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Wall Street set a high bar for Steel Dynamics' NASDAQ: STLD latest earnings report, but the company's strong growth and improving profitability could still propel its stock to fresh highs.

Steel Dynamics Today

$245.01 +0.64 (+0.26%)

As of 12:19 PM Eastern

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$148.13▼

$288.740.87%

18.08

$259.82

While Q3 results missed expectations, analysts had unanimously raised revenue and earnings targets, expecting even more than the company delivered. Steel Dynamics posted double-digit growth, supported by demand and pricing dynamics that improved margins.

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Margin strength is critical, as it drives earnings and cash flow and, most importantly, capital returns. Steel Dynamics' capital return is solid, including dividends and share buybacks that strengthen alongside earnings. Key details from Q3 include an accelerated pace of share repurchases, with management quick to point out that quarterly activity equated to 1% of the share count. Because management is forecasting another good year for U.S. steel producers, investors can expect another favorable year of growth, capital returns, and the share price lift they bring.

Steel Dynamics Has Robust Quarter, Record Shipments Drive GrowthSteel Dynamics had a very strong quarter despite falling short of analysts' estimates. The company’s diversified metal recycling and fabrication business grew by 34.6% to $6.5 billion, underpinned by record shipments and pricing. Executive commentary pointed to widespread demand for steel, driven by onshoring supply chains, rail expansion, and broad infrastructure demand across sectors.

Margin news was a mixed bag, but investors should not get hung up on perceived weaknesses. The company widened margins for several reasons, including operational quality, ramping production/sales leverage, and strong product pricing that is likely to remain strong in coming quarters. The bad news is that Q3 GAAP earnings per share of $5.26 missed the consensus by 22 cents; the good news is that GAAP earnings grew by nearly 92% year over year, reflecting the strength of STLD’s position.

The company's strong position is also reflected in its balance sheet. Liabilities increased during the quarter, but debt held steady, and asset gains more than offset the rise in liabilities. Total assets increased, driven largely by higher cash balances and inventory. The result was a nearly 10% gain year to date in shareholders’ equity. Combined with a reduced share count from buybacks and a steady dividend, that equity growth gives shareholders substantial leverage to rising share prices.

Execs did not provide specific guidance for Q4 but set the stage for Q3 strengths to continue and improve. The steel business is expecting sustained demand and pricing to drive top- and bottom-line growth, while the newer aluminum business is also expected to grow and improve profitability. The likely outcome is that Q4 revenue and earnings growth track trends, including sequential growth (contrary to consensus), and provide a share price catalyst early in 2027.

Analysts and Institutions Support Steel Dynamics' UpsideAnalysts pointed out weaknesses and valuation concerns in their commentary on Steel Dynamics' earnings report, and most left their price targets and ratings unchanged. This leaves the trend in place unaffected. The trend includes steady coverage, a consensus Moderate Buy rating among 12 tracked analysts, and a 66% Buy-side bias. Most importantly, many analysts see this stock trading in the $258 to $299 range, forecasting a modest upside and potential for new highs.

Institutional trends reflect accelerated demand for STLD shares. The group owns more than 80% of the shares and has been accumulating quarterly, ramping activity into year-end. They are a solid support base, helping limit downside risk in Q4. With analysts and institutions in play, STLD shares may correct, but downside is limited, and upside risk remains; any improvement in the domestic economic outlook would accelerate demand for STLD products.

Steel Dynamics Stock Consolidates Ahead of a Potential BreakoutStock price action was mixed following the release. Early analyst commentary pushed the market lower, but also triggered value investors to scoop up value. As a result, STLD extended its consolidation, winding up in a tight range as the market prepares for the next move. As it stands, the stock is set up for a bullish swing that can easily take it back to its existing highs.

Steel Dynamics' Aluminum Opportunity Comes With Cyclical RisksWhat the market gets wrong about Steel Dynamics is the impact of its aluminum business. Management estimates a 1.4 million metric ton shortfall in flat-rolled and sheet aluminum, an opportunity worth years of sustained cash flow. Near-term cost pressures related to the aluminum business are a necessary evil bridging the gap between opportunity and cash flow.

Steel Dynamics' risks include exposure to cyclical industries such as construction and housing. Infrastructure spending drives business today, but weaknesses in housing and construction end markets remain. Sudden weakness in other end markets could squeeze cash flow and impair the capital return.

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Nucor and Steel Dynamics Just Pulled Back—The Steel Story Still Looks StrongSteel Dynamics NASDAQ: STLD reported third-quarter 2026 net income of $756 million, or $5.26 per diluted share, as record steel shipments and higher realized steel prices lifted results from the prior quarter. The company generated $6.5 billion in revenue, operating income of just over $1 billion and adjusted EBITDA of $1.2 billion.

Chairman and Chief Executive Officer Mark Millett said the company came in slightly below its earlier guidance range because of late-September foreign-currency and aluminum-hedging unrealized mark-to-market adjustments totaling just under $30 million. Still, the company posted record quarterly steel shipments of 3.8 million tons and operating cash flow of $846 million.

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These 3 Cash-Flow Stocks Give Investors More Than Just Growth PotentialMillett also used the call to congratulate Executive Vice President and Chief Financial Officer Theresa Wagler on her planned appointment as CEO at the end of the year. Wagler has been with Steel Dynamics for more than 28 years, Millett said. Millett, who is retiring, said he expects to remain associated with the company in a more limited capacity.

Steel operations lead quarterly performance Steel operations generated $1 billion of operating income during the third quarter, up 43% sequentially. Wagler attributed the improvement to higher average realized steel pricing and record shipment volumes. The company’s mills operated at a 92% utilization rate, compared with an estimated 80% for the domestic steel industry.

Tariffs Rose: 1 Steelmaker Thrived, 1 Still StrugglesWagler said flat-rolled steel market conditions remained favorable, citing strong customer demand, lean supply-chain inventories and elevated order lead times. Value-added spreads to hot-rolled coil prices increased to more than $230 per ton. About 80% of the company’s flat-rolled portfolio is tied to contractual pricing that generally trails market changes by two months, which management said should support fourth-quarter results and extend into 2027.

Hot-rolled coil shipments were 992,000 tons in the third quarter. Cold-rolled shipments were 146,000 tons. Coated flat-rolled shipments were 1.63 million tons. During the question-and-answer session, Millett said steel markets were tight, with lead times extending into 2027, inventories at the low end of historical ranges and fourth-quarter outages expected to remove an estimated 1 million to 1.2 million tons from the market. He said scrap costs had remained relatively stable despite an October increase, supported by strong obsolete and prompt scrap flows, soft export markets and the company’s scrap-segregation technologies.

“It would be our view that the margins or spreads will remain very strong to slightly upward in the coming months,” Millett said.

Aluminum ramp affected by hot-strip mill issue Steel Dynamics’ aluminum operations posted an operating loss of $26 million in the third quarter, a 21% sequential improvement. Management said shipments and financial performance fell below its original expectations because of a surface-quality issue at the hot strip mill while the facility increased rolling speeds for light-gauge product.

Millett said the company identified the need to change the coolant in the hot strip mill. The troubleshooting process, coolant change and reestablishment of rolling conditions resulted in several weeks of lower production and yield losses, reducing volume and increasing costs during the quarter.

The issue has been resolved, according to management. Millett said October operations had improved materially, with the hot strip mill operating at 75% utilization during the month to date. The company believes it can reach 90% hot-strip-mill capability by year-end, though finished-product shipments will take additional time to move through downstream operations.

All three cold mills are operational, while the first of two automotive continuous anneal and solution heat-treat lines is operating. The company has achieved finished-product qualification with multiple automotive manufacturers for 5182 and 5754 products and is conducting trials for 6000-series material. Steel Dynamics expects to ship finished automotive products before year-end, while the second automotive line is expected to begin operating in the first quarter of 2027.

Wagler said yield improvements are expected before the end of 2026, while increased recycled scrap content should be in place by the first half of 2027. She said the company expects its aluminum product mix to continue improving through 2027, with automotive products potentially reaching an optimized mix around 2028 as the company gains access to additional automotive platforms.

Fabrication demand and capital allocation The steel fabrication segment reported $91 million in third-quarter operating income, compared with $85 million in the second quarter. Higher volume and pricing offset increased steel raw-material costs. Wagler said the company’s steel joist and deck backlog was 50% higher than a year earlier, with improving demand and pricing expected to support 2027 results.

Management said higher raw-material costs had pressured fabrication margins because pricing adjustments take time to work through the backlog. However, Wagler said projects entering the backlog for early 2027 delivery carry higher pricing and should support improvements in margins, volume and pricing next year.

Steel Dynamics ended the quarter with $2.4 billion of liquidity and invested $150 million in capital expenditures during the quarter. The company expects fourth-quarter capital spending to be in a similar range. It repurchased $591 million of common stock during 2026, with $216 million remaining under its current authorization as of Sept. 30.

For 2027, Wagler said the company was evaluating a pipeline of organic growth opportunities and estimated capital expenditures could be “in the range of $600-plus million,” subject to refinement. Management expects to provide additional details during a capital markets day in the first half of 2027.

About Steel Dynamics (NASDAQ:STLD)Steel Dynamics, Inc is a steel producer and metals recycler headquartered in Fort Wayne, Indiana. The company manufactures steel products using electric arc furnace technology and serves customers across industries such as construction, automotive, manufacturing, and energy.

Its operations include the production of flat rolled steel, long steel products, structural steel, rail, and specialty products. Steel Dynamics also provides steel processing and fabrication services, including the manufacture of steel joists, deck systems, and other components used in commercial and industrial construction.

The company operates metals recycling facilities that collect, process, and supply ferrous and nonferrous scrap to support its steelmaking operations.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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FORT WAYNE, Ind., Oct. 20, 2026 /PRNewswire/ -- Steel Dynamics, Inc. (NASDAQ/GS: STLD), a leading industrial metals solutions company in North America, today announced it intends to release third quarter 2026 financial results after market close on Monday, October 19, 2026.

Steel Dynamics (STLD - Free Report) came out with quarterly earnings of $5.26 per share, missing the Zacks Consensus Estimate of $5.42 per share. This compares to earnings of $2.74 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -2.95%. A quarter ago, it was expected that this steel producer and metals recycler would post earnings of $3.56 per share when it actually produced earnings of $3.69, delivering a surprise of +3.65%.

