares, and satisfies restricted and unrestricted stock awards, DSUs, and performance awards with treasury shares. In addition to the RSUs and LTIP awards granted during the three-year period ended December 31, 2025, presented below, the company awarded 14,000, 13,000 and 18,000 DSUs in 2025, 2024 and 2023, respectively.Restricted Stock UnitsA summary of the company’s RSU activity and outstanding RSUs as of December 31, 2025, are presented below (dollars in thousands except grant date fair value):​​​​​​​​​​​​​​Weighted​Aggregate ​​​​Number​ Average Grant​Intrinsic​Unrecognized​ of RSUs​Date Fair Value​ Value ​ CompensationOutstanding RSUs as of January 1, 2023 973,551​$71.80 ​$ 94,765​$ 44,394Granted 433,810​​108.95 ​​​​​​Vested (517,041)​​64.03 ​​​​​​Forfeited (40,829)​​78.70 ​​​​​​As of December 31, 2023 849,491​$99.13 ​$ 101,480​$ 43,073Granted 374,370​​137.14 ​​​​​​Vested (394,675)​​94.28 ​​​​​​Forfeited (39,874)​​104.21 ​​​​​​As of December 31, 2024 789,312​$115.47 ​$ 90,037​$ 54,964Granted 368,224​​146.64 ​​​​​​Vested (421,026)​​106.60 ​​​​​​Forfeited (35,826)​​126.06 ​​​​​​As of December 31, 2025 (nonvested) 700,684​$136.50 ​$ 118,731​$ 56,586​​​",
      "prior_body": "In May 2023, the company’s shareholders approved the 2023 Equity Incentive Plan (2023 Plan), which supersedes the prior Amended and Restated 2015 Equity Incentive Plan. The 2023 Plan is designed to attract, motivate, and retain qualified persons that are able to make important contributions to the company’s success. To accomplish these objectives, the 2023 Plan provides for awards of equity-based incentives through granting of restricted stock units (RSUs), deferred stock units (DSUs), stock appreciation rights (SARs), performance awards, such as the long-term incentive compensation program (LTIP), restricted stock awards (of which none have been granted), stock options (of which none have been granted), and unrestricted stock awards (of which none have been granted). Under the 2023 Plan, 9.0 million shares of common stock were reserved for grant through December 31, 2033. The 2023 Plan uses a fungible share concept under which any awards that are not a full-value award, such as stock options and stock-settled SARs, will be counted against the share reserve as one share for each share of common stock, and awards that are full-value awards, such as RSUs, DSUs, restricted and unrestricted stock awards, and performance awards, will be counted against the share reserve as 2.09 shares for each share of common stock. The SARs the company has granted to date can only be settled in cash, and thus, do not count against the share reserve. At December 31, 2024, there were 6.2 million shares still available for issuance. 74 74 Table of ContentsNote 6. Equity-Based Incentive Plans (Continued)Substantially all of the company’s full-time, non-union, U.S. team members receive RSUs, which are granted annually in November at no cost to employees and vest 100% over the shorter of two years from grant date or upon the recipient reaching retirement eligible age (59½ years). During 2024, 2023, and 2022, certain senior leadership of the company received RSUs in February which vest over a period of 2 to 4 years. The stock is issued to employees upon vesting. The company satisfies RSUs with newly issued shares, and satisfies restricted and unrestricted stock awards, DSUs, and performance awards with treasury shares. In addition to the RSUs and LTIP awards granted during the three-year period ended December 31, 2024, presented below, the company awarded 13,000, 18,000 and 20,000 DSUs in 2024, 2023 and 2022, respectively. The 1,300 SARs awards outstanding at December 31, 2024, for which no shares of common stock can be issued because the awards must be cash-settled upon exercise, have a weighted-average exercise price of $42.83.Restricted Stock UnitsA summary of the company’s RSU activity and outstanding RSUs as of December 31, 2024, are presented below (dollars in thousands except grant date fair value):​​​​​​​​​​​​​​Weighted​Aggregate ​​​​Number​ Average Grant​Intrinsic​Unrecognized​ of RSUs​Date Fair Value​ Value ​ CompensationOutstanding RSUs as of January 1, 2022 1,348,258​$43.82 ​$ 83,686​$ 39,657Granted 481,926​​98.29 ​​​​​​Vested (786,622)​​37.38 ​​​​​​Forfeited (70,011)​​46.82 ​​​​​​As of December 31, 2022 973,551​$71.80 ​$ 94,765​$ 44,394Granted 433,810​​108.95 ​​​​​​Vested (517,041)​​64.03 ​​​​​​Forfeited (40,829)​​78.70 ​​​​​​As of December 31, 2023 849,491​$99.13 ​$ 101,480​$ 43,073Granted 374,370​​137.14 ​​​​​​Vested (394,675)​​94.28 ​​​​​​Forfeited (39,874)​​104.21 ​​​​​​As of December 31, 2024 (nonvested) 789,312​$115.47 ​$ 90,037​$ 54,964​ The weighted average remaining life before vesting of the outstanding RSUs as of December 31, 2024, is 1.6 years. The fair value of RSUs vesting during 2024, 2023, and 2022 was $56.2 million, $58.3 million, and $79.1 million, respectively, and was net-share settled such that the company withheld shares with value equivalent to the employees’ minimum statutory obligation for the applicable income and other employment taxes and remitted the cash to the appropriate taxing authorities. The total shares withheld in 2024, 2023, and 2022 were approximately 287,000, 342,000, and 249,000 shares, respectively, and were based on the value of the RSUs on their vesting dates as determined by the company’s closing stock price.​Long-Term Incentive Compensation Program (LTIP)The company maintains an LTIP performance-based program directed toward key senior leadership of the company, as determined at the discretion of the Compensation Committee of the Board of Directors. Awards are in shares of the company’s common stock using the stock price on the first day of the performance period to convert each key senior executive’s predetermined multiple of annual base salary. The performance period is generally three years; however, transition awards can be issued with a shorter performance period. Performance is measured in terms of equal portions of four growth and profitability measures, as compared to the same measures, similarly treated, of a pre-established group of steel sector competitors. Awards earned can range from zero to 100% of the shares awarded, and award shares vest immediately once earned on the basis of performance.​75 Table of Contents Table of Contents Table of Contents Note 6. Equity-Based Incentive Plans (Continued)Substantially all of the company’s full-time, non-union, U.S. team members receive RSUs, which are granted annually in November at no cost to employees and vest 100% over the shorter of two years from grant date or upon the recipient reaching retirement eligible age (59½ years). During 2024, 2023, and 2022, certain senior leadership of the company received RSUs in February which vest over a period of 2 to 4 years. The stock is issued to employees upon vesting. The company satisfies RSUs with newly issued shares, and satisfies restricted and unrestricted stock awards, DSUs, and performance awards with treasury shares. In addition to the RSUs and LTIP awards granted during the three-year period ended December 31, 2024, presented below, the company awarded 13,000, 18,000 and 20,000 DSUs in 2024, 2023 and 2022, respectively. The 1,300 SARs awards outstanding at December 31, 2024, for which no shares of common stock can be issued because the awards must be cash-settled upon exercise, have a weighted-average exercise price of $42.83.Restricted Stock UnitsA summary of the company’s RSU activity and outstanding RSUs as of December 31, 2024, are presented below (dollars in thousands except grant date fair value):​​​​​​​​​​​​​​Weighted​Aggregate ​​​​Number​ Average Grant​Intrinsic​Unrecognized​ of RSUs​Date Fair Value​ Value ​ CompensationOutstanding RSUs as of January 1, 2022 1,348,258​$43.82 ​$ 83,686​$ 39,657Granted 481,926​​98.29 ​​​​​​Vested (786,622)​​37.38 ​​​​​​Forfeited (70,011)​​46.82 ​​​​​​As of December 31, 2022 973,551​$71.80 ​$ 94,765​$ 44,394Granted 433,810​​108.95 ​​​​​​Vested (517,041)​​64.03 ​​​​​​Forfeited (40,829)​​78.70 ​​​​​​As of December 31, 2023 849,491​$99.13 ​$ 101,480​$ 43,073Granted 374,370​​137.14 ​​​​​​Vested (394,675)​​94.28 ​​​​​​Forfeited (39,874)​​104.21 ​​​​​​As of December 31, 2024 (nonvested) 789,312​$115.47 ​$ 90,037​$ 54,964​ The weighted average remaining life before vesting of the outstanding RSUs as of December 31, 2024, is 1.6 years. The fair value of RSUs vesting during 2024, 2023, and 2022 was $56.2 million, $58.3 million, and $79.1 million, respectively, and was net-share settled such that the company withheld shares with value equivalent to the employees’ minimum statutory obligation for the applicable income and other employment taxes and remitted the cash to the appropriate taxing authorities. The total shares withheld in 2024, 2023, and 2022 were approximately 287,000, 342,000, and 249,000 shares, respectively, and were based on the value of the RSUs on their vesting dates as determined by the company’s closing stock price.​Long-Term Incentive Compensation Program (LTIP)The company maintains an LTIP performance-based program directed toward key senior leadership of the company, as determined at the discretion of the Compensation Committee of the Board of Directors. Awards are in shares of the company’s common stock using the stock price on the first day of the performance period to convert each key senior executive’s predetermined multiple of annual base salary. The performance period is generally three years; however, transition awards can be issued with a shorter performance period. Performance is measured in terms of equal portions of four growth and profitability measures, as compared to the same measures, similarly treated, of a pre-established group of steel sector competitors. Awards earned can range from zero to 100% of the shares awarded, and award shares vest immediately once earned on the basis of performance.​ Note 6. Equity-Based Incentive Plans (Continued)Substantially all of the company’s full-time, non-union, U.S. team members receive RSUs, which are granted annually in November at no cost to employees and vest 100% over the shorter of two years from grant date or upon the recipient reaching retirement eligible age (59½ years). During 2024, 2023, and 2022, certain senior leadership of the company received RSUs in February which vest over a period of 2 to 4 years. The stock is issued to employees upon vesting. The company satisfies RSUs with newly issued shares, and satisfies restricted and unrestricted stock awards, DSUs, and performance awards with treasury shares. In addition to the RSUs and LTIP awards granted during the three-year period ended December 31, 2024, presented below, the company awarded 13,000, 18,000 and 20,000 DSUs in 2024, 2023 and 2022, respectively. The 1,300 SARs awards outstanding at December 31, 2024, for which no shares of common stock can be issued because the awards must be cash-settled upon exercise, have a weighted-average exercise price of $42.83.Restricted Stock UnitsA summary of the company’s RSU activity and outstanding RSUs as of December 31, 2024, are presented below (dollars in thousands except grant date fair value):​​​​​​​​​​​​​​Weighted​Aggregate ​​​​Number​ Average Grant​Intrinsic​Unrecognized​ of RSUs​Date Fair Value​ Value ​ CompensationOutstanding RSUs as of January 1, 2022 1,348,258​$43.82 ​$ 83,686​$ 39,657Granted 481,926​​98.29 ​​​​​​Vested (786,622)​​37.38 ​​​​​​Forfeited (70,011)​​46.82 ​​​​​​As of December 31, 2022 973,551​$71.80 ​$ 94,765​$ 44,394Granted 433,810​​108.95 ​​​​​​Vested (517,041)​​64.03 ​​​​​​Forfeited (40,829)​​78.70 ​​​​​​As of December 31, 2023 849,491​$99.13 ​$ 101,480​$ 43,073Granted 374,370​​137.14 ​​​​​​Vested (394,675)​​94.28 ​​​​​​Forfeited (39,874)​​104.21 ​​​​​​As of December 31, 2024 (nonvested) 789,312​$115.47 ​$ 90,037​$ 54,964​ The weighted average remaining life before vesting of the outstanding RSUs as of December 31, 2024, is 1.6 years. The fair value of RSUs vesting during 2024, 2023, and 2022 was $56.2 million, $58.3 million, and $79.1 million, respectively, and was net-share settled such that the company withheld shares with value equivalent to the employees’ minimum statutory obligation for the applicable income and other employment taxes and remitted the cash to the appropriate taxing authorities. The total shares withheld in 2024, 2023, and 2022 were approximately 287,000, 342,000, and 249,000 shares, respectively, and were based on the value of the RSUs on their vesting dates as determined by the company’s closing stock price.​Long-Term Incentive Compensation Program (LTIP)The company maintains an LTIP performance-based program directed toward key senior leadership of the company, as determined at the discretion of the Compensation Committee of the Board of Directors. Awards are in shares of the company’s common stock using the stock price on the first day of the performance period to convert each key senior executive’s predetermined multiple of annual base salary. The performance period is generally three years; however, transition awards can be issued with a shorter performance period. Performance is measured in terms of equal portions of four growth and profitability measures, as compared to the same measures, similarly treated, of a pre-established group of steel sector competitors. Awards earned can range from zero to 100% of the shares awarded, and award shares vest immediately once earned on the basis of performance.​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued)",
      "prior_title": "Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued)",
      "similarity_score": 0.718,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"Estimated amortization expense related to amortizable intangibles for the years ending December 31 is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ $ 30,840 ​ ​ 2027 ​ ​ 28,441 ​ ​ 2028 ​ ​ 27,231 ​ ​ 2029 ​ ​ 24,861 ​ ​ 2030 ​ ​ 23,168 ​ ​ Thereafter ​ ​ 196,749 ​ ​ Total ​ $ 331,290 ​ ​\""
      ],
      "current_body": "Estimated amortization expense related to amortizable intangibles for the years ending December 31 is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ $ 30,840 ​ ​ 2027 ​ ​ 28,441 ​ ​ 2028 ​ ​ 27,231 ​ ​ 2029 ​ ​ 24,861 ​ ​ 2030 ​ ​ 23,168 ​ ​ Thereafter ​ ​ 196,749 ​ ​ Total ​ $ 331,290 ​ ​",
      "prior_body": "Refer to Note 12. Segment Information for disaggregated revenue by segment to external, external non-United States, and other segment customers."
    },
    {
      "status": "MODIFIED",
      "current_title": "Total liabilities and equity",
      "prior_title": "Total liabilities and equity",
      "similarity_score": 0.705,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"$ 16,419,780 ​ ​ $ 14,935,233 See notes to consolidated financial statements.\""
      ],
      "current_body": "$ 16,419,780 ​ ​ $ 14,935,233 See notes to consolidated financial statements. 56 56 Table of ContentsSTEEL DYNAMICS, INC.CONSOLIDATED STATEMENTS OF INCOME(in thousands, except per share data)​​​​​​​​​​​​​​​​​​​​Years Ended December 31,​2025​2024​2023​​​​​​​​​Net sales​​​​​​​​ Unrelated parties$ 17,554,583​$ 16,819,648​$ 18,115,312 Related parties​ 621,998​​ 720,742​​ 680,004 Total net sales​ 18,176,581​​ 17,540,390​​ 18,795,316​​​​​​​​​Costs of goods sold​ 15,784,398​​ 14,737,804​​ 14,749,433 Gross profit​ 2,392,183​​ 2,802,586​​ 4,045,883​​​​​​​​​Selling, general and administrative expenses​ 765,308​​ 664,119​​ 588,621Profit sharing​ 122,986​​ 164,904​​ 272,033Amortization of intangible assets​ 27,903​​ 30,526​​ 34,048 Operating income​ 1,475,986​​ 1,943,037​​ 3,151,181​​​​​​​​​Interest expense, net of capitalized interest​ 70,043​​ 56,347​​ 76,484Other (income) expense, net​ (87,028)​​ (96,191)​​ (144,246) Income before income taxes​ 1,492,971​​ 1,982,881​​ 3,218,943​​​​​​​​​Income tax expense​ 305,660​​ 432,925​​ 751,611 Net income​ 1,187,311​​ 1,549,956​​ 2,467,332​​​​​​​​​Net income attributable to noncontrolling interests​ (1,716)​​ (12,822)​​ (16,450) Net income attributable to Steel Dynamics, Inc.$ 1,185,595​$ 1,537,134​$ 2,450,882​​​​​​​​​​​​​​​​​​​​​​​​​​​Basic earnings per share attributable to Steel Dynamics,​​​​​​​​ Inc. stockholders$ 8.02​$ 9.89​$ 14.72​​​​​​​​​Weighted average common shares outstanding​147,806​​155,420​​166,552​​​​​​​​​Diluted earnings per share attributable to Steel Dynamics, Inc.​​​​​​​​ stockholders, including the effect of assumed conversions​​​​​​​​ when dilutive$ 7.99​$ 9.84​$ 14.64​​​​​​​​​Weighted average common shares and share equivalents outstanding​148,404​​156,136​​167,431​​​​​​​​​Dividends declared per share$2.00​$1.84​$1.70​​​​​​See notes to consolidated financial statements.57 Table of Contents Table of Contents Table of Contents STEEL DYNAMICS, INC.CONSOLIDATED STATEMENTS OF INCOME(in thousands, except per share data)​​​​​​​​​​​​​​​​​​​​Years Ended December 31,​2025​2024​2023​​​​​​​​​Net sales​​​​​​​​ Unrelated parties$ 17,554,583​$ 16,819,648​$ 18,115,312 Related parties​ 621,998​​ 720,742​​ 680,004 Total net sales​ 18,176,581​​ 17,540,390​​ 18,795,316​​​​​​​​​Costs of goods sold​ 15,784,398​​ 14,737,804​​ 14,749,433 Gross profit​ 2,392,183​​ 2,802,586​​ 4,045,883​​​​​​​​​Selling, general and administrative expenses​ 765,308​​ 664,119​​ 588,621Profit sharing​ 122,986​​ 164,904​​ 272,033Amortization of intangible assets​ 27,903​​ 30,526​​ 34,048 Operating income​ 1,475,986​​ 1,943,037​​ 3,151,181​​​​​​​​​Interest expense, net of capitalized interest​ 70,043​​ 56,347​​ 76,484Other (income) expense, net​ (87,028)​​ (96,191)​​ (144,246) Income before income taxes​ 1,492,971​​ 1,982,881​​ 3,218,943​​​​​​​​​Income tax expense​ 305,660​​ 432,925​​ 751,611 Net income​ 1,187,311​​ 1,549,956​​ 2,467,332​​​​​​​​​Net income attributable to noncontrolling interests​ (1,716)​​ (12,822)​​ (16,450) Net income attributable to Steel Dynamics, Inc.$ 1,185,595​$ 1,537,134​$ 2,450,882​​​​​​​​​​​​​​​​​​​​​​​​​​​Basic earnings per share attributable to Steel Dynamics,​​​​​​​​ Inc. stockholders$ 8.02​$ 9.89​$ 14.72​​​​​​​​​Weighted average common shares outstanding​147,806​​155,420​​166,552​​​​​​​​​Diluted earnings per share attributable to Steel Dynamics, Inc.​​​​​​​​ stockholders, including the effect of assumed conversions​​​​​​​​ when dilutive$ 7.99​$ 9.84​$ 14.64​​​​​​​​​Weighted average common shares and share equivalents outstanding​148,404​​156,136​​167,431​​​​​​​​​Dividends declared per share$2.00​$1.84​$1.70​​​​​​See notes to consolidated financial statements.",
      "prior_body": "$ 14,935,233 ​ ​ $ 14,908,420 See notes to consolidated financial statements. 56 56 Table of ContentsSTEEL DYNAMICS, INC.CONSOLIDATED STATEMENTS OF INCOME(in thousands, except per share data)​​​​​​​​​​​​​​​​​​​​Years Ended December 31,​2024​2023​2022​​​​​​​​​Net sales​​​​​​​​ Unrelated parties$ 16,819,648​$ 18,115,312​$ 21,469,251 Related parties​ 720,742​​ 680,004​​ 791,523 Total net sales​ 17,540,390​​ 18,795,316​​ 22,260,774​​​​​​​​​Costs of goods sold​ 14,737,804​​ 14,749,433​​ 16,142,943 Gross profit​ 2,802,586​​ 4,045,883​​ 6,117,831​​​​​​​​​Selling, general and administrative expenses​ 664,119​​ 588,621​​ 545,621Profit sharing​ 164,904​​ 272,033​​ 452,551Amortization of intangible assets​ 30,526​​ 34,048​​ 27,837 Operating income​ 1,943,037​​ 3,151,181​​ 5,091,822​​​​​​​​​Interest expense, net of capitalized interest​ 56,347​​ 76,484​​ 91,538Other (income) expense, net​ (96,191)​​ (144,246)​​ (20,785) Income before income taxes​ 1,982,881​​ 3,218,943​​ 5,021,069​​​​​​​​​Income tax expense​ 432,925​​ 751,611​​ 1,141,577 Net income​ 1,549,956​​ 2,467,332​​ 3,879,492​​​​​​​​​Net income attributable to noncontrolling interests​ (12,822)​​ (16,450)​​ (16,818) Net income attributable to Steel Dynamics, Inc.$ 1,537,134​$ 2,450,882​$ 3,862,674​​​​​​​​​​​​​​​​​​​​​​​​​​​Basic earnings per share attributable to Steel Dynamics,​​​​​​​​ Inc. stockholders$ 9.89​$ 14.72​$ 21.06​​​​​​​​​Weighted average common shares outstanding​155,420​​166,552​​183,393​​​​​​​​​Diluted earnings per share attributable to Steel Dynamics, Inc.​​​​​​​​ stockholders, including the effect of assumed conversions​​​​​​​​ when dilutive$ 9.84​$ 14.64​$ 20.92​​​​​​​​​Weighted average common shares and share equivalents outstanding​156,136​​167,431​​184,622​​​​​​​​​Dividends declared per share$1.84​$1.70​$1.36​​​​​​See notes to consolidated financial statements.57 Table of Contents Table of Contents Table of Contents STEEL DYNAMICS, INC.CONSOLIDATED STATEMENTS OF INCOME(in thousands, except per share data)​​​​​​​​​​​​​​​​​​​​Years Ended December 31,​2024​2023​2022​​​​​​​​​Net sales​​​​​​​​ Unrelated parties$ 16,819,648​$ 18,115,312​$ 21,469,251 Related parties​ 720,742​​ 680,004​​ 791,523 Total net sales​ 17,540,390​​ 18,795,316​​ 22,260,774​​​​​​​​​Costs of goods sold​ 14,737,804​​ 14,749,433​​ 16,142,943 Gross profit​ 2,802,586​​ 4,045,883​​ 6,117,831​​​​​​​​​Selling, general and administrative expenses​ 664,119​​ 588,621​​ 545,621Profit sharing​ 164,904​​ 272,033​​ 452,551Amortization of intangible assets​ 30,526​​ 34,048​​ 27,837 Operating income​ 1,943,037​​ 3,151,181​​ 5,091,822​​​​​​​​​Interest expense, net of capitalized interest​ 56,347​​ 76,484​​ 91,538Other (income) expense, net​ (96,191)​​ (144,246)​​ (20,785) Income before income taxes​ 1,982,881​​ 3,218,943​​ 5,021,069​​​​​​​​​Income tax expense​ 432,925​​ 751,611​​ 1,141,577 Net income​ 1,549,956​​ 2,467,332​​ 3,879,492​​​​​​​​​Net income attributable to noncontrolling interests​ (12,822)​​ (16,450)​​ (16,818) Net income attributable to Steel Dynamics, Inc.$ 1,537,134​$ 2,450,882​$ 3,862,674​​​​​​​​​​​​​​​​​​​​​​​​​​​Basic earnings per share attributable to Steel Dynamics,​​​​​​​​ Inc. stockholders$ 9.89​$ 14.72​$ 21.06​​​​​​​​​Weighted average common shares outstanding​155,420​​166,552​​183,393​​​​​​​​​Diluted earnings per share attributable to Steel Dynamics, Inc.​​​​​​​​ stockholders, including the effect of assumed conversions​​​​​​​​ when dilutive$ 9.84​$ 14.64​$ 20.92​​​​​​​​​Weighted average common shares and share equivalents outstanding​156,136​​167,431​​184,622​​​​​​​​​Dividends declared per share$1.84​$1.70​$1.36​​​​​​See notes to consolidated financial statements. STEEL DYNAMICS, INC.CONSOLIDATED STATEMENTS OF INCOME(in thousands, except per share data)​​​​​​​​​​​​​​​​​​​​Years Ended December 31,​2024​2023​2022​​​​​​​​​Net sales​​​​​​​​ Unrelated parties$ 16,819,648​$ 18,115,312​$ 21,469,251 Related parties​ 720,742​​ 680,004​​ 791,523 Total net sales​ 17,540,390​​ 18,795,316​​ 22,260,774​​​​​​​​​Costs of goods sold​ 14,737,804​​ 14,749,433​​ 16,142,943 Gross profit​ 2,802,586​​ 4,045,883​​ 6,117,831​​​​​​​​​Selling, general and administrative expenses​ 664,119​​ 588,621​​ 545,621Profit sharing​ 164,904​​ 272,033​​ 452,551Amortization of intangible assets​ 30,526​​ 34,048​​ 27,837 Operating income​ 1,943,037​​ 3,151,181​​ 5,091,822​​​​​​​​​Interest expense, net of capitalized interest​ 56,347​​ 76,484​​ 91,538Other (income) expense, net​ (96,191)​​ (144,246)​​ (20,785) Income before income taxes​ 1,982,881​​ 3,218,943​​ 5,021,069​​​​​​​​​Income tax expense​ 432,925​​ 751,611​​ 1,141,577 Net income​ 1,549,956​​ 2,467,332​​ 3,879,492​​​​​​​​​Net income attributable to noncontrolling interests​ (12,822)​​ (16,450)​​ (16,818) Net income attributable to Steel Dynamics, Inc.$ 1,537,134​$ 2,450,882​$ 3,862,674​​​​​​​​​​​​​​​​​​​​​​​​​​​Basic earnings per share attributable to Steel Dynamics,​​​​​​​​ Inc. stockholders$ 9.89​$ 14.72​$ 21.06​​​​​​​​​Weighted average common shares outstanding​155,420​​166,552​​183,393​​​​​​​​​Diluted earnings per share attributable to Steel Dynamics, Inc.​​​​​​​​ stockholders, including the effect of assumed conversions​​​​​​​​ when dilutive$ 9.84​$ 14.64​$ 20.92​​​​​​​​​Weighted average common shares and share equivalents outstanding​156,136​​167,431​​184,622​​​​​​​​​Dividends declared per share$1.84​$1.70​$1.36​​​​​​See notes to consolidated financial statements."
    },
    {
      "status": "MODIFIED",
      "current_title": "Note 3. Long-Term Debt (Continued)",
      "prior_title": "Note 3. Long-Term Debt (Continued)",
      "similarity_score": 0.7,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"The company’s $400.0 million of 5.750% senior notes due 2055 mature on May 15, 2055, with interest payable semi-annually.\""
      ],
      "current_body": "The financial covenants under the Facility state that the company must maintain an interest coverage ratio of not less than 2.50:1.00. The company’s interest coverage ratio is calculated by dividing its LTM consolidated EBITDA by its LTM gross interest expense, less amortization of financing fees. In addition, a debt to capitalization ratio of not more than 0.60:1.00 must be maintained. At December 31, 2025, the company’s interest coverage ratio and debt to capitalization ratio were 13.33:1.00 and 0.32:1.00, respectively. The company was, therefore, in compliance with these covenants at December 31, 2025, and anticipates remaining in compliance during the next twelve months.",
      "prior_body": "The company’s $500.0 million of 3.250% senior notes due 2031 mature on January 15, 2031, with interest payable semi-annually. Early redemption is permitted any time prior to October 15, 2030, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.40%; and as of October 15, 2030, at 100.000%. U.S. Treasury rate ​ The company’s $600.0 million of 5.375% senior notes due 2034 mature on August 15, 2034, with interest payable semi-annually. Early redemption is permitted any time prior to May 15, 2034, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.20%; and as of May 15, 2034, at 100.000%. U.S. Treasury rate ​ The company’s $400.0 million of 3.250% senior notes due 2050 mature on October 15, 2050, with interest payable semi-annually. Early redemption is permitted any time prior to April 15, 2050, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.30%; and as of April 15, 2050, at 100.000%. U.S. Treasury rate ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Other comprehensive loss - net unrealized loss on cash flow",
      "prior_title": "Other comprehensive income (loss) - net unrealized gain (loss) on cash flow",
      "similarity_score": 0.7,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ ​ ​ hedging derivatives, net of income tax benefits of $192, $135, $149, ​ ​ ​ ​ ​ ​ ​ ​ for 2025, 2024 and 2023, respectively ​ (598) ​ ​ (421) ​ ​ (468)\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ hedging derivatives, net of income tax benefits of $192, $135, $149, ​ ​ ​ ​ ​ ​ ​ ​ for 2025, 2024 and 2023, respectively ​ (598) ​ ​ (421) ​ ​ (468)",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ hedging derivatives, net of income tax benefits of $135, $149, and ​ ​ ​ ​ ​ ​ ​ ​ income tax expense of $937 for 2024, 2023 and 2022, respectively ​ (421) ​ ​ (468) ​ ​ 2,980"
    },
    {
      "status": "MODIFIED",
      "current_title": "Operating activities:",
      "prior_title": "Operating activities:",
      "similarity_score": 0.7,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ ​ ​ Net income $ 1,187,311 ​ $ 1,549,956 ​ $ 2,467,332 ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjustments to reconcile net income to net cash provided by ​ ​ ​ ​ ​ ​ ​ ​ operating activities: ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ 551,390 ​ ​ 478,907 ​ ​ 437,804 Equity-based compensation ​ 68,983 ​ ​ 66,589 ​ ​ 61,744 Deferred income taxes ​ 94,397 ​ ​ (42,583) ​ ​ 55,665 Other adjustments ​ (10,208) ​ ​ (5,507) ​ ​ (19,716) Changes in certain assets and liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Accounts receivable ​ (157,456) ​ ​ 191,108 ​ ​ 446,765 Inventories ​ (423,435) ​ ​ (221,036) ​ ​ 232,282 Other assets ​ (77,276) ​ ​ (13,718) ​ ​ (23,777) Accounts payable ​ 206,843 ​ ​ (67,361) ​ ​ (30,148) Income taxes receivable/payable ​ 52,179 ​ ​ 10,183 ​ ​ 56,756 Accrued expenses ​ (43,194) ​ ​ (102,035) ​ ​ (164,779) Net cash provided by operating activities ​ 1,449,534 ​ ​ 1,844,503 ​ ​ 3,519,928 ​ ​ ​ ​ ​ ​ ​ ​ ​\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ Net income $ 1,187,311 ​ $ 1,549,956 ​ $ 2,467,332 ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjustments to reconcile net income to net cash provided by ​ ​ ​ ​ ​ ​ ​ ​ operating activities: ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ 551,390 ​ ​ 478,907 ​ ​ 437,804 Equity-based compensation ​ 68,983 ​ ​ 66,589 ​ ​ 61,744 Deferred income taxes ​ 94,397 ​ ​ (42,583) ​ ​ 55,665 Other adjustments ​ (10,208) ​ ​ (5,507) ​ ​ (19,716) Changes in certain assets and liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Accounts receivable ​ (157,456) ​ ​ 191,108 ​ ​ 446,765 Inventories ​ (423,435) ​ ​ (221,036) ​ ​ 232,282 Other assets ​ (77,276) ​ ​ (13,718) ​ ​ (23,777) Accounts payable ​ 206,843 ​ ​ (67,361) ​ ​ (30,148) Income taxes receivable/payable ​ 52,179 ​ ​ 10,183 ​ ​ 56,756 Accrued expenses ​ (43,194) ​ ​ (102,035) ​ ​ (164,779) Net cash provided by operating activities ​ 1,449,534 ​ ​ 1,844,503 ​ ​ 3,519,928 ​ ​ ​ ​ ​ ​ ​ ​ ​",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ Net income $ 1,549,956 ​ $ 2,467,332 ​ $ 3,879,492 ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjustments to reconcile net income to net cash provided by ​ ​ ​ ​ ​ ​ ​ ​ operating activities: ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ 478,907 ​ ​ 437,804 ​ ​ 384,202 Equity-based compensation ​ 66,589 ​ ​ 61,744 ​ ​ 59,240 Deferred income taxes ​ (42,583) ​ ​ 55,665 ​ ​ 37,186 Other adjustments ​ (5,507) ​ ​ (19,716) ​ ​ (1,795) Changes in certain assets and liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Accounts receivable ​ 191,108 ​ ​ 446,765 ​ ​ (110,560) Inventories ​ (221,036) ​ ​ 232,282 ​ ​ 413,262 Other assets ​ (13,718) ​ ​ (23,777) ​ ​ (6,884) Accounts payable ​ (67,361) ​ ​ (30,148) ​ ​ (289,042) Income taxes receivable/payable ​ 10,183 ​ ​ 56,756 ​ ​ 31,623 Accrued expenses ​ (102,035) ​ ​ (164,779) ​ ​ 63,679 Net cash provided by operating activities ​ 1,844,503 ​ ​ 3,519,928 ​ ​ 4,460,403 ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Years Ended December 31,",
      "prior_title": "Years Ended December 31,",
      "similarity_score": 0.691,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ 2025 ​ 2024 ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ ​ ​ ​ ​ ​ ​ ​ Unrelated parties $ 17,554,583 ​ $ 16,819,648 ​ $ 18,115,312 Related parties ​ 621,998 ​ ​ 720,742 ​ ​ 680,004\""
      ],
      "current_body": "​ ​ ​ 2025 ​ % Change ​ 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 13,412,773 ​ 7% ​ $ 12,527,066 ​ ​ Metals Recycling Operations ​ 4,346,074 ​ 5% ​ ​ 4,136,913 ​ ​ Steel Fabrication Operations ​ 1,418,665 ​ (20)% ​ ​ 1,771,795 ​ ​ Aluminum Operations ​ 473,881 ​ 49% ​ ​ 318,689 ​ ​ Other ​ 1,335,454 ​ (8)% ​ ​ 1,451,723 ​ ​ ​ ​ 20,986,847 ​ ​ ​ ​ 20,206,186 ​ ​ Inter-segment ​ (2,810,266) ​ ​ ​ ​ (2,665,796) ​ ​ ​ $ 18,176,581 ​ 4% ​ $ 17,540,390 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 1,427,544 ​ (10)% ​ $ 1,582,374 ​ ​ Metals Recycling Operations ​ 97,176 ​ 27% ​ ​ 76,807 ​ ​ Steel Fabrication Operations ​ 407,425 ​ (39)% ​ ​ 666,984 ​ ​ Aluminum Operations ​ (172,970) ​ (139)% ​ ​ (72,331) ​ ​ Other ​ (281,851) ​ 11% ​ ​ (317,408) ​ ​ ​ ​ 1,477,324 ​ ​ ​ ​ 1,936,426 ​ ​ Inter-segment ​ (1,338) ​ ​ ​ ​ 6,611 ​ ​ ​ $ 1,475,986 ​ (24)% ​ $ 1,943,037 ​ ​ ​ 39 39 Table of Contents​Steel Operations Segment​Steel operations include our electric arc furnace (EAF) steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, and Steel of West Virginia; steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply, New Process Steel, L.P. (acquired December 1, 2025), and Vulcan Threaded Products, Inc.; warehouse operations in Mexico; and a 75% controlling equity interest in SDI Biocarbon Solutions, LLC. Steel operations accounted for 72% and 69% of our consolidated net sales during 2025 and 2024, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Segment Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2025​% Change​2024​​Total shipments 13,748,801​9% ​ 12,660,487​​Intra-segment shipments (1,429,299)​​​ (1,306,364)​​Steel Operations Segment shipments 12,319,502​9% ​ 11,354,123​​​​​​​​​​External shipments 11,960,582​9% ​ 10,929,453​​​40 Table of Contents Table of Contents Table of Contents ​Steel Operations Segment​Steel operations include our electric arc furnace (EAF) steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, and Steel of West Virginia; steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply, New Process Steel, L.P. (acquired December 1, 2025), and Vulcan Threaded Products, Inc.; warehouse operations in Mexico; and a 75% controlling equity interest in SDI Biocarbon Solutions, LLC. Steel operations accounted for 72% and 69% of our consolidated net sales during 2025 and 2024, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Segment Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2025​% Change​2024​​Total shipments 13,748,801​9% ​ 12,660,487​​Intra-segment shipments (1,429,299)​​​ (1,306,364)​​Steel Operations Segment shipments 12,319,502​9% ​ 11,354,123​​​​​​​​​​External shipments 11,960,582​9% ​ 10,929,453​​​ ​",
      "prior_body": "​ ​ ​ 2024 ​ % Change ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 12,527,066 ​ (4)% ​ $ 13,067,622 ​ ​ Metals Recycling Operations ​ 4,136,913 ​ (1)% ​ ​ 4,158,588 ​ ​ Steel Fabrication Operations ​ 1,771,795 ​ (37)% ​ ​ 2,806,777 ​ ​ Aluminum Operations ​ 318,689 ​ 11% ​ ​ 285,907 ​ ​ Other ​ 1,451,723 ​ 24% ​ ​ 1,171,901 ​ ​ ​ ​ 20,206,186 ​ ​ ​ ​ 21,490,795 ​ ​ Intra-company ​ (2,665,796) ​ ​ ​ ​ (2,695,479) ​ ​ ​ $ 17,540,390 ​ (7)% ​ $ 18,795,316 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 1,582,374 ​ (16)% ​ $ 1,881,600 ​ ​ Metals Recycling Operations ​ 76,807 ​ 61% ​ ​ 47,735 ​ ​ Steel Fabrication Operations ​ 666,984 ​ (58)% ​ ​ 1,593,261 ​ ​ Aluminum Operations ​ (72,331) ​ (522)% ​ ​ 17,146 ​ ​ Other ​ (317,408) ​ 20% ​ ​ (394,577) ​ ​ ​ ​ 1,936,426 ​ ​ ​ ​ 3,145,165 ​ ​ Intra-company ​ 6,611 ​ ​ ​ ​ 6,016 ​ ​ ​ $ 1,943,037 ​ (38)% ​ $ 3,151,181 ​ ​ ​ 40 40 Table of Contents​Steel Operations Segment​Steel operations include our EAF steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, Steel of West Virginia, steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply, Vulcan Threaded Products, Inc., warehouse operations in Mexico, and SDI Biocarbon Solutions, LLC, a joint venture to construct and operate a biocarbon production facility. Steel operations accounted for 69% and 67% of our consolidated net sales during 2024 and 2023, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2024​% Change​2023​​Total shipments 12,660,487​(1)%​ 12,821,753​​Intra-segment shipments (1,306,364)​​​ (1,449,832)​​Steel Operations Segment shipments 11,354,123​-​ 11,371,921​​​​​​​​​​External shipments 10,929,453​-​ 10,976,707​​​Segment Results 2024 vs. 2023During 2024, our steel operations achieved annual shipments of 12.7 million tons (11.4 million excluding intra-segment), slightly less than 2023 total record shipments. Customer order activity and steel demand were stable during 2024, with the construction, automotive, industrial, and energy sectors leading demand. In spite of strong market demand, average selling prices were lower during 2024 compared to 2023, as total steel segment average selling prices decreased 4%, or $46 per ton, compared to 2023. Net sales for the steel operations segment were 4% lower in 2024 when compared to 2023, due to lower average steel selling prices on consistent volumes.​41 Table of Contents Table of Contents Table of Contents ​Steel Operations Segment​Steel operations include our EAF steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, Steel of West Virginia, steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply, Vulcan Threaded Products, Inc., warehouse operations in Mexico, and SDI Biocarbon Solutions, LLC, a joint venture to construct and operate a biocarbon production facility. Steel operations accounted for 69% and 67% of our consolidated net sales during 2024 and 2023, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2024​% Change​2023​​Total shipments 12,660,487​(1)%​ 12,821,753​​Intra-segment shipments (1,306,364)​​​ (1,449,832)​​Steel Operations Segment shipments 11,354,123​-​ 11,371,921​​​​​​​​​​External shipments 10,929,453​-​ 10,976,707​​​Segment Results 2024 vs. 2023During 2024, our steel operations achieved annual shipments of 12.7 million tons (11.4 million excluding intra-segment), slightly less than 2023 total record shipments. Customer order activity and steel demand were stable during 2024, with the construction, automotive, industrial, and energy sectors leading demand. In spite of strong market demand, average selling prices were lower during 2024 compared to 2023, as total steel segment average selling prices decreased 4%, or $46 per ton, compared to 2023. Net sales for the steel operations segment were 4% lower in 2024 when compared to 2023, due to lower average steel selling prices on consistent volumes.​ ​Steel Operations Segment​Steel operations include our EAF steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, Steel of West Virginia, steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply, Vulcan Threaded Products, Inc., warehouse operations in Mexico, and SDI Biocarbon Solutions, LLC, a joint venture to construct and operate a biocarbon production facility. Steel operations accounted for 69% and 67% of our consolidated net sales during 2024 and 2023, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2024​% Change​2023​​Total shipments 12,660,487​(1)%​ 12,821,753​​Intra-segment shipments (1,306,364)​​​ (1,449,832)​​Steel Operations Segment shipments 11,354,123​-​ 11,371,921​​​​​​​​​​External shipments 10,929,453​-​ 10,976,707​​​Segment Results 2024 vs. 2023During 2024, our steel operations achieved annual shipments of 12.7 million tons (11.4 million excluding intra-segment), slightly less than 2023 total record shipments. Customer order activity and steel demand were stable during 2024, with the construction, automotive, industrial, and energy sectors leading demand. In spite of strong market demand, average selling prices were lower during 2024 compared to 2023, as total steel segment average selling prices decreased 4%, or $46 per ton, compared to 2023. Net sales for the steel operations segment were 4% lower in 2024 when compared to 2023, due to lower average steel selling prices on consistent volumes.​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Dividends declared per share",
      "prior_title": "Dividends declared per share",
      "similarity_score": 0.69,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"$ 2.00 ​ $ 1.84 ​ $ 1.70 ​ ​ ​ ​ ​ ​ See notes to consolidated financial statements.\""
      ],
      "current_body": "$ 2.00 ​ $ 1.84 ​ $ 1.70 ​ ​ ​ ​ ​ ​ See notes to consolidated financial statements. 57 57 Table of ContentsSTEEL DYNAMICS, INC.CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(in thousands)​​​​​​​​​​​​​​​​​​​​Years Ended December 31,​2025​2024​2023​​​​​​​​​Net income$ 1,187,311​$ 1,549,956​$ 2,467,332Other comprehensive loss - net unrealized loss on cash flow​​​​​​​​ hedging derivatives, net of income tax benefits of $192, $135, $149, ​​​​​​​​ for 2025, 2024 and 2023, respectively​ (598)​​ (421)​​ (468)Comprehensive income​ 1,186,713​​ 1,549,535​​ 2,466,864​​​​​​​​​Comprehensive income attributable to noncontrolling interests​ (1,716)​​ (12,822)​​ (16,450) Comprehensive income attributable to Steel Dynamics, Inc.$ 1,184,997​$ 1,536,713​$ 2,450,414​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​See notes to consolidated financial statements.​58 Table of Contents Table of Contents Table of Contents STEEL DYNAMICS, INC.CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(in thousands)​​​​​​​​​​​​​​​​​​​​Years Ended December 31,​2025​2024​2023​​​​​​​​​Net income$ 1,187,311​$ 1,549,956​$ 2,467,332Other comprehensive loss - net unrealized loss on cash flow​​​​​​​​ hedging derivatives, net of income tax benefits of $192, $135, $149, ​​​​​​​​ for 2025, 2024 and 2023, respectively​ (598)​​ (421)​​ (468)Comprehensive income​ 1,186,713​​ 1,549,535​​ 2,466,864​​​​​​​​​Comprehensive income attributable to noncontrolling interests​ (1,716)​​ (12,822)​​ (16,450) Comprehensive income attributable to Steel Dynamics, Inc.$ 1,184,997​$ 1,536,713​$ 2,450,414​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​See notes to consolidated financial statements.​",
      "prior_body": "$ 1.84 ​ $ 1.70 ​ $ 1.36 ​ ​ ​ ​ ​ ​ See notes to consolidated financial statements. 57 57 Table of ContentsSTEEL DYNAMICS, INC.CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(in thousands)​​​​​​​​​​​​​​​​​​​​Years Ended December 31,​2024​2023​2022​​​​​​​​​Net income$ 1,549,956​$ 2,467,332​$ 3,879,492Other comprehensive income (loss) - net unrealized gain (loss) on cash flow​​​​​​​​ hedging derivatives, net of income tax benefits of $135, $149, and​​​​​​​​ income tax expense of $937 for 2024, 2023 and 2022, respectively​ (421)​​ (468)​​ 2,980Comprehensive income​ 1,549,535​​ 2,466,864​​ 3,882,472​​​​​​​​​Comprehensive income attributable to noncontrolling interests​ (12,822)​​ (16,450)​​ (16,818) Comprehensive income attributable to Steel Dynamics, Inc.$ 1,536,713​$ 2,450,414​$ 3,865,654​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​See notes to consolidated financial statements.​58 Table of Contents Table of Contents Table of Contents STEEL DYNAMICS, INC.CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(in thousands)​​​​​​​​​​​​​​​​​​​​Years Ended December 31,​2024​2023​2022​​​​​​​​​Net income$ 1,549,956​$ 2,467,332​$ 3,879,492Other comprehensive income (loss) - net unrealized gain (loss) on cash flow​​​​​​​​ hedging derivatives, net of income tax benefits of $135, $149, and​​​​​​​​ income tax expense of $937 for 2024, 2023 and 2022, respectively​ (421)​​ (468)​​ 2,980Comprehensive income​ 1,549,535​​ 2,466,864​​ 3,882,472​​​​​​​​​Comprehensive income attributable to noncontrolling interests​ (12,822)​​ (16,450)​​ (16,818) Comprehensive income attributable to Steel Dynamics, Inc.$ 1,536,713​$ 2,450,414​$ 3,865,654​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​See notes to consolidated financial statements.​ STEEL DYNAMICS, INC.CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(in thousands)​​​​​​​​​​​​​​​​​​​​Years Ended December 31,​2024​2023​2022​​​​​​​​​Net income$ 1,549,956​$ 2,467,332​$ 3,879,492Other comprehensive income (loss) - net unrealized gain (loss) on cash flow​​​​​​​​ hedging derivatives, net of income tax benefits of $135, $149, and​​​​​​​​ income tax expense of $937 for 2024, 2023 and 2022, respectively​ (421)​​ (468)​​ 2,980Comprehensive income​ 1,549,535​​ 2,466,864​​ 3,882,472​​​​​​​​​Comprehensive income attributable to noncontrolling interests​ (12,822)​​ (16,450)​​ (16,818) Comprehensive income attributable to Steel Dynamics, Inc.$ 1,536,713​$ 2,450,414​$ 3,865,654​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​See notes to consolidated financial statements.​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Note 4. Income Taxes",
      "prior_title": "Note 4. Income Taxes",
      "similarity_score": 0.687,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"Components of earnings before income taxes and noncontrolling interests for the years ended December 31 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ 2024 ​ 2023 ​ ​ United States income $ 1,489,479 ​ $ 1,992,814 ​ $ 3,198,048 ​ ​ Foreign income (loss) ​ 3,492 ​ ​ (9,933) ​ ​ 20,895 ​ ​ Total income before income taxes $ 1,492,971 ​ $ 1,982,881 ​ $ 3,218,943 ​ ​ The company files a consolidated federal income tax return.\"",
        "Reworded sentence: \"Based on the evidence, the company maintained a valuation allowance of $1,360,000 and $1,150,000 as of December 31, 2025, and 2024, respectively, with respect to certain state tax credits of the controlled subsidiary.​74 Table of Contents Table of Contents Table of Contents Note 4.\"",
        "Reworded sentence: \"Based on the evidence, the company maintained a valuation allowance of $1,360,000 and $1,150,000 as of December 31, 2025, and 2024, respectively, with respect to certain state tax credits of the controlled subsidiary.​\""
      ],
      "current_body": "Components of earnings before income taxes and noncontrolling interests for the years ended December 31 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ 2024 ​ 2023 ​ ​ United States income $ 1,489,479 ​ $ 1,992,814 ​ $ 3,198,048 ​ ​ Foreign income (loss) ​ 3,492 ​ ​ (9,933) ​ ​ 20,895 ​ ​ Total income before income taxes $ 1,492,971 ​ $ 1,982,881 ​ $ 3,218,943 ​ ​ The company files a consolidated federal income tax return. The provision for income tax expense for the years ended December 31 is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ 2024 ​ 2023 ​ ​ Current income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal $ 172,988 ​ $ 409,586 ​ $ 600,499 ​ ​ State ​ 32,559 ​ ​ 57,942 ​ ​ 91,965 ​ ​ Foreign ​ 4,850 ​ ​ 7,980 ​ ​ 3,482 ​ ​ Total current ​ 210,397 ​ ​ 475,508 ​ ​ 695,946 ​ ​ Deferred income tax expense (benefit) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ 96,693 ​ ​ (26,311) ​ ​ 38,172 ​ ​ State ​ 7,322 ​ ​ (12,476) ​ ​ 15,355 ​ ​ Foreign ​ (8,752) ​ ​ (3,796) ​ ​ 2,138 ​ ​ Total deferred ​ 95,263 ​ ​ (42,583) ​ ​ 55,665 ​ ​ Total income tax expense Total income tax expense $ 305,660 ​ $ 432,925 ​ $ 751,611 ​ ​ ​ A reconciliation of the statutory rates to the actual effective tax rates for the years ended December 31 are as follows (in thousands, except percentages): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ 2024 ​ 2023 U.S. Federal Statutory Tax Rate $ 313,524 ​ 21.0 % ​ $ 416,405 ​ 21.0 % ​ $ 675,978 ​ 21.0 % State and local income taxes, net of federal income tax effect(a) ​ 31,505 ​ 2.1 ​ ​ ​ 35,918 ​ 1.8 ​ ​ ​ 84,784 ​ 2.6 ​ Foreign tax effects ​ (4,635) ​ (0.3) ​ ​ ​ 6,270 ​ 0.3 ​ ​ ​ 1,232 ​ 0.1 ​ Effect of cross-border tax laws ​ (2,388) ​ (0.2) ​ ​ ​ (5,411) ​ (0.3) ​ ​ ​ (2,445) ​ (0.1) ​ Tax credits - federal research & development ​ (35,050) ​ (2.3) ​ ​ ​ (18,036) ​ (0.9) ​ ​ ​ (11,329) ​ (0.4) ​ Nontaxable or nondeductible items ​ 2,240 ​ 0.2 ​ ​ ​ (1,557) ​ (0.1) ​ ​ ​ (784) ​ - - ​ Changes in unrecognized tax expense (benefits) ​ 464 ​ - - ​ ​ ​ (664) ​ - - ​ ​ ​ 4,175 ​ 0.1 ​ Effective tax rate $ 305,660 ​ 20.5 % ​ $ 432,925 ​ 21.8 % ​ $ 751,611 ​ 23.3 % ​ (a) State taxes in Indiana, Illinois, Mississippi, and Pennsylvania for 2025, Indiana, Michigan, and California for 2024, and Indiana, Illinois, Mississippi, Pennsylvania, and Michigan for 2023 made up the majority (greater than 50%) of the tax effect in this category. Indiana, Illinois, Mississippi, and Pennsylvania for 2025 Indiana, Michigan, and California for 2024 Indiana, Illinois, Mississippi, Pennsylvania, and Michigan for 2023 ​ ​ 73 73 Table of ContentsNote 4. Income Taxes (Continued)Cash taxes paid, net of refunds, by jurisdiction for the years ended December 31 are as follows (in thousands):​​​​​​​​​​2025​2024​2023​​​​​​​​​U.S. Federal$ 116,060​$ 399,306​$ 560,000U.S. State and Local​​​​​​​​Indiana​ -​​ 25,863​​ 13,897Other States (combined)(b)​ 27,531​​ 36,672​​ 64,630Foreign - Mexico​ 8,409​​ 1,922​​ 4,140Total income taxes paid, net$ 152,000​$ 463,763​$ 642,667​(b) All other U.S. state/local jurisdictions individually represented less than 5% and are aggregated into \"Other States\"​Significant components of the company’s deferred tax assets and liabilities at December 31 are as follows (in thousands):​​​​​​​​​​2025​2024​​Deferred tax assets​​​​​​​ Accrued expenses and allowances $ 55,029​$ 41,031​​ Inventories ​ 76,218​​ 6,892​​ Net operating loss carryforwards ​ 61,893​​ 24,381​​ Amortizable assets​ -​​ 39,657​​ Other ​ 20,500​​ 5,916​​​​ 213,640​​ 117,877​​ Less: valuation allowance ​ (1,360)​​ (1,150)​​Total net deferred tax assets ​ 212,280​​ 116,727​​​​​​​​​​Deferred tax liabilities​​​​​​​ Property, plant and equipment ​ (1,194,237)​​ (1,014,515)​​ Amortizable assets ​ (4,187)​​ -​​ Other ​ (11,305)​​ (4,398)​​Total deferred tax liabilities ​ (1,209,729)​​ (1,018,913)​​ Net deferred tax liability $ (997,449)​$ (902,186)​​Certain wholly-owned and controlled subsidiaries of the company file separate federal and state income tax returns. These subsidiaries generated state net operating loss carryforwards, which will expire in the years 2034 through 2045 if not utilized. Annually, the company evaluates the realizability of the net deferred tax assets for this controlled subsidiary. In completing this evaluation, the company considers all available positive and negative evidence in order to determine whether, based on the weight of the evidence, a valuation allowance for its deferred tax assets is necessary. Such evidence includes current operating results, historical results, future reversals of existing taxable temporary differences and expectations for future taxable income (exclusive of the reversal of temporary differences and carryforwards), as well as the implementation of feasible and prudent tax planning strategies. Based on the evidence, the company maintained a valuation allowance of $1,360,000 and $1,150,000 as of December 31, 2025, and 2024, respectively, with respect to certain state tax credits of the controlled subsidiary.​74 Table of Contents Table of Contents Table of Contents Note 4. Income Taxes (Continued)Cash taxes paid, net of refunds, by jurisdiction for the years ended December 31 are as follows (in thousands):​​​​​​​​​​2025​2024​2023​​​​​​​​​U.S. Federal$ 116,060​$ 399,306​$ 560,000U.S. State and Local​​​​​​​​Indiana​ -​​ 25,863​​ 13,897Other States (combined)(b)​ 27,531​​ 36,672​​ 64,630Foreign - Mexico​ 8,409​​ 1,922​​ 4,140Total income taxes paid, net$ 152,000​$ 463,763​$ 642,667​(b) All other U.S. state/local jurisdictions individually represented less than 5% and are aggregated into \"Other States\"​Significant components of the company’s deferred tax assets and liabilities at December 31 are as follows (in thousands):​​​​​​​​​​2025​2024​​Deferred tax assets​​​​​​​ Accrued expenses and allowances $ 55,029​$ 41,031​​ Inventories ​ 76,218​​ 6,892​​ Net operating loss carryforwards ​ 61,893​​ 24,381​​ Amortizable assets​ -​​ 39,657​​ Other ​ 20,500​​ 5,916​​​​ 213,640​​ 117,877​​ Less: valuation allowance ​ (1,360)​​ (1,150)​​Total net deferred tax assets ​ 212,280​​ 116,727​​​​​​​​​​Deferred tax liabilities​​​​​​​ Property, plant and equipment ​ (1,194,237)​​ (1,014,515)​​ Amortizable assets ​ (4,187)​​ -​​ Other ​ (11,305)​​ (4,398)​​Total deferred tax liabilities ​ (1,209,729)​​ (1,018,913)​​ Net deferred tax liability $ (997,449)​$ (902,186)​​Certain wholly-owned and controlled subsidiaries of the company file separate federal and state income tax returns. These subsidiaries generated state net operating loss carryforwards, which will expire in the years 2034 through 2045 if not utilized. Annually, the company evaluates the realizability of the net deferred tax assets for this controlled subsidiary. In completing this evaluation, the company considers all available positive and negative evidence in order to determine whether, based on the weight of the evidence, a valuation allowance for its deferred tax assets is necessary. Such evidence includes current operating results, historical results, future reversals of existing taxable temporary differences and expectations for future taxable income (exclusive of the reversal of temporary differences and carryforwards), as well as the implementation of feasible and prudent tax planning strategies. Based on the evidence, the company maintained a valuation allowance of $1,360,000 and $1,150,000 as of December 31, 2025, and 2024, respectively, with respect to certain state tax credits of the controlled subsidiary.​",
