Core Viewpoint - Steel Dynamics, Inc. (STLD) has shown strong performance over the past year, with a 50% increase in share value, attributed to the benefits of steel tariffs protecting the business [1] Company Performance - The company has gained 50% in share price over the last year, indicating robust market performance [1] - Initially, tariffs had a mixed impact on the business, but recent trends show increasing benefits from these tariffs [1] Industry Context - The steel industry is experiencing a favorable environment due to protective tariffs, which are contributing positively to the financial performance of companies like Steel Dynamics [1]

Presentation I n v e s t o r C a l l P r e s e n t a t i o n F o u r t h Q u a r t e r a n d F u l l Y e a r 2 0 2 5 January 26, 2026 Health and Safety Health and Safety Entrepreneurial Culture Customer Commitment Strategic Sustainable Growth Innovation Financial Strength z Investor 2022 Entrepreneurial Culture Customer Commitment Strategic Growth Innovation Financial Strength Forward-looking statements and Non-GAAP financial measures Forward-Looking Statements This presentation contains some predictive sta ...

Core Insights - Steel Dynamics, Inc. (STLD) reported Q4 2025 earnings of $1.82 per share, an increase from $1.36 year-over-year, surpassing the Zacks Consensus Estimate of $1.72 [1] - Net sales for the quarter reached $4,414 million, a 14% year-over-year increase, but fell short of the Zacks Consensus Estimate of $4,539.1 million [1] Segment Highlights - Steel operations net sales were $3,141.4 million, up approximately 18.7% year-over-year, with steel shipments of about 3.3 million tons, exceeding the consensus estimate of 3.29 million tons [1] - The average external product selling price for steel was $1,107 per ton, up from $1,011 year-over-year, but down from $1,119 in the previous quarter, beating the consensus estimate of $1,092 per ton [2] - Metal recycling operations reported net sales of $463 million, down around 4% year-over-year, with ferrous shipments of approximately 1.52 million gross tons, up roughly 7% year-over-year, surpassing the consensus of 1.44 million gross tons [3] - Steel fabrication operations had sales of about $347.3 million, down roughly 12.3% year-over-year, with shipments of 138,375 tons, down around 5.2% year-over-year, missing the consensus estimate of 142,000 tons [4] Financial Position - Steel Dynamics ended the quarter with cash and cash equivalents of $769.9 million, a 31% increase year-over-year, while long-term debt rose to $4,176.5 million, up roughly 49% [5] - Cash flow from operations was $272.7 million, down approximately 21.4% year-over-year [5] Outlook - The company anticipates improved trade conditions and a favorable interest rate environment to bolster steel and aluminum demand, with a growing interest in low-carbon, U.S.-made metals [6] - Progress is being made on the commissioning and start-up of the Columbus aluminum flat rolled mill and San Luis Potosí slab center, with expectations for strong long-term growth and value creation [6] Price Performance - Steel Dynamics shares have increased by 48.6% over the past year, compared to a 59.1% rise in its industry [7]

Core Insights - Steel Dynamics (STLD) reported revenue of $4.41 billion for Q4 2025, a 14% year-over-year increase, with EPS of $1.82 compared to $1.36 a year ago, indicating strong financial performance despite missing revenue estimates by 2.75% [1] Financial Performance - The reported revenue of $4.41 billion was below the Zacks Consensus Estimate of $4.54 billion, resulting in a revenue surprise of -2.75% [1] - The company achieved an EPS surprise of +5.66%, with the consensus EPS estimate being $1.72 [1] Key Metrics - Steel Dynamics' stock returned +3.3% over the past month, outperforming the Zacks S&P 500 composite's +0.2% change, and currently holds a Zacks Rank 3 (Hold) [3] - Average external sales price for Steel was $1,107.00 per ton, exceeding the estimated $1,092.10 per ton [4] - Average sales price for Steel Fabrication was $2,509.00 per ton, slightly below the estimated $2,557.62 per ton [4] Shipments and Sales - External shipments of Steel totaled 2,837.13 KTon, below the average estimate of 2,939.28 KTon [4] - External net sales for Steel Fabrication were reported at $347.25 million, compared to the average estimate of $362.78 million, reflecting a year-over-year decline of 12.4% [4] - External net sales for Metals Recycling were $463.04 million, slightly below the average estimate of $471.84 million, with a year-over-year change of -4% [4] - External net sales for Steel reached $3.14 billion, compared to the estimated $3.21 billion, marking an 18.7% increase year-over-year [4] - External net sales for Other products were $304.64 million, below the average estimate of $317.61 million, with a year-over-year change of +5.9% [4] - External net sales for Aluminum were reported at $157.75 million, significantly lower than the average estimate of $234.23 million [4]

