Core Viewpoint - Steel Dynamics reported strong financial performance in Q3 2025, with earnings per share of $2.74, exceeding estimates and showing significant year-over-year growth [2][3] Financial Performance - Q3 2025 earnings per share increased to $2.74 from $2.05 in the same quarter last year, beating the Zacks Consensus Estimate of $2.66 [2] - Net sales rose approximately 11.2% year-over-year to $4,828.2 million, surpassing the Zacks Consensus Estimate of $4,690.7 million [2] - Cash flow from operations was $722.6 million, down around 5% year-over-year [7] Segment Highlights - Steel operations net sales reached $3,538.04 million, up about 21.3% year-over-year, with record steel shipments of approximately 3.6 million tons [4] - Average external product selling price for steel was $1,119 per ton, an increase from $1,059 in the previous year [4] - Metal recycling operations net sales were $520.99 million, up around 4.5% year-over-year, with ferrous shipments of about 1.59 million gross tons, an increase of 8.8% [5] - Steel fabrication operations reported sales of approximately $377.7 million, down roughly 15.56% year-over-year, with shipments of 151,563 tons, down around 4.4% [6] Financial Position - Cash and cash equivalents at the end of the quarter were $770.4 million, down about 24.12% year-over-year [7] - Long-term debt increased to $3,781 million, up roughly 35% from the previous year [7] Outlook - The company anticipates improving market conditions due to greater trade stability, policy clarity, and a favorable interest rate environment, which are expected to drive stronger domestic demand for steel and aluminum products [8] - Management expects a reduction in unfairly traded imports, benefiting operations and market positioning [8] - The company is focused on low-carbon, U.S.-made steel and aluminum solutions, with ongoing expansion in aluminum flat-rolled products [10]

Core Viewpoint - Cleveland-Cliffs has experienced a decline in share price of approximately 16.4% since the last earnings report, underperforming the S&P 500, raising questions about the potential for a breakout or continued negative trend leading up to the next earnings release [1] Financial Performance - The third-quarter 2025 adjusted loss was 45 cents per share, which was narrower than the Zacks Consensus Estimate of a loss of 48 cents per share, compared to an adjusted loss of 33 cents per share in the same quarter last year [2] - Revenues increased by 3.6% year over year to $4,734 million, but fell short of the Zacks Consensus Estimate of $4,886.6 million [2] Operational Highlights - Steelmaking revenues were approximately $4.6 billion for the third quarter, reflecting a year-over-year increase of around 3% [3] - The average net selling price per net ton of steel products was $1,032, down about 1.2% year over year, but exceeded the estimate of $996 [3] - External sales volumes for steel products were approximately 4.03 million net tons, up around 5% year over year, but missed the estimate of 4.3 million net tons [3] Financial Position - As of the end of the third quarter, cash and cash equivalents stood at $66 million, an increase of approximately 8.2% from the previous quarter [4] - Long-term debt rose by 4% sequentially to $8,039 million, with total liquidity at $3.1 billion [4] Outlook - The company has revised its full-year 2025 guidance, lowering capital expenditures to approximately $525 million from $600 million, and reducing selling, general, and administrative expenses to around $550 million from $575 million [5] - Cleveland-Cliffs aims for steel unit cost reductions of about $50 per net ton compared to 2024, while maintaining depreciation, depletion, and amortization expenses at approximately $1.2 billion [6] Estimate Revisions - Since the earnings release, there has been a downward trend in estimates, with the consensus estimate shifting down by 25.88% [7] - The stock currently holds a Zacks Rank of 3 (Hold), indicating an expectation of an in-line return in the coming months [10] VGM Scores - Cleveland-Cliffs has a poor Growth Score of F, a Momentum Score of F, and a Value Score of F, placing it in the bottom 20% quintile for value investors, resulting in an aggregate VGM Score of F [9]