Over the last four quarters, the company has surpassed consensus EPS estimates two times.

Steel Dynamics, which belongs to the Zacks Steel - Producers industry, posted revenues of $6.51 billion for the quarter ended September 2026, surpassing the Zacks Consensus Estimate by 6.60%. This compares to year-ago revenues of $4.83 billion. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Steel Dynamics shares have added about 42% since the beginning of the year versus the S&P 500's gain of 11.9%.

What's Next for Steel Dynamics?While Steel Dynamics has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Steel Dynamics was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $6.14 on $6.15 billion in revenues for the coming quarter and $18.23 on $23.55 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Steel - Producers is currently in the top 31% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Nucor (NUE - Free Report) , has yet to report results for the quarter ended September 2026. The results are expected to be released on October 26.

This steel company is expected to post quarterly earnings of $5.71 per share in its upcoming report, which represents a year-over-year change of +117.1%. The consensus EPS estimate for the quarter has been revised 9.1% higher over the last 30 days to the current level.

Nucor's revenues are expected to be $10.53 billion, up 23.6% from the year-ago quarter.

, /PRNewswire/ --

Third Quarter 2026 Performance Highlights:

Record steel shipments of 3.8 million tons
Net sales of $6.5 billion, operating income of $1.0 billion, and net income of $756 million
Adjusted EBITDA of $1.2 billion and cash flow from operations of $846 million
Liquidity of $2.4 billion
Share repurchases of $276 million, or one percent, of the company's common stock

Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced third quarter 2026 financial results. The company reported third quarter 2026 net sales of $6.5 billion and net income of $756 million, or $5.26 per diluted share. Comparatively, the company's sequential second quarter 2026 net income was $534 million, or $3.69 per diluted share and prior year third quarter net income was $404 million, or $2.74 per diluted share.

"Throughout the third quarter 2026, steel prices continued to improve and the teams executed well across our steel platform, driving a sequential quarterly increase in consolidated operating income of $306 million, or 44 percent," said Mark D. Millett, Chairman and Chief Executive Officer. "Our steel fabrication platform also had a healthy performance as continued improving demand resulted in higher sequential shipments of 18 percent and increased earnings despite higher steel costs. Our three-year after-tax return on invested capital of 13 percent demonstrates the strength of our differentiated business model and disciplined capital allocation framework. Our disciplined approach to capital allocation continues to support investments in high-return strategic growth opportunities, meaningful shareholder returns, and financial performance that compares favorably with top-tier domestic manufacturers.

"During the third quarter, the domestic steel market remained strong, supported by steady demand, low customer inventories, and historically low import levels," said Millett. "Steel pricing strengthened, as lead times extended and spot availability tightened across flat-rolled and structural steel products. In addition, as coated flat rolled steel imports abated due to recent trade actions and demand remained strong, value-added flat-rolled steel spreads also expanded. In general, U.S. steel imports remain well below historical and prior-year levels, while improving manufacturing activity, onshoring, and continued investment in infrastructure, energy, healthcare, and computing support healthy steel consumption. Long-product steel demand remains extremely strong, particularly for structural steel and railroad rail. We believe sustained demand across our platforms, combined with favorable market conditions, positions us well moving forward.

"We continue to make meaningful progress at our aluminum operations as the team continues to commission, qualify, and ramp up our state-of-the-art aluminum flat-rolled products mill," continued Millett. "All three cold mills are now operational which provides us the ability to achieve our annual volume expectations, and the first of two Continuous Annealing and Solution Heat (CASH) lines is operating and is expected to ship finished automotive products before the end of the year. The second CASH line will be commissioned in the coming months and become operational early in the first quarter 2027. The team is successfully producing high-quality products for the industrial, beverage, and automotive markets, while continuing to expand its qualified customer base. Together with our broader investment initiatives across the company, aluminum represents an exciting avenue for continued growth and value creation."

Third Quarter 2026 Comments

Third quarter 2026 operating income for the company's steel operations was $1.0 billion, or 43 percent higher than sequential second quarter results, due to record steel shipments and metal spread expansion, as average realized steel selling prices increased and scrap raw material costs declined. The third quarter 2026 average external product selling price for the company's steel operations increased $102 sequentially to $1,400 per ton. The average ferrous scrap cost per ton melted at the company's steel mills decreased $8 per ton sequentially to $404 per ton. The energy, non-residential construction, automotive, and industrial sectors led steel demand in the quarter.

Third quarter 2026 operating income from the company's metals recycling operations was $33 million, or $15 million lower than sequential earnings, based on lower ferrous scrap pricing and metal spread contraction, combined with steady volume. Average third quarter realized ferrous scrap prices declined $15 per gross ton sequentially.

The company's steel fabrication operations generated operating income of $91 million in the third quarter 2026, higher than sequential second quarter results of $85 million, as increased shipments and improved average realized pricing more than offset higher steel raw material input costs. Customer order activity has continued to strengthen since the end of 2025, with the order backlog now 50 percent higher than a year ago and extending into the second quarter 2027. Demand was largely driven by commercial construction, manufacturing, warehouses, data centers, and healthcare. In addition, accelerating announcements of significant domestic manufacturing investments and increased reshoring activity, coupled with funding from the U.S. infrastructure program, are expected to provide meaningful support for demand across our product portfolio, including steel joists and deck products, as well as flat-rolled and long-product steel.

"Third quarter 2026 operating losses associated with the continued startup of the company's aluminum operations were $26 million, representing a 21 percent improvement compared to sequential second quarter results", said Millett. "Our Aluminum platform was EBITDA breakeven for the quarter. Aluminum flat rolled sheet product shipments were 55,000 metric tons in the third quarter 2026, and hot band production increased to 91,000 metric tons. Volumes were less than expected over a number of weeks, as yield losses increased at higher operating speeds due to quality impacts. The cause originated from the hot strip mill rolling coolant composition, which has been successfully changed, and no ongoing additional costs are expected from this matter. Since the change, the mill performance has been excellent in October. Looking ahead, we expect aluminum volumes and profitability to improve in the fourth quarter 2026 and throughout 2027, as startup costs subside, utilization and yields improve, and scrap content increases. Underlying demand for aluminum flat-rolled products across our targeted consumer sectors remains strong and is forecast to continue to grow."

Based on the company's differentiated business model and highly variable cost structure, the company generated cash flow from operations of $846 million during the quarter. The company also invested $150 million in capital investments, paid cash dividends of $76 million, and repurchased $276 million of its outstanding common stock, while maintaining liquidity of $2.4 billion as of September 30, 2026.

Year-to-Date September 30, 2026 Comparison

For the nine-months ended September 30, 2026, net income was $1.7 billion, or $11.72 per diluted share, with net sales of $17.8 billion, as compared to net income of $920 million, or $6.17 per diluted share, with net sales of $13.8 billion for the same period in 2025.

For the first nine-months of 2026 net sales increased 29 percent to $17.8 billion, and operating income increased 93 percent to $2.2 billion, when compared to the same period in 2025. Increased earnings were the result of higher realized pricing and shipments in the company's steel operations during the period. For the first nine-months of 2026 operating income from the company's steel operations was $2.3 billion, compared to $1.1 billion for the same prior year period. The average nine-months 2026 external selling price for the company's steel operations increased $216 to $1,299 per ton compared to the same prior year period, and the average ferrous scrap cost per ton melted at the company's steel mills increased to $404 per ton. For the first nine-months of 2026 operating income from the company's steel fabrication operations was $265 million, compared to $317 million in the prior year period due to higher raw material input costs. For the first nine-months of 2026 operating income from the company's metals recycling operations was $128 million, compared to $79 million in the prior year period, due to improved metal spreads and increased shipments.

The company achieved cash flow from operations of $1.4 billion in the first nine-months of 2026. The company also invested $411 million in capital investments, paid cash dividends of $225 million, and repurchased $591 million, or two percent, of its outstanding common stock.

Outlook

"Looking ahead to 2027 and beyond, we remain optimistic regarding the domestic steel and aluminum industries," stated Millett. "We expect steel and aluminum consumption to benefit from continued investment in infrastructure, manufacturing, energy, and data centers, along with improving broader economic activity. These demand drivers, combined with a supportive U.S. trade environment and reduced unfairly traded import competition, should provide a healthy backdrop for domestic steel and aluminum product producers. While additional domestic steelmaking and aluminum capacity may enter the market in the coming years, we believe improving demand and supportive trade policy will support healthy industry dynamics.

"Our growth strategy remains closely aligned with our customers' evolving needs, focused on providing differentiated products, strengthening supply chain efficiency, and advancing sustainable manufacturing solutions. Our expansion into high-recycled-content aluminum sheet products builds on the strength of our steel platform and extends our proven operating model into attractive, supply-deficit markets, including beverage can, packaging, automotive, industrial, and construction applications. As demand for domestically produced, lower-carbon materials continue to grow, we believe our performance-driven culture, low-cost operating model, and strategic investments in aluminum position us to broaden our customer relationships, diversify our earnings profile, and create compelling long-term value.

"We remain firmly committed to the health and safety of our teams, their families, and the communities we serve, while meeting the evolving needs of our customers. Our culture and performance-driven business model continue to positively differentiate our company. We remain focused on delivering superior value to our team members, customers, and shareholders," concluded Millett.

Conference Call and Webcast

Steel Dynamics, Inc. will hold a conference call to discuss third quarter 2026 operating and financial results on Tuesday, October 20, 2026, at 11:00 a.m. Eastern Daylight Time. You may access the call and find dial-in information on the Investors section of the company's website at www.steeldynamics.com. A replay of the call will be available on our website until 11:59 p.m. Eastern Daylight Time on October 27, 2026.

About Steel Dynamics, Inc.

Steel Dynamics is a leading industrial metals solutions company, with facilities located throughout the United States, and in Mexico. The company operates using a circular manufacturing model, producing lower-carbon-emission, quality products with recycled scrap as the primary input. Steel Dynamics is one of the largest domestic steel producers and metal recyclers in North America, combined with a meaningful downstream steel fabrication platform. The company has also recently added aluminum operations, further diversifying its product offerings to supply aluminum flat rolled products with higher recycled content to the countercyclical sustainable beverage can industry, in addition to the automotive and industrial sectors. Steel Dynamics is committed to operating with the highest integrity and to being the safest, most efficient producer of high-quality, broadly diversified, value-added metal products.

