# Steel — company-by-company sector analysis

> Steel: ArcelorMittal S.A. owns the largest revenue base; Friedman Industries, Incorporated has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Steel has outperformed S&P 500 by 35.5% over 52 weeks and 5.1% over 13 weeks. 8 of 13 covered companies beat the S&P 500 on Mansfield relative strength, while 7 of 13 beat the sector itself. ArcelorMittal S.A. leads with revenue of $62,011 million, based on 8 of 13 comparable companies through Mar 2026.

### Is the Steel sector outperforming S&P 500?

Steel has outperformed S&P 500 by 35.5% over 52 weeks and 5.1% over 13 weeks. 8 of 13 covered companies beat the S&P 500 on Mansfield relative strength, while 7 of 13 beat the sector itself.

### Which Steel company is largest by revenue?

ArcelorMittal S.A. leads with revenue of $62,011 million, based on 8 of 13 comparable companies through Mar 2026.

### Which Steel company is growing fastest?

Friedman Industries, Incorporated has the fastest current revenue growth at 45.4%, across 8 of 13 comparable companies.

### Which Steel company has the strongest 4-Factor Sector Score?

Friedman Industries, Incorporated ranks first at 71/100 with 76% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Steel company reports the most CAPEX?

ArcelorMittal S.A. reports the largest latest CAPEX at $1,271 million, with 12 of 13 companies comparable.

### Which Steel company has the least gross debt?

Metallus Inc. has the lowest comparable gross debt at $13 million. ArcelorMittal S.A. has the highest at $13,683 million.

### Which Steel company has the lowest comparable PEG?

Friedman Industries, Incorporated has the lowest comparable Guarded PEG at 0.32, among 4 of 13 companies that pass the metric’s comparability rules.

### How much history does this Steel comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Steel has outperformed S&P 500 by 35.5% over the last 52 weeks. Over 13 weeks the gap is a lead of 5.1%. 8 of 13 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Friedman Industries, Incorporated is the strongest against the sector itself at +39.1%.

13-week sector return versus NIFTY 500: 5.1%
52-week sector return versus NIFTY 500: 36%
Stocks leading NIFTY: 8/13
Stocks leading sector: 7/13

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 13
Combined market value: ₹1.9 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Friedman Industries, Incorporated (FRD): 71/100 — Favorable setup; evidence 76%
   - Growth & earnings 25.9/35 | Capital efficiency 11.8/25 | Valuation 16.3/20 | Relative strength 17.0/20
   - Exact sum: 25.9 + 11.8 + 16.3 + 17 = 71
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. NWPX Infrastructure, Inc. (NWPX): 69/100 — Favorable setup; evidence 76%
   - Growth & earnings 22.9/35 | Capital efficiency 14.3/25 | Valuation 15.3/20 | Relative strength 16.2/20
   - Exact sum: 22.9 + 14.3 + 15.3 + 16.2 = 68.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Nucor Corporation (NUE): 64/100 — Thin evidence · provisional; evidence 57%
   - Growth & earnings 23.3/35 | Capital efficiency 14.1/25 | Valuation 10.5/20 | Relative strength 15.8/20
   - Exact sum: 23.3 + 14.1 + 10.5 + 15.8 = 63.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
4. Reliance, Inc. (RS): 60/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 18.8/35 | Capital efficiency 14.7/25 | Valuation 9.8/20 | Relative strength 16.2/20
   - Exact sum: 18.8 + 14.7 + 9.8 + 16.2 = 59.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
5. Steel Dynamics, Inc. (STLD): 59/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 22.1/35 | Capital efficiency 14.3/25 | Valuation 10.0/20 | Relative strength 12.9/20
   - Exact sum: 22.1 + 14.3 + 10 + 12.9 = 59.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6. Metallus Inc. (MTUS): 55/100 — Mixed-positive evidence; evidence 75%
   - Growth & earnings 18.7/35 | Capital efficiency 11.3/25 | Valuation 13.7/20 | Relative strength 11.0/20
   - Exact sum: 18.7 + 11.3 + 13.7 + 11 = 54.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. ArcelorMittal S.A. (MT): 54/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 17.2/35 | Capital efficiency 12.3/25 | Valuation 11.0/20 | Relative strength 13.4/20
   - Exact sum: 17.2 + 12.3 + 11 + 13.4 = 53.9
   - Decision use: Price leads the evidence: RS versus the benchmark is 24.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
8. Ternium S.A. (TX): 54/100 — Mixed-positive evidence; evidence 65%
   - Growth & earnings 17.3/35 | Capital efficiency 13.3/25 | Valuation 10.8/20 | Relative strength 12.5/20
   - Exact sum: 17.3 + 13.3 + 10.8 + 12.5 = 53.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Cleveland-Cliffs Inc. (CLF): 44/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 22.2/35 | Capital efficiency 5.0/25 | Valuation 9.0/20 | Relative strength 8.0/20
   - Exact sum: 22.2 + 5 + 9 + 8 = 44.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
10. Mesabi Trust (MSB): 33/100 — Adverse evidence; evidence 65%
   - Growth & earnings 4.5/35 | Capital efficiency 15.6/25 | Valuation 9.5/20 | Relative strength 3.8/20
   - Exact sum: 4.5 + 15.6 + 9.5 + 3.8 = 33.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. Worthington Steel, Inc. (WS): 33/100 — Adverse evidence; evidence 80%
   - Growth & earnings 8.4/35 | Capital efficiency 8.1/25 | Valuation 9.6/20 | Relative strength 6.8/20
   - Exact sum: 8.4 + 8.1 + 9.6 + 6.8 = 32.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. Algoma Steel Group Inc. (ASTL): 26/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 7.7/35 | Capital efficiency 2.7/25 | Valuation 11.5/20 | Relative strength 4.5/20
   - Exact sum: 7.7 + 2.7 + 11.5 + 4.5 = 26.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
13. Luda Technology Group Limited (LUD): 40/100 — Thin evidence · provisional; evidence 29%
   - Growth & earnings 17.8/35 | Capital efficiency 9.8/25 | Valuation 9.3/20 | Relative strength 3.0/20
   - Exact sum: 17.8 + 9.8 + 9.3 + 3 = 39.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: ArcelorMittal S.A. is the scale leader at $62,011 million, 297.2% ahead of Ternium S.A.. Friedman Industries, Incorporated's growth is 45.4% from a $647 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: ArcelorMittal S.A. is the scale benchmark; Friedman Industries, Incorporated is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: ArcelorMittal S.A.'s growth falls below Friedman Industries, Incorporated's for two consecutive comparable reports while operating margin also compresses.

Evidence: ArcelorMittal S.A. · $62,011 million | 297.2% versus #2 · Ternium S.A. | 4/8 recent comparable periods | 8/13 companies · 230 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. ArcelorMittal S.A. (MT): ₹62.0K Cr
2. Ternium S.A. (TX): ₹15.6K Cr
3. Worthington Steel, Inc. (WS): ₹3.4K Cr
4. Algoma Steel Group Inc. (ASTL): ₹1.9K Cr
5. Metallus Inc. (MTUS): ₹1.2K Cr

### Revenue growth — fastest growers
1. Friedman Industries, Incorporated (FRD): 45%
2. Metallus Inc. (MTUS): 14%
3. Worthington Steel, Inc. (WS): 11%
4. NWPX Infrastructure, Inc. (NWPX): 11%
5. ArcelorMittal S.A. (MT): 1.7%

### 20-quarter Revenue history
- NUE: Sep 2021 ₹8.8K Cr | Dec 2021 ₹10.3K Cr | Mar 2022 — | Jun 2022 ₹10.5K Cr | Sep 2022 ₹11.8K Cr | Dec 2022 ₹10.5K Cr | Mar 2023 — | Jun 2023 ₹8.7K Cr | Sep 2023 ₹9.5K Cr | Dec 2023 ₹7.7K Cr | Mar 2024 ₹8.1K Cr | Jun 2024 ₹8.1K Cr | Sep 2024 ₹7.4K Cr | Dec 2024 ₹7.1K Cr | Mar 2025 — | Jun 2025 ₹7.8K Cr | Sep 2025 ₹8.5K Cr | Dec 2025 ₹8.5K Cr | Mar 2026 — | Jun 2026 ₹9.5K Cr
- MT: Sep 2021 — | Dec 2021 ₹20.8K Cr | Mar 2022 ₹21.8K Cr | Jun 2022 ₹22.1K Cr | Sep 2022 ₹19.0K Cr | Dec 2022 ₹16.9K Cr | Mar 2023 ₹18.5K Cr | Jun 2023 ₹18.6K Cr | Sep 2023 ₹16.6K Cr | Dec 2023 ₹14.6K Cr | Mar 2024 ₹16.3K Cr | Jun 2024 ₹16.2K Cr | Sep 2024 ₹15.2K Cr | Dec 2024 ₹14.7K Cr | Mar 2025 ₹14.8K Cr | Jun 2025 ₹15.9K Cr | Sep 2025 ₹15.7K Cr | Dec 2025 ₹15.0K Cr | Mar 2026 ₹15.5K Cr | Jun 2026 —
- STLD: Sep 2021 ₹5.1K Cr | Dec 2021 ₹5.3K Cr | Mar 2022 ₹5.6K Cr | Jun 2022 ₹6.2K Cr | Sep 2022 ₹5.7K Cr | Dec 2022 ₹4.8K Cr | Mar 2023 ₹4.9K Cr | Jun 2023 ₹5.1K Cr | Sep 2023 ₹4.6K Cr | Dec 2023 ₹4.2K Cr | Mar 2024 ₹4.7K Cr | Jun 2024 ₹4.6K Cr | Sep 2024 ₹4.3K Cr | Dec 2024 ₹3.9K Cr | Mar 2025 ₹4.4K Cr | Jun 2025 ₹4.6K Cr | Sep 2025 ₹4.8K Cr | Dec 2025 ₹4.4K Cr | Mar 2026 ₹5.2K Cr | Jun 2026 —
- RS: Sep 2021 ₹3.8K Cr | Dec 2021 ₹4.0K Cr | Mar 2022 ₹4.5K Cr | Jun 2022 ₹4.7K Cr | Sep 2022 ₹4.2K Cr | Dec 2022 ₹3.6K Cr | Mar 2023 ₹4.0K Cr | Jun 2023 ₹3.9K Cr | Sep 2023 ₹3.6K Cr | Dec 2023 ₹3.3K Cr | Mar 2024 ₹3.6K Cr | Jun 2024 ₹3.6K Cr | Sep 2024 ₹3.4K Cr | Dec 2024 ₹3.1K Cr | Mar 2025 ₹3.5K Cr | Jun 2025 ₹3.7K Cr | Sep 2025 ₹3.7K Cr | Dec 2025 ₹3.5K Cr | Mar 2026 ₹4.0K Cr | Jun 2026 —
- TX: Sep 2021 ₹4.6K Cr | Dec 2021 ₹4.3K Cr | Mar 2022 ₹4.3K Cr | Jun 2022 ₹4.4K Cr | Sep 2022 ₹4.1K Cr | Dec 2022 ₹3.5K Cr | Mar 2023 ₹3.6K Cr | Jun 2023 ₹3.9K Cr | Sep 2023 ₹5.2K Cr | Dec 2023 ₹4.9K Cr | Mar 2024 ₹4.8K Cr | Jun 2024 ₹4.5K Cr | Sep 2024 ₹4.5K Cr | Dec 2024 ₹3.9K Cr | Mar 2025 ₹3.9K Cr | Jun 2025 ₹3.9K Cr | Sep 2025 ₹4.0K Cr | Dec 2025 ₹3.8K Cr | Mar 2026 ₹3.9K Cr | Jun 2026 —
- CLF: Sep 2021 ₹6.0K Cr | Dec 2021 ₹5.3K Cr | Mar 2022 ₹6.0K Cr | Jun 2022 ₹6.3K Cr | Sep 2022 ₹5.7K Cr | Dec 2022 ₹5.0K Cr | Mar 2023 ₹5.3K Cr | Jun 2023 ₹6.0K Cr | Sep 2023 ₹5.6K Cr | Dec 2023 ₹5.1K Cr | Mar 2024 ₹5.2K Cr | Jun 2024 ₹5.1K Cr | Sep 2024 ₹4.6K Cr | Dec 2024 ₹4.3K Cr | Mar 2025 ₹4.6K Cr | Jun 2025 ₹4.9K Cr | Sep 2025 ₹4.7K Cr | Dec 2025 ₹4.3K Cr | Mar 2026 ₹4.9K Cr | Jun 2026 —
- WS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹1.1K Cr | Dec 2022 ₹868 Cr | Mar 2023 ₹781 Cr | Jun 2023 ₹884 Cr | Sep 2023 ₹906 Cr | Dec 2023 ₹808 Cr | Mar 2024 ₹806 Cr | Jun 2024 ₹911 Cr | Sep 2024 ₹834 Cr | Dec 2024 ₹739 Cr | Mar 2025 ₹687 Cr | Jun 2025 ₹833 Cr | Sep 2025 ₹873 Cr | Dec 2025 ₹872 Cr | Mar 2026 ₹770 Cr | Jun 2026 ₹929 Cr
- NWPX: Sep 2021 ₹85 Cr | Dec 2021 ₹103 Cr | Mar 2022 ₹109 Cr | Jun 2022 ₹119 Cr | Sep 2022 ₹123 Cr | Dec 2022 ₹107 Cr | Mar 2023 ₹99 Cr | Jun 2023 ₹116 Cr | Sep 2023 ₹119 Cr | Dec 2023 ₹110 Cr | Mar 2024 ₹113 Cr | Jun 2024 ₹130 Cr | Sep 2024 ₹130 Cr | Dec 2024 ₹120 Cr | Mar 2025 ₹116 Cr | Jun 2025 ₹133 Cr | Sep 2025 ₹151 Cr | Dec 2025 ₹126 Cr | Mar 2026 ₹138 Cr | Jun 2026 —
- MTUS: Sep 2021 ₹344 Cr | Dec 2021 ₹338 Cr | Mar 2022 ₹352 Cr | Jun 2022 ₹416 Cr | Sep 2022 ₹317 Cr | Dec 2022 ₹245 Cr | Mar 2023 ₹324 Cr | Jun 2023 ₹357 Cr | Sep 2023 ₹354 Cr | Dec 2023 ₹328 Cr | Mar 2024 ₹322 Cr | Jun 2024 ₹295 Cr | Sep 2024 ₹227 Cr | Dec 2024 ₹241 Cr | Mar 2025 ₹281 Cr | Jun 2025 ₹305 Cr | Sep 2025 ₹306 Cr | Dec 2025 ₹267 Cr | Mar 2026 ₹308 Cr | Jun 2026 —
- ASTL: Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹942 Cr | Jun 2022 ₹934 Cr | Sep 2022 ₹599 Cr | Dec 2022 ₹568 Cr | Mar 2023 ₹677 Cr | Jun 2023 ₹827 Cr | Sep 2023 ₹733 Cr | Dec 2023 ₹615 Cr | Mar 2024 ₹621 Cr | Jun 2024 ₹651 Cr | Sep 2024 ₹600 Cr | Dec 2024 ₹590 Cr | Mar 2025 ₹517 Cr | Jun 2025 ₹590 Cr | Sep 2025 ₹524 Cr | Dec 2025 ₹455 Cr | Mar 2026 ₹297 Cr | Jun 2026 —
- MSB: Sep 2021 ₹28 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹-4 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹-2 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹79 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹4 Cr | Jun 2026 ₹2 Cr
- FRD: Sep 2021 ₹93 Cr | Dec 2021 ₹52 Cr | Mar 2022 ₹75 Cr | Jun 2022 ₹162 Cr | Sep 2022 ₹150 Cr | Dec 2022 ₹112 Cr | Mar 2023 ₹124 Cr | Jun 2023 ₹137 Cr | Sep 2023 ₹131 Cr | Dec 2023 ₹116 Cr | Mar 2024 ₹132 Cr | Jun 2024 ₹115 Cr | Sep 2024 ₹107 Cr | Dec 2024 ₹94 Cr | Mar 2025 ₹129 Cr | Jun 2025 ₹135 Cr | Sep 2025 ₹152 Cr | Dec 2025 ₹168 Cr | Mar 2026 ₹192 Cr | Jun 2026 —
- LUD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹22 Cr | Sep 2022 — | Dec 2022 ₹28 Cr | Mar 2023 — | Jun 2023 ₹25 Cr | Sep 2023 — | Dec 2023 ₹26 Cr | Mar 2024 — | Jun 2024 ₹25 Cr | Sep 2024 — | Dec 2024 ₹20 Cr | Mar 2025 — | Jun 2025 ₹17 Cr | Sep 2025 — | Dec 2025 ₹16 Cr | Mar 2026 — | Jun 2026 —