      "prior_body": "Components of earnings before income taxes and noncontrolling interests for the years ended December 31 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ United States income $ 1,992,814 ​ $ 3,198,048 ​ $ 4,996,762 ​ ​ Foreign income (loss) ​ (9,933) ​ ​ 20,895 ​ ​ 24,307 ​ ​ Total income before income taxes $ 1,982,881 ​ $ 3,218,943 ​ $ 5,021,069 ​ ​ The company files a consolidated federal income tax return. The provision for income tax expense for the years ended December 31 is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ Current income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal $ 409,586 ​ $ 600,499 ​ $ 946,016 ​ ​ State ​ 57,942 ​ ​ 91,965 ​ ​ 152,758 ​ ​ Foreign ​ 7,980 ​ ​ 3,482 ​ ​ 8,605 ​ ​ Total current ​ 475,508 ​ ​ 695,946 ​ ​ 1,107,379 ​ ​ Deferred income tax expense (benefit) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ (26,311) ​ ​ 38,172 ​ ​ 22,168 ​ ​ State ​ (12,476) ​ ​ 15,355 ​ ​ 13,333 ​ ​ Foreign ​ (3,796) ​ ​ 2,138 ​ ​ (1,303) ​ ​ Total deferred ​ (42,583) ​ ​ 55,665 ​ ​ 34,198 ​ ​ Total income tax expense $ 432,925 ​ $ 751,611 ​ $ 1,141,577 ​ ​ A reconciliation of the statutory rates to the actual effective tax rates for the years ended December 31 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ Statutory federal tax rate ​ 21.0 % ​ ​ 21.0 % ​ ​ 21.0 % ​ ​ State income taxes, net of federal benefit ​ 1.8 ​ ​ ​ 2.6 ​ ​ ​ 2.6 ​ ​ ​ Federal research & development credits ​ (0.9) ​ ​ ​ (0.2) ​ ​ ​ (0.6) ​ ​ ​ Other permanent differences ​ (0.1) ​ ​ ​ (0.1) ​ ​ ​ (0.3) ​ ​ ​ Effective tax rate ​ 21.8 % ​ ​ 23.3 % ​ ​ 22.7 % ​ ​ ​ 72 72 Table of ContentsNote 4. Income Taxes (Continued)Significant components of the company’s deferred tax assets and liabilities at December 31 are as follows (in thousands):​​​​​​​​​​2024​2023​​Deferred tax assets​​​​​​​ Accrued expenses and allowances $ 41,031​$ 41,894​​ Inventories ​ 6,892​​ 10,685​​ Net operating loss carryforwards ​ 24,381​​ 7,663​​ Amortizable assets​ 39,657​​ 5,798​​ Other ​ 5,916​​ 9,149​​​​ 117,877​​ 75,189​​ Less: valuation allowance ​ (1,150)​​ (816)​​Total net deferred tax assets ​ 116,727​​ 74,373​​​​​​​​​​Deferred tax liabilities​​​​​​​ Property, plant and equipment ​ (1,014,515)​​ (1,013,045)​​ Other ​ (4,398)​​ (6,096)​​Total deferred tax liabilities ​ (1,018,913)​​ (1,019,141)​​ Net deferred tax liability $ (902,186)​$ (944,768)​​Certain wholly-owned and controlled subsidiaries of the company file separate federal and state income tax returns. One of the controlled subsidiaries generated federal net operating loss carryforwards in the years 2018 and prior, which were fully utilized as of December 31, 2024, but continues to have state net operating loss carryforwards which expire in the years 2034 through 2039. Annually, the company evaluates the realizability of the net deferred tax assets for this controlled subsidiary. In completing this evaluation, the company considers all available positive and negative evidence in order to determine whether, based on the weight of the evidence, a valuation allowance for its deferred tax assets is necessary. Such evidence includes current operating results, historical results, future reversals of existing taxable temporary differences and expectations for future taxable income (exclusive of the reversal of temporary differences and carryforwards), as well as the implementation of feasible and prudent tax planning strategies. Based on the evidence, the company maintained a valuation allowance of $1,150,000 and $816,000 as of December 31, 2024, and 2023, respectively, with respect to certain state tax credits of the controlled subsidiary.A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):​​​​​​​​​​​​​​​​​​​​​​​​2024​2023​2022​​Balance at January 1 $ 31,258​$ 28,646​$ 20,466​​ Increases related to current year tax positions ​ 5,115​​ 1,500​​ 9,600​​ Increases related to prior year tax positions ​ 263​​ 1,798​​ 364​​ Decreases related to prior year tax positions ​ (6,949)​​ (686)​​ (1,784)​​Balance at December 31 $ 29,687​$ 31,258​$ 28,646​​Included in the balance of unrecognized tax benefits at December 31, 2024 and 2023 are potential benefits of $26.4 million and $27.8 million, respectively, that, if recognized, would affect the effective tax rate. The company recognizes interest and penalties related to its tax contingencies on a net-of-tax basis in income tax expense. During the years ended December 31, 2024, 2023, and 2022, the company recognized expense from the increase of interest expense and penalties of $710,000, $1,560,000, and $480,000, respectively, net of tax. In addition to the unrecognized tax benefits in the table above, the company had $4.2 million and $3.2 million accrued for the payment of interest and penalties at December 31, 2024 and 2023, respectively.​73 Table of Contents Table of Contents Table of Contents Note 4. Income Taxes (Continued)Significant components of the company’s deferred tax assets and liabilities at December 31 are as follows (in thousands):​​​​​​​​​​2024​2023​​Deferred tax assets​​​​​​​ Accrued expenses and allowances $ 41,031​$ 41,894​​ Inventories ​ 6,892​​ 10,685​​ Net operating loss carryforwards ​ 24,381​​ 7,663​​ Amortizable assets​ 39,657​​ 5,798​​ Other ​ 5,916​​ 9,149​​​​ 117,877​​ 75,189​​ Less: valuation allowance ​ (1,150)​​ (816)​​Total net deferred tax assets ​ 116,727​​ 74,373​​​​​​​​​​Deferred tax liabilities​​​​​​​ Property, plant and equipment ​ (1,014,515)​​ (1,013,045)​​ Other ​ (4,398)​​ (6,096)​​Total deferred tax liabilities ​ (1,018,913)​​ (1,019,141)​​ Net deferred tax liability $ (902,186)​$ (944,768)​​Certain wholly-owned and controlled subsidiaries of the company file separate federal and state income tax returns. One of the controlled subsidiaries generated federal net operating loss carryforwards in the years 2018 and prior, which were fully utilized as of December 31, 2024, but continues to have state net operating loss carryforwards which expire in the years 2034 through 2039. Annually, the company evaluates the realizability of the net deferred tax assets for this controlled subsidiary. In completing this evaluation, the company considers all available positive and negative evidence in order to determine whether, based on the weight of the evidence, a valuation allowance for its deferred tax assets is necessary. Such evidence includes current operating results, historical results, future reversals of existing taxable temporary differences and expectations for future taxable income (exclusive of the reversal of temporary differences and carryforwards), as well as the implementation of feasible and prudent tax planning strategies. Based on the evidence, the company maintained a valuation allowance of $1,150,000 and $816,000 as of December 31, 2024, and 2023, respectively, with respect to certain state tax credits of the controlled subsidiary.A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):​​​​​​​​​​​​​​​​​​​​​​​​2024​2023​2022​​Balance at January 1 $ 31,258​$ 28,646​$ 20,466​​ Increases related to current year tax positions ​ 5,115​​ 1,500​​ 9,600​​ Increases related to prior year tax positions ​ 263​​ 1,798​​ 364​​ Decreases related to prior year tax positions ​ (6,949)​​ (686)​​ (1,784)​​Balance at December 31 $ 29,687​$ 31,258​$ 28,646​​Included in the balance of unrecognized tax benefits at December 31, 2024 and 2023 are potential benefits of $26.4 million and $27.8 million, respectively, that, if recognized, would affect the effective tax rate. The company recognizes interest and penalties related to its tax contingencies on a net-of-tax basis in income tax expense. During the years ended December 31, 2024, 2023, and 2022, the company recognized expense from the increase of interest expense and penalties of $710,000, $1,560,000, and $480,000, respectively, net of tax. In addition to the unrecognized tax benefits in the table above, the company had $4.2 million and $3.2 million accrued for the payment of interest and penalties at December 31, 2024 and 2023, respectively.​ Note 4. Income Taxes (Continued)Significant components of the company’s deferred tax assets and liabilities at December 31 are as follows (in thousands):​​​​​​​​​​2024​2023​​Deferred tax assets​​​​​​​ Accrued expenses and allowances $ 41,031​$ 41,894​​ Inventories ​ 6,892​​ 10,685​​ Net operating loss carryforwards ​ 24,381​​ 7,663​​ Amortizable assets​ 39,657​​ 5,798​​ Other ​ 5,916​​ 9,149​​​​ 117,877​​ 75,189​​ Less: valuation allowance ​ (1,150)​​ (816)​​Total net deferred tax assets ​ 116,727​​ 74,373​​​​​​​​​​Deferred tax liabilities​​​​​​​ Property, plant and equipment ​ (1,014,515)​​ (1,013,045)​​ Other ​ (4,398)​​ (6,096)​​Total deferred tax liabilities ​ (1,018,913)​​ (1,019,141)​​ Net deferred tax liability $ (902,186)​$ (944,768)​​Certain wholly-owned and controlled subsidiaries of the company file separate federal and state income tax returns. One of the controlled subsidiaries generated federal net operating loss carryforwards in the years 2018 and prior, which were fully utilized as of December 31, 2024, but continues to have state net operating loss carryforwards which expire in the years 2034 through 2039. Annually, the company evaluates the realizability of the net deferred tax assets for this controlled subsidiary. In completing this evaluation, the company considers all available positive and negative evidence in order to determine whether, based on the weight of the evidence, a valuation allowance for its deferred tax assets is necessary. Such evidence includes current operating results, historical results, future reversals of existing taxable temporary differences and expectations for future taxable income (exclusive of the reversal of temporary differences and carryforwards), as well as the implementation of feasible and prudent tax planning strategies. Based on the evidence, the company maintained a valuation allowance of $1,150,000 and $816,000 as of December 31, 2024, and 2023, respectively, with respect to certain state tax credits of the controlled subsidiary.A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):​​​​​​​​​​​​​​​​​​​​​​​​2024​2023​2022​​Balance at January 1 $ 31,258​$ 28,646​$ 20,466​​ Increases related to current year tax positions ​ 5,115​​ 1,500​​ 9,600​​ Increases related to prior year tax positions ​ 263​​ 1,798​​ 364​​ Decreases related to prior year tax positions ​ (6,949)​​ (686)​​ (1,784)​​Balance at December 31 $ 29,687​$ 31,258​$ 28,646​​Included in the balance of unrecognized tax benefits at December 31, 2024 and 2023 are potential benefits of $26.4 million and $27.8 million, respectively, that, if recognized, would affect the effective tax rate. The company recognizes interest and penalties related to its tax contingencies on a net-of-tax basis in income tax expense. During the years ended December 31, 2024, 2023, and 2022, the company recognized expense from the increase of interest expense and penalties of $710,000, $1,560,000, and $480,000, respectively, net of tax. In addition to the unrecognized tax benefits in the table above, the company had $4.2 million and $3.2 million accrued for the payment of interest and penalties at December 31, 2024 and 2023, respectively.​"
    },
    {
      "status": "MODIFIED",
      "current_title": "United Steel Supply",
      "prior_title": "United Steel Supply",
      "similarity_score": 0.686,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"As of December 31, 2024, the company had a 90% controlling interest in United Steel Supply, LLC.\""
      ],
      "current_body": "As of December 31, 2024, the company had a 90% controlling interest in United Steel Supply, LLC. On April 1, 2025, a noncontrolling member of USS exercised its option to require SDI to purchase its 5% equity interest, increasing SDI’s ownership to 95%. The remaining noncontrolling member has the option to require SDI to purchase, and SDI has the option to acquire, the outstanding 5% equity interest of USS. Redeemable noncontrolling interests related to USS are $30.0 million and $60.0 million at December 31, 2025, and 2024, respectively. ​",
      "prior_body": "The company purchased a 75% equity interest in United Steel Supply, LLC on March 1, 2019. On April 1, 2022, the company purchased an additional 12.5% equity interest in USS. On April 1, 2023, a noncontrolling member of USS exercised its option to require SDI to purchase its 2.5% equity interest, increasing SDI’s ownership to 90%. The remaining noncontrolling members have the option to require SDI to purchase the remaining 10% equity interest of USS on or after February 28, 2025. The USS noncontrolling interest is therefore reflected in redeemable noncontrolling interest in the consolidated balance sheets. ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Derivative Financial Instruments",
      "prior_title": "Derivative Financial Instruments",
      "similarity_score": 0.684,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"The company routinely enters into exchange traded futures to manage price risk associated with nonferrous metal inventory, as well as purchases and sales of nonferrous (primarily aluminum and copper) and ferrous metals, to reduce exposure to commodity related price fluctuations.\"",
        "Reworded sentence: \"Derivatives that are not designated as cash flow hedges must be adjusted to fair value through earnings.\"",
        "Reworded sentence: \"Changes in the fair value of cash flow hedges are recognized in other comprehensive income, until the hedged item is recognized in earnings.\"",
        "Reworded sentence: \"Description of the Business and Summary of Significant Accounting Policies (Continued)The company offsets fair value amounts recognized for derivative instruments executed with the same counterparty under master netting agreements.\"",
        "Reworded sentence: \"Business CombinationsUnited Steel SupplyAs of December 31, 2024, the company had a 90% controlling interest in United Steel Supply, LLC.\""
      ],
      "current_body": "The company routinely enters into exchange traded futures to manage price risk associated with nonferrous metal inventory, as well as purchases and sales of nonferrous (primarily aluminum and copper) and ferrous metals, to reduce exposure to commodity related price fluctuations. These exchange traded futures contracts meet the definition of derivative financial instruments. The company does not enter into these derivative financial instruments for speculative purposes. The company recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. Derivatives that are not designated as cash flow hedges must be adjusted to fair value through earnings. For the effective fair value hedges, the hedged item is recognized on the balance sheet at fair value. Changes in the fair value of the hedged balance sheet item are recognized as an offset against the change in fair value of the derivative in cost of goods sold and included in cash flows from operations. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings for fair value hedges. Changes in the fair value of cash flow hedges are recognized in other comprehensive income, until the hedged item is recognized in earnings. 67 67 Table of ContentsNote 1. Description of the Business and Summary of Significant Accounting Policies (Continued)The company offsets fair value amounts recognized for derivative instruments executed with the same counterparty under master netting agreements. The fair value of the company’s derivative instruments and required margin deposit totaled $56.2 million and $26.0 million at December 31, 2025 and 2024, respectively, including required margin deposits of $112.2 million and $12.7 million at December 31, 2025 and 2024, respectively, which are reflected in other current assets in the consolidated balance sheets. The fair value of the derivative instruments is disclosed in Note 7. Fair Value Measurements. Total gains and losses related to derivatives in fair value hedging relationships, as well as those not designated as hedging instruments, are recognized in costs of goods sold. The company recognized losses of $76.7 million and gains of $11.4 million and $10.0 million for the years ended December 31, 2025, 2024, and 2023, respectively. Derivatives accounted for as cash flow hedges, for which gains and losses are recognized in other comprehensive income, along with net amounts reclassified from accumulated other comprehensive income, were insignificant for the years ended December 31, 2025, 2024, and 2023. ​Recently Adopted Accounting PronouncementsIn December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which modifies the rules on income tax disclosures to require entities to disclose specific categories in the rate reconciliation, the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and income tax expense or benefit from continuing operations (separated by federal, state and foreign). The company adopted ASU 2023-09 during the year ended December 31, 2025. See Note 4. Income Taxes. Recently Issued Not Yet Adopted Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entitles to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.Note 2. Business CombinationsUnited Steel SupplyAs of December 31, 2024, the company had a 90% controlling interest in United Steel Supply, LLC. On April 1, 2025, a noncontrolling member of USS exercised its option to require SDI to purchase its 5% equity interest, increasing SDI’s ownership to 95%. The remaining noncontrolling member has the option to require SDI to purchase, and SDI has the option to acquire, the outstanding 5% equity interest of USS. Redeemable noncontrolling interests related to USS are $30.0 million and $60.0 million at December 31, 2025, and 2024, respectively. ​New Process Steel, L.P.On December 1, 2025, the company acquired the remaining 55% equity interest in New Process Steel, L.P., increasing its ownership from 45% to 100% and obtaining control. NPS is a metals solutions and distribution supply-chain management company headquartered in Houston, Texas, with a focus toward growing its value-added manufacturing applications. The acquisition of NPS expands the company’s exposure to value-added manufacturing opportunities. Prior to the 2025 acquisition date, the company accounted for its 45% minority equity interest in NPS as an equity-method investment. Upon the acquisition of the remaining interest, the previously held equity interest was remeasured to an acquisition-date fair value of $220.4 million, based on the purchase price of the remaining 55% interest. The company recognized a gain of $6.5 million as a result of remeasuring its prior equity interest in NPS before the business combination, included in other (income) expense, net in the consolidated statements of income for the year ended December 31, 2025. ​68 Table of Contents Table of Contents Table of Contents Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued)The company offsets fair value amounts recognized for derivative instruments executed with the same counterparty under master netting agreements. The fair value of the company’s derivative instruments and required margin deposit totaled $56.2 million and $26.0 million at December 31, 2025 and 2024, respectively, including required margin deposits of $112.2 million and $12.7 million at December 31, 2025 and 2024, respectively, which are reflected in other current assets in the consolidated balance sheets. The fair value of the derivative instruments is disclosed in Note 7. Fair Value Measurements. Total gains and losses related to derivatives in fair value hedging relationships, as well as those not designated as hedging instruments, are recognized in costs of goods sold. The company recognized losses of $76.7 million and gains of $11.4 million and $10.0 million for the years ended December 31, 2025, 2024, and 2023, respectively. Derivatives accounted for as cash flow hedges, for which gains and losses are recognized in other comprehensive income, along with net amounts reclassified from accumulated other comprehensive income, were insignificant for the years ended December 31, 2025, 2024, and 2023. ​Recently Adopted Accounting PronouncementsIn December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which modifies the rules on income tax disclosures to require entities to disclose specific categories in the rate reconciliation, the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and income tax expense or benefit from continuing operations (separated by federal, state and foreign). The company adopted ASU 2023-09 during the year ended December 31, 2025. See Note 4. Income Taxes. Recently Issued Not Yet Adopted Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entitles to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.Note 2. Business CombinationsUnited Steel SupplyAs of December 31, 2024, the company had a 90% controlling interest in United Steel Supply, LLC. On April 1, 2025, a noncontrolling member of USS exercised its option to require SDI to purchase its 5% equity interest, increasing SDI’s ownership to 95%. The remaining noncontrolling member has the option to require SDI to purchase, and SDI has the option to acquire, the outstanding 5% equity interest of USS. Redeemable noncontrolling interests related to USS are $30.0 million and $60.0 million at December 31, 2025, and 2024, respectively. ​New Process Steel, L.P.On December 1, 2025, the company acquired the remaining 55% equity interest in New Process Steel, L.P., increasing its ownership from 45% to 100% and obtaining control. NPS is a metals solutions and distribution supply-chain management company headquartered in Houston, Texas, with a focus toward growing its value-added manufacturing applications. The acquisition of NPS expands the company’s exposure to value-added manufacturing opportunities. Prior to the 2025 acquisition date, the company accounted for its 45% minority equity interest in NPS as an equity-method investment. Upon the acquisition of the remaining interest, the previously held equity interest was remeasured to an acquisition-date fair value of $220.4 million, based on the purchase price of the remaining 55% interest. The company recognized a gain of $6.5 million as a result of remeasuring its prior equity interest in NPS before the business combination, included in other (income) expense, net in the consolidated statements of income for the year ended December 31, 2025. ​",
      "prior_body": "The company routinely enters into forward exchange traded futures to manage price risk associated with nonferrous metal inventory, as well as purchases and sales of nonferrous (primarily aluminum and copper) and ferrous metals, to reduce exposure to commodity related price fluctuations. The company does not enter into these derivative financial instruments for speculative purposes. The company recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. Changes in the fair value of derivatives that are designated as hedges, depending on the nature of the hedge, are recognized as either an offset against the change in fair value of the hedged balance sheet item in the case of fair value hedges or as other comprehensive income in the case of cash flow hedges, until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings for fair value hedges. The company offsets fair value amounts recognized for derivative instruments executed with the same counterparty under master netting agreements. In the normal course of business, the company has derivative financial instruments in the form of forward contracts in various metallic commodities and those related to managing fluctuations in foreign exchange rates. At the time of acquiring these financial instruments, the company designates and assigns these instruments as hedges of specific assets, liabilities or anticipated transactions. When hedged assets or liabilities are sold or extinguished, or the anticipated transaction being hedged is no longer expected to occur, the company recognizes the gain or loss on the designated hedged financial instrument in earnings. 67 67 Table of ContentsNote 1. Description of the Business and Summary of Significant Accounting Policies (Continued)The fair value of the Company’s derivative instruments, along with required margin deposit amounts with the same counterparty under master netting arrangements, totaled $26.0 million and $24.0 million at December 31, 2024 and 2023, respectively, and are reflected in other current assets in the consolidated balance sheets. Total gains and losses related to derivatives in fair value hedging relationships, as well as those not designated as hedging instruments, are recognized in costs of goods sold and were insignificant for the years ended December 31, 2024, 2023, and 2022. Derivatives accounted for as cash flow hedges, for which gains and losses are recognized in other comprehensive income, along with net amounts reclassified from accumulated other comprehensive income, were insignificant for the years ended December 31, 2024, 2023, and 2022. ​Recently Adopted Accounting PronouncementsIn November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The company adopted ASU 2023-07 during the year ended December 31, 2024. See Note 12. Segment Information.Recently Issued Not Yet Adopted Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which modifies the rules on income tax disclosures to require entities to disclose specific categories in the rate reconciliation, the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state, and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 is to be applied on a prospective basis, but retrospective application is permitted. The company is currently evaluating the impact of adopting ASU 2023-09. In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entitles to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.Note 2. Business Combinations and Investments in Unconsolidated AffiliatesBusiness CombinationsROCAThe company acquired 100% of ROCA ACERO, S.A. de C.V. (ROCA) on October 1, 2022. The acquisition of ROCA is part of the company’s North American raw material procurement strategy. ROCA is headquartered in Monterrey, Mexico, and operates ferrous and nonferrous scrap facilities strategically positioned near high-volume industrial scrap sources located throughout Central and Northern Mexico. The transaction was funded with available cash. Post-acquisition operating results are reflected in the company’s financial statements in the metals recycling operations segment.​68 Table of Contents Table of Contents Table of Contents Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued)The fair value of the Company’s derivative instruments, along with required margin deposit amounts with the same counterparty under master netting arrangements, totaled $26.0 million and $24.0 million at December 31, 2024 and 2023, respectively, and are reflected in other current assets in the consolidated balance sheets. Total gains and losses related to derivatives in fair value hedging relationships, as well as those not designated as hedging instruments, are recognized in costs of goods sold and were insignificant for the years ended December 31, 2024, 2023, and 2022. Derivatives accounted for as cash flow hedges, for which gains and losses are recognized in other comprehensive income, along with net amounts reclassified from accumulated other comprehensive income, were insignificant for the years ended December 31, 2024, 2023, and 2022. ​Recently Adopted Accounting PronouncementsIn November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The company adopted ASU 2023-07 during the year ended December 31, 2024. See Note 12. Segment Information.Recently Issued Not Yet Adopted Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which modifies the rules on income tax disclosures to require entities to disclose specific categories in the rate reconciliation, the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state, and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 is to be applied on a prospective basis, but retrospective application is permitted. The company is currently evaluating the impact of adopting ASU 2023-09. In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entitles to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.Note 2. Business Combinations and Investments in Unconsolidated AffiliatesBusiness CombinationsROCAThe company acquired 100% of ROCA ACERO, S.A. de C.V. (ROCA) on October 1, 2022. The acquisition of ROCA is part of the company’s North American raw material procurement strategy. ROCA is headquartered in Monterrey, Mexico, and operates ferrous and nonferrous scrap facilities strategically positioned near high-volume industrial scrap sources located throughout Central and Northern Mexico. The transaction was funded with available cash. Post-acquisition operating results are reflected in the company’s financial statements in the metals recycling operations segment.​ Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued)The fair value of the Company’s derivative instruments, along with required margin deposit amounts with the same counterparty under master netting arrangements, totaled $26.0 million and $24.0 million at December 31, 2024 and 2023, respectively, and are reflected in other current assets in the consolidated balance sheets. Total gains and losses related to derivatives in fair value hedging relationships, as well as those not designated as hedging instruments, are recognized in costs of goods sold and were insignificant for the years ended December 31, 2024, 2023, and 2022. Derivatives accounted for as cash flow hedges, for which gains and losses are recognized in other comprehensive income, along with net amounts reclassified from accumulated other comprehensive income, were insignificant for the years ended December 31, 2024, 2023, and 2022. ​Recently Adopted Accounting PronouncementsIn November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The company adopted ASU 2023-07 during the year ended December 31, 2024. See Note 12. Segment Information.Recently Issued Not Yet Adopted Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which modifies the rules on income tax disclosures to require entities to disclose specific categories in the rate reconciliation, the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state, and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 is to be applied on a prospective basis, but retrospective application is permitted. The company is currently evaluating the impact of adopting ASU 2023-09. In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entitles to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.Note 2. Business Combinations and Investments in Unconsolidated AffiliatesBusiness CombinationsROCAThe company acquired 100% of ROCA ACERO, S.A. de C.V. (ROCA) on October 1, 2022. The acquisition of ROCA is part of the company’s North American raw material procurement strategy. ROCA is headquartered in Monterrey, Mexico, and operates ferrous and nonferrous scrap facilities strategically positioned near high-volume industrial scrap sources located throughout Central and Northern Mexico. The transaction was funded with available cash. Post-acquisition operating results are reflected in the company’s financial statements in the metals recycling operations segment.​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Operating income",
      "prior_title": "Operating income",
      "similarity_score": 0.68,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ 1,475,986 ​ ​ 1,943,037 ​ ​ 3,151,181 ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense, net of capitalized interest ​ 70,043 ​ ​ 56,347 ​ ​ 76,484 Other (income) expense, net ​ (87,028) ​ ​ (96,191) ​ ​ (144,246)\""
      ],
      "current_body": "​ 1,475,986 ​ ​ 1,943,037 ​ ​ 3,151,181 ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense, net of capitalized interest ​ 70,043 ​ ​ 56,347 ​ ​ 76,484 Other (income) expense, net ​ (87,028) ​ ​ (96,191) ​ ​ (144,246)",
      "prior_body": "​ 1,943,037 ​ ​ 3,151,181 ​ ​ 5,091,822 ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense, net of capitalized interest ​ 56,347 ​ ​ 76,484 ​ ​ 91,538 Other (income) expense, net ​ (96,191) ​ ​ (144,246) ​ ​ (20,785)"
    },
    {
      "status": "MODIFIED",
      "current_title": "Metals Recycling Operations Segment Shipments:",
      "prior_title": "Metals Recycling Operations Shipments:",
      "similarity_score": 0.665,
      "confidence": "medium",
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​",
      "prior_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Years Ended December 31,",
      "prior_title": "Segment Results 2024 vs. 2023",
      "similarity_score": 0.66,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ 2025 ​ % Change ​ 2024 ​ ​ Total shipments 13,748,801 ​ 9% ​ 12,660,487 ​ ​ Intra-segment shipments (1,429,299) ​ ​ ​ (1,306,364) ​ ​ Steel Operations Segment shipments 12,319,502 ​ 9% ​ 11,354,123 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External shipments 11,960,582 ​ 9% ​ 10,929,453 ​ ​ ​ 40 40 Table of ContentsSteel Operations Segment Results 2025 vs.\"",
        "Reworded sentence: \"In 2025 and 2024, 65% and 62%, respectively, of metals recycling operations ferrous scrap was sold to our own steel mills, as our steel mill utilization increased to 86% in 2025 compared to 81% 2024, with production levels at our Sinton facility increasing during 2025.\"",
        "Reworded sentence: \"In 2025 and 2024, 65% and 62%, respectively, of metals recycling operations ferrous scrap was sold to our own steel mills, as our steel mill utilization increased to 86% in 2025 compared to 81% 2024, with production levels at our Sinton facility increasing during 2025.\""
      ],
      "current_body": "​ ​ ​ 2025 ​ % Change ​ 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 13,412,773 ​ 7% ​ $ 12,527,066 ​ ​ Metals Recycling Operations ​ 4,346,074 ​ 5% ​ ​ 4,136,913 ​ ​ Steel Fabrication Operations ​ 1,418,665 ​ (20)% ​ ​ 1,771,795 ​ ​ Aluminum Operations ​ 473,881 ​ 49% ​ ​ 318,689 ​ ​ Other ​ 1,335,454 ​ (8)% ​ ​ 1,451,723 ​ ​ ​ ​ 20,986,847 ​ ​ ​ ​ 20,206,186 ​ ​ Inter-segment ​ (2,810,266) ​ ​ ​ ​ (2,665,796) ​ ​ ​ $ 18,176,581 ​ 4% ​ $ 17,540,390 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 1,427,544 ​ (10)% ​ $ 1,582,374 ​ ​ Metals Recycling Operations ​ 97,176 ​ 27% ​ ​ 76,807 ​ ​ Steel Fabrication Operations ​ 407,425 ​ (39)% ​ ​ 666,984 ​ ​ Aluminum Operations ​ (172,970) ​ (139)% ​ ​ (72,331) ​ ​ Other ​ (281,851) ​ 11% ​ ​ (317,408) ​ ​ ​ ​ 1,477,324 ​ ​ ​ ​ 1,936,426 ​ ​ Inter-segment ​ (1,338) ​ ​ ​ ​ 6,611 ​ ​ ​ $ 1,475,986 ​ (24)% ​ $ 1,943,037 ​ ​ ​ 39 39 Table of Contents​Steel Operations Segment​Steel operations include our electric arc furnace (EAF) steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, and Steel of West Virginia; steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply, New Process Steel, L.P. (acquired December 1, 2025), and Vulcan Threaded Products, Inc.; warehouse operations in Mexico; and a 75% controlling equity interest in SDI Biocarbon Solutions, LLC. Steel operations accounted for 72% and 69% of our consolidated net sales during 2025 and 2024, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Segment Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2025​% Change​2024​​Total shipments 13,748,801​9% ​ 12,660,487​​Intra-segment shipments (1,429,299)​​​ (1,306,364)​​Steel Operations Segment shipments 12,319,502​9% ​ 11,354,123​​​​​​​​​​External shipments 11,960,582​9% ​ 10,929,453​​​40 Table of Contents Table of Contents Table of Contents ​Steel Operations Segment​Steel operations include our electric arc furnace (EAF) steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, and Steel of West Virginia; steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply, New Process Steel, L.P. (acquired December 1, 2025), and Vulcan Threaded Products, Inc.; warehouse operations in Mexico; and a 75% controlling equity interest in SDI Biocarbon Solutions, LLC. Steel operations accounted for 72% and 69% of our consolidated net sales during 2025 and 2024, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Segment Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2025​% Change​2024​​Total shipments 13,748,801​9% ​ 12,660,487​​Intra-segment shipments (1,429,299)​​​ (1,306,364)​​Steel Operations Segment shipments 12,319,502​9% ​ 11,354,123​​​​​​​​​​External shipments 11,960,582​9% ​ 10,929,453​​​ ​",
      "prior_body": "During 2024, our steel operations achieved annual shipments of 12.7 million tons (11.4 million excluding intra-segment), slightly less than 2023 total record shipments. Customer order activity and steel demand were stable during 2024, with the construction, automotive, industrial, and energy sectors leading demand. In spite of strong market demand, average selling prices were lower during 2024 compared to 2023, as total steel segment average selling prices decreased 4%, or $46 per ton, compared to 2023. Net sales for the steel operations segment were 4% lower in 2024 when compared to 2023, due to lower average steel selling prices on consistent volumes. ​ 41 41 Table of ContentsMetallic raw materials used in our electric arc furnaces represent our single most significant steel manufacturing cost, generally comprising approximately 55% to 65% of our steel mill operations’ manufacturing costs. Our metallic raw material cost consumed in our steel mills decreased $28 per net ton, or 7%, in 2024 compared to 2023, consistent with overall decreased domestic scrap pricing noted below in the metals recycling operations segment discussion.​As a result of average selling prices decreasing more than scrap costs, specifically for long products, metal spread (which we define as the difference between average steel mill selling prices and the cost of ferrous scrap consumed in our steel mills) decreased 3% in 2024 compared to 2023. Due to metal spread compression, operating income for the steel operations decreased 16% to $1.6 billion in 2024 compared to 2023.Metals Recycling Operations Segment​Metals recycling operations include our OmniSource ferrous and nonferrous processing, transportation, marketing, brokerage, and scrap management services primarily throughout the United States and Mexico. Our steel mills utilize a large portion of the ferrous scrap sold by our metals recycling operations as raw material in our steelmaking operations, and the remainder is sold to other consumers, such as other steel manufacturers and foundries. In 2024 and 2023, 62% of metals recycling operations ferrous scrap was sold to our own steel mills, while our steel mill utilization remained consistent at 81% and 82% in 2024 and 2023, respectively. Metals recycling operations accounted for 11% of our consolidated net sales during 2024 and 2023.Metals Recycling Operations Shipments:​​​​​​​​​​​​​​​​​​​​​Years Ended December 31,​​​​2024​% Change​2023​​Ferrous metal (gross tons)​​​​​​​​Total​ 5,850,544​1% ​ 5,792,484​​Inter-company​ (3,656,034)​​​ (3,593,328)​​External shipments​ 2,194,510​-​ 2,199,156​​​​​​​​​​​Nonferrous metal (thousands of pounds)​​​​​​​​Total​ 965,491​(1)%​ 970,445​​Inter-company​ (171,915)​​​ (207,866)​​External shipments​ 793,576​4% ​ 762,579​​Segment Results 2024 vs. 2023During 2024, our metals recycling operations continued to benefit from solid domestic steel industry demand, resulting in consistent ferrous and nonferrous scrap shipments compared to 2023. Net sales for our metals recycling operations in 2024 were comparable to 2023 based on consistent shipments. Due to a challenging pricing environment throughout much of 2024, ferrous average selling prices decreased 7% while nonferrous average selling prices increased 10% during 2024 compared to 2023.​Ferrous metal spread (which we define as the difference between average selling prices and the cost of purchased scrap) was flat and nonferrous metal spread increased 13% during 2024 compared to 2023. As a result of the overall increased metals spreads, metals recycling operations operating income increased 61% to $76.8 million in 2024 compared to 2023.​42 Table of Contents Table of Contents Table of Contents Metallic raw materials used in our electric arc furnaces represent our single most significant steel manufacturing cost, generally comprising approximately 55% to 65% of our steel mill operations’ manufacturing costs. Our metallic raw material cost consumed in our steel mills decreased $28 per net ton, or 7%, in 2024 compared to 2023, consistent with overall decreased domestic scrap pricing noted below in the metals recycling operations segment discussion.​As a result of average selling prices decreasing more than scrap costs, specifically for long products, metal spread (which we define as the difference between average steel mill selling prices and the cost of ferrous scrap consumed in our steel mills) decreased 3% in 2024 compared to 2023. Due to metal spread compression, operating income for the steel operations decreased 16% to $1.6 billion in 2024 compared to 2023.Metals Recycling Operations Segment​Metals recycling operations include our OmniSource ferrous and nonferrous processing, transportation, marketing, brokerage, and scrap management services primarily throughout the United States and Mexico. Our steel mills utilize a large portion of the ferrous scrap sold by our metals recycling operations as raw material in our steelmaking operations, and the remainder is sold to other consumers, such as other steel manufacturers and foundries. In 2024 and 2023, 62% of metals recycling operations ferrous scrap was sold to our own steel mills, while our steel mill utilization remained consistent at 81% and 82% in 2024 and 2023, respectively. Metals recycling operations accounted for 11% of our consolidated net sales during 2024 and 2023.Metals Recycling Operations Shipments:​​​​​​​​​​​​​​​​​​​​​Years Ended December 31,​​​​2024​% Change​2023​​Ferrous metal (gross tons)​​​​​​​​Total​ 5,850,544​1% ​ 5,792,484​​Inter-company​ (3,656,034)​​​ (3,593,328)​​External shipments​ 2,194,510​-​ 2,199,156​​​​​​​​​​​Nonferrous metal (thousands of pounds)​​​​​​​​Total​ 965,491​(1)%​ 970,445​​Inter-company​ (171,915)​​​ (207,866)​​External shipments​ 793,576​4% ​ 762,579​​Segment Results 2024 vs. 2023During 2024, our metals recycling operations continued to benefit from solid domestic steel industry demand, resulting in consistent ferrous and nonferrous scrap shipments compared to 2023. Net sales for our metals recycling operations in 2024 were comparable to 2023 based on consistent shipments. Due to a challenging pricing environment throughout much of 2024, ferrous average selling prices decreased 7% while nonferrous average selling prices increased 10% during 2024 compared to 2023.​Ferrous metal spread (which we define as the difference between average selling prices and the cost of purchased scrap) was flat and nonferrous metal spread increased 13% during 2024 compared to 2023. As a result of the overall increased metals spreads, metals recycling operations operating income increased 61% to $76.8 million in 2024 compared to 2023.​ Metallic raw materials used in our electric arc furnaces represent our single most significant steel manufacturing cost, generally comprising approximately 55% to 65% of our steel mill operations’ manufacturing costs. Our metallic raw material cost consumed in our steel mills decreased $28 per net ton, or 7%, in 2024 compared to 2023, consistent with overall decreased domestic scrap pricing noted below in the metals recycling operations segment discussion.​As a result of average selling prices decreasing more than scrap costs, specifically for long products, metal spread (which we define as the difference between average steel mill selling prices and the cost of ferrous scrap consumed in our steel mills) decreased 3% in 2024 compared to 2023. Due to metal spread compression, operating income for the steel operations decreased 16% to $1.6 billion in 2024 compared to 2023.Metals Recycling Operations Segment​Metals recycling operations include our OmniSource ferrous and nonferrous processing, transportation, marketing, brokerage, and scrap management services primarily throughout the United States and Mexico. Our steel mills utilize a large portion of the ferrous scrap sold by our metals recycling operations as raw material in our steelmaking operations, and the remainder is sold to other consumers, such as other steel manufacturers and foundries. In 2024 and 2023, 62% of metals recycling operations ferrous scrap was sold to our own steel mills, while our steel mill utilization remained consistent at 81% and 82% in 2024 and 2023, respectively. Metals recycling operations accounted for 11% of our consolidated net sales during 2024 and 2023.Metals Recycling Operations Shipments:​​​​​​​​​​​​​​​​​​​​​Years Ended December 31,​​​​2024​% Change​2023​​Ferrous metal (gross tons)​​​​​​​​Total​ 5,850,544​1% ​ 5,792,484​​Inter-company​ (3,656,034)​​​ (3,593,328)​​External shipments​ 2,194,510​-​ 2,199,156​​​​​​​​​​​Nonferrous metal (thousands of pounds)​​​​​​​​Total​ 965,491​(1)%​ 970,445​​Inter-company​ (171,915)​​​ (207,866)​​External shipments​ 793,576​4% ​ 762,579​​Segment Results 2024 vs. 2023During 2024, our metals recycling operations continued to benefit from solid domestic steel industry demand, resulting in consistent ferrous and nonferrous scrap shipments compared to 2023. Net sales for our metals recycling operations in 2024 were comparable to 2023 based on consistent shipments. Due to a challenging pricing environment throughout much of 2024, ferrous average selling prices decreased 7% while nonferrous average selling prices increased 10% during 2024 compared to 2023.​Ferrous metal spread (which we define as the difference between average selling prices and the cost of purchased scrap) was flat and nonferrous metal spread increased 13% during 2024 compared to 2023. As a result of the overall increased metals spreads, metals recycling operations operating income increased 61% to $76.8 million in 2024 compared to 2023.​ Metallic raw materials used in our electric arc furnaces represent our single most significant steel manufacturing cost, generally comprising approximately 55% to 65% of our steel mill operations’ manufacturing costs. Our metallic raw material cost consumed in our steel mills decreased $28 per net ton, or 7%, in 2024 compared to 2023, consistent with overall decreased domestic scrap pricing noted below in the metals recycling operations segment discussion. ​ As a result of average selling prices decreasing more than scrap costs, specifically for long products, metal spread (which we define as the difference between average steel mill selling prices and the cost of ferrous scrap consumed in our steel mills) decreased 3% in 2024 compared to 2023. Due to metal spread compression, operating income for the steel operations decreased 16% to $1.6 billion in 2024 compared to 2023."
