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z Investor Presentation 2022 Health and Safety Entrepreneurial Culture Customer Commitment Strategic Growth Innovation Financial Strength z Investor Call Presentation Health and Safety Entrepreneurial Culture Customer Commitment Strategic Sustainable Growth Innovation Financial Strength 22 July 2025 Second Quarter 2025
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22 July 2025 2 Differentiated, Sustainable, Metals Growth Company Forward-looking statements and Non-GAAP financial measures Forward-Looking Statements This presentation 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) pandemics, epidemics, widespread illness or other health issues; (4) the cyclical nature of the steel industry and the industries we serve; (5) 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; (6) cost and availability of electricity, natural gas, oil, and other energy resources are subject to volatile market conditions; (7) increased environmental, greenhouse gas emissions and sustainability considerations from our customers and investors or related regulations; (8) compliance with and changes in environmental and remediation requirements; (9) significant price and other forms of competition from other steel and aluminum producers, scrap processors and alternative materials; (10) availability of an adequate source of supply of scrap for our metals recycling operations; (11) cybersecurity threats and risks to the security of our sensitive data and information technology; (12) the implementation of our growth strategy; (13) our ability to retain, develop and attract key personnel; (14) litigation and legal compliance; (15) unexpected equipment downtime or shutdowns; (16) governmental agencies may refuse to grant or renew some of our licenses and permits; (17) our senior unsecured credit facility contains, and any future financing agreements may contain, restrictive covenants that may limit our flexibility; and (18) 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 our most recent Annual Report on Form 10- K under the headings Special Note Regarding Forward-Looking Statements and Risk Factors, in our Quarterly Reports on Form 10-Q, or in other reports which 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.”. Note Regarding Non-GAAP Financial Measures Steel Dynamics reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). Management believes that EBITDA, Adjusted EBITDA, Adjusted Operating Income, Free Cash Flow, and Adjusted Free Cash Flow non-GAAP financial measures, provide additional meaningful information regarding Steel Dynamic’s performance and financial strength. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Steel Dynamics’ reported results prepared in accordance with GAAP. In addition, because not all companies use identical calculations, EBITDA, Adjusted EBITDA, Adjusted Operating Income, Free Cash Flow and Adjusted Free Cash Flow included in this presentation may not be comparable to similarly titled measures of other companies. The reconciliations of these non-GAAP measures to their most comparable GAAP measures are contained in the appendix at the end of this presentation.
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22 July 2025 3 Differentiated, Sustainable, Metals Growth Company 1.5 1.8 0.9 2.1 4.1 4.7 Steel Dynamics Industry² 2.3 1.7 1.4 1.4 1.3 2021 2022 2023 2024 2025TTM 0.63 0.30 0.32 0.30 0.27 2021 2022 2023 2024 2025TTM Industry Recordable Injury Rate1 By Platform Lost Time Injury Rate1 1 Total Recordable Injury Rate is defined as OSHA recordable incidents x 200,000 / hours worked and Lost Time Injury Rate is de fined as OSHA days away from work cases x 200,000 / hours worked. 2 Source: 2023 U.S. DOL Bureau of Labor Statistics released in 2024 Safety is our number one value Total Recordable Injury Rate1 Steel Steel Fabrication Metals Recycling Our teams achieved a record low TRIR and LTIR in Q2 2025
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22 July 2025 4 Differentiated, Sustainable, Metals Growth Company Second quarter 2025 financial performance metrics 1 The adjusted EBITDA reconciliation to GAAP net income is provided in the appendix to this presentation. K e y h i g h l i g h ts Net Income of $299 million Cash flow from operations of $302 million Adjusted EBITDA1 of $533 million, a %12 margin Diluted EPS of $2.01 $299 million N e t i n c o m e $302 million C a s h f l o w f r o m o p e r a t i o n s $533 million A d j u s te d E B I T D A1 $2.01 D i l u te d E P S Strong revenue of $4.6 billion $4.6 billion R e v e n u e Repurchased 1.1% of our outstanding shares $200 million S h a r e r e p u r ch a s es
