Steel Dynamics, Inc., together with its subsidiaries, operates as a steel producer and metal recycler in the United States. It operates through four segments: Steel Operations, Metals Recycling Operations, Steel Fabrication Operations, and Aluminum Operations. The Steel Operations segment offers hot rolled, cold rolled, and coated steel products; parallel flange beams and channel sections, large unequal leg angles, and reinforcing steel bars, standard strength carbon, intermediate alloy hardness, and premium grade rail products; engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars; channels, angles, flats, merchant rounds, and reinforcing steel bars; and specialty shapes and light structural steel products. This segment also engages in turning, polishing, straightening, chamfering, precision saw-cutting, and heat treating of bar products. Its products are used in construction, automotive, manufacturing, transportation, heavy and agricultural equipment, energy, and pipe and tube markets. The Metals Recycling Operations segment is involved in the ferrous and nonferrous scrap metal processing, transportation, marketing, brokerage, and scrap management services. Its ferrous products include heavy melting steel, busheling, bundled scrap, shredded scrap, steel turnings, and cast-iron products; and nonferrous products comprise aluminum, brass, copper, stainless steel, and other nonferrous metals. The Steel Fabrication Operations segment produces steel non-residential building components, such as steel joists, joist girders, and steel deck products for non-residential steel fabricators, metal building companies, general construction contractors, developers, property owners, brokers, and governmental entities. The Aluminum Operations segment offers recycled aluminum flat rolled products. The company also exports its products. Steel Dynamics, Inc. was incorporated in 1993 and is headquartered in Fort Wayne, Indiana.
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Artificial Intelligence▲impact 4
Alibaba plans $10 billion share sale for AI
Alibaba announced plans to issue new shares to raise over $10 billion for AI infrastructure investment, sending its Hong Kong-listed shares down more than 8%. The move comes after the company reported a 75% drop in profits, with capital spending weighing on the bottom line. Separately, US steel stocks rose after trade talks between the US and Canada collapsed, paving the way for 50% tariffs on Canadian imports, with analysts saying Steel Dynamics and Nucor stand to benefit most. Wells Fargo downgraded Canada Goose to underweight, citing tariff pressure on full-year earnings and sales risk from a warmer winter.
US to halve tariffs on Canadian steel and aluminum in tentative deal
The United States is expected to lower tariffs on Canadian steel and aluminum from 50% to 25% as part of a tentative trade framework between the two countries, according to reports from Bloomberg and others. Terms could still change before any official announcement, with different rates possibly applying to some derivative products, and details remain under discussion. Steel imports from Canada could face a quota system with higher tariffs on volumes exceeding the quota, while aluminum likely would not face a quota under current considerations. President Trump said the deal would also remove Canadian tariffs on US agricultural goods. Shares of Canadian steel producer Algoma Steel closed 17% higher, while US steel and aluminum producers including Nucor, Cleveland-Cliffs, Steel Dynamics, Reliance, Commercial Metals, Century Aluminum, and Kaiser Aluminum fell between 2.6% and 7.5%; Alcoa, which produces more than 1 million metric tons of aluminum per year in Canada, closed up 3%.
Steel Dynamics Appoints Theresa Wagler as President and CEO
Steel Dynamics has appointed Theresa Wagler as President and Chief Executive Officer, effective January 1, 2027. She succeeds Mark Millett, who will transition to executive chairman of the Board of Directors. The company also named Executive Vice President and Treasurer Richard Poinsatte to succeed Wagler as Executive Vice President and Chief Financial Officer on the same date. Shares were trading 0.90 percent higher at $260.70 in pre-market activity on the Nasdaq.
