从结构上看，钢铁、汽车以及部分医药产品此前谈判形成的特殊安排预计仍会保留，这些领域短期冲击相对有限。但除更多消费类商品和普通制造品将面临 与其他国家相同的关税环境。从威士忌到玩具等产品，过去依赖品牌和渠道优势的企业，如今不得不重新面对成本压力和市场份额的再分配。 英国政府一直把对美贸易关系当成一项重要成果对外宣传，此前双方沟通形成的框架中，英国商品进入美国市场大体适用约10%的对等关税水平，相比多数 国家处于更有利的位置，这让不少英国出口企业在价格竞争上占据一定空间。市场一度认为，在全球贸易摩擦加剧的背景下，这种相对优惠的安排将成为英 国稳定外贸的重要支撑。 然而美国方面提出将对各国普遍适用更高的关税水平，税率可能提升至15%。一旦这一方案全面执行，英国原本依赖的税率优势将明显削弱。相关机构测算 显示，在主要贸易伙伴中，英国面临的关税上调幅度可能最为明显，这意味着此前建立的竞争优势可能在短时间内被重新洗牌。 英国商界估算，若整体税率上行，对美出口成本可能增加约30亿英镑，涉及约4万家企业。对于依赖美国市场的制造商、消费品企业以及中小出口商来说， 利润空间将被明显压缩。一些企业已经开始重新评估订单结构和定价策略 ...

Key Takeaways CRS is investing $400M to add 9,000 tons of melt capacity via a brownfield expansion in Athens.The project was on schedule in 2Q26, with commissioning targeted for early FY28.Carpenter Technology expects earnings growth, but no material impact on the supply-demand imbalance.Carpenter Technology Corporation (CRS) is investing in a $400-million brownfield expansion project based in Athens. The project is aimed at adding high-purity primary and secondary melt capacity to the company’s existing do ...

Stocks to watch as Trump's new tariffs spell more uncertainty | ReutersSkip to main content[Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv]A trader works on the floor, as a screen displays U.S. President Donald Trump during a press briefing at the White House following the Supreme Court's ruling on tariffs, at the New York Stock... [Purchase Licensing Rights, opens new tab] Read more- Companies[Alcoa Corp]Follow[Alibaba Group Holding Ltd]Follow[Best Buy Co Inc ...

夜幕下的首钢园，是光与影的魔术场。"水岸客厅"光影秀如期点亮，永定河、群明湖的粼粼波光与璀璨 的景观灯光交相辉映。当精心设计的灯光图案投射在巍峨的高炉、纵横的管道上，冷峻的工业轮廓瞬间 被赋予赛博朋克般的未来感，构筑起北京独一无二的科幻夜景。 钟鸣辞旧岁，炉火映新春。丙午马年春节期间，首钢园"水岸秀场·马上跃新"系列活动盛大开启，为市 民游客奉上了一场融合工业美学、非遗匠心、冰雪激情与国潮风尚的多维度新春嘉年华。百年钢城在浓 郁年味中沸腾，绘就了一幅传统佳节与现代场景交融的活力画卷。2026年2月15日至2月23日（腊月二十 八至正月初七），首钢园累计入园客流30万人次，同比去年提升2.3%，总消费额约2000万元，同比去 年提升1.2%。 工作: 11:00 21.2 r (外进不知 | * : 2:00:34 W. Kent 17-150-14 CHE CH TIP 码最新 mistis.com n 1 4 t P 4 # 1994 D g g PB 25 B AT 2000 1-1 H 3 - 201 . 0 180 a 400 12 000 ne and the C 22 首钢园本次新春活动得到了央广 ...

IDFC First Bank Ltd disclosed a potential fraud incident, involving unauthorised activities worth ₹590 crore by certain employees at its Chandigarh branch, linked to Haryana Government accounts. The issue surfaced from a Haryana Government department’s account closure request, revealing discrepancies between stated balances and actual funds. Further probes from February 18 showed mismatches in other Haryana entity accounts at the branch. Preliminary review confirms the matter is isolated to specific governm ...

Core Insights - A former executive at Commercial Metals Company (CMC) sold 25,050 shares, which represents a significant reduction of 32.14% in her direct holdings [1][4][7] Transaction Summary - The transaction involved a sale valued at $2 million, with the shares sold at a price of $79.97 each [2] - Post-transaction, the executive holds 52,880 shares, valued at approximately $4.33 million [2] Company Overview - Commercial Metals Company operates as an integrated steel and metals fabricator with three main branches: North America Steel Group, Europe Steel Group, and Emerging Businesses Group [6] - The company is also involved in processing scrap metals for steel mills and foundries [6] Financial Performance - For the trailing twelve months (TTM), CMC reported revenue of $8.01 billion and net income of $437.66 million [5] - The company has a gross margin of 17.37% and a dividend yield of 0.94% [5] - CMC's stock has experienced a 48.66% price increase over the past year, with eight consecutive months of price increases leading to a 39% positive return by the end of 2025 [5][7] Market Context - The company reported strong financial results for FY Q1 2026, marking the highest year-over-year growth since Q1 2023 [8] - Increased tariffs on steel are expected to boost domestic consumption, benefiting U.S. companies like CMC by reducing reliance on global steel imports [8] Investor Considerations - Investors should monitor CMC's inventory levels as demand may exceed supply in 2026 [9] - The company has not increased its dividend payouts since Q2 2024, which may concern investors seeking consistent dividend growth [9]

Group 1 - The Trump administration signed a new proclamation allowing a temporary 10% tariff on imports from almost all countries for up to 150 days, indicating a commitment to maintain tariffs as a macro policy instrument despite legal challenges [1] - Industry-specific tariffs on steel, aluminum, autos, and other sectors remain unaffected, reflecting a continued protectionist stance in US trade policy [2] - The potential $130 billion in tariff revenue collected under the unlawful IEEPA framework raises uncertainty regarding refunds to companies or consumers, which could impact consumption and economic expectations [3] Group 2 - The Supreme Court ruling limits the unilateral power of the president, providing stability to markets by reducing the risk of sudden large-scale tariff shocks, while the administration's quick implementation of a new 10% global tariff shows a continued aggressive trade approach [5] - The dynamic of legal constraints versus aggressive trade measures is expected to influence market sentiment, as investors assess whether the new temporary tariffs signal a temporary measure or the beginning of a new cycle of trade actions [6]

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]