    },
    {
      "status": "MODIFIED",
      "current_title": "Years Ended December 31,",
      "prior_title": "Years Ended December 31,",
      "similarity_score": 0.649,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ 2025 ​ % Change ​ 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 13,412,773 ​ 7% ​ $ 12,527,066 ​ ​ Metals Recycling Operations ​ 4,346,074 ​ 5% ​ ​ 4,136,913 ​ ​ Steel Fabrication Operations ​ 1,418,665 ​ (20)% ​ ​ 1,771,795 ​ ​ Aluminum Operations ​ 473,881 ​ 49% ​ ​ 318,689 ​ ​ Other ​ 1,335,454 ​ (8)% ​ ​ 1,451,723 ​ ​ ​ ​ 20,986,847 ​ ​ ​ ​ 20,206,186 ​ ​ Inter-segment ​ (2,810,266) ​ ​ ​ ​ (2,665,796) ​ ​ ​ $ 18,176,581 ​ 4% ​ $ 17,540,390 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 1,427,544 ​ (10)% ​ $ 1,582,374 ​ ​ Metals Recycling Operations ​ 97,176 ​ 27% ​ ​ 76,807 ​ ​ Steel Fabrication Operations ​ 407,425 ​ (39)% ​ ​ 666,984 ​ ​ Aluminum Operations ​ (172,970) ​ (139)% ​ ​ (72,331) ​ ​ Other ​ (281,851) ​ 11% ​ ​ (317,408) ​ ​ ​ ​ 1,477,324 ​ ​ ​ ​ 1,936,426 ​ ​ Inter-segment ​ (1,338) ​ ​ ​ ​ 6,611 ​ ​ ​ $ 1,475,986 ​ (24)% ​ $ 1,943,037 ​ ​ ​ 39 39 Table of Contents​Steel Operations Segment​Steel operations include our electric arc furnace (EAF) steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, and Steel of West Virginia; steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply, New Process Steel, L.P.\""
      ],
      "current_body": "​ ​ ​ 2025 ​ % Change ​ 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 13,412,773 ​ 7% ​ $ 12,527,066 ​ ​ Metals Recycling Operations ​ 4,346,074 ​ 5% ​ ​ 4,136,913 ​ ​ Steel Fabrication Operations ​ 1,418,665 ​ (20)% ​ ​ 1,771,795 ​ ​ Aluminum Operations ​ 473,881 ​ 49% ​ ​ 318,689 ​ ​ Other ​ 1,335,454 ​ (8)% ​ ​ 1,451,723 ​ ​ ​ ​ 20,986,847 ​ ​ ​ ​ 20,206,186 ​ ​ Inter-segment ​ (2,810,266) ​ ​ ​ ​ (2,665,796) ​ ​ ​ $ 18,176,581 ​ 4% ​ $ 17,540,390 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 1,427,544 ​ (10)% ​ $ 1,582,374 ​ ​ Metals Recycling Operations ​ 97,176 ​ 27% ​ ​ 76,807 ​ ​ Steel Fabrication Operations ​ 407,425 ​ (39)% ​ ​ 666,984 ​ ​ Aluminum Operations ​ (172,970) ​ (139)% ​ ​ (72,331) ​ ​ Other ​ (281,851) ​ 11% ​ ​ (317,408) ​ ​ ​ ​ 1,477,324 ​ ​ ​ ​ 1,936,426 ​ ​ Inter-segment ​ (1,338) ​ ​ ​ ​ 6,611 ​ ​ ​ $ 1,475,986 ​ (24)% ​ $ 1,943,037 ​ ​ ​ 39 39 Table of Contents​Steel Operations Segment​Steel operations include our electric arc furnace (EAF) steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, and Steel of West Virginia; steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply, New Process Steel, L.P. (acquired December 1, 2025), and Vulcan Threaded Products, Inc.; warehouse operations in Mexico; and a 75% controlling equity interest in SDI Biocarbon Solutions, LLC. Steel operations accounted for 72% and 69% of our consolidated net sales during 2025 and 2024, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Segment Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2025​% Change​2024​​Total shipments 13,748,801​9% ​ 12,660,487​​Intra-segment shipments (1,429,299)​​​ (1,306,364)​​Steel Operations Segment shipments 12,319,502​9% ​ 11,354,123​​​​​​​​​​External shipments 11,960,582​9% ​ 10,929,453​​​40 Table of Contents Table of Contents Table of Contents ​Steel Operations Segment​Steel operations include our electric arc furnace (EAF) steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, and Steel of West Virginia; steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply, New Process Steel, L.P. (acquired December 1, 2025), and Vulcan Threaded Products, Inc.; warehouse operations in Mexico; and a 75% controlling equity interest in SDI Biocarbon Solutions, LLC. Steel operations accounted for 72% and 69% of our consolidated net sales during 2025 and 2024, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Segment Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2025​% Change​2024​​Total shipments 13,748,801​9% ​ 12,660,487​​Intra-segment shipments (1,429,299)​​​ (1,306,364)​​Steel Operations Segment shipments 12,319,502​9% ​ 11,354,123​​​​​​​​​​External shipments 11,960,582​9% ​ 10,929,453​​​ ​",
      "prior_body": "​ ​ ​ 2024 ​ % Change ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 12,527,066 ​ (4)% ​ $ 13,067,622 ​ ​ Metals Recycling Operations ​ 4,136,913 ​ (1)% ​ ​ 4,158,588 ​ ​ Steel Fabrication Operations ​ 1,771,795 ​ (37)% ​ ​ 2,806,777 ​ ​ Aluminum Operations ​ 318,689 ​ 11% ​ ​ 285,907 ​ ​ Other ​ 1,451,723 ​ 24% ​ ​ 1,171,901 ​ ​ ​ ​ 20,206,186 ​ ​ ​ ​ 21,490,795 ​ ​ Intra-company ​ (2,665,796) ​ ​ ​ ​ (2,695,479) ​ ​ ​ $ 17,540,390 ​ (7)% ​ $ 18,795,316 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 1,582,374 ​ (16)% ​ $ 1,881,600 ​ ​ Metals Recycling Operations ​ 76,807 ​ 61% ​ ​ 47,735 ​ ​ Steel Fabrication Operations ​ 666,984 ​ (58)% ​ ​ 1,593,261 ​ ​ Aluminum Operations ​ (72,331) ​ (522)% ​ ​ 17,146 ​ ​ Other ​ (317,408) ​ 20% ​ ​ (394,577) ​ ​ ​ ​ 1,936,426 ​ ​ ​ ​ 3,145,165 ​ ​ Intra-company ​ 6,611 ​ ​ ​ ​ 6,016 ​ ​ ​ $ 1,943,037 ​ (38)% ​ $ 3,151,181 ​ ​ ​ 40 40 Table of Contents​Steel Operations Segment​Steel operations include our EAF steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, Steel of West Virginia, steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply, Vulcan Threaded Products, Inc., warehouse operations in Mexico, and SDI Biocarbon Solutions, LLC, a joint venture to construct and operate a biocarbon production facility. Steel operations accounted for 69% and 67% of our consolidated net sales during 2024 and 2023, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2024​% Change​2023​​Total shipments 12,660,487​(1)%​ 12,821,753​​Intra-segment shipments (1,306,364)​​​ (1,449,832)​​Steel Operations Segment shipments 11,354,123​-​ 11,371,921​​​​​​​​​​External shipments 10,929,453​-​ 10,976,707​​​Segment Results 2024 vs. 2023During 2024, our steel operations achieved annual shipments of 12.7 million tons (11.4 million excluding intra-segment), slightly less than 2023 total record shipments. Customer order activity and steel demand were stable during 2024, with the construction, automotive, industrial, and energy sectors leading demand. In spite of strong market demand, average selling prices were lower during 2024 compared to 2023, as total steel segment average selling prices decreased 4%, or $46 per ton, compared to 2023. Net sales for the steel operations segment were 4% lower in 2024 when compared to 2023, due to lower average steel selling prices on consistent volumes.​41 Table of Contents Table of Contents Table of Contents ​Steel Operations Segment​Steel operations include our EAF steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, Steel of West Virginia, steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply, Vulcan Threaded Products, Inc., warehouse operations in Mexico, and SDI Biocarbon Solutions, LLC, a joint venture to construct and operate a biocarbon production facility. Steel operations accounted for 69% and 67% of our consolidated net sales during 2024 and 2023, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2024​% Change​2023​​Total shipments 12,660,487​(1)%​ 12,821,753​​Intra-segment shipments (1,306,364)​​​ (1,449,832)​​Steel Operations Segment shipments 11,354,123​-​ 11,371,921​​​​​​​​​​External shipments 10,929,453​-​ 10,976,707​​​Segment Results 2024 vs. 2023During 2024, our steel operations achieved annual shipments of 12.7 million tons (11.4 million excluding intra-segment), slightly less than 2023 total record shipments. Customer order activity and steel demand were stable during 2024, with the construction, automotive, industrial, and energy sectors leading demand. In spite of strong market demand, average selling prices were lower during 2024 compared to 2023, as total steel segment average selling prices decreased 4%, or $46 per ton, compared to 2023. Net sales for the steel operations segment were 4% lower in 2024 when compared to 2023, due to lower average steel selling prices on consistent volumes.​ ​Steel Operations Segment​Steel operations include our EAF steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, Steel of West Virginia, steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply, Vulcan Threaded Products, Inc., warehouse operations in Mexico, and SDI Biocarbon Solutions, LLC, a joint venture to construct and operate a biocarbon production facility. Steel operations accounted for 69% and 67% of our consolidated net sales during 2024 and 2023, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2024​% Change​2023​​Total shipments 12,660,487​(1)%​ 12,821,753​​Intra-segment shipments (1,306,364)​​​ (1,449,832)​​Steel Operations Segment shipments 11,354,123​-​ 11,371,921​​​​​​​​​​External shipments 10,929,453​-​ 10,976,707​​​Segment Results 2024 vs. 2023During 2024, our steel operations achieved annual shipments of 12.7 million tons (11.4 million excluding intra-segment), slightly less than 2023 total record shipments. Customer order activity and steel demand were stable during 2024, with the construction, automotive, industrial, and energy sectors leading demand. In spite of strong market demand, average selling prices were lower during 2024 compared to 2023, as total steel segment average selling prices decreased 4%, or $46 per ton, compared to 2023. Net sales for the steel operations segment were 4% lower in 2024 when compared to 2023, due to lower average steel selling prices on consistent volumes.​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Current liabilities",
      "prior_title": "Current liabilities",
      "similarity_score": 0.639,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ Accounts payable $ 1,223,776 ​ ​ $ 972,645 Accounts payable-related parties ​ 7,582 ​ ​ ​ 7,267 Income taxes payable ​ 67,315 ​ ​ ​ 3,783 Accrued payroll and benefits ​ 361,494 ​ ​ ​ 373,216 Accrued expenses ​ 427,432 ​ ​ ​ 366,682 Current maturities of long-term debt ​ 34,655 ​ ​ ​ 426,990 Total current liabilities ​ 2,122,254 ​ ​ ​ 2,150,583 ​ ​ ​ ​ ​ ​ ​\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ Accounts payable $ 1,223,776 ​ ​ $ 972,645 Accounts payable-related parties ​ 7,582 ​ ​ ​ 7,267 Income taxes payable ​ 67,315 ​ ​ ​ 3,783 Accrued payroll and benefits ​ 361,494 ​ ​ ​ 373,216 Accrued expenses ​ 427,432 ​ ​ ​ 366,682 Current maturities of long-term debt ​ 34,655 ​ ​ ​ 426,990 Total current liabilities ​ 2,122,254 ​ ​ ​ 2,150,583 ​ ​ ​ ​ ​ ​ ​",
      "prior_body": "​ ​ ​ ​ ​ ​ Accounts payable $ 972,645 ​ ​ $ 1,078,645 Accounts payable-related parties ​ 7,267 ​ ​ ​ 9,685 Income taxes payable ​ 3,783 ​ ​ ​ 5,524 Accrued payroll and benefits ​ 373,216 ​ ​ ​ 469,143 Accrued expenses ​ 366,682 ​ ​ ​ 309,312 Current maturities of long-term debt ​ 426,990 ​ ​ ​ 459,987 Total current liabilities ​ 2,150,583 ​ ​ ​ 2,332,296 ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Outstanding Debt Maturities",
      "prior_title": "Outstanding Debt Maturities",
      "similarity_score": 0.631,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"Maturities of outstanding debt as of December 31, 2025, are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ $ 34,655 ​ 2027 ​ ​ 351,099 ​ 2028 ​ ​ 650,416 ​ 2029 ​ ​ 198 ​ 2030 ​ ​ 600,095 ​ Thereafter ​ ​ 2,650,147 ​ ​ ​ $ 4,286,610 ​ ​ The company capitalizes interest on all qualifying construction in progress assets.\""
      ],
      "current_body": "Maturities of outstanding debt as of December 31, 2025, are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ $ 34,655 ​ 2027 ​ ​ 351,099 ​ 2028 ​ ​ 650,416 ​ 2029 ​ ​ 198 ​ 2030 ​ ​ 600,095 ​ Thereafter ​ ​ 2,650,147 ​ ​ ​ $ 4,286,610 ​ ​ The company capitalizes interest on all qualifying construction in progress assets. For the years ended December 31, 2025, 2024, and 2023, total interest costs incurred were $170.6 million, $123.1 million, and $109.5 million, respectively, of which $100.6 million, $66.8 million, and $33.0 million, respectively, were capitalized. ​ ​ 72 72 Table of ContentsNote 4. Income TaxesComponents of earnings before income taxes and noncontrolling interests for the years ended December 31 are as follows (in thousands):​​​​​​​​​​​​​2025​2024​2023​​United States income$ 1,489,479​$ 1,992,814​$ 3,198,048​​Foreign income (loss)​ 3,492​​ (9,933)​​ 20,895​​ Total income before income taxes$ 1,492,971​$ 1,982,881​$ 3,218,943​​The company files a consolidated federal income tax return. The provision for income tax expense for the years ended December 31 is as follows (in thousands):​​​​​​​​​​​​​​​​​​​​​​​​2025​2024​2023​​Current income tax expense ​​​​​​​​​​Federal$ 172,988​$ 409,586​$ 600,499​​State​ 32,559​​ 57,942​​ 91,965​​Foreign​ 4,850​​ 7,980​​ 3,482​​Total current​ 210,397​​ 475,508​​ 695,946​​Deferred income tax expense (benefit)​​​​​​​​​​Federal​ 96,693​​ (26,311)​​ 38,172​​State​ 7,322​​ (12,476)​​ 15,355​​Foreign​ (8,752)​​ (3,796)​​ 2,138​​Total deferred​ 95,263​​ (42,583)​​ 55,665​​Total income tax expense $ 305,660​$ 432,925​$ 751,611​​​A reconciliation of the statutory rates to the actual effective tax rates for the years ended December 31 are as follows (in thousands, except percentages):​​​​​​​​​​​​​​​​​​​2025​2024​2023U.S. Federal Statutory Tax Rate$ 313,524​ 21.0%​$ 416,405​ 21.0%​$ 675,978​ 21.0%State and local income taxes, net of federal income tax effect(a)​ 31,505​ 2.1​​​ 35,918​ 1.8​​​ 84,784​ 2.6​Foreign tax effects​ (4,635)​ (0.3)​​​ 6,270​ 0.3​​​ 1,232​ 0.1​Effect of cross-border tax laws​ (2,388)​ (0.2)​​​ (5,411)​ (0.3)​​​ (2,445)​ (0.1)​Tax credits - federal research & development​ (35,050)​ (2.3)​​​ (18,036)​ (0.9)​​​ (11,329)​ (0.4)​Nontaxable or nondeductible items​ 2,240​ 0.2​​​ (1,557)​ (0.1)​​​ (784)​ -​Changes in unrecognized tax expense (benefits)​ 464​ -​​​ (664)​ -​​​ 4,175​ 0.1​Effective tax rate $ 305,660​20.5%​$ 432,925​21.8%​$ 751,611​23.3%​(a) State taxes in Indiana, Illinois, Mississippi, and Pennsylvania for 2025, Indiana, Michigan, and California for 2024, and Indiana, Illinois, Mississippi, Pennsylvania, and Michigan for 2023 made up the majority (greater than 50%) of the tax effect in this category.​​73 Table of Contents Table of Contents Table of Contents Note 4. Income TaxesComponents of earnings before income taxes and noncontrolling interests for the years ended December 31 are as follows (in thousands):​​​​​​​​​​​​​2025​2024​2023​​United States income$ 1,489,479​$ 1,992,814​$ 3,198,048​​Foreign income (loss)​ 3,492​​ (9,933)​​ 20,895​​ Total income before income taxes$ 1,492,971​$ 1,982,881​$ 3,218,943​​The company files a consolidated federal income tax return. The provision for income tax expense for the years ended December 31 is as follows (in thousands):​​​​​​​​​​​​​​​​​​​​​​​​2025​2024​2023​​Current income tax expense ​​​​​​​​​​Federal$ 172,988​$ 409,586​$ 600,499​​State​ 32,559​​ 57,942​​ 91,965​​Foreign​ 4,850​​ 7,980​​ 3,482​​Total current​ 210,397​​ 475,508​​ 695,946​​Deferred income tax expense (benefit)​​​​​​​​​​Federal​ 96,693​​ (26,311)​​ 38,172​​State​ 7,322​​ (12,476)​​ 15,355​​Foreign​ (8,752)​​ (3,796)​​ 2,138​​Total deferred​ 95,263​​ (42,583)​​ 55,665​​Total income tax expense $ 305,660​$ 432,925​$ 751,611​​​A reconciliation of the statutory rates to the actual effective tax rates for the years ended December 31 are as follows (in thousands, except percentages):​​​​​​​​​​​​​​​​​​​2025​2024​2023U.S. Federal Statutory Tax Rate$ 313,524​ 21.0%​$ 416,405​ 21.0%​$ 675,978​ 21.0%State and local income taxes, net of federal income tax effect(a)​ 31,505​ 2.1​​​ 35,918​ 1.8​​​ 84,784​ 2.6​Foreign tax effects​ (4,635)​ (0.3)​​​ 6,270​ 0.3​​​ 1,232​ 0.1​Effect of cross-border tax laws​ (2,388)​ (0.2)​​​ (5,411)​ (0.3)​​​ (2,445)​ (0.1)​Tax credits - federal research & development​ (35,050)​ (2.3)​​​ (18,036)​ (0.9)​​​ (11,329)​ (0.4)​Nontaxable or nondeductible items​ 2,240​ 0.2​​​ (1,557)​ (0.1)​​​ (784)​ -​Changes in unrecognized tax expense (benefits)​ 464​ -​​​ (664)​ -​​​ 4,175​ 0.1​Effective tax rate $ 305,660​20.5%​$ 432,925​21.8%​$ 751,611​23.3%​(a) State taxes in Indiana, Illinois, Mississippi, and Pennsylvania for 2025, Indiana, Michigan, and California for 2024, and Indiana, Illinois, Mississippi, Pennsylvania, and Michigan for 2023 made up the majority (greater than 50%) of the tax effect in this category.​​",
      "prior_body": "Maturities of outstanding debt as of December 31, 2024, are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ $ 427,442 ​ ​ 2026 ​ ​ 400,896 ​ ​ 2027 ​ ​ 350,465 ​ ​ 2028 ​ ​ - ​ ​ 2029 ​ ​ - ​ ​ Thereafter ​ ​ 2,100,000 ​ ​ ​ ​ $ 3,278,803 ​ ​ The company capitalizes interest on all qualifying construction in progress assets. For the years ended December 31, 2024, 2023, and 2022, total interest costs incurred were $123.1 million, $109.5 million, and $107.4 million, respectively, of which $66.8 million, $33.0 million, and $15.8 million, respectively, were capitalized. 71 71 Table of ContentsNote 4. Income TaxesComponents of earnings before income taxes and noncontrolling interests for the years ended December 31 are as follows (in thousands):​​​​​​​​​​​​​2024​2023​2022​​United States income$ 1,992,814​$ 3,198,048​$ 4,996,762​​Foreign income (loss)​ (9,933)​​ 20,895​​ 24,307​​ Total income before income taxes$ 1,982,881​$ 3,218,943​$ 5,021,069​​The company files a consolidated federal income tax return. The provision for income tax expense for the years ended December 31 is as follows (in thousands):​​​​​​​​​​​​​​​​​​​​​​​​2024​2023​2022​​Current income tax expense ​​​​​​​​​​Federal$ 409,586​$ 600,499​$ 946,016​​State​ 57,942​​ 91,965​​ 152,758​​Foreign​ 7,980​​ 3,482​​ 8,605​​Total current​ 475,508​​ 695,946​​ 1,107,379​​Deferred income tax expense (benefit)​​​​​​​​​​Federal​ (26,311)​​ 38,172​​ 22,168​​State​ (12,476)​​ 15,355​​ 13,333​​Foreign​ (3,796)​​ 2,138​​ (1,303)​​Total deferred​ (42,583)​​ 55,665​​ 34,198​​Total income tax expense $ 432,925​$ 751,611​$ 1,141,577​​A reconciliation of the statutory rates to the actual effective tax rates for the years ended December 31 are as follows:​​​​​​​​​​​​​​​​2024​2023​2022​​Statutory federal tax rate ​ 21.0%​​ 21.0%​​ 21.0%​​ State income taxes, net of federal benefit ​ 1.8​​​ 2.6​​​ 2.6​​​ Federal research & development credits​ (0.9)​​​ (0.2)​​​ (0.6)​​​ Other permanent differences ​ (0.1)​​​ (0.1)​​​ (0.3)​​​Effective tax rate ​21.8%​​23.3%​​22.7%​​​72 Table of Contents Table of Contents Table of Contents Note 4. Income TaxesComponents of earnings before income taxes and noncontrolling interests for the years ended December 31 are as follows (in thousands):​​​​​​​​​​​​​2024​2023​2022​​United States income$ 1,992,814​$ 3,198,048​$ 4,996,762​​Foreign income (loss)​ (9,933)​​ 20,895​​ 24,307​​ Total income before income taxes$ 1,982,881​$ 3,218,943​$ 5,021,069​​The company files a consolidated federal income tax return. The provision for income tax expense for the years ended December 31 is as follows (in thousands):​​​​​​​​​​​​​​​​​​​​​​​​2024​2023​2022​​Current income tax expense ​​​​​​​​​​Federal$ 409,586​$ 600,499​$ 946,016​​State​ 57,942​​ 91,965​​ 152,758​​Foreign​ 7,980​​ 3,482​​ 8,605​​Total current​ 475,508​​ 695,946​​ 1,107,379​​Deferred income tax expense (benefit)​​​​​​​​​​Federal​ (26,311)​​ 38,172​​ 22,168​​State​ (12,476)​​ 15,355​​ 13,333​​Foreign​ (3,796)​​ 2,138​​ (1,303)​​Total deferred​ (42,583)​​ 55,665​​ 34,198​​Total income tax expense $ 432,925​$ 751,611​$ 1,141,577​​A reconciliation of the statutory rates to the actual effective tax rates for the years ended December 31 are as follows:​​​​​​​​​​​​​​​​2024​2023​2022​​Statutory federal tax rate ​ 21.0%​​ 21.0%​​ 21.0%​​ State income taxes, net of federal benefit ​ 1.8​​​ 2.6​​​ 2.6​​​ Federal research & development credits​ (0.9)​​​ (0.2)​​​ (0.6)​​​ Other permanent differences ​ (0.1)​​​ (0.1)​​​ (0.3)​​​Effective tax rate ​21.8%​​23.3%​​22.7%​​​ Note 4. Income TaxesComponents of earnings before income taxes and noncontrolling interests for the years ended December 31 are as follows (in thousands):​​​​​​​​​​​​​2024​2023​2022​​United States income$ 1,992,814​$ 3,198,048​$ 4,996,762​​Foreign income (loss)​ (9,933)​​ 20,895​​ 24,307​​ Total income before income taxes$ 1,982,881​$ 3,218,943​$ 5,021,069​​The company files a consolidated federal income tax return. The provision for income tax expense for the years ended December 31 is as follows (in thousands):​​​​​​​​​​​​​​​​​​​​​​​​2024​2023​2022​​Current income tax expense ​​​​​​​​​​Federal$ 409,586​$ 600,499​$ 946,016​​State​ 57,942​​ 91,965​​ 152,758​​Foreign​ 7,980​​ 3,482​​ 8,605​​Total current​ 475,508​​ 695,946​​ 1,107,379​​Deferred income tax expense (benefit)​​​​​​​​​​Federal​ (26,311)​​ 38,172​​ 22,168​​State​ (12,476)​​ 15,355​​ 13,333​​Foreign​ (3,796)​​ 2,138​​ (1,303)​​Total deferred​ (42,583)​​ 55,665​​ 34,198​​Total income tax expense $ 432,925​$ 751,611​$ 1,141,577​​A reconciliation of the statutory rates to the actual effective tax rates for the years ended December 31 are as follows:​​​​​​​​​​​​​​​​2024​2023​2022​​Statutory federal tax rate ​ 21.0%​​ 21.0%​​ 21.0%​​ State income taxes, net of federal benefit ​ 1.8​​​ 2.6​​​ 2.6​​​ Federal research & development credits​ (0.9)​​​ (0.2)​​​ (0.6)​​​ Other permanent differences ​ (0.1)​​​ (0.1)​​​ (0.3)​​​Effective tax rate ​21.8%​​23.3%​​22.7%​​​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Redeemable noncontrolling interests",
      "prior_title": "Redeemable noncontrolling interests",
      "similarity_score": 0.621,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ 141,226 ​ ​ ​ 171,212 ​ ​ ​ ​ ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ Common stock voting, $.0025 par value; 900,000,000 shares authorized; ​ ​ ​ ​ ​ ​ 268,644,427 and 268,377,165 shares issued; and 144,940,102 and 151,117,153 ​ ​ ​ ​ ​ ​ shares outstanding, as of December 31, 2025 and 2024, respectively ​ 653 ​ ​ ​ 652 Treasury stock, at cost; 123,704,325 and 117,260,012 shares, ​ ​ ​ ​ ​ ​ as of December 31, 2025 and 2024, respectively ​ (7,980,549) ​ ​ ​ (7,094,266) Additional paid-in capital ​ 1,248,634 ​ ​ ​ 1,229,819 Retained earnings ​ 15,689,042 ​ ​ ​ 14,798,082 Accumulated other comprehensive loss ​ (598) ​ ​ ​ - Total Steel Dynamics, Inc.\""
      ],
      "current_body": "​ 141,226 ​ ​ ​ 171,212 ​ ​ ​ ​ ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ Common stock voting, $.0025 par value; 900,000,000 shares authorized; ​ ​ ​ ​ ​ ​ 268,644,427 and 268,377,165 shares issued; and 144,940,102 and 151,117,153 ​ ​ ​ ​ ​ ​ shares outstanding, as of December 31, 2025 and 2024, respectively ​ 653 ​ ​ ​ 652 Treasury stock, at cost; 123,704,325 and 117,260,012 shares, ​ ​ ​ ​ ​ ​ as of December 31, 2025 and 2024, respectively ​ (7,980,549) ​ ​ ​ (7,094,266) Additional paid-in capital ​ 1,248,634 ​ ​ ​ 1,229,819 Retained earnings ​ 15,689,042 ​ ​ ​ 14,798,082 Accumulated other comprehensive loss ​ (598) ​ ​ ​ - Total Steel Dynamics, Inc. equity ​ 8,957,182 ​ ​ ​ 8,934,287 Noncontrolling interests ​ (167,997) ​ ​ ​ (160,253)",
      "prior_body": "​ 171,212 ​ ​ ​ 171,212 ​ ​ ​ ​ ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ Common stock voting, $.0025 par value; 900,000,000 shares authorized; ​ ​ ​ ​ ​ ​ 268,377,165 and 268,112,991 shares issued; and 151,117,153 and 160,018,100 ​ ​ ​ ​ ​ ​ shares outstanding, as of December 31, 2024 and 2023, respectively ​ 652 ​ ​ ​ 651 Treasury stock, at cost; 117,260,012 and 108,094,891 shares, ​ ​ ​ ​ ​ ​ as of December 31, 2024 and 2023, respectively ​ (7,094,266) ​ ​ ​ (5,897,606) Additional paid-in capital ​ 1,229,819 ​ ​ ​ 1,217,610 Retained earnings ​ 14,798,082 ​ ​ ​ 13,545,590 Accumulated other comprehensive income ​ - ​ ​ ​ 421 Total Steel Dynamics, Inc. equity ​ 8,934,287 ​ ​ ​ 8,866,666 Noncontrolling interests ​ (160,253) ​ ​ ​ (198,351)"
    },
    {
      "status": "MODIFIED",
      "current_title": "Current assets",
      "prior_title": "Current assets",
      "similarity_score": 0.614,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ ​ ​ Cash and equivalents $ 769,878 ​ ​ $ 589,464 Short-term investments ​ - ​ ​ ​ 147,811 Accounts receivable, net of allowances for credit losses of $5,419 and $7,728 ​ ​ ​ ​ ​ ​ as of December 31, 2025 and 2024, respectively ​ 1,680,249 ​ ​ ​ 1,362,969 Accounts receivable-related parties ​ 2,411 ​ ​ ​ 54,230 Inventories ​ 3,738,516 ​ ​ ​ 3,113,733 Other current assets ​ 293,117 ​ ​ ​ 163,131 Total current assets ​ 6,484,171 ​ ​ ​ 5,431,338 ​ ​ ​ ​ ​ ​ ​\""
      ],
      "current_body": "​ ​ ​ ​ ​ ​ Cash and equivalents $ 769,878 ​ ​ $ 589,464 Short-term investments ​ - ​ ​ ​ 147,811 Accounts receivable, net of allowances for credit losses of $5,419 and $7,728 ​ ​ ​ ​ ​ ​ as of December 31, 2025 and 2024, respectively ​ 1,680,249 ​ ​ ​ 1,362,969 Accounts receivable-related parties ​ 2,411 ​ ​ ​ 54,230 Inventories ​ 3,738,516 ​ ​ ​ 3,113,733 Other current assets ​ 293,117 ​ ​ ​ 163,131 Total current assets ​ 6,484,171 ​ ​ ​ 5,431,338 ​ ​ ​ ​ ​ ​ ​",
      "prior_body": "​ ​ ​ ​ ​ ​ Cash and equivalents $ 589,464 ​ ​ $ 1,400,887 Short-term investments ​ 147,811 ​ ​ ​ 721,210 Accounts receivable, net of allowances for credit losses of $7,728 and $8,480 ​ ​ ​ ​ ​ ​ as of December 31, 2024 and 2023, respectively ​ 1,362,969 ​ ​ ​ 1,535,062 Accounts receivable-related parties ​ 54,230 ​ ​ ​ 73,245 Inventories ​ 3,113,733 ​ ​ ​ 2,894,632 Other current assets ​ 163,131 ​ ​ ​ 162,790 Total current assets ​ 5,431,338 ​ ​ ​ 6,787,826 ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Steel Fabrication Operations Segment Results 2025 vs. 2024",
      "prior_title": "Segment Results 2024 vs. 2023",
      "similarity_score": 0.612,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"Net sales for the steel fabrication operations decreased 20% during 2025 compared to 2024, as average selling prices decreased 13% and volumes decreased 8% compared to 2024.\"",
        "Reworded sentence: \"The average cost of steel consumed decreased 7% in 2025, as compared to 2024.\"",
        "Reworded sentence: \"During 2025, interest expense of $70.0 million increased 24% from $56.3 million during 2024.\"",
        "Reworded sentence: \"During 2025, interest expense of $70.0 million increased 24% from $56.3 million during 2024.\""
      ],
      "current_body": "Net sales for the steel fabrication operations decreased 20% during 2025 compared to 2024, as average selling prices decreased 13% and volumes decreased 8% compared to 2024. Order activity remained strong during 2025, with our order backlog maintaining solid levels and extending through the first half of 2026, supported by stable and historically strong pricing. Demand was largely driven by the commercial, data center, manufacturing, warehouse, and healthcare sectors. The purchase of various steel products is the largest single cost of production for our steel fabrication operations, historically representing approximately two-thirds of the total cost of manufacturing. The average cost of steel consumed decreased 7% in 2025, as compared to 2024. Lower selling prices per ton offset decreased steel input costs per ton, 42 42 Table of Contentsresulting in contraction of metal spread (which we define as the difference between average selling prices and the cost of purchased steel) by 17% in 2025 compared to 2024. Metal spread compression coupled with decreased volume resulted in operating income decreasing 39% to $407.4 million in 2025, compared to $667.0 million in 2024.Aluminum Operations Segment​Our aluminum operations consist of a 650,000-metric-ton recycled aluminum flat rolled products mill in Columbus, Mississippi; two 150,000-metric-ton satellite recycled aluminum slab centers, one in Central Mexico and one under construction in the Southwest U.S.; and an ancillary recycled aluminum deox-rod facility. The recycled aluminum flat roll products mill produces flat rolled aluminum products from aluminum scrap and is a complementary extension of the company’s metals recycling platform. Our product offerings will be supported by various value-added finishing lines that are still under construction, including two CASH (Continuous Annealing Solutions Heat Treating) lines, a can end and tab coating line, and downstream processing and packaging lines. Aluminum operations accounted for 2% and 1% of our consolidated net sales during 2025 and 2024, respectively. Aluminum Operations Segment Results 2025 vs. 2024During 2025, the results of this segment largely consisted of sales from the ancillary recycled aluminum deox-rod facility, as well as construction, start-up, and commissioning costs associated with the recycled aluminum flat roll products mill and satellite recycled aluminum slab centers. The flat rolled products mill shipped 15,000 metric tons of finished product during the second half of 2025. In 2025, aluminum operations sales, including those of our ancillary recycled aluminum deox-rod facility, totaled $473.9 million, an increase of 49%, compared to $318.7 million in 2024 primarily due to the volumes from the aluminum flat rolled products mill beginning in the second half of 2025.​Consolidated Results​Consolidated Results 2025 vs. 2024Selling, General and Administrative Expenses. Selling, general and administrative expenses of $765.3 million during 2025 increased 15% from $664.1 million during 2024 primarily due to an increase in payroll and benefits expense primarily related to construction, start-up, and commissioning costs associated with the recycled aluminum flat rolled products mill and satellite recycled aluminum slab centers during 2025. Selling, general and administrative expenses represented 4.2% and 3.8% of net sales during 2025 and 2024, respectively.Profit sharing expense during 2025 of $123.0 million decreased 25% from $164.9 million during 2024, consistent with decreased pretax earnings. This decrease in profit sharing expense was the primary driver of decreased operating loss for our other operations of 11% in 2025 compared to 2024. Profit sharing expense for eligible employees is 8% of consolidated pretax income excluding noncontrolling interests and other items. Refer to Note 10. Retirement Plans to the consolidated financial statements elsewhere in this report for further information.Interest Expense, net of Capitalized Interest. During 2025, interest expense of $70.0 million increased 24% from $56.3 million during 2024. This increase is primarily a result of higher outstanding long-term debt balances during 2025 compared to 2024 due to our issuance of senior unsecured notes in March and November 2025.Other (Income) Expense, net. Net other income was $87.0 million in 2025, compared to $96.2 million in 2024, a decrease of $9.2 million due primarily to the impact of decreased interest income due to declining rates of return and lower invested cash balances in 2025 compared to 2024.Income Tax Expense. Income tax expense of $305.7 million, at an effective income tax rate of 20.5%, during 2025 decreased 29% compared to $432.9 million, at an effective income tax rate of 21.8%, during 2024, consistent with decreased pretax earnings. In July 2025, U.S. Congress enacted the One Big Beautiful Bill Act (“OBBBA”), which included significant provisions modifying the U.S. tax framework. These legislative changes did not and are not expected to have a material impact on 2025 and future effective tax rates, tax liabilities, and cash taxes. Refer to Note 4. Income Taxes to the consolidated financial statements elsewhere in this report for additional information.43 Table of Contents Table of Contents Table of Contents resulting in contraction of metal spread (which we define as the difference between average selling prices and the cost of purchased steel) by 17% in 2025 compared to 2024. Metal spread compression coupled with decreased volume resulted in operating income decreasing 39% to $407.4 million in 2025, compared to $667.0 million in 2024.Aluminum Operations Segment​Our aluminum operations consist of a 650,000-metric-ton recycled aluminum flat rolled products mill in Columbus, Mississippi; two 150,000-metric-ton satellite recycled aluminum slab centers, one in Central Mexico and one under construction in the Southwest U.S.; and an ancillary recycled aluminum deox-rod facility. The recycled aluminum flat roll products mill produces flat rolled aluminum products from aluminum scrap and is a complementary extension of the company’s metals recycling platform. Our product offerings will be supported by various value-added finishing lines that are still under construction, including two CASH (Continuous Annealing Solutions Heat Treating) lines, a can end and tab coating line, and downstream processing and packaging lines. Aluminum operations accounted for 2% and 1% of our consolidated net sales during 2025 and 2024, respectively. Aluminum Operations Segment Results 2025 vs. 2024During 2025, the results of this segment largely consisted of sales from the ancillary recycled aluminum deox-rod facility, as well as construction, start-up, and commissioning costs associated with the recycled aluminum flat roll products mill and satellite recycled aluminum slab centers. The flat rolled products mill shipped 15,000 metric tons of finished product during the second half of 2025. In 2025, aluminum operations sales, including those of our ancillary recycled aluminum deox-rod facility, totaled $473.9 million, an increase of 49%, compared to $318.7 million in 2024 primarily due to the volumes from the aluminum flat rolled products mill beginning in the second half of 2025.​Consolidated Results​Consolidated Results 2025 vs. 2024Selling, General and Administrative Expenses. Selling, general and administrative expenses of $765.3 million during 2025 increased 15% from $664.1 million during 2024 primarily due to an increase in payroll and benefits expense primarily related to construction, start-up, and commissioning costs associated with the recycled aluminum flat rolled products mill and satellite recycled aluminum slab centers during 2025. Selling, general and administrative expenses represented 4.2% and 3.8% of net sales during 2025 and 2024, respectively.Profit sharing expense during 2025 of $123.0 million decreased 25% from $164.9 million during 2024, consistent with decreased pretax earnings. This decrease in profit sharing expense was the primary driver of decreased operating loss for our other operations of 11% in 2025 compared to 2024. Profit sharing expense for eligible employees is 8% of consolidated pretax income excluding noncontrolling interests and other items. Refer to Note 10. Retirement Plans to the consolidated financial statements elsewhere in this report for further information.Interest Expense, net of Capitalized Interest. During 2025, interest expense of $70.0 million increased 24% from $56.3 million during 2024. This increase is primarily a result of higher outstanding long-term debt balances during 2025 compared to 2024 due to our issuance of senior unsecured notes in March and November 2025.Other (Income) Expense, net. Net other income was $87.0 million in 2025, compared to $96.2 million in 2024, a decrease of $9.2 million due primarily to the impact of decreased interest income due to declining rates of return and lower invested cash balances in 2025 compared to 2024.Income Tax Expense. Income tax expense of $305.7 million, at an effective income tax rate of 20.5%, during 2025 decreased 29% compared to $432.9 million, at an effective income tax rate of 21.8%, during 2024, consistent with decreased pretax earnings. In July 2025, U.S. Congress enacted the One Big Beautiful Bill Act (“OBBBA”), which included significant provisions modifying the U.S. tax framework. These legislative changes did not and are not expected to have a material impact on 2025 and future effective tax rates, tax liabilities, and cash taxes. Refer to Note 4. Income Taxes to the consolidated financial statements elsewhere in this report for additional information. resulting in contraction of metal spread (which we define as the difference between average selling prices and the cost of purchased steel) by 17% in 2025 compared to 2024. Metal spread compression coupled with decreased volume resulted in operating income decreasing 39% to $407.4 million in 2025, compared to $667.0 million in 2024.",
