North America Metals & Mining: Sunday Morning Metals: ‘Heavy Metal‘ Earnings Week; CRS Catalyst Watch; AA 2Q Takeaways

Research evidence excerpt

North America Metals & Mining: Sunday Morning Metals: ‘Heavy Metal‘ Earnings Week; CRS Catalyst Watch; AA 2Q Takeaways

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

19 July 2026

North America Metals & Mining

Sunday Morning Metals: ‘Heavy Metal’ Earnings Week;

CRS Catalyst Watch; AA 2Q Takeaways

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

ACitems by providing 1) upcoming events and data points in the week ahead; 2) key Bill Peterson

headlines, JPM research, channel checks, and investor sentiment from the prior week; (1-415) 315-6766

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

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

Earnings ramp up in full swing this week starting with STLD on Tues (7/21), CLF, Rock Hoffman

FCX, KALU, RS and TECK all on Thurs (7/23) followed by EAF on Fri (7/24). We (1-212) 259-5055

anticipate a guidance beat for N-rated RS on better-than-expected steel pricing and rock.hoffman@jpmchase.com

further share gains. For N-rated CLF, we expect a strong 3Q guide driven by lagged J.P. Morgan Securities LLC

price tailwinds and a reversal lower in unit COGS, with similar 3Q dynamics likely

for N-rated STLD also driven by less planned downtime, improved value-add

Upcoming M&M earnings:

spreads and a potential shift to profitability at ADI. For UW-rated EAF, we anticipate

continued loss-making, and will look for updates on the pending AD/CVD trade cases

and confirmation of directionally improving demand/pricing for its key US market.

In our Base Metals preview (link), we outlined the likelihood of a straightforward print