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22 July 2025 5 Differentiated, Sustainable, Metals Growth Company Second quarter 2025 financial performance meaningfully higher than sequential first quarter Solid results Dollars in millions, except per share data Q2 2025 Q1 2025 Q2 2024 % Sequential Change % Prior Year Change Net Sales $4,565 $4,369 $4,633 4% (1)% Operating Income 383 275 559 39 (32) Net Income attributable to Steel Dynamics, Inc. 299 217 428 38 (30) Diluted Earnings per Share 2.01 1.44 2.72 40 (26) Adjusted EBITDA 1 533 448 686 19 (22) Operating Income Steel Operations 382 230 442 66 (14) Steel Fabrication Operations 93 117 181 (20) (48) Metals Recycling Operations 2 21 26 27 (17) (20) Aluminum 2 (41) (29) (14) NA NA 1 The adjusted EBITDA reconciliation to GAAP net income is provided in the appendix to this presentation. 2 Beginning the fourth quarter 2024, results from an entity previously included in Metals Recycling are presented within Alumin um. All prior periods presented have been recast to reflect the change. Note: Calculations may not tie due to rounding
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22 July 2025 6 Differentiated, Sustainable, Metals Growth Company Second quarter 2025 operating performance Steel metal margins improved sequential profitability Note: Calculations may not tie due to rounding 1 Beginning the fourth quarter 2024, results from an entity previously included in Metals Recycling are presented within Alumin um. All prior periods presented have been recast to reflect the change. Quarterly Segment Highlights Q2 2025 Q1 2025 Q2 2024 % Sequential Change % Prior Year Change Steel Average External Sales Price per ton $ 1,134 $ 998 $1,138 14% -% Steel Average Ferrous Cost per ton 408 386 388 6 5 Steel Fabrication Average Sales Price per ton 2,517 2,599 2,978 (3) (15) Shipments (thousands of tons) Total Steel 3,350 3,482 3,203 (4) 5 Flat Roll Steel 2,431 2,612 2,373 (7) 2 Long Products Steel 918 870 830 6 11 Steel Fabrication Shipments (thousands of tons) 135 136 159 - (15) Metals Recycling Shipments 1 Ferrous (thousands of gross tons) 1,597 1,452 1,510 10 6 Nonferrous (millions of pounds) 246 233 254 5 (3)
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22 July 2025 7 Differentiated, Sustainable, Metals Growth Company Differentiated circular business model results in higher through cycle utilization We achieve consistently higher through-cycle steel utilization, driven by our low-cost, circularly connected business model, and diversified value-added product portfolio and supply-chain solutions Est. Annual SDI Steel Mill Production Capacity (Thousands of Tons) Flat Roll Group - Butler 3,200 - Columbus - Sinton 3,200 3,000 Long Products Group Structural & Rail 2,200 Engineered Bar 950 Roanoke Bar 720 Steel of West Virginia 580 Total¹ 13,850 Processing Capacity 2,114 Total Annual Shipping Capacity 15,964 2025 Source: AISI, U.S. Department of Commerce, Accenture ¹ Excludes our steel processing divisions capacity of approximately 2.1 million tons annually and Q2 2025 shipments of 479 t housand tons. 2 Domestic Steel Imports Excluding Semi -finished as a % of Apparent Domestic Consumption for the second quarter 2025 is through M ay 2025. 68% 81% 78% 76% 77% 75% 77% 18% 22% 24% 21% 23% 22% 20% 86% 91% 77% 82% 81% 89% 85% 92% 91% 86% 2020 2021 2022 2023 2024 Q1'25 Q2'25 Domestic Steel Industry Production Utilization (%) Domestic Steel Imports Excluding Semi-finished as a % of Apparent Domestic Consumption Steel Dynamics Steel Mill Production Utilization incl Sinton (%) Steel Dynamics Steel Mill Production Utilization excl Sinton (%)
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22 July 2025 8 Differentiated, Sustainable, Metals Growth Company $659 $370 $446 $676 $548 $951 $1,230 $1,830 $887 ($12) $3,678 $4,622 $2,005 $626 $242 $1,092 $916 $4,509 $4,808 $2,968 $1,859 $1,339 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025TTM Differentiated business model, proven cash generation 5-year average: $3.0 billion¹ 5-year average: $540 million Columbus Transformation More Than Tripled Average Annual Adjusted Free Cash Flow¹ since the acquisition of our Columbus Flat Roll Division (dollars in millions) 1 Free Cash Flow is defined as Adjusted EBITDA less Capital Investments. Adjusted Free Cash Flow is defined as Adjusted EBITDA less Capital Investments, excluding funding for our new Sinton Texas flat roll steel mill and Aluminum Dynamics. See the appendix for the reconciliation. Heartland