      "prior_body": "During 2024, our steel operations achieved annual shipments of 12.7 million tons (11.4 million excluding intra-segment), slightly less than 2023 total record shipments. Customer order activity and steel demand were stable during 2024, with the construction, automotive, industrial, and energy sectors leading demand. In spite of strong market demand, average selling prices were lower during 2024 compared to 2023, as total steel segment average selling prices decreased 4%, or $46 per ton, compared to 2023. Net sales for the steel operations segment were 4% lower in 2024 when compared to 2023, due to lower average steel selling prices on consistent volumes. ​ 41 41 Table of ContentsMetallic raw materials used in our electric arc furnaces represent our single most significant steel manufacturing cost, generally comprising approximately 55% to 65% of our steel mill operations’ manufacturing costs. Our metallic raw material cost consumed in our steel mills decreased $28 per net ton, or 7%, in 2024 compared to 2023, consistent with overall decreased domestic scrap pricing noted below in the metals recycling operations segment discussion.​As a result of average selling prices decreasing more than scrap costs, specifically for long products, metal spread (which we define as the difference between average steel mill selling prices and the cost of ferrous scrap consumed in our steel mills) decreased 3% in 2024 compared to 2023. Due to metal spread compression, operating income for the steel operations decreased 16% to $1.6 billion in 2024 compared to 2023.Metals Recycling Operations Segment​Metals recycling operations include our OmniSource ferrous and nonferrous processing, transportation, marketing, brokerage, and scrap management services primarily throughout the United States and Mexico. Our steel mills utilize a large portion of the ferrous scrap sold by our metals recycling operations as raw material in our steelmaking operations, and the remainder is sold to other consumers, such as other steel manufacturers and foundries. In 2024 and 2023, 62% of metals recycling operations ferrous scrap was sold to our own steel mills, while our steel mill utilization remained consistent at 81% and 82% in 2024 and 2023, respectively. Metals recycling operations accounted for 11% of our consolidated net sales during 2024 and 2023.Metals Recycling Operations Shipments:​​​​​​​​​​​​​​​​​​​​​Years Ended December 31,​​​​2024​% Change​2023​​Ferrous metal (gross tons)​​​​​​​​Total​ 5,850,544​1% ​ 5,792,484​​Inter-company​ (3,656,034)​​​ (3,593,328)​​External shipments​ 2,194,510​-​ 2,199,156​​​​​​​​​​​Nonferrous metal (thousands of pounds)​​​​​​​​Total​ 965,491​(1)%​ 970,445​​Inter-company​ (171,915)​​​ (207,866)​​External shipments​ 793,576​4% ​ 762,579​​Segment Results 2024 vs. 2023During 2024, our metals recycling operations continued to benefit from solid domestic steel industry demand, resulting in consistent ferrous and nonferrous scrap shipments compared to 2023. Net sales for our metals recycling operations in 2024 were comparable to 2023 based on consistent shipments. Due to a challenging pricing environment throughout much of 2024, ferrous average selling prices decreased 7% while nonferrous average selling prices increased 10% during 2024 compared to 2023.​Ferrous metal spread (which we define as the difference between average selling prices and the cost of purchased scrap) was flat and nonferrous metal spread increased 13% during 2024 compared to 2023. As a result of the overall increased metals spreads, metals recycling operations operating income increased 61% to $76.8 million in 2024 compared to 2023.​42 Table of Contents Table of Contents Table of Contents Metallic raw materials used in our electric arc furnaces represent our single most significant steel manufacturing cost, generally comprising approximately 55% to 65% of our steel mill operations’ manufacturing costs. Our metallic raw material cost consumed in our steel mills decreased $28 per net ton, or 7%, in 2024 compared to 2023, consistent with overall decreased domestic scrap pricing noted below in the metals recycling operations segment discussion.​As a result of average selling prices decreasing more than scrap costs, specifically for long products, metal spread (which we define as the difference between average steel mill selling prices and the cost of ferrous scrap consumed in our steel mills) decreased 3% in 2024 compared to 2023. Due to metal spread compression, operating income for the steel operations decreased 16% to $1.6 billion in 2024 compared to 2023.Metals Recycling Operations Segment​Metals recycling operations include our OmniSource ferrous and nonferrous processing, transportation, marketing, brokerage, and scrap management services primarily throughout the United States and Mexico. Our steel mills utilize a large portion of the ferrous scrap sold by our metals recycling operations as raw material in our steelmaking operations, and the remainder is sold to other consumers, such as other steel manufacturers and foundries. In 2024 and 2023, 62% of metals recycling operations ferrous scrap was sold to our own steel mills, while our steel mill utilization remained consistent at 81% and 82% in 2024 and 2023, respectively. Metals recycling operations accounted for 11% of our consolidated net sales during 2024 and 2023.Metals Recycling Operations Shipments:​​​​​​​​​​​​​​​​​​​​​Years Ended December 31,​​​​2024​% Change​2023​​Ferrous metal (gross tons)​​​​​​​​Total​ 5,850,544​1% ​ 5,792,484​​Inter-company​ (3,656,034)​​​ (3,593,328)​​External shipments​ 2,194,510​-​ 2,199,156​​​​​​​​​​​Nonferrous metal (thousands of pounds)​​​​​​​​Total​ 965,491​(1)%​ 970,445​​Inter-company​ (171,915)​​​ (207,866)​​External shipments​ 793,576​4% ​ 762,579​​Segment Results 2024 vs. 2023During 2024, our metals recycling operations continued to benefit from solid domestic steel industry demand, resulting in consistent ferrous and nonferrous scrap shipments compared to 2023. Net sales for our metals recycling operations in 2024 were comparable to 2023 based on consistent shipments. Due to a challenging pricing environment throughout much of 2024, ferrous average selling prices decreased 7% while nonferrous average selling prices increased 10% during 2024 compared to 2023.​Ferrous metal spread (which we define as the difference between average selling prices and the cost of purchased scrap) was flat and nonferrous metal spread increased 13% during 2024 compared to 2023. As a result of the overall increased metals spreads, metals recycling operations operating income increased 61% to $76.8 million in 2024 compared to 2023.​ Metallic raw materials used in our electric arc furnaces represent our single most significant steel manufacturing cost, generally comprising approximately 55% to 65% of our steel mill operations’ manufacturing costs. Our metallic raw material cost consumed in our steel mills decreased $28 per net ton, or 7%, in 2024 compared to 2023, consistent with overall decreased domestic scrap pricing noted below in the metals recycling operations segment discussion.​As a result of average selling prices decreasing more than scrap costs, specifically for long products, metal spread (which we define as the difference between average steel mill selling prices and the cost of ferrous scrap consumed in our steel mills) decreased 3% in 2024 compared to 2023. Due to metal spread compression, operating income for the steel operations decreased 16% to $1.6 billion in 2024 compared to 2023.Metals Recycling Operations Segment​Metals recycling operations include our OmniSource ferrous and nonferrous processing, transportation, marketing, brokerage, and scrap management services primarily throughout the United States and Mexico. Our steel mills utilize a large portion of the ferrous scrap sold by our metals recycling operations as raw material in our steelmaking operations, and the remainder is sold to other consumers, such as other steel manufacturers and foundries. In 2024 and 2023, 62% of metals recycling operations ferrous scrap was sold to our own steel mills, while our steel mill utilization remained consistent at 81% and 82% in 2024 and 2023, respectively. Metals recycling operations accounted for 11% of our consolidated net sales during 2024 and 2023.Metals Recycling Operations Shipments:​​​​​​​​​​​​​​​​​​​​​Years Ended December 31,​​​​2024​% Change​2023​​Ferrous metal (gross tons)​​​​​​​​Total​ 5,850,544​1% ​ 5,792,484​​Inter-company​ (3,656,034)​​​ (3,593,328)​​External shipments​ 2,194,510​-​ 2,199,156​​​​​​​​​​​Nonferrous metal (thousands of pounds)​​​​​​​​Total​ 965,491​(1)%​ 970,445​​Inter-company​ (171,915)​​​ (207,866)​​External shipments​ 793,576​4% ​ 762,579​​Segment Results 2024 vs. 2023During 2024, our metals recycling operations continued to benefit from solid domestic steel industry demand, resulting in consistent ferrous and nonferrous scrap shipments compared to 2023. Net sales for our metals recycling operations in 2024 were comparable to 2023 based on consistent shipments. Due to a challenging pricing environment throughout much of 2024, ferrous average selling prices decreased 7% while nonferrous average selling prices increased 10% during 2024 compared to 2023.​Ferrous metal spread (which we define as the difference between average selling prices and the cost of purchased scrap) was flat and nonferrous metal spread increased 13% during 2024 compared to 2023. As a result of the overall increased metals spreads, metals recycling operations operating income increased 61% to $76.8 million in 2024 compared to 2023.​ Metallic raw materials used in our electric arc furnaces represent our single most significant steel manufacturing cost, generally comprising approximately 55% to 65% of our steel mill operations’ manufacturing costs. Our metallic raw material cost consumed in our steel mills decreased $28 per net ton, or 7%, in 2024 compared to 2023, consistent with overall decreased domestic scrap pricing noted below in the metals recycling operations segment discussion. ​ As a result of average selling prices decreasing more than scrap costs, specifically for long products, metal spread (which we define as the difference between average steel mill selling prices and the cost of ferrous scrap consumed in our steel mills) decreased 3% in 2024 compared to 2023. Due to metal spread compression, operating income for the steel operations decreased 16% to $1.6 billion in 2024 compared to 2023."
    },
    {
      "status": "MODIFIED",
      "current_title": "Years Ended December 31,",
      "prior_title": "Segment Results 2024 vs. 2023",
      "similarity_score": 0.605,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ ​ 2025 ​ % Change ​ 2024 ​ ​ Ferrous metal (gross tons) ​ ​ ​ ​ ​ ​ ​ ​ Total ​ 6,160,797 ​ 5% ​ 5,850,544 ​ ​ Inter-segment ​ (4,013,035) ​ ​ ​ (3,656,034) ​ ​ External shipments ​ 2,147,762 ​ (2)% ​ 2,194,510 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nonferrous metal (thousands of pounds) ​ ​ ​ ​ ​ ​ ​ ​ Total ​ 916,502 ​ (5)% ​ 965,491 ​ ​ Inter-segment ​ (178,716) ​ ​ ​ (171,915) ​ ​ External shipments ​ 737,786 ​ (7)% ​ 793,576 ​ ​ 41 41 Table of ContentsMetals Recycling Operations Segment Results 2025 vs.\""
      ],
      "current_body": "​ ​ ​ 2025 ​ % Change ​ 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 13,412,773 ​ 7% ​ $ 12,527,066 ​ ​ Metals Recycling Operations ​ 4,346,074 ​ 5% ​ ​ 4,136,913 ​ ​ Steel Fabrication Operations ​ 1,418,665 ​ (20)% ​ ​ 1,771,795 ​ ​ Aluminum Operations ​ 473,881 ​ 49% ​ ​ 318,689 ​ ​ Other ​ 1,335,454 ​ (8)% ​ ​ 1,451,723 ​ ​ ​ ​ 20,986,847 ​ ​ ​ ​ 20,206,186 ​ ​ Inter-segment ​ (2,810,266) ​ ​ ​ ​ (2,665,796) ​ ​ ​ $ 18,176,581 ​ 4% ​ $ 17,540,390 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 1,427,544 ​ (10)% ​ $ 1,582,374 ​ ​ Metals Recycling Operations ​ 97,176 ​ 27% ​ ​ 76,807 ​ ​ Steel Fabrication Operations ​ 407,425 ​ (39)% ​ ​ 666,984 ​ ​ Aluminum Operations ​ (172,970) ​ (139)% ​ ​ (72,331) ​ ​ Other ​ (281,851) ​ 11% ​ ​ (317,408) ​ ​ ​ ​ 1,477,324 ​ ​ ​ ​ 1,936,426 ​ ​ Inter-segment ​ (1,338) ​ ​ ​ ​ 6,611 ​ ​ ​ $ 1,475,986 ​ (24)% ​ $ 1,943,037 ​ ​ ​ 39 39 Table of Contents​Steel Operations Segment​Steel operations include our electric arc furnace (EAF) steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, and Steel of West Virginia; steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply, New Process Steel, L.P. (acquired December 1, 2025), and Vulcan Threaded Products, Inc.; warehouse operations in Mexico; and a 75% controlling equity interest in SDI Biocarbon Solutions, LLC. Steel operations accounted for 72% and 69% of our consolidated net sales during 2025 and 2024, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Segment Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2025​% Change​2024​​Total shipments 13,748,801​9% ​ 12,660,487​​Intra-segment shipments (1,429,299)​​​ (1,306,364)​​Steel Operations Segment shipments 12,319,502​9% ​ 11,354,123​​​​​​​​​​External shipments 11,960,582​9% ​ 10,929,453​​​40 Table of Contents Table of Contents Table of Contents ​Steel Operations Segment​Steel operations include our electric arc furnace (EAF) steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, and Steel of West Virginia; steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply, New Process Steel, L.P. (acquired December 1, 2025), and Vulcan Threaded Products, Inc.; warehouse operations in Mexico; and a 75% controlling equity interest in SDI Biocarbon Solutions, LLC. Steel operations accounted for 72% and 69% of our consolidated net sales during 2025 and 2024, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Segment Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2025​% Change​2024​​Total shipments 13,748,801​9% ​ 12,660,487​​Intra-segment shipments (1,429,299)​​​ (1,306,364)​​Steel Operations Segment shipments 12,319,502​9% ​ 11,354,123​​​​​​​​​​External shipments 11,960,582​9% ​ 10,929,453​​​ ​",
      "prior_body": "During 2024, our steel operations achieved annual shipments of 12.7 million tons (11.4 million excluding intra-segment), slightly less than 2023 total record shipments. Customer order activity and steel demand were stable during 2024, with the construction, automotive, industrial, and energy sectors leading demand. In spite of strong market demand, average selling prices were lower during 2024 compared to 2023, as total steel segment average selling prices decreased 4%, or $46 per ton, compared to 2023. Net sales for the steel operations segment were 4% lower in 2024 when compared to 2023, due to lower average steel selling prices on consistent volumes. ​ 41 41 Table of ContentsMetallic raw materials used in our electric arc furnaces represent our single most significant steel manufacturing cost, generally comprising approximately 55% to 65% of our steel mill operations’ manufacturing costs. Our metallic raw material cost consumed in our steel mills decreased $28 per net ton, or 7%, in 2024 compared to 2023, consistent with overall decreased domestic scrap pricing noted below in the metals recycling operations segment discussion.​As a result of average selling prices decreasing more than scrap costs, specifically for long products, metal spread (which we define as the difference between average steel mill selling prices and the cost of ferrous scrap consumed in our steel mills) decreased 3% in 2024 compared to 2023. Due to metal spread compression, operating income for the steel operations decreased 16% to $1.6 billion in 2024 compared to 2023.Metals Recycling Operations Segment​Metals recycling operations include our OmniSource ferrous and nonferrous processing, transportation, marketing, brokerage, and scrap management services primarily throughout the United States and Mexico. Our steel mills utilize a large portion of the ferrous scrap sold by our metals recycling operations as raw material in our steelmaking operations, and the remainder is sold to other consumers, such as other steel manufacturers and foundries. In 2024 and 2023, 62% of metals recycling operations ferrous scrap was sold to our own steel mills, while our steel mill utilization remained consistent at 81% and 82% in 2024 and 2023, respectively. Metals recycling operations accounted for 11% of our consolidated net sales during 2024 and 2023.Metals Recycling Operations Shipments:​​​​​​​​​​​​​​​​​​​​​Years Ended December 31,​​​​2024​% Change​2023​​Ferrous metal (gross tons)​​​​​​​​Total​ 5,850,544​1% ​ 5,792,484​​Inter-company​ (3,656,034)​​​ (3,593,328)​​External shipments​ 2,194,510​-​ 2,199,156​​​​​​​​​​​Nonferrous metal (thousands of pounds)​​​​​​​​Total​ 965,491​(1)%​ 970,445​​Inter-company​ (171,915)​​​ (207,866)​​External shipments​ 793,576​4% ​ 762,579​​Segment Results 2024 vs. 2023During 2024, our metals recycling operations continued to benefit from solid domestic steel industry demand, resulting in consistent ferrous and nonferrous scrap shipments compared to 2023. Net sales for our metals recycling operations in 2024 were comparable to 2023 based on consistent shipments. Due to a challenging pricing environment throughout much of 2024, ferrous average selling prices decreased 7% while nonferrous average selling prices increased 10% during 2024 compared to 2023.​Ferrous metal spread (which we define as the difference between average selling prices and the cost of purchased scrap) was flat and nonferrous metal spread increased 13% during 2024 compared to 2023. As a result of the overall increased metals spreads, metals recycling operations operating income increased 61% to $76.8 million in 2024 compared to 2023.​42 Table of Contents Table of Contents Table of Contents Metallic raw materials used in our electric arc furnaces represent our single most significant steel manufacturing cost, generally comprising approximately 55% to 65% of our steel mill operations’ manufacturing costs. Our metallic raw material cost consumed in our steel mills decreased $28 per net ton, or 7%, in 2024 compared to 2023, consistent with overall decreased domestic scrap pricing noted below in the metals recycling operations segment discussion.​As a result of average selling prices decreasing more than scrap costs, specifically for long products, metal spread (which we define as the difference between average steel mill selling prices and the cost of ferrous scrap consumed in our steel mills) decreased 3% in 2024 compared to 2023. Due to metal spread compression, operating income for the steel operations decreased 16% to $1.6 billion in 2024 compared to 2023.Metals Recycling Operations Segment​Metals recycling operations include our OmniSource ferrous and nonferrous processing, transportation, marketing, brokerage, and scrap management services primarily throughout the United States and Mexico. Our steel mills utilize a large portion of the ferrous scrap sold by our metals recycling operations as raw material in our steelmaking operations, and the remainder is sold to other consumers, such as other steel manufacturers and foundries. In 2024 and 2023, 62% of metals recycling operations ferrous scrap was sold to our own steel mills, while our steel mill utilization remained consistent at 81% and 82% in 2024 and 2023, respectively. Metals recycling operations accounted for 11% of our consolidated net sales during 2024 and 2023.Metals Recycling Operations Shipments:​​​​​​​​​​​​​​​​​​​​​Years Ended December 31,​​​​2024​% Change​2023​​Ferrous metal (gross tons)​​​​​​​​Total​ 5,850,544​1% ​ 5,792,484​​Inter-company​ (3,656,034)​​​ (3,593,328)​​External shipments​ 2,194,510​-​ 2,199,156​​​​​​​​​​​Nonferrous metal (thousands of pounds)​​​​​​​​Total​ 965,491​(1)%​ 970,445​​Inter-company​ (171,915)​​​ (207,866)​​External shipments​ 793,576​4% ​ 762,579​​Segment Results 2024 vs. 2023During 2024, our metals recycling operations continued to benefit from solid domestic steel industry demand, resulting in consistent ferrous and nonferrous scrap shipments compared to 2023. Net sales for our metals recycling operations in 2024 were comparable to 2023 based on consistent shipments. Due to a challenging pricing environment throughout much of 2024, ferrous average selling prices decreased 7% while nonferrous average selling prices increased 10% during 2024 compared to 2023.​Ferrous metal spread (which we define as the difference between average selling prices and the cost of purchased scrap) was flat and nonferrous metal spread increased 13% during 2024 compared to 2023. As a result of the overall increased metals spreads, metals recycling operations operating income increased 61% to $76.8 million in 2024 compared to 2023.​ Metallic raw materials used in our electric arc furnaces represent our single most significant steel manufacturing cost, generally comprising approximately 55% to 65% of our steel mill operations’ manufacturing costs. Our metallic raw material cost consumed in our steel mills decreased $28 per net ton, or 7%, in 2024 compared to 2023, consistent with overall decreased domestic scrap pricing noted below in the metals recycling operations segment discussion.​As a result of average selling prices decreasing more than scrap costs, specifically for long products, metal spread (which we define as the difference between average steel mill selling prices and the cost of ferrous scrap consumed in our steel mills) decreased 3% in 2024 compared to 2023. Due to metal spread compression, operating income for the steel operations decreased 16% to $1.6 billion in 2024 compared to 2023.Metals Recycling Operations Segment​Metals recycling operations include our OmniSource ferrous and nonferrous processing, transportation, marketing, brokerage, and scrap management services primarily throughout the United States and Mexico. Our steel mills utilize a large portion of the ferrous scrap sold by our metals recycling operations as raw material in our steelmaking operations, and the remainder is sold to other consumers, such as other steel manufacturers and foundries. In 2024 and 2023, 62% of metals recycling operations ferrous scrap was sold to our own steel mills, while our steel mill utilization remained consistent at 81% and 82% in 2024 and 2023, respectively. Metals recycling operations accounted for 11% of our consolidated net sales during 2024 and 2023.Metals Recycling Operations Shipments:​​​​​​​​​​​​​​​​​​​​​Years Ended December 31,​​​​2024​% Change​2023​​Ferrous metal (gross tons)​​​​​​​​Total​ 5,850,544​1% ​ 5,792,484​​Inter-company​ (3,656,034)​​​ (3,593,328)​​External shipments​ 2,194,510​-​ 2,199,156​​​​​​​​​​​Nonferrous metal (thousands of pounds)​​​​​​​​Total​ 965,491​(1)%​ 970,445​​Inter-company​ (171,915)​​​ (207,866)​​External shipments​ 793,576​4% ​ 762,579​​Segment Results 2024 vs. 2023During 2024, our metals recycling operations continued to benefit from solid domestic steel industry demand, resulting in consistent ferrous and nonferrous scrap shipments compared to 2023. Net sales for our metals recycling operations in 2024 were comparable to 2023 based on consistent shipments. Due to a challenging pricing environment throughout much of 2024, ferrous average selling prices decreased 7% while nonferrous average selling prices increased 10% during 2024 compared to 2023.​Ferrous metal spread (which we define as the difference between average selling prices and the cost of purchased scrap) was flat and nonferrous metal spread increased 13% during 2024 compared to 2023. As a result of the overall increased metals spreads, metals recycling operations operating income increased 61% to $76.8 million in 2024 compared to 2023.​ Metallic raw materials used in our electric arc furnaces represent our single most significant steel manufacturing cost, generally comprising approximately 55% to 65% of our steel mill operations’ manufacturing costs. Our metallic raw material cost consumed in our steel mills decreased $28 per net ton, or 7%, in 2024 compared to 2023, consistent with overall decreased domestic scrap pricing noted below in the metals recycling operations segment discussion. ​ As a result of average selling prices decreasing more than scrap costs, specifically for long products, metal spread (which we define as the difference between average steel mill selling prices and the cost of ferrous scrap consumed in our steel mills) decreased 3% in 2024 compared to 2023. Due to metal spread compression, operating income for the steel operations decreased 16% to $1.6 billion in 2024 compared to 2023."
    },
    {
      "status": "MODIFIED",
      "current_title": "Years Ended December 31,",
      "prior_title": "Senior Credit Facility, due 2028",
      "similarity_score": 0.586,
      "confidence": "low",
      "key_changes": [
        "Reworded sentence: \"​ ​ ​ 2025 ​ ​ 2024 ​ Net sales $ 18,647,759 ​ $ 18,067,014 ​ Net income attributable to Steel Dynamics, Inc.\"",
        "Reworded sentence: \"At December 31, 2025, the company had $1.2 billion of availability on the Facility, $9.2 million of outstanding letters of credit and other obligations which reduce availability, and there were no borrowings outstanding.​The Facility pricing grid is adjusted quarterly and is based on either the company’s leverage of net debt (as defined in the Facility) to last-twelve-months (LTM) consolidated EBITDA as defined in the Facility (earnings before interest, taxes, depreciation, amortization, and certain other non-cash items as allowed in the Facility), or the company’s credit ratings.\"",
        "Reworded sentence: \"In addition, the company is subject to an unused commitment fee of between 0.11% and 0.275% (based on either the leverage of net debt to LTM consolidated EBITDA, or the company’s credit ratings) which is applied to the unused portion of the Facility.\""
      ],
      "current_body": "​ ​ ​ 2025 ​ % Change ​ 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 13,412,773 ​ 7% ​ $ 12,527,066 ​ ​ Metals Recycling Operations ​ 4,346,074 ​ 5% ​ ​ 4,136,913 ​ ​ Steel Fabrication Operations ​ 1,418,665 ​ (20)% ​ ​ 1,771,795 ​ ​ Aluminum Operations ​ 473,881 ​ 49% ​ ​ 318,689 ​ ​ Other ​ 1,335,454 ​ (8)% ​ ​ 1,451,723 ​ ​ ​ ​ 20,986,847 ​ ​ ​ ​ 20,206,186 ​ ​ Inter-segment ​ (2,810,266) ​ ​ ​ ​ (2,665,796) ​ ​ ​ $ 18,176,581 ​ 4% ​ $ 17,540,390 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations $ 1,427,544 ​ (10)% ​ $ 1,582,374 ​ ​ Metals Recycling Operations ​ 97,176 ​ 27% ​ ​ 76,807 ​ ​ Steel Fabrication Operations ​ 407,425 ​ (39)% ​ ​ 666,984 ​ ​ Aluminum Operations ​ (172,970) ​ (139)% ​ ​ (72,331) ​ ​ Other ​ (281,851) ​ 11% ​ ​ (317,408) ​ ​ ​ ​ 1,477,324 ​ ​ ​ ​ 1,936,426 ​ ​ Inter-segment ​ (1,338) ​ ​ ​ ​ 6,611 ​ ​ ​ $ 1,475,986 ​ (24)% ​ $ 1,943,037 ​ ​ ​ 39 39 Table of Contents​Steel Operations Segment​Steel operations include our electric arc furnace (EAF) steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, and Steel of West Virginia; steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply, New Process Steel, L.P. (acquired December 1, 2025), and Vulcan Threaded Products, Inc.; warehouse operations in Mexico; and a 75% controlling equity interest in SDI Biocarbon Solutions, LLC. Steel operations accounted for 72% and 69% of our consolidated net sales during 2025 and 2024, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Segment Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2025​% Change​2024​​Total shipments 13,748,801​9% ​ 12,660,487​​Intra-segment shipments (1,429,299)​​​ (1,306,364)​​Steel Operations Segment shipments 12,319,502​9% ​ 11,354,123​​​​​​​​​​External shipments 11,960,582​9% ​ 10,929,453​​​40 Table of Contents Table of Contents Table of Contents ​Steel Operations Segment​Steel operations include our electric arc furnace (EAF) steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, and Steel of West Virginia; steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply, New Process Steel, L.P. (acquired December 1, 2025), and Vulcan Threaded Products, Inc.; warehouse operations in Mexico; and a 75% controlling equity interest in SDI Biocarbon Solutions, LLC. Steel operations accounted for 72% and 69% of our consolidated net sales during 2025 and 2024, respectively. See Item 1. Business for further information on Steel Operations segment operations.Steel Operations Segment Shipments (tons):​​​​​​​​​​​​​​​​​​ Years Ended December 31, ​​​2025​% Change​2024​​Total shipments 13,748,801​9% ​ 12,660,487​​Intra-segment shipments (1,429,299)​​​ (1,306,364)​​Steel Operations Segment shipments 12,319,502​9% ​ 11,354,123​​​​​​​​​​External shipments 11,960,582​9% ​ 10,929,453​​​ ​",
      "prior_body": "​ On July 19, 2023, the company entered into an unsecured credit agreement comprised of a senior unsecured credit facility (Facility), which provides a $1.2 billion unsecured Revolver, maturing July 2028. Subject to certain conditions, the company has the opportunity to increase the Facility size by $500.0 million. The unsecured Facility is available to fund working capital, capital expenditures, and other general corporate purposes. The Facility contains financial covenants and other covenants pertaining to the company’s ability to incur indebtedness and permit liens on certain assets. The company’s ability to borrow funds within the terms of the unsecured Facility is dependent upon its continued compliance with financial and other covenants. At December 31, 2024, the company had $1.2 billion of availability on the Facility, $9.3 million of outstanding letters of credit and other obligations which reduce availability, and there were no borrowings outstanding. ​ The Facility pricing grid is adjusted quarterly and is based on either the company’s leverage of net debt (as defined in the Facility) to last-twelve-months (LTM) consolidated Adjusted EBITDA as defined in the Facility (earnings before interest, taxes, depreciation, amortization, and certain other non-cash items as allowed in the Facility), or the company’s credit ratings. The minimum pricing is adjusted Secured Overnight Financing Rate (SOFR) plus 1.000% and the maximum pricing is adjusted SOFR plus 1.75%. In addition, the company is subject to an unused commitment fee of between 0.11% and 0.275% (based on either the leverage of net debt to LTM consolidated adjusted EBITDA, or the company’s credit ratings) which is applied to the unused portion of the Facility. SOFR SOFR The financial covenants under the Facility state that the company must maintain an interest coverage ratio of not less than 2.50:1.00. The company’s interest coverage ratio is calculated by dividing its LTM consolidated Adjusted EBITDA by its LTM gross interest expense, less amortization of financing fees. In addition, a debt to capitalization ratio of not more than 0.60:1.00 must be maintained. At December 31, 2024, the company’s interest coverage ratio and debt to capitalization ratio were 21.68:1.00 and 0.27:1.00, respectively. The company was, therefore, in compliance with these covenants at December 31, 2024, and anticipates remaining in compliance during the next twelve months."
    },
    {
      "status": "MODIFIED",
      "current_title": "Description of the Business",
      "prior_title": "Description of the Business",
      "similarity_score": 0.572,
      "confidence": "low",
      "key_changes": [
        "Reworded sentence: \"(SDI), together with its subsidiaries (the company), is a leading industrial metals solutions company, with facilities located throughout the United States and Mexico.\"",
        "Reworded sentence: \"Approximately 4% of the company’s workforce in four locations is represented by collective bargaining agreements, and agreements affecting 0.1% of the company’s employees at one location expires during 2026.\""
      ],
      "current_body": "Steel Dynamics, Inc. (SDI), together with its subsidiaries (the company), is a leading industrial metals solutions company, with facilities located throughout the United States and Mexico. SDI is one of the largest domestic steel producers and metal recyclers in North America, combined with a meaningful downstream steel fabrication platform. The company also has aluminum operations, further diversifying its product offerings to supply aluminum flat rolled products with higher recycled content to the countercyclical, sustainable beverage can industry, as well as the automotive and industrial sectors. The company has four reporting segments: steel operations, metals recycling operations, steel fabrication operations, and aluminum operations. Approximately 4% of the company’s workforce in four locations is represented by collective bargaining agreements, and agreements affecting 0.1% of the company’s employees at one location expires during 2026.",
      "prior_body": "Steel Dynamics, Inc. (SDI), together with its subsidiaries (the company), is one of the largest and most diversified domestic steel producers and metals recycler, combined with a meaningful steel fabrication manufacturing platform. The company has four reporting segments: steel operations, metals recycling operations, steel fabrication operations, and aluminum operations. Effective the fourth quarter 2024, results from an entity previously reported within the metals recycling operations segment were moved to the aluminum operations segment, consistent with a change in how the company’s chief operating decision maker manages the business. Segment information provided within this Form 10-K, including that within Note 12. Segment Information, has been recast for all prior periods consistent with the current reportable segment presentation. Approximately 5% of the company’s workforce in four locations is represented by collective bargaining agreements, and agreements affecting 0.5% of the company’s employees at one location expires during 2025."
