20-quarter listed-company comparison

Steel Stocks

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

01 · the industry itself · before any single company

How has Steel moved against S&P 500?

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the most recent two of them this industry is 9% ahead of S&P 500. Earnings across its companies fell 14% on average over the last four reported quarters.

BASING · +3 joined~Moving with the index8 of 16 companies ahead of S&P 500 by 5% or more over three months

RS — · 11/16 >200d (+1) · 8/16 lead (+3) · EPS 10/16↑

Steel, equal-weighted, based at 200 S&P 500, same base, same start trailing 12-month earnings per share rising falling

Both lines start at 200 in the same week, so the distance between them is the whole story: the industry line is an equal-weighted index of its 16 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the industry taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.

02 · sector relative strength, before individual stocks

Is Steel outperforming S&P 500?

Steel has outperformed S&P 500 by 30.6% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 1.5%. 8 of 13 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. NWPX Infrastructure, Inc. is the strongest against the sector itself at +32.3%.

-1.5%Sector vs S&P 500 · 13 weeks

+30.6%Sector vs S&P 500 · 52 weeks

8/13Stocks leading S&P 500

7/13Stocks leading sector

Sector metric: — as of latest available · unclassified · direction unavailable.

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

Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.

Bottom line

Steel has outperformed S&P 500 by 30.6% over 52 weeks and 1.5% 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. Ternium S.A. leads with revenue of $15,611 million, based on 5 of 13 comparable companies through Mar 2026.

Companies

complete canonical membership

Combined market value

$199.6B

Nucor Corporation

Revenue growing

3/5

positive TTM year-on-year growth

Beating S&P 500

8/13

positive Mansfield relative strength

Comparing 5 of 13

03 · research priority, made explicit

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.

Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%

Friedman Industries, Incorporated has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 59.9% evidence confidence.

ArcelorMittal S.A. has stronger price confirmation than earnings confirmation; that is a research prompt, not permission to chase.

How this score is built, and what the marks mean

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led S&P 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led S&P 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.

