• The Dow Chemical of steel: Steel Dynamics is a foundational industrial giant providing essential raw steel materials for countless industries, similar to how Dow Chemical provides essential chemical building blocks.
• A major industrial supplier of essential steel, much like International Paper supplies essential paper and packaging: Steel Dynamics provides critical steel for everything from cars to construction, playing a vital role in manufacturing and infrastructure.
• A modern steel company known for efficient production using recycled materials, similar to how Republic Services leads in modern waste management and recycling: Steel Dynamics leverages advanced mini-mills and recycled scrap metal for more sustainable and efficient steelmaking.

• Flat Roll Steel Products: These include hot roll, cold roll, and coated steel coils, widely used in automotive, construction, appliance, and manufacturing industries.
• Structural Steel Products: This category comprises beams, channels, angles, and other structural shapes essential for construction and infrastructure projects.
• Special Bar Quality (SBQ) Steel: High-quality steel bars designed for demanding applications such as automotive parts, industrial equipment, and machinery components.
• Recycled Metals: Through their OmniSource division, Steel Dynamics processes and sells ferrous and nonferrous scrap metal, serving as a key input for steelmaking and other industries.

Steel Dynamics (symbol: STLD) primarily sells its products to other companies, making it a business-to-business (B2B) operation. The company does not publicly disclose the names of its specific major customer companies. According to its annual reports (e.g., 2022 10-K), no single customer accounted for more than 10% of its consolidated net sales, indicating a diversified customer base across various industries.

Instead of specific company names, Steel Dynamics identifies the following key categories of customer companies (industries) that collectively represent its major customer base:

• Steel Service Centers and Distributors: These companies purchase a wide range of steel products from Steel Dynamics and then process, store, and distribute them to a diverse array of end-users, including smaller manufacturers and construction firms.
• Construction Industry: This segment includes a broad range of companies such as structural steel fabricators, general contractors, and manufacturers of pre-engineered metal buildings and infrastructure components.
• Automotive Industry: Customers in this sector include original equipment manufacturers (OEMs) and their Tier 1 suppliers, utilizing steel for vehicle bodies, chassis, and other components.
• Industrial Manufacturing: This category encompasses manufacturers of heavy equipment (e.g., construction machinery, mining equipment), agricultural machinery, and appliances, all of which require significant steel input.
• Energy Sector: Companies involved in both traditional oil and gas (e.g., pipelines, drilling) and renewable energy (e.g., wind towers, solar structures) represent another significant customer segment.

Mark D. Millett, Chairman and Chief Executive Officer

Mr. Millett co-founded Steel Dynamics in 1993 and has been instrumental in building the company from its inception. He has served as Chief Executive Officer since January 2012 and was named Chairman of the Board in May 2021. Prior to co-founding Steel Dynamics, Mr. Millett was employed by Nucor Corporation for 12 years, where he held key positions and led the design, construction, and operation of the melting and casting facility at the world's first thin-slab mini mill in Crawfordsville, Indiana.

Theresa E. Wagler, Executive Vice President and Chief Financial Officer

Ms. Wagler has served as Executive Vice President, Chief Financial Officer, and Corporate Secretary of Steel Dynamics since May 2007. She joined Steel Dynamics in 1998 and has held various finance and accounting positions, including Chief Accounting Officer and Vice President and Corporate Controller. Before joining Steel Dynamics, Ms. Wagler was an Assistant Corporate Controller for Fort Wayne National Bank and a Certified Public Accountant with Ernst & Young LLP. She also serves as an independent director and chair of the audit committee of CF Industries Holdings, Inc., a public company.

Barry T. Schneider, President and Chief Operating Officer

Mr. Schneider was appointed President and Chief Operating Officer in March 2023. He has been with Steel Dynamics since 1995 and has held various operational and leadership roles within the company's steel operations, including Senior Vice President, Flat Roll Steel Group. Mr. Schneider was part of the team that constructed the company's first steel mill in Butler, Indiana, in 1994.