### 20-quarter Revenue growth history
- NUE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 34% | Dec 2022 1.8% | Mar 2023 — | Jun 2023 -17% | Sep 2023 -19% | Dec 2023 -27% | Mar 2024 — | Jun 2024 -7.3% | Sep 2024 -22% | Dec 2024 -8.2% | Mar 2025 — | Jun 2025 -3.1% | Sep 2025 14% | Dec 2025 20% | Mar 2026 — | Jun 2026 21%
- MT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -19% | Mar 2023 -15% | Jun 2023 -16% | Sep 2023 -12% | Dec 2023 -14% | Mar 2024 -12% | Jun 2024 -13% | Sep 2024 -8.6% | Dec 2024 1.1% | Mar 2025 -9.1% | Jun 2025 -2.0% | Sep 2025 3.0% | Dec 2025 1.8% | Mar 2026 4.5% | Jun 2026 —
- STLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 39% | Sep 2022 11% | Dec 2022 -9.1% | Mar 2023 -12% | Jun 2023 -18% | Sep 2023 -19% | Dec 2023 -12% | Mar 2024 -4.1% | Jun 2024 -8.8% | Sep 2024 -5.3% | Dec 2024 -8.5% | Mar 2025 -6.9% | Jun 2025 -1.5% | Sep 2025 11% | Dec 2025 14% | Mar 2026 19% | Jun 2026 —
- RS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 37% | Sep 2022 10% | Dec 2022 -9.5% | Mar 2023 -12% | Jun 2023 -17% | Sep 2023 -15% | Dec 2023 -7.6% | Mar 2024 -8.1% | Jun 2024 -6.1% | Sep 2024 -5.6% | Dec 2024 -6.3% | Mar 2025 -4.4% | Jun 2025 0.5% | Sep 2025 6.8% | Dec 2025 12% | Mar 2026 16% | Jun 2026 —
- TX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 -10% | Dec 2022 -18% | Mar 2023 -16% | Jun 2023 -13% | Sep 2023 26% | Dec 2023 39% | Mar 2024 32% | Jun 2024 17% | Sep 2024 -14% | Dec 2024 -21% | Mar 2025 -18% | Jun 2025 -13% | Sep 2025 -12% | Dec 2025 -2.6% | Mar 2026 0.0% | Jun 2026 —
- CLF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 26% | Sep 2022 -5.9% | Dec 2022 -5.7% | Mar 2023 -11% | Jun 2023 -5.6% | Sep 2023 -0.9% | Dec 2023 1.4% | Mar 2024 -1.8% | Jun 2024 -15% | Sep 2024 -18% | Dec 2024 -15% | Mar 2025 -11% | Jun 2025 -3.1% | Sep 2025 3.6% | Dec 2025 -0.3% | Mar 2026 6.3% | Jun 2026 —
- WS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -16% | Dec 2023 -6.9% | Mar 2024 3.2% | Jun 2024 3.1% | Sep 2024 -8.0% | Dec 2024 -8.5% | Mar 2025 -15% | Jun 2025 -8.6% | Sep 2025 4.7% | Dec 2025 18% | Mar 2026 12% | Jun 2026 12%
- NWPX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 61% | Sep 2022 45% | Dec 2022 3.9% | Mar 2023 -9.2% | Jun 2023 -2.5% | Sep 2023 -3.3% | Dec 2023 2.8% | Mar 2024 14% | Jun 2024 12% | Sep 2024 9.2% | Dec 2024 9.1% | Mar 2025 2.7% | Jun 2025 2.3% | Sep 2025 16% | Dec 2025 5.0% | Mar 2026 19% | Jun 2026 —
- MTUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 27% | Sep 2022 -7.9% | Dec 2022 -28% | Mar 2023 -8.0% | Jun 2023 -14% | Sep 2023 12% | Dec 2023 34% | Mar 2024 -0.6% | Jun 2024 -17% | Sep 2024 -36% | Dec 2024 -27% | Mar 2025 -13% | Jun 2025 3.4% | Sep 2025 35% | Dec 2025 11% | Mar 2026 9.6% | Jun 2026 —
- ASTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 18% | Sep 2022 -41% | Dec 2022 -47% | Mar 2023 -28% | Jun 2023 -11% | Sep 2023 22% | Dec 2023 8.3% | Mar 2024 -8.3% | Jun 2024 -21% | Sep 2024 -18% | Dec 2024 -4.1% | Mar 2025 -17% | Jun 2025 -9.4% | Sep 2025 -13% | Dec 2025 -23% | Mar 2026 -43% | Jun 2026 —
- MSB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -114% | Dec 2022 -100% | Mar 2023 -111% | Jun 2023 -86% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 200% | Sep 2024 -40% | Dec 2024 1,480% | Mar 2025 17% | Jun 2025 -17% | Sep 2025 0.0% | Dec 2025 -95% | Mar 2026 -43% | Jun 2026 -60%
- FRD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 145% | Sep 2022 61% | Dec 2022 115% | Mar 2023 65% | Jun 2023 -15% | Sep 2023 -13% | Dec 2023 3.6% | Mar 2024 6.5% | Jun 2024 -16% | Sep 2024 -18% | Dec 2024 -19% | Mar 2025 -2.3% | Jun 2025 17% | Sep 2025 42% | Dec 2025 79% | Mar 2026 49% | Jun 2026 —
- LUD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 14% | Sep 2023 — | Dec 2023 -7.1% | Mar 2024 — | Jun 2024 0.0% | Sep 2024 — | Dec 2024 -23% | Mar 2025 — | Jun 2025 -32% | Sep 2025 — | Dec 2025 -20% | Mar 2026 — | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Mesabi Trust leads opm at 48.4%; Nucor Corporation leads margin change at +7.9 percentage points.

Investor read: Mesabi Trust sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Mesabi Trust · 48.4% | 313.7% versus #2 · Nucor Corporation | 3/8 recent comparable periods | 12/13 companies · 222 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Mesabi Trust (MSB): 48%
2. Nucor Corporation (NUE): 12%
3. Steel Dynamics, Inc. (STLD): 10%
4. NWPX Infrastructure, Inc. (NWPX): 9.2%
5. Reliance, Inc. (RS): 9.1%

### Margin change — fastest expanders
1. Nucor Corporation (NUE): +7.9 pp
2. Cleveland-Cliffs Inc. (CLF): +7.4 pp
3. NWPX Infrastructure, Inc. (NWPX): +4.4 pp
4. Steel Dynamics, Inc. (STLD): +4.0 pp
5. Ternium S.A. (TX): +4.0 pp

### 20-quarter OPM history
- NUE: Sep 2021 23% | Dec 2021 28% | Mar 2022 — | Jun 2022 28% | Sep 2022 30% | Dec 2022 22% | Mar 2023 — | Jun 2023 19% | Sep 2023 22% | Dec 2023 14% | Mar 2024 15% | Jun 2024 11% | Sep 2024 5.3% | Dec 2024 5.5% | Mar 2025 — | Jun 2025 3.8% | Sep 2025 11% | Dec 2025 10% | Mar 2026 — | Jun 2026 12%
- MT: Sep 2021 — | Dec 2021 22% | Mar 2022 20% | Jun 2022 20% | Sep 2022 8.7% | Dec 2022 -1.8% | Mar 2023 6.4% | Jun 2023 10% | Sep 2023 7.2% | Dec 2023 -14% | Mar 2024 6.6% | Jun 2024 6.4% | Sep 2024 4.4% | Dec 2024 3.6% | Mar 2025 5.6% | Jun 2025 12% | Sep 2025 3.5% | Dec 2025 2.2% | Mar 2026 4.9% | Jun 2026 —
- STLD: Sep 2021 26% | Dec 2021 27% | Mar 2022 27% | Jun 2022 26% | Sep 2022 22% | Dec 2022 16% | Mar 2023 17% | Jun 2023 21% | Sep 2023 16% | Dec 2023 12% | Mar 2024 16% | Jun 2024 12% | Sep 2024 9.1% | Dec 2024 6.1% | Mar 2025 6.3% | Jun 2025 8.4% | Sep 2025 11% | Dec 2025 7.0% | Mar 2026 10% | Jun 2026 —
- RS: Sep 2021 14% | Dec 2021 14% | Mar 2022 16% | Jun 2022 17% | Sep 2022 13% | Dec 2022 13% | Mar 2023 13% | Jun 2023 13% | Sep 2023 11% | Dec 2023 9.7% | Mar 2024 11% | Jun 2024 9.7% | Sep 2024 8.0% | Dec 2024 4.5% | Mar 2025 7.9% | Jun 2025 8.5% | Sep 2025 7.1% | Dec 2025 4.8% | Mar 2026 9.1% | Jun 2026 —
- TX: Sep 2021 38% | Dec 2021 31% | Mar 2022 25% | Jun 2022 24% | Sep 2022 13% | Dec 2022 1.2% | Mar 2023 9.9% | Jun 2023 19% | Sep 2023 10% | Dec 2023 12% | Mar 2024 14% | Jun 2024 8.2% | Sep 2024 3.9% | Dec 2024 1.1% | Mar 2025 3.4% | Jun 2025 5.0% | Sep 2025 5.4% | Dec 2025 4.2% | Mar 2026 7.4% | Jun 2026 —
- CLF: Sep 2021 28% | Dec 2021 21% | Mar 2022 18% | Jun 2022 13% | Sep 2022 3.3% | Dec 2022 -3.6% | Mar 2023 -0.6% | Jun 2023 8.1% | Sep 2023 5.8% | Dec 2023 -2.3% | Mar 2024 -0.7% | Jun 2024 0.1% | Sep 2024 -5.7% | Dec 2024 -11% | Mar 2025 -12% | Jun 2025 -10% | Sep 2025 -4.3% | Dec 2025 -7.7% | Mar 2026 -4.3% | Jun 2026 —
- WS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 3.8% | Dec 2022 -2.3% | Mar 2023 1.2% | Jun 2023 10% | Sep 2023 7.7% | Dec 2023 -1.1% | Mar 2024 8.2% | Jun 2024 7.4% | Sep 2024 5.2% | Dec 2024 2.6% | Mar 2025 2.7% | Jun 2025 8.0% | Sep 2025 5.5% | Dec 2025 2.5% | Mar 2026 0.4% | Jun 2026 -6.2%
- NWPX: Sep 2021 8.0% | Dec 2021 3.0% | Mar 2022 5.0% | Jun 2022 12% | Sep 2022 12% | Dec 2022 10% | Mar 2023 4.8% | Jun 2023 9.9% | Sep 2023 7.6% | Dec 2023 7.8% | Mar 2024 7.7% | Jun 2024 11% | Sep 2024 12% | Dec 2024 8.8% | Mar 2025 4.8% | Jun 2025 9.9% | Sep 2025 13% | Dec 2025 10% | Mar 2026 9.2% | Jun 2026 —
- MTUS: Sep 2021 15% | Dec 2021 18% | Mar 2022 16% | Jun 2022 25% | Sep 2022 -4.0% | Dec 2022 -2.2% | Mar 2023 8.7% | Jun 2023 11% | Sep 2023 9.3% | Dec 2023 0.5% | Mar 2024 8.5% | Jun 2024 1.3% | Sep 2024 -4.2% | Dec 2024 -7.1% | Mar 2025 0.5% | Jun 2025 3.6% | Sep 2025 3.1% | Dec 2025 -7.9% | Mar 2026 2.5% | Jun 2026 —
- ASTL: Sep 2021 40% | Dec 2021 42% | Mar 2022 33% | Jun 2022 35% | Sep 2022 0.9% | Dec 2022 -12% | Mar 2023 3.2% | Jun 2023 20% | Sep 2023 5.0% | Dec 2023 -6.0% | Mar 2024 0.5% | Jun 2024 -1.9% | Sep 2024 -14% | Dec 2024 -21% | Mar 2025 -27% | Jun 2025 -14% | Sep 2025 -124% | Dec 2025 -99% | Mar 2026 -52% | Jun 2026 —
- MSB: Sep 2021 96% | Dec 2021 98% | Mar 2022 100% | Jun 2022 96% | Sep 2022 111% | Dec 2022 -489% | Mar 2023 100% | Jun 2023 55% | Sep 2023 93% | Dec 2023 84% | Mar 2024 100% | Jun 2024 56% | Sep 2024 83% | Dec 2024 99% | Mar 2025 100% | Jun 2025 77% | Sep 2025 85% | Dec 2025 77% | Mar 2026 100% | Jun 2026 48%
- FRD: Sep 2021 26% | Dec 2021 -11% | Mar 2022 -5.7% | Jun 2022 7.6% | Sep 2022 0.0% | Dec 2022 1.3% | Mar 2023 5.8% | Jun 2023 7.5% | Sep 2023 0.8% | Dec 2023 5.3% | Mar 2024 5.2% | Jun 2024 -1.2% | Sep 2024 -0.2% | Dec 2024 -1.3% | Mar 2025 4.5% | Jun 2025 5.2% | Sep 2025 1.9% | Dec 2025 2.3% | Mar 2026 6.2% | Jun 2026 —