Company	Score	Price stage	Growth & earnings/35	Capital efficiency/25	Valuation/20	Relative strength/20
1Friedman Industries, IncorporatedFRD	68.2/100Thin evidence · provisional60% evidence	BREAKING OUT	23.3/35 Revenue 45.4% · PAT 100% · OPM change 1.7 pp 53% evidence	11.9/25 ROCE 5.3% · OPM 6.2% 57% evidence	16.5/20 P/E 6.4× · PEG 0.32 65% evidence	16.5/20 RS sector 31.3% · RS bench 41.8% · 1Y 120.5%12 of 12 weeks ahead 70% evidence
Exact sum: 23.3 + 11.9 + 16.5 + 16.5 = 68.2 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
2Nucor CorporationNUE	66.0/100Thin evidence · provisional53% evidence	LEADER	22.2/35 Revenue — · PAT — · OPM change 7.9 pp 32% evidence	15.2/25 ROCE 5.3% · OPM 11.7% 76% evidence	10.8/20 P/E 17.6× · PEG — 15% evidence	17.8/20 RS sector 25.1% · RS bench 34.5% · 1Y 97.2%12 of 12 weeks ahead 100% evidence
Exact sum: 22.2 + 15.2 + 10.8 + 17.8 = 66 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
3Steel Dynamics, Inc.STLD	58.9/100Thin evidence · provisional56% evidence	LEADER	21.4/35 Revenue — · PAT — · OPM change 4 pp 39% evidence	13.9/25 ROCE 4.9% · OPM 10.3% 76% evidence	10.5/20 P/E 20.8× · PEG — 15% evidence	13.1/20 RS sector 18.5% · RS bench 27.2% · 1Y 115.6%12 of 12 weeks ahead 100% evidence
Exact sum: 21.4 + 13.9 + 10.5 + 13.1 = 58.9 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
4ArcelorMittal S.A.MT	58.7/100Thin evidence · provisional56% evidence	TURNING	15.2/35 Revenue — · PAT — · OPM change -0.7 pp 39% evidence	17.7/25 ROCE 21% · OPM 4.9% 76% evidence	10.0/20 P/E 25.5× · PEG — 15% evidence	15.8/20 RS sector 22.3% · RS bench 31.1% · 1Y 123.8%8 of 12 weeks ahead 100% evidence
Exact sum: 15.2 + 17.7 + 10 + 15.8 = 58.7 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
5Reliance, Inc.RS	57.6/100Thin evidence · provisional56% evidence	BREAKING OUT	18.4/35 Revenue — · PAT — · OPM change 1.2 pp 39% evidence	12.8/25 ROCE 4.6% · OPM 9.1% 76% evidence	10.2/20 P/E 21.7× · PEG — 15% evidence	16.2/20 RS sector 6.6% · RS bench 15.1% · 1Y 45.6%12 of 12 weeks ahead 100% evidence
Exact sum: 18.4 + 12.8 + 10.2 + 16.2 = 57.6 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6Ternium S.A.TX	50.7/100Thin evidence · provisional51% evidence	TURNING	17.2/35 Revenue -7.1% · PAT — · OPM change 4 pp 40% evidence	10.4/25 ROCE 1.4% · OPM 7.4% 57% evidence	11.3/20 P/E 13.8× · PEG — 15% evidence	11.8/20 RS sector 3.6% · RS bench 11.9% · 1Y 57.3%5 of 12 weeks ahead 100% evidence
Exact sum: 17.2 + 10.4 + 11.3 + 11.8 = 50.7 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
7Metallus Inc.MTUS	50.0/100Mixed-positive evidence61% evidence	TURNING	18.0/35 Revenue 13.6% · PAT — · OPM change 2 pp 40% evidence	8.5/25 ROCE 0.9% · OPM 2.5% 57% evidence	13.7/20 P/E 233.4× · PEG 0.45 65% evidence	9.8/20 RS sector -5.5% · RS bench 2.3% · 1Y 31.3%7 of 12 weeks ahead 100% evidence
Exact sum: 18 + 8.5 + 13.7 + 9.8 = 50 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8Cleveland-Cliffs Inc.CLF	42.1/100Thin evidence · provisional56% evidence	TURNING	21.5/35 Revenue — · PAT — · OPM change 7.4 pp 39% evidence	5.0/25 ROCE -0.3% · OPM -4.3% 76% evidence	9.0/20 P/E 219.9× · PEG — 15% evidence	6.6/20 RS sector -11.6% · RS bench -4% · 1Y 28.8%8 of 12 weeks ahead 100% evidence
Exact sum: 21.5 + 5 + 9 + 6.6 = 42.1 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
9Mesabi TrustMSB	33.7/100Adverse evidence65% evidence	BASING	4.5/35 Revenue -83.5% · PAT -87.1% · OPM change -28.3 pp 83% evidence	15.9/25 ROCE 5.7% · OPM 48.4% 76% evidence	9.5/20 P/E 32.2× · PEG — 15% evidence	3.8/20 RS sector -39.8% · RS bench -34.3% · 1Y -23.4%0 of 12 weeks ahead 70% evidence
Exact sum: 4.5 + 15.9 + 9.5 + 3.8 = 33.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10Worthington Steel, Inc.WS	28.9/100Adverse evidence75% evidence	ASLEEP	8.3/35 Revenue 11.3% · PAT -96.6% · OPM change -14.2 pp 83% evidence	5.7/25 ROCE -5.3% · OPM -6.2% 76% evidence	9.6/20 P/E 248.2× · PEG 1.48 65% evidence	5.3/20 RS sector -12.3% · RS bench -5.3% · 1Y 26.5%3 of 12 weeks ahead 70% evidence
Exact sum: 8.3 + 5.7 + 9.6 + 5.3 = 28.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11NWPX Infrastructure, Inc.NWPX	59.9/100Thin evidence · provisional50% evidence	LEADER	21.0/35 Revenue — · PAT — · OPM change 4.4 pp 39% evidence	12.4/25 ROCE 4% · OPM 9.2% 76% evidence	9.8/20 P/E 30× · PEG — 15% evidence	16.7/20 RS sector 32.3% · RS bench 41.3% · 1Y 162.2%12 of 12 weeks ahead 70% evidence
Exact sum: 21 + 12.4 + 9.8 + 16.7 = 59.9 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
12Luda Technology Group LimitedLUD	39.0/100Thin evidence · provisional32% evidence		17.8/35 Revenue — · PAT — · OPM change — 9% evidence	8.9/25 ROCE -0.3% · OPM — 46% evidence	9.3/20 P/E 214× · PEG — 15% evidence	3.0/20 RS sector -44.6% · RS bench -42.8% · 1Y 3.2%2 of 8 weeks ahead to 2026-07-10 70% evidence
Exact sum: 17.8 + 8.9 + 9.3 + 3 = 39 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
13Algoma Steel Group Inc.ASTL	30.5/100Thin evidence · provisional50% evidence	BASING	11.8/35 Revenue — · PAT — · OPM change -24.6 pp 39% evidence	3.2/25 ROCE -6.5% · OPM -51.7% 76% evidence	11.0/20 P/E 16.4× · PEG — 15% evidence	4.5/20 RS sector -19.4% · RS bench -12.6% · 1Y -7%3 of 12 weeks ahead 70% evidence
Exact sum: 11.8 + 3.2 + 11 + 4.5 = 30.5 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

