STEEL DYNAMICS INC

Previous wording

We are one of the largest domestic steel producers and metal recyclers in the United States, based on estimated steelmaking and steel coating capacity of approximately 16 million tons and actual metals recycling volumes, with one of the most diversified product and end market portfolios in the domestic steel industry, combined with meaningful downstream steel fabrication operations. We are currently investing in our aluminum operations to further diversify our end markets with plans to supply aluminum flat rolled products with high recycled content to the countercyclical sustainable beverage can industry, in addition to the automotive and industrial sectors. Our primary sources of revenue are currently from the manufacture and sale of steel products, the processing and sale of recycled ferrous and nonferrous metals, and the fabrication and sale of steel joists and deck products.

Current wording

We are one of the largest domestic steel producers and metals recyclers in the United States, based on estimated steelmaking and steel coating capacity of approximately 16 million tons and actual metals recycling volumes, with one of the most diversified product and end market portfolios in the domestic steel industry, combined with meaningful downstream steel fabrication operations. We are currently investing in our aluminum operations to further diversify our end markets with plans to supply aluminum flat rolled products with high recycled content to the countercyclical sustainable beverage can industry, in addition to the automotive and industrial sectors. Our primary sources of revenue are currently from the manufacture and sale of steel products, the processing and sale of recycled ferrous and nonferrous metals, and the fabrication and sale of steel joists and deck products.

Previous wording

In the first quarter of 2025 we achieved record quarterly steel shipments of 3.5 million tons while pricing decreased meaningfully. Our metals recycling operations benefitted from consistent domestic steel industry demand and overall increased average segment selling prices during the first quarter of 2025 compared to the same period in 2024, while our steel fabrication segment continued to experience consistently strong order activity despite decreasing volumes and realized average selling prices.

Current wording

In the second quarter of 2025 we achieved quarterly steel shipments of 3.3 million tons. Our metals recycling operations benefitted from solid domestic steel industry demand, resulting in record quarterly ferrous scrap shipments, while our steel fabrication segment continued to experience consistently strong order activity as realized average selling prices declined.

Previous wording

Consolidated operating income decreased $475.8 million, or 63%, to $275.1 million for the first quarter of 2025, compared to the first quarter of 2024 as steel and fabrication operations metal spreads contracted. First quarter 2025 net income attributable to Steel Dynamics, Inc. decreased $366.9 million, or 63%, to $217.2 million, compared to the first quarter of 2024, consistent with decreased operating income.

Current wording

Consolidated operating income decreased $176.3 million, or 32%, to $382.9 million for the second quarter of 2025, compared to the second quarter of 2024 as steel and steel fabrication operations metal spreads contracted. Second quarter 2025 net income attributable to Steel Dynamics, Inc. decreased $129.3 million, or 30%, to $298.7 million, compared to the second quarter of 2024, consistent with decreased operating income.

Previous wording

Steel operations include our EAF steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, Steel of West Virginia, steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply, Vulcan Threaded Products, Inc., warehouse operations in Mexico, and SDI Biocarbon Solutions, LLC. Steel operations accounted for 70% and 72% of our consolidated net sales during the three-month periods ending March 31, 2025, and 2024, respectively.

Current wording

Steel operations include our EAF steel mills, including Butler Flat Roll Division, Columbus Flat Roll Division, Southwest-Sinton Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, and Steel of West Virginia; steel coating and processing operations at The Techs, Heartland Flat Roll Division, United Steel Supply, and Vulcan Threaded Products, Inc.; warehouse operations in Mexico; and SDI Biocarbon Solutions, LLC. Steel operations accounted for 72% and 68% of our consolidated net sales during the three-month periods ending June 30, 2025, and 2024, respectively, and 71% and 70% during the six-month periods ended June 30, 2025 and 2024, respectively.

Previous wording

During the first quarter of 2025, our steel operations achieved record shipments of 3.5 million tons (3.2 million excluding intra-segment). Despite increasing spot pricing in the first quarter of 2025, we experienced lower realized average selling prices, primarily for our flat rolled products as a large portion of this business is contractually based and tied to lagging pricing indices compared to the first quarter of 2024. First quarter 2025 total steel segment average selling prices decreased 17%, or $204 per ton, compared to the first quarter of 2024. Steel operations segment shipments increased 8% in the first quarter of 2025 compared to the first quarter of 2024. Net sales for the steel operations in the first quarter of 2025 decreased 10% compared to the same period in 2024, due to the decrease in average steel selling prices.