### 20-quarter Margin change history
- NUE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.8 pp | Dec 2022 −5.5 pp | Mar 2023 — | Jun 2023 −9.5 pp | Sep 2023 −8.5 pp | Dec 2023 −8.9 pp | Mar 2024 — | Jun 2024 −7.5 pp | Sep 2024 −16.2 pp | Dec 2024 −8.0 pp | Mar 2025 — | Jun 2025 −7.2 pp | Sep 2025 +5.4 pp | Dec 2025 +4.9 pp | Mar 2026 — | Jun 2026 +7.9 pp
- MT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −23.7 pp | Mar 2023 −13.9 pp | Jun 2023 −10.0 pp | Sep 2023 −1.5 pp | Dec 2023 −11.8 pp | Mar 2024 +0.2 pp | Jun 2024 −3.9 pp | Sep 2024 −2.8 pp | Dec 2024 +17.2 pp | Mar 2025 −1.0 pp | Jun 2025 +5.7 pp | Sep 2025 −0.9 pp | Dec 2025 −1.4 pp | Mar 2026 −0.7 pp | Jun 2026 —
- STLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +4.6 pp | Sep 2022 −4.4 pp | Dec 2022 −11.2 pp | Mar 2023 −9.7 pp | Jun 2023 −5.1 pp | Sep 2023 −5.6 pp | Dec 2023 −3.5 pp | Mar 2024 −1.1 pp | Jun 2024 −8.8 pp | Sep 2024 −6.9 pp | Dec 2024 −6.1 pp | Mar 2025 −9.7 pp | Jun 2025 −3.7 pp | Sep 2025 +1.4 pp | Dec 2025 +0.9 pp | Mar 2026 +4.0 pp | Jun 2026 —
- RS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +3.3 pp | Sep 2022 −1.3 pp | Dec 2022 −1.5 pp | Mar 2023 −3.0 pp | Jun 2023 −3.6 pp | Sep 2023 −2.1 pp | Dec 2023 −2.9 pp | Mar 2024 −2.2 pp | Jun 2024 −3.5 pp | Sep 2024 −2.8 pp | Dec 2024 −5.2 pp | Mar 2025 −2.9 pp | Jun 2025 −1.2 pp | Sep 2025 −0.9 pp | Dec 2025 +0.3 pp | Mar 2026 +1.2 pp | Jun 2026 —
- TX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −8.3 pp | Sep 2022 −25.0 pp | Dec 2022 −30.2 pp | Mar 2023 −14.7 pp | Jun 2023 −5.2 pp | Sep 2023 −2.6 pp | Dec 2023 +10.6 pp | Mar 2024 +4.2 pp | Jun 2024 −10.7 pp | Sep 2024 −6.3 pp | Dec 2024 −10.7 pp | Mar 2025 −10.7 pp | Jun 2025 −3.2 pp | Sep 2025 +1.5 pp | Dec 2025 +3.1 pp | Mar 2026 +4.0 pp | Jun 2026 —
- CLF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −7.8 pp | Sep 2022 −24.2 pp | Dec 2022 −24.5 pp | Mar 2023 −19.0 pp | Jun 2023 −5.2 pp | Sep 2023 +2.5 pp | Dec 2023 +1.3 pp | Mar 2024 −0.1 pp | Jun 2024 −8.0 pp | Sep 2024 −11.5 pp | Dec 2024 −8.5 pp | Mar 2025 −11.0 pp | Jun 2025 −10.2 pp | Sep 2025 +1.4 pp | Dec 2025 +3.1 pp | Mar 2026 +7.4 pp | Jun 2026 —
- WS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +3.9 pp | Dec 2023 +1.2 pp | Mar 2024 +7.0 pp | Jun 2024 −2.8 pp | Sep 2024 −2.5 pp | Dec 2024 +3.7 pp | Mar 2025 −5.5 pp | Jun 2025 +0.6 pp | Sep 2025 +0.3 pp | Dec 2025 −0.1 pp | Mar 2026 −2.3 pp | Jun 2026 −14.2 pp
- NWPX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +7.5 pp | Sep 2022 +3.8 pp | Dec 2022 +7.3 pp | Mar 2023 −0.2 pp | Jun 2023 −1.9 pp | Sep 2023 −4.2 pp | Dec 2023 −2.5 pp | Mar 2024 +2.9 pp | Jun 2024 +0.6 pp | Sep 2024 +4.3 pp | Dec 2024 +1.0 pp | Mar 2025 −2.9 pp | Jun 2025 −0.6 pp | Sep 2025 +0.7 pp | Dec 2025 +1.6 pp | Mar 2026 +4.4 pp | Jun 2026 —
- MTUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +7.3 pp | Sep 2022 −19.1 pp | Dec 2022 −20.5 pp | Mar 2023 −7.3 pp | Jun 2023 −14.0 pp | Sep 2023 +13.3 pp | Dec 2023 +2.7 pp | Mar 2024 −0.2 pp | Jun 2024 −9.4 pp | Sep 2024 −13.5 pp | Dec 2024 −7.6 pp | Mar 2025 −8.0 pp | Jun 2025 +2.3 pp | Sep 2025 +7.3 pp | Dec 2025 −0.8 pp | Mar 2026 +2.0 pp | Jun 2026 —
- ASTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +3.2 pp | Sep 2022 −38.9 pp | Dec 2022 −53.5 pp | Mar 2023 −29.8 pp | Jun 2023 −15.3 pp | Sep 2023 +4.1 pp | Dec 2023 +5.6 pp | Mar 2024 −2.7 pp | Jun 2024 −21.8 pp | Sep 2024 −18.9 pp | Dec 2024 −15.1 pp | Mar 2025 −27.6 pp | Jun 2025 −12.5 pp | Sep 2025 −110.5 pp | Dec 2025 −77.7 pp | Mar 2026 −24.6 pp | Jun 2026 —
- MSB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +14.8 pp | Dec 2022 −586.3 pp | Mar 2023 0.0 pp | Jun 2023 −40.5 pp | Sep 2023 −18.3 pp | Dec 2023 +572.0 pp | Mar 2024 0.0 pp | Jun 2024 +0.4 pp | Sep 2024 −9.7 pp | Dec 2024 +15.6 pp | Mar 2025 0.0 pp | Jun 2025 +21.0 pp | Sep 2025 +1.4 pp | Dec 2025 −22.0 pp | Mar 2026 0.0 pp | Jun 2026 −28.3 pp
- FRD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −13.6 pp | Sep 2022 −26.3 pp | Dec 2022 +12.1 pp | Mar 2023 +11.5 pp | Jun 2023 −0.1 pp | Sep 2023 +0.8 pp | Dec 2023 +4.0 pp | Mar 2024 −0.6 pp | Jun 2024 −8.7 pp | Sep 2024 −1.0 pp | Dec 2024 −6.6 pp | Mar 2025 −0.7 pp | Jun 2025 +6.4 pp | Sep 2025 +2.1 pp | Dec 2025 +3.6 pp | Mar 2026 +1.7 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: ArcelorMittal S.A. leads with $3,002 million of TTM profit, 464.3% above Ternium S.A.. Friedman Industries, Incorporated shows ≥100% on the scoring scale (216.7% uncapped) growth from a $19 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: ArcelorMittal S.A. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: ArcelorMittal S.A. · $3,002 million | 464.3% versus #2 · Ternium S.A. | 2/8 recent comparable periods | 8/13 companies · 230 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. ArcelorMittal S.A. (MT): ₹3.0K Cr
2. Ternium S.A. (TX): ₹532 Cr
3. NWPX Infrastructure, Inc. (NWPX): ₹43 Cr
4. Friedman Industries, Incorporated (FRD): ₹19 Cr
5. Mesabi Trust (MSB): ₹12 Cr

### Profit growth — fastest growers
1. Friedman Industries, Incorporated (FRD): 100%
2. ArcelorMittal S.A. (MT): 100%
3. NWPX Infrastructure, Inc. (NWPX): 30%
4. Mesabi Trust (MSB): -87%
5. Worthington Steel, Inc. (WS): -97%

### 20-quarter Net profit history
- NUE: Sep 2021 ₹1.6K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 — | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.7K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 — | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹873 Cr | Mar 2024 ₹959 Cr | Jun 2024 ₹712 Cr | Sep 2024 ₹303 Cr | Dec 2024 ₹345 Cr | Mar 2025 — | Jun 2025 ₹226 Cr | Sep 2025 ₹706 Cr | Dec 2025 ₹683 Cr | Mar 2026 — | Jun 2026 ₹870 Cr
- MT: Sep 2021 — | Dec 2021 ₹4.1K Cr | Mar 2022 ₹4.2K Cr | Jun 2022 ₹4.0K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹227 Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹961 Cr | Dec 2023 ₹-3.0K Cr | Mar 2024 ₹974 Cr | Jun 2024 ₹512 Cr | Sep 2024 ₹299 Cr | Dec 2024 ₹-405 Cr | Mar 2025 ₹822 Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹399 Cr | Dec 2025 ₹193 Cr | Mar 2026 ₹581 Cr | Jun 2026 —
- STLD: Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹918 Cr | Dec 2022 ₹639 Cr | Mar 2023 ₹644 Cr | Jun 2023 ₹816 Cr | Sep 2023 ₹580 Cr | Dec 2023 ₹427 Cr | Mar 2024 ₹588 Cr | Jun 2024 ₹432 Cr | Sep 2024 ₹321 Cr | Dec 2024 ₹210 Cr | Mar 2025 ₹218 Cr | Jun 2025 ₹301 Cr | Sep 2025 ₹404 Cr | Dec 2025 ₹265 Cr | Mar 2026 ₹400 Cr | Jun 2026 —
- RS: Sep 2021 ₹397 Cr | Dec 2021 ₹422 Cr | Mar 2022 ₹525 Cr | Jun 2022 ₹574 Cr | Sep 2022 ₹394 Cr | Dec 2022 ₹351 Cr | Mar 2023 ₹384 Cr | Jun 2023 ₹386 Cr | Sep 2023 ₹296 Cr | Dec 2023 ₹273 Cr | Mar 2024 ₹304 Cr | Jun 2024 ₹268 Cr | Sep 2024 ₹200 Cr | Dec 2024 ₹106 Cr | Mar 2025 ₹201 Cr | Jun 2025 ₹234 Cr | Sep 2025 ₹190 Cr | Dec 2025 ₹117 Cr | Mar 2026 ₹266 Cr | Jun 2026 —
- TX: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹878 Cr | Jun 2022 ₹936 Cr | Sep 2022 ₹220 Cr | Dec 2022 ₹59 Cr | Mar 2023 ₹480 Cr | Jun 2023 ₹736 Cr | Sep 2023 ₹-783 Cr | Dec 2023 ₹554 Cr | Mar 2024 ₹491 Cr | Jun 2024 ₹-743 Cr | Sep 2024 ₹93 Cr | Dec 2024 ₹333 Cr | Mar 2025 ₹142 Cr | Jun 2025 ₹259 Cr | Sep 2025 ₹-270 Cr | Dec 2025 ₹171 Cr | Mar 2026 ₹372 Cr | Jun 2026 —
- CLF: Sep 2021 ₹1.3K Cr | Dec 2021 ₹898 Cr | Mar 2022 ₹813 Cr | Jun 2022 ₹600 Cr | Sep 2022 ₹165 Cr | Dec 2022 ₹-205 Cr | Mar 2023 ₹-43 Cr | Jun 2023 ₹356 Cr | Sep 2023 ₹274 Cr | Dec 2023 ₹-138 Cr | Mar 2024 ₹-53 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹-232 Cr | Dec 2024 ₹-434 Cr | Mar 2025 ₹-486 Cr | Jun 2025 ₹-470 Cr | Sep 2025 ₹-231 Cr | Dec 2025 ₹-235 Cr | Mar 2026 ₹-226 Cr | Jun 2026 —
- WS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹31 Cr | Dec 2022 ₹-13 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹72 Cr | Sep 2023 ₹62 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹52 Cr | Jun 2024 ₹58 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹59 Cr | Sep 2025 ₹39 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹11 Cr | Jun 2026 ₹-68 Cr
- NWPX: Sep 2021 ₹5 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹11 Cr | Jun 2026 —
- MTUS: Sep 2021 ₹50 Cr | Dec 2021 ₹57 Cr | Mar 2022 ₹37 Cr | Jun 2022 ₹75 Cr | Sep 2022 ₹-13 Cr | Dec 2022 ₹-33 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹29 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹-6 Cr | Dec 2024 ₹-21 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹-14 Cr | Mar 2026 ₹5 Cr | Jun 2026 —
- ASTL: Sep 2021 ₹288 Cr | Dec 2021 ₹123 Cr | Mar 2022 ₹244 Cr | Jun 2022 ₹301 Cr | Sep 2022 ₹87 Cr | Dec 2022 ₹-70 Cr | Mar 2023 ₹-20 Cr | Jun 2023 ₹131 Cr | Sep 2023 ₹31 Cr | Dec 2023 ₹-85 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹-107 Cr | Dec 2024 ₹-67 Cr | Mar 2025 ₹-25 Cr | Jun 2025 ₹-111 Cr | Sep 2025 ₹-485 Cr | Dec 2025 ₹-365 Cr | Mar 2026 ₹-159 Cr | Jun 2026 —
- MSB: Sep 2021 ₹27 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹17 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹-5 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹-3 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹78 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹3 Cr | Jun 2026 ₹1 Cr
- FRD: Sep 2021 ₹13 Cr | Dec 2021 ₹-3 Cr | Mar 2022 ₹-7 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹-1 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹9 Cr | Jun 2026 —
- LUD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹1 Cr | Sep 2022 — | Dec 2022 ₹2 Cr | Mar 2023 — | Jun 2023 ₹2 Cr | Sep 2023 — | Dec 2023 ₹1 Cr | Mar 2024 — | Jun 2024 ₹1 Cr | Sep 2024 — | Dec 2024 ₹-1 Cr | Mar 2025 — | Jun 2025 ₹0 Cr | Sep 2025 — | Dec 2025 ₹1 Cr | Mar 2026 — | Jun 2026 —