Showing 10 of 13 companies

04 · what price has already done

Market action

NWPX Infrastructure, Inc. has the strongest one-year price move in Steel at +162.2%. Friedman Industries, Incorporated leads on Mansfield relative strength against the S&P 500 at +41.8%. 8 of 13 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-08-04.

Price and relative strength

Every company, the sector's own index and S&P 500 all start level on the left edge of the window, so only the distance between the lines counts — the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

05 · compare level, then change

Revenue Scale & Growth Durability

Ternium S.A. has the highest Revenue among the 13 Steel companies compared here, at $15,611 million. Worthington Steel, Inc. is next at $3,444 million. Friedman Industries, Incorporated has the highest Revenue growth at 45.4%, so level and change sit with different companies. 5 of 13 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Ternium S.A. is the scale leader at $15,611 million, 353.3% ahead of Worthington Steel, Inc.. Friedman Industries, Incorporated's growth is 45.4% from a $647 million base, with 18 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderTernium S.A. · $15,611 million

Gap353.3% versus #2 · Worthington Steel, Inc.

Persistence2/8 recent comparable periods

Coverage5/13 companies · 220 observations

Investor read: Ternium 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: Ternium S.A.'s growth falls below Friedman Industries, Incorporated's for two consecutive comparable reports while operating margin also compresses.

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

Revenuelargest

1Ternium S.A. TX · older report$15.6B

2Worthington Steel, Inc. WS$3.4B

3Metallus Inc. MTUS · older report$1.2B

4Friedman Industries, Incorporated FRD · older report$647M

5Mesabi Trust MSB$16M

Revenue growthfastest growers

1Friedman Industries, Incorporated FRD · older report45%

2Metallus Inc. MTUS · older report14%

3Worthington Steel, Inc. WS11%

4Ternium S.A. TX · older report-7.1%

5Mesabi Trust MSB-84%

Revenue · company comparison

5/13 level · 5/13 change

On every company-comparison chart on this page: solid lines show level, dotted lines show change when “Both” is selected, and a missing report breaks the line rather than being invented.

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	Revenue	Revenue growth	Reported
ArcelorMittal S.A. MT	$15.5B	4.5%	Jun 2026
Nucor Corporation NUE	$9.5B	21%	Sep 2026
Steel Dynamics, Inc. STLD	$5.2B	19%	Jun 2026
Cleveland-Cliffs Inc. CLF	$4.9B	6.3%	Jun 2026
Reliance, Inc. RS	$4.0B	16%	Jun 2026
Ternium S.A. TX	$3.9B	0.0%	Mar 2026
Worthington Steel, Inc. WS	$929M	12%	Jun 2026
Metallus Inc. MTUS	$308M	9.6%	Mar 2026
Algoma Steel Group Inc. ASTL	$297M	-43%	Jun 2026
Friedman Industries, Incorporated FRD	$192M	49%	Mar 2026
NWPX Infrastructure, Inc. NWPX	$138M	19%	Jun 2026
Luda Technology Group Limited LUD	$16M	-20%	Dec 2025
Mesabi Trust MSB	$2M	-60%	Jun 2026

Full 20-quarter history · every available company

Revenue · reported quarter history

Showing the 12 largest of 13 companies with a series here. The remaining 1 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Algoma Steel Group Inc. · ASTL

