STLD — what changed in the latest 10-Q
A section-by-section comparison of STLD's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-07-28 vs the prior 10-Q · 2026-04-27
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +20 | −12 | ~15 | 11 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~1 | 2 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 0 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-07-28
Consolidated operating income increased $580.5 million, or 88%, to $1.2 billion for the first half of 2026, compared to the first half of 2025. First half 2026 net income attributable to Steel Dynamics, Inc. increased $421.6 million, or 82%, to $937.5 million, compared to the first half of 2025, con…
During the second quarter of 2026, our steel operations achieved record quarterly total shipments of 3.7 million tons (3.2 million excluding intra-segment). Steel fundamentals continued to strengthen during the second quarter, as pricing improved, demand remained solid, and customer inventory levels…
Net sales for our metals recycling operations in the first half of 2026 increased 7% compared to the same period in 2025, driven by increased ferrous volumes as well as increased selling prices for both ferrous and nonferrous scrap. Ferrous scrap average selling prices increased 7% during the first …
Net sales for our steel fabrication operations increased 16% during the second quarter of 2026 compared to the same period in 2025, as volumes increased 19%, while average selling prices decreased $75 per ton, or 3%, from the second quarter of 2025. Customer order activity has continued to strengthe…
Selling, General and Administrative Expenses. Selling, general and administrative expenses of $193.5 million during the second quarter of 2026 decreased 2% from $198.0 million during the second quarter of 2025. Selling, general and administrative expenses represented 3.4% and 4.3% of net sales durin…
Text removed vs the prior filing · source: 10-Q · 2026-04-27
During the first quarter of 2026, our steel operations achieved record shipments of 3.6 million tons (3.1 million excluding intra-segment). Underlying steel demand strengthened during the first quarter of 2026, resulting in increased shipments compared to the first quarter of 2025 and particularly t…
Net sales for the steel fabrication operations increased 1% during the first quarter of 2026 compared to the same period in 2025, as average selling prices decreased $121 per ton, or 5%, and volume increased 5% from the first quarter of 2025. Customer order activity has significantly increased since…
Selling, General and Administrative Expenses. Selling, general and administrative expenses of $175.2 million during the first quarter of 2026 decreased 4% from $181.8 million during the first quarter of 2025 primarily due to certain payroll and benefits expense reported within this category during c…
Other Income, net. Net other income was $8.5 million in the first quarter of 2026, compared to $17.6 million in the first quarter of 2025, a decrease of $9.2 million due primarily to decreased interest income from lower invested cash balances during 2026 and decreased income from equity method inves…
Capital Resources and Long-term Debt. Our business is capital intensive and requires substantial expenditures for, among other things, the purchase and maintenance of equipment used in our operations. Our short-term and long-term liquidity needs arise primarily from working capital requirements, cap…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice