Vladimir Dimitrov, CFA is a former strategy consultant within the field of brand and intangible assets valuation. During his career in the City of London he has been working with some of the largest global brands within the technology, telecom and banking sectors. He graduated from the London School of Economics and is interested in finding reasonably priced businesses with sustainable long-term competitive advantages.Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of ...

Core Insights - Commercial Metals Company (CMC) and Carpenter Technology Corporation (CRS) are two prominent steel stocks with significant market presence, and an analysis is conducted to determine which stock is better positioned for growth [1] Group 1: Commercial Metals Company (CMC) - In Q1 of fiscal 2026, CMC reported revenues of $2.12 billion, reflecting an 11% year-over-year growth driven by strong demand in the North America Steel Group and Construction Solutions Group [2] - CMC's earnings per share surged to $1.84, marking a 142% increase year-over-year [3] - The company completed two major acquisitions in December 2025, which are expected to enhance results in Q2 of fiscal 2026 and position CMC as a leading player in the Mid-Atlantic and Southeastern regions [4] - CMC anticipates operational synergies of $25-$30 million from the acquisitions by year three, although it will incur acquisition-related expenses in Q2 of fiscal 2026 [5] - The Transform, Advance, Grow Program launched in September 2024 is expected to yield an annualized EBITDA benefit of $150 million for fiscal 2026 [6] Group 2: Carpenter Technology Corporation (CRS) - CRS reported revenues of $728 million for Q2 of fiscal 2026, a 7.5% year-over-year increase, with adjusted earnings of $2.33 per share, up from $1.66 in the previous year [7] - The Specialty Alloys Operations segment saw revenue growth due to Aerospace and Defense and Energy markets, while Performance Engineered Products faced challenges from Medical and Distribution markets [8] - CRS expects operating income of $680-$700 million for fiscal 2026, indicating a 31% year-over-year growth at the midpoint [9] - The stock has gained 93% over the past year, and CRS anticipates achieving $765-$800 million in operating income by 2027, reflecting a 25% compound annual growth rate compared to fiscal 2025 [10][11] - CRS is investing in a $400 million brownfield expansion project to enhance its high-purity melt capacity, which is on schedule and budget [13] Group 3: Earnings Estimates and Valuation - The Zacks Consensus Estimate for CMC's fiscal 2026 earnings is $7.34 per share, indicating a 134.5% year-over-year growth, while the estimate for 2027 suggests a slight dip of 1.5% [14] - For CRS, the earnings estimate for fiscal 2026 is $10.28 per share, suggesting a 37.4% year-over-year increase, with a 2027 estimate of $12.13 indicating 17.9% growth [14] - CMC is trading at a forward earnings multiple of 10.38X, lower than its five-year median, while CRS trades at 33.51X, higher than its five-year median [19] Group 4: Investment Outlook - Both CMC and CRS are positioned to benefit from growth and recent investments, but CRS has shown stronger price performance and a more favorable outlook [21] - CRS holds a Zacks Rank 2 (Buy), while CMC has a Zacks Rank 3 (Hold), indicating a preference for CRS as the better investment option at this time [22]

Tariffs unaffected by President Trump's Supreme Court loss are adding costs for many U.S. manufacturers that use steel, limiting exports and jeopardizing jobs. ...

Gerdau (NYSE:GGB) Q4 2025 Earnings call February 24, 2026 10:00 AM ET Company ParticipantsAriana de Cesare Pereira - Investor Relations SpecialistCaio Greiner - Equity Research DirectorCaio Ribeiro - Managing Director and Head of Equity ResearchDaniel Sasson - Head of Latam Steel and Mining, Pulp, and Paper and CementGustavo Werneck - CEORafael Japur - CFORaphael Bastos Bezerra - Pricing Data Scientist IIINone - TranslatorConference Call ParticipantsIgor Guedes - Lead Equity Research AnalystNone - AnalystNo ...

