Selected Reads

Smartkarma

Equity Bottom-Up

In June 2021 I pitched a short Nucor (NUE) thesis on the basis of steel prices being temporarily high and steel stocks projecting that transitory strength into the future. 18...<a target="_blank" href="https://www.valueinvestorsclub.com/idea/STEEL_DYNAMICS_INC/0463341697">Read the article on Value Investor Club »</a>

Morningstar

Morningstar, Inc.

Having reviewed a flurry of guidance releases from U.S. steelmakers, we've softened our 2019 outlook for industrywide profits. Per the commentary provided, broader steel demand remains fairly steady except for a pocket of weakness associated with the automotive end market. Metal margins have contracted in recent months amid materially lower steel prices and a non-commensurate decrease in input costs. Additionally, we remain cautious about the industry's long-term prospects, as we expect steel…

One of the largest U.S. steelmakers by production volume, Steel Dynamics enjoys a low-cost position on the steelmaking cost curve. A relative newcomer to the U.S. steel industry, having been incorporated in 1993, Steel Dynamics melts ferrous scrap metal to produce a wide variety of steel products via its fleet of seven electric arc furnaces. The company’s operating model offers low operating leverage relative to its integrated peers as well as significant flexibility with regard to both the…

Steel Dynamics' first-quarter results were closely in line with the company's prior guidance. There were no major surprises, as steelmaking and recycling profits declined year on year while fabrication profits held steady. After updating our valuation model, our $35 per share fair value estimate and no-moat rating are unchanged
Companywide adjusted EBITDA fell modestly to $382 million from $400 million in the same period last year. For 2019, we forecast adjusted EBITDA of $1.70 billion on…

United States

Steel Dynamics, Inc. is a diversified carbon-steel steel producer and metals recycler in the U.S, located in Fort Wayne, IN. The Company's operating segments include Steel Operations, Metals Recycling & Ferrous Resources Operations, and Steel Fabrication Operations. Steel Dynamics products include flat rolled steel sheet, engineered bar special-bar-quality, structural beams.

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