The Supreme Court has struck down the centerpiece of President Trump's trade agenda, ruling that his liberation day tariffs are unconstitutional. Stocks initially surged on the news as the prospect of billions in refunds now comes into focus. Here with me to discuss this development and what it means for investors is IBD News editor Ed Carson.So Ed, we've been waiting a little bit to hear from the court on this issue, but what exactly did they rule. >> Yeah, the Supreme Court uh in a 63 decision ruled that ...

Financial Data and Key Metrics Changes - In 2025, shipments improved by 14% year-over-year, indicating a commercial recovery after previous market headwinds [4] - Fourth quarter net sales totaled $267.3 million, a sequential decrease of $38.6 million primarily due to seasonality and slower ramp-up post-maintenance shutdown [13] - The fourth quarter GAAP net loss was $14.3 million, or a loss of $0.34 per diluted share, while adjusted net loss was $7.7 million, or a loss of $0.18 per diluted share [14] - Adjusted EBITDA for the fourth quarter was $2.4 million, below expectations due to lower volumes and compressed raw material spread [8][14] Business Line Data and Key Metrics Changes - VAR sales totaled approximately $28 million, almost doubling from 2024, reflecting strong growth in aerospace and defense [4] - The company is increasing hourly staffing levels in areas with accelerated demand, such as seamless mechanical tube production [6][9] - The order book has increased more than 50% year-over-year, indicating strong demand for domestic steel [9][21] Market Data and Key Metrics Changes - Industrial markets remain soft, but the global trade environment is creating new opportunities as customers reevaluate supply chains [10] - Auto sales and production are expected to be slightly down, with pricing pressure persisting as OEMs prioritize margins [10] - Aerospace and defense outlook remains robust, with strong growth expected through 2026 driven by existing program expansions and new platforms [11] Company Strategy and Development Direction - The company is focused on safety, outstanding customer service, and product development in aerospace and defense, supporting a strategy for sustainable growth [11] - Significant progress has been made in advancing manufacturing capabilities, including the ramp-up of a new automated grinding line [7] - The company aims to strengthen operational foundations and improve execution in 2026 through targeted organizational changes and operational enhancements [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a stronger order book entering 2026, with expectations for improved melt utilization and operational performance [20][34] - The company anticipates a sequential increase in average melt utilization rate and expects first quarter shipments to increase by approximately 10% compared to the fourth quarter [20][21] - Management remains cautious about external variables but expects year-over-year adjusted EBITDA growth in each quarter of 2026 [23] Other Important Information - The company received $4.1 million in government funding as part of a nearly $100 million arrangement to support munitions production [16] - Required pension contributions for 2026 are expected to total approximately $27 million, a nearly 60% reduction from 2025 [17] - Total liquidity remains strong at $389 million as of December 31, 2025, with no outstanding borrowings [18] Q&A Session Summary Question: Inquiry about fourth quarter labor negotiation costs - Management indicated no additional costs were incurred from labor negotiations in the fourth quarter as the agreement was settled in early February [27][30] Question: Expectations for melt utilization improvement - Management stated that improvements in melt utilization are based on both volume and expectations from third-party advisory programs [34] Question: Demand expectations for A&D in 2026 - Management noted that A&D demand is expected to continue growing, with several new customers and programs contributing to this growth [40][41] Question: Status of key capital investments - Management confirmed that the bloom reheat furnace and roller hearth furnace are on track for commissioning in the first half of 2026 [50][51] Question: Share count and depreciation and amortization - Management explained that diluted shares would increase slightly due to net loss positions, while depreciation and amortization are expected to remain flat due to consistent capital spend [52][54]