Note Regarding Financial Metrics

The company believes that after-tax return-on-invested capital (After-tax ROIC) provides an indication of the effectiveness of the company's invested capital and is calculated as follows:

After-tax
ROIC =

Net Income Attributable to Steel Dynamics, Inc.

(Quarterly Average Current Maturities of Long-term Debt + Long-term Debt + Total Equity)

Note Regarding Non-GAAP Financial Measures

The company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). Management believes that the non-GAAP financial measures EBITDA and Adjusted EBITDA provide additional meaningful information regarding the company's performance and financial strength. Non-GAAP financial measures should be viewed in addition to and not as an alternative for the company's reported results prepared in accordance with GAAP. In addition, not all companies use identical calculations for EBITDA or Adjusted EBITDA; therefore, EBITDA and Adjusted EBITDA included in this release may not be comparable to similarly titled measures of other companies.

Forward-Looking Statements

This press release contains some predictive statements about future events, including statements related to conditions in domestic or global economies, conditions in steel, aluminum, and recycled metals marketplaces, Steel Dynamics' revenues, costs of purchased materials, future profitability and earnings, and the operation of new, existing or planned facilities. These statements, which we generally precede or accompany by such typical conditional words as "anticipate", "intend", "believe", "estimate", "plan", "seek", "project", or "expect", or by the words "may", "will", or "should", are intended to be made as "forward-looking", subject to many risks and uncertainties, within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. These statements speak only as of this date and are based upon information and assumptions, which we consider reasonable as of this date, concerning our businesses and the environments in which they operate. Such predictive statements are not guarantees of future performance, and we undertake no duty to update or revise any such statements. Some factors that could cause such forward-looking statements to turn out differently than anticipated include: (1) domestic and global economic factors; (2) global steelmaking overcapacity and imports of steel, together with increased scrap prices; (3) the cyclical nature of the metals industries and the industries we serve; (4) volatility and major fluctuations in prices and availability of scrap metal, scrap substitutes and supplies, and our potential inability to pass higher costs on to our customers; (5) cost and availability of electricity, natural gas, oil, and other energy resources are subject to volatile market conditions; (6) increased environmental, greenhouse gas emissions and sustainability considerations from our customers and investors or related regulations; (7) compliance with and changes in environmental and remediation requirements; (8) significant price and other forms of competition from other steel and aluminum producers, scrap processors and alternative materials; (9) availability of an adequate source of supply of scrap for our metals recycling operations; (10) cybersecurity threats and risks to the security of our sensitive data and information technology; (11) the implementation of our growth strategy; (12) our ability to retain, develop and attract key personnel; (13) litigation and legal compliance; (14) unexpected equipment downtime or shutdowns; (15) difficulties in the launch or production ramp-up of new products; (16) our aluminum operations depend on a core group of significant customers; (17) governmental agencies may refuse to grant or renew some of our licenses and permits; (18) our existing debt agreements contain, and any future financing agreements may contain, restrictive covenants that may limit our flexibility; and (19) the impacts of impairment charges.

More specifically, we refer you to our more detailed explanation of these and other factors and risks that may cause such predictive statements to turn out differently, as set forth in our most recent Annual Report on Form 10-K under the headings Special Note Regarding Forward-Looking Statements and Risk Factors, in our Quarterly Reports on Form 10-Q, or in other reports which we file with the Securities and Exchange Commission. These reports are available publicly on the Securities and Exchange Commission website, www.sec.gov, and on our website, www.steeldynamics.com under "Investors – SEC Filings."

Steel Dynamics, Inc.

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(in thousands, except per share data)

Three Months Ended

Nine Months Ended

Three Months

September 30,

September 30,

Ended

2026

2025

2026

2025

June 30, 2026

Net sales

$

6,509,419

$

4,828,215

$

17,805,834

$

13,762,533

$

6,091,557

Costs of goods sold

5,227,132

4,070,335

14,801,350

11,899,641

5,132,583

      Gross profit

1,282,287

757,880

3,004,484

1,862,892

958,974

Selling, general and administrative expenses

186,974

200,844

555,645

580,662

193,451

Profit sharing

81,250

42,389

180,762

95,790

57,314

Amortization of intangible assets

7,696

6,890

23,227

20,684

7,730

      Operating income

1,006,367

507,757

2,244,850

1,165,756

700,479

Interest expense, net of capitalized interest

39,331

13,573

111,692

43,085

39,120

Other income, net

(11,548)

(19,662)

(42,103)

(59,695)

(22,105)

      Income before income taxes

978,584

513,846

2,175,261

1,182,366

683,464

Income tax expense

222,896

109,920

488,683

259,570

152,679

      Net income

755,688

403,926

1,686,578

922,796

530,785

Net loss (income) attributable to noncontrolling interests

312

(241)

6,945

(3,234)

3,302

      Net income attributable to Steel Dynamics, Inc.

$

756,000

$

403,685

$

1,693,523

$

919,562

$

534,087

Basic earnings per share attributable to

   Steel Dynamics, Inc. stockholders

$

5.29

$

2.75

$

11.77

$

6.19

$

3.71

Weighted average common shares outstanding

142,990

146,947

143,928

148,532

143,997

Diluted earnings per share attributable to

   Steel Dynamics, Inc. stockholders, including the

   effect of assumed conversions when dilutive

$

5.26

$

2.74

$

11.72

$

6.17

$

3.69

Weighted average common shares

   and share equivalents outstanding

143,623

147,600

144,512

149,123

144,591

Dividends declared per share

$

0.53

$

0.50

$

1.59

$

1.50

$

0.53

Steel Dynamics, Inc.

CONSOLIDATED BALANCE SHEETS

(in thousands)

September 30,

December 31,

Assets

2026

2025

(unaudited)

Current assets

   Cash and equivalents

$

928,558

$

769,878

   Accounts receivable, net

2,446,443

1,682,660

   Inventories

4,249,059

3,738,516

   Other current assets

390,108

293,117

      Total current assets

8,014,168

6,484,171

Property, plant and equipment, net

8,491,088

8,569,466

Intangible assets, net

303,815

331,290

Goodwill

477,471

477,471

Other assets

549,302

557,382

      Total assets

$

17,835,844

$

16,419,780

Liabilities and Equity

Current liabilities

   Accounts payable

$

1,605,228

$

1,231,358

   Income taxes payable

64,227

67,315

   Accrued expenses

857,967

788,926

   Current maturities of long-term debt

20,854

34,655

      Total current liabilities

2,548,276

2,122,254

Long-term debt

4,183,039

4,176,508

Deferred income taxes

1,116,084

1,004,375

Other liabilities

208,934

186,232

      Total liabilities

8,056,333

7,489,369

Commitments and contingencies

Redeemable noncontrolling interests

143,259

141,226

Equity

   Common stock

653

653

   Treasury stock, at cost

(8,563,301)

(7,980,549)

   Additional paid-in capital

1,243,105

1,248,634

   Retained earnings

17,154,093

15,689,042

   Accumulated other comprehensive income (loss)

7,878

(598)

      Total Steel Dynamics, Inc. equity

9,842,428

8,957,182

   Noncontrolling interests

(206,176)

(167,997)

      Total equity

9,636,252

8,789,185

      Total liabilities and equity

$

17,835,844

$

16,419,780

Steel Dynamics, Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands)

Three Months Ended

Nine Months Ended

September 30,

September 30,

2026

2025

2026

2025

Operating activities:

   Net income

$

755,688

$

403,926

$

1,686,578

$

922,796

   Adjustments to reconcile net income to net cash provided by

      operating activities:

      Depreciation and amortization

174,845

138,487

508,047

405,108

      Equity-based compensation

14,435

14,238

46,048

45,341

      Deferred income taxes

44,489

147,570

107,136

202,948

      Other adjustments

(2,040)

(7,986)

10,098

(13,071)

      Changes in certain assets and liabilities:

         Accounts receivable

(3,505)

(60,985)

(763,783)

(344,762)

         Inventories

(294,124)

64,501

(517,394)

(85,106)

         Other assets

(65,738)

(34,551)

(68,205)

(58,877)

         Accounts payable

107,023

(4,817)

371,238

238,516

         Income taxes receivable/payable

35,320

(65,070)

(137)

(104,965)

         Accrued expenses

79,401

127,295

42,420

(31,106)

      Net cash provided by operating activities

845,794

722,608

1,422,046

1,176,822

Investing activities:

   Purchases of property, plant and equipment

(149,608)

(165,692)

(411,429)

(759,529)

   Purchases of short-term investments

-

-

-

(39,571)

   Proceeds from maturities of short-term investments

-

39,571

-

186,996

   Other investing activities

(1,993)

5,593

2,725

7,121

      Net cash used in investing activities

(151,601)

(120,528)

(408,704)

(604,983)

Financing activities:

   Issuance of current and long-term debt

671,649

407,965

1,966,209

2,298,186

   Repayment of current and long-term debt

(652,573)

(408,291)

(1,981,155)

(1,743,423)

   Dividends paid

(76,113)

(73,894)

(225,138)

(218,098)

   Purchase of treasury stock

(275,563)

(210,388)

(590,938)

(660,574)

   Other financing activities

(743)

(5,056)

(23,752)

(67,243)

      Net cash used in financing activities

(333,343)

(289,664)

(854,774)

(391,152)

Increase in cash, cash equivalents, and restricted cash

360,850

312,416

158,568

180,687

Cash, cash equivalents, and restricted cash at beginning of period

572,990

463,281

775,272

595,010

Cash, cash equivalents, and restricted cash at end of period

$

933,840

$

775,697

$

933,840

$

775,697

Supplemental disclosure information:

   Cash paid for interest

$

25,808

$

25,645

$

118,957

$

88,859

   Cash paid for income taxes, net

$

143,107

$

22,192

$

378,660

$

150,662

Steel Dynamics, Inc.