Dec 2021$1.1B

Mar 2022$942M

Jun 2022$934M

Sep 2022$599M

Dec 2022$568M

Mar 2023$677M

Jun 2023$827M

Sep 2023$733M

Dec 2023$615M

Mar 2024$621M

Jun 2024$651M

Sep 2024$600M

Dec 2024$590M

Mar 2025$517M

Jun 2025$590M

Sep 2025$524M

Dec 2025$455M

Mar 2026$297M

Jun 2026—

Sep 2026—

ArcelorMittal S.A. · MT

Dec 2021$20.8B

Mar 2022$21.8B

Jun 2022$22.1B

Sep 2022$19.0B

Dec 2022$16.9B

Mar 2023$18.5B

Jun 2023$18.6B

Sep 2023$16.6B

Dec 2023$14.6B

Mar 2024$16.3B

Jun 2024$16.2B

Sep 2024$15.2B

Dec 2024$14.7B

Mar 2025$14.8B

Jun 2025$15.9B

Sep 2025$15.7B

Dec 2025$15.0B

Mar 2026$15.5B

Jun 2026—

Sep 2026—

Cleveland-Cliffs Inc. · CLF

Dec 2021$5.3B

Mar 2022$6.0B

Jun 2022$6.3B

Sep 2022$5.7B

Dec 2022$5.0B

Mar 2023$5.3B

Jun 2023$6.0B

Sep 2023$5.6B

Dec 2023$5.1B

Mar 2024$5.2B

Jun 2024$5.1B

Sep 2024$4.6B

Dec 2024$4.3B

Mar 2025$4.6B

Jun 2025$4.9B

Sep 2025$4.7B

Dec 2025$4.3B

Mar 2026$4.9B

Jun 2026—

Sep 2026—

Friedman Industries, Incorporated · FRD

Dec 2021$52M

Mar 2022$75M

Jun 2022$162M

Sep 2022$150M

Dec 2022$112M

Mar 2023$124M

Jun 2023$137M

Sep 2023$131M

Dec 2023$116M

Mar 2024$132M

Jun 2024$115M

Sep 2024$107M

Dec 2024$94M

Mar 2025$129M

Jun 2025$135M

Sep 2025$152M

Dec 2025$168M

Mar 2026$192M

Jun 2026—

Sep 2026—

Mesabi Trust · MSB

Dec 2021$16M

Mar 2022$18M

Jun 2022$14M

Sep 2022$-4M

Dec 2022$0M

Mar 2023$-2M

Jun 2023$2M

Sep 2023$10M

Dec 2023$5M

Mar 2024$6M

Jun 2024$6M

Sep 2024$6M

Dec 2024$79M

Mar 2025$7M

Jun 2025$5M

Sep 2025$6M

Dec 2025$4M

Mar 2026$4M

Jun 2026$2M

Sep 2026—

Metallus Inc. · MTUS

Dec 2021$338M

Mar 2022$352M

Jun 2022$416M

Sep 2022$317M

Dec 2022$245M

Mar 2023$324M

Jun 2023$357M

Sep 2023$354M

Dec 2023$328M

Mar 2024$322M

Jun 2024$295M

Sep 2024$227M

Dec 2024$241M

Mar 2025$281M

Jun 2025$305M

Sep 2025$306M

Dec 2025$267M

Mar 2026$308M

Jun 2026—

Sep 2026—

Nucor Corporation · NUE

Dec 2021$10.3B

Mar 2022—

Jun 2022$10.5B

Sep 2022$11.8B

Dec 2022$10.5B

Mar 2023—

Jun 2023$8.7B

Sep 2023$9.5B

Dec 2023$7.7B

Mar 2024$8.1B

Jun 2024$8.1B

Sep 2024$7.4B

Dec 2024$7.1B

Mar 2025—

Jun 2025$7.8B

Sep 2025$8.5B

Dec 2025$8.5B

Mar 2026—

Jun 2026$9.5B

Sep 2026—

NWPX Infrastructure, Inc. · NWPX

Dec 2021$103M

Mar 2022$109M

Jun 2022$119M

Sep 2022$123M

Dec 2022$107M

Mar 2023$99M

Jun 2023$116M

Sep 2023$119M

Dec 2023$110M

Mar 2024$113M

Jun 2024$130M

Sep 2024$130M

Dec 2024$120M

Mar 2025$116M

Jun 2025$133M

Sep 2025$151M

Dec 2025$126M

Mar 2026$138M

Jun 2026—

Sep 2026—

Reliance, Inc. · RS

Dec 2021$4.0B

Mar 2022$4.5B

Jun 2022$4.7B

Sep 2022$4.2B

Dec 2022$3.6B

Mar 2023$4.0B

Jun 2023$3.9B

Sep 2023$3.6B

Dec 2023$3.3B

Mar 2024$3.6B

Jun 2024$3.6B

Sep 2024$3.4B

Dec 2024$3.1B

Mar 2025$3.5B

Jun 2025$3.7B

Sep 2025$3.7B

Dec 2025$3.5B

Mar 2026$4.0B

Jun 2026—

Sep 2026—

Steel Dynamics, Inc. · STLD

Dec 2021$5.3B