Financial Performance - The company achieved third quarter revenues of $4.3 billion, with steel shipments totaling 3.2 million tonnes and adjusted EBITDA of $557 million [1][7][8] - Net income for the third quarter was reported at $318 million, or $2.05 per diluted share, which reflects a decrease in revenue compared to the second quarter due to lower flat-rolled steel pricing [7][8] - Operating income for the third quarter was $395 million, a 29% decline from the previous quarter, primarily due to steel metal spread contraction [8] Operational Highlights - The Sinton team reached a 72% utilization rate in September, with periods exceeding 90% during the quarter, demonstrating the mill's capability [1][23] - The company successfully ramped up four new value-add flat-rolled steel coating lines, expected to contribute fully to earnings by 2025, adding 1.1 million tons of higher-margin product [2][12] - Safety performance improved significantly, with the lowest total recordable incident rate and lost time rates in company history, and 84% of locations reported no recordable injuries [5][6] Market Dynamics - The domestic steel industry operated at an estimated production utilization rate of 78%, while the company's steel mills operated at 86%, indicating a competitive advantage [21] - The company is experiencing steady underlying steel demand, although a surge in steel imports has put pressure on supply dynamics for certain products [22][24] - The company anticipates increased fixed asset investment and demand drivers for steel and steel fabrication products in 2025 due to moderating interest rates and public funding [11][24] Strategic Investments - Approximately $1.9 billion has been invested in strategic growth initiatives through September 2024, with expectations for an additional $350 million to $400 million in the fourth quarter [13][14] - The company has repurchased $970 million of common stock year-to-date 2024, representing 4.5% of outstanding shares, with a remaining $486 million available for further repurchases [14] - The company is committed to sustainability, with new greenhouse gas emissions intensity targets aligned with the Paris Agreement, and is on track to introduce biocarbon into steel production by the first quarter of 2025 [15][16][81] Future Outlook - The company expects capital investments in 2025 to be in the range of $700 million to $800 million, with a focus on high-return strategic growth [14] - The aluminum production investments are projected to be EBITDA positive in the second half of 2025, with plans to operate the rolling mill at approximately 75% capacity in 2026 [12][66] - The company is optimistic about steel demand and pricing dynamics as it approaches the end of 2024 and enters 2025, driven by ongoing infrastructure spending and manufacturing onshoring [24][40]

Core Insights - India's currency market is under significant pressure, with the rupee hitting an all-time low against the U.S. dollar just before Republic Day 2026, raising concerns about the equity market and ETFs holding Indian equities [1][3] - The MSCI India Index has underperformed, rising only 2.2% in U.S. dollar terms in 2025, compared to a 29.9% increase in MSCI Emerging Markets [2] - The rupee's depreciation presents a paradox for ETF investors, as it may attract foreign investment but also increases volatility and risk [4] Economic Context - The decline of the rupee is attributed to massive capital outflows, with nearly $18 billion withdrawn from Indian equities in 2025, and an additional $846 million in early 2026 as investors sought safer assets [7] - Geopolitical tensions, particularly related to U.S.-India trade negotiations and global market uncertainties, have negatively impacted investor sentiment [8] - India's trade deficit has widened to over $25 billion, driven by rising energy and electronics import costs, further pressuring the rupee [9] Market Outlook - Analysts maintain a cautious outlook for the rupee in 2026, warning of potential further declines if geopolitical tensions persist or if the Federal Reserve maintains high interest rates [10] - Despite currency struggles, the IMF has upgraded India's 2026 growth outlook to 6.4%, indicating strong underlying economic productivity [12] ETF Performance - The WisdomTree India Earnings Fund (EPI) has total assets of $2.58 billion and has risen 2.4% over the past year, with top holdings including Reliance Industries and HDFC Bank [14] - The Franklin FTSE India ETF (FLIN), with assets of $2.75 billion, has also gained 2.4% over the past year, focusing on large and mid-cap companies [15] - The First Trust India NIFTY 50 Equal Weight ETF (NFTY) has total assets of $160.9 million and has risen 3.5% over the past year, providing exposure to the largest Indian securities [16]

Nucor ( NUE ) is a perfect choice for investors seeking a position in the US steel sector due to its operational excellence. We are positive on the stock both for the sector's growthAnalyst’s Disclosure: I/we have a beneficial long position in the shares of NUE either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company who ...

