Steel Operations was Steel Dynamics’s largest segment in fiscal 2025, bringing in $13.41B of $18.18B (74%).
| Segment | FY 2009 | FY 2010 | FY 2011 | FY 2012 | FY 2013 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Steel Operations | $15.10B | $13.07B | $12.53B | $13.41B | |||||||||||
| Metals Recycling Operations | $4.20B | $4.16B | $4.14B | $4.35B | |||||||||||
| Metals Recycling/Ferrous Resources | — | — | — | — | |||||||||||
| Metals Recycling & Ferrous Resources Operations | — | — | — | — | |||||||||||
| Steel Fabrication Operations | $4.26B | $2.81B | $1.77B | $1.42B | |||||||||||
| Other | $1.29B | $1.17B | $1.45B | $1.34B | |||||||||||
| Corporate & Other | — | — | — | — | |||||||||||
| Aluminum Operations | $292.09M | $285.91M | $318.69M | $473.88M | |||||||||||
| All Other Segments | — | — | — | — | |||||||||||
| Eliminations | -$2.88B | -$2.70B | -$2.67B | -$2.81B | |||||||||||
| Intersegment Elimination | — | — | — | — | |||||||||||
| Total | $22.26B | $18.80B | $17.54B | $18.18B |
Steel Dynamics brought in $18.18B from its six segments in fiscal 2025, the year ended December 31, 2025. That was up 3.6% from $17.54B in fiscal 2024. Steel Operations was the largest at $13.41B (73.8%), ahead of Metals Recycling Operations at $4.35B (23.9%) and Steel Fabrication Operations at $1.42B (7.8%). The other two segments brought in $1.81B combined.
Compared with fiscal 2024, Aluminum Operations grew fastest, up 48.7% to $473.88M, while Steel Fabrication Operations fell the most, down 19.9% to $1.42B. From fiscal 2022 to 2025, combined revenue from these segments fell from $22.26B to $18.18B, a compound annual decline of 6.5%. Steel Operations' share of the total rose from 67.8% to 73.8%.
The total is net of Eliminations, which took $2.81B off revenue in fiscal 2025.
U.S was Steel Dynamics’s largest region in fiscal 2025, bringing in $17.02B of $18.18B (94%).
| Geography | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| U.S | $20.85B | $16.97B | $16.08B | $17.02B | |||||||||||
| Us | — | — | — | — | |||||||||||
| Other Segments | $2.88B | — | — | — | |||||||||||
| Non-U.S | $1.41B | $1.83B | $1.46B | $1.15B | |||||||||||
| Foreign Countries | — | — | — | — | |||||||||||
| Eliminations | -$2.88B | — | — | — | |||||||||||
| Total | $22.26B | $18.80B | $17.54B | $18.18B |
Steel Dynamics brought in $18.18B from its two regions in fiscal 2025, the year ended December 31, 2025. That was up 3.6% from $17.54B in fiscal 2024. U.S was the largest at $17.02B (93.6%), ahead of Non-U.S at $1.15B (6.4%).
Compared with fiscal 2024, U.S grew 5.9% to $17.02B, while Non-U.S fell 21.2% to $1.15B.
Steel Dynamics stopped reporting Other Segments as a separate region after fiscal 2022, when it brought in $2.88B.
Unrelated Parties was Steel Dynamics’s largest revenue line in fiscal 2025, bringing in $17.55B of $18.18B (97%).
| Related and Nonrelated Parties | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Unrelated Parties | $21.47B | $18.12B | $16.82B | $17.55B | |
| Related Parties | $791.52M | $680.00M | $720.74M | $622.00M | |
| Total | $22.26B | $18.80B | $17.54B | $18.18B |
Steel Dynamics brought in $18.18B from its two revenue lines in fiscal 2025, the year ended December 31, 2025. That was up 3.6% from $17.54B in fiscal 2024. Unrelated Parties was the largest at $17.55B (96.6%), ahead of Related Parties at $622.00M (3.4%).
Compared with fiscal 2024, Unrelated Parties grew 4.4% to $17.55B, while Related Parties fell 13.7% to $622.00M. From fiscal 2022 to 2025, combined revenue from these revenue lines fell from $22.26B to $18.18B, a compound annual decline of 6.5%. Unrelated Parties' share held steady at about 96.6%.
Steel Dynamics (STLD) reports its revenue by segment, by geography and by related and nonrelated parties. In fiscal 2025, Steel Operations was its largest segment, bringing in $13.41B (73.8% of the total), followed by Metals Recycling Operations at $4.35B (23.9%).
Steel Operations was Steel Dynamics' largest segment in fiscal 2025, bringing in $13.41B, or 73.8% of the $18.18B total across its six segments.
U.S was Steel Dynamics' largest region in fiscal 2025, bringing in $17.02B, or 93.6% of the $18.18B total across its two regions.
Unrelated Parties was Steel Dynamics' largest revenue line in fiscal 2025, bringing in $17.55B, or 96.6% of the $18.18B total across its two revenue lines.
Among Steel Dynamics' segments that make up at least 2% of revenue, Aluminum Operations grew fastest in fiscal 2025, up 48.7% from $318.69M to $473.88M.
Every figure comes from Steel Dynamics' annual financial filings, as reported. Each line keeps the name Steel Dynamics gives it, and years follow its fiscal calendar.
Steel Dynamics' revenue by segment goes back to fiscal 2009, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.