    },
    {
      "status": "MODIFIED",
      "current_title": "2023 Equity Incentive Plan",
      "prior_title": "Note 6. Equity-Based Incentive Plans (Continued)",
      "similarity_score": 0.535,
      "confidence": "low",
      "key_changes": [
        "Added sentence: \"In May 2023, the company’s shareholders approved the 2023 Equity Incentive Plan (2023 Plan), which superseded the prior Amended and Restated 2015 Equity Incentive Plan.\"",
        "Added sentence: \"The 2023 Plan is designed to attract, motivate, and retain qualified persons that are able to make important contributions to the company’s success.\"",
        "Added sentence: \"To accomplish these objectives, the 2023 Plan provides for awards of equity-based incentives through granting of restricted stock units (RSUs), deferred stock units (DSUs), stock appreciation rights (SARs), performance awards, such as the long-term incentive compensation program (LTIP), restricted stock awards (of which none have been granted), stock options (of which none have been granted), and unrestricted stock awards (of which none have been granted).\"",
        "Added sentence: \"Under the 2023 Plan, 9.0 million shares of common stock were reserved for grant through December 31, 2033.\"",
        "Added sentence: \"The 2023 Plan uses a fungible share concept under which any awards that are not a full-value award, such as stock options and stock-settled SARs, will be counted against the share reserve as one share for each share of common stock, and awards that are full-value awards, such as RSUs, DSUs, restricted and unrestricted stock awards, and performance awards, will be counted against the share reserve as 2.09 shares for each share of common stock.\""
      ],
      "current_body": "In May 2023, the company’s shareholders approved the 2023 Equity Incentive Plan (2023 Plan), which superseded the prior Amended and Restated 2015 Equity Incentive Plan. The 2023 Plan is designed to attract, motivate, and retain qualified persons that are able to make important contributions to the company’s success. To accomplish these objectives, the 2023 Plan provides for awards of equity-based incentives through granting of restricted stock units (RSUs), deferred stock units (DSUs), stock appreciation rights (SARs), performance awards, such as the long-term incentive compensation program (LTIP), restricted stock awards (of which none have been granted), stock options (of which none have been granted), and unrestricted stock awards (of which none have been granted). Under the 2023 Plan, 9.0 million shares of common stock were reserved for grant through December 31, 2033. The 2023 Plan uses a fungible share concept under which any awards that are not a full-value award, such as stock options and stock-settled SARs, will be counted against the share reserve as one share for each share of common stock, and awards that are full-value awards, such as RSUs, DSUs, restricted and unrestricted stock awards, and performance awards, will be counted against the share reserve as 2.09 shares for each share of common stock. The SARs the company has granted to date (of which none are outstanding at December 31, 2025) can only be settled in cash, and thus, do not count against the share reserve. At December 31, 2025, there were 5.1 million shares still available for issuance. Substantially all of the company’s full-time, non-union, U.S. team members receive RSUs, which are granted annually in November at no cost to employees and vest 100% over the shorter of two years from grant date or upon the recipient reaching retirement eligible age (59½ years). During 2025, 2024, and 2023, certain key senior leadership of the company received RSUs in February which vest over a period of 2 to 4 years. The RSUs are converted to stock and issued to employees upon vesting. The company satisfies RSUs with newly issued shares, and satisfies restricted and unrestricted stock awards, DSUs, and performance awards with treasury shares. In addition to the RSUs and LTIP awards granted during the three-year period ended December 31, 2025, presented below, the company awarded 14,000, 13,000 and 18,000 DSUs in 2025, 2024 and 2023, respectively. 59½ years",
      "prior_body": "Substantially all of the company’s full-time, non-union, U.S. team members receive RSUs, which are granted annually in November at no cost to employees and vest 100% over the shorter of two years from grant date or upon the recipient reaching retirement eligible age (59½ years). During 2024, 2023, and 2022, certain senior leadership of the company received RSUs in February which vest over a period of 2 to 4 years. The stock is issued to employees upon vesting. The company satisfies RSUs with newly issued shares, and satisfies restricted and unrestricted stock awards, DSUs, and performance awards with treasury shares. In addition to the RSUs and LTIP awards granted during the three-year period ended December 31, 2024, presented below, the company awarded 13,000, 18,000 and 20,000 DSUs in 2024, 2023 and 2022, respectively. The 1,300 SARs awards outstanding at December 31, 2024, for which no shares of common stock can be issued because the awards must be cash-settled upon exercise, have a weighted-average exercise price of $42.83. 59½ years"
    },
    {
      "status": "MODIFIED",
      "current_title": "Note 6. Equity-Based Incentive Plans (Continued)",
      "prior_title": "Compensation",
      "similarity_score": 0.515,
      "confidence": "low",
      "key_changes": [
        "Reworded sentence: \"The weighted average remaining life before vesting of the outstanding RSUs as of December 31, 2025, is 1.3 years.\""
      ],
      "current_body": "The weighted average remaining life before vesting of the outstanding RSUs as of December 31, 2025, is 1.3 years. The fair value of RSUs vesting during 2025, 2024, and 2023 was $60.7 million, $56.2 million, and $58.3 million, respectively, and were net-share settled such that the company withheld shares with value equivalent to the employees’ minimum statutory obligation for the applicable income and other employment taxes and remitted the cash to the appropriate taxing authorities. The total shares withheld in 2025, 2024, and 2023 were approximately 253,000, 287,000, and 342,000 shares, respectively, and were based on the value of the RSUs on their vesting dates as determined by the company’s closing stock price. ​",
      "prior_body": "Outstanding RSUs as of January 1, 2022 1,348,258 ​ $ 43.82 ​ $ 83,686 ​ $ 39,657 Granted 481,926 ​ ​ 98.29 ​ ​ ​ ​ ​ ​ Vested (786,622) ​ ​ 37.38 ​ ​ ​ ​ ​ ​ Forfeited (70,011) ​ ​ 46.82 ​ ​ ​ ​ ​ ​ As of December 31, 2022 973,551 ​ $ 71.80 ​ $ 94,765 ​ $ 44,394 Granted 433,810 ​ ​ 108.95 ​ ​ ​ ​ ​ ​ Vested (517,041) ​ ​ 64.03 ​ ​ ​ ​ ​ ​ Forfeited (40,829) ​ ​ 78.70 ​ ​ ​ ​ ​ ​ As of December 31, 2023 849,491 ​ $ 99.13 ​ $ 101,480 ​ $ 43,073 Granted 374,370 ​ ​ 137.14 ​ ​ ​ ​ ​ ​ Vested (394,675) ​ ​ 94.28 ​ ​ ​ ​ ​ ​ Forfeited (39,874) ​ ​ 104.21 ​ ​ ​ ​ ​ ​ As of December 31, 2024 (nonvested) 789,312 ​ $ 115.47 ​ $ 90,037 ​ $ 54,964 ​ The weighted average remaining life before vesting of the outstanding RSUs as of December 31, 2024, is 1.6 years. The fair value of RSUs vesting during 2024, 2023, and 2022 was $56.2 million, $58.3 million, and $79.1 million, respectively, and was net-share settled such that the company withheld shares with value equivalent to the employees’ minimum statutory obligation for the applicable income and other employment taxes and remitted the cash to the appropriate taxing authorities. The total shares withheld in 2024, 2023, and 2022 were approximately 287,000, 342,000, and 249,000 shares, respectively, and were based on the value of the RSUs on their vesting dates as determined by the company’s closing stock price. ​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Valuation of Acquired Customer Relationships Intangible Asset",
      "prior_title": "Valuation of Goodwill",
      "similarity_score": 0.506,
      "confidence": "low",
      "key_changes": [
        "Reworded sentence: \"Description ofthe Matter As described in Note 2 to the consolidated financial statements, on December 1, 2025, the Company completed the acquisition of the remaining 55% interest in New Process Steel, L.P.\"",
        "Reworded sentence: \"​ Indianapolis, Indiana February 27, 2026 55 55 Table of ContentsSTEEL DYNAMICS, INC.CONSOLIDATED BALANCE SHEETS(in thousands, except share data)​​​​​​​​December 31,Assets 2025​​ 2024Current assets​​​​​​ Cash and equivalents $ 769,878​​$ 589,464 Short-term investments​ -​​​ 147,811 Accounts receivable, net of allowances for credit losses of $5,419 and $7,728​​​​​​as of December 31, 2025 and 2024, respectively​ 1,680,249​​​ 1,362,969 Accounts receivable-related parties​ 2,411​​​ 54,230 Inventories ​ 3,738,516​​​ 3,113,733 Other current assets ​ 293,117​​​ 163,131 Total current assets ​ 6,484,171​​​ 5,431,338​​​​​​​Property, plant and equipment, net ​ 8,569,466​​​ 8,117,988Intangible assets, net ​ 331,290​​​ 227,234Goodwill​ 477,471​​​ 477,471Other assets ​ 557,382​​​ 681,202 Total assets $ 16,419,780​​$ 14,935,233Liabilities and Equity​​​​​​Current liabilities​​​​​​ Accounts payable $ 1,223,776​​$ 972,645 Accounts payable-related parties​ 7,582​​​ 7,267 Income taxes payable​ 67,315​​​ 3,783 Accrued payroll and benefits ​ 361,494​​​ 373,216 Accrued expenses​ 427,432​​​ 366,682 Current maturities of long-term debt​ 34,655​​​ 426,990 Total current liabilities ​ 2,122,254​​​ 2,150,583​​​​​​​Long-term debt​ 4,176,508​​​ 2,804,017Deferred income taxes​ 1,004,375​​​ 902,186Other liabilities​ 186,232​​​ 133,201 Total liabilities ​ 7,489,369​​​ 5,989,987​​​​​​​Commitments and contingencies​​​​​​​​​​​​​Redeemable noncontrolling interests​ 141,226​​​ 171,212​​​​​​​Equity​​​​​​ Common stock voting, $.0025 par value; 900,000,000 shares authorized;​​​​​​268,644,427 and 268,377,165 shares issued; and 144,940,102 and 151,117,153​​​​​​shares outstanding, as of December 31, 2025 and 2024, respectively​ 653​​​ 652 Treasury stock, at cost; 123,704,325 and 117,260,012 shares,​​​​​​as of December 31, 2025 and 2024, respectively​ (7,980,549)​​​ (7,094,266) Additional paid-in capital ​ 1,248,634​​​ 1,229,819 Retained earnings ​ 15,689,042​​​ 14,798,082 Accumulated other comprehensive loss​ (598)​​​ - Total Steel Dynamics, Inc.\""
      ],
      "current_body": "Description ofthe Matter As described in Note 2 to the consolidated financial statements, on December 1, 2025, the Company completed the acquisition of the remaining 55% interest in New Process Steel, L.P. for a purchase price of $229 million. The Company measured the assets and liabilities assumed at fair value, which resulted in the recognition of a customer relationships intangible asset of $96 million. ​ Auditing the valuation of the acquired customer relationships intangible asset required auditor judgment due to the nature and extent of audit effort in evaluating certain assumptions required to estimate the fair value using a multi-period excess earnings method, which is a specific discounted cash flow method. In particular, the fair value measurement of customer relationships utilized management’s forecasts of revenue growth rates and projected margins to estimate the discounted cash flows. How WeAddressed theMatter in OurAudit We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s process to estimate the fair value of the acquired customer relationships intangible asset, including controls over management’s review of the significant assumption described above. ​ To test the fair value estimate of the customer relationships intangible asset, we performed audit procedures which included, among others, testing the significant assumptions described above, testing the completeness and accuracy of the underlying data, and evaluating the valuation methodology with the assistance of our valuation specialists. We compared the significant assumptions to current industry and economic trends and historical results of the acquired business. We performed sensitivity analyses to evaluate the impact of changes in the significant assumptions to the fair value of the customer relationships intangible asset. ​ /s/ Ernst & Young LLP ​ We have served as the Company’s auditor since 1999. ​ Indianapolis, Indiana February 27, 2026 55 55 Table of ContentsSTEEL DYNAMICS, INC.CONSOLIDATED BALANCE SHEETS(in thousands, except share data)​​​​​​​​December 31,Assets 2025​​ 2024Current assets​​​​​​ Cash and equivalents $ 769,878​​$ 589,464 Short-term investments​ -​​​ 147,811 Accounts receivable, net of allowances for credit losses of $5,419 and $7,728​​​​​​as of December 31, 2025 and 2024, respectively​ 1,680,249​​​ 1,362,969 Accounts receivable-related parties​ 2,411​​​ 54,230 Inventories ​ 3,738,516​​​ 3,113,733 Other current assets ​ 293,117​​​ 163,131 Total current assets ​ 6,484,171​​​ 5,431,338​​​​​​​Property, plant and equipment, net ​ 8,569,466​​​ 8,117,988Intangible assets, net ​ 331,290​​​ 227,234Goodwill​ 477,471​​​ 477,471Other assets ​ 557,382​​​ 681,202 Total assets $ 16,419,780​​$ 14,935,233Liabilities and Equity​​​​​​Current liabilities​​​​​​ Accounts payable $ 1,223,776​​$ 972,645 Accounts payable-related parties​ 7,582​​​ 7,267 Income taxes payable​ 67,315​​​ 3,783 Accrued payroll and benefits ​ 361,494​​​ 373,216 Accrued expenses​ 427,432​​​ 366,682 Current maturities of long-term debt​ 34,655​​​ 426,990 Total current liabilities ​ 2,122,254​​​ 2,150,583​​​​​​​Long-term debt​ 4,176,508​​​ 2,804,017Deferred income taxes​ 1,004,375​​​ 902,186Other liabilities​ 186,232​​​ 133,201 Total liabilities ​ 7,489,369​​​ 5,989,987​​​​​​​Commitments and contingencies​​​​​​​​​​​​​Redeemable noncontrolling interests​ 141,226​​​ 171,212​​​​​​​Equity​​​​​​ Common stock voting, $.0025 par value; 900,000,000 shares authorized;​​​​​​268,644,427 and 268,377,165 shares issued; and 144,940,102 and 151,117,153​​​​​​shares outstanding, as of December 31, 2025 and 2024, respectively​ 653​​​ 652 Treasury stock, at cost; 123,704,325 and 117,260,012 shares,​​​​​​as of December 31, 2025 and 2024, respectively​ (7,980,549)​​​ (7,094,266) Additional paid-in capital ​ 1,248,634​​​ 1,229,819 Retained earnings ​ 15,689,042​​​ 14,798,082 Accumulated other comprehensive loss​ (598)​​​ - Total Steel Dynamics, Inc. equity ​ 8,957,182​​​ 8,934,287 Noncontrolling interests​ (167,997)​​​ (160,253) Total equity​ 8,789,185​​​ 8,774,034 Total liabilities and equity $ 16,419,780​​$ 14,935,233See notes to consolidated financial statements.56 Table of Contents Table of Contents Table of Contents STEEL DYNAMICS, INC.CONSOLIDATED BALANCE SHEETS(in thousands, except share data)​​​​​​​​December 31,Assets 2025​​ 2024Current assets​​​​​​ Cash and equivalents $ 769,878​​$ 589,464 Short-term investments​ -​​​ 147,811 Accounts receivable, net of allowances for credit losses of $5,419 and $7,728​​​​​​as of December 31, 2025 and 2024, respectively​ 1,680,249​​​ 1,362,969 Accounts receivable-related parties​ 2,411​​​ 54,230 Inventories ​ 3,738,516​​​ 3,113,733 Other current assets ​ 293,117​​​ 163,131 Total current assets ​ 6,484,171​​​ 5,431,338​​​​​​​Property, plant and equipment, net ​ 8,569,466​​​ 8,117,988Intangible assets, net ​ 331,290​​​ 227,234Goodwill​ 477,471​​​ 477,471Other assets ​ 557,382​​​ 681,202 Total assets $ 16,419,780​​$ 14,935,233Liabilities and Equity​​​​​​Current liabilities​​​​​​ Accounts payable $ 1,223,776​​$ 972,645 Accounts payable-related parties​ 7,582​​​ 7,267 Income taxes payable​ 67,315​​​ 3,783 Accrued payroll and benefits ​ 361,494​​​ 373,216 Accrued expenses​ 427,432​​​ 366,682 Current maturities of long-term debt​ 34,655​​​ 426,990 Total current liabilities ​ 2,122,254​​​ 2,150,583​​​​​​​Long-term debt​ 4,176,508​​​ 2,804,017Deferred income taxes​ 1,004,375​​​ 902,186Other liabilities​ 186,232​​​ 133,201 Total liabilities ​ 7,489,369​​​ 5,989,987​​​​​​​Commitments and contingencies​​​​​​​​​​​​​Redeemable noncontrolling interests​ 141,226​​​ 171,212​​​​​​​Equity​​​​​​ Common stock voting, $.0025 par value; 900,000,000 shares authorized;​​​​​​268,644,427 and 268,377,165 shares issued; and 144,940,102 and 151,117,153​​​​​​shares outstanding, as of December 31, 2025 and 2024, respectively​ 653​​​ 652 Treasury stock, at cost; 123,704,325 and 117,260,012 shares,​​​​​​as of December 31, 2025 and 2024, respectively​ (7,980,549)​​​ (7,094,266) Additional paid-in capital ​ 1,248,634​​​ 1,229,819 Retained earnings ​ 15,689,042​​​ 14,798,082 Accumulated other comprehensive loss​ (598)​​​ - Total Steel Dynamics, Inc. equity ​ 8,957,182​​​ 8,934,287 Noncontrolling interests​ (167,997)​​​ (160,253) Total equity​ 8,789,185​​​ 8,774,034 Total liabilities and equity $ 16,419,780​​$ 14,935,233See notes to consolidated financial statements.",
      "prior_body": "Description ofthe Matter At December 31, 2024, the Company’s goodwill was approximately $477 million. As discussed in Note 1 of the consolidated financial statements, the Company performs an impairment test for goodwill at least annually or when indicators of impairment exist. The Company performed a qualitative assessment as of October 1, 2024, to assess if it is more likely than not that the fair value of a reporting unit exceeds its carrying amount. Auditing management’s annual goodwill impairment test was complex and judgmental as management considers the impact of several factors on the Company overall and each reporting unit individually including assessing the qualitative factors to be considered in the qualitative goodwill impairment assessment, changes in the carrying amount of the reporting unit, macroeconomic conditions (including changes in interest and discount rates), industry and market conditions, recent and projected financial performance, the Company’s competitive position and other factors. Significant judgment is involved in evaluating the totality of all factors to determine whether it is more likely than not that the fair value of the reporting unit exceeds its carrying value. How WeAddressed theMatter in OurAudit We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s goodwill impairment testing process, including controls over management’s review of the qualitative factors described above. To test management’s conclusion that it is more likely than not that the fair values of the Company’s reporting units exceed their carrying amounts, we performed audit procedures that included, among others, assessing the reasonableness of the qualitative factors considered within the analyses, testing the evaluation of the qualitative factors and the underlying data used by the Company in its analyses. We evaluated management’s assessment of the qualitative factors for each reporting unit by comparing to current industry and economic trends, current and historical results and key business drivers for each reporting unit, comparing the Company’s share price trends to historical amounts, and other relevant factors, including considering consistency with evidence obtained in other parts of the audit and evaluating whether any contrary evidence exists. ​ /s/ Ernst & Young LLP ​ We have served as the Company’s auditor since 1999. ​ Indianapolis, Indiana February 28, 2025 ​ 55 55 Table of ContentsSTEEL DYNAMICS, INC.CONSOLIDATED BALANCE SHEETS(in thousands, except share data)​​​​​​​​December 31,Assets 2024​​ 2023Current assets​​​​​​ Cash and equivalents $ 589,464​​$ 1,400,887 Short-term investments​ 147,811​​​ 721,210 Accounts receivable, net of allowances for credit losses of $7,728 and $8,480​​​​​​as of December 31, 2024 and 2023, respectively​ 1,362,969​​​ 1,535,062 Accounts receivable-related parties​ 54,230​​​ 73,245 Inventories ​ 3,113,733​​​ 2,894,632 Other current assets ​ 163,131​​​ 162,790 Total current assets ​ 5,431,338​​​ 6,787,826​​​​​​​Property, plant and equipment, net ​ 8,117,988​​​ 6,734,218Intangible assets, net ​ 227,234​​​ 257,759Goodwill​ 477,471​​​ 477,471Other assets ​ 681,202​​​ 651,146 Total assets $ 14,935,233​​$ 14,908,420Liabilities and Equity​​​​​​Current liabilities​​​​​​ Accounts payable $ 972,645​​$ 1,078,645 Accounts payable-related parties​ 7,267​​​ 9,685 Income taxes payable​ 3,783​​​ 5,524 Accrued payroll and benefits ​ 373,216​​​ 469,143 Accrued expenses​ 366,682​​​ 309,312 Current maturities of long-term debt​ 426,990​​​ 459,987 Total current liabilities ​ 2,150,583​​​ 2,332,296​​​​​​​Long-term debt​ 2,804,017​​​ 2,611,069Deferred income taxes​ 902,186​​​ 944,768Other liabilities​ 133,201​​​ 180,760 Total liabilities ​ 5,989,987​​​ 6,068,893​​​​​​​Commitments and contingencies​​​​​​​​​​​​​Redeemable noncontrolling interests​ 171,212​​​ 171,212​​​​​​​Equity​​​​​​ Common stock voting, $.0025 par value; 900,000,000 shares authorized;​​​​​​ 268,377,165 and 268,112,991 shares issued; and 151,117,153 and 160,018,100​​​​​​ shares outstanding, as of December 31, 2024 and 2023, respectively​ 652​​​ 651 Treasury stock, at cost; 117,260,012 and 108,094,891 shares,​​​​​​as of December 31, 2024 and 2023, respectively​ (7,094,266)​​​ (5,897,606) Additional paid-in capital ​ 1,229,819​​​ 1,217,610 Retained earnings ​ 14,798,082​​​ 13,545,590 Accumulated other comprehensive income​ -​​​ 421 Total Steel Dynamics, Inc. equity ​ 8,934,287​​​ 8,866,666 Noncontrolling interests​ (160,253)​​​ (198,351) Total equity​ 8,774,034​​​ 8,668,315 Total liabilities and equity $ 14,935,233​​$ 14,908,420See notes to consolidated financial statements.56 Table of Contents Table of Contents Table of Contents STEEL DYNAMICS, INC.CONSOLIDATED BALANCE SHEETS(in thousands, except share data)​​​​​​​​December 31,Assets 2024​​ 2023Current assets​​​​​​ Cash and equivalents $ 589,464​​$ 1,400,887 Short-term investments​ 147,811​​​ 721,210 Accounts receivable, net of allowances for credit losses of $7,728 and $8,480​​​​​​as of December 31, 2024 and 2023, respectively​ 1,362,969​​​ 1,535,062 Accounts receivable-related parties​ 54,230​​​ 73,245 Inventories ​ 3,113,733​​​ 2,894,632 Other current assets ​ 163,131​​​ 162,790 Total current assets ​ 5,431,338​​​ 6,787,826​​​​​​​Property, plant and equipment, net ​ 8,117,988​​​ 6,734,218Intangible assets, net ​ 227,234​​​ 257,759Goodwill​ 477,471​​​ 477,471Other assets ​ 681,202​​​ 651,146 Total assets $ 14,935,233​​$ 14,908,420Liabilities and Equity​​​​​​Current liabilities​​​​​​ Accounts payable $ 972,645​​$ 1,078,645 Accounts payable-related parties​ 7,267​​​ 9,685 Income taxes payable​ 3,783​​​ 5,524 Accrued payroll and benefits ​ 373,216​​​ 469,143 Accrued expenses​ 366,682​​​ 309,312 Current maturities of long-term debt​ 426,990​​​ 459,987 Total current liabilities ​ 2,150,583​​​ 2,332,296​​​​​​​Long-term debt​ 2,804,017​​​ 2,611,069Deferred income taxes​ 902,186​​​ 944,768Other liabilities​ 133,201​​​ 180,760 Total liabilities ​ 5,989,987​​​ 6,068,893​​​​​​​Commitments and contingencies​​​​​​​​​​​​​Redeemable noncontrolling interests​ 171,212​​​ 171,212​​​​​​​Equity​​​​​​ Common stock voting, $.0025 par value; 900,000,000 shares authorized;​​​​​​ 268,377,165 and 268,112,991 shares issued; and 151,117,153 and 160,018,100​​​​​​ shares outstanding, as of December 31, 2024 and 2023, respectively​ 652​​​ 651 Treasury stock, at cost; 117,260,012 and 108,094,891 shares,​​​​​​as of December 31, 2024 and 2023, respectively​ (7,094,266)​​​ (5,897,606) Additional paid-in capital ​ 1,229,819​​​ 1,217,610 Retained earnings ​ 14,798,082​​​ 13,545,590 Accumulated other comprehensive income​ -​​​ 421 Total Steel Dynamics, Inc. equity ​ 8,934,287​​​ 8,866,666 Noncontrolling interests​ (160,253)​​​ (198,351) Total equity​ 8,774,034​​​ 8,668,315 Total liabilities and equity $ 14,935,233​​$ 14,908,420See notes to consolidated financial statements. STEEL DYNAMICS, INC.CONSOLIDATED BALANCE SHEETS(in thousands, except share data)​​​​​​​​December 31,Assets 2024​​ 2023Current assets​​​​​​ Cash and equivalents $ 589,464​​$ 1,400,887 Short-term investments​ 147,811​​​ 721,210 Accounts receivable, net of allowances for credit losses of $7,728 and $8,480​​​​​​as of December 31, 2024 and 2023, respectively​ 1,362,969​​​ 1,535,062 Accounts receivable-related parties​ 54,230​​​ 73,245 Inventories ​ 3,113,733​​​ 2,894,632 Other current assets ​ 163,131​​​ 162,790 Total current assets ​ 5,431,338​​​ 6,787,826​​​​​​​Property, plant and equipment, net ​ 8,117,988​​​ 6,734,218Intangible assets, net ​ 227,234​​​ 257,759Goodwill​ 477,471​​​ 477,471Other assets ​ 681,202​​​ 651,146 Total assets $ 14,935,233​​$ 14,908,420Liabilities and Equity​​​​​​Current liabilities​​​​​​ Accounts payable $ 972,645​​$ 1,078,645 Accounts payable-related parties​ 7,267​​​ 9,685 Income taxes payable​ 3,783​​​ 5,524 Accrued payroll and benefits ​ 373,216​​​ 469,143 Accrued expenses​ 366,682​​​ 309,312 Current maturities of long-term debt​ 426,990​​​ 459,987 Total current liabilities ​ 2,150,583​​​ 2,332,296​​​​​​​Long-term debt​ 2,804,017​​​ 2,611,069Deferred income taxes​ 902,186​​​ 944,768Other liabilities​ 133,201​​​ 180,760 Total liabilities ​ 5,989,987​​​ 6,068,893​​​​​​​Commitments and contingencies​​​​​​​​​​​​​Redeemable noncontrolling interests​ 171,212​​​ 171,212​​​​​​​Equity​​​​​​ Common stock voting, $.0025 par value; 900,000,000 shares authorized;​​​​​​ 268,377,165 and 268,112,991 shares issued; and 151,117,153 and 160,018,100​​​​​​ shares outstanding, as of December 31, 2024 and 2023, respectively​ 652​​​ 651 Treasury stock, at cost; 117,260,012 and 108,094,891 shares,​​​​​​as of December 31, 2024 and 2023, respectively​ (7,094,266)​​​ (5,897,606) Additional paid-in capital ​ 1,229,819​​​ 1,217,610 Retained earnings ​ 14,798,082​​​ 13,545,590 Accumulated other comprehensive income​ -​​​ 421 Total Steel Dynamics, Inc. equity ​ 8,934,287​​​ 8,866,666 Noncontrolling interests​ (160,253)​​​ (198,351) Total equity​ 8,774,034​​​ 8,668,315 Total liabilities and equity $ 14,935,233​​$ 14,908,420See notes to consolidated financial statements."
    },
    {
      "status": "MODIFIED",
      "current_title": "2025 Overview",
      "prior_title": "2024 Overview",
      "similarity_score": 0.499,
      "confidence": "low",
      "key_changes": [
        "Reworded sentence: \"During 2025 we achieved record steel shipments of 13.7 million tons.\"",
        "Reworded sentence: \"for 2025 decreased $351.5 million, or 23%, to $1.2 billion, compared to 2024.\"",
        "Reworded sentence: \"was $7.99 for 2025, compared to $9.84 for 2024.\""
      ],
      "current_body": "During 2025 we achieved record steel shipments of 13.7 million tons. Underlying domestic steel demand was stable during 2025, as imports declined from the elevated levels experienced during the first half of the year and as the Sinton Flat Roll Division’s year-over-year operating performance improved. Our metals recycling operations segment achieved notable improvement in operating income in 2025 compared to 2024 on higher ferrous metals volumes and higher ferrous and nonferrous pricing. Our steel fabrication operations experienced historically strong, yet moderating product pricing compared to 2024, with stabilization in selling values realized in the fourth quarter of 2025. Finally, our aluminum operations segment achieved successful production and qualifications of industrial, beverage can, and automotive quality flat rolled aluminum products, with shipments commencing in the late second half of 2025. Consolidated net sales were $18.2 billion during 2025, with cash flow from operations of $1.4 billion. Metal spread compression in our steel and, particularly, steel fabrication segments resulted in lower operating income in 2025 compared to 2024. Consolidated operating income for 2025 decreased $467.1 million, or 24%, to $1.5 billion, compared to $1.9 billion in 2024. Net income attributable to Steel Dynamics, Inc. for 2025 decreased $351.5 million, or 23%, to $1.2 billion, compared to 2024. Diluted earnings per share attributable to Steel Dynamics, Inc. was $7.99 for 2025, compared to $9.84 for 2024. Refer to Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II of our Annual Report on Form 10-K for the year ended December 31, 2024, for additional information regarding results of operations for the year ended December 31, 2024, as compared to the year ended December 31, 2023, and segment operating results for 2024 as compared to 2023. ​ 38 38 Table of ContentsSegment Operating Results (dollars in thousands)​​​​​​​​​​​​​​​​​​​​​​ Years Ended December 31,​​​2025​% Change​2024​​​​​​​​​​​​Net sales​​​​​​​​​Steel Operations $ 13,412,773​7% ​$ 12,527,066​​Metals Recycling Operations ​ 4,346,074​5% ​​ 4,136,913​​Steel Fabrication Operations ​ 1,418,665​(20)%​​ 1,771,795​​Aluminum Operations ​ 473,881​49% ​​ 318,689​​Other​ 1,335,454​(8)%​​ 1,451,723​​​​ 20,986,847​​​​ 20,206,186​​Inter-segment​ (2,810,266)​​​​ (2,665,796)​​​$ 18,176,581​4% ​$ 17,540,390​​​​​​​​​​​​Operating income (loss)​​​​​​​​​Steel Operations $ 1,427,544​(10)%​$ 1,582,374​​Metals Recycling Operations​ 97,176​27% ​​ 76,807​​Steel Fabrication Operations ​ 407,425​(39)%​​ 666,984​​Aluminum Operations ​ (172,970)​(139)%​​ (72,331)​​Other ​ (281,851)​11% ​​ (317,408)​​​​ 1,477,324​​​​ 1,936,426​​Inter-segment​ (1,338)​​​​ 6,611​​​$ 1,475,986​(24)%​$ 1,943,037​​​39 Table of Contents Table of Contents Table of Contents Segment Operating Results (dollars in thousands)​​​​​​​​​​​​​​​​​​​​​​ Years Ended December 31,​​​2025​% Change​2024​​​​​​​​​​​​Net sales​​​​​​​​​Steel Operations $ 13,412,773​7% ​$ 12,527,066​​Metals Recycling Operations ​ 4,346,074​5% ​​ 4,136,913​​Steel Fabrication Operations ​ 1,418,665​(20)%​​ 1,771,795​​Aluminum Operations ​ 473,881​49% ​​ 318,689​​Other​ 1,335,454​(8)%​​ 1,451,723​​​​ 20,986,847​​​​ 20,206,186​​Inter-segment​ (2,810,266)​​​​ (2,665,796)​​​$ 18,176,581​4% ​$ 17,540,390​​​​​​​​​​​​Operating income (loss)​​​​​​​​​Steel Operations $ 1,427,544​(10)%​$ 1,582,374​​Metals Recycling Operations​ 97,176​27% ​​ 76,807​​Steel Fabrication Operations ​ 407,425​(39)%​​ 666,984​​Aluminum Operations ​ (172,970)​(139)%​​ (72,331)​​Other ​ (281,851)​11% ​​ (317,408)​​​​ 1,477,324​​​​ 1,936,426​​Inter-segment​ (1,338)​​​​ 6,611​​​$ 1,475,986​(24)%​$ 1,943,037​​​",
      "prior_body": "During 2024 we achieved steel shipments of 12.7 million tons, our second highest annual volume behind 2023’s 12.8 million tons. Underlying domestic steel demand was stable during 2024, but imports of certain steel products, most notably coated flat rolled steels, caused pricing pressure for flat rolled steel products. While facing a challenging pricing environment throughout much of the year, our metals recycling teams maintained consistent volumes during 2024 compared to 2023. A solid non-residential construction market during 2024 benefited our steel fabrication operations, as the segment achieved historically strong volumes and average selling prices, compared to pre-Covid levels. Consolidated net sales were $17.5 billion during 2024, with cash flow from operations of $1.8 billion. Metal spread compression in our steel and, particularly, steel fabrication segments resulted in significantly lower operating income in 2024 compared to 2023. Consolidated operating income for 2024 decreased $1.2 billion, or 38%, to $1.9 billion, compared to $3.2 billion in 2023. Net income attributable to Steel Dynamics, Inc. for 2024 decreased $913.7 million, or 37%, to $1.5 billion, compared to 2023. Diluted earnings per share attributable to Steel Dynamics, Inc. was $9.84 for 2024, compared to $14.64 for 2023. Refer to Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II of our Annual Report on Form 10-K for the year ended December 31, 2023, for additional information regarding results of operations for the year ended December 31, 2023, as compared to the year ended December 31, 2022, and segment operating results for 2023 as compared to 2022. Our 2024 change in reportable segments did not change the discussion previously provided. Refer to the Aluminum Operations segment discussion for additional information. ​ 39 39 Table of ContentsSegment Operating Results (dollars in thousands)​​​​​​​​​​​​​​​​​​​​​​ Years Ended December 31,​​​2024​% Change​2023​​​​​​​​​​​​Net sales​​​​​​​​​Steel Operations $ 12,527,066​(4)%​$ 13,067,622​​Metals Recycling Operations ​ 4,136,913​(1)%​​ 4,158,588​​Steel Fabrication Operations ​ 1,771,795​(37)%​​ 2,806,777​​Aluminum Operations ​ 318,689​11% ​​ 285,907​​Other​ 1,451,723​24% ​​ 1,171,901​​​​ 20,206,186​​​​ 21,490,795​​Intra-company​ (2,665,796)​​​​ (2,695,479)​​​$ 17,540,390​(7)%​$ 18,795,316​​​​​​​​​​​​Operating income (loss)​​​​​​​​​Steel Operations $ 1,582,374​(16)%​$ 1,881,600​​Metals Recycling Operations​ 76,807​61% ​​ 47,735​​Steel Fabrication Operations ​ 666,984​(58)%​​ 1,593,261​​Aluminum Operations ​ (72,331)​(522)%​​ 17,146​​Other ​ (317,408)​20% ​​ (394,577)​​​​ 1,936,426​​​​ 3,145,165​​Intra-company​ 6,611​​​​ 6,016​​​$ 1,943,037​(38)%​$ 3,151,181​​​40 Table of Contents Table of Contents Table of Contents Segment Operating Results (dollars in thousands)​​​​​​​​​​​​​​​​​​​​​​ Years Ended December 31,​​​2024​% Change​2023​​​​​​​​​​​​Net sales​​​​​​​​​Steel Operations $ 12,527,066​(4)%​$ 13,067,622​​Metals Recycling Operations ​ 4,136,913​(1)%​​ 4,158,588​​Steel Fabrication Operations ​ 1,771,795​(37)%​​ 2,806,777​​Aluminum Operations ​ 318,689​11% ​​ 285,907​​Other​ 1,451,723​24% ​​ 1,171,901​​​​ 20,206,186​​​​ 21,490,795​​Intra-company​ (2,665,796)​​​​ (2,695,479)​​​$ 17,540,390​(7)%​$ 18,795,316​​​​​​​​​​​​Operating income (loss)​​​​​​​​​Steel Operations $ 1,582,374​(16)%​$ 1,881,600​​Metals Recycling Operations​ 76,807​61% ​​ 47,735​​Steel Fabrication Operations ​ 666,984​(58)%​​ 1,593,261​​Aluminum Operations ​ (72,331)​(522)%​​ 17,146​​Other ​ (317,408)​20% ​​ (394,577)​​​​ 1,936,426​​​​ 3,145,165​​Intra-company​ 6,611​​​​ 6,016​​​$ 1,943,037​(38)%​$ 3,151,181​​​ Segment Operating Results (dollars in thousands)​​​​​​​​​​​​​​​​​​​​​​ Years Ended December 31,​​​2024​% Change​2023​​​​​​​​​​​​Net sales​​​​​​​​​Steel Operations $ 12,527,066​(4)%​$ 13,067,622​​Metals Recycling Operations ​ 4,136,913​(1)%​​ 4,158,588​​Steel Fabrication Operations ​ 1,771,795​(37)%​​ 2,806,777​​Aluminum Operations ​ 318,689​11% ​​ 285,907​​Other​ 1,451,723​24% ​​ 1,171,901​​​​ 20,206,186​​​​ 21,490,795​​Intra-company​ (2,665,796)​​​​ (2,695,479)​​​$ 17,540,390​(7)%​$ 18,795,316​​​​​​​​​​​​Operating income (loss)​​​​​​​​​Steel Operations $ 1,582,374​(16)%​$ 1,881,600​​Metals Recycling Operations​ 76,807​61% ​​ 47,735​​Steel Fabrication Operations ​ 666,984​(58)%​​ 1,593,261​​Aluminum Operations ​ (72,331)​(522)%​​ 17,146​​Other ​ (317,408)​20% ​​ (394,577)​​​​ 1,936,426​​​​ 3,145,165​​Intra-company​ 6,611​​​​ 6,016​​​$ 1,943,037​(38)%​$ 3,151,181​​​"
    },
    {
      "status": "MODIFIED",
      "current_title": "Note 4. Income Taxes (Continued)",
      "prior_title": "Note 4. Income Taxes (Continued)",
      "similarity_score": 0.477,
      "confidence": "low",
      "key_changes": [
        "Reworded sentence: \"A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ 2024 ​ 2023 ​ ​ Balance at January 1 $ 29,687 ​ $ 31,258 ​ $ 28,646 ​ ​ Increases related to current year tax positions ​ 7,245 ​ ​ 5,115 ​ ​ 1,500 ​ ​ Increases related to prior year tax positions ​ 2,764 ​ ​ 263 ​ ​ 1,798 ​ ​ Decreases related to prior year tax positions ​ (399) ​ ​ (504) ​ ​ - ​ ​ Decreases related to lapse of applicable statute of limitations ​ (8,614) ​ ​ (6,445) ​ ​ (686) ​ ​ Balance at December 31 $ 30,683 ​ $ 29,687 ​ $ 31,258 ​ ​ Included in the balance of unrecognized tax benefits at December 31, 2025 and 2024 are potential benefits of $27.2 million and $26.4 million, respectively, that, if recognized, would affect the effective tax rate.\"",
        "Reworded sentence: \"The tax years 2022 through 2025 remain open to examination by the Internal Revenue Service and various state and local jurisdictions.\""
      ],
      "current_body": "Cash taxes paid, net of refunds, by jurisdiction for the years ended December 31 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ 2024 ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Federal $ 116,060 ​ $ 399,306 ​ $ 560,000 U.S. State and Local ​ ​ ​ ​ ​ ​ ​ ​ Indiana ​ - ​ ​ 25,863 ​ ​ 13,897 Other States (combined)(b) ​ 27,531 ​ ​ 36,672 ​ ​ 64,630 Foreign - Mexico Foreign - Mexico ​ 8,409 ​ ​ 1,922 ​ ​ 4,140 Total income taxes paid, net $ 152,000 ​ $ 463,763 ​ $ 642,667 ​ (b) All other U.S. state/local jurisdictions individually represented less than 5% and are aggregated into \"Other States\" ​ Significant components of the company’s deferred tax assets and liabilities at December 31 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ 2024 ​ ​ Deferred tax assets ​ ​ ​ ​ ​ ​ ​ Accrued expenses and allowances $ 55,029 ​ $ 41,031 ​ ​ Inventories ​ 76,218 ​ ​ 6,892 ​ ​ Net operating loss carryforwards ​ 61,893 ​ ​ 24,381 ​ ​ Amortizable assets ​ - ​ ​ 39,657 ​ ​ Other ​ 20,500 ​ ​ 5,916 ​ ​ ​ ​ 213,640 ​ ​ 117,877 ​ ​ Less: valuation allowance ​ (1,360) ​ ​ (1,150) ​ ​ Total net deferred tax assets ​ 212,280 ​ ​ 116,727 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment ​ (1,194,237) ​ ​ (1,014,515) ​ ​ Amortizable assets ​ (4,187) ​ ​ - ​ ​ Other ​ (11,305) ​ ​ (4,398) ​ ​ Total deferred tax liabilities ​ (1,209,729) ​ ​ (1,018,913) ​ ​ Net deferred tax liability $ (997,449) ​ $ (902,186) ​ ​ Certain wholly-owned and controlled subsidiaries of the company file separate federal and state income tax returns. These subsidiaries generated state net operating loss carryforwards, which will expire in the years 2034 through 2045 if not utilized. Annually, the company evaluates the realizability of the net deferred tax assets for this controlled subsidiary. In completing this evaluation, the company considers all available positive and negative evidence in order to determine whether, based on the weight of the evidence, a valuation allowance for its deferred tax assets is necessary. Such evidence includes current operating results, historical results, future reversals of existing taxable temporary differences and expectations for future taxable income (exclusive of the reversal of temporary differences and carryforwards), as well as the implementation of feasible and prudent tax planning strategies. Based on the evidence, the company maintained a valuation allowance of $1,360,000 and $1,150,000 as of December 31, 2025, and 2024, respectively, with respect to certain state tax credits of the controlled subsidiary. ​ 74 74 Table of ContentsNote 4. Income Taxes (Continued)A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):​​​​​​​​​​​​​​​​​​​​​​​​2025​2024​2023​​Balance at January 1 $ 29,687​$ 31,258​$ 28,646​​Increases related to current year tax positions ​ 7,245​​ 5,115​​ 1,500​​Increases related to prior year tax positions ​ 2,764​​ 263​​ 1,798​​Decreases related to prior year tax positions ​ (399)​​ (504)​​ -​​Decreases related to lapse of applicable statute of limitations​ (8,614)​​ (6,445)​​ (686)​​Balance at December 31 $ 30,683​$ 29,687​$ 31,258​​Included in the balance of unrecognized tax benefits at December 31, 2025 and 2024 are potential benefits of $27.2 million and $26.4 million, respectively, that, if recognized, would affect the effective tax rate. The company recognizes interest and penalties related to its tax contingencies on a net-of-tax basis in income tax expense. During the year ended December 31, 2025, the company recognized income from the decrease of interest expense and penalties of $340,000, net of tax. During the years ended December 31, 2024 and 2023, the company recognized expense from the increase of interest expense and penalties of $710,000 and $1,560,000, respectively, net of tax. In addition to the unrecognized tax benefits in the table above, the company had $3.7 million and $4.2 million accrued for the payment of interest and penalties at December 31, 2025 and 2024, respectively.The company files income tax returns in the U.S. federal jurisdiction as well as income tax returns in various state jurisdictions. The tax years 2022 through 2025 remain open to examination by the Internal Revenue Service and various state and local jurisdictions.Note 5. Shareholders’ EquityCash DividendsThe company declared cash dividends of $294.1 million, or $2.00 per common share, during 2025; $284.1 million, or $1.84 per common share, during 2024; and $280.5 million, or $1.70 per common share, during 2023. The company paid cash dividends of $291.2 million, $282.6 million, and $271.3 million during 2025, 2024, and 2023, respectively.Treasury StockIn November 2022, the board of directors authorized a share repurchase program of up to $1.5 billion of the company’s common stock. This program was exhausted in November 2023. In November 2023, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. This program was exhausted in March 2025. In February 2025, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. Under the share repurchase programs, purchases take place as and when the company determines in open market or private transactions made based upon the market price of the company’s common stock, the nature of other investment opportunities or growth projects, the company’s cash flows from operations, and general economic conditions. The share repurchase programs do not require the company to acquire any specific number of shares, and may be modified, suspended, extended, or terminated by the company at any time. The share repurchase programs do not have an expiration date. The company repurchased 6.7 million shares for $900.9 million during 2025, 9.4 million shares for $1.2 billion during 2024, and 13.4 million shares for $1.5 billion during 2023 under the share repurchase programs. At December 31, 2025, the company had remaining authorization to repurchase $801.0 million of additional shares under the February 2025 share repurchase program.​75 Table of Contents Table of Contents Table of Contents Note 4. Income Taxes (Continued)A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):​​​​​​​​​​​​​​​​​​​​​​​​2025​2024​2023​​Balance at January 1 $ 29,687​$ 31,258​$ 28,646​​Increases related to current year tax positions ​ 7,245​​ 5,115​​ 1,500​​Increases related to prior year tax positions ​ 2,764​​ 263​​ 1,798​​Decreases related to prior year tax positions ​ (399)​​ (504)​​ -​​Decreases related to lapse of applicable statute of limitations​ (8,614)​​ (6,445)​​ (686)​​Balance at December 31 $ 30,683​$ 29,687​$ 31,258​​Included in the balance of unrecognized tax benefits at December 31, 2025 and 2024 are potential benefits of $27.2 million and $26.4 million, respectively, that, if recognized, would affect the effective tax rate. The company recognizes interest and penalties related to its tax contingencies on a net-of-tax basis in income tax expense. During the year ended December 31, 2025, the company recognized income from the decrease of interest expense and penalties of $340,000, net of tax. During the years ended December 31, 2024 and 2023, the company recognized expense from the increase of interest expense and penalties of $710,000 and $1,560,000, respectively, net of tax. In addition to the unrecognized tax benefits in the table above, the company had $3.7 million and $4.2 million accrued for the payment of interest and penalties at December 31, 2025 and 2024, respectively.The company files income tax returns in the U.S. federal jurisdiction as well as income tax returns in various state jurisdictions. The tax years 2022 through 2025 remain open to examination by the Internal Revenue Service and various state and local jurisdictions.Note 5. Shareholders’ EquityCash DividendsThe company declared cash dividends of $294.1 million, or $2.00 per common share, during 2025; $284.1 million, or $1.84 per common share, during 2024; and $280.5 million, or $1.70 per common share, during 2023. The company paid cash dividends of $291.2 million, $282.6 million, and $271.3 million during 2025, 2024, and 2023, respectively.Treasury StockIn November 2022, the board of directors authorized a share repurchase program of up to $1.5 billion of the company’s common stock. This program was exhausted in November 2023. In November 2023, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. This program was exhausted in March 2025. In February 2025, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. Under the share repurchase programs, purchases take place as and when the company determines in open market or private transactions made based upon the market price of the company’s common stock, the nature of other investment opportunities or growth projects, the company’s cash flows from operations, and general economic conditions. The share repurchase programs do not require the company to acquire any specific number of shares, and may be modified, suspended, extended, or terminated by the company at any time. The share repurchase programs do not have an expiration date. The company repurchased 6.7 million shares for $900.9 million during 2025, 9.4 million shares for $1.2 billion during 2024, and 13.4 million shares for $1.5 billion during 2023 under the share repurchase programs. At December 31, 2025, the company had remaining authorization to repurchase $801.0 million of additional shares under the February 2025 share repurchase program.​",
      "prior_body": "Significant components of the company’s deferred tax assets and liabilities at December 31 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ ​ Deferred tax assets ​ ​ ​ ​ ​ ​ ​ Accrued expenses and allowances $ 41,031 ​ $ 41,894 ​ ​ Inventories ​ 6,892 ​ ​ 10,685 ​ ​ Net operating loss carryforwards ​ 24,381 ​ ​ 7,663 ​ ​ Amortizable assets ​ 39,657 ​ ​ 5,798 ​ ​ Other ​ 5,916 ​ ​ 9,149 ​ ​ ​ ​ 117,877 ​ ​ 75,189 ​ ​ Less: valuation allowance ​ (1,150) ​ ​ (816) ​ ​ Total net deferred tax assets ​ 116,727 ​ ​ 74,373 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment ​ (1,014,515) ​ ​ (1,013,045) ​ ​ Other ​ (4,398) ​ ​ (6,096) ​ ​ Total deferred tax liabilities ​ (1,018,913) ​ ​ (1,019,141) ​ ​ Net deferred tax liability $ (902,186) ​ $ (944,768) ​ ​ Certain wholly-owned and controlled subsidiaries of the company file separate federal and state income tax returns. One of the controlled subsidiaries generated federal net operating loss carryforwards in the years 2018 and prior, which were fully utilized as of December 31, 2024, but continues to have state net operating loss carryforwards which expire in the years 2034 through 2039. Annually, the company evaluates the realizability of the net deferred tax assets for this controlled subsidiary. In completing this evaluation, the company considers all available positive and negative evidence in order to determine whether, based on the weight of the evidence, a valuation allowance for its deferred tax assets is necessary. Such evidence includes current operating results, historical results, future reversals of existing taxable temporary differences and expectations for future taxable income (exclusive of the reversal of temporary differences and carryforwards), as well as the implementation of feasible and prudent tax planning strategies. Based on the evidence, the company maintained a valuation allowance of $1,150,000 and $816,000 as of December 31, 2024, and 2023, respectively, with respect to certain state tax credits of the controlled subsidiary. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ Balance at January 1 $ 31,258 ​ $ 28,646 ​ $ 20,466 ​ ​ Increases related to current year tax positions ​ 5,115 ​ ​ 1,500 ​ ​ 9,600 ​ ​ Increases related to prior year tax positions ​ 263 ​ ​ 1,798 ​ ​ 364 ​ ​ Decreases related to prior year tax positions ​ (6,949) ​ ​ (686) ​ ​ (1,784) ​ ​ Balance at December 31 $ 29,687 ​ $ 31,258 ​ $ 28,646 ​ ​ Included in the balance of unrecognized tax benefits at December 31, 2024 and 2023 are potential benefits of $26.4 million and $27.8 million, respectively, that, if recognized, would affect the effective tax rate. The company recognizes interest and penalties related to its tax contingencies on a net-of-tax basis in income tax expense. During the years ended December 31, 2024, 2023, and 2022, the company recognized expense from the increase of interest expense and penalties of $710,000, $1,560,000, and $480,000, respectively, net of tax. In addition to the unrecognized tax benefits in the table above, the company had $4.2 million and $3.2 million accrued for the payment of interest and penalties at December 31, 2024 and 2023, respectively. ​ 73 73 Table of ContentsNote 4. Income Taxes (Continued)It is reasonably possible that the amount of unrecognized tax benefits could change in the next twelve months in an amount ranging from zero to $12.0 million, as a result of the expiration of the statute of limitations and other federal and state income tax audits. The company files income tax returns in the U.S. federal jurisdiction as well as income tax returns in various state jurisdictions. The tax years 2021 through 2023 remain open to examination by the Internal Revenue Service and various state and local jurisdictions.Note 5. Shareholders’ EquityCash DividendsThe company declared cash dividends of $284.1 million, or $1.84 per common share, during 2024; $280.5 million, or $1.70 per common share, during 2023; and $245.3 million, or $1.36 per common share, during 2022. The company paid cash dividends of $282.6 million, $271.3 million, and $237.2 million during 2024, 2023, and 2022, respectively.Treasury StockIn July 2021, the board of directors authorized a share repurchase program of up to $1.0 billion of the company’s common stock. This program was exhausted in April 2022. In February 2022, the board of directors authorized an additional share repurchase program of up to $1.25 billion of the company’s common stock. This program was exhausted in November 2022. In November 2022, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. This program was exhausted in November 2023. In November 2023, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. Subsequent to December 31, 2024, in February 2025, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. Under the share repurchase programs, purchases take place as and when we determine in open market or private transactions made based upon the market price of our common stock, the nature of other investment opportunities or growth projects, our cash flows from operations, and general economic conditions. The share repurchase programs do not require us to acquire any specific number of shares, and may be modified, suspended, extended, or terminated by us at any time. The share repurchase programs do not have an expiration date. The company repurchased 9.4 million shares for $1.2 billion during 2024, 13.4 million shares for $1.5 billion during 2023, and 23.0 million shares for $1.8 billion during 2022 under the share repurchase programs. At December 31, 2024, the company had remaining authorization to repurchase $193.5 million of additional shares under the November 2023 share repurchase program.​Note 6. Equity-Based Incentive Plans2023 Equity Incentive PlanIn May 2023, the company’s shareholders approved the 2023 Equity Incentive Plan (2023 Plan), which supersedes the prior Amended and Restated 2015 Equity Incentive Plan. The 2023 Plan is designed to attract, motivate, and retain qualified persons that are able to make important contributions to the company’s success. To accomplish these objectives, the 2023 Plan provides for awards of equity-based incentives through granting of restricted stock units (RSUs), deferred stock units (DSUs), stock appreciation rights (SARs), performance awards, such as the long-term incentive compensation program (LTIP), restricted stock awards (of which none have been granted), stock options (of which none have been granted), and unrestricted stock awards (of which none have been granted). Under the 2023 Plan, 9.0 million shares of common stock were reserved for grant through December 31, 2033. The 2023 Plan uses a fungible share concept under which any awards that are not a full-value award, such as stock options and stock-settled SARs, will be counted against the share reserve as one share for each share of common stock, and awards that are full-value awards, such as RSUs, DSUs, restricted and unrestricted stock awards, and performance awards, will be counted against the share reserve as 2.09 shares for each share of common stock. The SARs the company has granted to date can only be settled in cash, and thus, do not count against the share reserve. At December 31, 2024, there were 6.2 million shares still available for issuance.74 Table of Contents Table of Contents Table of Contents Note 4. Income Taxes (Continued)It is reasonably possible that the amount of unrecognized tax benefits could change in the next twelve months in an amount ranging from zero to $12.0 million, as a result of the expiration of the statute of limitations and other federal and state income tax audits. The company files income tax returns in the U.S. federal jurisdiction as well as income tax returns in various state jurisdictions. The tax years 2021 through 2023 remain open to examination by the Internal Revenue Service and various state and local jurisdictions.Note 5. Shareholders’ EquityCash DividendsThe company declared cash dividends of $284.1 million, or $1.84 per common share, during 2024; $280.5 million, or $1.70 per common share, during 2023; and $245.3 million, or $1.36 per common share, during 2022. The company paid cash dividends of $282.6 million, $271.3 million, and $237.2 million during 2024, 2023, and 2022, respectively.Treasury StockIn July 2021, the board of directors authorized a share repurchase program of up to $1.0 billion of the company’s common stock. This program was exhausted in April 2022. In February 2022, the board of directors authorized an additional share repurchase program of up to $1.25 billion of the company’s common stock. This program was exhausted in November 2022. In November 2022, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. This program was exhausted in November 2023. In November 2023, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. Subsequent to December 31, 2024, in February 2025, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. Under the share repurchase programs, purchases take place as and when we determine in open market or private transactions made based upon the market price of our common stock, the nature of other investment opportunities or growth projects, our cash flows from operations, and general economic conditions. The share repurchase programs do not require us to acquire any specific number of shares, and may be modified, suspended, extended, or terminated by us at any time. The share repurchase programs do not have an expiration date. The company repurchased 9.4 million shares for $1.2 billion during 2024, 13.4 million shares for $1.5 billion during 2023, and 23.0 million shares for $1.8 billion during 2022 under the share repurchase programs. At December 31, 2024, the company had remaining authorization to repurchase $193.5 million of additional shares under the November 2023 share repurchase program.​Note 6. Equity-Based Incentive Plans2023 Equity Incentive PlanIn May 2023, the company’s shareholders approved the 2023 Equity Incentive Plan (2023 Plan), which supersedes the prior Amended and Restated 2015 Equity Incentive Plan. The 2023 Plan is designed to attract, motivate, and retain qualified persons that are able to make important contributions to the company’s success. To accomplish these objectives, the 2023 Plan provides for awards of equity-based incentives through granting of restricted stock units (RSUs), deferred stock units (DSUs), stock appreciation rights (SARs), performance awards, such as the long-term incentive compensation program (LTIP), restricted stock awards (of which none have been granted), stock options (of which none have been granted), and unrestricted stock awards (of which none have been granted). Under the 2023 Plan, 9.0 million shares of common stock were reserved for grant through December 31, 2033. The 2023 Plan uses a fungible share concept under which any awards that are not a full-value award, such as stock options and stock-settled SARs, will be counted against the share reserve as one share for each share of common stock, and awards that are full-value awards, such as RSUs, DSUs, restricted and unrestricted stock awards, and performance awards, will be counted against the share reserve as 2.09 shares for each share of common stock. The SARs the company has granted to date can only be settled in cash, and thus, do not count against the share reserve. At December 31, 2024, there were 6.2 million shares still available for issuance. Note 4. Income Taxes (Continued)It is reasonably possible that the amount of unrecognized tax benefits could change in the next twelve months in an amount ranging from zero to $12.0 million, as a result of the expiration of the statute of limitations and other federal and state income tax audits. The company files income tax returns in the U.S. federal jurisdiction as well as income tax returns in various state jurisdictions. The tax years 2021 through 2023 remain open to examination by the Internal Revenue Service and various state and local jurisdictions.Note 5. Shareholders’ EquityCash DividendsThe company declared cash dividends of $284.1 million, or $1.84 per common share, during 2024; $280.5 million, or $1.70 per common share, during 2023; and $245.3 million, or $1.36 per common share, during 2022. The company paid cash dividends of $282.6 million, $271.3 million, and $237.2 million during 2024, 2023, and 2022, respectively.Treasury StockIn July 2021, the board of directors authorized a share repurchase program of up to $1.0 billion of the company’s common stock. This program was exhausted in April 2022. In February 2022, the board of directors authorized an additional share repurchase program of up to $1.25 billion of the company’s common stock. This program was exhausted in November 2022. In November 2022, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. This program was exhausted in November 2023. In November 2023, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. Subsequent to December 31, 2024, in February 2025, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. Under the share repurchase programs, purchases take place as and when we determine in open market or private transactions made based upon the market price of our common stock, the nature of other investment opportunities or growth projects, our cash flows from operations, and general economic conditions. The share repurchase programs do not require us to acquire any specific number of shares, and may be modified, suspended, extended, or terminated by us at any time. The share repurchase programs do not have an expiration date. The company repurchased 9.4 million shares for $1.2 billion during 2024, 13.4 million shares for $1.5 billion during 2023, and 23.0 million shares for $1.8 billion during 2022 under the share repurchase programs. At December 31, 2024, the company had remaining authorization to repurchase $193.5 million of additional shares under the November 2023 share repurchase program.​Note 6. Equity-Based Incentive Plans2023 Equity Incentive PlanIn May 2023, the company’s shareholders approved the 2023 Equity Incentive Plan (2023 Plan), which supersedes the prior Amended and Restated 2015 Equity Incentive Plan. The 2023 Plan is designed to attract, motivate, and retain qualified persons that are able to make important contributions to the company’s success. To accomplish these objectives, the 2023 Plan provides for awards of equity-based incentives through granting of restricted stock units (RSUs), deferred stock units (DSUs), stock appreciation rights (SARs), performance awards, such as the long-term incentive compensation program (LTIP), restricted stock awards (of which none have been granted), stock options (of which none have been granted), and unrestricted stock awards (of which none have been granted). Under the 2023 Plan, 9.0 million shares of common stock were reserved for grant through December 31, 2033. The 2023 Plan uses a fungible share concept under which any awards that are not a full-value award, such as stock options and stock-settled SARs, will be counted against the share reserve as one share for each share of common stock, and awards that are full-value awards, such as RSUs, DSUs, restricted and unrestricted stock awards, and performance awards, will be counted against the share reserve as 2.09 shares for each share of common stock. The SARs the company has granted to date can only be settled in cash, and thus, do not count against the share reserve. At December 31, 2024, there were 6.2 million shares still available for issuance."