Current wording

During the second quarter of 2025, our steel operations achieved shipments of 3.3 million tons (3.0 million excluding intra-segment). We experienced higher realized average selling prices in the second quarter of 2025 as spot pricing continued its upward trend and our flat rolled products realized this increase in its contracts tied to lagging pricing indices. Uncertainty regarding trade policy caused hesitancy in customer order patterns across our businesses, despite healthy underlying demand factors, such as manufacturing onshoring, infrastructure program funding, and increased regionalization of supply chains in the U.S. Second quarter 2025 total steel segment average selling prices were flat compared to the second quarter of 2024, while segment shipments increased 4%. Net sales for the steel operations in the second quarter of 2025 increased 4% compared to the same period in 2024, due to the increased segment shipments. Net sales for the steel operations decreased 3% in the first half of 2025 when compared to the same period in 2024, primarily due to decreased average selling prices, particularly in the first quarter of 2025.

Previous wording

Metallic raw materials used in our electric arc furnaces represent our single most significant steel manufacturing cost, generally comprising approximately 55% to 65% of our steel mill operations’ manufacturing costs. Our metallic raw material cost per net ton consumed in our steel mills decreased $31 per ton, or 7%, in the first quarter of 2025, compared to the same period in 2024, consistent with overall decreased domestic ferrous scrap pricing noted below in the Metals Recycling Operations segment discussion.

Current wording

Metallic raw materials used in our electric arc furnaces represent our single most significant steel manufacturing cost, generally comprising approximately 55% to 65% of our steel mill operations’ manufacturing costs. Our metallic raw material cost per net ton consumed in our steel mills increased $20 per ton, or 5%, in the second quarter of 2025, compared to the same period in 2024, consistent with overall increased domestic ferrous scrap pricing noted below in the Metals Recycling Operations segment discussion. In the first half of 2025, our metallic raw material cost per ton decreased $6, or 2%, compared to the same period in 2024.

Previous wording

In the first quarter of 2025, as a result of average selling prices decreasing more than scrap costs, metal spread (which we define as the difference between average steel mill selling prices and the cost of ferrous scrap consumed in our steel mills) decreased 22% compared to the first quarter of 2024. As a result of this metal spread compression, operating income for the steel operations decreased 66%, to $228.9 million, in the first quarter of 2025, compared to the same period in 2024.

Current wording

In the second quarter of 2025, as a result of scrap costs increasing and average selling prices remaining flat, metal spread (which we define as the difference between average steel mill selling prices and the cost of ferrous scrap consumed in our steel mills) decreased 3% compared to the second quarter of 2024. As a result of this metal spread compression, as well as a $32.3 million noncash write-off of consumable assets described in Note 1, operating income for the steel operations decreased 13%, to $381.1 million, in the second quarter of 2025, compared to the same period in 2024. First half 2025 operating income decreased 45%, to $610.0 million, compared to the first half of 2024 due primarily to a 13% decrease in metal spread, as average selling prices decreased more than scrap costs despite slightly higher shipment volume.

Previous wording

Metals recycling operations include our OmniSource ferrous and nonferrous processing, transportation, marketing, brokerage, and scrap management services primarily throughout the United States and Mexico. Our steel mills utilize a large portion of the ferrous scrap sold by our metals recycling operations as raw material in our steelmaking operations, and the remainder is sold to other consumers, such as other steel manufacturers and foundries. In the first quarters of 2025 and 2024, 62% and 63%, respectively, of metals recycling operations ferrous scrap was sold to our own steel mills, while our steel mill utilization was 89% and 87% in the first quarters of 2025 and 2024, respectively. Metals recycling operations accounted for 12% and 11% of our consolidated net sales during the three-month periods ending March 31, 2025, and 2024, respectively.

Current wording

Metals recycling operations include our OmniSource ferrous and nonferrous processing, transportation, marketing, brokerage, and scrap management services throughout the United States and Mexico. Our steel mills utilize a large portion of the ferrous scrap sold by our metals recycling operations as raw material in our steelmaking operations, and the remainder is sold to other consumers, such as other steel manufacturers and foundries. In the second quarters of 2025 and 2024, 66% and 61%, respectively, of metals recycling operations ferrous scrap was sold to our own steel mills, while our steel mill utilization was 85% and 81% in the second quarters of 2025 and 2024, respectively. Metals recycling operations accounted for 12% and 11% of our consolidated net sales during the three-month periods ending June 30, 2025, and 2024, respectively, and during the six-month periods ended June 30, 2025, and 2024, respectively.

