Operationalization of significant capex projects continued to progress as we gained market share, continued to grow our transactional business, and achieved Adjusted EBITDA, excl. LIFO at the top of our guidance range.CHICAGO, July 29, 2025 /PRNewswire/ -- Ryerson Holding Corporation (NYSE: RYI), a leading value-added processor and distributor of industrial metals, today reported results for the second quarter ended June 30, 2025.Highlights:  Generated second quarter revenue of $1.17 billion, in-line with g ...

Summary of the Conference Call on Steel Industry - July 2025 Industry Overview - The steel industry is currently experiencing a lackluster demand environment in Europe, despite some supportive trade measures and potential increases in defense and infrastructure spending [9][10] - The demand for carbon steel is expected to remain weak, with no clear signs of recovery anticipated in 2025 [9][10] - Stainless steel demand is also expected to lag behind carbon steel due to its later-cycle nature, with no inflection predicted for 2025 [9][10] Key Insights - **Demand Conditions**: Demand conditions in Europe are weak, leading to a continued erosion of EU Hot-Rolled Coil (HRC) spreads, which have fallen below historical averages [9][10] - **Equity Ratings**: Steel equities have seen a sharp re-rating, with shares outpacing fundamentals, particularly for companies like thyssenkrupp and Salzgitter, which diminishes their risk-reward appeal [9][10] - **Preferred Companies**: - **Carbon Steel**: voestalpine is favored due to its resilient EBITDA/t and manageable decarbonization investments [10] - **Stainless Steel**: Acerinox is preferred for its strong earnings profile supported by US exposure and high-margin alloys business [11] Financial Performance - The steel sector is trading at approximately a 34% discount to its historical average on EV/normalized EBITDA, but consensus earnings downgrades for 2025 are anticipated [9][10] - Companies like thyssenkrupp have seen their shares double year-to-date, but the valuation appears stretched with a 20-30% premium to their sum-of-the-parts (SotP) valuation [10] Market Dynamics - **Construction and Automotive Demand**: These sectors are identified as key demand drivers for steel, but current indicators suggest a slowdown in growth [21][22] - **Global Steel Production**: The center of gravity for global steel production is shifting towards Asia, with significant production expected from China [19][27] Trade and Inventory Insights - EU steel imports are heavily influenced by countries like Turkey, South Korea, and China, with specific quotas set for various products [81][87] - Steel inventories across the value chain are being monitored, with US steel inventory indexed to January 2019 showing fluctuations [71] Economic Indicators - The construction confidence indicator in the EU has shown a decline, reflecting lower confidence in the sector [38] - In China, cement production growth has been negative, indicating potential challenges in construction-related steel demand [43] Conclusion - The steel industry is currently in a phase of waiting for a demand inflection, with key indicators suggesting continued weakness in both carbon and stainless steel markets. The focus remains on managing costs and navigating the challenging demand landscape while identifying potential investment opportunities in resilient companies like voestalpine and Acerinox [9][10][11]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - The domestic macro situation is favorable for non - ferrous metals this week. The copper price has obvious support at the bottom, and attention should be paid to restocking opportunities around 7.6 - 7.7. For aluminum, the short - term fundamentals are acceptable, and attention should be paid to demand and low - inventory arbitrage opportunities. Zinc prices fluctuated upward this week, with short - term suggestions to observe the squeeze - out market and manage positions, and hold long - short positions in different markets. Nickel's short - term fundamentals are average, and attention can be paid to the opportunity of narrowing the nickel - stainless steel price ratio. Stainless steel's fundamentals are weak, and attention should be paid to policy trends. Lead prices declined slightly this week, and it is expected to oscillate between 16800 - 17500 next week. Tin prices fluctuated widely this week, and it is recommended to wait and see in the short term. Industrial silicon's supply is expected to decrease, and the market is expected to shift from inventory accumulation to inventory reduction, with the disk expected to oscillate. Lithium carbonate prices are expected to oscillate, and the downward inflection point requires significant inventory accumulation of warehouse receipts and spot goods [1][2][3][6][9][12][14] Group 3: Summary by Metal Copper - **Market Data**: From July 17 - 23, the spot premium changed from 110 to 180, the waste - refined copper price difference decreased by 10, the SHFE inventory remained unchanged at 84556, and the SHFE warehouse receipts decreased by 9972. The spot import profit decreased by 340.21, and the March import profit decreased by 117.79 [1] - **Market Analysis**: Domestic macro