    },
    {
      "status": "MODIFIED",
      "current_title": "Recently Adopted Accounting Pronouncements",
      "prior_title": "Recently Adopted Accounting Pronouncements",
      "similarity_score": 0.459,
      "confidence": "low",
      "key_changes": [
        "Reworded sentence: \"In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which modifies the rules on income tax disclosures to require entities to disclose specific categories in the rate reconciliation, the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and income tax expense or benefit from continuing operations (separated by federal, state and foreign).\""
      ],
      "current_body": "In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which modifies the rules on income tax disclosures to require entities to disclose specific categories in the rate reconciliation, the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and income tax expense or benefit from continuing operations (separated by federal, state and foreign). The company adopted ASU 2023-09 during the year ended December 31, 2025. See Note 4. Income Taxes.",
      "prior_body": "In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The company adopted ASU 2023-07 during the year ended December 31, 2024. See Note 12. Segment Information."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Steel Fabrication Operations Segment",
      "prior_title": "Steel Fabrication Operations Segment",
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ New Millennium Building Systems: ​ ​ ​ ​ ​ ​ ​ ​ Joist and Deck Operations ​ Butler, IN ​ Steel Joist and Deck Fabrication Facility ​ 156 ​ — Joist Operations ​ Fallon, NV ​ Steel Joist Fabrication Facility ​ 68 ​ — Joist and Deck Operations ​ Hope, AR ​ Steel Joist and Deck Fabrication Facility ​ 245 ​ 7 Joist Operations ​ Juarez, MX ​ Steel Joist Fabrication Facility ​ 17 ​ — Joist and Deck Operations ​ Lake City, FL ​ Steel Joist and Deck Fabrication Facility ​ 81 ​ — Deck Operations ​ Memphis, TN ​ Deck Fabrication Facility ​ 19 ​ — Joist and Deck Operations ​ Salem, VA ​ Steel Joist and Deck Fabrication Facility ​ 113 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "We may face risks associated with our ability to retain, develop and attract key personnel.",
      "prior_title": "We may face risks associated with our ability to retain, develop and attract key personnel.",
      "current_body": "Our people are the foundation of our success and are our most important resource. Their continued education and talent development are paramount to our success. As we continue to grow, our success depends in part on our ability to retain, develop and attract team members with relevant industry and technical experience, while maintaining our culture. A loss of senior managers or other key personnel, without adequate replacement, which could be exacerbated by a shortage of skilled workers and our more senior workforce, could adversely affect our business and results of operations."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Income Taxes",
      "prior_title": "Income Taxes",
      "current_body": "The company accounts for income taxes and the related accounts under the liability method. Deferred tax liabilities and assets are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted rates expected to be in effect during the year in which the basis differences reverse."
    },
    {
      "status": "UNCHANGED",
      "current_title": "REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM",
      "prior_title": "REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM",
      "current_body": "​ To the Stockholders and the Board of Directors of Steel Dynamics, Inc. ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM",
      "prior_title": "REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM",
      "current_body": "​ To the Stockholders and the Board of Directors of Steel Dynamics, Inc. ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Intangible Assets",
      "prior_title": "Intangible Assets",
      "current_body": "The company’s intangible assets consisted of the following at December 31 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ ​ ​ Useful ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "(in thousands)",
      "prior_title": "(in thousands)",
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Balances at December 31, 2023",
      "prior_title": "Balances at December 31, 2023",
      "current_body": "​ 160,018 ​ ​ 108,095 ​ $ 651 ​ $ (5,897,606) ​ $ 1,217,610 ​ $ 13,545,590 ​ $ 421 ​ $ (198,351) ​ $ 8,668,315 ​ $ 171,212 Dividends declared ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (284,122) ​ ​ - ​ ​ - ​ ​ (284,122) ​ ​ - Noncontrolling investors, net ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 1,350 ​ ​ - ​ ​ - ​ ​ 25,276 ​ ​ 26,626 ​ ​ - Share repurchases ​ (9,432) ​ ​ 9,432 ​ ​ - ​ ​ (1,212,164) ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (1,212,164) ​ ​ - Equity-based compensation ​ 531 ​ ​ (267) ​ ​ 1 ​ ​ 15,504 ​ ​ 10,859 ​ ​ (520) ​ ​ - ​ ​ - ​ ​ 25,844 ​ ​ - Net income ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 1,537,134 ​ ​ - ​ ​ 12,822 ​ ​ 1,549,956 ​ ​ - Other comprehensive loss, net of tax ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ (421) ​ ​ - ​ ​ (421) ​ ​ -"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Noncontrolling",
      "prior_title": "Noncontrolling",
      "current_body": "​ Common ​ Treasury ​ Stock ​ Stock ​ Capital ​ Earnings ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Accumulated",
      "prior_title": "Accumulated",
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ Other ​ ​ ​ ​ ​ Redeemable ​ Shares ​ Common ​ Treasury ​ Paid-In ​ Retained ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "(in thousands)",
      "prior_title": "(in thousands)",
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "(in thousands)",
      "prior_title": "(in thousands)",
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "(in thousands, except per share data)",
      "prior_title": "(in thousands, except per share data)",
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Segment Operating Results (dollars in thousands)",
      "prior_title": "Segment Operating Results (dollars in thousands)",
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Basis for Opinion",
      "prior_title": "Basis for Opinion",
      "current_body": "The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Governmental agencies may refuse to grant or renew some of our licenses and permits required to operate our businesses.",
      "prior_title": "Governmental agencies may refuse to grant or renew some of our licenses and permits required to operate our businesses.",
      "current_body": "Some of our operations must receive licenses and air, water and other permits and approvals from federal, state and local governments to conduct certain of our operations or to build, expand or acquire new facilities. Governmental agencies, non-governmental organizations, and members of the public sometimes resist the establishment of certain types of facilities in their communities. There can be no assurance that future approvals, licenses and permits will be granted or that we will be able to maintain and renew the approvals, licenses and permits we currently hold. Failure to do so may adversely affect our business, financial condition, results of operations and cash flows."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Concentration of Credit Risk",
      "prior_title": "Concentration of Credit Risk",
      "current_body": "Financial instruments that potentially subject the company to significant concentrations of credit risk principally consist of temporary cash investments and accounts receivable. When advantageous, the company places its temporary cash with high credit quality financial institutions and companies and limits the amount of credit exposure from any one entity. The company is exposed to credit risk in the event of nonpayment by customers. The company mitigates its exposure to credit risk, which it generally extends initially on an unsecured basis, by performing ongoing credit evaluations and taking further action if necessary, such as requiring letters of credit or other security interests to support the customer receivable."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Use of Estimates",
      "prior_title": "Use of Estimates",
      "current_body": "These consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States, and accordingly, include amounts that require management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and in the notes thereto. Significant items subject to such estimates and assumptions include the carrying value of property, plant and equipment, intangible assets, and goodwill; allowances for credit losses for trade receivables, inventories and deferred income tax assets; unrecognized tax benefits; potential environmental liabilities; and litigation claims and settlements. Actual results may differ from these estimates and assumptions."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Basis for Opinion",
      "prior_title": "Basis for Opinion",
      "current_body": "The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Increased environmental, GHG emissions and sustainability considerations from our customers and investors or related regulations could affect demand for our products and add significant costs.",
      "prior_title": "Increased environmental, GHG emissions and sustainability considerations from our customers and investors or related regulations could affect demand for our products and add significant costs.",
      "current_body": "Customers, investors and regulators have increased their focus on the environment, GHG emissions and sustainability. We are committed to the environment and sustainability. We are taking further action to reduce our environmental footprint through our 2030 and 2050 goals for GHG emission reduction and increased renewable energy usage. We believe that achievement of these goals will comport with expectations of our customers and investors, but certain customers and investors may have differing requirements. To achieve these goals, our operational costs may increase, and we have had and will continue to have additional capital expenditures, some of which we may not be able to pass along to our customers. Any failure to timely meet these goals, or other requirements of customers or investors, may have an adverse effect on our business, results of operations and stock price. Additionally, governmental agencies, regulators, investors or other groups have introduced, and may request or require, environmental monitoring, disclosures or regulations in response to the potential impacts of climate change. International treaties or agreements may also result in increasing regulation of GHG emissions, including carbon emissions limitations or trading mechanisms. Any such regulation or disclosure requirement could impose significant costs on our operations and on the operations of our customers and suppliers, including increased energy, capital equipment, emissions controls, environmental monitoring and reporting and other costs in order to comply with current or future laws, regulations or demands concerning the environment, climate change, GHG emissions and sustainability. Any adopted regulations could negatively impact our ability, and that of our customers and suppliers, to compete with companies situated in areas not subject to or not complying with such regulations, or could affect our environmental disclosures for any allowances, offsets or credits. We may see an increase in costs relating to our assets that emit GHGs as a result of these initiatives, which may impact our operations directly or through our customers and suppliers."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Metals Recycling Operations Segment",
      "prior_title": "Metals Recycling Operations Segment",
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ OmniSource: ​ ​ ​ ​ ​ ​ ​ ​ Alabama ​ Birmingham, AL ​ Ferrous Scrap Processing ​ 59 ​ — Indiana ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 359 ​ 26 Michigan ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 124 ​ — Mississippi ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 43 ​ 13 North Carolina ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 303 ​ — Ohio ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 239 ​ 21 Oklahoma ​ Sand Springs, OK ​ Ferrous Scrap Processing ​ — ​ 10 Tennessee ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 65 ​ — Texas ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 130 ​ 9 Virginia ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 121 ​ — Mexico ​ Multiple Cities ​ Ferrous and Nonferrous Scrap Processing ​ 17 ​ 62 ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "We are subject to litigation and legal compliance risks which may adversely affect our financial condition, results of operations and liquidity.",
      "prior_title": "We are subject to litigation and legal compliance risks which may adversely affect our financial condition, results of operations and liquidity.",
      "current_body": "We are involved from time to time in various litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are currently expected to have a material impact on our financial condition, results of operations or liquidity. For additional information regarding legal proceedings please refer to Item 3. Legal Proceedings. In addition to risks associated with our environmental and other regulatory compliance, our international operations are subject to complex foreign and United States laws and regulations, including the Foreign Corrupt Practices Act and other anti-bribery laws, regulations related to import-export controls, the Office of Foreign Assets Control, and other laws and regulations, each of which may increase our cost of doing business and expose us to increased risk."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Critical Accounting Estimates",
      "prior_title": "Critical Accounting Estimates",
      "current_body": "Management’s Discussion and Analysis of Our Financial Condition and Results of Operations is based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. We review the accounting estimates we use in reporting our financial results on a regular basis. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent liabilities. We evaluate the appropriateness of these estimations and judgments on an ongoing basis. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Results may differ from these estimates due to actual outcomes being different from those on which we based our assumptions. We believe the following critical accounting estimates affect our more significant judgments and estimates used in the preparation of our consolidated financial statements. 46 46 Table of ContentsImpairments of Long-Lived Tangible and Definite-Lived Intangible Assets. We review long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may not be fully recoverable. Impairment losses are recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. The impairment loss is measured by comparing the fair value of the asset to its carrying amount. We consider various factors and determine whether an impairment test is necessary, including by way of examples, a significant and prolonged deterioration in operating results and/or projected cash flows, significant changes in the extent or manner in which an asset is used, technological advances with respect to assets which would potentially render them obsolete, our strategy and capital planning, and the economic environment in markets to be served. When determining future cash flows, and, if necessary, fair value, we must make judgments as to the expected utilization of assets and estimated future cash flows related to those assets. We consider historical and anticipated future results, general economic and market conditions, the impact of planned business and operational strategies, and all other available information at the time the estimates are made. Those estimates and judgments may or may not ultimately prove accurate. There were no material indicators of impairment or impairment charges recorded during 2025, 2024, or 2023. Goodwill.Our goodwill, relating to various business combinations, consisted of the following at December 31, 2025 and 2024 (in thousands):​​​​​​​​​​​​​​​​Steel Operations Segment​$ 272,133​​​Aluminum Operations Segment​​ 14,000​​​Metals Recycling Operations Segment​​ 189,413​​​Steel Fabrication Operations Segment ​​ 1,925​​​​​$ 477,471​​​At least once annually (as of October 1), or when indicators of impairment exist, we perform a goodwill impairment analysis. Goodwill is allocated to various reporting units, which are generally one level below the company’s operating segments. If the fair value exceeds the carrying value of the reporting unit, there is no impairment. If the carrying amount exceeds the fair value, we recognize an impairment loss in the amount by which the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the reporting unit. We have the option to consider qualitative factors to assess if it is more likely than not that the fair value of a reporting unit exceeds its carrying value. If we elect to bypass the qualitative assessment or if indications of a potential impairment exist, we perform a quantitative test.When conducting a qualitative assessment, we consider the impact of several factors on the company overall and each reporting unit individually including the timing and results of prior quantitative tests performed, changes in the carrying amount of the reporting unit, macroeconomic conditions (including changes in interest and discount rates), industry and market conditions, recent and projected financial performance, the company’s competitive position and other factors. Significant judgment is involved in evaluating the totality of all factors to determine whether it is more likely than not that the fair value of the reporting unit exceeds its carrying value. When conducting a quantitative test, the fair value of the reporting unit is determined by using an estimate of future cash flows utilizing a risk-adjusted discount rate to calculate the net present value of future cash flows (income approach), and for some years by using a market approach based upon an analysis of valuation metrics of comparable peer companies, using Level 3 fair value inputs as provided for under ASC 820. Key assumptions used to determine the estimated fair value of each reporting unit under the discounted cash flows method (income approach) include: (a) expected cash flows for the five-year period following the testing date (including market share, sales volumes and prices, costs to produce and estimated capital needs); (b) an estimated terminal value using a terminal year growth rate determined based on the growth prospects of the reporting unit; and (c) a risk-adjusted discount rate based on management’s best estimate of market participants’ after-tax weighted average cost of capital and market risk premiums. Key assumptions used to determine the estimated fair value of each reporting unit under the market approach include the expected revenues and cash flows in the next year. We consider historical and anticipated future results, general 47 Table of Contents Table of Contents Table of Contents Impairments of Long-Lived Tangible and Definite-Lived Intangible Assets. We review long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may not be fully recoverable. Impairment losses are recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. The impairment loss is measured by comparing the fair value of the asset to its carrying amount. We consider various factors and determine whether an impairment test is necessary, including by way of examples, a significant and prolonged deterioration in operating results and/or projected cash flows, significant changes in the extent or manner in which an asset is used, technological advances with respect to assets which would potentially render them obsolete, our strategy and capital planning, and the economic environment in markets to be served. When determining future cash flows, and, if necessary, fair value, we must make judgments as to the expected utilization of assets and estimated future cash flows related to those assets. We consider historical and anticipated future results, general economic and market conditions, the impact of planned business and operational strategies, and all other available information at the time the estimates are made. Those estimates and judgments may or may not ultimately prove accurate. There were no material indicators of impairment or impairment charges recorded during 2025, 2024, or 2023. Goodwill.Our goodwill, relating to various business combinations, consisted of the following at December 31, 2025 and 2024 (in thousands):​​​​​​​​​​​​​​​​Steel Operations Segment​$ 272,133​​​Aluminum Operations Segment​​ 14,000​​​Metals Recycling Operations Segment​​ 189,413​​​Steel Fabrication Operations Segment ​​ 1,925​​​​​$ 477,471​​​At least once annually (as of October 1), or when indicators of impairment exist, we perform a goodwill impairment analysis. Goodwill is allocated to various reporting units, which are generally one level below the company’s operating segments. If the fair value exceeds the carrying value of the reporting unit, there is no impairment. If the carrying amount exceeds the fair value, we recognize an impairment loss in the amount by which the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the reporting unit. We have the option to consider qualitative factors to assess if it is more likely than not that the fair value of a reporting unit exceeds its carrying value. If we elect to bypass the qualitative assessment or if indications of a potential impairment exist, we perform a quantitative test.When conducting a qualitative assessment, we consider the impact of several factors on the company overall and each reporting unit individually including the timing and results of prior quantitative tests performed, changes in the carrying amount of the reporting unit, macroeconomic conditions (including changes in interest and discount rates), industry and market conditions, recent and projected financial performance, the company’s competitive position and other factors. Significant judgment is involved in evaluating the totality of all factors to determine whether it is more likely than not that the fair value of the reporting unit exceeds its carrying value. When conducting a quantitative test, the fair value of the reporting unit is determined by using an estimate of future cash flows utilizing a risk-adjusted discount rate to calculate the net present value of future cash flows (income approach), and for some years by using a market approach based upon an analysis of valuation metrics of comparable peer companies, using Level 3 fair value inputs as provided for under ASC 820. Key assumptions used to determine the estimated fair value of each reporting unit under the discounted cash flows method (income approach) include: (a) expected cash flows for the five-year period following the testing date (including market share, sales volumes and prices, costs to produce and estimated capital needs); (b) an estimated terminal value using a terminal year growth rate determined based on the growth prospects of the reporting unit; and (c) a risk-adjusted discount rate based on management’s best estimate of market participants’ after-tax weighted average cost of capital and market risk premiums. Key assumptions used to determine the estimated fair value of each reporting unit under the market approach include the expected revenues and cash flows in the next year. We consider historical and anticipated future results, general Impairments of Long-Lived Tangible and Definite-Lived Intangible Assets. We review long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may not be fully recoverable. Impairment losses are recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. The impairment loss is measured by comparing the fair value of the asset to its carrying amount. We consider various factors and determine whether an impairment test is necessary, including by way of examples, a significant and prolonged deterioration in operating results and/or projected cash flows, significant changes in the extent or manner in which an asset is used, technological advances with respect to assets which would potentially render them obsolete, our strategy and capital planning, and the economic environment in markets to be served. When determining future cash flows, and, if necessary, fair value, we must make judgments as to the expected utilization of assets and estimated future cash flows related to those assets. We consider historical and anticipated future results, general economic and market conditions, the impact of planned business and operational strategies, and all other available information at the time the estimates are made. Those estimates and judgments may or may not ultimately prove accurate. There were no material indicators of impairment or impairment charges recorded during 2025, 2024, or 2023. Goodwill. Our goodwill, relating to various business combinations, consisted of the following at December 31, 2025 and 2024 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Steel Operations Segment ​ $ 272,133 ​ ​ ​ Aluminum Operations Segment ​ ​ 14,000 ​ ​ ​ Metals Recycling Operations Segment ​ ​ 189,413 ​ ​ ​ Steel Fabrication Operations Segment ​ ​ 1,925 ​ ​ ​ ​ ​ $ 477,471 ​ ​ ​ At least once annually (as of October 1), or when indicators of impairment exist, we perform a goodwill impairment analysis. Goodwill is allocated to various reporting units, which are generally one level below the company’s operating segments. If the fair value exceeds the carrying value of the reporting unit, there is no impairment. If the carrying amount exceeds the fair value, we recognize an impairment loss in the amount by which the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the reporting unit. We have the option to consider qualitative factors to assess if it is more likely than not that the fair value of a reporting unit exceeds its carrying value. If we elect to bypass the qualitative assessment or if indications of a potential impairment exist, we perform a quantitative test. When conducting a qualitative assessment, we consider the impact of several factors on the company overall and each reporting unit individually including the timing and results of prior quantitative tests performed, changes in the carrying amount of the reporting unit, macroeconomic conditions (including changes in interest and discount rates), industry and market conditions, recent and projected financial performance, the company’s competitive position and other factors. Significant judgment is involved in evaluating the totality of all factors to determine whether it is more likely than not that the fair value of the reporting unit exceeds its carrying value. When conducting a quantitative test, the fair value of the reporting unit is determined by using an estimate of future cash flows utilizing a risk-adjusted discount rate to calculate the net present value of future cash flows (income approach), and for some years by using a market approach based upon an analysis of valuation metrics of comparable peer companies, using Level 3 fair value inputs as provided for under ASC 820. Key assumptions used to determine the estimated fair value of each reporting unit under the discounted cash flows method (income approach) include: (a) expected cash flows for the five-year period following the testing date (including market share, sales volumes and prices, costs to produce and estimated capital needs); (b) an estimated terminal value using a terminal year growth rate determined based on the growth prospects of the reporting unit; and (c) a risk-adjusted discount rate based on management’s best estimate of market participants’ after-tax weighted average cost of capital and market risk premiums. Key assumptions used to determine the estimated fair value of each reporting unit under the market approach include the expected revenues and cash flows in the next year. We consider historical and anticipated future results, general 47 47 Table of Contentseconomic and market conditions, the impact of planned business and operational strategies and all available information at the time the fair values of reporting units are estimated. Those estimates and judgments may or may not ultimately prove accurate.Goodwill acquired in past transactions is naturally more susceptible to impairment, primarily due to the fact that they are recorded at fair value based on operating plans and economic conditions at the time of acquisition. Consequently, if operating results and/or economic conditions deteriorate after an acquisition, it could result in the impairment of the acquired asset. A deterioration of economic conditions may not only negatively impact the estimated operating cash flows used in our cash flow models but may also negatively impact other assumptions used in our analyses, including, but not limited to, the estimated cost of capital and/or discount rates. Additionally, we are required to ensure that assumptions used to determine fair value in our analyses are consistent with the assumptions a hypothetical marketplace participant would use. As a result, the cost of capital and/or discount rates used in our analyses may increase or decrease based on market conditions and trends, regardless of whether our actual cost of capital has changed. Therefore, we may recognize an impairment in spite of realizing actual cash flows that are approximately equal to or greater than our previously forecasted amounts. Accordingly, our qualitative assessments consider changes in interest rates and our quantitative tests include discount rate scenario analysis to evaluate the impact on estimated reporting unit fair values. Our fourth quarter 2025, 2024, and 2023 annual goodwill impairment analyses did not result in any impairment charges. During 2025 and 2024, we performed a qualitative assessment and performed a quantitative test in 2023. Management does not believe that it is reasonably likely that our reporting units will fail the goodwill impairment test in the near term, given the results of our most recent qualitative assessment and the determined fair value of the reporting units with goodwill from our most recent quantitative test exceeded their carrying value by more than an insignificant amount. Changes in judgments and estimates underlying our analysis of goodwill for possible impairment, including expected future operating cash flows and discount rate, could decrease the estimated fair value of our reporting units in the future and could result in an impairment of goodwill.Income Taxes. We are required to estimate our income taxes as a part of the process of preparing our consolidated financial statements. This requires us to estimate our actual current tax exposure together with assessing temporary differences resulting from differing treatments of items for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included within our consolidated balance sheet. We must then assess the likelihood that our deferred tax assets will be recovered from future taxable income and, to the extent we believe that recovery is not likely, we must establish a valuation allowance. We also establish reserves to reduce some or all of the tax benefit of any of our tax positions at the time we determine that the positions become uncertain. We adjust these reserves, including any impact on the related interest and penalties, in light of changing facts and circumstances, such as the progress of a tax audit. A number of years may elapse before a particular matter for which we have established a reserve is audited by a taxing authority and finally resolved. The number of years with open tax audits varies depending on the tax jurisdiction. A tax benefit that has been previously reserved because of a failure to meet the \"more likely than not\" recognition threshold would be recognized in our income tax expense in the first interim period when the uncertainty disappears. Settlement of any particular issue would usually require the use of cash.​​48 Table of Contents Table of Contents Table of Contents economic and market conditions, the impact of planned business and operational strategies and all available information at the time the fair values of reporting units are estimated. Those estimates and judgments may or may not ultimately prove accurate.Goodwill acquired in past transactions is naturally more susceptible to impairment, primarily due to the fact that they are recorded at fair value based on operating plans and economic conditions at the time of acquisition. Consequently, if operating results and/or economic conditions deteriorate after an acquisition, it could result in the impairment of the acquired asset. A deterioration of economic conditions may not only negatively impact the estimated operating cash flows used in our cash flow models but may also negatively impact other assumptions used in our analyses, including, but not limited to, the estimated cost of capital and/or discount rates. Additionally, we are required to ensure that assumptions used to determine fair value in our analyses are consistent with the assumptions a hypothetical marketplace participant would use. As a result, the cost of capital and/or discount rates used in our analyses may increase or decrease based on market conditions and trends, regardless of whether our actual cost of capital has changed. Therefore, we may recognize an impairment in spite of realizing actual cash flows that are approximately equal to or greater than our previously forecasted amounts. Accordingly, our qualitative assessments consider changes in interest rates and our quantitative tests include discount rate scenario analysis to evaluate the impact on estimated reporting unit fair values. Our fourth quarter 2025, 2024, and 2023 annual goodwill impairment analyses did not result in any impairment charges. During 2025 and 2024, we performed a qualitative assessment and performed a quantitative test in 2023. Management does not believe that it is reasonably likely that our reporting units will fail the goodwill impairment test in the near term, given the results of our most recent qualitative assessment and the determined fair value of the reporting units with goodwill from our most recent quantitative test exceeded their carrying value by more than an insignificant amount. Changes in judgments and estimates underlying our analysis of goodwill for possible impairment, including expected future operating cash flows and discount rate, could decrease the estimated fair value of our reporting units in the future and could result in an impairment of goodwill.Income Taxes. We are required to estimate our income taxes as a part of the process of preparing our consolidated financial statements. This requires us to estimate our actual current tax exposure together with assessing temporary differences resulting from differing treatments of items for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included within our consolidated balance sheet. We must then assess the likelihood that our deferred tax assets will be recovered from future taxable income and, to the extent we believe that recovery is not likely, we must establish a valuation allowance. We also establish reserves to reduce some or all of the tax benefit of any of our tax positions at the time we determine that the positions become uncertain. We adjust these reserves, including any impact on the related interest and penalties, in light of changing facts and circumstances, such as the progress of a tax audit. A number of years may elapse before a particular matter for which we have established a reserve is audited by a taxing authority and finally resolved. The number of years with open tax audits varies depending on the tax jurisdiction. A tax benefit that has been previously reserved because of a failure to meet the \"more likely than not\" recognition threshold would be recognized in our income tax expense in the first interim period when the uncertainty disappears. Settlement of any particular issue would usually require the use of cash.​​ economic and market conditions, the impact of planned business and operational strategies and all available information at the time the fair values of reporting units are estimated. Those estimates and judgments may or may not ultimately prove accurate. Goodwill acquired in past transactions is naturally more susceptible to impairment, primarily due to the fact that they are recorded at fair value based on operating plans and economic conditions at the time of acquisition. Consequently, if operating results and/or economic conditions deteriorate after an acquisition, it could result in the impairment of the acquired asset. A deterioration of economic conditions may not only negatively impact the estimated operating cash flows used in our cash flow models but may also negatively impact other assumptions used in our analyses, including, but not limited to, the estimated cost of capital and/or discount rates. Additionally, we are required to ensure that assumptions used to determine fair value in our analyses are consistent with the assumptions a hypothetical marketplace participant would use. As a result, the cost of capital and/or discount rates used in our analyses may increase or decrease based on market conditions and trends, regardless of whether our actual cost of capital has changed. Therefore, we may recognize an impairment in spite of realizing actual cash flows that are approximately equal to or greater than our previously forecasted amounts. Accordingly, our qualitative assessments consider changes in interest rates and our quantitative tests include discount rate scenario analysis to evaluate the impact on estimated reporting unit fair values. Our fourth quarter 2025, 2024, and 2023 annual goodwill impairment analyses did not result in any impairment charges. During 2025 and 2024, we performed a qualitative assessment and performed a quantitative test in 2023. Management does not believe that it is reasonably likely that our reporting units will fail the goodwill impairment test in the near term, given the results of our most recent qualitative assessment and the determined fair value of the reporting units with goodwill from our most recent quantitative test exceeded their carrying value by more than an insignificant amount. Changes in judgments and estimates underlying our analysis of goodwill for possible impairment, including expected future operating cash flows and discount rate, could decrease the estimated fair value of our reporting units in the future and could result in an impairment of goodwill. Income Taxes. We are required to estimate our income taxes as a part of the process of preparing our consolidated financial statements. This requires us to estimate our actual current tax exposure together with assessing temporary differences resulting from differing treatments of items for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included within our consolidated balance sheet. We must then assess the likelihood that our deferred tax assets will be recovered from future taxable income and, to the extent we believe that recovery is not likely, we must establish a valuation allowance. We also establish reserves to reduce some or all of the tax benefit of any of our tax positions at the time we determine that the positions become uncertain. We adjust these reserves, including any impact on the related interest and penalties, in light of changing facts and circumstances, such as the progress of a tax audit. A number of years may elapse before a particular matter for which we have established a reserve is audited by a taxing authority and finally resolved. The number of years with open tax audits varies depending on the tax jurisdiction. A tax benefit that has been previously reserved because of a failure to meet the \"more likely than not\" recognition threshold would be recognized in our income tax expense in the first interim period when the uncertainty disappears. Settlement of any particular issue would usually require the use of cash. ​ ​ 48 48 Table of ContentsITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKMarket RiskIn the normal course of business, we are exposed to interest rate changes. Our objectives in managing fluctuations in interest rates are to limit the impact of these rate changes on earnings and cash flows and to lower overall borrowing costs. The following table represents the principal cash repayments and related weighted-average interest rates by maturity date for our long-term debt, as of December 31, 2025 (in thousands):​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Interest Rate Risk​​​​Fixed Rate​Variable Rate​​​​​​Average​​​Average​​​​Principal​Rate​Principal​Rate​​Expected maturity date:​​​​​​​​​​​​​​2026​$ 1,493​​5.2%​$ 33,162​​5.5%​​2027​​ 351,099​​1.7​​ -​​​​​2028​​ 650,416​​4.0​​ -​​​​​2029​​ 198​​5.1​​ -​​​​​2030​​ 600,095​​3.5​​ -​​​​​Thereafter ​​ 2,650,147​​4.7​​ -​​​​​Total debt outstanding ​$ 4,253,448​​4.2%​$ 33,162​​5.5%​​Fair value ​$ 4,108,867​​​​$ 33,162​​​​​Commodity RiskIn the normal course of business, we are exposed to the market risk and price fluctuations related to the sale of our products and to the purchase of raw materials used in our operations, such as metallic raw materials, electricity, water, natural gas and its transportation services, fuel, air products, zinc, and electrodes. Our risk strategy associated with product sales has generally been to obtain competitive prices for our products and to allow operating results to reflect market price movements dictated by supply and demand.Our risk strategy associated with the purchase of raw materials utilized within our operations has generally been to make some commitments with suppliers relating to future expected requirements for some commodities such as electricity, water, natural gas and its transportation services, fuel, air products, zinc, and electrodes. Refer to Note 8. Commitments and Contingencies to the consolidated financial statements elsewhere in this report for additional information.​In our metals recycling, aluminum, and steel operations, we have certain fixed price contracts with various customers and suppliers for future delivery of nonferrous and ferrous metals. We believe these contracts will be fully consummated. Our risk strategy has been to enter into base metal financial contracts with the goal to protect the profit margin, within certain parameters, that was contemplated when we entered into the transaction with the customer or vendor. At December 31, 2025, we had a cumulative unrealized loss associated with these financial contracts of $56.0 million, substantially all of which have settlement dates in 2026. ​​49 Table of Contents Table of Contents Table of Contents ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKMarket RiskIn the normal course of business, we are exposed to interest rate changes. Our objectives in managing fluctuations in interest rates are to limit the impact of these rate changes on earnings and cash flows and to lower overall borrowing costs. The following table represents the principal cash repayments and related weighted-average interest rates by maturity date for our long-term debt, as of December 31, 2025 (in thousands):​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Interest Rate Risk​​​​Fixed Rate​Variable Rate​​​​​​Average​​​Average​​​​Principal​Rate​Principal​Rate​​Expected maturity date:​​​​​​​​​​​​​​2026​$ 1,493​​5.2%​$ 33,162​​5.5%​​2027​​ 351,099​​1.7​​ -​​​​​2028​​ 650,416​​4.0​​ -​​​​​2029​​ 198​​5.1​​ -​​​​​2030​​ 600,095​​3.5​​ -​​​​​Thereafter ​​ 2,650,147​​4.7​​ -​​​​​Total debt outstanding ​$ 4,253,448​​4.2%​$ 33,162​​5.5%​​Fair value ​$ 4,108,867​​​​$ 33,162​​​​​Commodity RiskIn the normal course of business, we are exposed to the market risk and price fluctuations related to the sale of our products and to the purchase of raw materials used in our operations, such as metallic raw materials, electricity, water, natural gas and its transportation services, fuel, air products, zinc, and electrodes. Our risk strategy associated with product sales has generally been to obtain competitive prices for our products and to allow operating results to reflect market price movements dictated by supply and demand.Our risk strategy associated with the purchase of raw materials utilized within our operations has generally been to make some commitments with suppliers relating to future expected requirements for some commodities such as electricity, water, natural gas and its transportation services, fuel, air products, zinc, and electrodes. Refer to Note 8. Commitments and Contingencies to the consolidated financial statements elsewhere in this report for additional information.​In our metals recycling, aluminum, and steel operations, we have certain fixed price contracts with various customers and suppliers for future delivery of nonferrous and ferrous metals. We believe these contracts will be fully consummated. Our risk strategy has been to enter into base metal financial contracts with the goal to protect the profit margin, within certain parameters, that was contemplated when we entered into the transaction with the customer or vendor. At December 31, 2025, we had a cumulative unrealized loss associated with these financial contracts of $56.0 million, substantially all of which have settlement dates in 2026. ​​ ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Market Risk",
      "prior_title": "Market Risk",
      "current_body": "In the normal course of business, we are exposed to interest rate changes. Our objectives in managing fluctuations in interest rates are to limit the impact of these rate changes on earnings and cash flows and to lower overall borrowing costs. The following table represents the principal cash repayments and related weighted-average interest rates by maturity date for our long-term debt, as of December 31, 2025 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Global steelmaking overcapacity and imports of steel into the United States may adversely affect United States steel prices, which, together with increased scrap prices, may adversely affect our business, results of operations, financial condition and cash flows.",
      "prior_title": "Global steelmaking overcapacity and imports of steel into the United States may adversely affect United States steel prices, which, together with increased scrap prices, may adversely affect our business, results of operations, financial condition and cash flows.",
      "current_body": "Global steelmaking capacity currently exceeds global consumption of steel products, which adversely affects United States and global steel prices. Such excess capacity sometimes results in steel manufacturers in certain countries exporting steel and steel products, at prices that are lower than prevailing domestic prices, and sometimes at or below their cost of production. Excessive imports of steel and steel products, into the United States, may exert downward pressure on United States steel and steel products prices, which adversely affects our business, results of operations, financial condition and cash flows. Fluctuations in the value of the dollar can also affect imports, as a strong United States dollar makes imported products less expensive, potentially resulting in more imports of steel and steel products into the United States by our foreign competitors. Furthermore, the introduction of additional domestic steel capacity could increase this global overcapacity. This, in turn, has led to and may further lead to increased domestic demand for ferrous scrap resulting in increased scrap prices. Our steel operations financial condition, results of operations, and cash flows are driven primarily from the metal spread achieved from the price we sell steel and steel products compared to the price of our metallic raw materials, including scrap. During prolonged periods of steel and steel products overcapacity, leading to lower selling prices, combined with high demand for scrap and raw materials, leading to higher buying prices, our metal spreads could be compressed, which may adversely affect our business, results of operations, financial condition and cash flows. United States steel producers compete with many foreign producers, including those in China, Vietnam and other Asian and European countries. Competition from foreign producers is typically strong and is periodically exacerbated by weakening of the economies of certain foreign steelmaking countries, at times leading to imports of steel involving dumping and subsidy abuses by foreign steel producers. Some foreign steel producers are owned, controlled or subsidized by foreign governments. As a result, decisions by these producers with respect to their production, sales and pricing are sometimes influenced to a greater degree by political and economic policy considerations than by prevailing market conditions, realities of the marketplace or consideration of profit or loss. A higher volume of steel imports into the United States tends to occur at depressed prices when foreign steelmaking countries experience periods of economic difficulty, decreased demand for steel products or excess capacity. The global steelmaking overcapacity is exacerbated by Chinese steel production capacity that far exceeds that country’s demand and has made China a major global exporter of steel, resulting in weakened global steel pricing than otherwise would be expected. While measures to curb unfair trade such as tariffs, duties or quotas, along with trade agreements with other countries, have decreased the volume of steel and steel products imports, domestic steel and steel products prices can be negatively impacted by excessive imports of steel and steel products. Should current or new tariffs, duties or quotas expire or be relaxed, repealed or circumvented by importers of steel and steel products, or should trade agreements be renegotiated, downward pressure may be exerted on United States steel and steel products prices, which may adversely affect our steel business, results of operations, financial condition and cash flows."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Contractual Obligations and Other Long-Term Liabilities",
      "prior_title": "Contractual Obligations and Other Long-Term Liabilities",
      "current_body": "We have the following minimum commitments under contractual obligations, including purchase obligations, as defined by the Securities and Exchange Commission. A “purchase obligation” is defined as an agreement to purchase goods or services that is enforceable and legally binding and that specifies all significant terms, including fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction. Long-term debt and estimated interest. Refer to Note 3. Long-Term Debt to the consolidated financial statements elsewhere in this report for our long-term debt maturities. Estimated interest payments on our senior unsecured notes were determined based on their outstanding balances through maturity at their contractual interest rates, as detailed in Note 3. Estimated interest payments also include a 0.175% commitment fee on our available Revolver, and an average interest rate of 5.44% on our other debt of $36.6 million. Our estimated interest payments are $180.5 million, $177.4 million, $168.5 million, $144.6 million, and $129.9 million, for the years 2026 through 2030, respectively, and $1.1 billion thereafter. 45 45 Table of ContentsPurchase obligations. We have commitments for the purchase of commodities such as electricity, water, natural gas and its transportation services, fuel, air products, zinc, and electrodes. Refer to Note 8. Commitments and Contingencies to the consolidated financial statements elsewhere in this report for this information.Construction commitments. We have firm contracts with various vendors for the completion of certain construction projects at our various divisions at December 31, 2025. Refer to Note 8. Commitments and Contingencies to the consolidated financial statements elsewhere in this report for this information.Lease commitments. We have entered into operating leases relating principally to transportation and other equipment, and some real estate. Refer to Note 11. Leases to the consolidated financial statements elsewhere in this report for this information.Unrecognized tax benefits. We expect to make cash outlays in the future related to our unrecognized tax benefits; however, due to the uncertainty of the timing, we are unable to make reasonably reliable estimates regarding the period of cash settlement with the respective taxing authorities. Refer to Note 4. Income Taxes to the consolidated financial statements elsewhere in this report for this information.​Other MattersEnvironmental and Other ContingenciesWe have incurred, and in the future will continue to incur, capital expenditures and operating expenses for matters relating to environmental control, remediation, monitoring, and compliance. During 2025, we incurred costs related to the monitoring and compliance of environmental matters in the amount of approximately $60.4 million and capital expenditures related to environmental compliance of approximately $10.0 million. Of the costs incurred during 2025 for monitoring and compliance, approximately 72% were related to the normal transportation and disposal of certain types of by-products produced in our steelmaking processes and other facilities in accordance with legal requirements. We incurred combined environmental remediation costs of approximately $9.3 million at all of our facilities during 2025. We have an accrual of $4.4 million recorded for environmental remediation related to our metals recycling operations, $2.6 million related to our idled Minnesota ironmaking operations, and $566,000 related to our steel operations. We believe, apart from our dependence on environmental construction and operating permits for our existing and any future manufacturing facilities, that compliance with current environmental laws and regulations is not likely to have a materially adverse effect on our financial condition, results of operations, or liquidity. However, environmental laws and regulations evolve and change, and we may become subject to more stringent environmental laws and regulations in the future, such as the impact of various governmental legislatures and agencies introducing regulatory changes in response to the potential of climate change. Critical Accounting EstimatesManagement’s Discussion and Analysis of Our Financial Condition and Results of Operations is based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. We review the accounting estimates we use in reporting our financial results on a regular basis. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent liabilities. We evaluate the appropriateness of these estimations and judgments on an ongoing basis. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Results may differ from these estimates due to actual outcomes being different from those on which we based our assumptions. We believe the following critical accounting estimates affect our more significant judgments and estimates used in the preparation of our consolidated financial statements.46 Table of Contents Table of Contents Table of Contents Purchase obligations. We have commitments for the purchase of commodities such as electricity, water, natural gas and its transportation services, fuel, air products, zinc, and electrodes. Refer to Note 8. Commitments and Contingencies to the consolidated financial statements elsewhere in this report for this information.Construction commitments. We have firm contracts with various vendors for the completion of certain construction projects at our various divisions at December 31, 2025. Refer to Note 8. Commitments and Contingencies to the consolidated financial statements elsewhere in this report for this information.Lease commitments. We have entered into operating leases relating principally to transportation and other equipment, and some real estate. Refer to Note 11. Leases to the consolidated financial statements elsewhere in this report for this information.Unrecognized tax benefits. We expect to make cash outlays in the future related to our unrecognized tax benefits; however, due to the uncertainty of the timing, we are unable to make reasonably reliable estimates regarding the period of cash settlement with the respective taxing authorities. Refer to Note 4. Income Taxes to the consolidated financial statements elsewhere in this report for this information.​Other MattersEnvironmental and Other ContingenciesWe have incurred, and in the future will continue to incur, capital expenditures and operating expenses for matters relating to environmental control, remediation, monitoring, and compliance. During 2025, we incurred costs related to the monitoring and compliance of environmental matters in the amount of approximately $60.4 million and capital expenditures related to environmental compliance of approximately $10.0 million. Of the costs incurred during 2025 for monitoring and compliance, approximately 72% were related to the normal transportation and disposal of certain types of by-products produced in our steelmaking processes and other facilities in accordance with legal requirements. We incurred combined environmental remediation costs of approximately $9.3 million at all of our facilities during 2025. We have an accrual of $4.4 million recorded for environmental remediation related to our metals recycling operations, $2.6 million related to our idled Minnesota ironmaking operations, and $566,000 related to our steel operations. We believe, apart from our dependence on environmental construction and operating permits for our existing and any future manufacturing facilities, that compliance with current environmental laws and regulations is not likely to have a materially adverse effect on our financial condition, results of operations, or liquidity. However, environmental laws and regulations evolve and change, and we may become subject to more stringent environmental laws and regulations in the future, such as the impact of various governmental legislatures and agencies introducing regulatory changes in response to the potential of climate change. Critical Accounting EstimatesManagement’s Discussion and Analysis of Our Financial Condition and Results of Operations is based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. We review the accounting estimates we use in reporting our financial results on a regular basis. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent liabilities. We evaluate the appropriateness of these estimations and judgments on an ongoing basis. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Results may differ from these estimates due to actual outcomes being different from those on which we based our assumptions. We believe the following critical accounting estimates affect our more significant judgments and estimates used in the preparation of our consolidated financial statements. Purchase obligations. We have commitments for the purchase of commodities such as electricity, water, natural gas and its transportation services, fuel, air products, zinc, and electrodes. Refer to Note 8. Commitments and Contingencies to the consolidated financial statements elsewhere in this report for this information. Construction commitments. We have firm contracts with various vendors for the completion of certain construction projects at our various divisions at December 31, 2025. Refer to Note 8. Commitments and Contingencies to the consolidated financial statements elsewhere in this report for this information. Lease commitments. We have entered into operating leases relating principally to transportation and other equipment, and some real estate. Refer to Note 11. Leases to the consolidated financial statements elsewhere in this report for this information. Unrecognized tax benefits. We expect to make cash outlays in the future related to our unrecognized tax benefits; however, due to the uncertainty of the timing, we are unable to make reasonably reliable estimates regarding the period of cash settlement with the respective taxing authorities. Refer to Note 4. Income Taxes to the consolidated financial statements elsewhere in this report for this information. ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Cash and Equivalents, and Restricted Cash",
