Estimated combined annual sales are anticipated to be $56 million with net profit exceeding $10 millionNORTH BERGEN, NJ, Dec. 10, 2025 (GLOBE NEWSWIRE) -- Free Flow, Inc. (OTCQB: FFLO), which is incorporated in the state of Delaware as Free Flow USA, Inc., today announced that it has entered into a Memorandum of Contractual Agreement with a Kuwaiti company to purchase plant and machinery from and set up in Morocco, as a turn-key operation, an “induction steel melting and steel rolling plant” with an annual ...

Core Viewpoint - Steel Dynamics, Inc. (STLD) is a significant player in the steel industry, demonstrating strong financial performance and market presence, with a market cap of $24.2 billion [1][2]. Financial Performance - STLD reported Q3 results with net sales of $4.8 billion, an increase of 11.2% year-over-year, exceeding consensus estimates by 3% [5]. - The company's earnings per share (EPS) reached $2.74, reflecting a 33.7% improvement from the previous year and surpassing analyst expectations of $2.66 [5]. - Over the past 52 weeks, STLD's stock has increased by 19.7%, outperforming the Dow Jones Industrial Average (DOWI), which rose by 7.1% during the same period [4]. Stock Performance - STLD shares have rallied 27% over the past three months, significantly outperforming the DOWI's 4% increase in the same timeframe [3]. - Year-to-date, STLD's shares are up 45%, compared to DOWI's 11.8% return [4]. - The stock is currently trading 4.3% below its 52-week high of $172.94, reached on December 3 [3]. Market Position - STLD is classified as a large-cap stock, with a market cap exceeding $10 billion, highlighting its size and influence in the steel industry [2]. - The company has outperformed its rival, Nucor Corporation (NUE), which gained 9.4% over the past 52 weeks and 35.5% year-to-date [6]. - Analysts maintain a consensus rating of "Moderate Buy" for STLD, with a mean price target of $172, suggesting a 4% premium to its current price levels [6]. Technical Indicators - STLD has been trading above its 200-day and 50-day moving averages since late August, confirming a bullish trend [4].

Core Insights - Voya Investment Management's "Voya MI Dynamic Small Cap Fund" experienced underperformance in Q3 2025, primarily due to stock selection issues despite a strong recovery in equity markets [1] - The fund highlighted Cleveland-Cliffs Inc. (NYSE:CLF) as a significant contributor to performance, with a one-month return of 21.27% and a market capitalization of $7.047 billion [2][3] Fund Performance - The equity markets rebounded strongly in Q3 2025, recovering from earlier volatility caused by tariffs, with growth stocks outperforming value stocks [1] - The fund's performance was negatively impacted on a NAV basis, indicating challenges in stock selection during the quarter [1] Cleveland-Cliffs Inc. (NYSE:CLF) Analysis - Cleveland-Cliffs Inc. was noted for its strong valuation metrics, including book to price and operating cash flow to price, which contributed positively to the fund's performance [3] - The stock's price increase was attributed to efficiency improvements in its auto platform division [3] - Cleveland-Cliffs Inc. was held by 52 hedge fund portfolios at the end of Q3 2025, an increase from 42 in the previous quarter [4]

Economic Overview - The U.S. economy is experiencing persistent inflation and slowing job growth, increasing the likelihood of interest rate cuts by the Federal Reserve [1] - Tariffs, supply-chain issues, and inconsistent business investment are negatively impacting economic growth, making it challenging for retail investors to interpret market signals and achieve solid returns [1] Broker Recommendations - Following brokers' recommendations can simplify investment decisions, with stocks like Illumina, Inc. (ILMN), Commercial Metals Company (CMC), and Newmont Corporation (NEM) being highlighted as potential opportunities [2] - Brokers provide insights through direct engagement with company management, analysis of public disclosures, and participation in earnings calls, which helps evaluate a company's fundamentals in the broader economic context [3] Stock Upgrades - Broker upgrades are often based on new information, earnings surprises, improving industry conditions, margin expansion, balance-sheet improvements, or attractive valuations relative to growth [4] - While broker upgrades are valuable, they should not be the sole basis for investment decisions; long-term returns require consideration of multiple factors including fundamental strength and industry dynamics [5] Stock Screening Strategy - A screening strategy identifies stocks with broker rating upgrades of 1% or more over the past four weeks, priced above $5, and with an average 20-day trading volume greater than 100,000 [6] - Stocks with a Zacks Rank of 1 (Strong Buy) or 2 (Buy) have a proven track record, and those with a VGM Score of A or B combined with a Zacks Rank 1 or 2 show the best upside potential [7] Company Highlights - Illumina, based in San Diego, specializes in sequencing and array-based solutions for genetic analysis, with a projected earnings increase of 92.2% year-over-year in 2025 and a 5% broker rating upgrade in the last four weeks [8][9] - Commercial Metals, located in Irving, TX, focuses on manufacturing and recycling steel and metal products, expecting an 87.5% earnings surge in fiscal 2026 with an 8.3% broker rating upgrade [10][11] - Newmont, one of the largest gold producers globally, anticipates a 74.1% earnings increase in 2025, supported by a 4.8% broker rating upgrade in the past four weeks [10][12]