is favorable. The waste - refined price difference has shrunk significantly, the scrap substitution effect is prominent, and the refined copper rod start - up rate has rebounded. The spot import window opened this week, and attention should be paid to the opportunity of long - position import logistics in the third and fourth quarters [1] Aluminum - **Market Data**: From July 17 - 23, the Shanghai aluminum ingot price decreased by 100, the domestic alumina price increased by 8, and the SHFE social inventory data is incomplete. The aluminum LME inventory increased by 6350, and the LME cancelled warehouse receipts decreased by 100 [1] - **Market Analysis**: Supply has increased slightly, and demand is expected to weaken seasonally in July. The supply and demand are expected to be balanced in July, and attention should be paid to far - month inter - month and internal - external reverse arbitrage opportunities under the low - inventory pattern [1] Zinc - **Market Data**: From July 17 - 23, the spot premium decreased by 20, the Shanghai zinc ingot price increased by 40, and the zinc social inventory remained unchanged. The SHFE zinc exchange inventory remained unchanged, the LME zinc inventory decreased by 1275, and the LME zinc cancelled warehouse receipts decreased by 1275 [2] - **Market Analysis**: Zinc prices fluctuated upward this week. Supply is expected to increase, demand is seasonally weak, domestic social inventory is rising, and overseas LME inventory is decreasing. There is a risk of short - squeeze in lead and zinc [2] Nickel - **Market Data**: From July 17 - 23, the price of 1.5 - grade Philippine nickel ore remained unchanged, the Shanghai nickel spot price increased by 550, and the spot import return increased by 794.56. The LME nickel inventory decreased by 2220, and the LME cancelled warehouse receipts decreased by 630 [3] - **Market Analysis**: Pure nickel production remains high, demand is weak, and both domestic and overseas nickel plate inventories have increased slightly. Attention can be paid to the opportunity of narrowing the nickel - stainless steel price ratio [3] Stainless Steel - **Market Data**: From July 17 - 23, the price of 304 cold - rolled coil increased by 100, and the price of waste stainless steel increased by 50 [3] - **Market Analysis**: Supply has decreased due to some passive production cuts by steel mills. Demand is mainly for rigid needs, and the inventory in Xijiao and Foshan has decreased slightly. The fundamentals are weak, and attention should be paid to policy trends [3] Lead - **Market Data**: From July 17 - 23, the spot premium increased by 5, the social inventory data is incomplete, and the SHFE inventory remained unchanged. The LME lead inventory increased by 650, and the LME cancelled warehouse receipts decreased by 3000 [6] - **Market Analysis**: Lead prices declined slightly this week. Supply is expected to increase slightly, demand has improved, but inventory accumulation is still expected. It is expected to oscillate between 16800 - 17500 next week [6] Tin - **Market Data**: From July 17 - 23, the spot import return decreased by 5532.31, the spot export return increased by 4474.88, and the LME tin inventory decreased by 25. The LME cancelled warehouse receipts increased by 200 [9] - **Market Analysis**: Tin prices fluctuated widely this week. Supply may decline slightly in July - August, demand is weak, and domestic inventory is rising. It is recommended to wait and see in the short term [9] Industrial Silicon - **Market Data**: From July 17 - 23, the 421 Yunnan basis increased by 430, the 421 Sichuan basis increased by 430, and the warehouse receipt quantity increased by 53 [12] - **Market Analysis**: The start - up rate of leading enterprises has decreased, and the supply is expected to decrease. The market is expected to shift from inventory accumulation to inventory reduction, and the disk is expected to oscillate [12] Lithium Carbonate - **Market Data**: From July 17 - 23, the SMM electric carbon price increased by 1350, the SMM industrial carbon price increased by 1350, and the warehouse receipt quantity increased by 665 [14] - **Market Analysis**: Lithium carbonate futures prices have risen. The supply and demand are both strong in the short term, and the inventory pressure in the intermediate link is increasing. The price is expected to oscillate, and the downward inflection point requires significant inventory accumulation of warehouse receipts and spot goods [14]

