Weekly Material Matters: It’s a Data Center World, and We’re All Just Living in It

Research evidence excerpt

Weekly Material Matters: It’s a Data Center World, and We’re All Just Living in It

Equity Research

Industry Update — June 8, 2026

Materials Specialty Metals

Building Products Steel

Construction Materials

Mining

Weekly Material Matters: It’s a Data Center

World, and We’re All Just Living in It

Our Call Timna Tanners

• We refreshed our mgmt question bank ahead of our 16th Annual Wells Fargo EquityTimna.Tanners@wellsfargo.comAnalyst | Wells Fargo Securities,| 212-214-5437LLC

Industrial & Materials Conference in Chicago.

Matt Dushkin, CPA

• We raised sheet forecasts and remain constructive on NUE/STLD near peak, while Associate Equity Analyst | Wells Fargo Securities, LLC

downgrading CMC. matt.dushkin@wellsfargo.com | 713-320-7199

• Top picks: CENX, CSTM, and NUE Exhibit 1 - Dodge Momentum Index vs

lagged non-res construction

The week ahead - 16th Annual Industrial & Materials Conference

350 $1,300

• We hope to see many of you at the 16th Annual Wells Fargo Annual Industrial & 250 $1,100

Materials Conference in Chicago, where we'll be hosting NUE, STLD, RS, AA, CENX, $900

AMRZ, CRH, MLM, VMC, KNF, EXP and more! $700

50 $500

refreshed our management• We

preparations for meetings in Chicago. question bank in the back of the weekly to help Jan-11 Jun-12 Nov-13 Apr-15 Sep-16 Feb-18 Jul-19 Dec-20 May-22 Oct-23 Mar-25

• VALE’s investor tour Tuesday should highlight its base metals presence in Canada, Dodge Momentum Index (left)

even as iron ore prices recently slip. Non-res spending lagged 1-yr (right, $B)

Source: AIA, U.S. Census Bureau, Wells Fargo

The week that was - Steel midqtr preview, aluminum update, construction outlook Securities, LLC

• We raised steel forecasts and flagged upside for NUE and STLD, but downgraded CMC