Previous wording

During the first quarter of 2025, our metals recycling operations benefitted from steady domestic steel mill utilization and expanded metal spreads for both ferrous and nonferrous products. Ferrous scrap shipments remained flat compared to the same period in 2024 while nonferrous shipments decreased 4%. Ferrous scrap average selling prices decreased 4% during the first quarter of 2025 compared to the same period in 2024, while nonferrous scrap prices increased 23%, resulting in an overall 3% increase in segment net sales. Ferrous metal spreads (which we define as the difference between average selling prices and the cost of purchased scrap) increased 7% during the first quarter of 2025 compared to the same period in 2024, and nonferrous metal spreads increased 5%. As a result of the increased metals spreads, along with decreased segment SG&A costs due to ongoing efficiency initiatives, metals recycling operations operating income increased 102% to $25.7 million in the first quarter of 2025 compared to the first quarter of 2024.

Current wording

During the second quarter of 2025, our metals recycling operations benefitted from steady domestic steel mill utilization, resulting in record quarterly ferrous shipments. Ferrous scrap shipments increased 6% compared to the same period in 2024 while nonferrous shipments decreased 3%. Ferrous scrap average selling prices increased 4% during the second quarter of 2025 compared to the same period in 2024, while nonferrous scrap prices remained flat, resulting in an overall 5% increase in segment net sales. Ferrous metal spreads (which we define as the difference between average selling prices and the cost of purchased scrap) decreased 9% during the second quarter of 2025 compared to the same period in 2024, and nonferrous metal spreads increased 28%. As a result of the decreased ferrous metals spreads, metals recycling operations operating income decreased 7% to $21.3 million in the second quarter of 2025 compared to the second quarter of 2024.

Previous wording

Steel fabrication operations include the company’s New Millennium Building Systems’ joist and deck plants located throughout the United States, and in Northern Mexico. Revenues from these plants are generated from the fabrication of girders, steel joists and steel deck used within the non-residential construction industry. Steel fabrication operations accounted for 8% and 10% of our consolidated net sales during the three-month periods ending March 31, 2025, and 2024, respectively.

Current wording

Steel fabrication operations include the company’s New Millennium Building Systems’ joist and deck plants located throughout the United States, and in Northern Mexico. Revenues from these plants are generated from the fabrication of girders, steel joists and steel deck used within the non-residential construction industry. Steel fabrication operations accounted for 7% and 10% of our consolidated net sales during the three-month periods ending June 30, 2025, and 2024, respectively, and 8% and 10% during the six-month periods ending June 30, 2025, and 2024, respectively.

Previous wording

Net sales for the steel fabrication operations decreased 22% during the first quarter of 2025 compared to the same period in 2024, as average selling prices decreased $542 per ton, or 17%, and volume decreased 6% from the first quarter of 2024. While demand remained historically strong, the first quarter of 2025 shipments were down compared to the first quarter of 2024, with continued falling selling prices, as industry average selling prices continue to move toward pre-pandemic levels. Our steel fabrication operations continue to benefit from the solid non-residential construction market, continued onshoring of manufacturing, and the U.S. infrastructure program, as evidenced by an order backlog that extends through the fourth quarter 2025.

Current wording

Net sales for the steel fabrication operations decreased 28% during the second quarter of 2025 compared to the same period in 2024, as average selling prices decreased $461 per ton, or 15%, and volume decreased 15% from the second quarter of 2024. While demand remained historically strong, the second quarter of 2025 sales volumes were down compared to the second quarter of 2024, with continued declining selling prices, as industry average selling prices continue to move toward pre-pandemic levels. Our steel fabrication operations continue to benefit from the solid non-residential construction market, continued onshoring of manufacturing, and the U.S. infrastructure program, as evidenced by an order backlog that extends into the first quarter of 2026. Net sales for the segment decreased 25% during the first half of 2025, compared to the same period in 2024, as volume decreased 11%, and average selling prices decreased 16%.

