The energy, non-residential construction, automotive, and industrial sectors led steel demand in the quarter. The steel teams have scheduled normal maintenance outages at the company’s Butler, Columbus, and Sinton Flat Roll Steel divisions during the fourth quarter 2025, which could reduce production by as much as 85,000 tons of flat rolled steel in the quarter. Third quarter 2025 operating income from the company’s metals recycling operations was $32 million, or $10 million higher than sequential earnings, based on near-record ferrous scrap shipments and metal spread expansion. The company’s steel fabrication operations generated operating income of $107 million in the third quarter 2025, higher than sequential second quarter results of $93 million, due to a twelve percent increase in shipments. Order activity remained steady in the quarter, with the order backlog maintaining solid levels extending through the first quarter 2026, supported by stable pricing. Demand was largely driven by the commercial, data center, manufacturing, warehouse, and healthcare sectors. Looking ahead, the pace of domestic manufacturing investment, increased domestic onshoring activity, and momentum from the U.S. infrastructure program are expected to further support demand — not only for steel joist and deck products, but also for flat rolled and long product steel. Based on the company’s differentiated business model and highly variable cost structure, the company generated cash flow from operations of $723 million during the quarter.

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other guidance in this release

Text is the filed exhibit, verbatim.