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: The conference call primarily discusses the implications of China's anti-involution policy on various sectors, particularly those facing overcapacity such as cement, steel, chemicals, alumina, lithium-ion batteries, new energy vehicles, and solar cells [3][34]. - **Economic Context**: The anti-involution policy aims to address issues of overcapacity, price wars, and margin erosion in China, pushing local producers to seek alternative overseas markets due to high inventories and price declines [1][9]. Core Insights and Arguments - **Overcapacity Issues**: Significant overcapacity is noted in sectors like cement, steel, chemicals, and aluminium, with specific vulnerabilities identified in fertilisers, household appliances, and integrated circuits [3][34]. - **Export Dynamics**: The movement of goods from China is expected to accelerate, with exports expanding to more sectors by 2026 as domestic demand remains sluggish [2][10]. - **Five-Year Plans**: The analysis of China's Five-Year Plans reveals a strategic focus on manufacturing and industrial production capacity, which has contributed to global oversupply and aggressive price undercutting in various sectors [15][16]. - **Export Performance**: Emerging sectors such as new energy vehicles and solar cells are experiencing significant export growth, with NEVs seeing a 688% increase in exports, while solar cells have surged by 170% [20][62]. Sector-Specific Observations - **Cement**: Exports increased by 105% due to producers seeking overseas markets amid declining domestic demand. However, enforcement of capacity controls may not fully alleviate oversupply pressures [63]. - **Fertilisers and Chemicals**: Fertiliser exports have declined sharply, particularly urea, due to government policies prioritising domestic supply. The value of exports surged due to global supply constraints [64][65]. - **Steel**: Steel exports rose by 75%, indicating a significant drop in domestic consumption. The shift towards higher-value products is noted, but overcapacity remains a risk [67][68]. - **Household Appliances**: Exports grew by 26%, driven by advancements in smart technology. Companies like Midea and Xiaomi are expanding overseas to mitigate domestic challenges [58][59]. - **Lithium-Ion Batteries**: Exports increased by 26%, with CATL positioned to benefit from rising demand, although competition is intensifying [42][45]. Additional Important Insights - **Price Trends**: Broad-based declines in the Producer Price Index (PPI) across upstream industries signal oversupply and weak demand, particularly in coal, petroleum, and steel [28][29]. - **Global Competition**: The rapid expansion of Chinese companies in international markets may lead to increased pricing competition and contribute to oversupply pressures globally [59]. - **Policy Implications**: The anti-involution campaign is expected to reshape competitive dynamics, encouraging firms to focus on innovation and brand strength rather than price wars [54]. This summary encapsulates the critical insights and data points discussed in the conference call, highlighting the challenges and opportunities within the Chinese industrial landscape.

Market Overview - Major U.S. index futures indicate a slightly higher open on Monday, with stocks expected to build on modest gains from Friday [1] - Optimism regarding interest rates is contributing to initial strength on Wall Street ahead of the Federal Reserve's monetary policy meeting [1] Federal Reserve Expectations - The Fed is widely anticipated to lower interest rates by another quarter point, with traders focusing on the accompanying statement for future rate cut indications [2] - CME Group's FedWatch Tool shows an 89.2% chance of a quarter-point rate cut on Wednesday, but a 70.3% chance of rates remaining unchanged in January [2] Stock Performance - After a mixed trading session on Thursday, stocks showed modest strength on Friday, with the Nasdaq and S&P 500 reaching their best closing levels in a month [3] - For the week, the Nasdaq rose by 0.9%, the Dow by 0.5%, and the S&P 500 by 0.3% [4] Inflation Data - The PCE price index increased by 0.3% in September, matching August's growth and economist estimates [4] - The annual growth rate of the PCE price index rose to 2.8% in September from 2.7% in August, aligning with expectations [5] - The core PCE price index, excluding food and energy, rose by 0.2% in September, consistent with previous months and estimates [5] Sector Performance - Computer hardware stocks saw a 1.7% increase, while airline stocks gained 1.5% [7] - Networking, semiconductor, and software stocks also exhibited notable strength, while steel stocks declined significantly [7] Commodity and Currency Markets - Crude oil futures decreased by $0.53 to $59.55 per barrel, while gold futures fell by $11.30 to $4,231.70 per ounce [8] - The U.S. dollar traded at 155.60 yen and $1.1647 against the euro [8] Asian Market Performance - Asian stocks showed mixed results, with China's Shanghai Composite Index climbing 0.5% after positive trade data [10] - Hong Kong's Hang Seng Index fell 1.2% amid escalating tensions between China and Japan [11] European Market Performance - European stocks are mixed ahead of interest rate decisions from multiple central banks [16] - German industrial production unexpectedly accelerated by 1.8% in October, contrasting with expectations of a slowdown [16][17]

