High Grade Basic Materials Weekly: Week to end June 18, 2026

Research evidence excerpt

High Grade Basic Materials Weekly: Week to end June 18, 2026

News and Views

NUE announces 2Q26 earnings guidance above consensus

On Wednesday, Nucor (NUE) announced 2Q26 adj earnings guidance of $4.50-

4.60/share (cons of $4.20/share). Reminder, at 1Q earnings, NUE guided 2Q earnings

higher q/q (1Q25A = $3.23/share). The company expects higher earnings across all three

segments q-o-q, with the largest increase in Steel Mills and provided the following 2Q26

outlooks for its business segments:

• Steel Mills: Earnings expected to be the largest driver of increased earnings q-o-q

due to higher realized pricing and stable volumes (unch’d). Additionally, the company

expects $130mm of cash refund associated with prior period raw material

procurement cost.

• Steel Products: Earnings expected to increase q-o-q driven by growth in volumes

and a slight improvement in realized pricing (prev. expected stable pricing).

• Raw Materials: Expect higher earnings q-o-q due to higher realized pricing

(unch’d).

Capital returns

YTD as of June 17, NUE returned $630mm to shareholders through dividends and share

repurchases. Notably, share repurchases for 2Q26 stood at ~$250mm QTD as compared

to $125mm total in 1Q26.

STLD announces 2Q26 earning guidance below consensus

On Wednesday, Steel Dynamics (STLD) announced 2Q26 adj. earnings guidance of

$3.51.3.55/share, below consensus of $4.16/share. Earnings are expected to be

impacted by $16mm due to an asset write-down related to the relocation of an

aluminum facility. The company provided the following 2Q26 outlooks for its business

segments:

• Steel: Profitability is expected to increase meaningfully q-o-q, driven by strong

demand and margin expansion from higher realized pricing. Order activity remains