Core Viewpoint - The A-share market is currently experiencing a phase of consolidation and adjustment, with the potential for a rebound in the near future as market sentiment improves [2][3] Market Performance - The three major indices opened slightly lower, with the Shanghai Composite Index at 3937.92 points, down 0.05%, the Shenzhen Component Index at 13071.94 points, down 0.07%, and the ChiNext Index at 3065.17 points, down 0.13% [1] - The market is characterized by fluctuations, with the Shanghai Composite Index showing a tendency to consolidate around the 4000-point mark [2] Sector Performance - Sectors such as cultural media, software development, internet services, and education showed strong performance, while battery, coal, steel, and energy metals sectors lagged [2] - Semiconductor concepts were active, and some robotics stocks showed strength, while battery, coal, and steel sectors experienced significant declines [2] Market Sentiment and Technical Analysis - The A-share market is in a critical phase of adjustment, with the Shanghai Composite Index breaking below 3950 points and the ChiNext Index approaching its 60-day moving average [2] - There is an increased probability of technical and sentiment recovery in the market after a series of declines, but a strong upward movement is unlikely without new leading themes emerging [2]

Core Points - SunCoke Energy, Inc. has announced a 3-year extension of its cokemaking agreement with Cleveland-Cliffs Inc., under which SunCoke will supply 500 thousand tons of metallurgical coke annually from its Haverhill facility starting January 1, 2026 [1][2] Company Overview - SunCoke Energy, Inc. supplies high-quality coke for steel production and foundry applications, primarily through long-term, take-or-pay contracts. The company also exports coke internationally and utilizes innovative heat-recovery technology in its operations [2] Operational Capacity - SunCoke operates facilities in Illinois, Indiana, Ohio, Virginia, and Brazil, with logistics terminals capable of mixing and transloading over 40 million tons of material annually, strategically located to serve various U.S. and international markets [2]

Core Insights - Nucor Corporation is a leading steel producer with a market cap of approximately $34 billion, specializing in a diverse range of steel products through integrated operations [1] Performance Overview - Over the past year, Nucor's stock has gained 1.1%, underperforming the S&P 500 Index, which rose by nearly 13.7%. However, year-to-date, Nucor's stock increased by 27.4%, outperforming the S&P 500's 13.4% rise [2] - Compared to the VanEck Steel ETF, which gained about 13.6% over the past year and 32.4% year-to-date, Nucor's underperformance is evident [3] Growth Drivers - Nucor's stock is rising in 2025 due to investor excitement about its growth trajectory, driven by increased production from major projects and benefits from U.S. steel import tariffs that enhance domestic demand [4] - The company's integrated, scrap-based model provides a competitive edge, and strong operational momentum supports confidence in its long-term capacity buildout [4] Earnings Expectations - For the current fiscal year ending in December 2025, analysts expect Nucor's EPS to decline by 11.5% year-over-year to $7.88 on a diluted basis. The company's earnings surprise history is mixed, with three beats and one miss in the last four quarters [5] Analyst Sentiment - Despite recent underperformance, analysts maintain a bullish outlook on Nucor, with a consensus rating of "Strong Buy" from 14 analysts, including 11 "Strong Buy" ratings, one "Moderate Buy," and two "Holds" [6] - This sentiment has improved slightly from the previous month, which had 10 "Strong Buy" ratings [7] Price Target and Upgrades - Wells Fargo recently upgraded Nucor from "Equal weight" to "Overweight," with a mean price target of $167.92, indicating a 12.9% premium to current price levels. The highest price target of $182 suggests an upside potential of 22.4% [8]

Core Insights - Live Ventures Incorporated's portfolio company, Precision Marshall Steel, has achieved a 99.98% same-day shipment rate on qualifying orders and launched a new 24/7 customer portal as part of its modernization efforts [1][4][5] - Precision Marshall, acquired in 2020, specializes in decarb-free tool steel and alloy products, serving a network of distributors and service centers [2][6] - The company has invested in new equipment and digital tools to enhance customer service and support time-sensitive manufacturing environments [2][4] Company Performance - The same-day shipment performance of 99.98% helps distributors maintain production schedules and reduce downtime [3][5] - The newly launched customer portal provides 24/7 access to account information, order history, and shipping documents, aiming to streamline the ordering process [4][5] - Precision Marshall's operations are rooted in a long-standing trust with customers, with relationships spanning 60 to 70 years [5][6] Strategic Focus - Live Ventures focuses on acquiring durable, cash-generative industrial businesses and investing in their modernization [4][7] - The company aims to strengthen the broader supply chain and create shareholder value through technology and operational improvements [5][7] - Future plans include exploring additional digital enhancements and targeted investments in equipment for high-growth markets [5][6]

For investors looking to buy the global steel sector, we do not recommend investing in VanEck Steel ETF ( SLX ). SLX will soon transition to a new benchmark, the MVSLX Index. MVSLX poses several problems. Firstly, MVSLX does notI'm a long-time investing enthusiast, with a fascination for the history of cyclical patterns in metals and minerals prices. I have a Msc in Geology, with a focus on applied risk management. My geological education taught me to approach the analysis of risks to assets and people from ...