Financial Data and Key Metrics Changes - In 2025, shipments improved by 14% year-over-year, indicating a commercial recovery after previous market headwinds [4] - Fourth quarter net sales totaled $267.3 million, a sequential decrease of $38.6 million primarily due to seasonality and slower ramp-up post-maintenance shutdown [13] - The fourth quarter GAAP net loss was $14.3 million, or a loss of $0.34 per diluted share, while adjusted net loss was $7.7 million, or a loss of $0.18 per diluted share [14] - Adjusted EBITDA for the fourth quarter was $2.4 million, below expectations due to lower volumes and increased manufacturing costs [8][14] Business Line Data and Key Metrics Changes - VAR sales totaled approximately $28 million in 2025, almost doubling from 2024, reflecting strong growth in aerospace and defense [4] - The company is increasing hourly staffing levels in areas with accelerated demand, such as seamless mechanical tube production [6][9] Market Data and Key Metrics Changes - The order book has increased by more than 50% year-over-year, indicating strong demand for domestic steel [9][20] - Industrial markets remain soft, but favorable trade conditions are creating new opportunities for reliable domestic suppliers [10] - Aerospace and defense outlook is robust, with strong growth expected through 2026, driven by existing program expansions and new platforms [11] Company Strategy and Development Direction - The company is focused on safety, operational enhancements, and strategic investments to support long-term growth [5][7] - A new four-year labor agreement was reached, emphasizing safety, innovation, and long-term competitiveness [6] - The company is investing in new manufacturing capabilities, including a new automated grinding line and other state-of-the-art assets scheduled for commissioning in 2026 [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a stronger operational foundation and improved execution for 2026, despite fourth quarter performance being below expectations [8][13] - The company anticipates a slight increase in first quarter shipments by approximately 10% compared to the fourth quarter, supported by a solid order book [20] - Management expects year-over-year adjusted EBITDA growth in each quarter of 2026, driven by strong demand and operational improvements [23] Other Important Information - The company generated $16 million of operating cash flow in 2025, with operational cash generation exceeding $80 million for the second consecutive year [15] - Planned capital expenditures for 2026 are expected to be approximately $70 million, including government-related expenditures [16] - The company repurchased approximately 71,000 shares of common stock for $1.2 million in the fourth quarter, reflecting confidence in cash flow generation [18] Q&A Session Summary Question: What were the costs incurred from labor negotiations in Q4 and Q1 2026? - Management indicated no additional costs were incurred in Q4 due to the labor agreement being settled in February, but a $2 million payment is due in Q1 [27][30] Question: How does the company expect melt utilization to improve? - Management stated that improvements are expected from both volume increases and third-party advisory programs, with a stronger order book entering 2026 [34] Question: What is the status of A&D sales expectations for 2026? - Management believes they are on target to hit a $250 million run rate in A&D sales, contingent on the ramp-up of munitions manufacturing capacity [48] Question: What is the status of key capital investments? - Management reported that the bloom reheat furnace is expected to be operational in the next month, with both the bloom and roller hearth furnaces ramping up by late Q2 or early Q3 [50][51] Question: What is the outlook for lead times and sales? - Management expects lead times to improve as new assets ramp up, which will also help maintain competitive lead times [63][66]

Nucor Announces Promotion of Jack Sullivan to Chief Financial Officer, Treasurer and Executive Vice President [Accessibility Statement] Skip NavigationCHARLOTTE, N.C., Feb. 20, 2026 /PRNewswire/ -- Nucor Corporation (NYSE: NUE) announced today that John L. "Jack" Sullivan, Vice President, Treasurer and General Manager of Investor Relations, will be promoted to Chief Financial Officer, Treasurer and Executive Vice President effective March 1, 2026. He will succeed Steve Laxton, who was promoted to President ...

Core Viewpoint - The Brazilian government has implemented anti-dumping duties on various Chinese steel products to protect domestic manufacturers from unfair pricing practices [1][2]. Group 1: Anti-Dumping Duties - The duties will be effective for five years, with tariffs ranging from US$ 323 to US$ 670 per ton for cold rolled coil (CRC) steel, and from US$ 285 to US$ 710 per ton for hot-dip galvanized coil (HDG) steel [2]. - These steel products are crucial for manufacturing vehicle body and chassis parts, as well as other consumer goods [2]. Group 2: Import Data - In the previous year, Brazil imported 202,000 tons of CRC from China at an average price of US$ 560 per ton, and 1.42 million tons of HDG at US$ 681 per ton [3]. - The total imports of rolled steel products into Brazil increased by over 20% to 5.7 million tons in 2025, with 64% of these imports sourced from China [3].

Core Insights - Grupo Simec reported a significant decrease in net income by 85% from Ps. 10,488 million in 2024 to Ps. 1,533 million in 2025, primarily due to a shift from a net exchange profit of Ps. 5,556 million in 2024 to a net exchange loss of Ps. 3,602 million in 2025 [1][3] Financial Performance Overview - **Net Sales**: Net sales decreased by 10% from Ps. 33,658 million in 2024 to Ps. 30,291 million in 2025, attributed to a 6% reduction in shipments of finished steel products and a 4% decline in average sales price [1][3] - **Cost of Sales**: Cost of sales fell by 13% from Ps. 26,033 million in 2024 to Ps. 22,657 million in 2025, with cost of sales as a percentage of net sales at 75% in 2025 compared to 77% in 2024 [1][3] - **Gross Profit**: Gross profit remained relatively stable, increasing slightly from Ps. 7,625 million in 2024 to Ps. 7,634 million in 2025, with gross profit as a percentage of net sales rising from 23% to 25% [1][3] - **Operating Profit**: Operating income increased by 1% from Ps. 5,301 million in 2024 to Ps. 5,365 million in 2025, with operating profit as a percentage of net sales improving from 16% to 18% [1][3] - **EBITDA**: EBITDA rose by 1% from Ps. 6,367 million in 2024 to Ps. 6,446 million in 2025 [1][3] Quarterly Performance Analysis - **Fourth Quarter 2025 vs. Third Quarter 2025**: Net sales increased by 7% from Ps. 7,485 million to Ps. 7,972 million, with sales in tons rising by 7% from 499 thousand tons to 532 thousand tons [2][3] - **Gross Profit**: Gross profit for the fourth quarter of 2025 increased by 26% to Ps. 2,208 million compared to Ps. 1,759 million in the third quarter [2][3] - **Operating Profit**: Operating income for the fourth quarter was Ps. 1,582 million, up from Ps. 1,159 million in the third quarter, with operating profit as a percentage of net sales increasing from 15% to 20% [2][3] Year-over-Year Comparison - **Fourth Quarter 2025 vs. Fourth Quarter 2024**: Net sales decreased by 10% from Ps. 8,830 million in 2024 to Ps. 7,972 million in 2025, while gross profit increased by 55% from Ps. 1,422 million to Ps. 2,208 million [2][3] - **Cost of Sales**: Cost of sales decreased by 22% from Ps. 7,408 million in 2024 to Ps. 5,764 million in 2025, with the cost of sales as a percentage of net sales improving from 84% to 72% [2][3] - **Net Income**: Net income for the fourth quarter of 2025 was Ps. 770 million, down from Ps. 1,901 million in the fourth quarter of 2024, largely due to a shift from a net exchange profit to a net exchange loss [2][3]