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22 July 2025 9 Differentiated, Sustainable, Metals Growth Company Capital allocation framework, committed to growth, shareholder returns, and investment grade ratings Balanced Capital Allocation - $12.8 billion Cash Flow from Operations over the Last Five Years1 Conservative Net Leverage While Growing and Returning Capital to Shareholders 1 Period ended June 30, 2025 1.5 0.4 0.1 0.2 0.9 1.6 0.0 0.5 1.0 1.5 2.0 2.5 2020 2021 2022 2023 2024 2025TTM Best-In-Class Performance Strong cash flow generating business model Strong Balance Sheet ◼ Strong free cash flow conversion ◼ Leading EBITDA margins ◼ Capital investments largely funded through cash flow ◼ Acquisitions funded to maintain credit flexibility and prudent liquidity, while ensuring strong strategic logic, cultural fit, levering core competencies, and clear execution roadmap ◼ Broad access to low-cost debt ◼ Net leverage managed to not exceed 2.0x through- cycle ◼ Subsequent to an acquisition, committed to delevering in a timely manner ◼ Growth strategy funded through free cash flow and debt capacity ◼ Flexible shareholder distributions – maintain positive dividend profile and compliment with share repurchases as appropriate Significant Strategic Opportunity + + = $6.7B Internal Capital Investments $1.3B Dividends $0.4B M&A $6.0B Share Repurchases $7.1 billion $7.3 billion
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22 July 2025 10 Differentiated, Sustainable, Metals Growth Company $744 $1,935 $1,191 Strong liquidity and credit metrics ¹ June 30, 2025 Adjusted EBITDA. The reconciliation to GAAP net income is provided in the appendix to this presentation. 2 Excludes other debt obligations of $3 million $400 $350 $600 $500 $600 $600 $400 $400 2026 2027 2030 2031 2034 2035 2050 2055 Staggered debt maturity profile2 (dollars in millions) June 30, 2025 x Adjusted EBITDA¹ Cash and invested cash $744 5.000% senior notes, 2026 400 0.2x 1.650% senior notes, 2027 350 0.2x 3.450% senior notes, 2030 600 0.3x 3.250% senior notes, 2031 500 0.3x 5.375% senior notes, 2034 600 0.3x 5.250% senior notes, 2035 600 0.3x 3.250% senior notes, 2050 400 0.2x 5.750% senior notes, 2055 400 0.2x Other obligations 3 0.0x Total debt $3,853 2.0x Net debt $3,109 1.6x Adjusted TTM EBITDA¹ $1,910 Low Leverage, Low-Cost Debt (dollars in millions) Strong Liquidity (dollars in millions) – As of June 30, 2025 Revolver availability Cash, investments, and invested cash Total liquidity Raised $1 billion in Q1 2025 and repaid $400 million of senior notes maturing in June 2025 to further our long-term strategy and provide a strong capital foundation
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22 July 2025 11 Differentiated, Sustainable, Metals Growth Company Strategic high-return growth, driving increasing sustainable value ▪ Ramping operations on our new state-of-the art Sinton, Texas flat roll steel mill ― $1.9 billion greenfield investment, started production Q1 2022 ― 3.0-million-ton “Next Generation” EAF flat roll steel mill, with two value-added coating lines ― Two additional value-added coating lines started 1H 2024 ▪ Continuing to grow and diversify premium, value-added flat roll steel product capabilities, while optimizing existing operations ― $600 million greenfield investment, started 1H 2024 ― Four new flat roll steel finishing lines, comprised of two paint lines and two galvanizing lines, with one set located in Sinton, Texas and one set located in Terre Haute, Indiana ― Each set includes a 300,000-ton galvanizing line with Galvalume® coating capability and a 240,000-ton paint line ▪ Investing in undersupplied North American aluminum flat rolled products market ― $2.7 billion greenfield investment ― 650,000-tonne state-of-the-art aluminum flat roll mill, and two 150,000-tonne satellite recycled aluminum slab centers ― Received near-term state incentives of $250 million and meaningful additional tax benefits occurring over the next 15 years ― Shipped first coils in June 2025 ▪ Investing in innovative decarbonization technology ― Approximately $300 million greenfield investment, planned start Q3 2025 ― Planned capacity of 228,000 metric tons biocarbon production facility to reduce Scope 1 GHG emissions in our steel mills by as much as 35% Investing to deliver our next phase of transformational growth