Market Overview - The market experienced fluctuations throughout the day, with the three major indices opening lower and declining further, with the Shanghai Composite Index and Shenzhen Component Index both dropping over 1% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.93 trillion yuan, an increase of 15.3 billion yuan compared to the previous trading day [1] - By the end of the trading session, the Shanghai Composite Index fell by 0.81%, the Shenzhen Component Index by 0.92%, and the ChiNext Index by 1.16% [1] Sector Performance - AI application and software development sectors showed notable gains, while battery, coal, and steel sectors experienced significant declines [1] - The AI application concept rose against the trend, with stocks like Rongji Software, Inspur Software, Xuanyan International, and Huasheng Tiancheng achieving consecutive gains [1] - The semiconductor sector was active, with Shenghui Integration and Longxun Co. hitting the daily limit [1] - The robotics sector saw some strength, with Shoukai Co. achieving three gains in five days [1] - Conversely, the recent popular themes faced adjustments, with the Fujian sector suffering heavy losses, leading to multiple stocks like Fujian Jinsen and Fujian Cement hitting the daily limit down [1] - The lithium battery sector showed weakness, with Shida Shenghua hitting the daily limit down [1]

Core Insights - Cleveland-Cliffs Inc (NYSE:CLF) has seen a 2.1% increase in stock price, trading at $10.96, following a bounce off the $10 level, which coincides with the 126-day moving average that has historically captured several pullbacks [1] - The stock is currently up 16.2% for 2025 but remains significantly below its two-year high of $16.70 reached on October 20 [1] Short Interest - Short interest in Cleveland-Cliffs has decreased by 14% over the last two reporting periods, representing 10.9% of the stock's total available float [3] - At the average trading pace, it would take short sellers more than two days to cover these positions [3] Options Market - Options for Cleveland-Cliffs are currently considered affordable, with a Schaeffer's Volatility Index (SVI) of 67%, placing it in the 20th percentile of annual readings [4] - The company tends to outperform options traders' volatility expectations, as indicated by a Schaeffer's Volatility Scorecard (SVS) of 74 out of 100 [4]

Core Viewpoint - Algoma Steel Group Inc. has successfully completed a $500 million financing transaction with the Governments of Canada and Ontario to strengthen its balance sheet and support its transition to Electric Arc Furnace (EAF) technology [1][2][4]. Financing Details - The financing consists of $400 million from the Canada Enterprise Emergency Funding Corporation (CEEFC) and $100 million from the Province of Ontario, with specific secured tranches included [2]. - Algoma has issued 6.77 million common share purchase warrants to CEEFC and Ontario, each exercisable at an exercise price of $11.08 for a 10-year term [2]. Strategic Importance - The seven-year facilities enhance Algoma's financial flexibility as it advances its EAF transformation and seeks to diversify its business [3]. - The financing is seen as a reinforcement of the partnership between Algoma and the government, enabling the company to navigate current market conditions effectively [4]. Operational Focus - The company plans to draw from the secured tranche first to provide immediate liquidity for operations and near-term transformation milestones [4]. - Algoma aims to maintain operational efficiency and cash generation while focusing on its plate-first commercial strategy [4]. Environmental Commitment - The transition to EAF technology is part of one of North America's largest industrial decarbonization initiatives, expected to reduce carbon emissions by approximately 70% [8]. - Algoma is committed to producing steel sustainably, with its new brand Volta representing steel made through EAF technology with significantly lower emissions [9]. Company Overview - Algoma Steel Group Inc. is a leading Canadian producer of high-quality plate and sheet steel products, supporting critical sectors such as energy, defense, automotive, shipbuilding, and infrastructure [7]. - The company is focused on building a greener future and shaping sustainable steelmaking in Canada [7].