General Motors, 3M, Novartis lead premarket movers on earnings beats
Several companies made notable premarket moves following their latest earnings reports. Novartis shares jumped 4% after the Swiss pharmaceutical company posted second-quarter core earnings of $2.41 per share on revenue of $14.41 billion, both exceeding StreetAccount consensus estimates. General Motors gained more than 1% after reporting adjusted earnings of $3.57 per share on revenue of $48.03 billion, topping LSEG forecasts. 3M surged more than 5% as the conglomerate beat second-quarter expectations and raised its full-year guidance. Domino's Pizza slipped 1% after earnings of $4.07 per share missed the LSEG consensus of $4.17 per share, though revenue of $1.19 billion slightly beat estimates. Nebius Group rallied 6% after Nvidia disclosed a 9.3% stake in the AI cloud company. Taiwan Semiconductor Manufacturing rose more than 3% on a Nikkei Asia report that it will raise chipmaking service prices by up to 10% next year. Crown Holdings climbed more than 2% after beating top- and bottom-line estimates with earnings of $2.49 per share on revenue of $3.67 billion. Steel Dynamics dipped 1% despite an earnings beat, as it recorded an additional non-cash impairment charge of $16 million. Cracker Barrel Old Country Store added more than 1% after saying it expects to achieve or exceed the high end of its fiscal 2026 revenue range and exceed its adjusted EBITDA outlook.
Steel Dynamics posts record steel shipments and $534 million net income in second quarter 2026
Steel Dynamics reported second quarter 2026 net income of $534 million on record steel shipments of 3.7 million tons. Net sales reached $6.1 billion, operating income was $700 million, and adjusted EBITDA came in at $921 million. The company's steel operations generated $721 million in operating income, up 30 percent sequentially, driven by higher pricing and metal spread expansion. Aluminum operations continued to ramp up, with flat rolled sheet shipments rising to 53,000 metric tons and an operating loss of $33 million that improved 48 percent from the prior quarter. Steel Dynamics also repurchased $200 million of its common stock and maintained liquidity of $2.0 billion.
Nucor returned $1.2 billion to shareholders in 2025, nearly 70% of net earnings
Nucor Corporation returned around $1.2 billion to shareholders in 2025 through dividends and share repurchases, representing nearly 70% of net earnings. Returns to shareholders were $254 million in the first quarter of 2026, and roughly $630 million year to date through June 17, 2026. The company ended the first quarter with strong liquidity of about $3.2 billion, including cash and cash equivalents of around $2.2 billion, and generated cash from operations of $886 million. Nucor raised its quarterly dividend to 56 cents per share in December 2025, marking 53 consecutive years of increases, and remains committed to returning at least 40% of earnings to shareholders. Among peers, Steel Dynamics bought back $115 million in shares in the first quarter and raised its dividend 6% to 53 cents per share, while Commercial Metals repurchased $18.9 million in shares during its fiscal third quarter and held its dividend at 20 cents per share.
USNZY Outshines STLD as Superior Value Stock in Steel Sector
Usinas Siderurgicas de Minas Gerais SA and Steel Dynamics both hold a Zacks Rank of 2, indicating positive earnings estimate revisions, but USNZY emerges as the stronger value pick based on key valuation metrics. USNZY has a forward P/E of 5.93, a PEG ratio of 0.14, and a P/B ratio of 0.2, earning a Value grade of A. In contrast, STLD has a forward P/E of 14.63, a PEG ratio of 0.48, and a P/B ratio of 3.94, resulting in a Value grade of C. These figures suggest USNZY is the more undervalued option for value investors.
Steel Dynamics to trade ex-dividend June 30 for $0.53 quarterly payout
Steel Dynamics will trade ex-dividend on June 30, 2026, for its quarterly dividend of $0.53 per share, payable on July 10, 2026. The dividend represents approximately 0.22% of the stock's recent price of $246.49, with an annualized yield of about 0.86%. Steel Dynamics shares have a 52-week range of $119.89 to $288.74 and last traded at $244.13.
