Weekly Material Matters: Steel Going to Party Like It's 2021

Research evidence excerpt

Weekly Material Matters: Steel Going to Party Like It's 2021

Equity Research

Industry Update — May 26, 2026

Materials Specialty Metals

Building Products Steel

Construction Materials

Mining

Weekly Material Matters: Steel Going to Party

Like It's 2021

Our Call Timna Tanners

• Steel buyers flagged tight mkts and extended lead times. EquityTimna.Tanners@wellsfargo.comAnalyst | Wells Fargo Securities,| 212-214-5437LLC

• We host SMU for a steel webinar Friday and travel with EXP's CFO. Matt Dushkin, CPA

Associate Equity Analyst | Wells Fargo Securities, LLC

• We don't expect any USMCA carveouts, and would not expect positives for would-be matt.dushkin@wellsfargo.com | 713-320-7199

beneficiaries AA, CLF, TX, and MT.

Exhibit 1 - ABI vs lagged non-res

The week ahead - EXP NDR, State of Steel with SMU, USMCA negotiations begin construction spending direction y/y

• We host Steel Market Update (SMU) Editor-in-Chief Michael Cowden Friday for a 75 25%

State of Steel webinar. 65 15%

55 5%

• We'll travel with EXP's CFO Craig Kesler in the Mid-Atlantic Wed/Thurs, and we'll be 45 -5%

focused on expected returns at its projects plus cement and wallboard mkts. 35 -15%

25 -25%

• We'll attend S&P Global's steel and scrap mkt outlook in Houston on Thurs. Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25

• USMCA negotiations began Mon; a carveout for Canada if any would be +ve AA and ABI (left)

CLF/MT. ABI expanding/contracting (left)

Non-res spending lagged 1-yr (right, y/y)

The week that was - State of Steel lunch, EXP March qtr-end results, AMRZ lunch Source: AIA, U.S. Census Bureau, Wells Fargo

Securities, LLC

• The initial U.S. surface transportation draft disappointed as year-one road spending Exhibit 2 - U.S.