Market Sentiment - The CNN Money Fear and Greed index showed a slight decline in overall market sentiment, remaining in the "Neutral" zone with a reading of 52.4, down from 52.8 [6] - U.S. stocks settled mixed, with the Dow Jones index falling more than 250 points during the session, closing lower by around 285 points to 49,098.71 [4] Stock Performance - Goldman Sachs shares fell around 4% on Friday, while Nvidia Corp. and Advanced Micro Devices Inc. saw gains of 1.5% and 2.4%, respectively [2] - Intel Corp. shares dipped around 17% after issuing a weak first-quarter outlook [2] - The S&P 500 rose 0.03% to 6,915.61, and the Nasdaq Composite gained 0.28% at 23,501.24 during Friday's session [4] Economic Data - The University of Michigan's consumer sentiment index rose to 56.4 in January from a preliminary reading of 54.0 and December's reading of 52.9 [3] - The S&P Global composite PMI rose to 52.8 in January from 52.7 in the previous month [3] Sector Performance - Most sectors on the S&P 500 closed positively, with materials, consumer discretionary, and consumer staples stocks recording the biggest gains [4] - Financial and industrials stocks bucked the overall market trend, closing lower [4] Upcoming Earnings - Investors are awaiting earnings results from Steel Dynamics Inc., Nucor Corp., and Sanmina Corp. [5]

Earnings Expectations - Steel Dynamics Inc. (NASDAQ:STLD) is expected to report quarterly earnings of $1.69 per share on revenue of $4.57 billion [1] - Nucor Corp. (NYSE:NUE) is anticipated to post quarterly earnings of $1.91 per share on revenue of $7.87 billion [1] - W R Berkley Corp. (NYSE:WRB) is projected to report quarterly earnings of $1.13 per share on revenue of $3.66 billion [1] - Sanmina Corp. (NASDAQ:SANM) is expected to report quarterly earnings of $2.13 per share on revenue of $3.08 billion [1] Recent Performance - Baker Hughes Co. (NASDAQ:BKR) reported adjusted earnings of 78 cents per share, exceeding market estimates of 67 cents per share, with quarterly sales of $7.386 billion, surpassing expectations of $7.068 billion [1] - Steel Dynamics shares rose 1.4% to close at $181.32 on Friday [1] - Nucor shares increased by 0.8% to close at $181.65 on Friday [1] - W R Berkley shares fell 0.6% to close at $67.12 on Friday [1] - Sanmina shares decreased by 0.9% to close at $177.83 on Friday [1] - Baker Hughes shares fell 1.2% to close at $53.80 on Friday [1]

Summary of J.P. Morgan North America Metals & Mining 2026 Buy-Side Sentiment Survey Industry Overview - The survey focuses on the Metals & Mining (M&M) sector, with insights into investor sentiment for 2026 based on responses from 25 investors, divided into 72% Long Onlys (LOs) and 28% Hedge Funds (HFs) [1][12]. Key Findings Sector Rankings - **Copper** is the top-ranked sub-sector for 2026, followed by **Gold**. **Steel** has dropped significantly from 2nd to 7th place [1]. - **Copper** is also the top-ranked commodity, while **Rare Earths** and **Steel** have both seen a decline in their rankings [1]. - **Freeport-McMoRan (FCX)** is identified as the top long investment due to its strong correlation with copper prices (~95%) and exposure to gold pricing [1][6]. - **Cleveland-Cliffs (CLF)** is viewed as the top short investment due to high debt levels and tariff challenges [1][6]. Investor Sentiment - 72% of investors expect the M&M sector to outperform the broader market in 2026, a significant increase from 41% in the previous survey [1][12]. - The primary themes influencing sector performance are **trade policy and protectionism**, and **onshoring and supply security** [1][16]. Tariff Expectations - 78% of participants anticipate some form of **S232 tariff relief** in 2026, with 72% expecting partial relief [1][19]. - 61% expect exemptions for Mexico and Canada, while 39% foresee country-specific exemptions [1][19]. M&A Activity - A significant 84% of participants expect an increase in M&A activity within the M&M sector in 2026, up from 50% in the prior survey [1][80]. Commodity and Stock Preferences Copper - FCX is again ranked as the best-performing copper stock, with 83% of participants favoring it [1][64]. - Concerns about potential near-term corrections in copper prices were noted, alongside positive sentiment regarding the restart of Grasberg's operations [1][6]. Steel - Investor sentiment towards steel has weakened, with CMC emerging as the best-performing steel stock due to its high-margin precast business and favorable trade policies [1][60]. Aluminum - **Alcoa (AA)** is expected to be the best-performing aluminum stock, with 63% of votes, followed by downstream players CSTM and KALU [1][71]. Rare Earths and Uranium - **MP Materials (MP)** is viewed as the best-performing stock in the rare earths/lithium/uranium sector, receiving 56% of the votes [1][76]. Underappreciated Themes - Several themes were identified as potentially underappreciated, including: - Valuations relative to the AI ecosystem - Copper demand related to power sectors - Supply and demand dynamics in uranium [1][84]. Conclusion - The survey indicates a bullish outlook for the M&M sector in 2026, driven by strong expectations for copper and gold, alongside anticipated tariff relief and increased M&A activity. Investors are advised to consider these dynamics when making investment decisions in the sector [1][12][80].