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What were the key takeaways from Steel Dynamics's earnings call?

**【CEO Summary Section】**
Steel Dynamics reported record third-quarter 2025 revenue of $4.8 billion, driven by 3.6 million tons of steel shipments, up 15% year-over-year. CEO Mark Millett highlighted the success of the Sinton flat-rolled steel mill, which achieved $664 million in adjusted EBITDA, and the ramp-up of the Columbus aluminum flat-rolled operations, which shipped its first product in September. The company also announced the launch of its biocarbon initiative, producing its first low-carbon steel product in September. Millett emphasized the company's focus on operational excellence, safety, and capital allocation, with $723 million in cash flow from operations and $661 million in share repurchases year-to-date.

**【CFO Financial Commentary】**
CFO Theresa Wagler detailed financial performance, including $4.8 billion in revenue and $664 million in adjusted EBITDA, up 30% sequentially. The Sinton mill contributed $498 million in operating income, while the aluminum business achieved breakeven in the quarter. The company maintained a strong liquidity position of $2.2 billion and announced $500-600 million in 2026 capital expenditures, focusing on aluminum and biocarbon projects. Wagler also highlighted the impact of $147 million in tax benefits from accelerated depreciation and R&D credits, boosting free cash flow.

**【Q&A Highlights】**
1. **Aluminum Project Progress**: The Columbus aluminum mill achieved first-quarter 2026 breakeven, with 75% utilization expected by year-end. The company secured certifications for automotive and can sheet products, enabling higher-margin sales. 
2. **Sinton Mill Performance**: The Sinton mill set a record with 1.486 million tons of coated steel shipments, driven by strong demand in the automotive and construction sectors. 
3. **Capital Allocation**: The company plans to prioritize share buybacks and dividend growth, with $1 billion remaining under the repurchase program. 
4. **Tariff Impact**: The 50% aluminum import tariff is expected to reduce the domestic supply deficit of 1.4 million tons, creating long-term growth opportunities. 
5. **Biocarbon Initiative**: The biocarbon joint venture with Aymium aims to produce 100,000 tons of low-carbon steel annually, targeting premium pricing in the automotive sector.

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