### 20-quarter Profit growth history
- NUE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 74% | Dec 2022 -19% | Mar 2023 — | Jun 2023 -45% | Sep 2023 -42% | Dec 2023 -51% | Mar 2024 — | Jun 2024 -42% | Sep 2024 -81% | Dec 2024 -60% | Mar 2025 — | Jun 2025 -68% | Sep 2025 133% | Dec 2025 98% | Mar 2026 — | Jun 2026 285%
- MT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -95% | Mar 2023 -73% | Jun 2023 -52% | Sep 2023 -8.9% | Dec 2023 -1,415% | Mar 2024 -15% | Jun 2024 -73% | Sep 2024 -69% | Dec 2024 — | Mar 2025 -16% | Jun 2025 257% | Sep 2025 33% | Dec 2025 — | Mar 2026 -29% | Jun 2026 —
- STLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 71% | Sep 2022 -8.2% | Dec 2022 -42% | Mar 2023 -42% | Jun 2023 -33% | Sep 2023 -37% | Dec 2023 -33% | Mar 2024 -8.7% | Jun 2024 -47% | Sep 2024 -45% | Dec 2024 -51% | Mar 2025 -63% | Jun 2025 -30% | Sep 2025 26% | Dec 2025 26% | Mar 2026 83% | Jun 2026 —
- RS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 74% | Sep 2022 -0.8% | Dec 2022 -17% | Mar 2023 -27% | Jun 2023 -33% | Sep 2023 -25% | Dec 2023 -22% | Mar 2024 -21% | Jun 2024 -31% | Sep 2024 -32% | Dec 2024 -61% | Mar 2025 -34% | Jun 2025 -13% | Sep 2025 -5.0% | Dec 2025 10% | Mar 2026 32% | Jun 2026 —
- TX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -19% | Sep 2022 -84% | Dec 2022 -95% | Mar 2023 -45% | Jun 2023 -21% | Sep 2023 -456% | Dec 2023 839% | Mar 2024 2.3% | Jun 2024 -201% | Sep 2024 — | Dec 2024 -40% | Mar 2025 -71% | Jun 2025 — | Sep 2025 -390% | Dec 2025 -49% | Mar 2026 162% | Jun 2026 —
- CLF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -24% | Sep 2022 -87% | Dec 2022 -123% | Mar 2023 -105% | Jun 2023 -41% | Sep 2023 66% | Dec 2023 — | Mar 2024 — | Jun 2024 -97% | Sep 2024 -185% | Dec 2024 — | Mar 2025 — | Jun 2025 -5,322% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- WS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 100% | Dec 2023 — | Mar 2024 478% | Jun 2024 -19% | Sep 2024 -48% | Dec 2024 — | Mar 2025 -77% | Jun 2025 1.7% | Sep 2025 22% | Dec 2025 38% | Mar 2026 -8.3% | Jun 2026 -215%
- NWPX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 400% | Sep 2022 100% | Dec 2022 300% | Mar 2023 -50% | Jun 2023 -30% | Sep 2023 -40% | Dec 2023 -38% | Mar 2024 150% | Jun 2024 29% | Sep 2024 67% | Dec 2024 100% | Mar 2025 -20% | Jun 2025 0.0% | Sep 2025 40% | Dec 2025 -10% | Mar 2026 175% | Jun 2026 —
- MTUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 39% | Sep 2022 -126% | Dec 2022 -158% | Mar 2023 -62% | Jun 2023 -61% | Sep 2023 — | Dec 2023 — | Mar 2024 71% | Jun 2024 -83% | Sep 2024 -124% | Dec 2024 -2,200% | Mar 2025 -96% | Jun 2025 -20% | Sep 2025 — | Dec 2025 — | Mar 2026 400% | Jun 2026 —
- ASTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 48% | Sep 2022 -70% | Dec 2022 -157% | Mar 2023 -108% | Jun 2023 -56% | Sep 2023 -64% | Dec 2023 — | Mar 2024 — | Jun 2024 -95% | Sep 2024 -445% | Dec 2024 — | Mar 2025 -189% | Jun 2025 -1,950% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MSB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -119% | Dec 2022 -100% | Mar 2023 -118% | Jun 2023 -93% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 200% | Sep 2024 -44% | Dec 2024 1,850% | Mar 2025 20% | Jun 2025 33% | Sep 2025 0.0% | Dec 2025 -96% | Mar 2026 -50% | Jun 2026 -75%
- FRD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 -85% | Dec 2022 — | Mar 2023 — | Jun 2023 -27% | Sep 2023 100% | Dec 2023 0.0% | Mar 2024 -17% | Jun 2024 -63% | Sep 2024 -125% | Dec 2024 -200% | Mar 2025 0.0% | Jun 2025 67% | Sep 2025 — | Dec 2025 — | Mar 2026 80% | Jun 2026 —
- LUD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 100% | Sep 2023 — | Dec 2023 -50% | Mar 2024 — | Jun 2024 -50% | Sep 2024 — | Dec 2024 -200% | Mar 2025 — | Jun 2025 -100% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: ArcelorMittal S.A. reports $1,271 million of CAPEX; Ternium S.A. has the highest covered intensity at 10.3%. Coverage is only 12 of 13 companies and 211 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: ArcelorMittal S.A. · $1,271 million | 92.3% versus #2 · Nucor Corporation | 8/8 recent comparable periods | 12/13 companies · 211 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. ArcelorMittal S.A. (MT): ₹1.3K Cr
2. Nucor Corporation (NUE): ₹661 Cr
3. Ternium S.A. (TX): ₹406 Cr
4. Cleveland-Cliffs Inc. (CLF): ₹157 Cr
5. Steel Dynamics, Inc. (STLD): ₹124 Cr

### CAPEX intensity — highest reinvestment intensity
1. Ternium S.A. (TX): 10%
2. ArcelorMittal S.A. (MT): 8.2%
3. Metallus Inc. (MTUS): 8.1%
4. Nucor Corporation (NUE): 7.0%
5. Algoma Steel Group Inc. (ASTL): 6.7%

### 20-quarter CAPEX history
- NUE: Sep 2021 ₹389 Cr | Dec 2021 ₹505 Cr | Mar 2022 — | Jun 2022 ₹448 Cr | Sep 2022 ₹521 Cr | Dec 2022 ₹461 Cr | Mar 2023 — | Jun 2023 ₹532 Cr | Sep 2023 ₹525 Cr | Dec 2023 ₹718 Cr | Mar 2024 ₹670 Cr | Jun 2024 ₹801 Cr | Sep 2024 ₹823 Cr | Dec 2024 ₹879 Cr | Mar 2025 — | Jun 2025 ₹859 Cr | Sep 2025 ₹954 Cr | Dec 2025 ₹807 Cr | Mar 2026 — | Jun 2026 ₹661 Cr
- MT: Sep 2021 — | Dec 2021 ₹1.1K Cr | Mar 2022 ₹529 Cr | Jun 2022 ₹655 Cr | Sep 2022 ₹784 Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹938 Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹985 Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹967 Cr | Jun 2025 ₹886 Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- STLD: Sep 2021 ₹215 Cr | Dec 2021 ₹205 Cr | Mar 2022 ₹159 Cr | Jun 2022 ₹164 Cr | Sep 2022 ₹241 Cr | Dec 2022 ₹344 Cr | Mar 2023 ₹226 Cr | Jun 2023 ₹358 Cr | Sep 2023 ₹558 Cr | Dec 2023 ₹515 Cr | Mar 2024 ₹374 Cr | Jun 2024 ₹419 Cr | Sep 2024 ₹621 Cr | Dec 2024 ₹453 Cr | Mar 2025 ₹306 Cr | Jun 2025 ₹288 Cr | Sep 2025 ₹166 Cr | Dec 2025 ₹188 Cr | Mar 2026 ₹138 Cr | Jun 2026 ₹124 Cr
- RS: Sep 2021 ₹55 Cr | Dec 2021 ₹58 Cr | Mar 2022 ₹67 Cr | Jun 2022 ₹88 Cr | Sep 2022 ₹96 Cr | Dec 2022 ₹92 Cr | Mar 2023 ₹103 Cr | Jun 2023 ₹130 Cr | Sep 2023 ₹126 Cr | Dec 2023 ₹110 Cr | Mar 2024 ₹109 Cr | Jun 2024 ₹98 Cr | Sep 2024 ₹113 Cr | Dec 2024 ₹111 Cr | Mar 2025 ₹87 Cr | Jun 2025 ₹88 Cr | Sep 2025 ₹81 Cr | Dec 2025 ₹73 Cr | Mar 2026 ₹64 Cr | Jun 2026 ₹93 Cr
- TX: Sep 2021 ₹111 Cr | Dec 2021 ₹122 Cr | Mar 2022 ₹125 Cr | Jun 2022 ₹161 Cr | Sep 2022 ₹136 Cr | Dec 2022 ₹159 Cr | Mar 2023 ₹204 Cr | Jun 2023 ₹231 Cr | Sep 2023 ₹382 Cr | Dec 2023 ₹597 Cr | Mar 2024 ₹449 Cr | Jun 2024 ₹409 Cr | Sep 2024 ₹446 Cr | Dec 2024 ₹561 Cr | Mar 2025 ₹518 Cr | Jun 2025 ₹810 Cr | Sep 2025 ₹711 Cr | Dec 2025 ₹463 Cr | Mar 2026 ₹406 Cr | Jun 2026 —
- CLF: Sep 2021 ₹175 Cr | Dec 2021 ₹232 Cr | Mar 2022 ₹236 Cr | Jun 2022 ₹232 Cr | Sep 2022 ₹248 Cr | Dec 2022 ₹227 Cr | Mar 2023 ₹188 Cr | Jun 2023 ₹131 Cr | Sep 2023 ₹162 Cr | Dec 2023 ₹165 Cr | Mar 2024 ₹182 Cr | Jun 2024 ₹157 Cr | Sep 2024 ₹151 Cr | Dec 2024 ₹205 Cr | Mar 2025 ₹152 Cr | Jun 2025 ₹112 Cr | Sep 2025 ₹157 Cr | Dec 2025 ₹140 Cr | Mar 2026 ₹152 Cr | Jun 2026 ₹157 Cr
- WS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹11 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹45 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹35 Cr | Mar 2025 ₹29 Cr | Jun 2025 ₹46 Cr | Sep 2025 ₹29 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹30 Cr | Jun 2026 ₹37 Cr
- NWPX: Sep 2021 ₹3 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- MTUS: Sep 2021 ₹4 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹28 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹28 Cr | Dec 2025 ₹35 Cr | Mar 2026 ₹25 Cr | Jun 2026 —
- ASTL: Sep 2021 ₹25 Cr | Dec 2021 ₹30 Cr | Mar 2022 ₹93 Cr | Jun 2022 ₹80 Cr | Sep 2022 ₹92 Cr | Dec 2022 ₹95 Cr | Mar 2023 ₹103 Cr | Jun 2023 ₹119 Cr | Sep 2023 ₹155 Cr | Dec 2023 ₹97 Cr | Mar 2024 ₹120 Cr | Jun 2024 ₹98 Cr | Sep 2024 ₹89 Cr | Dec 2024 ₹112 Cr | Mar 2025 ₹127 Cr | Jun 2025 ₹97 Cr | Sep 2025 ₹74 Cr | Dec 2025 ₹30 Cr | Mar 2026 ₹20 Cr | Jun 2026 —
- FRD: Sep 2021 ₹0 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- LUD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹0 Cr | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 — | Jun 2023 ₹0 Cr | Sep 2023 — | Dec 2023 ₹1 Cr | Mar 2024 — | Jun 2024 ₹1 Cr | Sep 2024 — | Dec 2024 ₹1 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- NUE: Sep 2021 4.4% | Dec 2021 4.9% | Mar 2022 — | Jun 2022 4.3% | Sep 2022 4.4% | Dec 2022 4.4% | Mar 2023 — | Jun 2023 6.1% | Sep 2023 5.5% | Dec 2023 9.3% | Mar 2024 8.2% | Jun 2024 9.9% | Sep 2024 11% | Dec 2024 12% | Mar 2025 — | Jun 2025 11% | Sep 2025 11% | Dec 2025 9.5% | Mar 2026 — | Jun 2026 7.0%
- MT: Sep 2021 — | Dec 2021 5.5% | Mar 2022 2.4% | Jun 2022 3.0% | Sep 2022 4.1% | Dec 2022 8.9% | Mar 2023 5.1% | Jun 2023 5.7% | Sep 2023 7.0% | Dec 2023 10% | Mar 2024 7.6% | Jun 2024 6.1% | Sep 2024 6.9% | Dec 2024 7.7% | Mar 2025 6.5% | Jun 2025 5.6% | Sep 2025 7.9% | Dec 2025 8.3% | Mar 2026 8.2% | Jun 2026 —
- STLD: Sep 2021 4.2% | Dec 2021 3.9% | Mar 2022 2.9% | Jun 2022 2.6% | Sep 2022 4.3% | Dec 2022 7.1% | Mar 2023 4.6% | Jun 2023 7.0% | Sep 2023 12% | Dec 2023 12% | Mar 2024 8.0% | Jun 2024 9.0% | Sep 2024 14% | Dec 2024 12% | Mar 2025 7.0% | Jun 2025 6.3% | Sep 2025 3.4% | Dec 2025 4.3% | Mar 2026 2.7% | Jun 2026 —
- RS: Sep 2021 1.4% | Dec 2021 1.5% | Mar 2022 1.5% | Jun 2022 1.9% | Sep 2022 2.3% | Dec 2022 2.5% | Mar 2023 2.6% | Jun 2023 3.4% | Sep 2023 3.5% | Dec 2023 3.3% | Mar 2024 3.0% | Jun 2024 2.7% | Sep 2024 3.3% | Dec 2024 3.5% | Mar 2025 2.5% | Jun 2025 2.4% | Sep 2025 2.2% | Dec 2025 2.1% | Mar 2026 1.6% | Jun 2026 —
- TX: Sep 2021 2.4% | Dec 2021 2.8% | Mar 2022 2.9% | Jun 2022 3.6% | Sep 2022 3.3% | Dec 2022 4.5% | Mar 2023 5.6% | Jun 2023 6.0% | Sep 2023 7.4% | Dec 2023 12% | Mar 2024 9.4% | Jun 2024 9.1% | Sep 2024 10% | Dec 2024 15% | Mar 2025 13% | Jun 2025 21% | Sep 2025 18% | Dec 2025 12% | Mar 2026 10% | Jun 2026 —
- CLF: Sep 2021 2.9% | Dec 2021 4.3% | Mar 2022 4.0% | Jun 2022 3.7% | Sep 2022 4.4% | Dec 2022 4.5% | Mar 2023 3.6% | Jun 2023 2.2% | Sep 2023 2.9% | Dec 2023 3.2% | Mar 2024 3.5% | Jun 2024 3.1% | Sep 2024 3.3% | Dec 2024 4.7% | Mar 2025 3.3% | Jun 2025 2.3% | Sep 2025 3.3% | Dec 2025 3.2% | Mar 2026 3.1% | Jun 2026 —
- WS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1.0% | Dec 2022 1.7% | Mar 2023 1.4% | Jun 2023 1.0% | Sep 2023 1.9% | Dec 2023 2.4% | Mar 2024 2.7% | Jun 2024 4.9% | Sep 2024 2.6% | Dec 2024 4.7% | Mar 2025 4.2% | Jun 2025 5.5% | Sep 2025 3.3% | Dec 2025 2.9% | Mar 2026 3.9% | Jun 2026 4.0%
- NWPX: Sep 2021 3.5% | Dec 2021 4.9% | Mar 2022 3.7% | Jun 2022 3.4% | Sep 2022 2.4% | Dec 2022 10% | Mar 2023 4.0% | Jun 2023 3.4% | Sep 2023 4.2% | Dec 2023 4.5% | Mar 2024 4.4% | Jun 2024 4.6% | Sep 2024 4.6% | Dec 2024 3.3% | Mar 2025 3.4% | Jun 2025 2.3% | Sep 2025 5.3% | Dec 2025 4.0% | Mar 2026 2.2% | Jun 2026 —
- MTUS: Sep 2021 1.2% | Dec 2021 1.5% | Mar 2022 2.0% | Jun 2022 1.0% | Sep 2022 1.9% | Dec 2022 4.5% | Mar 2023 3.4% | Jun 2023 2.2% | Sep 2023 5.1% | Dec 2023 4.6% | Mar 2024 5.3% | Jun 2024 4.7% | Sep 2024 7.9% | Dec 2024 6.2% | Mar 2025 10% | Jun 2025 5.9% | Sep 2025 9.2% | Dec 2025 13% | Mar 2026 8.1% | Jun 2026 —
- ASTL: Sep 2021 2.5% | Dec 2021 2.8% | Mar 2022 9.9% | Jun 2022 8.6% | Sep 2022 15% | Dec 2022 17% | Mar 2023 15% | Jun 2023 14% | Sep 2023 21% | Dec 2023 16% | Mar 2024 19% | Jun 2024 15% | Sep 2024 15% | Dec 2024 19% | Mar 2025 25% | Jun 2025 16% | Sep 2025 14% | Dec 2025 6.6% | Mar 2026 6.7% | Jun 2026 —
- FRD: Sep 2021 0.0% | Dec 2021 7.7% | Mar 2022 1.3% | Jun 2022 1.9% | Sep 2022 2.7% | Dec 2022 0.9% | Mar 2023 6.5% | Jun 2023 0.0% | Sep 2023 1.5% | Dec 2023 1.7% | Mar 2024 0.8% | Jun 2024 0.9% | Sep 2024 0.9% | Dec 2024 1.1% | Mar 2025 0.8% | Jun 2025 1.5% | Sep 2025 1.3% | Dec 2025 1.2% | Mar 2026 0.5% | Jun 2026 —
- LUD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 — | Dec 2022 0.0% | Mar 2023 — | Jun 2023 0.0% | Sep 2023 — | Dec 2023 3.8% | Mar 2024 — | Jun 2024 4.0% | Sep 2024 — | Dec 2024 5.0% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Ternium S.A. has the clearest covered balance-sheet capacity with $131 million net cash and gross debt of $3,011 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Metallus Inc. · $13 million | 87% versus #2 · Friedman Industries, Incorporated | 8/8 recent comparable periods | 11/13 companies · 201 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Metallus Inc. (MTUS): ₹13 Cr
2. Friedman Industries, Incorporated (FRD): ₹100 Cr
3. NWPX Infrastructure, Inc. (NWPX): ₹102 Cr
4. Worthington Steel, Inc. (WS): ₹354 Cr
5. Algoma Steel Group Inc. (ASTL): ₹942 Cr