      "prior_title": "Cash and Equivalents, and Restricted Cash",
      "current_body": "Cash and equivalents include all highly liquid investments with a maturity of three months or less at the date of acquisition. Restricted cash is primarily funds held in escrow as required by various insurance and government organizations. The balance of cash, cash equivalents and restricted cash in the consolidated statements of cash flows includes restricted cash of $5.4 million at December 31, 2025, $5.5 million at December 31, 2024, $5.6 million at December 31, 2023, and $5.5 million at December 31, 2022, which is recorded in Other Assets (noncurrent) in the company’s consolidated balance sheets."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued)",
      "prior_title": "Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued)",
      "current_body": "Estimated amortization expense related to amortizable intangibles for the years ending December 31 is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ $ 30,840 ​ ​ 2027 ​ ​ 28,441 ​ ​ 2028 ​ ​ 27,231 ​ ​ 2029 ​ ​ 24,861 ​ ​ 2030 ​ ​ 23,168 ​ ​ Thereafter ​ ​ 196,749 ​ ​ Total ​ $ 331,290 ​ ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Issuer Purchases of Equity Securities",
      "prior_title": "Issuer Purchases of Equity Securities",
      "current_body": "We purchased the following equity securities registered by us pursuant to Section 12 of the Exchange Act during the three months ended December 31, 2025. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Period ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Restricted Stock Units",
      "prior_title": "Restricted Stock Units",
      "current_body": "A summary of the company’s RSU activity and outstanding RSUs as of December 31, 2025, are presented below (dollars in thousands except grant date fair value): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Aggregate ​ ​ ​ ​ Number ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued)",
      "prior_title": "Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued)",
      "current_body": "Estimated amortization expense related to amortizable intangibles for the years ending December 31 is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ $ 30,840 ​ ​ 2027 ​ ​ 28,441 ​ ​ 2028 ​ ​ 27,231 ​ ​ 2029 ​ ​ 24,861 ​ ​ 2030 ​ ​ 23,168 ​ ​ Thereafter ​ ​ 196,749 ​ ​ Total ​ $ 331,290 ​ ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING",
      "prior_title": "MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING",
      "current_body": "The management of Steel Dynamics, Inc. is responsible for the preparation and integrity of the company’s consolidated financial statements and for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a – 15(f) of the Exchange Act, for the company (including its consolidated subsidiaries). We maintain accounting and internal control systems which are intended to provide reasonable assurance that assets are safeguarded against loss from unauthorized use or disposition, transactions are executed in accordance with management’s authorization, and accounting records are reliable for preparing financial statements in accordance with accounting principles generally accepted in the United States. We are dedicated to ensuring that we maintain the high standards of financial accounting and reporting that we have established. Our culture demands integrity and an unyielding commitment to strong internal control practices and policies. Internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of the financial statements in accordance with generally accepted accounting principles; and provide reasonable assurance that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on our financial statements. Because of its inherent limitations, internal control over financial reporting may not always prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with policies and procedures may deteriorate. We completed the acquisition of the remaining 55% interest in New Process Steel, L.P. (NPS) on December 1, 2025. In conducting our evaluation of the effectiveness of our internal control over financial reporting as of December 31, 2025, we have elected to exclude NPS from our evaluation in the year of acquisition as permitted by the Securities and Exchange Commission. NPS constituted approximately 3% and 5% of the company’s total and net assets, respectively, as of December 31, 2025, and 0.4% of the company’s net sales for the year then ended. Under the supervision and with the participation of our management, including our principal executive officer and our principal financial officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting. The framework on which such evaluation was based upon is contained in the report entitled “Internal Control—Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework) (the “COSO criteria”). Based on that evaluation, management concluded that our internal control over financial reporting was effective as of December 31, 2025, the end of the period covered by this report. ​ ​ ​ ​ /s/ Mark D. Millett ​ ​ ​ /s/ Theresa E. Wagler Chief Executive Officer ​ Executive Vice President and Chief Financial Officer (Principal Executive Officer) ​ (Principal Financial Officer) ​ ​ ​ 51 51 Table of ContentsREPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM​To the Stockholders and the Board of Directors of Steel Dynamics, Inc.​Opinion on Internal Control Over Financial ReportingWe have audited Steel Dynamics, Inc.’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Steel Dynamics, Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on the COSO criteria.As indicated in the accompanying Management's Report on Internal Control Over Financial Reporting, management's assessment of and conclusion on the effectiveness of internal control over financial reporting did not include the internal controls of New Process Steel, L.P., which is included in the 2025 consolidated financial statements of the Company and constituted 3% and 5% of total and net assets, respectively, as of December 31, 2025, and 0.4% of net sales, for the year then ended. Our audit of internal control over financial reporting of the Company also did not include an evaluation of the internal control over financial reporting of New Process Steel, L.P.We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, equity, and cash flows for each of the three years in the period ended December 31, 2025, and the related notes and our report dated February 27, 2026 expressed an unqualified opinion thereon.Basis for OpinionThe Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.Definition and Limitations of Internal Control Over Financial ReportingA company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. 52 Table of Contents Table of Contents Table of Contents REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM​To the Stockholders and the Board of Directors of Steel Dynamics, Inc.​Opinion on Internal Control Over Financial ReportingWe have audited Steel Dynamics, Inc.’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Steel Dynamics, Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on the COSO criteria.As indicated in the accompanying Management's Report on Internal Control Over Financial Reporting, management's assessment of and conclusion on the effectiveness of internal control over financial reporting did not include the internal controls of New Process Steel, L.P., which is included in the 2025 consolidated financial statements of the Company and constituted 3% and 5% of total and net assets, respectively, as of December 31, 2025, and 0.4% of net sales, for the year then ended. Our audit of internal control over financial reporting of the Company also did not include an evaluation of the internal control over financial reporting of New Process Steel, L.P.We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, equity, and cash flows for each of the three years in the period ended December 31, 2025, and the related notes and our report dated February 27, 2026 expressed an unqualified opinion thereon.Basis for OpinionThe Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.Definition and Limitations of Internal Control Over Financial ReportingA company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Steel Operations Segment *",
      "prior_title": "Steel Operations Segment *",
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ Butler Flat Roll Division: ​ ​ ​ ​ ​ ​ ​ ​ Butler Operations ​ Butler, IN ​ Flat Roll Steel Mill and Coating Facility ​ 995 ​ — Jeffersonville Operations ​ Jeffersonville, IN ​ Flat Roll Steel Coating Facility ​ 27 ​ 10 Iron Dynamics ​ Butler, IN ​ Liquid Ironmaking Facility ​ 25 ​ — Columbus Flat Roll Division ​ Columbus, MS ​ Flat Roll Steel Mill and Coating Facility ​ 1,387 ​ — Sinton Flat Roll Division ​ Sinton, TX ​ Flat Roll Steel Mill and Coating Facility ​ 2,842 ​ — The Techs ​ Pittsburgh, PA ​ Flat Roll Steel Coating Facilities ​ 17 ​ 2 Heartland Flat Roll Division ​ Terre Haute, IN ​ Flat Roll Steel Cold-Rolling and Coating Facility ​ 246 ​ — United Steel Supply ​ IN, ID, MS, OR, and TX ​ Distributor of Painted Galvalume® Flat Roll Steel ​ 58 ​ 1 New Process Steel ​ IN, IL, MS, AL, TX, and Monterrey, Mexico ​ Flat Roll Steel Distributor and Processing Facility ​ — ​ 23 SDI Mexico ​ Monterrey, Mexico ​ Flat Roll Steel Distribution Warehouse ​ — ​ 5 Structural and Rail Division ​ Columbia City, IN ​ Structural and Rail Steel Mill ​ 1,003 ​ — Engineered Bar Products Division ​ Pittsboro, IN ​ Engineered Bar Steel Mill and Finishing Facility ​ 312 ​ — Vulcan Threaded Products ​ Pelham, AL ​ Bar Steel Processing Facility ​ 31 ​ — Roanoke Bar Division ​ Roanoke, VA ​ Merchant Bar Steel Mill ​ 313 ​ — Steel of West Virginia ​ WV, KY, and TN ​ Specialty Shapes Steel Mill and Finishing ​ 141 ​ 6 ​ ​ ​ ​ and Coating Facilities ​ ​ ​ ​ SDI Biocarbon Solutions ​ Columbus, MS ​ Biocarbon Production Facility ​ 133 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "2018 Executive Incentive Compensation Plan (2018 Executive Plan)",
      "prior_title": "2018 Executive Incentive Compensation Plan (2018 Executive Plan)",
      "current_body": "The 2018 Executive Plan provides for eligibility of certain senior leadership of the company to receive cash and stock bonuses based on predetermined formulas. The company’s shareholders approved the 2018 Executive Plan in May 2018 and 2.0 million shares of company stock were reserved for grant through February 28, 2028. At times a portion of the bonus may be distributed in shares of the company’s stock, of which one-third of the shares vest immediately and the remaining shares vest in equal annual installments over an additional two-year service-based vesting period requirement. At December 31, 2025, 2024, and 2023, 1.3 million shares under the 2018 Executive Plan remained available for grant. Pursuant to the 2018 Executive Plan, 15,000, 17,000, and 29,000 shares were awarded with a market value of $2.7 million, $2.2 million, and $3.5 million for the 2025, 2024, and 2023 award years, respectively. one-third 77 77"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Credit Losses",
      "prior_title": "Credit Losses",
      "current_body": "The company is exposed to credit risk in the event of nonpayment of accounts receivable by customers. The company mitigates its exposure to credit risk, which it generally extends on an unsecured basis, by performing ongoing credit evaluations and taking further action if necessary, such as requiring letters of credit or other security interests to support the customer receivable. The allowance for credit losses for accounts receivable is based on the company’s reasonable estimate of known credit risks and historical experience, adjusted for current and anticipated economic and other pertinent factors affecting the company’s customers, that may differ from historical experience. Customer accounts receivable are written off when all collection efforts have been exhausted and the amounts are deemed uncollectible. At December 31, 2025 and 2024, the company reported $1,682.7 million and $1,417.2 million, respectively, of accounts receivable, net of allowances for credit losses of $5.4 million and $7.7 million, respectively. Changes in the allowance were not significant for the years ended December 31, 2025, 2024, or 2023."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Total Return Graph",
      "prior_title": "Total Return Graph",
      "current_body": "​ The graph below compares Steel Dynamics, Inc.’s cumulative 5-year total shareholder return on common stock with the cumulative total returns of the S&P 500 index and the S&P 500 Steel index. The graph tracks the performance of a $100 investment in our common stock and in each index (with the reinvestment of all dividends) from December 31, 2020 to December 31, 2025. ​ ​ ITEM 6. [RESERVED] 36 36 Table of ContentsITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSForward-Looking StatementsThis report contains some predictive statements about future events, including statements related to conditions in domestic or global economies, conditions in steel, aluminum, and recycled metals market places, Steel Dynamics' revenues, costs of purchased materials, future profitability and earnings, and the operation of new, existing or planned facilities. These 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 be made as \"forward-looking\", subject to many risks and uncertainties, within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. These statements speak only as of this date and are based upon information and assumptions, which we consider reasonable as of this date, concerning our businesses and the environments in which they operate. Such predictive statements are not guarantees of future performance, and we undertake no duty to update or revise any such statements. Some factors that could cause such forward-looking statements to turn out differently than anticipated include: (1) domestic and global economic factors; (2) global steelmaking overcapacity and imports of steel, together with increased scrap prices; (3) the cyclical nature of the metals industries and the industries we serve; (4) 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; (5) cost and availability of electricity, natural gas, oil, and other energy resources are subject to volatile market conditions; (6) increased environmental, greenhouse gas emissions and sustainability considerations from our customers and investors or related regulations; (7) compliance with and changes in environmental and remediation requirements; (8) significant price and other forms of competition from other steel and aluminum producers, scrap processors and alternative materials; (9) availability of an adequate source of supply of scrap for our metals recycling operations; (10) cybersecurity threats and risks to the security of our sensitive data and information technology; (11) the implementation of our growth strategy; (12) our ability to retain, develop and attract key personnel; (13) litigation and legal compliance; (14) unexpected equipment downtime or shutdowns; (15) difficulties in the launch or production ramp-up of new products; (16) our aluminum operations depend on a core group of significant customers; (17) governmental agencies may refuse to grant or renew some of our licenses and permits; (18) our existing debt agreements contain, and any future financing agreements may contain, restrictive covenants that may limit our flexibility; and (19) the impacts of impairment charges.More specifically, we refer you to our more detailed explanation of these and other factors and risks that may cause such predictive statements to turn out differently, as set forth in the sections titled Special Note Regarding Forward-Looking Statements at the beginning of Part I of this Report and Item 1A. Risk Factors, as well as in other subsequent reports we file with the Securities and Exchange Commission. These reports are available publicly on the Securities and Exchange Commission website, www.sec.gov, and on our website, www.steeldynamics.com under “Investors – SEC Filings.”Operating Statement ClassificationsNet Sales. Net sales from our operations are a factor of volumes shipped, product mix, and related pricing. We charge premium prices for certain grades of steel and aluminum, product dimensions, certain smaller volumes, and for value-added processing or coating of our steel products. Except for the steel fabrication operations, we recognize revenues from sales and the allowance for estimated returns and claims from these sales at the point in time control of the product transfers to the customer, upon shipment or delivery. Our steel fabrication operations recognize revenues over time based on completed fabricated tons to date as a percentage of total tons required for each contract.Costs of Goods Sold. Our costs of goods sold represent all direct and indirect costs associated with the manufacture of our products. The principal elements of these costs are scrap and scrap substitutes (which represent the most significant single component of our consolidated costs of goods sold), steel substrate, direct and indirect labor and related benefits, alloys, zinc, transportation and freight, repairs and maintenance, utilities such as electricity and natural gas, and depreciation.37 Table of Contents Table of Contents Table of Contents ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSForward-Looking StatementsThis report contains some predictive statements about future events, including statements related to conditions in domestic or global economies, conditions in steel, aluminum, and recycled metals market places, Steel Dynamics' revenues, costs of purchased materials, future profitability and earnings, and the operation of new, existing or planned facilities. These 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 be made as \"forward-looking\", subject to many risks and uncertainties, within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. These statements speak only as of this date and are based upon information and assumptions, which we consider reasonable as of this date, concerning our businesses and the environments in which they operate. Such predictive statements are not guarantees of future performance, and we undertake no duty to update or revise any such statements. Some factors that could cause such forward-looking statements to turn out differently than anticipated include: (1) domestic and global economic factors; (2) global steelmaking overcapacity and imports of steel, together with increased scrap prices; (3) the cyclical nature of the metals industries and the industries we serve; (4) 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; (5) cost and availability of electricity, natural gas, oil, and other energy resources are subject to volatile market conditions; (6) increased environmental, greenhouse gas emissions and sustainability considerations from our customers and investors or related regulations; (7) compliance with and changes in environmental and remediation requirements; (8) significant price and other forms of competition from other steel and aluminum producers, scrap processors and alternative materials; (9) availability of an adequate source of supply of scrap for our metals recycling operations; (10) cybersecurity threats and risks to the security of our sensitive data and information technology; (11) the implementation of our growth strategy; (12) our ability to retain, develop and attract key personnel; (13) litigation and legal compliance; (14) unexpected equipment downtime or shutdowns; (15) difficulties in the launch or production ramp-up of new products; (16) our aluminum operations depend on a core group of significant customers; (17) governmental agencies may refuse to grant or renew some of our licenses and permits; (18) our existing debt agreements contain, and any future financing agreements may contain, restrictive covenants that may limit our flexibility; and (19) the impacts of impairment charges.More specifically, we refer you to our more detailed explanation of these and other factors and risks that may cause such predictive statements to turn out differently, as set forth in the sections titled Special Note Regarding Forward-Looking Statements at the beginning of Part I of this Report and Item 1A. Risk Factors, as well as in other subsequent reports we file with the Securities and Exchange Commission. These reports are available publicly on the Securities and Exchange Commission website, www.sec.gov, and on our website, www.steeldynamics.com under “Investors – SEC Filings.”Operating Statement ClassificationsNet Sales. Net sales from our operations are a factor of volumes shipped, product mix, and related pricing. We charge premium prices for certain grades of steel and aluminum, product dimensions, certain smaller volumes, and for value-added processing or coating of our steel products. Except for the steel fabrication operations, we recognize revenues from sales and the allowance for estimated returns and claims from these sales at the point in time control of the product transfers to the customer, upon shipment or delivery. Our steel fabrication operations recognize revenues over time based on completed fabricated tons to date as a percentage of total tons required for each contract.Costs of Goods Sold. Our costs of goods sold represent all direct and indirect costs associated with the manufacture of our products. The principal elements of these costs are scrap and scrap substitutes (which represent the most significant single component of our consolidated costs of goods sold), steel substrate, direct and indirect labor and related benefits, alloys, zinc, transportation and freight, repairs and maintenance, utilities such as electricity and natural gas, and depreciation. ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Aluminum Operations Segment",
      "prior_title": "Aluminum Operations Segment",
      "current_body": "Aluminum Dynamics, LLC ​ Columbus, MS ​ Recycled Aluminum Flat Rolled Products Mill ​ 2,112 ​ — Aluminum Dynamics of Mexico ​ San Luis Potosi, Mexico ​ Recycled Aluminum Slab Facility ​ 692 ​ — Superior Aluminum Alloys ​ New Haven, IN ​ Recycled Aluminum Deox-Rod Facility ​ 96 ​ — ​ The company’s corporate headquarters is located in Fort Wayne, Indiana on 20 owned acres. Our copper rod and wire facility, a controlled subsidiary, is in New Haven, Indiana on 35 owned and 4 leased acres. *Our 2025 steel mill production utilization was 86% of our estimated annual steelmaking capability. 33 33 Table of ContentsITEM 3. LEGAL PROCEEDINGSWe are involved in various litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are currently expected to have a material impact on our financial condition, results of operations, or liquidity.We may also be involved from time to time in various governmental investigations, regulatory proceedings or judicial actions seeking penalties, injunctive relief, and/or remediation under federal, state and local environmental laws and regulations. The United States EPA has conducted such investigations and proceedings involving us, in some instances along with state environmental regulators, under various environmental laws, including RCRA, CERCLA, the Clean Water Act and the Clean Air Act. Some of these matters have resulted in fines or penalties, exclusive of interest and costs, which did not exceed $1 million in aggregate, as of December 31, 2025.ITEM 4. MINE SAFETY DISCLOSURESNone.​34 Table of Contents Table of Contents Table of Contents ITEM 3. LEGAL PROCEEDINGSWe are involved in various litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are currently expected to have a material impact on our financial condition, results of operations, or liquidity.We may also be involved from time to time in various governmental investigations, regulatory proceedings or judicial actions seeking penalties, injunctive relief, and/or remediation under federal, state and local environmental laws and regulations. The United States EPA has conducted such investigations and proceedings involving us, in some instances along with state environmental regulators, under various environmental laws, including RCRA, CERCLA, the Clean Water Act and the Clean Air Act. Some of these matters have resulted in fines or penalties, exclusive of interest and costs, which did not exceed $1 million in aggregate, as of December 31, 2025.ITEM 4. MINE SAFETY DISCLOSURESNone.​ ITEM 3. LEGAL PROCEEDINGS We are involved in various litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are currently expected to have a material impact on our financial condition, results of operations, or liquidity. We may also be involved from time to time in various governmental investigations, regulatory proceedings or judicial actions seeking penalties, injunctive relief, and/or remediation under federal, state and local environmental laws and regulations. The United States EPA has conducted such investigations and proceedings involving us, in some instances along with state environmental regulators, under various environmental laws, including RCRA, CERCLA, the Clean Water Act and the Clean Air Act. Some of these matters have resulted in fines or penalties, exclusive of interest and costs, which did not exceed $1 million in aggregate, as of December 31, 2025. ITEM 4. MINE SAFETY DISCLOSURES None. ​ 34 34 Table of ContentsPART IIITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIESThe information required by Item 5 with respect to securities authorized for issuance under equity compensation plans is set forth in Part III, Item 12 of this Form 10-K. Our common stock trades on The NASDAQ Global Select Stock Market under the symbol STLD.As of February 25, 2026, we had 144,882,401 shares of common stock outstanding and held beneficially by approximately 25,000 stockholders based on our security position listing. Because many of the shares were held by depositories, brokers and other nominees, the number of registered holders (approximately 1,160) is not representative of the number of beneficial holders.Issuer Purchases of Equity SecuritiesWe purchased the following equity securities registered by us pursuant to Section 12 of the Exchange Act during the three months ended December 31, 2025.​​​​​​​​​​​​​​​​​​​​​​​​Period​Total Number of Shares Purchased​Average Price Paid per Share​Total Number of Shares Purchased as Part of Publicly Announced Program(1)​Maximum Dollar Value of Shares That May Yet be Purchased Under the Program (in thousands) (1)​​​​​​​​​​​​Quarter ended December 31, 2025​​​​​​​​​​​​​​​​​​​​​October 1-31​ 109,815​$ 146.90​​ 109,815​$ 1,023,609November 1-30​ 910,321​​ 157.62​​ 910,321​​ 881,551December 1-31​ 466,035​​ 173.11​​ 466,035​​ 800,968​​ 1,486,171​​​​​ 1,486,171​​​​(1)In February 2025, our board of directors authorized a share repurchase program of up to $1.5 billion of our common stock. ​35 Table of Contents Table of Contents Table of Contents PART IIITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIESThe information required by Item 5 with respect to securities authorized for issuance under equity compensation plans is set forth in Part III, Item 12 of this Form 10-K. Our common stock trades on The NASDAQ Global Select Stock Market under the symbol STLD.As of February 25, 2026, we had 144,882,401 shares of common stock outstanding and held beneficially by approximately 25,000 stockholders based on our security position listing. Because many of the shares were held by depositories, brokers and other nominees, the number of registered holders (approximately 1,160) is not representative of the number of beneficial holders.Issuer Purchases of Equity SecuritiesWe purchased the following equity securities registered by us pursuant to Section 12 of the Exchange Act during the three months ended December 31, 2025.​​​​​​​​​​​​​​​​​​​​​​​​Period​Total Number of Shares Purchased​Average Price Paid per Share​Total Number of Shares Purchased as Part of Publicly Announced Program(1)​Maximum Dollar Value of Shares That May Yet be Purchased Under the Program (in thousands) (1)​​​​​​​​​​​​Quarter ended December 31, 2025​​​​​​​​​​​​​​​​​​​​​October 1-31​ 109,815​$ 146.90​​ 109,815​$ 1,023,609November 1-30​ 910,321​​ 157.62​​ 910,321​​ 881,551December 1-31​ 466,035​​ 173.11​​ 466,035​​ 800,968​​ 1,486,171​​​​​ 1,486,171​​​​(1)In February 2025, our board of directors authorized a share repurchase program of up to $1.5 billion of our common stock. ​ PART II ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES The information required by Item 5 with respect to securities authorized for issuance under equity compensation plans is set forth in Part III, Item 12 of this Form 10-K. Our common stock trades on The NASDAQ Global Select Stock Market under the symbol STLD. As of February 25, 2026, we had 144,882,401 shares of common stock outstanding and held beneficially by approximately 25,000 stockholders based on our security position listing. Because many of the shares were held by depositories, brokers and other nominees, the number of registered holders (approximately 1,160) is not representative of the number of beneficial holders."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Environmental and Other Contingencies",
      "prior_title": "Environmental and Other Contingencies",
      "current_body": "We have incurred, and in the future will continue to incur, capital expenditures and operating expenses for matters relating to environmental control, remediation, monitoring, and compliance. During 2025, we incurred costs related to the monitoring and compliance of environmental matters in the amount of approximately $60.4 million and capital expenditures related to environmental compliance of approximately $10.0 million. Of the costs incurred during 2025 for monitoring and compliance, approximately 72% were related to the normal transportation and disposal of certain types of by-products produced in our steelmaking processes and other facilities in accordance with legal requirements. We incurred combined environmental remediation costs of approximately $9.3 million at all of our facilities during 2025. We have an accrual of $4.4 million recorded for environmental remediation related to our metals recycling operations, $2.6 million related to our idled Minnesota ironmaking operations, and $566,000 related to our steel operations. We believe, apart from our dependence on environmental construction and operating permits for our existing and any future manufacturing facilities, that compliance with current environmental laws and regulations is not likely to have a materially adverse effect on our financial condition, results of operations, or liquidity. However, environmental laws and regulations evolve and change, and we may become subject to more stringent environmental laws and regulations in the future, such as the impact of various governmental legislatures and agencies introducing regulatory changes in response to the potential of climate change."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Compliance with and changes in environmental and remediation requirements may result in substantially increased capital requirements and operating costs.",
      "prior_title": "Compliance with and changes in environmental and remediation requirements may result in substantially increased capital requirements and operating costs.",
      "current_body": "Existing laws or regulations, as currently interpreted or as may be interpreted in the future, as well as future laws or regulations, may adversely affect our results of operations and financial condition. We are subject to numerous local, state, federal and international statutory and regulatory environmental requirements relating to, among other things: ● the generation, storage, treatment, handling and disposal of solid and hazardous wastes and secondary materials; ● the discharge of materials into the air, including periodic changes to the National Ambient Air Quality Standards and to emission standards; ●the management, treatment and discharge of wastewater and storm water; ● ●the use and treatment of groundwater and surface water; ● ●the remediation of equipment, product, soil or water contamination; ● ●climate change legislation or regulation; ● ●the need for and the ability to timely obtain air, water or other environmental permits; ● ●the timely reporting of certain chemical usage, content, storage and releases; ● ●the remediation and reclamation of land used in or affected by our operations; ● ●natural resource protections; and ● ●the protection of our employees’ health and safety. ● Compliance with environmental laws and regulations, which affect our EAF steelmaking, metals recycling, liquid pig-iron, aluminum, and copper production operations, is a significant factor in our business. We are required to obtain 25 25 Table of Contentsand comply with environmental permits and licenses, and failure to obtain or renew or the violation of any permit or license may result in substantial fines and penalties, capital expenditures, operational changes, suspension of operations or the closure of a subject facility. Similarly, delays, increased costs or the imposition of onerous conditions to the securing or renewal of permits may adversely affect these operations.Uncertainty regarding appropriate pollution control levels, testing and sampling procedures, and new pollution control technology are factors that may increase our future compliance expenditures. We are unable to predict the ultimate cost of future compliance with environmental requirements or their effect on our operations. Although we strive to be in substantial compliance with all applicable laws and regulations, legal requirements frequently change and are subject to interpretation such that regulatory agencies may bring enforcement actions for alleged noncompliance. Private parties might also bring claims against us under citizen suit provisions and/or for property damage or personal injury allegedly resulting from our operations. New laws, regulations and changing interpretations by regulatory authorities, together with uncertainty regarding the application of existing requirements, are among the factors that may increase our future expenditures to comply with environmental requirements. The cost of complying with existing laws or regulations as currently interpreted or reinterpreted in the future, or with future laws or regulations, may adversely affect our results of operations and financial condition.Our operations produce significant amounts of by-products, some of which are handled as solid or hazardous waste or as hazardous secondary materials. For example, our steel mills generate EAF dust, which the United States Environmental Protection Agency (United States EPA) and other regulatory authorities classify as hazardous waste and regulate accordingly unless recycled in an exempt manner.In addition, the feed materials for the shredders operated by our metals recycling operations include automobile bodies. A portion of the feed materials consist of currently unrecyclable material known as shredder residue. If laws or regulations or the interpretation of the laws or regulations change with regard to EAF dust or shredder residue or other by-products created by our operations, we may incur significant additional expenditures.Federal and state environmental laws enable federal and state agencies and certain private parties to recover from owners, operators, generators and transporters the cost of investigation and cleanup of sites at which wastes or hazardous substances were disposed and/or migrated. In connection with these laws, we may be required to clean up contamination discovered at our sites including contamination that may have been caused by former owners or operators of the sites, to conduct additional cleanup at sites that have already had some cleanup performed, to address emerging and newly-regulated contaminants such as per- and polyfluoroalkyl substances (PFAS) and 1,4-dioxane, or to perform cleanup with regard to sites formerly used in connection with our operations.In addition, we may be required to pay for, or to pay a portion of, the costs of cleanup at sites to which we sent materials for disposal or recycling, notwithstanding that the original disposal or recycling activity may have complied with all regulatory requirements then in effect. Under certain laws, a party can be held jointly and severally liable for all of the cleanup costs associated with a disposal site. In practice, a liable party often splits the costs of cleanup with other potentially responsible parties. We have received notices from the United States EPA, state agencies and third parties that we have been identified as potentially responsible for the costs of investigating and cleaning up a number of disposal sites. In most cases, many other parties are also named as potentially responsible parties and also contribute to payment of those costs.Because cleanup liability can in some cases be imposed retroactively on activities that occurred many years ago, and because federal and state agencies are still discovering sites that pose a threat to public health or the environment, we can provide no assurance that we will not become liable for significant costs associated with investigation and remediation of cleanup sites.​26 Table of Contents Table of Contents Table of Contents and comply with environmental permits and licenses, and failure to obtain or renew or the violation of any permit or license may result in substantial fines and penalties, capital expenditures, operational changes, suspension of operations or the closure of a subject facility. Similarly, delays, increased costs or the imposition of onerous conditions to the securing or renewal of permits may adversely affect these operations.Uncertainty regarding appropriate pollution control levels, testing and sampling procedures, and new pollution control technology are factors that may increase our future compliance expenditures. We are unable to predict the ultimate cost of future compliance with environmental requirements or their effect on our operations. Although we strive to be in substantial compliance with all applicable laws and regulations, legal requirements frequently change and are subject to interpretation such that regulatory agencies may bring enforcement actions for alleged noncompliance. Private parties might also bring claims against us under citizen suit provisions and/or for property damage or personal injury allegedly resulting from our operations. New laws, regulations and changing interpretations by regulatory authorities, together with uncertainty regarding the application of existing requirements, are among the factors that may increase our future expenditures to comply with environmental requirements. The cost of complying with existing laws or regulations as currently interpreted or reinterpreted in the future, or with future laws or regulations, may adversely affect our results of operations and financial condition.Our operations produce significant amounts of by-products, some of which are handled as solid or hazardous waste or as hazardous secondary materials. For example, our steel mills generate EAF dust, which the United States Environmental Protection Agency (United States EPA) and other regulatory authorities classify as hazardous waste and regulate accordingly unless recycled in an exempt manner.In addition, the feed materials for the shredders operated by our metals recycling operations include automobile bodies. A portion of the feed materials consist of currently unrecyclable material known as shredder residue. If laws or regulations or the interpretation of the laws or regulations change with regard to EAF dust or shredder residue or other by-products created by our operations, we may incur significant additional expenditures.Federal and state environmental laws enable federal and state agencies and certain private parties to recover from owners, operators, generators and transporters the cost of investigation and cleanup of sites at which wastes or hazardous substances were disposed and/or migrated. In connection with these laws, we may be required to clean up contamination discovered at our sites including contamination that may have been caused by former owners or operators of the sites, to conduct additional cleanup at sites that have already had some cleanup performed, to address emerging and newly-regulated contaminants such as per- and polyfluoroalkyl substances (PFAS) and 1,4-dioxane, or to perform cleanup with regard to sites formerly used in connection with our operations.In addition, we may be required to pay for, or to pay a portion of, the costs of cleanup at sites to which we sent materials for disposal or recycling, notwithstanding that the original disposal or recycling activity may have complied with all regulatory requirements then in effect. Under certain laws, a party can be held jointly and severally liable for all of the cleanup costs associated with a disposal site. In practice, a liable party often splits the costs of cleanup with other potentially responsible parties. We have received notices from the United States EPA, state agencies and third parties that we have been identified as potentially responsible for the costs of investigating and cleaning up a number of disposal sites. In most cases, many other parties are also named as potentially responsible parties and also contribute to payment of those costs.Because cleanup liability can in some cases be imposed retroactively on activities that occurred many years ago, and because federal and state agencies are still discovering sites that pose a threat to public health or the environment, we can provide no assurance that we will not become liable for significant costs associated with investigation and remediation of cleanup sites.​ and comply with environmental permits and licenses, and failure to obtain or renew or the violation of any permit or license may result in substantial fines and penalties, capital expenditures, operational changes, suspension of operations or the closure of a subject facility. Similarly, delays, increased costs or the imposition of onerous conditions to the securing or renewal of permits may adversely affect these operations. Uncertainty regarding appropriate pollution control levels, testing and sampling procedures, and new pollution control technology are factors that may increase our future compliance expenditures. We are unable to predict the ultimate cost of future compliance with environmental requirements or their effect on our operations. Although we strive to be in substantial compliance with all applicable laws and regulations, legal requirements frequently change and are subject to interpretation such that regulatory agencies may bring enforcement actions for alleged noncompliance. Private parties might also bring claims against us under citizen suit provisions and/or for property damage or personal injury allegedly resulting from our operations. New laws, regulations and changing interpretations by regulatory authorities, together with uncertainty regarding the application of existing requirements, are among the factors that may increase our future expenditures to comply with environmental requirements. The cost of complying with existing laws or regulations as currently interpreted or reinterpreted in the future, or with future laws or regulations, may adversely affect our results of operations and financial condition. Our operations produce significant amounts of by-products, some of which are handled as solid or hazardous waste or as hazardous secondary materials. For example, our steel mills generate EAF dust, which the United States Environmental Protection Agency (United States EPA) and other regulatory authorities classify as hazardous waste and regulate accordingly unless recycled in an exempt manner. In addition, the feed materials for the shredders operated by our metals recycling operations include automobile bodies. A portion of the feed materials consist of currently unrecyclable material known as shredder residue. If laws or regulations or the interpretation of the laws or regulations change with regard to EAF dust or shredder residue or other by-products created by our operations, we may incur significant additional expenditures. Federal and state environmental laws enable federal and state agencies and certain private parties to recover from owners, operators, generators and transporters the cost of investigation and cleanup of sites at which wastes or hazardous substances were disposed and/or migrated. In connection with these laws, we may be required to clean up contamination discovered at our sites including contamination that may have been caused by former owners or operators of the sites, to conduct additional cleanup at sites that have already had some cleanup performed, to address emerging and newly-regulated contaminants such as per- and polyfluoroalkyl substances (PFAS) and 1,4-dioxane, or to perform cleanup with regard to sites formerly used in connection with our operations. In addition, we may be required to pay for, or to pay a portion of, the costs of cleanup at sites to which we sent materials for disposal or recycling, notwithstanding that the original disposal or recycling activity may have complied with all regulatory requirements then in effect. Under certain laws, a party can be held jointly and severally liable for all of the cleanup costs associated with a disposal site. In practice, a liable party often splits the costs of cleanup with other potentially responsible parties. We have received notices from the United States EPA, state agencies and third parties that we have been identified as potentially responsible for the costs of investigating and cleaning up a number of disposal sites. In most cases, many other parties are also named as potentially responsible parties and also contribute to payment of those costs. Because cleanup liability can in some cases be imposed retroactively on activities that occurred many years ago, and because federal and state agencies are still discovering sites that pose a threat to public health or the environment, we can provide no assurance that we will not become liable for significant costs associated with investigation and remediation of cleanup sites. ​ 26 26 Table of ContentsOperational and Commercial Risks Related to our BusinessWe may face significant price and other forms of competition from other steel and aluminum producers, scrap processors and alternative materials, which may adversely affect our business, financial condition, results of operations and cash flows.The global markets in which steel and aluminum companies and scrap processors conduct business are highly competitive and became even more so due to consolidations in these industries. Additionally, in many applications, steel and aluminum compete with other materials, such as aluminum or steel, as the case may be, cement, composites, plastics, carbon fiber, titanium, tin, glass, wood, and paperboard. Increased use of alternative materials for any reason, including as a response to regulations or customer demands, could decrease demand for steel and aluminum or force other producers into new products or markets that compete more directly with us, and combined with increased competition could cause us to lose market share, increase expenditures or reduce pricing, any one of which may adversely affect our business, financial condition, results of operations and cash flows. Availability of an adequate source of supply of scrap is required for our metals recycling operations.We procure our scrap inventory from numerous sources. These suppliers generally are not bound by long-term contracts and generally have no obligation to sell recyclable metal to us. In periods of low industry scrap prices, scrap suppliers may elect to hold recyclable metal to wait for higher prices or intentionally slow their metal collection activities. If a substantial number of scrap suppliers cease selling recyclable metal to us, we may be unable to recycle metal at desired levels which may adversely affect our results of operations and financial condition. In addition, a slowdown of industrial or other scrap sources, such as used beverage cans, production in the United States reduces the supply of industrial grades of metal to the metals recycling industry, resulting in our having less recyclable metal available to process, sell, or consume for our steelmaking or aluminum operations. Further, additional EAF steel mill or aluminum production facility construction or blast furnace mills investing in EAF mills could increase the demand for ferrous and aluminum scrap, potentially resulting in higher scrap prices or periods of decreased scrap supply. Any inability to secure scrap for our steelmaking and aluminum operations could adversely affect our business, results of operations, financial condition and cash flows.We are subject to cybersecurity threats and may face risks to the security of our sensitive data and information technology which may adversely affect our business, results of operations, financial condition and cash flows.Increased cybersecurity and information technology security requirements, vulnerabilities and threats and a rise in sophisticated and targeted cybercrime, all of which may be heightened during times of war or hostilities, pose a risk to the security and functionality of our systems and information networks, and to the confidentiality, availability and integrity of sensitive data, including intellectual property, proprietary information, financial information, customer and supplier information, and personally identifiable information. Additionally, cybersecurity vulnerabilities or attacks could result in an interruption of the functionality of our automated and electronically controlled manufacturing operating systems, which, if compromised, could cease, threaten, delay or slow down our ability to melt, roll or otherwise process steel, aluminum or any of our other products for the duration of such interruption. Our customers and suppliers may also store certain of our sensitive information on their information technology systems, which if breached or attacked, could likewise expose our sensitive information. Similarly, information system vendors and software suppliers may experience a cybersecurity or information technology breach that exposes our systems or sensitive data. Any of these cybersecurity and information technology breaches or disruptions may result in reputational harm and may adversely affect our business, results of operations, financial condition and cash flows. Although we believe we have adopted procedures, training programs, and controls to adequately protect our sensitive data, networks and information and operating technology and systems, there can be no assurance that a system or network failure, or cybersecurity breach or attack, will be prevented, whether due to attacks by cyber criminals or due to employee, contractor or other error or malfeasance. This could lead to system interruption, production delays or downtimes and operational disruptions, and the disclosure, modification or destruction of sensitive data, which may adversely affect our reputation, customer and supplier relationships, financial results and results of operations, and could result in litigation or regulatory investigations, actions, fines or penalties, as well as increased cybersecurity monitoring 27 Table of Contents Table of Contents Table of Contents Operational and Commercial Risks Related to our BusinessWe may face significant price and other forms of competition from other steel and aluminum producers, scrap processors and alternative materials, which may adversely affect our business, financial condition, results of operations and cash flows.The global markets in which steel and aluminum companies and scrap processors conduct business are highly competitive and became even more so due to consolidations in these industries. Additionally, in many applications, steel and aluminum compete with other materials, such as aluminum or steel, as the case may be, cement, composites, plastics, carbon fiber, titanium, tin, glass, wood, and paperboard. Increased use of alternative materials for any reason, including as a response to regulations or customer demands, could decrease demand for steel and aluminum or force other producers into new products or markets that compete more directly with us, and combined with increased competition could cause us to lose market share, increase expenditures or reduce pricing, any one of which may adversely affect our business, financial condition, results of operations and cash flows. Availability of an adequate source of supply of scrap is required for our metals recycling operations.We procure our scrap inventory from numerous sources. These suppliers generally are not bound by long-term contracts and generally have no obligation to sell recyclable metal to us. In periods of low industry scrap prices, scrap suppliers may elect to hold recyclable metal to wait for higher prices or intentionally slow their metal collection activities. If a substantial number of scrap suppliers cease selling recyclable metal to us, we may be unable to recycle metal at desired levels which may adversely affect our results of operations and financial condition. In addition, a slowdown of industrial or other scrap sources, such as used beverage cans, production in the United States reduces the supply of industrial grades of metal to the metals recycling industry, resulting in our having less recyclable metal available to process, sell, or consume for our steelmaking or aluminum operations. Further, additional EAF steel mill or aluminum production facility construction or blast furnace mills investing in EAF mills could increase the demand for ferrous and aluminum scrap, potentially resulting in higher scrap prices or periods of decreased scrap supply. Any inability to secure scrap for our steelmaking and aluminum operations could adversely affect our business, results of operations, financial condition and cash flows.We are subject to cybersecurity threats and may face risks to the security of our sensitive data and information technology which may adversely affect our business, results of operations, financial condition and cash flows.Increased cybersecurity and information technology security requirements, vulnerabilities and threats and a rise in sophisticated and targeted cybercrime, all of which may be heightened during times of war or hostilities, pose a risk to the security and functionality of our systems and information networks, and to the confidentiality, availability and integrity of sensitive data, including intellectual property, proprietary information, financial information, customer and supplier information, and personally identifiable information. Additionally, cybersecurity vulnerabilities or attacks could result in an interruption of the functionality of our automated and electronically controlled manufacturing operating systems, which, if compromised, could cease, threaten, delay or slow down our ability to melt, roll or otherwise process steel, aluminum or any of our other products for the duration of such interruption. Our customers and suppliers may also store certain of our sensitive information on their information technology systems, which if breached or attacked, could likewise expose our sensitive information. Similarly, information system vendors and software suppliers may experience a cybersecurity or information technology breach that exposes our systems or sensitive data. Any of these cybersecurity and information technology breaches or disruptions may result in reputational harm and may adversely affect our business, results of operations, financial condition and cash flows. Although we believe we have adopted procedures, training programs, and controls to adequately protect our sensitive data, networks and information and operating technology and systems, there can be no assurance that a system or network failure, or cybersecurity breach or attack, will be prevented, whether due to attacks by cyber criminals or due to employee, contractor or other error or malfeasance. This could lead to system interruption, production delays or downtimes and operational disruptions, and the disclosure, modification or destruction of sensitive data, which may adversely affect our reputation, customer and supplier relationships, financial results and results of operations, and could result in litigation or regulatory investigations, actions, fines or penalties, as well as increased cybersecurity monitoring"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Forward-Looking Statements",