Investment Rating - The report maintains an 'In-Line' industry view for the steel sector, indicating a balanced risk-reward profile [7]. Core Insights - Carbon steel prices are experiencing softening momentum, with continued downside risks expected in the near term due to unclear demand recovery [6]. - Stainless steel demand is anticipated to remain lackluster, trailing carbon steel recovery, with no inflection expected in 2025 [8]. - The sector is currently trading at a ~34% discount to its historical average on EV/normalized EBITDA, but consensus earnings downgrades for 2025 are anticipated [9]. Carbon Steel Summary - The report highlights that EU HRC spreads have risen above historical averages due to supportive trade policies and prospects for defense/infrastructure spending [6]. - ArcelorMittal and voestalpine are identified as the most preferred companies in carbon steel, with voestalpine showing resilience in EBITDA/t during the downturn [10]. - Thyssenkrupp shares have seen significant re-rating, but the report suggests that the current valuation may not reflect the underlying business's cash needs and earnings potential [10]. Stainless Steel Summary - Acerinox is favored in the stainless steel segment due to its resilient earnings profile and exposure to the US/alloys market [11]. - The report notes that Aperam's diversified business model may not be enough to counteract the weak demand in Europe, impacting near-term earnings momentum [11]. - The overall stainless steel market is expected to face challenges due to global growth concerns and below-average spreads in the EU/US [8]. Demand Drivers - Key demand drivers for steel include construction and automotive sectors, with significant contributions from building & infrastructure and mechanical equipment [21][22]. - The report emphasizes that the automotive sector's performance is crucial for steel demand, particularly in Western Europe and the US [27][30]. Supply and Trade Dynamics - The report discusses the steel supply landscape, noting that major producers in the EU and China are adjusting production levels in response to demand fluctuations [65][68]. - It highlights the net trade flows of steel, with China being a significant exporter, impacting the EU market dynamics [80][81]. Valuation and Performance - The report provides a snapshot of equity performance, indicating that steel equities have re-rated sharply, with some companies trading at premiums to their sum-of-the-parts valuations [10][12]. - The overall steel sector's performance is compared against indices like MSCI Europe and STOXX Europe, showing varied performance across different companies [13][16].

有色早报 研究中心有色团队 2025/05/21 铜 ： 日期 沪铜现货 升贴水 废精铜 价差 上期所 库存 沪铜 仓单 现货进口 盈利 三月进口 盈利 保税库 premium 提单 premium 伦铜 C-3M LME 库存 LME 注销仓单 2025/05/14 -35 1193 80705 50069 -227.87 527.10 100.0 115.0 14.83 185575 77650 2025/05/15 15 1100 80705 60535 -427.30 494.21 100.0 115.0 39.74 184650 76725 2025/05/16 445 1250 108142 63247 -433.62 40.45 95.0 111.0 31.45 179375 71900 2025/05/19 430 816 108142 61913 -103.15 218.98 95.0 111.0 15.52 174325 67550 2025/05/20 390 979 108142 45738 -23.85 170.67 94.0 110.0 3.16 170750 66450 变化 - ...

Summary of Metals & Mining Research Report Industry Overview - The report focuses on the Metals & Mining industry, providing insights into key companies and their financial outlooks, valuations, and market conditions [1][4]. Key Companies Analyzed - The report includes detailed analyses of several major companies in the Metals & Mining sector, including: - Anglo American - BHP - Glencore - Rio Tinto - Vale - Antofagasta - First Quantum - Norsk Hydro - ArcelorMittal - Acerinox - thyssenkrupp - voestalpine - SSAB - Fresnillo - Hochschild [4][5][7]. Core Financial Metrics and Valuations - **Valuation Multiples**: The report provides comparative valuation multiples for various companies, including P/E ratios, EV/EBITDA, and FCF yields. For example: - Anglo American: P/E of 10.3x for 2027E, EV/EBITDA of 6.5x for 2027E, and FCF yield of 1.1% for 2025E [5][8]. - BHP: P/E of 11.5x for 2026E, EV/EBITDA of 5.7x for 2026E, and FCF yield of 3.4% for 2025E [5][8]. - Vale: P/E of 4.9x for 2025E, EV/EBITDA of 4.0x for 2025E, and FCF yield of 6.6% for 2026E [5][8]. - **Earnings and EBITDA**: The report outlines projected earnings and EBITDA for the companies, indicating growth trends. For instance: - Anglo American's FY EBITDA is projected to grow from $6.58 billion in 2025E to $9.76 billion in 2027E [7]. - BHP's FY EBITDA is expected to remain stable around $25 billion for 2025E to 2027E [7]. Market Sentiment and Recommendations - The overall industry view is classified as **Neutral**, with specific stock recommendations varying from Overweight (OW) to Underweight (UW) based on individual company performance and market conditions [6][8]. - Companies like Anglo American, Glencore, and Vale are rated as Overweight, indicating a positive outlook, while others like thyssenkrupp are rated Underweight, suggesting caution [6][8]. Important Considerations - **Debt Levels**: The report highlights net debt levels and debt-to-EBITDA ratios, which are crucial for assessing financial health. For example, BHP has a net debt of $13.86 billion with a debt/EBITDA ratio of 0.5 for 2025E [7]. - **Capex and Free Cash Flow**: Capital expenditures (Capex) and free cash flow (FCF) projections are also discussed, with companies like Anglo American expected to invest significantly in growth while maintaining positive FCF [7]. ESG Considerations - The report includes a section on Environmental, Social, and Governance (ESG) factors, which are increasingly important for investors in the Metals & Mining sector [4]. Conclusion - The Metals & Mining industry is poised for growth, with several companies showing strong financial metrics and positive market sentiment. However, investors are advised to consider individual company risks and market conditions when making investment decisions [2][3].