SUPPLEMENTAL INFORMATION (UNAUDITED)

(dollars in thousands)

Third Quarter

YTD

2026

2025

2026

2025

1Q 2026

2Q 2026

External Net Sales

   Steel

$

4,350,372

$

3,538,044

$

11,894,625

$

9,880,611

$

3,538,743

$

4,005,510

   Steel Fabrication

466,283

377,683

1,215,521

1,070,638

355,433

393,805

   Metals Recycling

614,781

520,986

1,861,729

1,578,602

593,183

653,765

   Aluminum

475,697

71,139

1,200,957

203,347

227,393

497,867

   Other

602,286

320,363

1,633,002

1,029,335

490,106

540,610

Consolidated Net Sales

$

6,509,419

$

4,828,215

$

17,805,834

$

13,762,533

$

5,204,858

$

6,091,557

Operating Income (Loss)

   Steel

$

1,032,594

$

497,894

$

2,310,076

$

1,110,053

$

556,564

$

720,918

   Steel Fabrication

90,588

107,020

264,695

316,880

89,514

84,593

   Metals Recycling

32,964

31,533

128,247

78,533

47,467

47,816

   Aluminum

(26,226)

(56,510)

(124,198)

(125,872)

(64,592)

(33,380)

1,129,920

579,937

2,578,820

1,379,594

628,953

819,947

   Non-cash amortization of intangible assets

(7,696)

(6,890)

(23,227)

(20,684)

(7,801)

(7,730)

   Profit sharing expense

(81,250)

(42,389)

(180,762)

(95,790)

(42,198)

(57,314)

   Non-segment operations

(34,607)

(22,901)

(113,503)

(97,364)

(40,950)

(37,946)

   Non-cash asset impairment charges

-

-

(16,478)

-

-

(16,478)

Consolidated Operating Income

$

1,006,367

$

507,757

$

2,244,850

$

1,165,756

$

538,004

$

700,479

Adjusted EBITDA

      Net income

$

755,688

$

403,926

$

1,686,578

$

922,796

$

400,105

$

530,785

      Income taxes

222,896

109,920

488,683

259,570

113,108

152,679

      Net interest expense

32,857

6,769

92,089

16,110

26,053

33,179

      Depreciation

164,848

129,833

477,943

378,958

149,194

163,901

      Amortization of intangible assets

7,696

6,890

23,227

20,684

7,801

7,730

 EBITDA

1,183,985

657,338

2,768,520

1,598,118

696,261

888,274

      Non-cash adjustments

         Unrealized (gains) losses on derivatives

         and currency remeasurement

(8,100)

(7,814)

(18,135)

5,142

(11,594)

1,559

         Equity-based compensation

14,435

14,246

43,873

42,246

15,230

14,208

         Asset impairment charges

-

-

16,478

-

-

16,478

Adjusted EBITDA

$

1,190,320

$

663,770

$

2,810,736

$

1,645,506

$

699,897

$

920,519

Other Operating Information

   Steel

      Average external sales price (Per ton)

$

1,400

$

1,119

$

1,299

$

1,083

$

1,193

$

1,298

      Average ferrous cost (Per ton Melted)

$

404

$

381

$

404

$

391

$

396

$

412

      Flat Roll shipments

         Butler, Columbus, and Sinton

2,024,201

2,141,350

6,061,723

6,212,765

2,011,443

2,026,079

         Steel Processing divisions *

743,254

543,700

2,147,531

1,515,429

686,440

717,837

      Long Product shipments

         Structural and Rail Division

527,427

490,413

1,528,720

1,396,638

490,971

510,322

         Engineered Bar Products Division

221,540

177,882

628,782

560,152

194,022

213,220

         Roanoke Bar Division

170,197

157,989

513,826

454,003

167,837

175,792

         Steel of West Virginia

97,865

101,996

284,110

305,680

88,155

98,090

Total Shipments (Tons)

3,784,484

3,613,330

11,164,692

10,444,667

3,638,868

3,741,340

External Shipments (Tons)

3,107,330

3,162,805

9,158,826

9,123,456

2,966,124

3,085,372

Steel Mill Production (Tons)

3,088,339

3,067,792

9,101,781

9,039,321

3,039,367

2,974,075

   Metals Recycling

      Nonferrous shipments (000's of pounds)

201,696

242,842

610,131

721,499

197,385

211,050

      Ferrous shipments (Gross tons)

1,702,125

1,590,153

4,848,468

4,639,168

1,473,457

1,672,886

         External ferrous shipments (Gross tons)

566,982

538,020

1,709,255

1,640,660

553,367

588,906

   Steel Fabrication

      Average sales price (Per ton)

$

2,462

$

2,495

$

2,459

$

2,536

$

2,478

$

2,442

      Shipments (Tons)

190,151

151,563

494,583

422,492

143,422

161,010

* Includes Heartland, The Techs, United Steel Supply, and New Process Steel (beginning December 1, 2025) operations

SOURCE Steel Dynamics, Inc.

AI jitters and rising rates are fueling a market rotation into once beaten-down defensive and real-economy stocks. Steel Dynamics, Nucor, Kroger, and Kimberly-Clark face key earnings reports and corporate catalysts in the days ahead. Earnings commentary, AI infrastructure demand, dealmaking developments, and even midterm election outcomes could determine whether the rotation has staying power.

A major U.S. steelmaker just delivered its best quarter in three years. Cleveland-Cliffs (NYSE:CLF | CLF Price Prediction) stock is up 10% to $13.

Steel Dynamics, Inc. (NASDAQ:STLD – Get Free Report) has earned a consensus rating of “Moderate Buy” from the twelve analysts that are currently covering the stock, MarketBeat reports. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $257.45.

Several equities research analysts recently issued reports on STLD shares. JPMorgan Chase & Co. reduced their price objective on shares of Steel Dynamics from $272.00 to $260.00 and set a “neutral” rating for the company in a research note on Friday. Morgan Stanley decreased their price objective on shares of Steel Dynamics from $270.00 to $260.00 and set an “equal weight” rating for the company in a report on Wednesday, July 22nd. Barclays increased their target price on shares of Steel Dynamics from $270.00 to $272.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 22nd. KeyCorp restated an “overweight” rating on shares of Steel Dynamics in a report on Wednesday, July 22nd. Finally, Wall Street Zen lowered Steel Dynamics from a “strong-buy” rating to a “buy” rating in a report on Sunday, September 20th.

Read Our Latest Report on STLD

Key Steel Dynamics News
Here are the key news stories impacting Steel Dynamics this week:

Positive Sentiment: Wall Street expects year-over-year earnings growth in Steel Dynamics’ third quarter, with consensus estimates calling for approximately $5.40 in earnings per share and $6.54 billion in revenue. Steel Dynamics Q3 analyst forecast changes
Positive Sentiment: Steel Dynamics is being compared with Ternium as a potential value investment, keeping attention focused on STLD’s earnings growth, profitability and valuation relative to another steel producer. TX versus STLD value comparison
Neutral Sentiment: Steel Dynamics is scheduled to report third-quarter earnings after the market closes on Monday, October 19. The event is likely to be the main near-term catalyst for the shares. Steel Dynamics projected earnings release
Negative Sentiment: Zacks says STLD does not currently have the preferred combination of earnings-surprise indicators that typically signals a likely beat, increasing the risk of a disappointing reaction if results or guidance fall short. Steel Dynamics earnings expectations
Negative Sentiment: J.P. Morgan maintained a Hold rating, while a separate report said the bank lowered its expectations for STLD’s stock price. Recent analyst forecast changes also referenced company guidance that was below expectations, adding pressure ahead of the earnings release. J.P. Morgan hold rating

Steel Dynamics Price Performance
Shares of STLD opened at $239.14 on Tuesday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.45 and a current ratio of 3.18. The firm has a market cap of $34.28 billion, a PE ratio of 21.68, a PEG ratio of 0.43 and a beta of 1.48. The firm’s 50 day moving average price is $240.79 and its 200 day moving average price is $234.71. Steel Dynamics has a twelve month low of $140.87 and a twelve month high of $288.74.

Steel Dynamics (NASDAQ:STLD – Get Free Report) last posted its earnings results on Tuesday, July 21st. The basic materials company reported $3.69 EPS for the quarter, topping the consensus estimate of $3.63 by $0.06. Steel Dynamics had a net margin of 7.83% and a return on equity of 18.12%. The company had revenue of $6.09 billion during the quarter, compared to the consensus estimate of $5.56 billion. During the same period in the previous year, the firm posted $2.01 earnings per share. The company’s revenue for the quarter was up 33.4% compared to the same quarter last year. As a group, research analysts expect that Steel Dynamics will post 18.13 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Wednesday, September 30th were paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 0.9%. The ex-dividend date was Wednesday, September 30th. Steel Dynamics’s dividend payout ratio is 19.22%.

Institutional Inflows and Outflows
Institutional investors have recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in Steel Dynamics during the second quarter worth approximately $2,844,501,000. Bank of America Corp DE bought a new position in shares of Steel Dynamics in the second quarter valued at approximately $264,212,000. Bank of New York Mellon Corp bought a new position in shares of Steel Dynamics in the second quarter valued at approximately $211,159,000. Hsbc Holdings PLC raised its position in shares of Steel Dynamics by 92.4% in the fourth quarter. Hsbc Holdings PLC now owns 1,030,448 shares of the basic materials company’s stock valued at $174,609,000 after purchasing an additional 494,828 shares during the period. Finally, Deutsche Bank AG acquired a new stake in shares of Steel Dynamics in the second quarter worth $126,579,000. 82.41% of the stock is owned by institutional investors.

Steel Dynamics Company Profile
(Get Free Report)

Steel Dynamics, Inc is a steel producer and metals recycler headquartered in Fort Wayne, Indiana. Founded in 1993, the company operates electric arc furnace steel mills that use recycled ferrous scrap and other raw materials to manufacture steel products for customers in construction, automotive, manufacturing, energy and other industrial markets.

Its steel operations produce flat-roll steel, long products, structural steel and rail products, along with specialized steel products such as galvanized, painted and other value-added coated materials.

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Wall Street expects a year-over-year increase in earnings on higher revenues when Steel Dynamics (STLD - Free Report) reports results for the quarter ended September 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.

The earnings report, which is expected to be released on October 19, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis steel producer and metals recycler is expected to post quarterly earnings of $5.41 per share in its upcoming report, which represents a year-over-year change of +97.5%.