Previous wording

The purchase of various steel products is the largest single cost of production for our steel fabrication operations, historically representing approximately two-thirds of the total cost of manufacturing. The average cost per ton of steel consumed and selling prices both decreased 17% in the first quarter of 2025 compared to the same period in 2024. Metal spread (which we define as the difference between average selling prices and the cost of purchased steel) contracted 18% in the first quarter of 2025 compared to the same period in 2024. Metal spread compression coupled with decreased volume resulted in operating income decreasing 35% to $116.7 million in the first quarter 2025, compared to $178.3 million in the same period in 2024.

Current wording

The purchase of various steel products is the largest single cost of production for our steel fabrication operations, historically representing approximately two-thirds of the total cost of manufacturing. The average cost per ton of steel consumed decreased 10% in the second quarter of 2025 compared to the same period in 2024. Metal spread (which we define as the difference between average selling prices and the cost of purchased steel) contracted 19% in the second quarter of 2025 compared to the same period in 2024. Metal spread compression coupled with decreased volume resulted in operating income decreasing 48% to $93.1 million in the second quarter 2025, compared to $180.7 million in the same period in 2024. For the first half of 2025, operating income decreased 42% to $209.9 million compared to the first half of 2024, as a result of an 18% decrease in metal spread, coupled with decreased volumes.

Previous wording

Aluminum operations include the recycled aluminum flat rolled products mill nearing completion of construction in Columbus, Mississippi, two satellite recycled aluminum slab centers in the southwest United States (US) and Central Mexico, and an entity with aluminum operations, formerly included in the results of our metals recycling operations segment. We continue to expect to ship commercial flat rolled aluminum coils mid-2025. Net sales relate to an entity with aluminum operations, previously reported as part of our metals recycling operations. The results of this segment largely consist of construction and start-up costs recorded in selling, general, and administrative expenses, which continued to increase in the first quarter of 2025, consistent with increased headcount and start-up costs.

Current wording

Aluminum operations include the recycled aluminum flat rolled products mill nearing completion of construction in Columbus, Mississippi, two satellite recycled aluminum slab centers in the southwest United States and Central Mexico, and an ancillary recycled aluminum deox-rod facility, formerly included in the results of our metals recycling operations segment. We successfully produced and sold our first aluminum coils late in the second quarter of 2025, and we expect volume to steadily increase over the coming months. The results of this segment largely consist of construction, start-up, and commissioning costs recorded in selling, general, and administrative expenses, which continued to increase in the second quarter of 2025, consistent with increased headcount and start-up costs.

Previous wording

First Quarter Consolidated Results 2025 vs. 2024

Current wording

Second Quarter Consolidated Results 2025 vs. 2024

Previous wording

Selling, General and Administrative Expenses. Selling, general and administrative expenses of $181.8 million during the first quarter of 2025 increased 14% from $159.5 million during the first quarter of 2024 primarily due to an increase in payroll and benefits expense related to the growth of the aluminum operations segment during 2025. Selling, general and administrative expenses represented 4.2% and 3.4% of net sales during the first quarter of 2025 and 2024, respectively.

Current wording

Selling, General and Administrative Expenses. Selling, general and administrative expenses of $198.0 million during the second quarter of 2025 increased 24% from $160.0 million during the second quarter of 2024 primarily due to an increase in payroll and benefits expense related to the growth of the aluminum operations segment during 2025. Selling, general and administrative expenses represented 4.3% and 3.5% of net sales during the second quarters of 2025 and 2024, respectively.

Previous wording

Profit sharing expense during the first quarter of 2025 of $22.7 million decreased 64% from the $62.7 million during the same period in 2024, consistent with decreased pretax earnings. This decrease in profit sharing expense was the primary driver of decreased operating loss for our other operations of 32% in the first quarter of 2025 compared to the same period in 2024. Profit sharing expense for eligible employees is 8% of consolidated pretax income excluding noncontrolling interests and other items.

Current wording

Profit sharing expense during the second quarter of 2025 of $30.7 million decreased 36% from $48.1 million during the same period in 2024, consistent with decreased pretax earnings. This decrease in profit sharing expense was the primary driver of decreased operating loss for our other operations of 11% in the second quarter of 2025 compared to the same period in 2024. Profit sharing expense for eligible employees is 8% of consolidated pretax income excluding noncontrolling interests and other items.

Previous wording

Income Tax Expense. First quarter 2025 income tax expense of $63.0 million, at an effective income tax rate of 22.4%, decreased 65% compared to the $178.3 million, at an effective income tax rate of 23.3%, during the first quarter of 2024, consistent with decreased pretax earnings.

