Company Overview - MSC Income Fund, Inc. has appointed Nataly M. Marks as a new independent member of its Board of Directors, who will also serve on the Audit Committee [1] - The Fund primarily provides debt capital to private companies, focusing on leveraged buyouts, recapitalizations, growth financings, refinancings, and acquisitions across diverse industry sectors [5] Leadership Background - Ms. Marks has been the President of Triple-S Steel Holdings, Inc. since 2022, overseeing finance, human resources, operations, information technology, and commercial teams [2] - She has 20 years of experience in the banking industry, having held various leadership roles at JPMorgan Chase & Co. from 2009 to 2022, including Head of Middle Market Banking for Houston and Central Texas [2][3] Board Contributions - The CEO of MSC Income Fund believes Ms. Marks will bring valuable insights to the Fund's investment activities due to her extensive experience in middle market, corporate, and investment banking [4] - Ms. Marks' leadership experience in a private company aligns with the profile of the Fund's typical private loan and lower middle market portfolio companies [4] Fund's Investment Strategy - The Fund's portfolio investments typically support companies with annual revenues between $25 million and $500 million for private loans, and between $10 million and $150 million for lower middle market investments [5]

Core Viewpoint - Steel Dynamics reported strong operational performance despite a challenging market environment, highlighting the importance of diversification and a circular manufacturing business model in achieving results [1][4]. Financial Performance - For the full year 2025, Steel Dynamics generated cash flow from operations of $1.4 billion and adjusted EBITDA of $2.2 billion [1][7]. - The company reported net income of $1.2 billion, or $7.99 per diluted share, for the full year, with fourth-quarter net income of $266 million on revenue of $4.4 billion [3][7]. - Operating income from steel operations was $1.4 billion, down from $1.6 billion in the prior year, attributed to compressed flat-rolled steel margins [8]. Operational Highlights - Steel Dynamics achieved record annual steel shipments of 13.7 million tons, running at 86% utilization compared to an industry average of approximately 77% [5][11]. - The company experienced planned outages that reduced production by about 140,000 to 150,000 tons in the fourth quarter, but flat-rolled pricing and demand signals have recently improved [5][12]. Aluminum Dynamics - The new Aluminum Dynamics business turned EBITDA-positive in December after shipping approximately 10,000 metric tons, with expectations to exit 2026 at roughly 90% capacity [6][15]. - Management anticipates a through-cycle EBITDA target of $650 million to $700 million for the aluminum mill, plus an additional $40 million to $50 million for the Omni platform [6][17]. Capital Allocation and Shareholder Returns - Steel Dynamics ended 2025 with liquidity exceeding $2.2 billion and issued $800 million of investment-grade unsecured notes to support capital investments and redeem existing notes [18][20]. - The company repurchased $900 million of stock in 2025, representing over 4% of shares outstanding, with $801 million remaining under authorization as of December 31 [20]. Market Outlook - Management expressed optimism for 2026, citing stable demand and lower imports, with expectations for continued strength in structural steel and railroad rail markets [12].

Company Overview - Nucor Corporation (NUE) is the largest steel producer and recycler in the U.S., valued at $32.4 billion by market cap, and is based in Charlotte, North Carolina [1] - The company operates across steel mills, steel products, and raw materials, producing a wide range of products including sheet and structural steel, joists, girders, and tubing [1] - Nucor's scrap-based, electric-arc furnace model enhances its flexibility and environmental consciousness compared to traditional steelmakers [1] Market Position - NUE is classified as a large-cap stock, with a market cap exceeding $10 billion, highlighting its size, influence, and dominance in the steel industry [2] - The company has integrated operations and a diversified product portfolio, serving sectors such as construction, infrastructure, manufacturing, and energy, positioning it as a resilient leader in the steel industry [2] Stock Performance - NUE stock reached a 52-week high of $166.26 in the last trading session, with a 13.4% gain over the past three months, outperforming the Nasdaq Composite's 9.1% rise [3] - Year-to-date, NUE shares have risen 41.1%, surpassing the Nasdaq's YTD gains of 21.5%, although the stock has only climbed 6.3% over the past 52 weeks, underperforming the Nasdaq's 20.5% returns [4] - The stock has been trading above its 200-day moving average since early July and above its 50-day moving average since late October, indicating a bullish trend [4] Financial Performance - In the third quarter earnings report released on October 27, Nucor reported revenue of $8.52 billion and EPS of $2.63, both exceeding year-ago levels and analyst expectations [5] - The Steel Mills segment contributed significantly to the gains due to higher shipments and robust margins, while the Steel Products and Raw Materials segments experienced sequential dips due to higher costs and softer pricing [5] - Nucor maintains a strong balance sheet with $2.22 billion in cash and an undrawn credit facility, continuing shareholder returns through dividends and share buybacks [5]

Core Insights - Nucor Corporation is a leading steel producer with a market cap of approximately $34 billion, specializing in a diverse range of steel products through integrated operations [1] Performance Overview - Over the past year, Nucor's stock has gained 1.1%, underperforming the S&P 500 Index, which rose by nearly 13.7%. However, year-to-date, Nucor's stock increased by 27.4%, outperforming the S&P 500's 13.4% rise [2] - Compared to the VanEck Steel ETF, which gained about 13.6% over the past year and 32.4% year-to-date, Nucor's underperformance is evident [3] Growth Drivers - Nucor's stock is rising in 2025 due to investor excitement about its growth trajectory, driven by increased production from major projects and benefits from U.S. steel import tariffs that enhance domestic demand [4] - The company's integrated, scrap-based model provides a competitive edge, and strong operational momentum supports confidence in its long-term capacity buildout [4] Earnings Expectations - For the current fiscal year ending in December 2025, analysts expect Nucor's EPS to decline by 11.5% year-over-year to $7.88 on a diluted basis. The company's earnings surprise history is mixed, with three beats and one miss in the last four quarters [5] Analyst Sentiment - Despite recent underperformance, analysts maintain a bullish outlook on Nucor, with a consensus rating of "Strong Buy" from 14 analysts, including 11 "Strong Buy" ratings, one "Moderate Buy," and two "Holds" [6] - This sentiment has improved slightly from the previous month, which had 10 "Strong Buy" ratings [7] Price Target and Upgrades - Wells Fargo recently upgraded Nucor from "Equal weight" to "Overweight," with a mean price target of $167.92, indicating a 12.9% premium to current price levels. The highest price target of $182 suggests an upside potential of 22.4% [8]