Mark Millett on M&A
From Steel Dynamics Inc ($STLD) Q4 2025 Earnings Call · · Castify Earnings Call
“In December 2025, we submitted an offer to purchase Blue Scope together with our Australian partner SGH. The offer proposed SGH acquire 100% of Blue Scope on an all-cash basis with a subsequent on sale of the US assets to Steel Dynamics providing all Blue Scope shareholders with a tax effective cash realization opportunity.”
On , Mark Millett, Co-Founder, Chairman & Chief Executive Officer at Steel Dynamics Inc, spoke about M&A during Steel Dynamics Inc ($STLD) Q4 2025 Earnings Call on Castify Earnings Call.
About Mark Millett
Mark Millett, chairman and CEO of Steel Dynamics, has been discussing the company’s financial performance and strategic outlook during earnings calls from mid-2025 through early 2026. He reported record quarterly steel shipments of 3.6 million tons in the first quarter of 2026, with revenues of $4.8 billion and adjusted EBITDA of $664 million. Millett expressed confidence in the company’s through-cycle EBITDA projections of $650 to $700 million for its Sinton facility, plus an additional $40 to $50 million from its OmniSource recycling platform, and noted that capital spending for Sinton, value-add lines, and the aluminum venture is largely complete with a projected future through-cycle EBITDA contribution of over $1.4 billion. Millett has emphasized the company’s entry into aluminum production, stating that the first commercial-quality aluminum flat-rolled coils were shipped in June 2025. He described a significant domestic supply deficit of over 1.4 million tons of aluminum sheet, which he said is forecast to grow and is currently supplied by high-cost imports subject to tariffs that have increased from 10% to 50%. On trade policy, Millett stated his belief that tariffs will remain a mainstay of trade agreements and that the steel industry has undergone a paradigm shift supported by mercantilist policies. Regarding a joint offer with SGH for a potential acquisition, Millett said the offer was presented in February 2026, was “summarily rejected,” and that there has been no constructive engagement since. He also outlined a capital allocation strategy prioritizing business growth, a progressive dividend, and share repurchases, noting the company is selling at an “incredible discount.”