{"slug":"steel-dynamics","name":"스틸 다이내믹스","name_en":"Steel Dynamics, Inc.","ticker":"STLD","updated_at":"2026-09-23T08:09:30.979878+00:00","canonical":"https://valuechain.wiki/steel-dynamics","citable":"밸류체인 그래프 기준 스틸 다이내믹스의 직접 연결 기업은 2곳(관계 기준 공급 2·매출 0)이고, 사슬을 2차까지 넓히면 3곳에 닿는다. 링크의 근거 출처는 6건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-09-23 기준).","citable_en":"Per the valuechain.wiki graph, Steel Dynamics, Inc. is directly linked to 2 companies (2 supply, 0 revenue relationships) and reaches 3 companies within two hops; the links are backed by 6 dated sources, 1 of them primary filings (as of 2026-09-23).","kicker":"전기로 기반 금속사","kicker_en":"EAF metals producer","lead":"스틸 다이내믹스는 재활용 고철을 전기로에서 녹여 판재와 봉형강을 만들고, 비주거 건설용 철골과 재활용 금속, 알루미늄도 판매한다. 고철과 산업용 가스, 에너지, 철도 물류가 주요 투입이고, 제조업과 자동차, 건설 수요가 매출을 좌우한다.","lead_en":"Steel Dynamics melts recycled scrap in electric arc furnaces to make flat-roll and long steel products, while also selling nonresidential building components, recycled metals, and aluminum. Scrap, industrial gases, energy, and rail logistics are key inputs, and demand from manufacturing, automotive, and construction markets drives revenue.","categories":[{"key":"advanced-structural-materials","ko":"첨단 구조·산업 소재","en":"Advanced Structural & Industrial Materials","theme":"materials-chemicals","theme_ko":"산업 소재·화학","theme_en":"Industrial Materials & Chemicals","theme_kind":"sector","primary":true}],"segments":{"parts":[{"name":"철강 사업","note":"FY2025 부문 매출 134억1277만3000달러, 연결 매출의 72%"},{"name":"금속 재활용","note":"FY2025 부문 매출 43억4607만4000달러, 연결 매출의 11%"},{"name":"철강 가공","note":"FY2025 부문 매출 14억1866만5000달러, 연결 매출의 8%"},{"name":"알루미늄","note":"FY2025 부문 매출 4억7388만1000달러, 연결 매출의 2%"}],"total":"FY2025 총매출 181억7658만1000달러","track":"C"},"segments_en":{"parts":[{"name":"Steel operations","note":"FY2025 segment net sales of $13.412773 billion, 72% of consolidated net sales"},{"name":"Metals recycling","note":"FY2025 segment net sales of $4.346074 billion, 11% of consolidated net sales"},{"name":"Steel fabrication","note":"FY2025 segment net sales of $1.418665 billion, 8% of consolidated net sales"},{"name":"Aluminum","note":"FY2025 segment net sales of $473.881 million, 2% of consolidated net sales"}],"total":"FY2025 total revenue of $18.176581 billion"},"returns_yearly":{"2021":71.4,"2022":60.1,"2023":22.8,"2024":-2,"2025":50.7,"2026":43.6},"return_asof":"2026-09-04","value_chain":{"leading":[],"benefiting":[{"slug":"csx","name":"CSX Corporation","name_en":"CSX Corporation","tier":1,"returns_yearly":{"2021":25.7,"2022":-16.6,"2023":13.5,"2024":-5.6,"2025":14.1,"2026":31.6}},{"slug":"air-liquide","name":"Air Liquide","name_en":"Air Liquide","tier":1,"returns_yearly":{"2021":14.3,"2022":8.1,"2023":21.1,"2024":8.7,"2025":-4.6,"2026":20.7}},{"slug":"wabtec","name":"웹텍","name_en":"Wabtec Corporation","tier":2,"returns_yearly":{"2021":26.5,"2022":9.1,"2023":28,"2024":50.1,"2025":13.2,"2026":34.2}}],"analysis":"전기로 기반 금속사 기업. 2026년 +43.6%로 강하게 올랐다. 본주(+43.6%)와 공급단(평균 +29.4%)이 같은 보폭으로 움직인다. 연결 노드 중 가장 앞선 곳은 CSX Corporation(+37.5%), 가장 처진 곳은 에어리퀴드(+21.3%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다.","analysis_en":"Steel Dynamics, Inc. operates across EAF metals producer. It is up +43.6% in 2026. The stock (+43.6%) and its supply side (avg +29.4%) are moving in step. Among connected nodes the furthest ahead is CSX Corporation (+37.5%) and the furthest behind is Air Liquide (+21.3%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. Scrap, industrial gases, energy, and rail logistics are key inputs, and demand from manufacturing, automotive, and construction markets drives revenue.","analysis_asof":"2026-09-04"},"edges":[{"direction":"investment","counterparty":"New Process Steel","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-12-01","basis":"New Process Steel 잔여 지분 55% 현금 인수대금","value":228935000,"period":"2025 acquisition","basis_en":"Cash paid for the remaining 55% interest in New Process Steel","qualifier":null},"note":"Steel Dynamics는 2025년 12월 New Process Steel의 잔여 지분 55%를 현금 2억2893만5000달러에 인수해 지분율을 45%에서 100%로 높였다. 