Revenues are expected to be $6.13 billion, up 27% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 5.08% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Steel Dynamics?For Steel Dynamics, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination makes it difficult to conclusively predict that Steel Dynamics will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Steel Dynamics would post earnings of $3.56 per share when it actually produced earnings of $3.69, delivering a surprise of +3.65%.

Over the last four quarters, the company has beaten consensus EPS estimates three times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Steel Dynamics doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

FORT WAYNE, Ind., Oct. 8, 2026 /PRNewswire/ -- Steel Dynamics, Inc. (NASDAQ/GS: STLD), a leading industrial metals solutions company in North America, today announced it intends to release third quarter 2026 financial results after market close on Monday, October 19, 2026.

Cleveland-Cliffs is clawing back losses from its Stelco shutdown while Nucor and Steel Dynamics ride domestic trade protection, but the October 19 earnings report will decide whether this steel rally has legs or just a head start.

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

U.S. steel stocks are rallying, led by Cleveland-Cliffs (NYSE:CLF | CLF Price Prediction), which is recovering ground lost after its Stelco announcement in late September. Cleveland-Cliffs stock is up 10% to $12.44 in afternoon trading ahead of its third-quarter 2026 report on October 19.

Meanwhile, Nucor (NYSE:NUE) stock is up 5% to $252.47, and Steel Dynamics (NASDAQ:STLD) shares are rising 5% to $244.04. Worthington Steel (NYSE:WS), a steel processor, rounds out the U.S. group.

The VanEck Steel ETF (NYSEARCA:SLX), which holds a broad international mix of steel and mining stocks, is rising 2%, while the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is up 0.6%.

Cleveland-Cliffs Stock Retraces Its Stelco Slide In late September, Cleveland-Cliffs announced the indefinite shutdown of cold-rolled and coated operations at its Stelco subsidiary in Hamilton, Ontario, citing U.S. trade conditions. Shares sold off, and the current advance reverses that decline.

Operating numbers are also improving. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) at Cleveland-Cliffs tripled sequentially to $286 million in Q2 2026, and the company guided its Q3 2026 figure to approximately $575 million, with Q4 2026 expected to exceed that level. Chief executive Lourenco Goncalves stated in July that Cleveland-Cliffs was “beginning to see meaningful improvement in the Canadian market, positioning Stelco to return to generating significant earnings.”

Stelco Sets Cleveland-Cliffs Apart From Nucor and Steel Dynamics Stelco gives Cleveland-Cliffs two-sided exposure to U.S. duties on Canadian steel: tariffs that shield its U.S. mills also raise the cost of moving Stelco output across the border. Nucor and Steel Dynamics, as domestic producers, face trade protection that works in one direction.

A 10% rebound in Cleveland-Cliffs stock against 5% gains in Nucor and Steel Dynamics fits a recovery led by the most beaten-down name. Even after the bounce, Cleveland-Cliffs stock is down 7% year to date (YTD), while the VanEck Steel ETF is up 24% YTD.

Weightings explain the fund’s smaller move: Nucor made up 6.1% of net assets and Steel Dynamics 5.5% as of June 30, against 1.7% for Cleveland-Cliffs, with the rest leaning on global miners and overseas steelmakers.

October 19 Report Tests the Cleveland-Cliffs Rebound Cleveland-Cliffs reports its third-quarter results before the market opens on October 19. The report will show whether EBITDA reached the guided $575 million, how the Hamilton shutdown affected Stelco, and progress toward its leverage target of under 2.5x debt to EBITDA by mid-2027.

Steel pricing offers another benchmark: the average selling price rose to $1,124 per net ton in Q2 from $1,048 in Q1 2026, and operating cash flow turned positive at $230 million.

Cleveland-Cliffs stock carries a beta of 2.11 (a gauge of how sharply a stock moves relative to the market) and long-term debt of $7.7 billion. Nucor and Steel Dynamics offer the same domestic pricing cycle with a simpler, one-way trade profile, while the Cleveland-Cliffs rebound still needs October 19 results behind it. Stay tuned as fresh updates on any or all three stocks could redirect the trajectory of these mining assets.

Contact [email protected] for any questions or corrections.

29.9.2026 22:05

V závěru obchodní seance ropa WTI (-3,79 %) pokračovala v poklesu a udržela index Nasdaq v kladných hodnotách. Výraznější vzpruhu zaznamenaly drahé kovy, kde zlato přidalo +0,98 % a stříbro +0,15 %, které se dostalo ze záporných hodnot. Z technologických akcií se dařilo spíše čipovému sektoru. Ze softwarových společností výrazněji vyčuhovala společnost Meta +3,24 % či Oracle +3,99 %. Lehce do kladných hodnot se přetočily nakonec i kryptoměny, přičemž BTC přidalo symbolických +0,01 %. Trh jako celek osciloval celý den kolem nuly.

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Index S&P 500 -0,16 % na 7671,18 b. Nejsilnější sektory S&P Změna Nejslabší sektory S&P Změna Utility +1,1 % Energie -0,9 % Komunikační služby +0,4 % Základní materiály -0,5 % Průmysl +0,2 % Nezbytná spotřeba -0,5 % Nejsilnější akcie S&P Změna Nejslabší akcie S&P Změna Carnival Corp (CCL) +13 % Fair Isaac Corp (FICO) -27 % Bloom Energy Corp (BE) +11 % Lululemon Athletica (LULU) -3,7 % Royal Caribbean Cruises (RCL) +7,5 % Steel Dynamics (STLD) -3,7 % Lumentum Holdings (LITE) +5,7 % Equifax (EFX) -3,4 % Carvana (CVNA) +5,2 % Nucor Corp (NUE) -3,4 %
Jan Pazourek, Fio banka, a.s.

Cleveland-Cliffs is falling far harder than Nucor, Steel Dynamics, and the broader steel sector combined, and the reason traces back to a policy question that cuts against the company in two directions at once.

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Selling in Cleveland-Cliffs (NYSE:CLF | CLF Price Prediction) shares is running far ahead of the rest of the steel group, and the size of that gap carries the story. Cleveland-Cliffs stock is down 9% to $11.08 this afternoon, a slide many times deeper than the moves in its two closest domestic rivals.

Nucor (NYSE:NUE) shares are slipping 2% to $243.55, a much gentler decline that tracks the milder tone across steel. Meanwhile, Steel Dynamics (NASDAQ:STLD) stock is falling 2% to $230.10, moving practically in step with its larger rival. Both producers are slipping by a similar margin, which makes the slide in Cleveland-Cliffs stock stand out even more.

The VanEck Steel ETF (NYSEARCA:SLX) is down 0.7%, which shows the sector as a whole is barely moving. Also, the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is falling 0.54%, a comparatively mild dip for the broad market that leaves Cleveland-Cliffs stock as the clear exception.

Cleveland-Cliffs Breaks Away From the Steel Pack Cleveland-Cliffs has released no company announcement that accounts for a drop of this size, with the steel fund off by less than a point and the selling looking specific to Cleveland-Cliffs stock, where pressure is concentrated on a single name.

Isolated moves of this sort often trace back to something unique in a company’s makeup. For Cleveland-Cliffs, trade policy between the U.S. and Canada is that feature, and it bears on the company in ways that leave Nucor and Steel Dynamics largely untouched.

How Stelco Cuts Both Ways for Cleveland-Cliffs Cleveland-Cliffs owns Stelco, a Canadian steel producer, which gives the company operations on both sides of the border. Any change in U.S. duties on Canadian steel therefore cuts in two directions for Cleveland-Cliffs at once, and under that setup, an open policy question can weigh on Cleveland-Cliffs stock well before any decision arrives.

Lower duties would expose the domestic mills of Cleveland-Cliffs to more import competition, a direct threat to the pricing those plants depend on. On the other side of the ledger, the same shift would ease the burden on the company’s Canadian operation and give Stelco some breathing room. Higher duties would flip both effects, protecting the U.S. plants of Cleveland-Cliffs while leaving the Canadian arm under more strain.

Nucor and Steel Dynamics are domestic producers and carry no equivalent two-sided exposure. That difference helps explain why an unresolved tariff question can pressure Cleveland-Cliffs stock while both rivals slip only slightly alongside the sector fund. For those two producers, a shift in duties pushes in a single direction, saving them the tug of war facing Cleveland-Cliffs.

Weighing the Bear and Bull Cases The skeptics may argue that Cleveland-Cliffs sits on the wrong side of this policy question whichever way it’s settled. A resolution that helps Stelco would hurt the American plants of Cleveland-Cliffs, while one that shields those plants would squeeze the company’s Canadian business.

Cleveland-Cliffs also carries a heavier debt load, which leaves less room to absorb a weaker earnings outcome if the policy answer lands badly. That mix can make Cleveland-Cliffs stock react sharply to any fresh doubt. Tighter finances can narrow the choices available to Cleveland-Cliffs if the policy outcome forces a change in plans.

Supporters of Cleveland-Cliffs stock counter that nothing in the steel group points to a problem big enough to justify a move this large. On that reading, the slide in Cleveland-Cliffs stock reprices uncertainty around trade policy, and that kind of doubt can fade once a decision arrives. However, the timing of any such decision for the company remains open, which keeps the risk alive in the meantime.

What the Gap Means for Shareholders The distance between Cleveland-Cliffs stock and the rest of the steel group matters more than the direction of the move itself. A closing of that gap could suggest a passing worry. A widening one might point to deeper concern about the company’s Canadian exposure.

Investors should keep their positions in Cleveland-Cliffs stock modest. The trade question stays open, since the company’s two-sided exposure can produce sharp swings in either direction. Any additions to their exposure after the drop should come in small steps, with each purchase tied to clearer signals on the company’s Canadian risk.

Shareholders should keep an eye on any fresh clarity on U.S. duties on Canadian steel, since that answer bears directly on both parts of Cleveland-Cliffs. Until then, the spread between CLF stock and the SLX steel fund offers the clearest read on whether the selling is fading or picking up. Steady trading in Nucor and Steel Dynamics shares could reinforce the view that this pressure belongs to Cleveland-Cliffs stock alone.

Contact [email protected] for any questions or corrections.