Steel Dynamics Issues Lower Q2 EPS Guidance of $3.51-$3.55
Steel Dynamics has issued second-quarter 2026 earnings guidance projecting diluted EPS of $3.51 to $3.55, below prior analyst expectations. The guidance comes despite record Q1 2026 steel shipments and strong reported results, shifting attention to near-term earnings momentum and testing the resilience of the company's margin expansion story. The company's longer-term narrative projects $24.8 billion in revenue and $3.2 billion in earnings by 2029, with a fair value estimate of $272.09 per share, representing an 11% upside to the current price. However, the softer outlook may reinforce concerns among cautious analysts who already assumed only about 4% annual revenue growth and $1.5 billion in 2029 earnings, questioning the durability of high utilization and aluminum spreads.
VanEck Steel ETF Hits 52-Week High on AI Infrastructure Demand
The VanEck Steel ETF reached a new 52-week high earlier this month, driven by surging demand for steel in artificial intelligence infrastructure. The fund returned an average of 47.2% annually in 2025 and attracted $81.41 million in inflows over the past year, pushing assets under management above $203 million. AI data centers require heavy structural steel for server racks, reinforced flooring, and cooling systems, with 831 data center projects under construction globally as of March 2026. Despite a 0.3% year-over-year drop in global crude steel production in May 2026 and projected excess capacity of 745 million tons by 2028, the fund's top holdings like Nucor and Steel Dynamics operate modern electric arc furnaces that can adjust output while commanding premium prices for AI-grade steel. Near-term quantitative models assign a 65% probability of SLX outperforming the broader ETF universe, though risks include easing trade tariffs or a slowdown in AI capital spending.
Morgan Stanley cuts Cleveland-Cliffs to Equal-weight, sees steel rally peaking
Morgan Stanley downgraded Cleveland-Cliffs to Equal-weight from Overweight, arguing that a supply-driven rally in U.S. steel prices is nearing its peak and that much of the benefit from elevated prices is already reflected in steel equities. The brokerage raised its near-term steel price forecasts after U.S. hot-rolled coil prices climbed to about $1,140 per short ton, supported by tight domestic supply, longer mill lead times, and higher import costs linked to Middle East disruptions, but it expects additional domestic production and rising imports to eventually ease the market, leading prices lower in 2027 and 2028. Morgan Stanley increased its price target on Cleveland-Cliffs to $12.50 from $12.00 but said the stock's roughly 50% rally since early April has left a more balanced risk-reward profile, with higher steel prices supporting near-term earnings but limited upside relative to peers. The bank now forecasts average hot-rolled coil prices of $1,112 per ton in 2026, $1,012 in 2027, and $900 in 2028, compared with previous estimates that were materially lower, and expects prices to remain elevated through the second half of 2026 before moderating as supply conditions normalize. Among North American steel producers, Morgan Stanley maintained an Overweight rating only on Commercial Metals Company, citing overly discounted concerns around new rebar supply, while keeping Equal-weight ratings on Nucor and Steel Dynamics and raising their price targets to $258 and $270, respectively. The firm also lifted its earnings forecasts across the sector to reflect stronger steel pricing, while cautioning that profitability is likely near a cyclical peak and could decline after 2027 as steel prices retreat from current levels.
Steel Dynamics slips on downside Q2 guidance while Nucor tops outlook
Steel Dynamics shares fell 2.6% after hours Wednesday after the company issued second-quarter earnings guidance that missed analyst expectations, while Nucor edged up 0.3% on an upside forecast. Steel Dynamics expects Q2 earnings of $3.51 to $3.55 per share, well below the $4.16 FactSet consensus, though above Q1 EPS of $2.78 and the prior-year Q2 EPS of $2.01. The guidance included a $16 million reduction to estimated earnings from asset writedowns tied to relocating a planned second satellite aluminum recycled slab center from Arizona to Mississippi. Nucor guided for Q2 earnings of $4.50 to $4.60 per share, above the $4.21 consensus and sharply higher than Q1 EPS of $3.23 and the year-ago Q2 EPS of $2.60, with the largest increase expected in its steel mills segment due to higher average selling prices, stable volumes, and roughly $130 million of cash refunds from prior-period raw materials procurement costs.