Steel Dynamics, Inc. has projected lower fourth-quarter 2025 earnings of $1.65 to $1.69 per diluted share, down from $2.74 in the third-quarter 2025 and $1.36 in the fourth-quarter 2024. The decline is attributed to decreased average selling prices and reduced volumes, with production cut by an estimated 140,000–150,000 tons due to maintenance outages. Average indexed hot-rolled steel prices fell over $70 per ton from July to October 2025, impacting sequential selling values. However, flat-rolled steel prices are starting to recover as import volumes decrease. The company also expects declines in metals recycling and steel fabrication earnings due to various factors. Despite these challenges, Steel Dynamics has a strong order backlog into the second quarter.