### Net debt — lowest net debt
1. Ternium S.A. (TX): ₹-131 Cr
2. Metallus Inc. (MTUS): ₹-91 Cr
3. NWPX Infrastructure, Inc. (NWPX): ₹88 Cr
4. Friedman Industries, Incorporated (FRD): ₹98 Cr
5. Worthington Steel, Inc. (WS): ₹269 Cr

### 20-quarter Gross debt history
- NUE: Sep 2021 ₹5.4K Cr | Dec 2021 ₹5.7K Cr | Mar 2022 — | Jun 2022 ₹6.8K Cr | Sep 2022 ₹7.4K Cr | Dec 2022 ₹6.7K Cr | Mar 2023 — | Jun 2023 ₹6.7K Cr | Sep 2023 ₹6.7K Cr | Dec 2023 ₹6.8K Cr | Mar 2024 ₹6.9K Cr | Jun 2024 ₹6.9K Cr | Sep 2024 ₹6.9K Cr | Dec 2024 ₹7.0K Cr | Mar 2025 — | Jun 2025 ₹7.9K Cr | Sep 2025 ₹6.9K Cr | Dec 2025 ₹6.9K Cr | Mar 2026 — | Jun 2026 ₹7.1K Cr
- MT: Sep 2021 ₹8.4K Cr | Dec 2021 ₹8.4K Cr | Mar 2022 ₹8.7K Cr | Jun 2022 — | Sep 2022 ₹9.0K Cr | Dec 2022 ₹11.7K Cr | Mar 2023 ₹11.5K Cr | Jun 2023 ₹10.5K Cr | Sep 2023 ₹10.5K Cr | Dec 2023 ₹10.7K Cr | Mar 2024 ₹10.2K Cr | Jun 2024 ₹11.1K Cr | Sep 2024 ₹11.3K Cr | Dec 2024 ₹11.6K Cr | Mar 2025 ₹12.0K Cr | Jun 2025 ₹13.7K Cr | Sep 2025 ₹14.9K Cr | Dec 2025 ₹18.6K Cr | Mar 2026 ₹13.7K Cr | Jun 2026 —
- STLD: Sep 2021 ₹3.1K Cr | Dec 2021 ₹3.1K Cr | Mar 2022 ₹3.1K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹3.1K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹3.1K Cr | Sep 2023 ₹3.1K Cr | Dec 2023 ₹3.1K Cr | Mar 2024 ₹3.0K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹3.7K Cr | Dec 2024 ₹3.2K Cr | Mar 2025 ₹4.2K Cr | Jun 2025 ₹3.8K Cr | Sep 2025 ₹3.8K Cr | Dec 2025 ₹4.2K Cr | Mar 2026 ₹4.2K Cr | Jun 2026 ₹4.2K Cr
- RS: Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 ₹2.0K Cr
- TX: Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹2.7K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 —
- CLF: Sep 2021 ₹5.4K Cr | Dec 2021 ₹5.2K Cr | Mar 2022 ₹5.0K Cr | Jun 2022 ₹4.7K Cr | Sep 2022 ₹4.5K Cr | Dec 2022 ₹4.2K Cr | Mar 2023 ₹4.6K Cr | Jun 2023 ₹4.0K Cr | Sep 2023 ₹3.5K Cr | Dec 2023 ₹3.1K Cr | Mar 2024 ₹3.7K Cr | Jun 2024 ₹3.5K Cr | Sep 2024 ₹3.8K Cr | Dec 2024 ₹7.1K Cr | Mar 2025 ₹7.6K Cr | Jun 2025 ₹7.7K Cr | Sep 2025 ₹8.0K Cr | Dec 2025 ₹7.3K Cr | Mar 2026 ₹7.8K Cr | Jun 2026 ₹7.7K Cr
- WS: Sep 2021 — | Dec 2021 — | Mar 2022 ₹154 Cr | Jun 2022 ₹154 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹100 Cr | Jun 2023 ₹100 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹270 Cr | Mar 2024 ₹192 Cr | Jun 2024 ₹224 Cr | Sep 2024 ₹196 Cr | Dec 2024 ₹187 Cr | Mar 2025 ₹189 Cr | Jun 2025 ₹228 Cr | Sep 2025 ₹333 Cr | Dec 2025 ₹279 Cr | Mar 2026 ₹353 Cr | Jun 2026 ₹354 Cr
- NWPX: Sep 2021 ₹35 Cr | Dec 2021 ₹185 Cr | Mar 2022 ₹188 Cr | Jun 2022 ₹183 Cr | Sep 2022 ₹170 Cr | Dec 2022 ₹189 Cr | Mar 2023 ₹166 Cr | Jun 2023 ₹174 Cr | Sep 2023 ₹160 Cr | Dec 2023 ₹155 Cr | Mar 2024 ₹190 Cr | Jun 2024 ₹175 Cr | Sep 2024 ₹158 Cr | Dec 2024 ₹130 Cr | Mar 2025 ₹129 Cr | Jun 2025 ₹135 Cr | Sep 2025 ₹132 Cr | Dec 2025 ₹103 Cr | Mar 2026 ₹102 Cr | Jun 2026 —
- MTUS: Sep 2021 ₹61 Cr | Dec 2021 ₹59 Cr | Mar 2022 ₹49 Cr | Jun 2022 ₹34 Cr | Sep 2022 ₹34 Cr | Dec 2022 ₹33 Cr | Mar 2023 ₹25 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹23 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹25 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹13 Cr | Jun 2026 —
- ASTL: Sep 2021 ₹548 Cr | Dec 2021 ₹98 Cr | Mar 2022 ₹96 Cr | Jun 2022 ₹101 Cr | Sep 2022 ₹109 Cr | Dec 2022 ₹124 Cr | Mar 2023 ₹123 Cr | Jun 2023 ₹130 Cr | Sep 2023 ₹136 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹673 Cr | Mar 2025 ₹655 Cr | Jun 2025 ₹648 Cr | Sep 2025 ₹745 Cr | Dec 2025 ₹916 Cr | Mar 2026 ₹942 Cr | Jun 2026 —
- FRD: Sep 2021 ₹15 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹102 Cr | Sep 2022 ₹36 Cr | Dec 2022 ₹45 Cr | Mar 2023 ₹34 Cr | Jun 2023 ₹39 Cr | Sep 2023 ₹54 Cr | Dec 2023 ₹46 Cr | Mar 2024 ₹43 Cr | Jun 2024 ₹49 Cr | Sep 2024 ₹39 Cr | Dec 2024 ₹35 Cr | Mar 2025 ₹50 Cr | Jun 2025 ₹36 Cr | Sep 2025 ₹91 Cr | Dec 2025 ₹96 Cr | Mar 2026 ₹100 Cr | Jun 2026 —

### 20-quarter Net debt history
- NUE: Sep 2021 ₹2.3K Cr | Dec 2021 ₹3.7K Cr | Mar 2022 — | Jun 2022 ₹2.7K Cr | Sep 2022 ₹5.0K Cr | Dec 2022 ₹3.3K Cr | Mar 2023 — | Jun 2023 ₹2.1K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹-288 Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 — | Jun 2025 ₹3.8K Cr | Sep 2025 ₹4.4K Cr | Dec 2025 ₹4.1K Cr | Mar 2026 — | Jun 2026 ₹4.6K Cr
- MT: Sep 2021 ₹4.2K Cr | Dec 2021 ₹4.2K Cr | Mar 2022 ₹3.2K Cr | Jun 2022 — | Sep 2022 ₹3.9K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹5.2K Cr | Jun 2023 ₹4.6K Cr | Sep 2023 ₹4.3K Cr | Dec 2023 ₹3.0K Cr | Mar 2024 ₹4.8K Cr | Jun 2024 ₹5.3K Cr | Sep 2024 ₹6.2K Cr | Dec 2024 ₹5.2K Cr | Mar 2025 ₹6.7K Cr | Jun 2025 ₹8.4K Cr | Sep 2025 ₹9.1K Cr | Dec 2025 ₹15.6K Cr | Mar 2026 ₹9.3K Cr | Jun 2026 —
- STLD: Sep 2021 ₹2.0K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹814 Cr | Mar 2023 ₹741 Cr | Jun 2023 ₹981 Cr | Sep 2023 ₹829 Cr | Dec 2023 ₹949 Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.0K Cr | Dec 2025 ₹3.4K Cr | Mar 2026 ₹3.6K Cr | Jun 2026 ₹3.6K Cr
- RS: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹692 Cr | Mar 2023 ₹551 Cr | Jun 2023 ₹550 Cr | Sep 2023 ₹395 Cr | Dec 2023 ₹297 Cr | Mar 2024 ₹442 Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 ₹1.8K Cr
- TX: Sep 2021 ₹57 Cr | Dec 2021 ₹-828 Cr | Mar 2022 ₹-1.3K Cr | Jun 2022 ₹-715 Cr | Sep 2022 ₹-1.4K Cr | Dec 2022 ₹-2.3K Cr | Mar 2023 ₹-2.6K Cr | Jun 2023 ₹-1.8K Cr | Sep 2023 ₹-1.9K Cr | Dec 2023 ₹-1.4K Cr | Mar 2024 ₹-1.7K Cr | Jun 2024 ₹-1.6K Cr | Sep 2024 ₹-1.5K Cr | Dec 2024 ₹-1.4K Cr | Mar 2025 ₹-1.1K Cr | Jun 2025 ₹-802 Cr | Sep 2025 ₹-502 Cr | Dec 2025 ₹-525 Cr | Mar 2026 ₹-131 Cr | Jun 2026 —
- CLF: Sep 2021 ₹5.3K Cr | Dec 2021 ₹5.2K Cr | Mar 2022 ₹5.0K Cr | Jun 2022 ₹4.6K Cr | Sep 2022 ₹4.4K Cr | Dec 2022 ₹4.2K Cr | Mar 2023 ₹4.5K Cr | Jun 2023 ₹3.9K Cr | Sep 2023 ₹3.4K Cr | Dec 2023 ₹2.9K Cr | Mar 2024 ₹3.6K Cr | Jun 2024 ₹3.4K Cr | Sep 2024 ₹3.7K Cr | Dec 2024 ₹7.0K Cr | Mar 2025 ₹7.5K Cr | Jun 2025 ₹7.7K Cr | Sep 2025 ₹8.0K Cr | Dec 2025 ₹7.2K Cr | Mar 2026 ₹7.7K Cr | Jun 2026 ₹7.6K Cr
- WS: Sep 2021 — | Dec 2021 — | Mar 2022 ₹134 Cr | Jun 2022 ₹134 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹67 Cr | Jun 2023 ₹67 Cr | Sep 2023 — | Dec 2023 ₹56 Cr | Mar 2024 ₹131 Cr | Jun 2024 ₹184 Cr | Sep 2024 ₹160 Cr | Dec 2024 ₹135 Cr | Mar 2025 ₹126 Cr | Jun 2025 ₹190 Cr | Sep 2025 ₹255 Cr | Dec 2025 ₹189 Cr | Mar 2026 ₹263 Cr | Jun 2026 ₹269 Cr
- NWPX: Sep 2021 ₹32 Cr | Dec 2021 ₹182 Cr | Mar 2022 ₹185 Cr | Jun 2022 ₹179 Cr | Sep 2022 ₹166 Cr | Dec 2022 ₹185 Cr | Mar 2023 ₹162 Cr | Jun 2023 ₹170 Cr | Sep 2023 ₹156 Cr | Dec 2023 ₹151 Cr | Mar 2024 ₹186 Cr | Jun 2024 ₹170 Cr | Sep 2024 ₹152 Cr | Dec 2024 ₹125 Cr | Mar 2025 ₹124 Cr | Jun 2025 ₹133 Cr | Sep 2025 ₹129 Cr | Dec 2025 ₹101 Cr | Mar 2026 ₹88 Cr | Jun 2026 —
- MTUS: Sep 2021 ₹-111 Cr | Dec 2021 ₹-201 Cr | Mar 2022 ₹-191 Cr | Jun 2022 ₹-205 Cr | Sep 2022 ₹-229 Cr | Dec 2022 ₹-224 Cr | Mar 2023 ₹-202 Cr | Jun 2023 ₹-197 Cr | Sep 2023 ₹-201 Cr | Dec 2023 ₹-256 Cr | Mar 2024 ₹-255 Cr | Jun 2024 ₹-250 Cr | Sep 2024 ₹-230 Cr | Dec 2024 ₹-224 Cr | Mar 2025 ₹-164 Cr | Jun 2025 ₹-175 Cr | Sep 2025 ₹-176 Cr | Dec 2025 ₹-142 Cr | Mar 2026 ₹-91 Cr | Jun 2026 —
- ASTL: Sep 2021 ₹181 Cr | Dec 2021 ₹-490 Cr | Mar 2022 ₹-819 Cr | Jun 2022 ₹-1.0K Cr | Sep 2022 ₹-356 Cr | Dec 2022 ₹-121 Cr | Mar 2023 ₹-124 Cr | Jun 2023 ₹-171 Cr | Sep 2023 ₹-78 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹406 Cr | Mar 2025 ₹428 Cr | Jun 2025 ₹565 Cr | Sep 2025 ₹740 Cr | Dec 2025 ₹838 Cr | Mar 2026 ₹877 Cr | Jun 2026 —
- FRD: Sep 2021 ₹12 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹100 Cr | Sep 2022 ₹29 Cr | Dec 2022 ₹41 Cr | Mar 2023 ₹31 Cr | Jun 2023 ₹34 Cr | Sep 2023 ₹51 Cr | Dec 2023 ₹42 Cr | Mar 2024 ₹40 Cr | Jun 2024 ₹45 Cr | Sep 2024 ₹37 Cr | Dec 2024 ₹34 Cr | Mar 2025 ₹46 Cr | Jun 2025 ₹34 Cr | Sep 2025 ₹86 Cr | Dec 2025 ₹93 Cr | Mar 2026 ₹98 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Mesabi Trust leads ROCE at 5.7%, 0.4 percentage points above Friedman Industries, Incorporated. Cleveland-Cliffs Inc. has the strongest latest improvement at +3 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Mesabi Trust sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Mesabi Trust · 5.7% | 7.5% versus #2 · Friedman Industries, Incorporated | 1/8 recent comparable periods | 13/13 companies · 234 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Mesabi Trust (MSB): 5.7%
2. Friedman Industries, Incorporated (FRD): 5.3%
3. Steel Dynamics, Inc. (STLD): 4.9%
4. Reliance, Inc. (RS): 4.6%
5. Nucor Corporation (NUE): 3.6%