有色早报 研究中心有色团队 2025/05/07 铜 ： 日期 沪铜现货 升贴水 废精铜 价差 上期所 库存 沪铜 仓单 现货进口 盈利 三月进口 盈利 保税库 premium 提单 premium 伦铜 C-3M LME 库存 LME 注销仓单 2025/04/25 180 1130 116753 41588 -215.41 591.25 90.0 110.0 2.41 203450 77250 2025/04/28 175 881 116753 36884 -303.45 943.11 93.0 115.0 28.60 202800 70775 2025/04/29 205 1082 116753 34042 -121.50 784.42 94.0 115.0 -9.76 202500 71500 2025/04/30 230 997 116753 28166 -118.83 721.42 94.0 115.0 -6.80 200150 71050 2025/05/06 285 1063 116753 24922 -38.41 794.66 100.0 115.0 21.75 195625 86950 变 ...

Core Insights - Ryerson Holding Corporation reported a net sales of $1.14 billion for Q1 2025, reflecting a 12.7% increase from Q4 2024, driven by strong transactional sales and market share gains [5][8] - The company experienced a net loss of $5.6 million, or $0.18 per diluted share, which is an improvement compared to a net loss of $7.6 million in Q1 2024 [8][27] - Adjusted EBITDA, excluding LIFO, was $32.8 million, showing a significant increase of 218.4% from Q4 2024 [8][25] Financial Highlights - Revenue for Q1 2025 was $1,135.7 million, down 8.4% year-over-year but up 12.7% quarter-over-quarter [3][5] - Tons shipped increased to 500,000, up 11.9% from the previous quarter and slightly up 0.6% year-over-year [3][8] - Average selling price per ton was $2,271, a 0.8% increase from Q4 2024 but down 8.9% year-over-year [3][8] Cost and Margin Analysis - Gross margin contracted to 18.0% in Q1 2025 from 19.0% in Q4 2024, primarily due to rising costs of goods sold [6][26] - Excluding LIFO, gross margin improved to 18.6%, up 220 basis points from the previous quarter [6][26] - Operating expenses increased by 7.2% to $202.1 million, driven by higher personnel-related expenses, but decreased by $14.7 million compared to the prior year [7][8] Debt and Liquidity - Total debt at the end of Q1 2025 was $497.3 million, with net debt at $463.7 million, reflecting a sequential increase [10][8] - Cash and cash equivalents rose to $33.6 million, a 21.3% increase from the previous quarter [10][8] - The company reported a cash conversion cycle of 66.5 days, indicating improved working capital management [10][8] Market Position and Outlook - Ryerson gained market share in the industry, with transactional sales increasing by 12% year-over-year [8][4] - The company anticipates Q2 2025 net sales to range between $1.15 billion and $1.19 billion, with average selling prices expected to rise by 3% to 4% [13][8] - Management emphasized ongoing improvements in operational productivity and capital investments aimed at long-term growth [4][5]

Core Viewpoint - The black metal sector in the domestic futures market experienced a decline across all major commodities as of April 30, with significant drops in prices for manganese silicon, iron ore, hot-rolled coil, and silicon iron [1] Price Movements - Manganese silicon futures fell by 1.28%, settling at 5714.00 CNY/ton - Iron ore futures decreased by 0.85%, reaching 703.00 CNY/ton - Hot-rolled coil futures dropped by 0.65%, priced at 3197.00 CNY/ton - Silicon iron futures declined by 0.71%, now at 5592.00 CNY/ton [1] Warehouse Inventory Data - As of April 29, rebar futures warehouse inventory stood at 199,647 tons, unchanged from the previous period - Iron ore futures warehouse inventory was at 3,200 contracts, also unchanged - Stainless steel futures warehouse inventory decreased by 1,799 tons to 163,143 tons - Hot-rolled coil futures warehouse inventory fell by 2,653 tons to 347,020 tons - Silicon iron futures warehouse