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22 July 2025 12 Differentiated, Sustainable, Metals Growth Company Revolutionizing North American aluminum flat rolled industry with SDI’s differentiated, low-cost, sustainable, efficient, customer-centric approach 12 New Lower-Carbon Recycled Aluminum Flat Roll Mill Investments Levering our Competitive Advantages • Growing with Steel Dynamics’ customers, providing alternative metal solutions • Using expertise in building and operating low-cost melting, casting and rolling facilities • Aligning with our circular manufacturing model utilizing SDI’s metals recycling platform, which is the largest nonferrous metals recycler in North America • New lower-carbon facility provides an energy efficient, lower environmental impact alternative to existing production facilities • Adds to our margin-enhancing, diversified, value-added product mix Strong Financial Returns • Estimated $2.7 billion investment to build a state-of-the-art lower-carbon, recycled aluminum flat rolled mill, and two satellite recycled aluminum slab centers • Near-term state incentives of $250 million and meaningful additional tax benefits occurring over the next 15 years • 100% of the investment will be funded with available cash and cash flow from operations • Expected to add $650-700 million¹ in “through-cycle” consolidated annual EBITDA Tonnes 650,000 Tonnes Estimated Production Columbus, MS Can Sheet 45% Automotive 35% Common Alloy 20% Planned Product Mix Startup On Track The aluminum flat roll mill shipped its first coils in June. 1 Based on analysis of historical pricing and margins from 2017 to 2021 obtained from public sources and industry advisors and consultants, coupled with anticipated production capacity, product mix and estimated synergies and other cost savings
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22 July 2025 13 Differentiated, Sustainable, Metals Growth Company We generate significantly less GHG emissions compared to global basic oxygen furnace steelmaking technology. We are an industry leader, committed to decarbonization From our founding over 30 years ago, we have been intentional in managing our resources sustainably for the benefit of our teams, communities, and the environment Our steel mills require less than 1/4 of the energy compared to global basic oxygen furnace steelmaking technology.1 Industry Energy Intensity1 Industry Scope 1, 2, & 3 GHG Emissions Intensity1 1 Steel Dynamics steel mills’ 2024 data compared to World Steel Association (WSA) 2023 data from their Sustainability Indicator s November 2024 report. WSA’s GHG emissions intensity metric is tonnes CO₂ per tonne crude steel cast. SDI steel mills GHG emissions intensity metric is tonnes CO₂e per tonne hot rolled steel. SDI steel mills’ Scope 1, 2, and upstream Scope 3 emissions data were independently verified by a third party in accordance with the GSCC’s Steel Climate Standard.
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22 July 2025 14 Differentiated, Sustainable, Metals Growth Company Our steel mills' GHG emissions intensity targets are aligned with the Paris Agreement’s 1.5° C scenario and with the International Energy Agency’s Net Zero by 2050: A Roadmap for the Global Energy Sector. We are an industry leader, committed to decarbonization We set Global Steel Climate Council (GSCC) certified, science-based GHG emissions targets for 2030 and 2050 and have renewable electrical energy goals 1 Our new targets were established using GSCC’s Steel Climate Standard, which includes key GHG emissions through hot rolling fr om Scope 1, Scope 2, and upstream Scope 3 categories. Our targets and 2022 base year data were independently verified by a third-party in accordance with the GSCC’s Steel Climate Standard and were certified by the GSCC. SDI Steel Mills’ Renewable Electrical Energy Goals We increased our use of renewable electrical energy to 14% within our steel mills, achieving our 2025 renewable electrical energy goal and moving toward our 2030 goal. Global Steel Climate Council Our steel mills' emissions intensity is already well below the GSCC glidepath
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22 July 2025 15 Differentiated, Sustainable, Metals Growth Company We are a leading North American steel producer with a differentiated and proven business model Consistent best-in-class performance Differentiated business model delivering strong profitability and cash flow Smart growth — Gaining market share and growing with customers Strong balance sheet provides strategic flexibility for current operations and prudent growth Sustainable shareholder value creation and distribution growth 100% of steel produced with electric-arc-furnace technology
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22 July 2025 16 Differentiated, Sustainable, Metals Growth Company z Appendix Health and Safety Entrepreneurial Culture Customer Commitment Strategic Sustainable Growth Innovation Financial Strength
