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 · 2026-10-23 vs the prior 10-Q · 2026-07-28
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +5 | −5 | ~29 | 12 |
| 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 · 2026-10-23
During the third quarter of 2026, our steel operations achieved record quarterly total shipments of 3.8 million tons (3.2 million excluding intra-segment). During the third quarter of 2026, the domestic steel market remained strong, supported by steady demand, low customer inventories, and historica…
Net sales for our steel fabrication operations increased 24% during the third quarter of 2026 compared to the same period in 2025, as volumes increased 25%, while average selling prices decreased $33 per ton, or 1%, from the third quarter of 2025. Customer order activity has continued to strengthen …
During the third quarter of 2026, the results of aluminum operations consisted of the continued commissioning and startup of our recycled aluminum flat rolled products mill, and associated satellite recycled aluminum slab centers, and our ancillary recycled aluminum deox-rod facility. The flat rolle…
Other Income, net. Net other income was $11.5 million in the third quarter of 2026, a decrease of 41% from $19.7 million in the third quarter of 2025 primarily due to foreign currency remeasurement losses and a decrease in income from investments in unconsolidated affiliates in the third quarter of …
Income Tax Expense. First nine months 2026 income tax expense of $488.7 million, at an effective income tax rate of 22.5%, increased 88% compared to $259.6 million, at an effective income tax rate of 22.0%, during the first nine months of 2025, consistent with increased pretax earnings.
Text removed vs the prior filing · source: 10-Q · 2026-07-28
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 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…
During the second quarter of 2026, the results of aluminum operations consisted of the continued commissioning, and startup of our recycled aluminum flat rolled products mill, associated satellite recycled aluminum slab centers, and our ancillary recycled aluminum deox-rod facility. The flat rolled …
Other Income, net. Net other income was $22.1 million in the second quarter of 2026, consistent with $22.4 million in the second quarter of 2025.
Income Tax Expense. First half 2026 income tax expense of $265.8 million, at an effective income tax rate of 22.2%, increased 78% compared to $149.7 million, at an effective income tax rate of 22.4%, during the first half of 2025, consistent with increased pretax earnings.
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