Steel Dynamics is one of the largest domestic steel producers and metals recyclers in North America. The company makes steel using electric arc furnace (EAF) technology, which melts recycled ferrous scrap rather than iron ore, making Steel Dynamics both a steel manufacturer and a large-scale scrap processor. Steel products include flat rolled steel (hot rolled, cold rolled, and coated sheet) and long products (structural beams, railroad rail, engineered bar), serving automotive, construction, manufacturing, energy, and agricultural end markets. Steel Dynamics sells directly to end users and through service centers. The company also operates a steel fabrication business under the New Millennium Building Systems brand, producing steel joists and deck for the non-residential construction market, where it holds roughly one-third of the domestic market. The core business earns on the "metal spread" — the difference between finished steel prices and scrap input costs. Key earnings drivers include shipment volumes, product mix (roughly 70% of steel and fabrication sales are value-added), and scrap cost management through its Omnisource metals recycling platform, which supplies roughly 65% of Steel Dynamics' own scrap needs. Steel Dynamics is ramping a new 650,000 metric ton recycled aluminum flat rolled mill in Columbus, Mississippi, targeting the beverage can, automotive, and industrial aluminum sheet markets — a new metals platform that follows a similar spread-based business model to its steel operations.