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22 July 2025 17 Differentiated, Sustainable, Metals Growth Company Thickness 0.047”- 1.00” Width 38”- 84” Max Coil Weight 52.5 Tons Estimated Production 3M Tons Represents transformative strategic growth with “next generation” steelmaking capabilities 17 Transformational flat roll steel growth ꟷ New Texas steel mill & 4 valued-added coating lines Transformational Strategic Growth • Expands our annual steel production capacity to almost 14 million tons (over 25% growth), with approximately 16 millions tons of shipping capability • “Next Generation” electric-arc-furnace flat roll steel mill, including a higher-margin, value-added galvanizing line (550k tons) and paint line (250k tons) • Investing in two additional new flat roll steel coating lines on-site to support the steel mill, including a value-added galvanizing line (300k tons) and paint line (240k tons) • Targeting underserved markets reliant on imports with long lead times and inferior product quality • Once fully operational with access to four value added coating lines, estimated through-cycle EBITDA of $475-$525 million based on historical metal spreads Next Generation Capabilities • “Next Generation” capabilities that go beyond existing EAF-based production capabilities • Leveraging expertise to create next generation sustainable EAF production capabilities, with meaningful customer and supply-chain benefits while gaining market share from disadvantaged, high-cost competitors and imports • Latest generation of advanced high strength steel grades, including automotive and energy grades • Diversified, higher-quality, value-added product mix
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22 July 2025 18 Differentiated, Sustainable, Metals Growth Company Competitively advantaged location Houston Other flat roll steel producers Steel Dynamics flat roll steel mills No Existing Flat Roll Steel Production Capacity Sinton Monterrey SDI’s New Texas Steel Mill Estimated 27 million tons in Targeted Regional Markets Western U.S. 4 Million Tons Mexico 16 Million Tons 45%-50% Imported Southern U.S. 7 Million Tons Location Benefits • Customer-centric logistics, providing shorter lead times and working capital savings • Central to the largest domestic consumption of flat roll Galvalume® and construction painted products, with the ability to effectively compete with excessive imports • Customers locating on-site, providing logistic savings and steel mill volume base- loading opportunities, representing 1.8M annual tons of local steel processing and consumption capability • Excellent logistics provided by on-site access to two class I railroads, proximity to a major U.S. highway system, and access to the deep-water port of Corpus Christi • Proximity to prime ferrous scrap generation via the four-state Texas region and Mexico through our existing metals recycling platform and our August 2020 and October 2022 acquisitions of Mexican metals recycling companies • Cost-effective access to pig iron through the deep-water port of Corpus Christi, as well as other alternative iron units located nearby
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22 July 2025 19 Differentiated, Sustainable, Metals Growth Company Steel Operations at a glance – Flat Roll Steel Group We are one of the largest domestic steel producers, with approx. 16 million tons of steel shipping capability. We have one of the most diversified product and end-market portfolios in the domestic steel industry Flat Roll Steel Group: 11.4M Tons Annual Shipping Capacity Columbus, MS Acquired/Expanded EAF Steel Mill • 3.2M Tons • 3 Galvanizing Lines • 1 Paint Line Butler, IN Greenfield EAF Steel Mill • 3.2M Tons • 3 Galvanizing Lines • 2 Paint Lines Terre Haute, IN1 Heartland/Acquired Flat Roll Processing Facility • 1.0M Tons • 2 Galvanizing Lines • 1 Paint Line Pittsburgh, PA1 The Techs/Acquired Flat Roll Galvanizing Facility • 1.0M Tons Galvanizing • 3 Galvanizing Lines Sinton, TX Greenfield EAF Steel Mill • 3.0M Tons • 2 Galvanizing Lines • 2 Paint Lines 19 1 Processing locations
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22 July 2025 20 Differentiated, Sustainable, Metals Growth Company Steel Operations at a glance – Long Products Steel Group Pittsboro, IN Acquired/Expanded EAF Steel Mill • 950K Tons • Special-bar-quality • Value-Added Finishing/Inspection Lines Columbia City, IN Greenfield EAF Steel Mill • 2.2M Tons • Structural and Rail Roanoke, VA Acquired/Expanded EAF Steel Mill • 720K Tons • Merchant and Rebar Huntington, WV Acquired/Expanded EAF Steel Mill • 580K Tons • Specialty Shapes Long Products Steel Group: 4.6M Tons Annual Shipping Capacity
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22 July 2025 21 Differentiated, Sustainable, Metals Growth Company Operating efficiently and sustainably 21 of recycled ferrous scrap into the manufacturing life cycle of recycled nonferrous scrap into the manufacturing life cycle By the Numbers 13 MILLION TONS 1.2 BILLION POUNDS In 2024, SDI reintroduced: Our own steel consuming businesses purchased of steel from our own steel mills — representing 2024 steel shipments We reuse approximately 260 million pounds of scrap aluminum and 150 million pounds of scrap copper each year to produce certified aluminum alloys, copper rod and copper wire 1.7 MILLION TONS 14% of our total Spotlight on EAF • Steel Dynamics is a truly circular manufacturing model, invested entirely in EAF technology, which primarily uses recycled scrap to produce new steel • 87% average steel recycled content across our steel mills • Our steel mills generate approximately 1/3 of the GHG emissions per metric ton compared to those generated from global blast furnace steelmaking technology • Our steel mills energy usage per metric ton is approximately 75% less than world steel averages1 ¹Steel Dynamics steel mills’ data is for 2024. Global average and BF -BOF data is for 2023 and is from World Steel Association, S ustainability Indicators November 2024 report. We are a steel industry leader in sustainability, operating exclusively with EAF technology, a circular manufacturing model, and innovative teams creating solutions to increase efficiencies, reduce raw material usage, reuse secondary materials, and promote material conservation and recycling
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22 July 2025 22 Differentiated, Sustainable, Metals Growth Company Innovation is key to lowering emissions – Renewable Biocarbon Investment • Plan to construct and operate a biocarbon production facility to supply Steel Dynamics’ electric arc furnace steel mills with a renewable replacement for anthracite. • The initial facility’s production capability is expected to be 228,000 metric tons per year, with an estimated capital investment of approximately $300 million and plans to begin operations Q3 2025 • We have entered a strategic joint venture with Aymium, a leading producer of renewable biocarbon and have successfully trialed Aymium’s biocarbon product in our steel operations • We estimate this first facility will reduce our Scope 1 steelmaking GHG emissions by as much as 35% • We also believe Aymium’s process can provide a renewable fossil fuel carbon alternative for Iron Dynamics, our proprietary ironmaking operation Our biocarbon investment represents a significant step forward on our path to achieve our decarbonization targets, and our continued commitment to reduce our environmental footprint.
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22 July 2025 23 Differentiated, Sustainable, Metals Growth Company ¹ Please see the reconciliation of these amounts to GAAP measures in the appendix to this presentation. Financial strength in diverse market environments $867 $4,301 $5,092 $3,151 $1,943 2020 2021 2022 2023 2024 $9.6 $18.4 $22.3 $18.8 $17.5 2020 2021 2022 2023 2024 Net Income (dollars in millions) Revenue (dollars in billions) Adjusted Operating Income1 (dollars in millions) Adjusted EBITDA1 (dollars in millions) Record High Record HighRecord High Record High $551 $3,214 $3,863 $2,451 $1,537 2020 2021 2022 2023 2024 $1,186 $4,684 $5,531 $3,663 $2,494 2020 2021 2022 2023 2024
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22 July 2025 24 Differentiated, Sustainable, Metals Growth Company Annual steel operations results 7.6 7.5 8.4 9.2 9.53.1 3.7 3.7 3.6 3.2 10.7 11.2 12.2 12.8 12.7 2020 2021 2022 2023 2024 Flat Roll Long Products Steel Operations Shipments (millions of tons) Processing Locations¹ Shipments (included above) (thousands of tons) Our processing locations represented 14% of total steel shipments in 2024, and the associated steel procurement cost represented 18% of our steel operations’ cost of goods sold. Record High Record High 1,775 1,739 1,674 1,732 1,779 2020 2021 2022 2023 2024 Operating Income (dollars in millions) Record High ¹ Processing locations include Heartland (flat roll), Techs (flat roll), United Steel Supply (flat roll). $1,249 $4,376 $3,108 $1,896 $1,587 2020 2021 2022 2023 2024 Sinton started in 2022
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22 July 2025 25 Differentiated, Sustainable, Metals Growth Company Annual metals recycling results Ferrous Shipments1 (millions of gross tons) Nonferrous Shipments1 (millions of pounds) Operating Income1 (dollars in millions) 62% of 2023 and 2024 ferrous scrap volume was sold to Steel Dynamics’ own steel mills 4.6 5.4 5.3 5.8 5.9 2020 2021 2022 2023 2024 978 1,093 1,054 970 965 2020 2021 2022 2023 2024 $45 $195 $129 $67 $77 2020 2021 2022 2023 2024 Record High 1 Beginning the fourth quarter 2024, results from an entity previously included in Metals Recycling are presented within Aluminum. All prior periods presented have been recast to reflect the change.
