Nucor / Steel Dynamics: 2Q26 Mid-Quarter Updates

研报英文原文证据摘录

Nucor / Steel Dynamics: 2Q26 Mid-Quarter Updates

Equity Research

17 June 2026

Nucor / Steel Dynamics

2Q26 Mid-Quarter Updates

Nucor (NUE) and Steel Dynamics (STLD) - Mixed Emotions

First Take: NUE and STLD provided 2Q updates after the close today. While NUE's 2Q26 EPS NUE OVERWEIGHT

guidance range came in well ahead of our forecasts and the Street, 2Q includes $130m of cash North America Metals & POSITIVE Mining

refunds that benefit COGS. STLD's 2Q26 EPS guidance came in below our forecasts and the Price Target USD 270.00

Street, despite positive steel market commentary and improving aluminum mill results Q/Q. We Price (17-Jun-26) USD 252.60

expect a negative share reaction in STLD. Potential Upside/Downside +6.9%

Source: Bloomberg, Barclays Research

•• Nucor (NUE) 2Q26 guide ahead of forecasts: NUE expects 2Q26 EPS range of $4.50 to $4.60,

vs. our est. of $4.18, Bloomberg consensus of $4.20, 1Q26 adjusted EPS of $3.23 and prior year

STLD OVERWEIGHT adjusted earnings of $2.60. While the range is above our estimates, we note it does North America Metals & POSITIVE include $130m in cash refunds from prior period raw materials procurement costs that Mining

benefit COGS. Price Target USD 270.00

Price (17-Jun-26) USD 270.13

•• NUE 2Q commentary: NUE's 2Q commentary was in-line with management's prior Potential Upside/Downside -0.0%

outlook, reiterating expectations of higher consolidated earnings in 2Q26 vs. 1Q26, with Source: Bloomberg, Barclays Research

improved earnings across all three operating segments. In the steel mills segment, NUE

expects higher realized selling prices with stable volumes, while in the steel products North America Metals & Mining

segment, NUE expects higher earnings due to increased volumes and slightly higher pricing, Richard Garchitorena