North America Steel: EBITDA Per Ton Trends (2Q26): Structurals Remains the Most Profitable Business & Gerdau N.Am the Most Profitable Operation

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06 Aug 2026 12:46:12 ET │ 13 pages

North America Steel

EBITDA Per Ton Trends (2Q26): Structurals Remains the Most Profitable

Business & Gerdau N.Am the Most Profitable Operation

CITI'S TAKE

We update our EBITDA per ton comps across North America steel sector

following 2Q reporting (only BSL North Star yet to report). Charts and

takeaways below.

Quick thoughts:

• Gerdau North America remained the most profitable business by far, not a

surprise given its product mix and the strength in structural steel demand

(~+15% YTD) and prices. NUE and STLD are likely seeing similar levels of

profitability in their Structural and Bar divisions.

• Blast furnace operations continued to lag well below EAFs (e.g., NS-USS

Minimill ~$150/st better than NS-Flat Rolled). This creates steepness in

the flat rolled cost curve, i.e., if NSS-Flat Rolled HRC breakeven is

~$1,000/st, then Minimill is closer to ~$850/st. Within blast furnaces, CLF

has closed the profitability gap with NS-USS Flat Rolled. In theory, blast

furnaces should close up the profitability gap at higher utilization rates,

although scrap prices remain extremely low (Turkey buying down

significantly), which is helping EAFs.

Alexander Hacking, CFAAC

Gabriel Barra

Ephrem Ravi

• Flat rolled EAF operations performed similarly with EBITDA per ton in the

$200–250/st range. The EAF cost curve remains relatively flatter as

expected.

• Both Ternium and Arcelor Mittal performed strongly considering their

exposure to lower steel prices in Mexico and Canada. Both appear to have

material upside if trade policy closes up prices again, especially Ternium.

Notes: All data below expressed in USD per Short Ton.