The recommendations of Wall Street analysts are often relied on by investors when deciding whether to buy, sell, or hold a stock. Media reports about these brokerage-firm-employed (or sell-side) analysts changing their ratings often affect a stock's price. Do they really matter, though?

Let's take a look at what these Wall Street heavyweights have to say about Steel Dynamics (STLD - Free Report) before we discuss the reliability of brokerage recommendations and how to use them to your advantage.

Steel Dynamics currently has an average brokerage recommendation (ABR) of 1.62, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 13 brokerage firms. An ABR of 1.62 approximates between Strong Buy and Buy.

Of the 13 recommendations that derive the current ABR, nine are Strong Buy, representing 69.2% of all recommendations.

Brokerage Recommendation Trends for STLD

Check price target & stock forecast for Steel Dynamics here>>>

While the ABR calls for buying Steel Dynamics, it may not be wise to make an investment decision solely based on this information. Several studies have shown limited to no success of brokerage recommendations in guiding investors to pick stocks with the best price increase potential.

Are you wondering why? The vested interest of brokerage firms in a stock they cover often results in a strong positive bias of their analysts in rating it. Our research shows that for every "Strong Sell" recommendation, brokerage firms assign five "Strong Buy" recommendations.

In other words, their interests aren't always aligned with retail investors, rarely indicating where the price of a stock could actually be heading. Therefore, the best use of this information could be validating your own research or an indicator that has proven to be highly successful in predicting a stock's price movement.

Zacks Rank, our proprietary stock rating tool with an impressive externally audited track record, categorizes stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), and is an effective indicator of a stock's price performance in the near future. Therefore, using the ABR to validate the Zacks Rank could be an efficient way of making a profitable investment decision.

ABR Should Not Be Confused With Zacks RankAlthough both Zacks Rank and ABR are displayed in a range of 1--5, they are different measures altogether.

The ABR is calculated solely based on brokerage recommendations and is typically displayed with decimals (example: 1.28). In contrast, the Zacks Rank is a quantitative model allowing investors to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.

It has been and continues to be the case that analysts employed by brokerage firms are overly optimistic with their recommendations. Because of their employers' vested interests, these analysts issue more favorable ratings than their research would support, misguiding investors far more often than helping them.

In contrast, the Zacks Rank is driven by earnings estimate revisions. And near-term stock price movements are strongly correlated with trends in earnings estimate revisions, according to empirical research.

Furthermore, the different grades of the Zacks Rank are applied proportionately across all stocks for which brokerage analysts provide earnings estimates for the current year. In other words, at all times, this tool maintains a balance among the five ranks it assigns.

Another key difference between the ABR and Zacks Rank is freshness. The ABR is not necessarily up-to-date when you look at it. But, since brokerage analysts keep revising their earnings estimates to account for a company's changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in indicating future price movements.

Should You Invest in STLD?Looking at the earnings estimate revisions for Steel Dynamics, the Zacks Consensus Estimate for the current year has increased 6% over the past month to $18.11.

Analysts' growing optimism over the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher, could be a legitimate reason for the stock to soar in the near term.

The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #2 (Buy) for Steel Dynamics. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Therefore, the Buy-equivalent ABR for Steel Dynamics may serve as a useful guide for investors.

Shares of Steel Dynamics, Inc. (NASDAQ:STLD – Get Free Report) have received an average recommendation of “Moderate Buy” from the twelve ratings firms that are currently covering the firm, Marketbeat Ratings reports. Four analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $258.5455.

STLD has been the topic of several research reports. Morgan Stanley lowered their price target on shares of Steel Dynamics from $270.00 to $260.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 22nd. KeyCorp restated an “overweight” rating on shares of Steel Dynamics in a research report on Wednesday, July 22nd. Wells Fargo & Company upped their target price on Steel Dynamics from $255.00 to $257.00 and gave the company an “overweight” rating in a research note on Friday. Barclays increased their target price on Steel Dynamics from $270.00 to $272.00 and gave the company an “overweight” rating in a report on Wednesday, July 22nd. Finally, JPMorgan Chase & Co. dropped their price target on Steel Dynamics from $273.00 to $272.00 and set a “neutral” rating for the company in a research report on Friday.

Check Out Our Latest Stock Report on STLD

Key Headlines Impacting Steel Dynamics Here are the key news stories impacting Steel Dynamics this week: Positive Sentiment: Management projected third-quarter diluted EPS of $5.34–$5.38, representing both year-over-year and sequential earnings growth. The company cited record steel shipments, higher realized selling prices, lower scrap costs, strong customer demand and a nearly 50% year-over-year increase in its steel-fabrication backlog. Steel Dynamics Provides Third Quarter 2026 Earnings Guidance Positive Sentiment: Wells Fargo remained constructive on potential margin upside despite the guidance shortfall, while analysts’ published price targets remain above the current trading level. Steel Dynamics also repurchased approximately $261 million of stock during the quarter, supporting per-share value. STLD Gets Street Backing Despite Lower Guidance Positive Sentiment: Technical commentary had recently identified STLD breaking above its 50-day moving average, suggesting underlying momentum before the guidance-driven decline. Steel Dynamics Recently Broke Out Above the 50-Day Moving Average Neutral Sentiment: JPMorgan lowered its price target modestly from $273 to $272 and kept a neutral rating. The target still implies meaningful upside, but the revised stance signals limited near-term conviction. Negative Sentiment: The EPS outlook was below consensus estimates reported between approximately $5.50 and $5.66. Because steel shares had performed strongly, investors appeared to interpret the guidance as a miss against high expectations rather than as evidence of deteriorating operations. Steel Dynamics Slides as Third-Quarter Outlook Misses Expectations Negative Sentiment: Canada’s reported 50% tariff on U.S. steel added pressure by creating uncertainty around cross-border shipments, pricing and margins for Steel Dynamics and other domestic steelmakers. Steel Dynamics Stock Falls as Canada Tariffs and Weak Guidance Hit Hard Negative Sentiment: Recent insider activity showed 13 open-market sales and no purchases over six months. While such transactions may reflect scheduled or personal selling, the one-sided pattern can weigh on sentiment. Steel Dynamics Stock Performance NASDAQ:STLD opened at $235.26 on Friday. Steel Dynamics has a 52-week low of $134.87 and a 52-week high of $288.74. The company has a quick ratio of 1.45, a current ratio of 3.18 and a debt-to-equity ratio of 0.45. The stock has a fifty day simple moving average of $244.07 and a 200-day simple moving average of $228.50. The company has a market capitalization of $33.72 billion, a PE ratio of 21.33, a price-to-earnings-growth ratio of 0.41 and a beta of 1.50.

Steel Dynamics (NASDAQ:STLD – Get Free Report) last issued its quarterly earnings data on Tuesday, July 21st. The basic materials company reported $3.69 EPS for the quarter, beating analysts’ consensus estimates of $3.63 by $0.06. The firm had revenue of $6.09 billion for the quarter, compared to analysts’ expectations of $5.56 billion. Steel Dynamics had a net margin of 7.83% and a return on equity of 18.12%. The firm’s revenue was up 33.4% on a year-over-year basis. During the same period in the prior year, the company earned $2.01 EPS. On average, equities research analysts expect that Steel Dynamics will post 18.58 earnings per share for the current fiscal year.

Steel Dynamics Dividend Announcement The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Wednesday, September 30th will be paid a dividend of $0.53 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.9%. Steel Dynamics’s dividend payout ratio (DPR) is presently 19.22%.

Institutional Trading of Steel Dynamics Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in shares of Steel Dynamics in the second quarter valued at approximately $2,844,501,000. Life Cycle Investment Partners Ltd purchased a new position in shares of Steel Dynamics during the fourth quarter valued at approximately $586,702,000. Norges Bank purchased a new position in shares of Steel Dynamics during the fourth quarter valued at approximately $564,590,000. Bank of America Corp DE acquired a new stake in Steel Dynamics during the second quarter worth approximately $264,212,000. Finally, Boston Partners boosted its position in Steel Dynamics by 147.9% during the fourth quarter. Boston Partners now owns 1,793,630 shares of the basic materials company’s stock worth $303,970,000 after acquiring an additional 1,070,042 shares during the last quarter. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Steel Dynamics Company Profile (Get Free Report)

Steel Dynamics, Inc is a steel producer and metals recycler headquartered in Fort Wayne, Indiana. Founded in 1993, the company operates electric arc furnaces that use recycled steel and other metallic inputs to manufacture a broad range of steel products. Its customers include companies in the construction, automotive, manufacturing, transportation, energy and appliance industries.

Steel Dynamics’ steel operations produce flat-rolled steel, structural steel, rail, engineered bar products and other specialty steel products.

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Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Stock futures are mixed after last session's rebound, with several Fed officials scheduled to make remarks

After reaching an important support level, Steel Dynamics (STLD - Free Report) could be a good stock pick from a technical perspective. STLD surpassed resistance at the 50-day moving average, suggesting a short-term bullish trend.

The 50-day simple moving average is a widely used technical indicator that helps determine support or resistance levels for different types of securities. It's one of three major moving averages, but takes precedent because it's the first sign of an up or down trend.

Over the past four weeks, STLD has gained 12%. The company is currently ranked a Zacks Rank #3 (Hold), another strong indication the stock could move even higher.

Looking at STLD's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 3 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.

Investors may want to watch STLD for more gains in the near future given the company's key technical level and positive earnings estimate revisions.

In the latest close session, Steel Dynamics (STLD - Free Report) was up +2.99% at $245.35. The stock's performance was ahead of the S&P 500's daily gain of 1.14%. Elsewhere, the Dow saw an upswing of 0.61%, while the tech-heavy Nasdaq appreciated by 1.69%.

Shares of the steel producer and metals recycler witnessed a gain of 3.13% over the previous month, beating the performance of the Basic Materials sector with its loss of 1.36%, and the S&P 500's loss of 2.85%.

Market participants will be closely following the financial results of Steel Dynamics in its upcoming release. The company's upcoming EPS is projected at $5.87, signifying a 114.23% increase compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $6.22 billion, indicating a 28.86% growth compared to the corresponding quarter of the prior year.

STLD's full-year Zacks Consensus Estimates are calling for earnings of $18.27 per share and revenue of $23.63 billion. These results would represent year-over-year changes of +128.66% and +30.02%, respectively.