Group 1: Netflix and Warner Bros. Discovery - Netflix has the capacity to increase its current offer of $27.75 per share for Warner Bros. Discovery's studio and streaming segments amid a bidding war with Paramount Skydance, which has proposed a $108.4 billion deal for the entire company [2][9] - Warner Bros. Discovery is set to hold a shareholder vote on Netflix's proposal on March 20, while giving Paramount seven days to submit a "best and final" offer [3] Group 2: U.S. Treasury and TIPS Auction - The recent auction of 30-year Treasury Inflation-Protected Securities (TIPS) yielded a high rate of 2.473%, down from 2.650% in the previous sale, indicating strong demand with a bid-to-cover ratio of 2.750 [4][5][9] Group 3: Federal Reserve Outlook - Federal Reserve Governor Stephen Miran has revised his interest rate projections for 2026, now suggesting a potential cut of 100 basis points instead of the previously anticipated 150 basis points, influenced by strong labor market data and rising goods inflation [6][7][9] Group 4: Corporate Finance Developments - Nippon Steel plans to raise $1.9 billion by selling off shareholdings to finance its $14.9 billion acquisition of U.S. Steel, which has recently cleared regulatory hurdles [8][9] Group 5: Biotech Developments - PureTech Health has received dual Orphan Drug Designation for its idiopathic pulmonary fibrosis candidate, LYT-100, from both the U.S. FDA and the European Commission, providing market exclusivity and development incentives [11][9] Group 6: Sovereign Debt Markets - Sri Lanka has initiated a tender offer for its $1 billion 5.875% bonds, offering to pay full principal plus 50.2% of accrued unpaid interest to bondholders, with results expected on March 16 [10]

A top official at Japan’s biggest steelmaker said a supply glut driven by surging Chinese exports may finally be nearing an end, a shift that could pave the way for a recovery in Asian markets. https://t.co/0mqeTF9p3x ...

Company Overview - Tree Island Steel Ltd. is headquartered in Richmond, British Columbia, and has been operational since 1964 [2] - The company produces wire products for various applications, including industrial, residential construction, commercial construction, and agriculture [2] - Product offerings include galvanized wire, bright wire, fasteners (packaged, collated, and bulk nails), stucco reinforcing products, concrete reinforcing mesh, fencing, and other fabricated wire products [2] - The company markets its products under several brand names, including Tree Island, Halsteel, K-Lath, TI Wire, Tough Strand, and ToughPanel™ [2] Financial Reporting - Tree Island Steel will report its fourth quarter and full year 2025 financial results on March 12, 2026, after market hours [1]

Core Insights - GoGo AI Network Inc. announced the successful deployment of an AI-based decision support system by its portfolio company, Algo8 Industrial AI, for a major publicly listed Indian steel and infrastructure group [1] Deployment Scope - The customer operates complex steelmaking facilities that include Electric Arc Furnaces (EAFs), Ladle Refining Furnaces (LRFs), auxiliary steelmaking units, and a dedicated captive power plant, emphasizing the need for efficient energy allocation to manage fluctuating load conditions [3] Solution Overview - Algo8's PlantBrain platform utilizes machine-learning models to analyze real-time power consumption and generate actionable recommendations, enhancing power scheduling and operational resilience [4] - The Power Schedule Mode automates the generation of forward-looking power distribution plans, improving visibility and coordination during unplanned events [4] Strategic Importance - The deployment signifies the increasing adoption of industrial AI solutions in large-scale manufacturing, highlighting Algo8's capability to deliver measurable efficiency gains [5] - The implementation showcases AI's role in optimizing complex energy systems, supporting intelligent and sustainable industrial operations [5] Performance Metrics - Optimization trials indicated average export power savings of approximately 4.39 megawatts (MW) and improved export efficiency, alongside a significant reduction in infirm/unscheduled power without negatively impacting production throughput [7] - Digitalized operational logbooks enhanced workforce productivity by approximately 10.3 labor hours per day, translating to over 3,700 hours annually [7] Operational Optimization - The system recommends start/stop strategies for refining furnaces, predicts optimal ramp-up and ramp-down levels for captive power generation, and improves utilization of import limits while reducing unnecessary power wastage [8]