Weekly Material Matters: The Light Metal is Getting Tight

Research evidence excerpt

Weekly Material Matters: The Light Metal is Getting Tight

Equity Research

Industry Update — May 11, 2026

Materials Specialty Metals

Building Products Steel

Construction Materials

Mining

Weekly Material Matters: The Light Metal is

Getting Tight

Our Call Timna Tanners

• We'll host an aluminum expert in NYC to discuss implications of tight mkt conditions, EquityTimna.Tanners@wellsfargo.comAnalyst | Wells Fargo Securities,| 212-214-5437LLC

with read-through to auto.

Matt Dushkin, CPA

• Steel buyers we hosted pointed to sustained sheet market strength, exacerbated by a Associate Equity Analyst | Wells Fargo Securities, LLC

mill outage. Matt.B.Dushkin@wellsfargo.com | 713-320-7199

• Top picks: CENX, CSTM, NUE Exhibit 1 - Top five performers qtd

The week ahead - Aluminum expert lunch, updated questions CLF, 30%

• Aluminum expert Kaustubh Chandorkar joins us in NYC Thurs to unpack aluminum STLD, 31%

mkt tightness and downstream implications

NUE, 35%

• We highlight questions for mgmts at the end of each weekly ahead of upcoming

conferences CSTM, 38%

• AA may address Middle East alumina contracts Wed KALU, 50%

• Nippon’s Q425 EPS Wed could offer updates on U.S. Steel 0% 10% 20% 30% 40% 50% 60%

Source: FactSet, Wells Fargo Securities, LLC

• Leading construction economists from ConstructConnect, AGC, and AIA will headline

ConstructConnect’s Spring 2026 Outlook Thurs Exhibit 2 - Bottom five performers qtd

VMC, 4%

The week that was - AA upgrade, State of Steel, Q1 EPS wrap

• We upgraded AA to Overweight as aluminum price strength can persist well into CENX, 0%

2027E. MLM, 0%

AA, -5%• We looked at factors that could signal a steel top is near, and how stocks historically

responded.

AMRZ, -6%

• Steel buyers cited lean inventories propping prices into summer.