      "prior_title": "Forward-Looking Statements",
      "current_body": "This report contains some predictive statements about future events, including statements related to conditions in domestic or global economies, conditions in steel, aluminum, and recycled metals market places, Steel Dynamics' revenues, costs of purchased materials, future profitability and earnings, and the operation of new, existing or planned facilities. These 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 be made as \"forward-looking\", subject to many risks and uncertainties, within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. These statements speak only as of this date and are based upon information and assumptions, which we consider reasonable as of this date, concerning our businesses and the environments in which they operate. Such predictive statements are not guarantees of future performance, and we undertake no duty to update or revise any such statements. Some factors that could cause such forward-looking statements to turn out differently than anticipated include: (1) domestic and global economic factors; (2) global steelmaking overcapacity and imports of steel, together with increased scrap prices; (3) the cyclical nature of the metals industries and the industries we serve; (4) 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; (5) cost and availability of electricity, natural gas, oil, and other energy resources are subject to volatile market conditions; (6) increased environmental, greenhouse gas emissions and sustainability considerations from our customers and investors or related regulations; (7) compliance with and changes in environmental and remediation requirements; (8) significant price and other forms of competition from other steel and aluminum producers, scrap processors and alternative materials; (9) availability of an adequate source of supply of scrap for our metals recycling operations; (10) cybersecurity threats and risks to the security of our sensitive data and information technology; (11) the implementation of our growth strategy; (12) our ability to retain, develop and attract key personnel; (13) litigation and legal compliance; (14) unexpected equipment downtime or shutdowns; (15) difficulties in the launch or production ramp-up of new products; (16) our aluminum operations depend on a core group of significant customers; (17) governmental agencies may refuse to grant or renew some of our licenses and permits; (18) our existing debt agreements contain, and any future financing agreements may contain, restrictive covenants that may limit our flexibility; and (19) the impacts of impairment charges. More specifically, we refer you to our more detailed explanation of these and other factors and risks that may cause such predictive statements to turn out differently, as set forth in the sections titled Special Note Regarding Forward-Looking Statements at the beginning of Part I of this Report and Item 1A. Risk Factors, as well as in other subsequent reports we file with the Securities and Exchange Commission. These reports are available publicly on the Securities and Exchange Commission website, www.sec.gov, and on our website, www.steeldynamics.com under “Investors – SEC Filings.”"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Impairment of Goodwill",
      "prior_title": "Impairment of Goodwill",
      "current_body": "At least once annually (as of October 1), or when indicators of impairment exist, the company performs a goodwill impairment analysis. Goodwill is allocated to various reporting units, which are generally one level below the company’s operating segments. If the fair value exceeds the carrying value of the reporting unit, there is no impairment. If the carrying amount exceeds the fair value, the company recognizes an impairment loss in the amount by which the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the reporting unit. The company has the option to consider qualitative factors to assess if it is more likely than not that the fair value of a reporting unit exceeds its carrying value. If elected to bypass the qualitative assessment or if indications of a potential impairment exist, the company performs a quantitative test. ​ 65 65 Table of ContentsNote 1. Description of the Business and Summary of Significant Accounting Policies (Continued)When conducting a qualitative assessment, the company considers the impact of several factors on the company overall and each reporting unit individually including the timing and results of prior quantitative tests performed, changes in the carrying amount of the reporting unit, macroeconomic conditions (including changes in interest and discount rates), industry and market conditions, recent and projected financial performance, the company’s competitive position and other factors. When conducting a quantitative test, the fair value of the reporting unit is determined by using an estimate of future cash flows utilizing a risk-adjusted discount rate to calculate the net present value of future cash flows (income approach), and for some years by using a market approach based upon an analysis of valuation metrics of comparable peer companies, using Level 3 fair value inputs as provided for under ASC 820, Fair Value Measurement. ​No impairment was identified during the company’s 2025, 2024 or 2023 annual goodwill impairment analysis. During 2025 and 2024, the company performed a qualitative assessment and performed a quantitative test in 2023.​Equity-Based CompensationThe company has several stock-based employee compensation plans which are more fully described in Note 6. Equity-Based Incentive Plans. Compensation expense for restricted stock units, deferred stock units, restricted stock, stock appreciation awards, and performance awards is recorded over the vesting periods using the fair value as determined by the closing market value of the company’s common stock on the day prior to grant date, and with respect to performance awards, an estimate of probability of award achievement during the performance period. The company recognizes forfeitures as they occur. Compensation expense for these stock-based employee compensation plans was $66.8 million, $65.6 million, and $60.1 million for the years ended December 31, 2025, 2024, and 2023, respectively.Income TaxesThe company accounts for income taxes and the related accounts under the liability method. Deferred tax liabilities and assets are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted rates expected to be in effect during the year in which the basis differences reverse.Earnings Per ShareBasic earnings per share is based on the weighted average shares of common stock outstanding during the period. Diluted earnings per share assumes the weighted average dilutive effect of common share equivalents outstanding during the period applied to the company’s basic earnings per share. Common share equivalents represent potentially dilutive restricted stock units, deferred stock units, restricted stock, and performance awards, and are excluded from the computation in periods in which they have an anti-dilutive effect. There were 62,000 anti-dilutive common share equivalents for the three-month period ended March 31, 2025 excluded from common share equivalents for the year ended December 31, 2025. There were 269,000 anti-dilutive common share equivalents as of and for the year ended December 31, 2024. ​66 Table of Contents Table of Contents Table of Contents Note 1. Description of the Business and Summary of Significant Accounting Policies (Continued)When conducting a qualitative assessment, the company considers the impact of several factors on the company overall and each reporting unit individually including the timing and results of prior quantitative tests performed, changes in the carrying amount of the reporting unit, macroeconomic conditions (including changes in interest and discount rates), industry and market conditions, recent and projected financial performance, the company’s competitive position and other factors. When conducting a quantitative test, the fair value of the reporting unit is determined by using an estimate of future cash flows utilizing a risk-adjusted discount rate to calculate the net present value of future cash flows (income approach), and for some years by using a market approach based upon an analysis of valuation metrics of comparable peer companies, using Level 3 fair value inputs as provided for under ASC 820, Fair Value Measurement. ​No impairment was identified during the company’s 2025, 2024 or 2023 annual goodwill impairment analysis. During 2025 and 2024, the company performed a qualitative assessment and performed a quantitative test in 2023.​Equity-Based CompensationThe company has several stock-based employee compensation plans which are more fully described in Note 6. Equity-Based Incentive Plans. Compensation expense for restricted stock units, deferred stock units, restricted stock, stock appreciation awards, and performance awards is recorded over the vesting periods using the fair value as determined by the closing market value of the company’s common stock on the day prior to grant date, and with respect to performance awards, an estimate of probability of award achievement during the performance period. The company recognizes forfeitures as they occur. Compensation expense for these stock-based employee compensation plans was $66.8 million, $65.6 million, and $60.1 million for the years ended December 31, 2025, 2024, and 2023, respectively.Income TaxesThe company accounts for income taxes and the related accounts under the liability method. Deferred tax liabilities and assets are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted rates expected to be in effect during the year in which the basis differences reverse.Earnings Per ShareBasic earnings per share is based on the weighted average shares of common stock outstanding during the period. Diluted earnings per share assumes the weighted average dilutive effect of common share equivalents outstanding during the period applied to the company’s basic earnings per share. Common share equivalents represent potentially dilutive restricted stock units, deferred stock units, restricted stock, and performance awards, and are excluded from the computation in periods in which they have an anti-dilutive effect. There were 62,000 anti-dilutive common share equivalents for the three-month period ended March 31, 2025 excluded from common share equivalents for the year ended December 31, 2025. There were 269,000 anti-dilutive common share equivalents as of and for the year ended December 31, 2024. ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "INDEX TO CONSOLIDATED FINANCIAL STATEMENTS",
      "prior_title": "INDEX TO CONSOLIDATED FINANCIAL STATEMENTS",
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Page ​ ​ ​ Management’s Report on Internal Control Over Financial Reporting Management’s Report on Internal Control Over Financial Reporting ​ 51 ​ ​ ​ Reports of Independent Registered Public Accounting Firm (PCAOB ID 42) Reports of Independent Registered Public Accounting Firm ​ 52 ​ ​ ​ Consolidated Balance Sheets as of December 31, 2025 and 2024 Consolidated Balance Sheets as of December 31, 2025 and 2024 ​ 56 ​ ​ ​ Consolidated Statements of Income for each of the three years in the period ended December 31, 2025 Consolidated Statements of Income for each of the three years in the period ended December 31, 2025 ​ 57 ​ ​ ​ Consolidated Statements of Comprehensive Income for each of the three years in the period ended December 31, 2025 Consolidated Statements of Comprehensive Income for each of the three years in the period ended December 31, 2025 ​ 58 ​ ​ ​ Consolidated Statements of Equity for each of the three years in the period ended December 31, 2025 Consolidated Statements of Equity for each of the three years in the period ended December 31, 2025 ​ 59 ​ ​ ​ Consolidated Statements of Cash Flows for each of the three years in the period ended December 31, 2025 Consolidated Statements of Cash Flows for each of the three years in the period ended December 31, 2025 ​ 60 ​ ​ ​ Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements ​ 61 ​ ​ ​ 50 50 Table of ContentsMANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTINGThe management of Steel Dynamics, Inc. is responsible for the preparation and integrity of the company’s consolidated financial statements and for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a – 15(f) of the Exchange Act, for the company (including its consolidated subsidiaries). We maintain accounting and internal control systems which are intended to provide reasonable assurance that assets are safeguarded against loss from unauthorized use or disposition, transactions are executed in accordance with management’s authorization, and accounting records are reliable for preparing financial statements in accordance with accounting principles generally accepted in the United States. We are dedicated to ensuring that we maintain the high standards of financial accounting and reporting that we have established. Our culture demands integrity and an unyielding commitment to strong internal control practices and policies.Internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of the financial statements in accordance with generally accepted accounting principles; and provide reasonable assurance that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on our financial statements.Because of its inherent limitations, internal control over financial reporting may not always prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with policies and procedures may deteriorate.We completed the acquisition of the remaining 55% interest in New Process Steel, L.P. (NPS) on December 1, 2025. In conducting our evaluation of the effectiveness of our internal control over financial reporting as of December 31, 2025, we have elected to exclude NPS from our evaluation in the year of acquisition as permitted by the Securities and Exchange Commission. NPS constituted approximately 3% and 5% of the company’s total and net assets, respectively, as of December 31, 2025, and 0.4% of the company’s net sales for the year then ended. Under the supervision and with the participation of our management, including our principal executive officer and our principal financial officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting. The framework on which such evaluation was based upon is contained in the report entitled “Internal Control—Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework) (the “COSO criteria”). Based on that evaluation, management concluded that our internal control over financial reporting was effective as of December 31, 2025, the end of the period covered by this report.​​/s/ Mark D. Millett ​ ​ ​/s/ Theresa E. WaglerChief Executive Officer​Executive Vice President and Chief Financial Officer(Principal Executive Officer)​(Principal Financial Officer)​​​51 Table of Contents Table of Contents Table of Contents MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTINGThe management of Steel Dynamics, Inc. is responsible for the preparation and integrity of the company’s consolidated financial statements and for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a – 15(f) of the Exchange Act, for the company (including its consolidated subsidiaries). We maintain accounting and internal control systems which are intended to provide reasonable assurance that assets are safeguarded against loss from unauthorized use or disposition, transactions are executed in accordance with management’s authorization, and accounting records are reliable for preparing financial statements in accordance with accounting principles generally accepted in the United States. We are dedicated to ensuring that we maintain the high standards of financial accounting and reporting that we have established. Our culture demands integrity and an unyielding commitment to strong internal control practices and policies.Internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of the financial statements in accordance with generally accepted accounting principles; and provide reasonable assurance that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on our financial statements.Because of its inherent limitations, internal control over financial reporting may not always prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with policies and procedures may deteriorate.We completed the acquisition of the remaining 55% interest in New Process Steel, L.P. (NPS) on December 1, 2025. In conducting our evaluation of the effectiveness of our internal control over financial reporting as of December 31, 2025, we have elected to exclude NPS from our evaluation in the year of acquisition as permitted by the Securities and Exchange Commission. NPS constituted approximately 3% and 5% of the company’s total and net assets, respectively, as of December 31, 2025, and 0.4% of the company’s net sales for the year then ended. Under the supervision and with the participation of our management, including our principal executive officer and our principal financial officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting. The framework on which such evaluation was based upon is contained in the report entitled “Internal Control—Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework) (the “COSO criteria”). Based on that evaluation, management concluded that our internal control over financial reporting was effective as of December 31, 2025, the end of the period covered by this report.​​/s/ Mark D. Millett ​ ​ ​/s/ Theresa E. WaglerChief Executive Officer​Executive Vice President and Chief Financial Officer(Principal Executive Officer)​(Principal Financial Officer)​​​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Cash and equivalents, and restricted cash at end of period",
      "prior_title": "Cash and equivalents, and restricted cash at end of period",
      "current_body": "$ 775,272 ​ $ 595,010 ​ $ 1,406,464 ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Risk Management and Strategy",
      "prior_title": "Risk Management and Strategy",
      "current_body": "​ We recognize the importance of assessing, identifying, and managing material risks associated with cybersecurity threats, utilizing, from time to time, tabletop exercises, business unit assessments, threat modeling, impact analyses, internal audits, external audits, third party vulnerability scans, third party penetration tests, and engagement of third parties to conduct analysis of our information security programs, including an overall assessment utilizing the NIST standards. These risks include, among other things: operational risks, intellectual property theft, fraud, extortion, harm to team members or customers, and violations of data privacy or security laws. ​ Our Information Security Team has established a cybersecurity risk management program of policies and processes for assessing, identifying, and managing risk from cybersecurity threats. We have integrated these processes into our overall risk management systems and processes, and routinely assess risks from cybersecurity threats, including any potential unauthorized access to or activity conducted through our information systems that may result in material adverse effects on the confidentiality, integrity, or availability of our information systems or any information residing therein. This program includes established reasonable safeguards to minimize the identified risks; processes to reasonably address any identified gaps in existing safeguards; updates to existing safeguards as necessary; and monitoring the effectiveness of those safeguards. ​ Our safeguards include continuous network monitoring, complex passwords, team member training that reinforces our policies, standards, and practices, incident response capability reviews and exercises, and cybersecurity insurance and disaster recovery plans for the protection of our assets. The information security training and awareness program engages personnel through training modules on how to identify potential cybersecurity risks and protect our resources and information. This training is mandatory for all team members monthly, and is supplemented by companywide testing initiatives, including periodic phishing tests. ​ Our cybersecurity risk management program also assesses third party providers, such as vendors, suppliers, and other business partners. Cybersecurity risks are evaluated when determining the selection and oversight of applicable third party providers and potential risks when handling or processing our employee, business, or customer data. ​ Further, we have designated a member of our senior leadership team, our Chief Financial Officer, to oversee the management of the safeguards, cybersecurity risk assessment, and mitigation process. From time to time, the Company’s program is reviewed and validated by internal and external experts. ​ 31 31 Table of ContentsIn general, our incident response process utilizes the NIST framework and focuses on four phases: (i) preparation; (ii) detection and analysis; (iii) containment, eradication, and recovery; and (iv) post-incident remediation. As cybersecurity incidents occur, including at third party providers, the Information Security Team engages in a standardized incident response process that focuses on responding to and containing the threat, minimizing any business impact, and evaluating its severity level. The severity level assessment determines how widespread the incident is and to what degree it could impact our overall business and manufacturing environment. In the event an incident is determined by the Information Security Team to be a high severity level, our cross functional team, with expertise in various disciplines, will assess the incident to determine if it has had a material affect or is reasonably likely of having a material effect on the Company’s business strategy, results of operations, or financial condition.​We do not believe that risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect our overall business strategy, results of operations, or financial condition over the long term. In the last three years, the Company has not been aware of any material cybersecurity incidents occurring and we have not incurred material expenses from cybersecurity incidents (including penalties and settlements, of which there were none). For additional discussion of whether and how risks from cybersecurity threats could materially affect or are reasonably likely to materially affect the Company, see Item 1A. Risk Factors – “We are subject to cybersecurity threats and may face risks to the security of our sensitive data and information technology which may adversely affect our business, results of operations, financial condition and cash flows.”​GovernanceOne of the key functions of our Board of Directors is informed oversight of our risk management process, including risks from cybersecurity threats. Our Board of Directors is responsible for monitoring and assessing strategic risk exposure, and our senior leadership team is responsible for the day-to-day management of the material risks we face. Our Board of Directors administers its cybersecurity risk oversight function directly as a whole, as well as directly through the Audit Committee. Management and members of the Information Security Group (“ISG”) regularly present to the Board of Directors regarding information security and an in-depth review of our processes for assessing, identifying, and managing material risks from cybersecurity threats. On a quarterly basis, the Audit Committee is informed by management concerning the status of existing and new cybersecurity risks, status of how management is addressing and mitigating those risks, material cybersecurity and data privacy incidents (if any), and status of key information security initiatives. Additionally, on a biennial basis, we engage third parties to assess our information security program using the NIST framework, as well as perform penetration testing. ​We have allocated substantial cross functional internal resources with expertise in information security, information technology, operations, risk management, human resources, finance, and legal to form a governance counsel known as the ISG. This group contains members with a master’s degree in information security, as well as individuals with over 20 years of experience in cybersecurity. The ISG is an internal, collaborative working group that ensures our cybersecurity program is adequately responsive to the evolving threat landscape. ​​32 Table of Contents Table of Contents Table of Contents In general, our incident response process utilizes the NIST framework and focuses on four phases: (i) preparation; (ii) detection and analysis; (iii) containment, eradication, and recovery; and (iv) post-incident remediation. As cybersecurity incidents occur, including at third party providers, the Information Security Team engages in a standardized incident response process that focuses on responding to and containing the threat, minimizing any business impact, and evaluating its severity level. The severity level assessment determines how widespread the incident is and to what degree it could impact our overall business and manufacturing environment. In the event an incident is determined by the Information Security Team to be a high severity level, our cross functional team, with expertise in various disciplines, will assess the incident to determine if it has had a material affect or is reasonably likely of having a material effect on the Company’s business strategy, results of operations, or financial condition.​We do not believe that risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect our overall business strategy, results of operations, or financial condition over the long term. In the last three years, the Company has not been aware of any material cybersecurity incidents occurring and we have not incurred material expenses from cybersecurity incidents (including penalties and settlements, of which there were none). For additional discussion of whether and how risks from cybersecurity threats could materially affect or are reasonably likely to materially affect the Company, see Item 1A. Risk Factors – “We are subject to cybersecurity threats and may face risks to the security of our sensitive data and information technology which may adversely affect our business, results of operations, financial condition and cash flows.”​GovernanceOne of the key functions of our Board of Directors is informed oversight of our risk management process, including risks from cybersecurity threats. Our Board of Directors is responsible for monitoring and assessing strategic risk exposure, and our senior leadership team is responsible for the day-to-day management of the material risks we face. Our Board of Directors administers its cybersecurity risk oversight function directly as a whole, as well as directly through the Audit Committee. Management and members of the Information Security Group (“ISG”) regularly present to the Board of Directors regarding information security and an in-depth review of our processes for assessing, identifying, and managing material risks from cybersecurity threats. On a quarterly basis, the Audit Committee is informed by management concerning the status of existing and new cybersecurity risks, status of how management is addressing and mitigating those risks, material cybersecurity and data privacy incidents (if any), and status of key information security initiatives. Additionally, on a biennial basis, we engage third parties to assess our information security program using the NIST framework, as well as perform penetration testing. ​We have allocated substantial cross functional internal resources with expertise in information security, information technology, operations, risk management, human resources, finance, and legal to form a governance counsel known as the ISG. This group contains members with a master’s degree in information security, as well as individuals with over 20 years of experience in cybersecurity. The ISG is an internal, collaborative working group that ensures our cybersecurity program is adequately responsive to the evolving threat landscape. ​​ In general, our incident response process utilizes the NIST framework and focuses on four phases: (i) preparation; (ii) detection and analysis; (iii) containment, eradication, and recovery; and (iv) post-incident remediation. As cybersecurity incidents occur, including at third party providers, the Information Security Team engages in a standardized incident response process that focuses on responding to and containing the threat, minimizing any business impact, and evaluating its severity level. The severity level assessment determines how widespread the incident is and to what degree it could impact our overall business and manufacturing environment. In the event an incident is determined by the Information Security Team to be a high severity level, our cross functional team, with expertise in various disciplines, will assess the incident to determine if it has had a material affect or is reasonably likely of having a material effect on the Company’s business strategy, results of operations, or financial condition. ​ We do not believe that risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect our overall business strategy, results of operations, or financial condition over the long term. In the last three years, the Company has not been aware of any material cybersecurity incidents occurring and we have not incurred material expenses from cybersecurity incidents (including penalties and settlements, of which there were none). For additional discussion of whether and how risks from cybersecurity threats could materially affect or are reasonably likely to materially affect the Company, see Item 1A. Risk Factors – “We are subject to cybersecurity threats and may face risks to the security of our sensitive data and information technology which may adversely affect our business, results of operations, financial condition and cash flows.” ​ Governance One of the key functions of our Board of Directors is informed oversight of our risk management process, including risks from cybersecurity threats. Our Board of Directors is responsible for monitoring and assessing strategic risk exposure, and our senior leadership team is responsible for the day-to-day management of the material risks we face. Our Board of Directors administers its cybersecurity risk oversight function directly as a whole, as well as directly through the Audit Committee. Management and members of the Information Security Group (“ISG”) regularly present to the Board of Directors regarding information security and an in-depth review of our processes for assessing, identifying, and managing material risks from cybersecurity threats. On a quarterly basis, the Audit Committee is informed by management concerning the status of existing and new cybersecurity risks, status of how management is addressing and mitigating those risks, material cybersecurity and data privacy incidents (if any), and status of key information security initiatives. Additionally, on a biennial basis, we engage third parties to assess our information security program using the NIST framework, as well as perform penetration testing. Our Board of Directors administers its cybersecurity risk oversight function directly as a whole, as well as directly through the Audit Committee. regarding information security and an in-depth review of our processes for assessing, identifying, and managing material risks from cybersecurity threats. On a quarterly basis, the Audit Committee is informed by management concerning the status of existing and new cybersecurity risks, status of how management is addressing and mitigating those risks, material cybersecurity and data privacy incidents (if any), and status of key information security initiatives. Additionally, on a biennial basis, we engage third parties to assess our information security program using the NIST framework, as well as perform penetration testing. ​ We have allocated substantial cross functional internal resources with expertise in information security, information technology, operations, risk management, human resources, finance, and legal to form a governance counsel known as the ISG. This group contains members with a master’s degree in information security, as well as individuals with over 20 years of experience in cybersecurity. The ISG is an internal, collaborative working group that ensures our cybersecurity program is adequately responsive to the evolving threat landscape. governance counsel known as the ISG. This group contains members with a master’s degree in information security, as well as individuals with over 20 years of experience in cybersecurity. The ISG is an internal, collaborative working group that ensures our cybersecurity program is adequately responsive to the evolving threat landscape. ​ ​ 32 32 Table of ContentsITEM 2. PROPERTIESThe following table describes our significant properties as of December 31, 2025. These properties are owned by us and not subject to any significant encumbrances, or are leased by us. We believe these properties are suitable and adequate for our current operations and are appropriately utilized. For additional information regarding our significant facilities please refer to Item 1. Business.​​​​​​​​​​​​​​​Site​Site​​​​​​Acreage ​AcreageOperations​Location​Description​Owned​LeasedSteel Operations Segment *​​​​​​​​Butler Flat Roll Division:​​​​​​​​ Butler Operations ​Butler, IN​Flat Roll Steel Mill and Coating Facility​995​— Jeffersonville Operations ​Jeffersonville, IN​Flat Roll Steel Coating Facility​27​10 Iron Dynamics​Butler, IN​Liquid Ironmaking Facility​25​—Columbus Flat Roll Division ​Columbus, MS​Flat Roll Steel Mill and Coating Facility​1,387​—Sinton Flat Roll Division ​Sinton, TX​Flat Roll Steel Mill and Coating Facility ​2,842​—The Techs ​Pittsburgh, PA​Flat Roll Steel Coating Facilities​17​2Heartland Flat Roll Division​Terre Haute, IN​Flat Roll Steel Cold-Rolling and Coating Facility​246​—United Steel Supply​IN, ID, MS, OR, and TX​Distributor of Painted Galvalume® Flat Roll Steel​58​1New Process Steel​IN, IL, MS, AL, TX, and Monterrey, Mexico​Flat Roll Steel Distributor and Processing Facility​—​23SDI Mexico​Monterrey, Mexico​Flat Roll Steel Distribution Warehouse​—​5Structural and Rail Division ​Columbia City, IN​Structural and Rail Steel Mill​1,003​—Engineered Bar Products Division ​Pittsboro, IN​Engineered Bar Steel Mill and Finishing Facility​312​—Vulcan Threaded Products ​Pelham, AL​Bar Steel Processing Facility​31​—Roanoke Bar Division ​Roanoke, VA​Merchant Bar Steel Mill​313​—Steel of West Virginia​WV, KY, and TN​Specialty Shapes Steel Mill and Finishing ​141​6​​​​and Coating Facilities​​​​SDI Biocarbon Solutions​Columbus, MS​Biocarbon Production Facility​133​—​​​​​​​​​Metals Recycling Operations Segment ​​​​​​​​OmniSource:​​​​​​​​Alabama​Birmingham, AL​Ferrous Scrap Processing​59​—Indiana ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​359​26Michigan ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​124​—Mississippi​Multiple Cities​Ferrous and Nonferrous Scrap Processing​43​13North Carolina ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​303​—Ohio ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​239​21Oklahoma ​Sand Springs, OK​Ferrous Scrap Processing​—​10Tennessee ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​65​—Texas​Multiple Cities​Ferrous and Nonferrous Scrap Processing​130​9Virginia ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​121​—Mexico​Multiple Cities​Ferrous and Nonferrous Scrap Processing​17​62​​​​​​​​​Steel Fabrication Operations Segment ​​​​​​​​New Millennium Building Systems:​​​​​​​​Joist and Deck Operations ​Butler, IN​Steel Joist and Deck Fabrication Facility​156​—Joist Operations ​Fallon, NV​Steel Joist Fabrication Facility​68​—Joist and Deck Operations ​Hope, AR​Steel Joist and Deck Fabrication Facility​245​7Joist Operations ​Juarez, MX​Steel Joist Fabrication Facility​17​—Joist and Deck Operations ​Lake City, FL​Steel Joist and Deck Fabrication Facility​81​—Deck Operations ​Memphis, TN​Deck Fabrication Facility​19​—Joist and Deck Operations ​Salem, VA​Steel Joist and Deck Fabrication Facility​113​—​​​​​​​​​Aluminum Operations Segment Aluminum Dynamics, LLC​Columbus, MS​Recycled Aluminum Flat Rolled Products Mill​2,112​—Aluminum Dynamics of Mexico​San Luis Potosi, Mexico​Recycled Aluminum Slab Facility​692​—Superior Aluminum Alloys​New Haven, IN​Recycled Aluminum Deox-Rod Facility​96​—​The company’s corporate headquarters is located in Fort Wayne, Indiana on 20 owned acres. Our copper rod and wire facility, a controlled subsidiary, is in New Haven, Indiana on 35 owned and 4 leased acres.*Our 2025 steel mill production utilization was 86% of our estimated annual steelmaking capability.33 Table of Contents Table of Contents Table of Contents ITEM 2. PROPERTIESThe following table describes our significant properties as of December 31, 2025. These properties are owned by us and not subject to any significant encumbrances, or are leased by us. We believe these properties are suitable and adequate for our current operations and are appropriately utilized. For additional information regarding our significant facilities please refer to Item 1. Business.​​​​​​​​​​​​​​​Site​Site​​​​​​Acreage ​AcreageOperations​Location​Description​Owned​LeasedSteel Operations Segment *​​​​​​​​Butler Flat Roll Division:​​​​​​​​ Butler Operations ​Butler, IN​Flat Roll Steel Mill and Coating Facility​995​— Jeffersonville Operations ​Jeffersonville, IN​Flat Roll Steel Coating Facility​27​10 Iron Dynamics​Butler, IN​Liquid Ironmaking Facility​25​—Columbus Flat Roll Division ​Columbus, MS​Flat Roll Steel Mill and Coating Facility​1,387​—Sinton Flat Roll Division ​Sinton, TX​Flat Roll Steel Mill and Coating Facility ​2,842​—The Techs ​Pittsburgh, PA​Flat Roll Steel Coating Facilities​17​2Heartland Flat Roll Division​Terre Haute, IN​Flat Roll Steel Cold-Rolling and Coating Facility​246​—United Steel Supply​IN, ID, MS, OR, and TX​Distributor of Painted Galvalume® Flat Roll Steel​58​1New Process Steel​IN, IL, MS, AL, TX, and Monterrey, Mexico​Flat Roll Steel Distributor and Processing Facility​—​23SDI Mexico​Monterrey, Mexico​Flat Roll Steel Distribution Warehouse​—​5Structural and Rail Division ​Columbia City, IN​Structural and Rail Steel Mill​1,003​—Engineered Bar Products Division ​Pittsboro, IN​Engineered Bar Steel Mill and Finishing Facility​312​—Vulcan Threaded Products ​Pelham, AL​Bar Steel Processing Facility​31​—Roanoke Bar Division ​Roanoke, VA​Merchant Bar Steel Mill​313​—Steel of West Virginia​WV, KY, and TN​Specialty Shapes Steel Mill and Finishing ​141​6​​​​and Coating Facilities​​​​SDI Biocarbon Solutions​Columbus, MS​Biocarbon Production Facility​133​—​​​​​​​​​Metals Recycling Operations Segment ​​​​​​​​OmniSource:​​​​​​​​Alabama​Birmingham, AL​Ferrous Scrap Processing​59​—Indiana ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​359​26Michigan ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​124​—Mississippi​Multiple Cities​Ferrous and Nonferrous Scrap Processing​43​13North Carolina ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​303​—Ohio ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​239​21Oklahoma ​Sand Springs, OK​Ferrous Scrap Processing​—​10Tennessee ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​65​—Texas​Multiple Cities​Ferrous and Nonferrous Scrap Processing​130​9Virginia ​Multiple Cities​Ferrous and Nonferrous Scrap Processing​121​—Mexico​Multiple Cities​Ferrous and Nonferrous Scrap Processing​17​62​​​​​​​​​Steel Fabrication Operations Segment ​​​​​​​​New Millennium Building Systems:​​​​​​​​Joist and Deck Operations ​Butler, IN​Steel Joist and Deck Fabrication Facility​156​—Joist Operations ​Fallon, NV​Steel Joist Fabrication Facility​68​—Joist and Deck Operations ​Hope, AR​Steel Joist and Deck Fabrication Facility​245​7Joist Operations ​Juarez, MX​Steel Joist Fabrication Facility​17​—Joist and Deck Operations ​Lake City, FL​Steel Joist and Deck Fabrication Facility​81​—Deck Operations ​Memphis, TN​Deck Fabrication Facility​19​—Joist and Deck Operations ​Salem, VA​Steel Joist and Deck Fabrication Facility​113​—​​​​​​​​​Aluminum Operations Segment Aluminum Dynamics, LLC​Columbus, MS​Recycled Aluminum Flat Rolled Products Mill​2,112​—Aluminum Dynamics of Mexico​San Luis Potosi, Mexico​Recycled Aluminum Slab Facility​692​—Superior Aluminum Alloys​New Haven, IN​Recycled Aluminum Deox-Rod Facility​96​—​The company’s corporate headquarters is located in Fort Wayne, Indiana on 20 owned acres. Our copper rod and wire facility, a controlled subsidiary, is in New Haven, Indiana on 35 owned and 4 leased acres.*Our 2025 steel mill production utilization was 86% of our estimated annual steelmaking capability. ITEM 2. PROPERTIES The following table describes our significant properties as of December 31, 2025. These properties are owned by us and not subject to any significant encumbrances, or are leased by us. We believe these properties are suitable and adequate for our current operations and are appropriately utilized. For additional information regarding our significant facilities please refer to Item 1. Business. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Site ​ Site ​ ​ ​ ​ ​ ​ Acreage ​ Acreage Operations ​ Location ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Availability of an adequate source of supply of scrap is required for our metals recycling operations.",
      "prior_title": "Availability of an adequate source of supply of scrap is required for our metals recycling operations.",
      "current_body": "We procure our scrap inventory from numerous sources. These suppliers generally are not bound by long-term contracts and generally have no obligation to sell recyclable metal to us. In periods of low industry scrap prices, scrap suppliers may elect to hold recyclable metal to wait for higher prices or intentionally slow their metal collection activities. If a substantial number of scrap suppliers cease selling recyclable metal to us, we may be unable to recycle metal at desired levels which may adversely affect our results of operations and financial condition. In addition, a slowdown of industrial or other scrap sources, such as used beverage cans, production in the United States reduces the supply of industrial grades of metal to the metals recycling industry, resulting in our having less recyclable metal available to process, sell, or consume for our steelmaking or aluminum operations. Further, additional EAF steel mill or aluminum production facility construction or blast furnace mills investing in EAF mills could increase the demand for ferrous and aluminum scrap, potentially resulting in higher scrap prices or periods of decreased scrap supply. Any inability to secure scrap for our steelmaking and aluminum operations could adversely affect our business, results of operations, financial condition and cash flows."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Equity-Based Compensation",
      "prior_title": "Equity-Based Compensation",
      "current_body": "The company has several stock-based employee compensation plans which are more fully described in Note 6. Equity-Based Incentive Plans. Compensation expense for restricted stock units, deferred stock units, restricted stock, stock appreciation awards, and performance awards is recorded over the vesting periods using the fair value as determined by the closing market value of the company’s common stock on the day prior to grant date, and with respect to performance awards, an estimate of probability of award achievement during the performance period. The company recognizes forfeitures as they occur. Compensation expense for these stock-based employee compensation plans was $66.8 million, $65.6 million, and $60.1 million for the years ended December 31, 2025, 2024, and 2023, respectively."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Opinion on the Financial Statements",
      "prior_title": "Opinion on the Financial Statements",
      "current_body": "We have audited the accompanying consolidated balance sheets of Steel Dynamics, Inc. (the Company) as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 27, 2026 expressed an unqualified opinion thereon."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Steel Fabrication Operations Segment",
      "prior_title": "Steel Fabrication Operations Segment",
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ New Millennium Building Systems: ​ ​ ​ ​ ​ ​ ​ ​ Joist and Deck Operations ​ Butler, IN ​ Steel Joist and Deck Fabrication Facility ​ 156 ​ — Joist Operations ​ Fallon, NV ​ Steel Joist Fabrication Facility ​ 68 ​ — Joist and Deck Operations ​ Hope, AR ​ Steel Joist and Deck Fabrication Facility ​ 245 ​ 7 Joist Operations ​ Juarez, MX ​ Steel Joist Fabrication Facility ​ 17 ​ — Joist and Deck Operations ​ Lake City, FL ​ Steel Joist and Deck Fabrication Facility ​ 81 ​ — Deck Operations ​ Memphis, TN ​ Deck Fabrication Facility ​ 19 ​ — Joist and Deck Operations ​ Salem, VA ​ Steel Joist and Deck Fabrication Facility ​ 113 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Definition and Limitations of Internal Control Over Financial Reporting",
      "prior_title": "Definition and Limitations of Internal Control Over Financial Reporting",
      "current_body": "A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. 52 52 Table of Contents/s/ Ernst & Young LLP​Indianapolis, IndianaFebruary 27, 2026​53 Table of Contents Table of Contents Table of Contents /s/ Ernst & Young LLP​Indianapolis, IndianaFebruary 27, 2026​ /s/ Ernst & Young LLP ​ Indianapolis, Indiana February 27, 2026 ​ 53 53 Table of ContentsREPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMTo the Stockholders and the Board of Directors of Steel Dynamics, Inc.​Opinion on the Financial StatementsWe have audited the accompanying consolidated balance sheets of Steel Dynamics, Inc. (the Company) as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 27, 2026 expressed an unqualified opinion thereon.Basis for OpinionThese financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.Critical Audit MattersThe critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing a separate opinion on the critical audit matters or on the account or disclosure to which it relates.54 Table of Contents Table of Contents Table of Contents REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMTo the Stockholders and the Board of Directors of Steel Dynamics, Inc.​Opinion on the Financial StatementsWe have audited the accompanying consolidated balance sheets of Steel Dynamics, Inc. (the Company) as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 27, 2026 expressed an unqualified opinion thereon.Basis for OpinionThese financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.Critical Audit MattersThe critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing a separate opinion on the critical audit matters or on the account or disclosure to which it relates."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Valuation of Goodwill",
      "prior_title": "Critical Audit Matter",
      "current_body": "Description ofthe Matter At December 31, 2025, the Company’s goodwill was approximately $477 million. As discussed in Note 1 of the consolidated financial statements, the Company performs an impairment test for goodwill at least annually or when indicators of impairment exist. The Company performed a qualitative assessment as of October 1, 2025, to assess if it is more likely than not that the fair value of a reporting unit exceeds its carrying amount. Auditing management’s annual goodwill impairment test was complex and judgmental as management considers the impact of several factors on the Company overall and each reporting unit individually including assessing the qualitative factors to be considered in the qualitative goodwill impairment assessment, changes in the carrying amount of the reporting unit, macroeconomic conditions (including changes in interest and discount rates), industry and market conditions, recent and projected financial performance, the Company’s competitive position and other factors. Significant judgment is involved in evaluating the totality of all factors to determine whether it is more likely than not that the fair value of the reporting unit exceeds its carrying value. How WeAddressed theMatter in OurAudit We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s goodwill impairment testing process, including controls over management’s review of the qualitative factors described above. To test management’s conclusion that it is more likely than not that the fair values of the Company’s reporting units exceed their carrying amounts, we performed audit procedures that included, among others, assessing the reasonableness of the qualitative factors considered within the analyses, testing the evaluation of the qualitative factors and the underlying data used by the Company in its analyses. We evaluated management’s assessment of the qualitative factors for each reporting unit by comparing to current industry and economic trends, current and historical results and key business drivers for each reporting unit, comparing the Company’s share price trends to historical amounts, and other relevant factors, including considering consistency with evidence obtained in other parts of the audit and evaluating whether any contrary evidence exists. ​"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Award Issued/Issuable",
      "prior_title": "Award Issued/Issuable",
      "current_body": "​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 LTIP Award: ​ ​ ​ ​ ​ ​ ​ ​ Three-year performance period award 249,759 ​ 249,759 ​ 249,759 ​ March 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 LTIP Award: ​ ​ ​ ​ ​ ​ ​ ​ Three-year performance period award 193,946 ​ 164,857 ​ 164,857 ​ March 2026 ​ Two-year performance period transition award 5,517 ​ 4,690 ​ 4,690 ​ March 2025 ​ One-year performance period transition award 3,678 ​ 2,759 ​ 2,759 ​ March 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 LTIP Award: ​ ​ ​ ​ ​ ​ ​ ​ Three-year performance period award 166,791 ​ * ​ * ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 LTIP Award: ​ ​ ​ ​ ​ ​ ​ ​ Three-year performance period award 182,819 ​ * ​ * ​ ​ * Not yet earned as performance period not complete."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Short-Term Investments",
      "prior_title": "Short-Term Investments",
      "current_body": "Short-term investments include investments with maturity dates of longer than three months but less than one year when purchased. The company’s short-term investments are classified as trading securities. There were no short-term investments held as of December 31, 2025. Short-term investments held as of December 31, 2024 consisted of commercial paper ($19.7 million), US Treasuries ($113.1 million), and certificates of deposit ($15.0 million). Interest income from invested cash and short-term investments was $36.8 million, $90.1 million, and $111.9 million for the years ended December 31, 2025, 2024, and 2023, respectively, and is recorded in other (income) expense, net as earned."
    }
  ]
}