North America Metals & Mining Sunday Morning Metals: JPM Natural Resources Conference; Steel Mid-Qtr Guide Takeaways

Research evidence excerpt

North America Metals & Mining Sunday Morning Metals: JPM Natural Resources Conference; Steel Mid-Qtr Guide Takeaways

J P M O R G A N North America Equity Research

21 June 2026

North America Metals & Mining

Sunday Morning Metals: JPM Natural Resources

Conference; Steel Mid-Qtr Guide Takeaways

This weekly product is meant to be a one-stop shop for recent Metals & Mining- Metals & Mining

ACrelated items by providing 1) upcoming events and data points in the week ahead; Bill Peterson

2) key headlines, JPM research, channel checks, and investor sentiment from the (1-415) 315-6766

prior week; 3) short interest; 4) company and sector price movements; 5) bill.peterson@jpmchase.com

commodity dashboards; and 6) an archive of our published M&M research. Bennett Moore AC

(1-212) 622-0188

Thoughts and Upcoming Week bennett.moore@jpmchase.com

Rock Hoffman

We'll be hosting companies across rare earth, uranium, copper, battery (1-212) 259-5055

materials and precious metals sectors at JPM’s Natural Resources conference rock.hoffman@jpmchase.com

this week in NYC (Jun 23-24), including MP, LEU, IE, LAC, and AEM. For J.P. Morgan Securities LLC

those attending, we’ve aggregated a Question Bank for companies under coverage

(link). We’ll also be co-hosting a pre-conference happy hour on Monday Jun-22 at

5:30pm ET at The Splendid NYC (52nd & Madison).

NUE and STLD reported 2Q mid-quarter guides last week. Stripping out 1x/

non-cash items for both, we estimate STLD missed by ~15% vs. NUE missing by

~2%. Key takeaways for NUE (link) include: 1) $130M tariff cash refunds related

to prior imports of iron units; 2) earnings guided higher across segments, in line

with prior commentary; and 3) downstream ASPs guided higher, which we

attribute to the company’s diverse product offering outside of J&D.