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22 July 2025 26 Differentiated, Sustainable, Metals Growth Company Operating Income (dollars in millions) Annual steel fabrication results Shipments (thousands of tons) Record High Record High 666 789 856 663 607 2020 2021 2022 2023 2024 $121 $365 $2,425 $1,593 $667 2020 2021 2022 2023 2024
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22 July 2025 27 Differentiated, Sustainable, Metals Growth Company Adjusted EBITDA, free cash flow, adjusted free cash flow and adjusted operating income reconciliations Note: Calculations may not tie due to rounding. Dollars in millions 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025TTM Net Income (Loss) $266 $142 $164 $92 ($145) $360 $806 $1,256 $678 $571 $3,247 $3,879 $2,467 $1,550 $1,050 Income Taxes (Benefit) 158 62 99 73 (97) 204 129 364 197 135 962 1,142 752 433 271 Net Interest Expense(Income) 172 154 123 135 153 141 124 104 99 85 56 62 (35) (34) (2) Depreciation 177 180 192 229 263 261 265 283 286 291 312 350 397 442 477 Amortization 40 36 32 28 25 29 29 28 30 29 29 28 34 31 29 EBITDA $813 $574 $610 $557 $199 $995 $1,353 $2,035 $1,290 $1,111 $4,606 $5,461 $3,615 $2,421 $1,824 Unrealized (Gains) / Losses (4) (3) 5 (5) 3 1 5 (6) 3 2 (2) 1 (12) 7 20 Equity-Based Compensation 17 12 16 23 29 30 34 40 43 49 80 69 60 66 66 Asset Impairment Charges - 8 - 213 429 120 - - - 17 - - - Refinancing Charges - 3 2 - 3 3 3 - 3 8 - - - Adjusted EBITDA $826 $594 $633 $788 $663 $1,149 $1,395 $2,069 $1,339 $1,186 $4,684 $5,531 $3,663 $2,494 $1,910 Less Capital Investments 167 224 187 112 115 198 165 239 452 1,198 1,006 909 1,658 1,868 1,668 Free Cash Flow $659 $370 $446 $676 $548 $951 $1,230 $1,830 $887 ($12) $3,678 $4,622 $2,005 $626 $242 Plus Sinton Texas Steel Mill Capex - - - - - - - - 205 928 831 Plus Aluminum Flat Roll Mill 186 963 1,233 1,097 Adjusted Free Cash Flow $659 $370 $446 $676 $548 $951 $1,230 $1,830 $1,092 $916 $4,509 $4,808 $2,968 $1,859 $1,339 2017 2018 2019 2020 2021 2022 2023 2024 2025TTM Consolidated Operating Income $1,067 $1,722 $987 $847 $4,301 $5,092 $3,151 $1,943 $1,291 Asset Impairment Charges - - - 19 Non-cash Purchase Accounting - 16 - - Adjusted Operating Income $1,067 $1,738 $987 $867 $4,301 $5,092 $3,151 $1,943 $1,291
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22 July 2025 28 Differentiated, Sustainable, Metals Growth Company Quarterly adjusted EBITDA reconciliation Note: Calculations may not tie due to rounding. Dollars in millions Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Net Income $432 $321 $210 $218 $301 Income Taxes 133 87 34 63 87 Net Interest Expense(Income) (8) (8) (3) 2 7 Depreciation 108 112 116 125 124 Amortization 8 8 8 7 7 EBITDA $673 $519 $364 $415 $526 Unrealized (Gains) / Losses 1 25 (18) 19 (6) Equity-Based Compensation 13 13 25 14 14 Adjusted EBITDA $686 $557 $372 $448 $533 Less Capital Investments 419 621 453 306 288 Free Cash Flow $268 $(63) $(81) $144 $245