기존 보유지분의 공정가치를 포함한 총 인수대가는 4억4930만1000달러였다.","note_en":"Steel Dynamics acquired the remaining 55% of New Process Steel for $228.935 million in cash in December 2025, increasing ownership from 45% to 100%. Total consideration, including the fair value of the previously held stake, was $449.301 million.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-27","url":"https://www.sec.gov/Archives/edgar/data/1022671/000110465926021395/stld-20251231x10k.htm","title":"STEEL DYNAMICS INC 10-K (2026-02-27)","title_en":"STEEL DYNAMICS INC 10-K (2026-02-27)","excerpt":"2025년 12월 1일 잔여 지분 55%를 인수해 지분율을 45%에서 100%로 높였다.","excerpt_en":"Cash paid for remaining 55% interest: $228,935 thousand."},{"stance":"confirms","publisher":"Steel Dynamics Investor Relations","publisher_en":"Steel Dynamics Investor Relations","kind":"ir","lang":"en","published_at":"2025-12-01","url":"https://ir.steeldynamics.com/steel-dynamics-completes-acquisition-of-the-remaining-55-ownership-interest-in-new-process-steel/","title":"Steel Dynamics Completes Acquisition of the Remaining 55% Ownership Interest in New Process Steel","title_en":"Steel Dynamics Completes Acquisition of the Remaining 55% Ownership Interest in New Process Steel","excerpt":"회사는 New Process Steel의 잔여 지분 55% 인수를 완료했다고 발표했다.","excerpt_en":"Steel Dynamics announced its completion of the acquisition of the remaining 55% equity interest."}]},{"direction":"revenue","counterparty":"미국 비주거 건설 고객","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue_share","unit":"percent","as_of":"2026-02-27","basis":"비주거 건설 고객을 대상으로 하는 철강 가공 사업의 연결 매출 비중","value":8,"period":"FY2025","basis_en":"Steel fabrication operations serving nonresidential construction customers as a share of consolidated net sales","qualifier":null},"note":"New Millennium Building Systems가 철골 가공업체, 건설사, 개발사 등에 조이스트와 데크를 공급한다. 이 사업은 FY2025 연결 매출의 8%를 차지했고, 데이터센터와 제조시설, 창고, 의료시설 수요가 수주를 지지했다.","note_en":"New Millennium Building Systems supplies joists and deck to steel fabricators, contractors, developers, and related buyers. The segment represented 8% of FY2025 consolidated sales, with demand supported by data centers, manufacturing facilities, warehouses, and healthcare projects.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-27","url":"https://www.sec.gov/Archives/edgar/data/1022671/000110465926021395/stld-20251231x10k.htm","title":"STEEL DYNAMICS INC 10-K (2026-02-27)","title_en":"STEEL DYNAMICS INC 10-K (2026-02-27)","excerpt":"철강 가공 사업은 2025년 연결 순매출의 8%였고 비주거 건설 산업에 조이스트와 데크를 공급했다.","excerpt_en":"Steel fabrication operations accounted for 8% of consolidated net sales during 2025."},{"stance":"mentions","publisher":"키움증권 리서치센터","publisher_en":"Kiwoom Securities Research Center","kind":"research","lang":"ko","published_at":"2025-12-08","url":"https://bbn.kiwoom.com/rfCC1269","title":"스틸 다이내믹스 (STLD.US): 미국 전기로(EAF) 대장주","title_en":"Steel Dynamics (STLD.US): A Leading U.S. EAF Steelmaker","excerpt":"공급망 재편과 인프라 투자 확대에 따른 데이터센터 및 제조업 공장 건설 등이 실물 수요를 지지한다.","excerpt_en":"Data-center and manufacturing-facility construction tied to supply-chain realignment and infrastructure investment supports physical demand."}]},{"direction":"revenue","counterparty":"북미 자동차 제조업체","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-27","basis":"북미 자동차 제조업체 대상 매출","value":null,"period":"FY2025","basis_en":"Revenue from North American automakers","qualifier":"confirmed_no_disclosed_value"},"note":"판재와 가공 제품은 자동차 시장에 공급되며, 신규 알루미늄 압연 사업도 자동차용 열연 코일의 고객 승인을 진행했다. 고객별 매출액과 비중은 공개되지 않았다.","note_en":"Flat-roll and processed products serve the automotive market, and the new aluminum rolling operation has qualified hot-rolled coils for automotive applications. Revenue by individual automaker is not disclosed.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-27","url":"https://www.sec.gov/Archives/edgar/data/1022671/000110465926021395/stld-20251231x10k.htm","title":"STEEL DYNAMICS INC 10-K (2026-02-27)","title_en":"STEEL DYNAMICS INC 10-K (2026-02-27)","excerpt":"회사는 자동차를 포함한 여러 최종시장에 철강 제품을 판매하며 자동차용 알루미늄 열연 코일도 생산·승인했다.","excerpt_en":"These products are used across a broad range of end markets, including construction, automotive, manufacturing, transportation."},{"stance":"mentions","publisher":"국제청정교통위원회","publisher_en":"International Council on Clean Transportation","kind":"analysis","lang":"en","published_at":"2024-09-17","url":"https://theicct.org/wp-content/uploads/2024/09/ICCT-Green-Steel-Supply.pdf","title":"Which automakers are shifting to green steel?","title_en":"Which automakers are shifting to green steel?","excerpt":"블룸버그의 2024년 공급망 데이터를 이용한 자동차사와 철강사 관계망에 Steel Dynamics가 포함됐다.","excerpt_en":"These estimates are based on supply chain data from Bloomberg L.P. (2024)."}]},{"direction":"cost","counterparty":"Air Liquide","counterparty_slug":"air-liquide","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2020-07-07","basis":"Sinton 제철소 산업용 가스 구매액","value":null,"period":"long-term agreement","basis_en":"Industrial-gas purchases for the Sinton steel mill","qualifier":"confirmed_no_disclosed_value"},"note":"Air Liquide는 텍사스 Sinton 전기로 제철소에 산소와 질소, 아르곤을 장기 공급한다. 계약 대금은 공개되지 않았다.","note_en":"Air Liquide supplies oxygen, nitrogen, and argon under a long-term agreement for the Sinton, Texas, electric arc furnace mill. Contract payments were not disclosed.","sources":[{"stance":"confirms","publisher":"Air Liquide","publisher_en":"Air Liquide","kind":"ir","lang":"en","published_at":"2020-07-07","url":"https://www.airliquide.com/sites/airliquide.com/files/2020-07/air-liquide-signs-long-term-supply-agreement-steel-dynamics-inc-sdi-us_61f11b1d93922.pdf","title":"Air Liquide signs long-term supply agreement with Steel Dynamics, Inc. (SDI) in the U.S.","title_en":"Air Liquide signs long-term supply agreement with Steel Dynamics, Inc. (SDI) in the U.S.","excerpt":"Air Liquide는 Sinton 전기로 제철소에 산소와 질소, 아르곤을 공급하는 장기 계약을 맺었다.","excerpt_en":"Air Liquide has signed a long-term agreement with Steel Dynamics, Inc."}]},{"direction":"cost","counterparty":"CSX Corporation","counterparty_slug":"csx","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2024-11-04","basis":"Pittsboro 공장 고철 철도 운송비","value":null,"period":"current shipping specification","basis_en":"Rail freight for scrap delivered to the Pittsboro mill","qualifier":"confirmed_no_disclosed_value"},"note":"Steel Dynamics의 Pittsboro Engineered Bar Division으로 고철을 철도 반입할 때 CSX가 최종 운송사로 지정된다. 운임과 연간 물동량은 공개되지 않았다.","note_en":"CSX is designated as the final rail carrier for scrap deliveries to Steel Dynamics' Engineered Bar Division in Pittsboro. Freight spend and annual volume are not disclosed.","sources":[{"stance":"confirms","publisher":"Steel Dynamics","publisher_en":"Steel Dynamics","kind":"ir","lang":"en","published_at":"2024-11-04","url":"https://www.steeldynamics.com/wp-content/uploads/2025/04/Iron-Steel-Specifications-Nov-2024.pdf","title":"Iron & Steel Scrap Specifications Manual: Sales, Terms, and Conditions","title_en":"Iron & Steel Scrap Specifications Manual: Sales, Terms, and Conditions","excerpt":"Pittsboro의 Engineered Bar Division으로 들어오는 고철 철도 운송의 최종 운송사는 CSX다.","excerpt_en":"Consignee: Steel Dynamics, Engineered Bar Division Rail. Final Rail Carrier: CSX."}]}]}