Investors might also notice recent changes to analyst estimates for Steel Dynamics. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, there's been a 6.95% rise in the Zacks Consensus EPS estimate. Steel Dynamics currently has a Zacks Rank of #3 (Hold).

Investors should also note Steel Dynamics's current valuation metrics, including its Forward P/E ratio of 13.1. This signifies a discount in comparison to the average Forward P/E of 14.99 for its industry.

We can also see that STLD currently has a PEG ratio of 0.43. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Steel - Producers industry had an average PEG ratio of 0.43 as trading concluded yesterday.

The Steel - Producers industry is part of the Basic Materials sector. Currently, this industry holds a Zacks Industry Rank of 81, positioning it in the top 33% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.

Featuring daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, the research service can help you become a smarter, more self-assured investor.

Zacks Premium also includes the Zacks Style Scores.

What are the Zacks Style Scores? The Zacks Style Scores is a unique set of guidelines that rates stocks based on three popular investing types, and were developed as complementary indicators for the Zacks Rank. This combination helps investors choose securities with the highest chances of beating the market over the next 30 days.

Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreValue investors love finding good stocks at good prices, especially before the broader market catches on to a stock's true value. Utilizing ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and many other multiples, the Value Style Score identifies the most attractive and most discounted stocks.

Growth ScoreWhile good value is important, growth investors are more focused on a company's financial strength and health, and its future outlook. The Growth Style Score takes projected and historic earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.

Momentum ScoreMomentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.

VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.

Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +23.8% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

With more than 800 top-rated stocks to choose from, it can certainly feel overwhelming to pick the ones that are right for you and your investing journey.

That's where the Style Scores come in.

To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.

Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.

Here's an example: a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one with Style Scores of A and B, still has a downward-trending earnings outlook, and a bigger chance its share price will decrease too.

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Stock to Watch: Steel Dynamics (STLD - Free Report) Based in Fort Wayne, IN, Steel Dynamics, Inc. is among the leading steel producers and metal recyclers in the United States. It is one of the most diversified steel companies in the United States with a vast range of specialty products. The company makes and markets steel products, processes and sells recycled ferrous and nonferrous metals, and fabricates and sells steel joist and decking products in the United States and internationally.

STLD is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

Momentum investors should take note of this Basic Materials stock. STLD has a Momentum Style Score of A, and shares are up 3.1% over the past four weeks.

For fiscal 2026, three analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $1.22 to $18.27 per share. STLD boasts an average earnings surprise of +3%.

With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, STLD should be on investors' short list.

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.

Featuring daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, the research service can help you become a smarter, more self-assured investor.

It also includes access to the Zacks Style Scores.

What are the Zacks Style Scores? The Zacks Style Scores, developed alongside the Zacks Rank, are complementary indicators that rate stocks based on three widely-followed investing methodologies; they also help investors pick stocks with the best chances of beating the market over the next 30 days.

Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.

Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.

Momentum ScoreMomentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.

VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.

#1 (Strong Buy) stocks have produced an unmatched +23.8% average annual return since 1988, which is more than double the S&P 500's performance over the same time frame. However, the Zacks Rank examines a ton of stocks, and there can be more than 200 companies with a Strong Buy rank, and another 600 with a #2 (Buy) rank, on any given day.

But it can feel overwhelming to pick the right stocks for you and your investing goals with over 800 top-rated stocks to choose from.

That's where the Style Scores come in.

To have the best chance of big returns, you'll want to always consider stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B, which will give you the highest probability of success. If you're looking at stocks with a #3 (Hold) rank, it's important they have Scores of A or B as well to ensure as much upside potential as possible.

Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.

Here's an example: a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one with Style Scores of A and B, still has a downward-trending earnings outlook, and a bigger chance its share price will decrease too.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Steel Dynamics (STLD - Free Report) Based in Fort Wayne, IN, Steel Dynamics, Inc. is among the leading steel producers and metal recyclers in the United States. It is one of the most diversified steel companies in the United States with a vast range of specialty products. The company makes and markets steel products, processes and sells recycled ferrous and nonferrous metals, and fabricates and sells steel joist and decking products in the United States and internationally.

STLD is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 13.84; value investors should take notice.

Three analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.44 to $17.14 per share. STLD boasts an average earnings surprise of +3%.

With a solid Zacks Rank and top-tier Value and VGM Style Scores, STLD should be on investors' short list.

Baird Financial Group Inc. grew its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD – Free Report) by 9.9% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 187,906 shares of the basic materials company’s stock after acquiring an additional 16,930 shares during the quarter. Baird Financial Group Inc. owned about 0.13% of Steel Dynamics worth $43,117,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of STLD. Canada Post Corp Registered Pension Plan lifted its holdings in shares of Steel Dynamics by 70.5% during the 4th quarter. Canada Post Corp Registered Pension Plan now owns 11,692 shares of the basic materials company’s stock worth $1,981,000 after acquiring an additional 4,835 shares during the period. Sapient Capital LLC raised its holdings in shares of Steel Dynamics by 34.6% during the 2nd quarter. Sapient Capital LLC now owns 447,664 shares of the basic materials company’s stock worth $102,958,000 after buying an additional 115,080 shares in the last quarter. Donoghue Forlines LLC bought a new stake in shares of Steel Dynamics during the 4th quarter worth $2,268,000. Sierra Summit Advisors LLC lifted its position in shares of Steel Dynamics by 1,894.7% during the 4th quarter. Sierra Summit Advisors LLC now owns 62,334 shares of the basic materials company’s stock worth $10,562,000 after buying an additional 59,209 shares during the last quarter. Finally, BlackRock Inc. acquired a new stake in Steel Dynamics in the second quarter valued at about $2,844,501,000. 82.41% of the stock is owned by institutional investors and hedge funds.

Steel Dynamics Price Performance Shares of STLD opened at $240.69 on Thursday. The company has a quick ratio of 1.45, a current ratio of 3.18 and a debt-to-equity ratio of 0.45. The stock has a market cap of $34.50 billion, a PE ratio of 21.82, a PEG ratio of 0.45 and a beta of 1.50. Steel Dynamics, Inc. has a 12-month low of $129.41 and a 12-month high of $288.74. The business has a 50-day simple moving average of $242.21 and a two-hundred day simple moving average of $226.31.

Steel Dynamics (NASDAQ:STLD – Get Free Report) last announced its quarterly earnings results on Tuesday, July 21st. The basic materials company reported $3.69 EPS for the quarter, beating analysts’ consensus estimates of $3.63 by $0.06. Steel Dynamics had a return on equity of 18.12% and a net margin of 7.83%.The firm had revenue of $6.09 billion for the quarter, compared to analyst estimates of $5.56 billion. During the same period last year, the firm posted $2.01 earnings per share. The business’s revenue for the quarter was up 33.4% on a year-over-year basis. Analysts anticipate that Steel Dynamics, Inc. will post 17.16 earnings per share for the current fiscal year. Steel Dynamics Dividend Announcement The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Wednesday, September 30th will be issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Wednesday, September 30th. Steel Dynamics’s dividend payout ratio (DPR) is 19.22%.

Analyst Upgrades and Downgrades A number of research analysts have issued reports on the company. UBS Group lifted their target price on Steel Dynamics from $165.00 to $276.00 and gave the company a “neutral” rating in a research report on Monday, August 10th. Morgan Stanley reduced their price target on shares of Steel Dynamics from $270.00 to $260.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 22nd. The Goldman Sachs Group started coverage on shares of Steel Dynamics in a report on Wednesday, July 29th. They set a “buy” rating and a $300.00 price target on the stock. Wells Fargo & Company decreased their price target on shares of Steel Dynamics from $275.00 to $255.00 and set an “overweight” rating on the stock in a report on Monday, August 24th. Finally, Bank of America lowered their price objective on shares of Steel Dynamics from $280.00 to $260.00 and set a “neutral” rating for the company in a research report on Thursday, July 9th. Eight research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, Steel Dynamics has a consensus rating of “Moderate Buy” and a consensus target price of $258.45.

Check Out Our Latest Report on Steel Dynamics

Steel Dynamics Company Profile (Free Report)

Steel Dynamics, Inc is a steel producer and metals recycler headquartered in Fort Wayne, Indiana. Founded in 1993, the company operates electric arc furnaces that use recycled steel and other metallic inputs to manufacture a broad range of steel products. Its customers include companies in the construction, automotive, manufacturing, transportation, energy and appliance industries.

Steel Dynamics’ steel operations produce flat-rolled steel, structural steel, rail, engineered bar products and other specialty steel products.

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The Zacks Steel Producers industry faces headwinds from a muted demand environment. Sluggish demand in China amid weakness in the property market and softness in the residential construction and automotive markets are weighing on the industry.

Nevertheless, higher steel prices and a resilient commercial construction market augur well for the industry. Players from the space, such as ArcelorMittal S.A. (MT - Free Report) , Nucor Corporation (NUE - Free Report) , Steel Dynamics, Inc. (STLD - Free Report) and L.B. Foster Company (FSTR - Free Report) , are worth a look despite near-term headwinds.

About the Industry The Zacks Steel Producers industry serves a vast spectrum of end-use industries, such as automotive, construction, appliance, container, packaging, industrial machinery, mining equipment, transportation, and oil and gas, with various steel products. These products include hot-rolled and cold-rolled coils and sheets, hot-dipped and galvanized coils and sheets, reinforcing bars, billets and blooms, wire rods, strip mill plates, standard and line pipe, and mechanical tubing products. Steel is primarily produced using two methods — Blast Furnace and Electric Arc Furnace. It is regarded as the backbone of the manufacturing industry. The automotive and construction markets have historically been the largest consumers of steel. The housing and construction sector accounts for roughly half of the world’s total steel consumption.

