STLD

Steel Dynamics reported record Q3 2026 quarterly steel shipments of 3.8 million tons with mills operating at 92% capacity, significantly outperforming the domestic industry average of 80%. The company resolved aluminum production bottlenecks and is benefiting from strong demand in nonresidential construction and domestic manufacturing reshoring, with fabrication order backlogs up 50% year-over-year. Management expects higher-margin cash generation as new capacity ramps up.

Nucor Corporation is expanding production capacity with major projects including a 3 million ton per annum sheet mill in West Virginia expected to complete in late 2026. The company projects Q3 2026 earnings of $5.55-$5.65 per share, driven by higher steel prices and volumes.

U.S. steel prices have surged above $1,300 per short ton recently, benefiting major producers. Peer steel companies Steel Dynamics, Cleveland-Cliffs, and ArcelorMittal are also reporting strong earnings guidance and improved market conditions.

Steel Dynamics reported Q3 2026 revenue of $6.51 billion, up 34.8% year-over-year, beating consensus estimates by 6.6%. However, EPS of $5.26 missed expectations of $5.42 by 2.95%.

The company showed strong performance across most operational metrics, with significant growth in steel fabrication, metals recycling, and other segments. The stock holds a Zacks Rank #3 (Hold) rating.

Cleveland-Cliffs stock surged 16.34% after reporting stronger Q3 results with adjusted EBITDA more than doubling to $612 million and raising its 2027 EBITDA outlook to exceed $4 billion. The strong performance boosted other domestic steel stocks, though Steel Dynamics fell after earnings missed estimates despite record shipments.

Steel Dynamics reported Q3 2026 earnings of $5.26 per share, missing the consensus estimate of $5.42, though revenues of $6.51 billion exceeded expectations by 6.60%. The stock has gained 42% year-to-date, outperforming the S&P 500's 11.9% gain.

With a Zacks Rank #3 (Hold) rating, the stock is expected to perform in line with the market. Peer Nucor is expected to report results on October 26 with anticipated earnings of $5.71 per share, representing 117.1% year-over-year growth.

Ternium S.A. (TX) emerges as the more attractive value investment compared to Steel Dynamics (STLD) based on Zacks Rank and Style Scores analysis. TX holds a Zacks Rank #1 (Strong Buy) with a Value grade of A, featuring a lower forward P/E of 8.90 and P/B ratio of 0.7, while STLD has a Zacks Rank #3 (Hold) with a Value grade of C and higher valuation multiples.

Steel Dynamics is set to report Q3 2026 earnings on October 19, with Wall Street expecting a 97.5% year-over-year EPS increase to $5.41 per share and 27% revenue growth to $6.13 billion. However, the stock carries a neutral Earnings ESP of 0% with a Zacks Rank #3 (Hold), making it difficult to predict an earnings beat. The company has beaten consensus estimates in 3 of the last 4 quarters.

Steel Dynamics stock declined 1.19% on October 6, 2026, underperforming the broader market despite positive earnings forecasts. The company is expected to report Q3 EPS of $5.44 (up 98.54% YoY) and revenue of $6.13 billion (up 27.01% YoY) on October 19. With a Zacks Rank of #3 (Hold) and a Forward P/E of 13.61, the stock carries a neutral outlook despite strong fundamental growth expectations.

Steel Dynamics (STLD) receives a #3 (Hold) rating on the Zacks Rank with a VGM Score of A and Value Style Score of B. The company, a leading U.S. steel producer and metal recycler, has seen two analysts revise earnings estimates upward in the last 60 days, with the Zacks Consensus Estimate increasing to $17.71 per share for fiscal 2026. The stock features an attractive forward P/E ratio of 13.1, making it noteworthy for value investors.

Cleveland-Cliffs stock surged over 16% after reporting adjusted earnings of $0.28 per share, beating estimates of $0.21. The company's adjusted EBITDA more than doubled to $612 million in Q3, with expectations to exceed $700 million in Q4. Strong steel prices and tariffs limiting imports are driving robust 2027 outlook with over $4 billion in projected adjusted EBITDA.