inventory increased by 388 contracts to 19,180 contracts - Manganese silicon futures warehouse inventory decreased by 612 contracts to 131,826 contracts [1] Basis Data and Price Discrepancies - As of April 29, the commodity futures basis data indicated a "backwardation" phenomenon for rebar, wire rod, hot-rolled coil, stainless steel, and iron ore contracts - Current spot prices for rebar are 3186.89 CNY, while futures are at 3109 CNY - Wire rod spot prices are 3387.5 CNY, with futures at 3286 CNY - Hot-rolled coil spot prices are 3273.33 CNY, compared to futures at 3218 CNY - Stainless steel spot prices are 13050 CNY, with futures at 12700 CNY - Silicon iron spot prices are 5548.57 CNY, while futures are at 5632 CNY - Manganese silicon spot prices are 5652 CNY, with futures at 5788 CNY - Iron ore spot prices are 779.44 CNY, while futures are at 709 CNY [1]

Report Summary 1. Report Date and Title - The report is dated April 15, 2025, titled "Nickel: Short - term Fundamental Support, Nickel Prices Firm; Stainless Steel: Cost May Provide Bottom Support, Negative Feedback Expectations Exert Pressure" [1][2] 2. Core Views - Nickel prices are expected to run firmly due to short - term fundamental support, while stainless steel prices may be supported by cost at the bottom but face pressure from negative feedback expectations [1][2] 3. Key Data Summary 3.1 Futures Data - **Nickel Futures**: The closing price of the Shanghai Nickel main contract is 123,090, with a change of 1,790 compared to T - 1. The trading volume is 173,645, a change of 3,314 from T - 1 [2] - **Stainless Steel Futures**: The closing price of the stainless steel main contract is 12,805, up 105 from T - 1. The trading volume is 132,926, an increase of 56,160 compared to T - 1 [2] 3.2 Industrial Chain Data - **Nickel Products**: The price of 1 imported nickel is 123,150, up 2,550 from T - 1. The price of 8 - 12% high - nickel pig iron (ex - factory price) is 995, down 3 from T - 1 [2] - **Stainless Steel Products**: The price of 304/2B coil - rough edge (Wuxi) is 13,200, up 50 from T - 1. The price of 304/No.1 coil (Wuxi) is 12,775, unchanged from T - 1 [2] 4. Macro and Industry News - The GNI nickel - iron project in Indonesia has gradually resumed production after cutbacks in January - February. Its capacity utilization increased from 30% to 50% in March, with an expected monthly output increase of about 0.2 million nickel metal tons in March. It plans to reach normal production by the end of April [2] - The Indonesian government proposed to adjust non - tax state revenues, raising the resource tax rates of nickel ore, nickel - iron, nickel pig iron, and nickel matte to floating ranges of 14% - 19%, 5% - 7%, 5% - 7%, and 4.5% - 6.5% respectively [3] - The governor of Ontario, Canada, may stop exporting nickel to the US in response to US tariff threats [4][5] - The Ramu nickel - cobalt project's Basamuk HPAL plant has resumed full - load production. Its MHP guidance output in 2025 is about 32,000 nickel metal tons [5] - The Indonesian Ministry of Energy and Mineral Resources signaled that new rules related to increasing mineral and coal royalties will be issued before Eid al - Fitr or March 31, 2025 [5] - China will impose a 34% tariff on all imported goods from the US starting from April 10, 2025, at 12:01 [5] 5. Trend Intensity - The trend intensity of nickel is +1, and that of stainless steel is 0. The trend intensity ranges from - 2 to 2, where - 2 means most bearish and 2 means most bullish [5]