What's Shaping the Future of the Steel Producers' Industry? Muted Demand in Certain Major Markets: Automotive is a significant market for steel producers. A slowdown in global automotive production curtailed steel consumption in this key end market last year. High interest rates, along with concerns over economic slowdown and tariffs, put pressure on the automotive market. Global automotive production remains depressed, with weakness in Europe and North America. High interest rates are affecting the automotive market. This, along with inflation and tariffs, is likely to put pressure on the automotive market in 2026. Residential construction, a key end market for steel, remains another area of weakness. The construction sector has experienced a slowdown in the United States due to high interest rates, dampening steel demand in this market. Elevated borrowing costs and inflation have weighed heavily on the residential construction industry. Manufacturing activities have also softened amid weaker demand for goods and higher borrowing costs, while recovery remains tepid. Nonetheless, order activity in the non-residential construction market remains strong, underscoring the inherent strength of this industry. Firm demand in non-residential construction is expected to continue in 2026, aided by sustained infrastructure spending.

Sluggishness in China a Concern: Steel demand in China, the world’s top consumer of the commodity, has softened due to a slowdown in the country’s economy, following a protracted property crisis and weak global demand. The real estate sector has taken a hard hit amid a decline in new home prices, property investment and housing sales. Notably, real estate accounts for roughly 40% of China's steel consumption. A slowdown in manufacturing activities has led to a contraction in demand for steel in China. The manufacturing sector has taken a beating due to weaker external demand for manufactured goods and a slowdown in infrastructure spending. China has also seen a slowdown in the construction sector. The sluggishness in these key steel-consuming sectors may hurt demand for steel over the short term.

Elevated Steel Prices Bode Well: U.S. steel prices recovered in the fourth quarter of 2025, following the lows seen in the third quarter, and the momentum continues so far this year. Overall demand weakness and abundant steel mill output dragged benchmark hot-rolled coil (“HRC”) prices below $800 per short ton in late August 2025 and continued through early September. HRC prices rebounded on major steel mills' price increases, extending lead times and tightening supply, partly due to plant outages and reduced imports driven by tariffs. The recovery, which has been more pronounced since November, has led to HRC prices surging to above $1,200 per short ton. Global steel prices have also increased due to supply constraints driven by China’s steel output reductions, as well as price hikes by steel mills amid higher raw material, energy and freight costs triggered by the Middle East conflict.

Zacks Industry Rank Indicates Downbeat Prospects The Zacks Steel Producers industry is part of the broader Zacks Basic Materials Sector. It carries a Zacks Industry Rank #160, which places it in the bottom 35% of more than 250 Zacks industries.

The group’s Zacks Industry Rank, which is basically the average of the Zacks Rank of all member stocks, indicates a bleak near-term. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Before we present a few stocks that you may want to consider for your portfolio, let’s take a look at the industry’s recent stock-market performance and valuation picture.

Industry Outperforms Sector and S&P 500 The Zacks Steel Producers industry has outperformed both the Zacks S&P 500 composite and the broader Zacks Basic Materials sector over the past year.

The industry has gained 79.2% over this period compared with the S&P 500’s rise of 19.1% and the broader sector’s increase of 27.8%.

One-Year Price Performance

Industry's Current Valuation On the basis of the trailing 12-month enterprise value-to EBITDA (EV/EBITDA) ratio, which is a commonly used multiple for valuing steel stocks, the industry is currently trading at 12.16X, below the S&P 500’s 20.09X and the sector’s 15.83X.

Over the past five years, the industry has traded as high as 13.88X, as low as 3.22X and at the median of 9.26X, as the chart below shows.

Enterprise Value/EBITDA (EV/EBITDA) Ratio

Enterprise Value/EBITDA (EV/EBITDA) Ratio

4 Steel Producer Stocks to Watch L.B. Foster: Pennsylvania-based L.B. Foster provides innovative solutions to rail, construction and energy markets to build and maintain their critical infrastructure. L.B. Foster is gaining from a favorable product mix and strategic transformation initiatives. Its business portfolio actions and profitability initiatives are driving results. The company is seeing strong bidding activities in its Rail segment, leading to an increase in backlog. FSTR is also seeing strong demand in its Precast Concrete business. Favorable order activities are expected to drive its performance. FSTR remains committed to its capital allocation priorities while investing in organic growth and acquisition opportunities.

L.B. Foster, carrying a Zacks Rank #2 (Buy), has expected earnings growth of 134.8% for 2026. It has a trailing four-quarter earnings surprise of roughly 19.9%, on average.  You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Price and Consensus: FSTR

ArcelorMittal: Luxembourg-based ArcelorMittal is among the leading integrated steel and mining companies globally. MT is expanding its steel-making capacity and focusing on shifting to high-added-value products. Its strategic expansion projects are expected to boost profitability and cash flows. MT is optimizing its decarbonization strategy to maintain competitiveness and profitability. The company is committed to returning shareholders’ value while maintaining a strong balance sheet. Its cost-improvement efforts are also expected to support margins.

ArcelorMittal currently carries a Zacks Rank #3 (Hold). The company beat the Zacks Consensus Estimate for earnings in three of the trailing four quarters. In this time frame, it has delivered an average earnings surprise of roughly 10%. MT has an expected earnings growth of 16.4% for 2026.

Price and Consensus: MT

Nucor: Charlotte, NC-based Nucor makes steel and steel products with operating facilities in the United States, Canada and Mexico. Nucor is expected to gain from the strength in the non-residential construction market. The company remains focused on achieving greater penetration in the automotive market. Nucor should also benefit from considerable market opportunities from its strategic investments in its most significant growth projects. NUE remains committed to boosting production capacity, which should drive growth and strengthen its position as a low-cost producer. Nucor is maximizing its returns to its shareholders by leveraging its strong balance sheet and cash flows.

Currently, Nucor carries a Zacks Rank #3. It has an expected earnings growth of 132.8% for 2026. The Zacks Consensus Estimate for NUE’s 2026 earnings has moved up 3.9% in the past 60 days.

Price and Consensus: NUE

Steel Dynamics: Based in Indiana, Steel Dynamics is a leading steel producer and metals recycler in the United States. Steel Dynamics' customer-focused approach, along with market diversification and low-cost operating platforms, positions it for future growth opportunities. The company should gain from its investments in beefing up capacity and upgrading facilities. STLD is currently executing several projects that should add to its capacity and boost profitability.

STLD is ramping up operations at its state-of-the-art electric arc furnace flat-rolled steel mill in Sinton, TX. The value-added flat-rolled steel coating lines, consisting of two paint lines and two galvanizing lines, also enhance the annual value-added flat-rolled steel capacity. The company is ramping up volumes from these lines, which are expected to provide earnings benefits.

Steel Dynamics carries a Zacks Rank #3 at present. The company outpaced the consensus estimate in three of the trailing four quarters. In this time frame, it has delivered an average earnings surprise of roughly 3%. STLD has an expected earnings growth of 114.5% for 2026.

Price and Consensus: STLD

Corient Private Wealth LP bought a new position in shares of Steel Dynamics, Inc. (NASDAQ:STLD – Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 36,550 shares of the basic materials company’s stock, valued at approximately $8,387,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. purchased a new position in shares of Steel Dynamics during the 2nd quarter worth $2,844,501,000. Capital Research Global Investors boosted its holdings in Steel Dynamics by 0.3% in the fourth quarter. Capital Research Global Investors now owns 3,623,054 shares of the basic materials company’s stock valued at $613,926,000 after purchasing an additional 9,959 shares during the last quarter. Life Cycle Investment Partners Ltd acquired a new stake in shares of Steel Dynamics during the fourth quarter worth approximately $586,702,000. Norges Bank acquired a new position in Steel Dynamics during the 4th quarter worth $564,590,000. Finally, Invesco Ltd. increased its holdings in Steel Dynamics by 6.3% in the fourth quarter. Invesco Ltd. now owns 1,965,092 shares of the basic materials company’s stock valued at $332,985,000 after buying an additional 116,379 shares during the last quarter. 82.41% of the stock is owned by institutional investors and hedge funds.

Steel Dynamics Stock Performance Shares of STLD opened at $234.66 on Monday. Steel Dynamics, Inc. has a one year low of $126.88 and a one year high of $288.74. The company has a debt-to-equity ratio of 0.45, a current ratio of 3.18 and a quick ratio of 1.45. The stock has a market cap of $33.63 billion, a price-to-earnings ratio of 21.27, a PEG ratio of 0.44 and a beta of 1.52. The company has a 50-day moving average of $242.07 and a two-hundred day moving average of $223.77.

Steel Dynamics (NASDAQ:STLD – Get Free Report) last issued its earnings results on Tuesday, July 21st. The basic materials company reported $3.69 earnings per share for the quarter, beating analysts’ consensus estimates of $3.63 by $0.06. Steel Dynamics had a return on equity of 18.12% and a net margin of 7.83%.The company had revenue of $6.09 billion for the quarter, compared to the consensus estimate of $5.56 billion. During the same quarter in the prior year, the company earned $2.01 EPS. The firm’s quarterly revenue was up 33.4% on a year-over-year basis. On average, equities research analysts expect that Steel Dynamics, Inc. will post 17.16 earnings per share for the current year. Steel Dynamics Announces Dividend The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Wednesday, September 30th will be paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Wednesday, September 30th. Steel Dynamics’s payout ratio is presently 19.22%.

Insider Buying and Selling at Steel Dynamics In related news, SVP James Stanley Anderson sold 10,000 shares of the company’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $268.70, for a total transaction of $2,687,000.00. Following the completion of the sale, the senior vice president directly owned 102,837 shares of the company’s stock, valued at approximately $27,632,301.90. This represents a 8.86% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 6.60% of the company’s stock.

Analyst Ratings Changes STLD has been the topic of several research analyst reports. Morgan Stanley reduced their price objective on Steel Dynamics from $270.00 to $260.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 22nd. KeyCorp restated an “overweight” rating on shares of Steel Dynamics in a research report on Wednesday, July 22nd. JPMorgan Chase & Co. raised their target price on Steel Dynamics from $256.00 to $260.00 and gave the company a “neutral” rating in a research report on Wednesday, July 22nd. Bank of America dropped their price target on shares of Steel Dynamics from $280.00 to $260.00 and set a “neutral” rating on the stock in a research report on Thursday, July 9th. Finally, UBS Group upped their price objective on Steel Dynamics from $165.00 to $276.00 and gave the company a “neutral” rating in a report on Monday, August 10th. Eight equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Steel Dynamics currently has an average rating of “Moderate Buy” and an average target price of $257.27.

Get Our Latest Research Report on STLD

Steel Dynamics Company Profile (Free Report)

Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.

The company’s product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.

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