Gerdau (NYSE:GGB) Q4 2025 Earnings call February 24, 2026 10:00 AM ET Company ParticipantsAriana de Cesare Pereira - Investor Relations SpecialistCaio Greiner - Equity Research DirectorCaio Ribeiro - Managing Director and Head of Equity ResearchDaniel Sasson - Head of Latam Steel and Mining, Pulp, and Paper and CementGustavo Werneck - CEORafael Japur - CFORaphael Bastos Bezerra - Pricing Data Scientist IIINone - TranslatorConference Call ParticipantsIgor Guedes - Lead Equity Research AnalystNone - AnalystNo ...

Gerdau (NYSE:GGB) Q4 2025 Earnings call February 24, 2026 10:00 AM ET Speaker0Good morning, and welcome to Gerdau's fourth quarter 2025 results presentation. I am Ariana Pereira, specialist with investor relations, and it's a pleasure for me to be joined by CEO Gustavo Werneck and CFO Rafael Japur. Please note that this call is being simultaneously translated into English, and you can choose your preferred language by clicking on the globe icon at the bottom of the screen. During the presentation, all parti ...

4Q25 Earnings Release February 24th, 2026 DISCLAIMER This document may contain forward-looking statements. These statements are based on estimates, information or methods that may be incorrect or inaccurate and that may not occur. These estimates are also subject to risks, uncertainties, and assumptions that include, among other factors, general economic, political, and commercial conditions in Brazil and in the markets where we operate, as well as existing and future government regulations. Potential inves ...

Summary of Key Points from the Conference Call Industry Overview - The discussion revolves around global tariffs, particularly the implications of the Supreme Court ruling on the International Emergency Economic Powers Act (IEEPA) and its replacement with Section 122 tariffs. Core Insights and Arguments - **Tariff Levels**: Headline tariffs peaked in late 2025, with estimates indicating a reduction from approximately 13% to 11% due to the replacement of IEEPA with Section 122. Without Section 122, tariffs could fall to around 6-7% [6][12][27]. - **Complicated Path Ahead**: The path to higher tariffs is now more complex, with a risk skew towards lower tariffs, which supports expectations for lower US inflation in the second half of 2026 [6][10][29]. - **Sector vs. Country Tariffs**: The ruling suggests a shift from country-based tariffs to sector-based tariffs, which may have more legal grounding and could accelerate the tariff adjustment process [6][10][47]. - **Effective Tariff Rates**: The effective tariff rate remained subdued near 10%, and both nominal and effective rates are expected to decline post-IEEPA ruling [11][12][20]. Important but Overlooked Content - **Refunds Outlook**: The process for refunds related to tariffs remains unclear, with expectations that any refunds will be limited and delayed, potentially amounting to around $85 billion [31][30]. - **Bilateral Trade Agreements**: The ruling may not significantly alter existing bilateral agreements, as many countries are already facing lower tariff levels than before [32][66]. - **US-China Trade Relationship**: The US-China trade relationship is expected to remain stable, with a significant portion of tariffs tied to fentanyl and Section 301 investigations. Any reduction in IEEPA tariffs could be offset by increases in Section 301 tariffs [36][60]. - **Sector-Level Implications**: The transition to Section 122 tariffs is likely to reduce the dispersion in product-level tariffs, particularly benefiting consumer sectors, although the overall boost may be smaller than previously anticipated [68][69]. Conclusion - The Supreme Court ruling on IEEPA has significant implications for tariff structures, with a shift towards Section 122 tariffs expected to lower overall tariff levels and complicate future tariff adjustments. The focus on sector-based tariffs may provide a more stable framework moving forward, while the economic impact remains to be fully realized in the coming quarters.

President Donald Trump's new 10% universal tariff is sending fresh shockwaves through global markets, threatening to squeeze margins for companies dependent on overseas manufacturing. But while many multinational giants face rising uncertainty, a small group of companies may be uniquely insulated — and investors are starting to notice.The key differentiator is simple: domestic supply chains.Companies that manufacture and source heavily within the United States face significantly less exposure to import tari ...

Group 1 - BMO Capital raised the price target on Ryerson (RYI) to $31 from $29 while maintaining a Market Perform rating after the company's Q4 results [1] - The Q4 results were negatively impacted by transitory margin compression, but market activity has improved, and earnings are expected to trend higher [1] - The focus moving forward will be on delivering expected synergies, with capital allocation likely remaining tilted towards reducing leverage in the near term [1]