### ROCE change — fastest improvers
1. Cleveland-Cliffs Inc. (CLF): +3.0 pp
2. Nucor Corporation (NUE): +2.6 pp
3. Friedman Industries, Incorporated (FRD): +2.1 pp
4. Steel Dynamics, Inc. (STLD): +2.0 pp
5. Luda Technology Group Limited (LUD): +1.7 pp — older report

### 20-quarter ROCE history
- NUE: Sep 2021 — | Dec 2021 15% | Mar 2022 — | Jun 2022 14% | Sep 2022 16% | Dec 2022 9.9% | Mar 2023 — | Jun 2023 6.2% | Sep 2023 7.4% | Dec 2023 3.5% | Mar 2024 4.0% | Jun 2024 3.0% | Sep 2024 1.3% | Dec 2024 1.3% | Mar 2025 — | Jun 2025 1.0% | Sep 2025 3.1% | Dec 2025 3.0% | Mar 2026 — | Jun 2026 3.6%
- MT: Sep 2021 0.0% | Dec 2021 14% | Mar 2022 12% | Jun 2022 — | Sep 2022 2.4% | Dec 2022 -0.4% | Mar 2023 1.7% | Jun 2023 5.2% | Sep 2023 1.7% | Dec 2023 -2.7% | Mar 2024 1.5% | Jun 2024 1.4% | Sep 2024 0.9% | Dec 2024 0.8% | Mar 2025 1.2% | Jun 2025 2.6% | Sep 2025 0.7% | Dec 2025 0.5% | Mar 2026 1.0% | Jun 2026 —
- STLD: Sep 2021 16% | Dec 2021 16% | Mar 2022 15% | Jun 2022 16% | Sep 2022 11% | Dec 2022 6.8% | Mar 2023 7.2% | Jun 2023 8.8% | Sep 2023 5.9% | Dec 2023 4.2% | Mar 2024 6.0% | Jun 2024 4.4% | Sep 2024 3.0% | Dec 2024 1.9% | Mar 2025 2.1% | Jun 2025 2.9% | Sep 2025 3.8% | Dec 2025 2.3% | Mar 2026 3.8% | Jun 2026 4.9%
- RS: Sep 2021 7.0% | Dec 2021 7.0% | Mar 2022 8.6% | Jun 2022 9.4% | Sep 2022 6.5% | Dec 2022 5.2% | Mar 2023 5.7% | Jun 2023 5.6% | Sep 2023 4.2% | Dec 2023 3.5% | Mar 2024 4.1% | Jun 2024 3.7% | Sep 2024 2.9% | Dec 2024 1.5% | Mar 2025 2.9% | Jun 2025 3.3% | Sep 2025 2.8% | Dec 2025 1.8% | Mar 2026 3.9% | Jun 2026 4.6%
- TX: Sep 2021 15% | Dec 2021 11% | Mar 2022 8.0% | Jun 2022 7.9% | Sep 2022 3.7% | Dec 2022 0.3% | Mar 2023 2.3% | Jun 2023 4.7% | Sep 2023 3.0% | Dec 2023 3.3% | Mar 2024 3.7% | Jun 2024 2.1% | Sep 2024 0.9% | Dec 2024 0.2% | Mar 2025 0.6% | Jun 2025 1.0% | Sep 2025 1.1% | Dec 2025 0.8% | Mar 2026 1.4% | Jun 2026 —
- CLF: Sep 2021 15% | Dec 2021 7.6% | Mar 2022 7.2% | Jun 2022 5.5% | Sep 2022 1.2% | Dec 2022 -1.2% | Mar 2023 -0.2% | Jun 2023 3.1% | Sep 2023 2.1% | Dec 2023 -0.8% | Mar 2024 -0.3% | Jun 2024 0.0% | Sep 2024 -1.8% | Dec 2024 -2.9% | Mar 2025 -3.5% | Jun 2025 -3.3% | Sep 2025 -1.3% | Dec 2025 -1.9% | Mar 2026 -1.2% | Jun 2026 -0.3%
- WS: Sep 2021 — | Dec 2021 — | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 — | Dec 2022 — | Mar 2023 0.7% | Jun 2023 6.6% | Sep 2023 — | Dec 2023 -1.4% | Mar 2024 5.3% | Jun 2024 5.3% | Sep 2024 6.8% | Dec 2024 1.5% | Mar 2025 1.5% | Jun 2025 5.2% | Sep 2025 3.4% | Dec 2025 1.5% | Mar 2026 0.2% | Jun 2026 -5.3%
- NWPX: Sep 2021 2.0% | Dec 2021 0.8% | Mar 2022 1.3% | Jun 2022 3.4% | Sep 2022 3.5% | Dec 2022 2.2% | Mar 2023 1.0% | Jun 2023 2.3% | Sep 2023 1.8% | Dec 2023 1.7% | Mar 2024 1.7% | Jun 2024 2.6% | Sep 2024 3.0% | Dec 2024 2.1% | Mar 2025 1.1% | Jun 2025 2.5% | Sep 2025 3.6% | Dec 2025 2.5% | Mar 2026 2.4% | Jun 2026 —
- MTUS: Sep 2021 6.3% | Dec 2021 7.2% | Mar 2022 6.4% | Jun 2022 12% | Sep 2022 -1.4% | Dec 2022 -0.6% | Mar 2023 3.0% | Jun 2023 4.1% | Sep 2023 3.5% | Dec 2023 0.2% | Mar 2024 3.0% | Jun 2024 0.4% | Sep 2024 -1.0% | Dec 2024 -1.9% | Mar 2025 0.2% | Jun 2025 1.2% | Sep 2025 1.1% | Dec 2025 -2.6% | Mar 2026 0.9% | Jun 2026 —
- ASTL: Sep 2021 42% | Dec 2021 82% | Mar 2022 65% | Jun 2022 74% | Sep 2022 49% | Dec 2022 27% | Mar 2023 14% | Jun 2023 5.2% | Sep 2023 6.0% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -8.9% | Mar 2025 -14% | Jun 2025 -19% | Sep 2025 -26% | Dec 2025 -48% | Mar 2026 -50% | Jun 2026 —
- MSB: Sep 2021 — | Dec 2021 66% | Mar 2022 76% | Jun 2022 62% | Sep 2022 -18% | Dec 2022 -1.6% | Mar 2023 -10% | Jun 2023 4.7% | Sep 2023 50% | Dec 2023 23% | Mar 2024 38% | Jun 2024 21% | Sep 2024 25% | Dec 2024 135% | Mar 2025 31% | Jun 2025 18% | Sep 2025 21% | Dec 2025 4.8% | Mar 2026 16% | Jun 2026 5.7%
- FRD: Sep 2021 30% | Dec 2021 -6.3% | Mar 2022 -5.2% | Jun 2022 8.7% | Sep 2022 0.1% | Dec 2022 1.1% | Mar 2023 5.7% | Jun 2023 5.5% | Sep 2023 0.6% | Dec 2023 3.7% | Mar 2024 4.2% | Jun 2024 -0.8% | Sep 2024 -0.1% | Dec 2024 -0.7% | Mar 2025 3.2% | Jun 2025 3.9% | Sep 2025 1.4% | Dec 2025 1.9% | Mar 2026 5.3% | Jun 2026 —
- LUD: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 — | Jun 2022 — | Sep 2022 6.9% | Dec 2022 6.9% | Mar 2023 17% | Jun 2023 17% | Sep 2023 3.2% | Dec 2023 3.2% | Mar 2024 3.4% | Jun 2024 3.4% | Sep 2024 -2.0% | Dec 2024 -2.0% | Mar 2025 -2.5% | Jun 2025 -2.5% | Sep 2025 -0.3% | Dec 2025 -0.3% | Mar 2026 — | Jun 2026 —

