Steel Dynamics

Steel Dynamics ranks as the third-largest carbon steel producer in the United States, and one of the most profitable by margin per ton. The Fort Wayne, Indiana company was built in 1993 around electric-arc-furnace mini-mills, which melt scrap steel rather than smelting iron ore in blast furnaces. That route uses less capital and energy, lets the company flex output with demand, and has steadily taken share from older integrated producers. Steel Dynamics also runs its own metals recycling arm, feeding scrap back into its furnaces, and fabricates finished products like joists, decking and steel buildings. Its capacity runs to roughly 13 million tons a year. Earnings swing with steel prices, which track construction, automotive and industrial activity, so the stock tends to move with the broader economic cycle rather than any single contract.

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