Current wording

Income Tax Expense. Second quarter 2025 income tax expense of $86.7 million, at an effective income tax rate of 22.3%, decreased 35% compared to $133.4 million, at an effective income tax rate of 23.6%, during the second quarter of 2024, consistent with decreased pretax earnings.

Previous wording

Other (Income) Expense, net. Net other income was $17.6 million in the first quarter of 2025, compared to $26.8 million in the first quarter of 2024, a decrease of $9.2 million due primarily to the impact of decreased interest income due to lower invested cash balances in the first quarter 2025 compared to the same period in 2024.

Current wording

Other (Income) Expense, net. Net other income was $40.0 million in the first half of 2025, compared to $45.5 million in the first half of 2024, a decrease of $5.5 million due primarily to the impact of decreased interest income due to lower invested cash balances in the first half of 2025 compared to the same period in 2024.

Previous wording

Our total outstanding debt of $4.2 billion increased $965.1 million compared to December 31, 2024, due to our issuance of senior unsecured notes in March 2025 as described in Note 3, the proceeds of which may be used for general corporate purposes, which may include the repayment at or prior to maturity of our 2.400% notes due June 2025, working capital, capital expenditures, advances for or investments in our subsidiaries, acquisitions, redemption and repayment of other outstanding indebtedness, and purchases of our common stock. Our total long-term debt to capitalization ratio (representing our long-term debt, including current maturities, divided by the sum of our long-term debt, redeemable noncontrolling interests, and our total stockholders’ equity) was 32.2% and 26.5% at March 31, 2025 and December 31, 2024, respectively.

Current wording

Our total outstanding debt of $3.8 billion increased $550.0 million compared to December 31, 2024, due to our issuance of senior unsecured notes in March 2025 as described in Note 3, the proceeds of which may be used for general corporate purposes, which included the repayment at maturity of our $400.0 million 2.400% notes due June 2025, and may include working capital, capital expenditures, advances for or investments in our subsidiaries, acquisitions, redemption and repayment of other outstanding indebtedness, and purchases of our common stock. Our total long-term debt to capitalization ratio (representing our long-term debt, including current maturities, divided by the sum of our long-term debt, redeemable noncontrolling interests, and our total stockholders’ equity) was 29.9% and 26.5% at June 30, 2025, and December 31, 2024, respectively.

Previous wording

The financial covenants under our Facility state that we must maintain an interest coverage ratio of not less than 2.50:1.00. Our interest coverage ratio is calculated by dividing our last-twelve-months (LTM) consolidated Adjusted EBITDA as defined in the Facility (earnings before interest, taxes, depreciation, amortization, and certain other non-cash transactions as defined in the Facility) by our LTM gross interest expense, less amortization of financing fees. In addition, a debt to capitalization ratio of not more than 0.60:1.00 must be maintained. At March 31, 2025, our interest coverage ratio and debt to capitalization ratio were 16.79:1.00 and 0.32:1.00, respectively. We were, therefore, in compliance with these covenants at March 31, 2025, and we anticipate we will continue to be in compliance during the next twelve months.

Current wording

The financial covenants under our Facility state that we must maintain an interest coverage ratio of not less than 2.50:1.00. Our interest coverage ratio is calculated by dividing our last-twelve-months (LTM) consolidated Adjusted EBITDA as defined in the Facility (earnings before interest, taxes, depreciation, amortization, and certain other non-cash transactions as defined in the Facility) by our LTM gross interest expense, less amortization of financing fees. In addition, a debt to capitalization ratio of not more than 0.60:1.00 must be maintained. At June 30, 2025, our interest coverage ratio and debt to capitalization ratio were 13.63:1.00 and 0.30:1.00, respectively. We were in compliance with these covenants at June 30, 2025, and we anticipate we will continue to be in compliance during the next twelve months.

Previous wording

Working Capital (representing excess of current assets over current liabilities). We generated cash flow from operations of $152.6 million in the first quarter of 2025 compared to $355.2 million in the same 2024 period. Working capital increased $669.5 million, or 20%, during the first quarter of 2025 to $4.0 billion at March 31, 2025, due primarily to a $597.5 million increase in cash and equivalents with the issuance of $1.0 billion of senior unsecured notes in March 2025, as well as a $303.6 million increase in accounts receivable consistent with increased net sales in the first quarter of 2025 compared to the fourth quarter of 2024.