### 20-quarter ROCE change history
- NUE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −5.5 pp | Mar 2023 — | Jun 2023 −7.9 pp | Sep 2023 −8.2 pp | Dec 2023 −6.4 pp | Mar 2024 — | Jun 2024 −3.2 pp | Sep 2024 −6.1 pp | Dec 2024 −2.2 pp | Mar 2025 — | Jun 2025 −2.0 pp | Sep 2025 +1.8 pp | Dec 2025 +1.7 pp | Mar 2026 — | Jun 2026 +2.6 pp
- MT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.4 pp | Dec 2022 −14.1 pp | Mar 2023 −10.7 pp | Jun 2023 — | Sep 2023 −0.7 pp | Dec 2023 −2.3 pp | Mar 2024 −0.2 pp | Jun 2024 −3.8 pp | Sep 2024 −0.8 pp | Dec 2024 +3.5 pp | Mar 2025 −0.3 pp | Jun 2025 +1.2 pp | Sep 2025 −0.2 pp | Dec 2025 −0.3 pp | Mar 2026 −0.2 pp | Jun 2026 —
- STLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.2 pp | Dec 2022 −8.8 pp | Mar 2023 −8.2 pp | Jun 2023 −7.1 pp | Sep 2023 −5.5 pp | Dec 2023 −2.6 pp | Mar 2024 −1.2 pp | Jun 2024 −4.4 pp | Sep 2024 −2.9 pp | Dec 2024 −2.3 pp | Mar 2025 −3.9 pp | Jun 2025 −1.5 pp | Sep 2025 +0.8 pp | Dec 2025 +0.4 pp | Mar 2026 +1.7 pp | Jun 2026 +2.0 pp
- RS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 −1.8 pp | Mar 2023 −2.9 pp | Jun 2023 −3.8 pp | Sep 2023 −2.3 pp | Dec 2023 −1.7 pp | Mar 2024 −1.6 pp | Jun 2024 −1.9 pp | Sep 2024 −1.3 pp | Dec 2024 −2.0 pp | Mar 2025 −1.2 pp | Jun 2025 −0.4 pp | Sep 2025 −0.1 pp | Dec 2025 +0.3 pp | Mar 2026 +1.0 pp | Jun 2026 +1.3 pp
- TX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −10.9 pp | Dec 2022 −10.6 pp | Mar 2023 −5.7 pp | Jun 2023 −3.2 pp | Sep 2023 −0.7 pp | Dec 2023 +3.0 pp | Mar 2024 +1.4 pp | Jun 2024 −2.6 pp | Sep 2024 −2.1 pp | Dec 2024 −3.1 pp | Mar 2025 −3.1 pp | Jun 2025 −1.1 pp | Sep 2025 +0.2 pp | Dec 2025 +0.6 pp | Mar 2026 +0.8 pp | Jun 2026 —
- CLF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −13.8 pp | Dec 2022 −8.8 pp | Mar 2023 −7.4 pp | Jun 2023 −2.4 pp | Sep 2023 +0.9 pp | Dec 2023 +0.4 pp | Mar 2024 −0.1 pp | Jun 2024 −3.1 pp | Sep 2024 −3.9 pp | Dec 2024 −2.1 pp | Mar 2025 −3.2 pp | Jun 2025 −3.3 pp | Sep 2025 +0.5 pp | Dec 2025 +1.0 pp | Mar 2026 +2.3 pp | Jun 2026 +3.0 pp
- WS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +0.7 pp | Jun 2023 +6.6 pp | Sep 2023 — | Dec 2023 — | Mar 2024 +4.6 pp | Jun 2024 −1.3 pp | Sep 2024 — | Dec 2024 +2.9 pp | Mar 2025 −3.8 pp | Jun 2025 −0.1 pp | Sep 2025 −3.4 pp | Dec 2025 0.0 pp | Mar 2026 −1.3 pp | Jun 2026 −10.5 pp
- NWPX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.5 pp | Dec 2022 +1.4 pp | Mar 2023 −0.3 pp | Jun 2023 −1.1 pp | Sep 2023 −1.7 pp | Dec 2023 −0.5 pp | Mar 2024 +0.7 pp | Jun 2024 +0.3 pp | Sep 2024 +1.2 pp | Dec 2024 +0.4 pp | Mar 2025 −0.6 pp | Jun 2025 −0.1 pp | Sep 2025 +0.6 pp | Dec 2025 +0.4 pp | Mar 2026 +1.3 pp | Jun 2026 —
- MTUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −7.7 pp | Dec 2022 −7.8 pp | Mar 2023 −3.4 pp | Jun 2023 −7.4 pp | Sep 2023 +4.9 pp | Dec 2023 +0.8 pp | Mar 2024 0.0 pp | Jun 2024 −3.7 pp | Sep 2024 −4.5 pp | Dec 2024 −2.1 pp | Mar 2025 −2.8 pp | Jun 2025 +0.8 pp | Sep 2025 +2.1 pp | Dec 2025 −0.7 pp | Mar 2026 +0.7 pp | Jun 2026 —
- ASTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +7.6 pp | Dec 2022 −54.3 pp | Mar 2023 −51.4 pp | Jun 2023 −68.7 pp | Sep 2023 −43.2 pp | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 −38.9 pp | Mar 2026 −35.8 pp | Jun 2026 —
- MSB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −67.1 pp | Mar 2023 −86.3 pp | Jun 2023 −56.9 pp | Sep 2023 +68.4 pp | Dec 2023 +24.6 pp | Mar 2024 +48.7 pp | Jun 2024 +16.3 pp | Sep 2024 −25.6 pp | Dec 2024 +111.5 pp | Mar 2025 −7.5 pp | Jun 2025 −3.0 pp | Sep 2025 −3.6 pp | Dec 2025 −129.7 pp | Mar 2026 −14.5 pp | Jun 2026 −12.3 pp
- FRD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −29.4 pp | Dec 2022 +7.4 pp | Mar 2023 +10.9 pp | Jun 2023 −3.2 pp | Sep 2023 +0.5 pp | Dec 2023 +2.6 pp | Mar 2024 −1.5 pp | Jun 2024 −6.3 pp | Sep 2024 −0.7 pp | Dec 2024 −4.4 pp | Mar 2025 −1.0 pp | Jun 2025 +4.7 pp | Sep 2025 +1.5 pp | Dec 2025 +2.6 pp | Mar 2026 +2.1 pp | Jun 2026 —
- LUD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.9 pp | Dec 2022 +6.9 pp | Mar 2023 — | Jun 2023 — | Sep 2023 −3.7 pp | Dec 2023 −3.7 pp | Mar 2024 −13.3 pp | Jun 2024 −13.3 pp | Sep 2024 −5.2 pp | Dec 2024 −5.2 pp | Mar 2025 −5.9 pp | Jun 2025 −5.9 pp | Sep 2025 +1.7 pp | Dec 2025 +1.7 pp | Mar 2026 — | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Friedman Industries, Incorporated has the lowest comparable Guarded PEG at 0.32×, 28.9% below Metallus Inc.. Only 4 of 13 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Friedman Industries, Incorporated · 0.32× | 28.9% versus #2 · Metallus Inc. | 0/8 recent comparable periods | 4/13 companies · 17 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Friedman Industries, Incorporated (FRD): 0.3
2. Metallus Inc. (MTUS): 0.5
3. NWPX Infrastructure, Inc. (NWPX): 0.6
4. Worthington Steel, Inc. (WS): 1.5

### P/E — lowest P/E
1. Algoma Steel Group Inc. (ASTL): -50.6
2. Friedman Industries, Incorporated (FRD): 6.4
3. ArcelorMittal S.A. (MT): 13.6
4. Ternium S.A. (TX): 13.8
5. Nucor Corporation (NUE): 17.1

### 20-quarter Guarded PEG history
- STLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.8 | Jun 2026 —
- RS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.4 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 2.0 | Jun 2026 —
- WS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 2.6 | Dec 2024 1.3 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 1.5 | Jun 2026 —
- NWPX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.3 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.6 | Dec 2024 — | Mar 2025 0.3 | Jun 2025 0.4 | Sep 2025 0.6 | Dec 2025 3.1 | Mar 2026 0.6 | Jun 2026 —
- MTUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.5 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- FRD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.1 | Jun 2023 0.2 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.3 | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- NUE: Sep 2021 — | Dec 2021 5.8 | Mar 2022 — | Jun 2022 5.3 | Sep 2022 3.2 | Dec 2022 3.4 | Mar 2023 — | Jun 2023 6.1 | Sep 2023 7.6 | Dec 2023 9.7 | Mar 2024 11.6 | Jun 2024 11.4 | Sep 2024 14.5 | Dec 2024 13.8 | Mar 2025 — | Jun 2025 18.4 | Sep 2025 24.9 | Dec 2025 19.4 | Mar 2026 — | Jun 2026 17.1
- MT: Sep 2021 2.8 | Dec 2021 2.4 | Mar 2022 2.0 | Jun 2022 1.4 | Sep 2022 1.5 | Dec 2022 2.6 | Mar 2023 4.4 | Jun 2023 5.6 | Sep 2023 5.1 | Dec 2023 26.1 | Mar 2024 31.0 | Jun 2024 — | Sep 2024 — | Dec 2024 13.7 | Mar 2025 18.9 | Jun 2025 9.8 | Sep 2025 10.8 | Dec 2025 11.1 | Mar 2026 13.6 | Jun 2026 —
- STLD: Sep 2021 5.3 | Dec 2021 4.0 | Mar 2022 4.3 | Jun 2022 2.9 | Sep 2022 3.1 | Dec 2022 4.7 | Mar 2023 6.0 | Jun 2023 6.4 | Sep 2023 6.9 | Dec 2023 8.1 | Mar 2024 10.2 | Jun 2024 10.4 | Sep 2024 11.4 | Dec 2024 11.6 | Mar 2025 16.5 | Jun 2025 18.7 | Sep 2025 18.5 | Dec 2025 21.2 | Mar 2026 19.3 | Jun 2026 20.8
- RS: Sep 2021 8.2 | Dec 2021 7.4 | Mar 2022 7.0 | Jun 2022 5.6 | Sep 2022 5.7 | Dec 2022 6.8 | Mar 2023 9.2 | Jun 2023 10.8 | Sep 2023 11.0 | Dec 2023 12.4 | Mar 2024 15.6 | Jun 2024 14.6 | Sep 2024 15.9 | Dec 2024 17.3 | Mar 2025 20.7 | Jun 2025 22.9 | Sep 2025 20.5 | Dec 2025 20.7 | Mar 2026 19.8 | Jun 2026 21.7
- TX: Sep 2021 2.4 | Dec 2021 2.2 | Mar 2022 2.2 | Jun 2022 1.9 | Sep 2022 2.0 | Dec 2022 3.4 | Mar 2023 5.9 | Jun 2023 6.5 | Sep 2023 26.6 | Dec 2023 12.5 | Mar 2024 12.6 | Jun 2024 — | Sep 2024 90.0 | Dec 2024 — | Mar 2025 — | Jun 2025 9.9 | Sep 2025 11.9 | Dec 2025 17.4 | Mar 2026 13.8 | Jun 2026 —
- CLF: Sep 2021 5.1 | Dec 2021 4.1 | Mar 2022 4.7 | Jun 2022 2.3 | Sep 2022 2.9 | Dec 2022 6.3 | Mar 2023 20.4 | Jun 2023 38.1 | Sep 2023 23.3 | Dec 2023 27.2 | Mar 2024 30.7 | Jun 2024 219.9 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- WS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 10.8 | Mar 2024 9.3 | Jun 2024 10.6 | Sep 2024 14.3 | Dec 2024 15.7 | Mar 2025 12.5 | Jun 2025 11.4 | Sep 2025 14.2 | Dec 2025 13.7 | Mar 2026 17.3 | Jun 2026 248.2
- NWPX: Sep 2021 16.2 | Dec 2021 27.4 | Mar 2022 19.6 | Jun 2022 14.5 | Sep 2022 11.0 | Dec 2022 10.8 | Mar 2023 10.5 | Jun 2023 11.0 | Sep 2023 12.9 | Dec 2023 14.5 | Mar 2024 14.6 | Jun 2024 13.6 | Sep 2024 15.4 | Dec 2024 14.2 | Mar 2025 12.6 | Jun 2025 12.4 | Sep 2025 14.4 | Dec 2025 17.6 | Mar 2026 18.2 | Jun 2026 —
- MTUS: Sep 2021 7.1 | Dec 2021 5.2 | Mar 2022 5.9 | Jun 2022 4.5 | Sep 2022 5.2 | Dec 2022 14.0 | Mar 2023 27.0 | Jun 2023 — | Sep 2023 31.9 | Dec 2023 16.0 | Mar 2024 13.2 | Jun 2024 17.5 | Sep 2024 28.5 | Dec 2024 471.0 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 233.4 | Jun 2026 —
- ASTL: Sep 2021 0.8 | Dec 2021 2.2 | Mar 2022 2.4 | Jun 2022 1.8 | Sep 2022 1.2 | Dec 2022 — | Mar 2023 — | Jun 2023 7.6 | Sep 2023 13.3 | Dec 2023 — | Mar 2024 11.4 | Jun 2024 -50.6 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MSB: Sep 2021 — | Dec 2021 4.7 | Mar 2022 5.3 | Jun 2022 4.2 | Sep 2022 8.5 | Dec 2022 11.4 | Mar 2023 56.9 | Jun 2023 — | Sep 2023 38.0 | Dec 2023 23.8 | Mar 2024 13.5 | Jun 2024 9.8 | Sep 2024 13.1 | Dec 2024 3.4 | Mar 2025 3.3 | Jun 2025 3.9 | Sep 2025 4.1 | Dec 2025 26.0 | Mar 2026 31.1 | Jun 2026 32.2
- FRD: Sep 2021 2.2 | Dec 2021 2.0 | Mar 2022 4.3 | Jun 2022 4.3 | Sep 2022 21.6 | Dec 2022 10.1 | Mar 2023 3.9 | Jun 2023 5.2 | Sep 2023 5.2 | Dec 2023 6.1 | Mar 2024 7.8 | Jun 2024 8.8 | Sep 2024 14.1 | Dec 2024 18.9 | Mar 2025 17.1 | Jun 2025 13.8 | Sep 2025 13.5 | Dec 2025 9.2 | Mar 2026 6.4 | Jun 2026 —
- LUD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 214.0 | Mar 2026 — | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Ternium S.A. leads both ev/ebitda at 7.32× and p/bv at 0.65×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Ternium S.A. · 7.32× | 2.4% versus #2 · ArcelorMittal S.A. | 0/8 recent comparable periods | 12/13 companies · 200 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Ternium S.A. (TX): 7.3
2. ArcelorMittal S.A. (MT): 7.5
3. Friedman Industries, Incorporated (FRD): 7.6
4. Metallus Inc. (MTUS): 8.9
5. Nucor Corporation (NUE): 9.2

### P/BV — lowest P/BV
1. Ternium S.A. (TX): 0.7
2. ArcelorMittal S.A. (MT): 0.7
3. Friedman Industries, Incorporated (FRD): 0.8
4. Cleveland-Cliffs Inc. (CLF): 1.0
5. Metallus Inc. (MTUS): 1.0