Christopher A. Graham, Senior Vice President, Flat Roll Steel Group

Mr. Graham was appointed Senior Vice President, Flat Roll Steel Group in October 2023. He has been with Steel Dynamics since 1994, holding various operational and leadership roles within both steel fabrication and steel operations, and was involved in the construction of the Butler Flat Roll and Structural and Rail steel mills. His previous roles include Senior Vice President, Long Products Steel Group, and Senior Vice President, Downstream Manufacturing and President of New Millennium Building Systems.

James S. Anderson, Senior Vice President, Long Products Steel Group

Mr. Anderson was appointed Senior Vice President, Long Products Steel Group in May 2024. He joined Steel Dynamics in 2007 when the company acquired The Techs, where he was serving as Managing Partner. He successfully led the company's Steel Fabrication business as President of New Millennium Building Systems since 2019 and as its Chief Operating Officer from 2015 to 2019.

The key risks to Steel Dynamics' (STLD) business are primarily rooted in the cyclical nature of the steel industry, raw material price volatility, and intense market competition influenced by trade policies.

1. Market Volatility and Economic Uncertainty: The steel industry is inherently cyclical and highly sensitive to broader economic conditions and market fluctuations. Steel Dynamics' performance can be significantly affected by downturns in key sectors it serves, such as construction and automotive. Global economic uncertainties, including trade tensions or pandemics, can disrupt supply chains and reduce demand for steel products, posing threats to the company's growth and profitability.
2. Volatility in Raw Material and Energy Costs: Steel Dynamics' profitability is closely linked to the fluctuating prices and availability of essential raw materials, particularly scrap metal, which is a vital feedstock for its electric arc furnaces. Similarly, the costs and availability of energy resources like electricity, natural gas, and oil are subject to volatile market conditions. While the company may attempt to pass on higher costs, sharp increases can erode profit margins and impact financial stability.
3. Intense Competition and Trade Policies: Steel Dynamics operates in a highly competitive market with both domestic and international producers. To maintain its market position, the company must continuously innovate and manage its cost structure effectively. Furthermore, changes in trade policies, such as the imposition or removal of tariffs, can significantly alter the competitive landscape, potentially impacting pricing dynamics and the benefits STLD derives from current protections. The company's strategic diversification into aluminum operations also exposes it to additional market risks and competition within that sector.

Expected Drivers of Future Revenue Growth for Steel Dynamics (STLD) over the Next 2-3 Years:

• Aluminum Flat-Rolled Mill Project: Steel Dynamics is making a significant investment in a new aluminum flat-rolled mill project located in Mississippi, which is anticipated to commence operations in 2025. This initiative is set to unlock new revenue streams by addressing the growing demand in the lightweight automotive and packaging sectors. The company is actively producing and qualifying industrial, beverage can, and automotive-grade flat-rolled aluminum products, and is in the process of negotiating long-term contracts in these areas. This project is expected to contribute to higher-margin product diversification.
• Increased Value-Added Steel Product Mix: The company is expanding its product offerings through the commissioning and ramp-up of four new value-added flat-rolled steel coating lines. These new lines are projected to increase Steel Dynamics' capacity in value-added flat-roll products by an additional 1 million to 1.1 million tons, reaching a total capacity of 7 million tons, thereby diversifying its higher-margin product portfolio.
• Strong Demand in Key End Markets: Continued robust demand in essential end markets is expected to drive revenue growth. These markets include automotive, non-residential construction, energy, industrial, commercial, data centers, and healthcare. Furthermore, ongoing infrastructure programs, the trend of manufacturing onshoring, and the Inflation Reduction Act are anticipated to bolster domestic fixed asset investment and, consequently, related steel consumption.
• Operational Improvements and Increased Shipments at Sinton Mill: The Sinton Texas Flat Roll Steel Mill has demonstrated substantial operational enhancements, including gaining full access to its melting capacity, which has led to record shipments. The consistent operational execution at Sinton, coupled with the maturing quality of downstream coating and prepaint products, is expanding the mill's value-added product portfolio.
• Biocarbon Facility and Decarbonization Efforts: Steel Dynamics' investment in a biocarbon facility and its successful shipment of initial biocarbon products mark progress in its decarbonization strategy. These investments in low-carbon steelmaking and integrated recycling are expected to enhance cost controls and pricing power, as there is a growing demand from domestic customers for sustainable materials. This strategic positioning can indirectly contribute to revenue growth by strengthening the company's competitive advantage.