Current wording

Working Capital (representing excess of current assets over current liabilities). We generated cash flow from operations of $454.2 million in the first half of 2025 compared to $737.8 million in the same 2024 period. Working capital increased $590.8 million, or 18%, during the first half of 2025 to $3.9 billion at June 30, 2025, due primarily to the repayment of our $400.0 million of 2.400% senior notes in June 2025, as well as a $283.8 million dollar increase in accounts receivable consistent with increased steel prices and sales volumes in the second quarter of 2025 compared to the fourth quarter of 2024.

Previous wording

Capital Investments. During the first quarter of 2025, we invested $305.5 million in property, plant and equipment, primarily within our aluminum operations segment and steel operations segment, compared with $374.3 million invested during the same period in 2024. We are currently executing our plan to invest in a new state-of-the-art lower-carbon recycled aluminum flat rolled products mill with two new supporting satellite recycled aluminum slab centers, which are being funded by available cash and cash flow from operations. Related expenditures began in the third quarter of 2022 and are expected to continue through 2025. Our liquidity of $2.6 billion and anticipated future operating cash flow generation is sufficient to provide for our planned 2025 capital requirements.

Current wording

Capital Investments. During the first half of 2025, we invested $593.8 million in property, plant and equipment, primarily within our aluminum operations and steel operations segments, compared with $793.5 million invested during the same period in 2024. We are nearing completion of construction of a new state-of-the-art lower-carbon recycled aluminum flat rolled products mill with two new supporting satellite recycled aluminum slab centers, which are being funded by available cash and cash flow from operations. Related expenditures began in the third quarter of 2022 and have continued through 2025. Our liquidity of $1.9 billion and anticipated future operating cash flow generation is sufficient to provide for our planned 2025 capital requirements.

Previous wording

Cash Dividends. As a reflection of continued confidence in our current and future cash flow generation capability and financial position, we increased our quarterly cash dividend by 9% to $0.50 per share in the first quarter of 2025 (from $0.46 per share for each quarter in 2024), resulting in declared cash dividends of $74.7 million during the first quarter of 2025, compared to $72.6 million during the same period in 2024. We paid cash dividends of $69.5 million and $68.0 million during the first quarter of 2025 and 2024, respectively. Our board of directors, along with executive management, approves the payment of dividends on a quarterly basis. The determination to pay cash dividends in the future is at the discretion of our board of directors, after taking into account various factors, including our financial condition, results of operations, outstanding indebtedness, current and anticipated cash needs and growth plans.

Current wording

Cash Dividends. As a reflection of continued confidence in our current and future cash flow generation capability and financial position, we increased our quarterly cash dividend by 9% to $0.50 per share in the first quarter of 2025 (from $0.46 per share for each quarter in 2024), resulting in declared cash dividends of $148.6 million during the first half of 2025, compared to $144.2 million during the same period in 2024. We paid cash dividends of $144.2 million and $140.6 million during the first half of 2025 and 2024, respectively. Our board of directors, along with executive management, approves the payment of dividends on a quarterly basis. The determination to pay cash dividends in the future is at the discretion of our board of directors, after taking into account various factors, including our financial condition, results of operations, outstanding indebtedness, current and anticipated cash needs and growth plans.

Previous wording

transactions made based upon the market price of our common stock, the nature of other investment opportunities or growth projects, our cash flows from operations, and general economic conditions. The share repurchase programs do not require us to acquire any specific number of shares, and may be modified, suspended, extended, or terminated by us at any time. The share repurchase programs do not have an expiration date. There were $250.1 million and $298.1 million of share repurchases during the first quarter of 2025 and 2024, respectively. As of March 31, 2025, we had $1.4 billion remaining available to purchase under the February 2025 share repurchase program.

Current wording

Other. Our board of directors has authorized share repurchase programs during prior years and the current year, the most recent of which occurred in February 2025 for a program of up to $1.5 billion of the company’s common stock. Under the share repurchase programs, purchases take place as and when we determine in open market or private transactions made based upon the market price of our common stock, the nature of other investment opportunities or growth projects, our cash flows from operations, and general economic conditions. The share repurchase programs do not require us to acquire any specific number of shares, and may be modified, suspended, extended, or terminated by us at any time. The share repurchase programs do not have an expiration date. There were $450.2 million and $607.1 million of share repurchases during the first half of 2025 and 2024, respectively. As of June 30, 2025, we had $1.2 billion remaining available to purchase under the February 2025 share repurchase program.