### 20-quarter EV/EBITDA history
- NUE: Sep 2021 — | Dec 2021 4.4 | Mar 2022 — | Jun 2022 3.7 | Sep 2022 2.5 | Dec 2022 2.5 | Mar 2023 — | Jun 2023 4.1 | Sep 2023 4.9 | Dec 2023 5.9 | Mar 2024 7.1 | Jun 2024 6.8 | Sep 2024 7.8 | Dec 2024 7.4 | Mar 2025 — | Jun 2025 8.5 | Sep 2025 10.9 | Dec 2025 9.4 | Mar 2026 — | Jun 2026 9.2
- MT: Sep 2021 — | Dec 2021 1.8 | Mar 2022 — | Jun 2022 — | Sep 2022 1.3 | Dec 2022 1.6 | Mar 2023 2.9 | Jun 2023 3.7 | Sep 2023 3.1 | Dec 2023 3.1 | Mar 2024 5.9 | Jun 2024 6.2 | Sep 2024 6.8 | Dec 2024 3.7 | Mar 2025 5.3 | Jun 2025 5.0 | Sep 2025 5.6 | Dec 2025 7.4 | Mar 2026 7.5 | Jun 2026 —
- STLD: Sep 2021 3.9 | Dec 2021 3.0 | Mar 2022 3.2 | Jun 2022 2.2 | Sep 2022 2.2 | Dec 2022 3.2 | Mar 2023 4.2 | Jun 2023 4.4 | Sep 2023 4.8 | Dec 2023 5.5 | Mar 2024 7.0 | Jun 2024 7.3 | Sep 2024 7.9 | Dec 2024 8.2 | Mar 2025 11.0 | Jun 2025 12.3 | Sep 2025 12.1 | Dec 2025 13.8 | Mar 2026 12.8 | Jun 2026 13.7
- RS: Sep 2021 5.6 | Dec 2021 5.5 | Mar 2022 7.6 | Jun 2022 4.1 | Sep 2022 4.2 | Dec 2022 4.6 | Mar 2023 6.2 | Jun 2023 7.3 | Sep 2023 7.4 | Dec 2023 8.2 | Mar 2024 10.5 | Jun 2024 9.9 | Sep 2024 10.5 | Dec 2024 10.9 | Mar 2025 12.8 | Jun 2025 14.1 | Sep 2025 12.7 | Dec 2025 12.8 | Mar 2026 12.5 | Jun 2026 13.8
- TX: Sep 2021 1.9 | Dec 2021 1.6 | Mar 2022 1.6 | Jun 2022 1.4 | Sep 2022 1.3 | Dec 2022 1.7 | Mar 2023 2.9 | Jun 2023 3.5 | Sep 2023 4.6 | Dec 2023 4.0 | Mar 2024 3.4 | Jun 2024 3.5 | Sep 2024 4.0 | Dec 2024 4.2 | Mar 2025 6.4 | Jun 2025 7.4 | Sep 2025 7.9 | Dec 2025 7.5 | Mar 2026 7.3 | Jun 2026 —
- CLF: Sep 2021 4.1 | Dec 2021 3.3 | Mar 2022 3.8 | Jun 2022 2.2 | Sep 2022 2.7 | Dec 2022 4.3 | Mar 2023 7.9 | Jun 2023 8.9 | Sep 2023 7.3 | Dec 2023 8.3 | Mar 2024 9.1 | Jun 2024 9.7 | Sep 2024 19.3 | Dec 2024 63.2 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 46.5
- WS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 6.8 | Mar 2024 6.4 | Jun 2024 7.5 | Sep 2024 8.8 | Dec 2024 9.6 | Mar 2025 7.4 | Jun 2025 7.3 | Sep 2025 9.6 | Dec 2025 9.1 | Mar 2026 11.7 | Jun 2026 31.6
- NWPX: Sep 2021 8.2 | Dec 2021 16.7 | Mar 2022 13.1 | Jun 2022 10.6 | Sep 2022 8.3 | Dec 2022 8.4 | Mar 2023 7.8 | Jun 2023 8.1 | Sep 2023 8.7 | Dec 2023 9.1 | Mar 2024 9.7 | Jun 2024 8.9 | Sep 2024 9.3 | Dec 2024 9.0 | Mar 2025 8.4 | Jun 2025 8.4 | Sep 2025 9.5 | Dec 2025 10.0 | Mar 2026 10.8 | Jun 2026 —
- MTUS: Sep 2021 2.6 | Dec 2021 2.3 | Mar 2022 2.9 | Jun 2022 2.0 | Sep 2022 1.7 | Dec 2022 2.9 | Mar 2023 3.5 | Jun 2023 7.0 | Sep 2023 4.9 | Dec 2023 4.8 | Mar 2024 4.7 | Jun 2024 5.3 | Sep 2024 5.2 | Dec 2024 6.4 | Mar 2025 12.1 | Jun 2025 11.5 | Sep 2025 8.1 | Dec 2025 10.0 | Mar 2026 8.9 | Jun 2026 —
- ASTL: Sep 2021 1.1 | Dec 2021 1.3 | Mar 2022 1.1 | Jun 2022 0.5 | Sep 2022 — | Dec 2022 — | Mar 2023 2.7 | Jun 2023 4.1 | Sep 2023 3.3 | Dec 2023 — | Mar 2024 4.8 | Jun 2024 11.0 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MSB: Sep 2021 — | Dec 2021 4.7 | Mar 2022 5.3 | Jun 2022 4.1 | Sep 2022 8.4 | Dec 2022 11.1 | Mar 2023 56.9 | Jun 2023 — | Sep 2023 33.9 | Dec 2023 22.2 | Mar 2024 13.5 | Jun 2024 9.2 | Sep 2024 12.0 | Dec 2024 3.4 | Mar 2025 3.3 | Jun 2025 3.9 | Sep 2025 4.1 | Dec 2025 24.9 | Mar 2026 31.1 | Jun 2026 29.9
- FRD: Sep 2021 1.7 | Dec 2021 1.6 | Mar 2022 2.6 | Jun 2022 5.7 | Sep 2022 18.9 | Dec 2022 9.6 | Mar 2023 4.9 | Jun 2023 5.8 | Sep 2023 6.5 | Dec 2023 5.4 | Mar 2024 6.2 | Jun 2024 9.5 | Sep 2024 10.1 | Dec 2024 19.2 | Mar 2025 23.8 | Jun 2025 10.2 | Sep 2025 13.4 | Dec 2025 10.3 | Mar 2026 7.6 | Jun 2026 —

### 20-quarter P/BV history
- NUE: Sep 2021 — | Dec 2021 2.1 | Mar 2022 — | Jun 2022 2.6 | Sep 2022 1.7 | Dec 2022 1.6 | Mar 2023 — | Jun 2023 2.0 | Sep 2023 2.0 | Dec 2023 2.0 | Mar 2024 2.3 | Jun 2024 1.8 | Sep 2024 1.7 | Dec 2024 1.3 | Mar 2025 — | Jun 2025 1.2 | Sep 2025 1.6 | Dec 2025 1.5 | Mar 2026 — | Jun 2026 1.8
- MT: Sep 2021 0.6 | Dec 2021 0.6 | Mar 2022 0.5 | Jun 2022 — | Sep 2022 0.3 | Dec 2022 0.4 | Mar 2023 0.4 | Jun 2023 0.4 | Sep 2023 0.4 | Dec 2023 0.4 | Mar 2024 0.4 | Jun 2024 0.3 | Sep 2024 0.4 | Dec 2024 0.4 | Mar 2025 0.4 | Jun 2025 0.4 | Sep 2025 0.5 | Dec 2025 0.5 | Mar 2026 0.7 | Jun 2026 —
- STLD: Sep 2021 2.1 | Dec 2021 1.9 | Mar 2022 2.3 | Jun 2022 1.6 | Sep 2022 1.6 | Dec 2022 2.1 | Mar 2023 2.3 | Jun 2023 2.1 | Sep 2023 2.0 | Dec 2023 2.1 | Mar 2024 2.6 | Jun 2024 2.2 | Sep 2024 2.1 | Dec 2024 1.9 | Mar 2025 2.1 | Jun 2025 2.1 | Sep 2025 2.3 | Dec 2025 2.7 | Mar 2026 2.8 | Jun 2026 3.5
- RS: Sep 2021 1.5 | Dec 2021 1.7 | Mar 2022 1,534.9 | Jun 2022 1.5 | Sep 2022 1.6 | Dec 2022 1.7 | Mar 2023 2.1 | Jun 2023 2.1 | Sep 2023 2.0 | Dec 2023 2.1 | Mar 2024 2.4 | Jun 2024 2.1 | Sep 2024 2.1 | Dec 2024 2.0 | Mar 2025 2.2 | Jun 2025 2.3 | Sep 2025 2.0 | Dec 2025 2.1 | Mar 2026 2.2 | Jun 2026 2.6
- TX: Sep 2021 0.9 | Dec 2021 0.8 | Mar 2022 0.8 | Jun 2022 0.6 | Sep 2022 0.5 | Dec 2022 0.5 | Mar 2023 0.7 | Jun 2023 0.6 | Sep 2023 0.6 | Dec 2023 0.7 | Mar 2024 0.6 | Jun 2024 0.6 | Sep 2024 0.6 | Dec 2024 0.5 | Mar 2025 0.5 | Jun 2025 0.5 | Sep 2025 0.6 | Dec 2025 0.6 | Mar 2026 0.7 | Jun 2026 —
- CLF: Sep 2021 2.5 | Dec 2021 2.0 | Mar 2022 2.7 | Jun 2022 1.2 | Sep 2022 1.0 | Dec 2022 1.1 | Mar 2023 1.3 | Jun 2023 1.1 | Sep 2023 1.0 | Dec 2023 1.3 | Mar 2024 1.5 | Jun 2024 1.0 | Sep 2024 0.9 | Dec 2024 0.7 | Mar 2025 0.7 | Jun 2025 0.7 | Sep 2025 1.1 | Dec 2025 1.2 | Mar 2026 0.8 | Jun 2026 1.0
- WS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.3 | Mar 2024 1.7 | Jun 2024 1.7 | Sep 2024 1.7 | Dec 2024 2.2 | Mar 2025 1.3 | Jun 2025 1.2 | Sep 2025 1.5 | Dec 2025 1.5 | Mar 2026 1.8 | Jun 2026 2.0
- NWPX: Sep 2021 0.8 | Dec 2021 1.1 | Mar 2022 0.9 | Jun 2022 1.0 | Sep 2022 0.9 | Dec 2022 1.1 | Mar 2023 1.0 | Jun 2023 0.9 | Sep 2023 0.9 | Dec 2023 0.9 | Mar 2024 1.0 | Jun 2024 1.0 | Sep 2024 1.2 | Dec 2024 1.3 | Mar 2025 1.1 | Jun 2025 1.1 | Sep 2025 1.3 | Dec 2025 1.5 | Mar 2026 1.9 | Jun 2026 —
- MTUS: Sep 2021 1.0 | Dec 2021 1.2 | Mar 2022 1.5 | Jun 2022 1.1 | Sep 2022 0.9 | Dec 2022 1.2 | Mar 2023 1.2 | Jun 2023 1.3 | Sep 2023 1.3 | Dec 2023 1.4 | Mar 2024 1.3 | Jun 2024 1.2 | Sep 2024 0.9 | Dec 2024 0.9 | Mar 2025 0.8 | Jun 2025 0.9 | Sep 2025 1.0 | Dec 2025 1.0 | Mar 2026 1.0 | Jun 2026 —
- ASTL: Sep 2021 0.5 | Dec 2021 1.8 | Mar 2022 1.3 | Jun 2022 1.2 | Sep 2022 0.6 | Dec 2022 0.6 | Mar 2023 0.8 | Jun 2023 0.6 | Sep 2023 0.6 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 1.0 | Mar 2025 0.6 | Jun 2025 0.8 | Sep 2025 0.6 | Dec 2025 1.2 | Mar 2026 1.8 | Jun 2026 —
- MSB: Sep 2021 — | Dec 2021 8.0 | Mar 2022 11.9 | Jun 2022 10.0 | Sep 2022 24.1 | Dec 2022 20.2 | Mar 2023 26.4 | Jun 2023 24.4 | Sep 2023 11.9 | Dec 2023 12.7 | Mar 2024 12.2 | Jun 2024 10.2 | Sep 2024 10.4 | Dec 2024 3.3 | Mar 2025 13.3 | Jun 2025 18.7 | Sep 2025 16.9 | Dec 2025 21.2 | Mar 2026 21.2 | Jun 2026 19.9
- FRD: Sep 2021 1.0 | Dec 2021 0.7 | Mar 2022 0.8 | Jun 2022 0.6 | Sep 2022 0.5 | Dec 2022 0.7 | Mar 2023 0.7 | Jun 2023 0.8 | Sep 2023 0.8 | Dec 2023 0.9 | Mar 2024 1.0 | Jun 2024 0.8 | Sep 2024 0.9 | Dec 2024 0.8 | Mar 2025 0.8 | Jun 2025 0.9 | Sep 2025 1.1 | Dec 2025 1.0 | Mar 2026 0.8 | Jun 2026 —
- LUD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 3.5 | Jun 2025 5.6 | Sep 2025 11.2 | Dec 2025 6.6 | Mar 2026 — | Jun 2026 —

## Market action

NWPX Infrastructure, Inc. has the strongest one-year price move in Steel at +211.4%. Friedman Industries, Incorporated leads on Mansfield relative strength against the S&P 500 at +56.6%. 8 of 13 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. NWPX Infrastructure, Inc. (NWPX): 211%
2. Friedman Industries, Incorporated (FRD): 149%
3. ArcelorMittal S.A. (MT): 118%
4. Steel Dynamics, Inc. (STLD): 112%
5. Nucor Corporation (NUE): 92%

### Strongest relative strength versus NIFTY 500
1. Friedman Industries, Incorporated (FRD): 57%
2. NWPX Infrastructure, Inc. (NWPX): 48%
3. Nucor Corporation (NUE): 37%
4. Steel Dynamics, Inc. (STLD): 31%
5. ArcelorMittal S.A. (MT): 24%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.

## Every company
- Nucor Corporation (NUE) — market value ₹60.5K Cr; latest fundamentals Jun 2026
- ArcelorMittal S.A. (MT) — market value ₹51.2K Cr; latest fundamentals Mar 2026
- Steel Dynamics, Inc. (STLD) — market value ₹37.5K Cr; latest fundamentals Jun 2026
- Reliance, Inc. (RS) — market value ₹21.2K Cr; latest fundamentals Jun 2026
- Ternium S.A. (TX) — market value ₹9.7K Cr; latest fundamentals Mar 2026
- Cleveland-Cliffs Inc. (CLF) — market value ₹6.8K Cr; latest fundamentals Jun 2026
- Worthington Steel, Inc. (WS) — market value ₹1.9K Cr; latest fundamentals Jun 2026
- NWPX Infrastructure, Inc. (NWPX) — market value ₹1.2K Cr; latest fundamentals Mar 2026
- Metallus Inc. (MTUS) — market value ₹879 Cr; latest fundamentals Mar 2026
- Algoma Steel Group Inc. (ASTL) — market value ₹463 Cr; latest fundamentals Mar 2026
- Mesabi Trust (MSB) — market value ₹300 Cr; latest fundamentals Jun 2026
- Friedman Industries, Incorporated (FRD) — market value ₹264 Cr; latest fundamentals Mar 2026
- Luda Technology Group Limited (LUD) — market value ₹96 Cr; latest fundamentals Dec 2025

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Steel company is the biggest?

ArcelorMittal S.A. is the largest, with trailing-twelve-month revenue of $62,011 million, ahead of Ternium S.A. at $15,611 million. That covers 8 of 13 companies with comparable reporting through Mar 2026.

### Which Steel company is growing fastest?

Friedman Industries, Incorporated has the fastest revenue growth at 45.4% year on year, across 8 of 13 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Steel company has the best profit margins?

Mesabi Trust has the highest operating margin at 48.4%, from 12 of 13 comparable companies. Nucor Corporation shows the biggest recent improvement, at +7.9 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Steel company makes the most profit?

ArcelorMittal S.A. earns the most, at $3,002 million of trailing-twelve-month net profit, from 8 of 13 comparable companies. Friedman Industries, Incorporated has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Steel company earns the highest return on capital?

Mesabi Trust leads on return on capital employed at 5.7%, across 13 of 13 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Steel stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Friedman Industries, Incorporated screens cheapest at 0.32×. Only 4 of 13 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Steel company has the strongest balance sheet?

Metallus Inc. carries the lowest comparable gross debt at $13 million, from 11 of 13 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Steel company is investing most in new capacity?

ArcelorMittal S.A. reports the largest capital spending at $1,271 million, across 12 of 13 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Steel sector beating the market?

Steel has outperformed S&P 500 by 35.5% over the last 52 weeks and 5.1% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 8 of 13 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Steel stock has the strongest price momentum?

Friedman Industries, Incorporated has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Steel company scores highest for research priority?

Friedman Industries, Incorporated scores 71 out of 100 with 76% evidence confidence, from 25.9 points on growth and earnings, 11.8 on capital efficiency, 16.3 on valuation and 17 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Steel companies does this comparison cover, and over what period?

It compares 13 listed companies over up to 20 reported quarters of fundamentals and 6 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Steel sector?

The 13 Steel companies on this page carry $191,967 million of combined market value. Nucor Corporation is the largest at $60,493 million, about 32% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Steel sector's P/E ratio?

The median price-to-earnings ratio across the 13 Steel companies on this page is 21.7×, measured on the 12 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Steel sector performing?

8 of the 13 covered Steel companies are beating S&P 500 on Mansfield relative strength. The sector itself is 35.5% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Steel stocks are listed in the US?

This comparison covers 13 listed Steel companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/steel