Market Overview - Equity benchmark indices Sensex and Nifty experienced significant declines after two days of gains, driven by profit-taking among investors and continued selling by foreign investors [1][4] - The BSE Sensex fell by 609.68 points (0.71%) to close at 85,102.69, while the NSE Nifty dropped by 225.90 points (0.86%) to settle at 25,960.55 [4] Investor Sentiment - Analysts noted that investors adopted a defensive stance ahead of the US Federal Reserve's policy decision, which negatively impacted market sentiment [3][6] - Despite strong domestic growth figures and a recent rate cut by the Reserve Bank of India (RBI), short-term sentiment is clouded by global monetary policy concerns, persistent foreign institutional investor (FII) outflows, and currency depreciation [8] Sector Performance - Among the Sensex constituents, several companies such as Bharat Electronics Ltd, Tata Steel, and Bajaj Finance were among the laggards, while Tech Mahindra and HDFC Bank were the only gainers [5] - The market saw a broad-based decline, with the Nifty slipping below the 26,000 mark as caution prevailed among investors [6] Foreign Investment Activity - Foreign institutional investors offloaded equities worth ₹438.90 crore, while domestic institutional investors purchased stocks worth ₹4,189.17 crore [9] Global Market Context - Other Asian markets showed mixed performance, with South Korea's KOSPI rising by 1.34% and Hong Kong's Hang Seng index falling by 1.23% [9] - The surge in Japanese bond yields to multi-year highs raised concerns about potential unwinding of the yen carry trade, contributing to market volatility [8] Commodity Prices - Brent crude oil prices decreased by 0.61% to $63.37 per barrel, reflecting broader market trends [10]

Industry Overview - The World Steel Association indicates that China's persistent steel overcapacity is difficult to resolve due to its close relationship with the broader economy [1]

Summary of Key Points from the Conference Call Industry Overview - The focus is on the materials sector, specifically aluminum, copper, and the battery chain, with a cautious stance on anti-involution sectors [1][2][3]. Core Insights Aluminum - Aluminum is preferred over copper due to underappreciated supply risks, particularly regarding smelting capacity in Indonesia and potential over-optimism in Middle Eastern expansion plans [2]. - Chinese smelter utilization is reported at over 98%, with China being a net importer of aluminum, primarily from Russia [2]. - Apparent consumption and inventory levels for aluminum in China are healthier compared to copper [2]. - Top picks in aluminum include Hongqiao and Chalco H/A [2]. Copper - Demand for copper is weakening as of Q4 2025, with inventory stockpiling observed in both the US and China [3]. - Price expectations for copper may be influenced by anticipated rate cuts into 2026, with long-term bullish sentiment due to potential supply deficits in the next 3-5 years [3]. - Tight global power supply is contributing to positive sentiment for copper [3]. - Zijin Mining's copper and lithium assets are considered undervalued, with a Buy rating maintained [3]. - Among pure copper plays, MMG is preferred over CMOC for better valuation [3]. Battery Chain - The battery chain is viewed as more defensive, with a rally driven by strong expectations for energy storage systems (ESS) [4]. - Caution is advised before the Chinese New Year, as the rally may be mostly priced in [4]. - Defensive names like CATL are preferred into Q1 2026 due to uncertainties in production pipelines and weak EV demand [4]. - Key catalysts to watch include the production pipeline in March 2026, which could shift market sentiment towards companies with higher elasticity [4]. Cement and Steel - Cement and steel sectors are the least preferred, with steel demand supported by exports but facing weaker anti-involution enforcement [5]. - Production cuts in cement are not expected due to profitability among companies, leading to low prices and profits into H1 2026, with potential recovery in H2 2026 [6]. Additional Important Points - The report emphasizes the importance of monitoring the production pipeline and market conditions closely, particularly for aluminum and copper [2][3][4]. - The overall sector ranking is: Aluminum > Copper > Battery > Gold > Battery Materials > Coal > Cement > Steel [1]. - Cross-sector top picks include Hongqiao, Chalco H/A, Zijin Mining H/A, and CATL-A [1].

Core Viewpoint - The European Union's Carbon Border Adjustment Mechanism (CBAM) is facing challenges as the default carbon emission values for imports from countries like China and Brazil are unexpectedly lower than those of some European producers, undermining the intended punitive measures [1][3][10] Group 1: CBAM Implementation and Impact - The CBAM is set to be enforced starting January 1, 2026, and aims to regulate carbon emissions from imported goods by establishing default values [1] - European industrial giants are reacting with alarm as the calculated default carbon emissions for Chinese steel are lower than those of some existing European production lines, contradicting the EU's protective narrative [3][6] - The EU's decision-making process is caught in a dilemma, balancing the need for stringent carbon tariffs against the economic pressures faced by local industries reliant on cheaper imports [6][8] Group 2: Implications for European Industry - The situation reveals a significant efficiency advantage for Chinese steel production, with billions of tons of capacity achieving energy efficiency benchmarks by the end of 2024, outperforming many outdated European industrial assets [8] - European industrial stakeholders are lobbying for administrative measures to artificially inflate the assumed pollution values of Chinese products, exposing the underlying political motivations behind the CBAM [8][10] - If the CBAM is manipulated for political purposes, it risks losing its legitimacy under WTO frameworks, threatening the EU's role as a rule-maker in global trade [10]