| Schedule of Stockholders' Equity |
The following tables provide a reconciliation of the beginning and ending carrying amounts of total equity, equity attributable to stockholders of Steel Dynamics, Inc., and equity and redeemable amounts attributable to noncontrolling interests for each of the three and six-month periods ended June 30, 2026 and 2025 (in thousands). | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Stockholders of Steel Dynamics, Inc. | | | | | | | | | | | | | | | | | | | | | Accumulated | | | | | | | | | | | | | Additional | | | | Other | | | | | | Redeemable | | | Common | | Treasury | | Paid-In | | Retained | | Comprehensive | | Noncontrolling | | Total | | Noncontrolling | | | Stock | | Stock | | Capital | | Earnings | | Income (Loss) | | Interests | | Equity | | Interests | Balances at December 31, 2025 | | $ | 653 | | $ | (7,980,549) | | $ | 1,248,634 | | $ | 15,689,042 | | $ | (598) | | $ | (167,997) | | $ | 8,789,185 | | $ | 141,226 | Dividends declared | | | - | | | - | | | - | | | (76,555) | | | - | | | - | | | (76,555) | | | - | Noncontrolling investors, net | | | - | | | - | | | - | | | - | | | - | | | (1,354) | | | (1,354) | | | - | Share repurchases | | | - | | | (115,087) | | | - | | | - | | | - | | | - | | | (115,087) | | | - | Equity-based compensation | | | - | | | 6,937 | | | (10,695) | | | (100) | | | - | | | - | | | (3,858) | | | - | Net income (loss) | | | - | | | - | | | - | | | 403,436 | | | - | | | (3,331) | | | 400,105 | | | - | Other comprehensive loss, net of tax | | | - | | | - | | | - | | | - | | | (260) | | | - | | | (260) | | | - | Balances at March 31, 2026 | | | 653 | | | (8,088,699) | | | 1,237,939 | | | 16,015,823 | | | (858) | | | (172,682) | | | 8,992,176 | | | 141,226 | Dividends declared | | | - | | | - | | | - | | | (76,113) | | | - | | | - | | | (76,113) | | | - | Noncontrolling investors, net | | | - | | | - | | | (20,806) | | | - | | | - | | | (23,736) | | | (44,542) | | | 2,033 | Share repurchases | | | - | | | (200,288) | | | - | | | - | | | - | | | - | | | (200,288) | | | - | Equity-based compensation | | | - | | | 1,229 | | | 12,601 | | | (106) | | | - | | | - | | | 13,724 | | | - | Net income (loss) | | | - | | | - | | | - | | | 534,087 | | | - | | | (3,302) | | | 530,785 | | | - | Other comprehensive income, net of tax | | | - | | | - | | | - | | | - | | | 4,070 | | | - | | | 4,070 | | | - | Balances at June 30, 2026 | | $ | 653 | | $ | (8,287,758) | | $ | 1,229,734 | | $ | 16,473,691 | | $ | 3,212 | | $ | (199,720) | | $ | 9,219,812 | | $ | 143,259 | | | | | | | | | | | | | | | | | | | | | | | | | |
Note 5. Changes in Equity (continued) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Stockholders of Steel Dynamics, Inc. | | | | | | | | | | | | | | | | | | | | | Accumulated | | | | | | | | | | | | | Additional | | | | Other | | | | | | Redeemable | | | Common | | Treasury | | Paid-In | | Retained | | Comprehensive | | Noncontrolling | | Total | | Noncontrolling | | | Stock | | Stock | | Capital | | Earnings | | Income (Loss) | | Interests | | Equity | | Interests | Balances at December 31, 2024 | | $ | 652 | | $ | (7,094,266) | | $ | 1,229,819 | | $ | 14,798,082 | | $ | - | | $ | (160,253) | | $ | 8,774,034 | | $ | 171,212 | Dividends declared | | | - | | | - | | | - | | | (74,690) | | | - | | | - | | | (74,690) | | | - | Noncontrolling investors, net | | | - | | | - | | | - | | | - | | | - | | | (2,303) | | | (2,303) | | | - | Share repurchases | | | - | | | (250,138) | | | - | | | - | | | - | | | - | | | (250,138) | | | - | Equity-based compensation | | | - | | | 9,809 | | | (11,584) | | | (125) | | | - | | | - | | | (1,900) | | | - | Net income | | | - | | | - | | | - | | | 217,151 | | | - | | | 528 | | | 217,679 | | | - | Balances at March 31, 2025 | | | 652 | | | (7,334,595) | | | 1,218,235 | | | 14,940,418 | | | - | | | (162,028) | | | 8,662,682 | | | 171,212 | Dividends declared | | | - | | | - | | | - | | | (73,894) | | | - | | | - | | | (73,894) | | | - | Noncontrolling investors, net | | | - | | | - | | | - | | | - | | | - | | | (1,665) | | | (1,665) | | | (29,986) | Share repurchases | | | - | | | (200,048) | | | - | | | - | | | - | | | - | | | (200,048) | | | - | Equity-based compensation | | | - | | | 1,937 | | | 11,574 | | | (131) | | | - | | | - | | | 13,380 | | | - | Net income | | | - | | | - | | | - | | | 298,726 | | | - | | | 2,465 | | | 301,191 | | | - | Other comprehensive income, net of tax | | | - | | | - | | | - | | | - | | | 1,178 | | | - | | | 1,178 | | | - | Balances at June 30, 2025 | | $ | 652 | | $ | (7,532,706) | | $ | 1,229,809 | | $ | 15,165,119 | | $ | 1,178 | | $ | (161,228) | | $ | 8,702,824 | | $ | 141,226 | | | | | | | | | | | | | | | | | | | | | | | | | |
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