Mar 2022$5.6B

Jun 2022$6.2B

Sep 2022$5.7B

Dec 2022$4.8B

Mar 2023$4.9B

Jun 2023$5.1B

Sep 2023$4.6B

Dec 2023$4.2B

Mar 2024$4.7B

Jun 2024$4.6B

Sep 2024$4.3B

Dec 2024$3.9B

Mar 2025$4.4B

Jun 2025$4.6B

Sep 2025$4.8B

Dec 2025$4.4B

Mar 2026$5.2B

Jun 2026—

Sep 2026—

Ternium S.A. · TX

Dec 2021$4.3B

Mar 2022$4.3B

Jun 2022$4.4B

Sep 2022$4.1B

Dec 2022$3.5B

Mar 2023$3.6B

Jun 2023$3.9B

Sep 2023$5.2B

Dec 2023$4.9B

Mar 2024$4.8B

Jun 2024$4.5B

Sep 2024$4.5B

Dec 2024$3.9B

Mar 2025$3.9B

Jun 2025$3.9B

Sep 2025$4.0B

Dec 2025$3.8B

Mar 2026$3.9B

Jun 2026—

Sep 2026—

Worthington Steel, Inc. · WS

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022$1.1B

Dec 2022$868M

Mar 2023$781M

Jun 2023$884M

Sep 2023$906M

Dec 2023$808M

Mar 2024$806M

Jun 2024$911M

Sep 2024$834M

Dec 2024$739M

Mar 2025$687M

Jun 2025$833M

Sep 2025$873M

Dec 2025$872M

Mar 2026$770M

Jun 2026$929M

Sep 2026—

Revenue growth · reported quarter history

Showing the 12 largest of 13 companies with a series here. The remaining 1 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Algoma Steel Group Inc. · ASTL

Dec 2021—

Mar 2022—

Jun 202218%

Sep 2022-41%

Dec 2022-47%

Mar 2023-28%

Jun 2023-11%

Sep 202322%

Dec 20238.3%

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—

Sep 2026—

ArcelorMittal S.A. · MT

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 20241.1%

Mar 2025-9.1%

Jun 2025-2.0%

Sep 20253.0%

Dec 20251.8%

Mar 20264.5%

Jun 2026—

Sep 2026—

Cleveland-Cliffs Inc. · CLF

Dec 2021—

Mar 2022—

Jun 202226%

Sep 2022-5.9%

Dec 2022-5.7%

Mar 2023-11%

Jun 2023-5.6%

Sep 2023-0.9%

Dec 20231.4%

Mar 2024-1.8%

Jun 2024-15%

Sep 2024-18%

Dec 2024-15%

Mar 2025-11%

Jun 2025-3.1%

Sep 20253.6%

Dec 2025-0.3%

Mar 20266.3%

Jun 2026—

Sep 2026—

Friedman Industries, Incorporated · FRD

Dec 2021—

Mar 2022—

Jun 2022145%

Sep 202261%

Dec 2022115%

Mar 202365%

Jun 2023-15%

Sep 2023-13%

Dec 20233.6%

Mar 20246.5%

Jun 2024-16%

Sep 2024-18%

Dec 2024-19%

Mar 2025-2.3%

Jun 202517%

Sep 202542%

Dec 202579%

Mar 202649%

Jun 2026—

Sep 2026—

Mesabi Trust · MSB

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 2024200%

Sep 2024-40%

Dec 20241,480%

Mar 202517%

Jun 2025-17%

Sep 20250.0%

Dec 2025-95%

Mar 2026-43%

Jun 2026-60%

Sep 2026—

Metallus Inc. · MTUS

Dec 2021—

Mar 2022—

Jun 202227%

Sep 2022-7.9%

Dec 2022-28%

Mar 2023-8.0%

Jun 2023-14%

Sep 202312%

Dec 202334%

Mar 2024-0.6%

Jun 2024-17%

Sep 2024-36%

Dec 2024-27%

Mar 2025-13%

Jun 20253.4%

Sep 202535%

Dec 202511%

Mar 20269.6%

Jun 2026—

Sep 2026—

Nucor Corporation · NUE

Dec 2021—

Mar 2022—

Jun 2022—

Sep 202234%

Dec 20221.8%

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 202514%

Dec 202520%

Mar 2026—

Jun 202621%

Sep 2026—

NWPX Infrastructure, Inc. · NWPX

Dec 2021—

Mar 2022—

Jun 202261%

Sep 202245%

Dec 20223.9%

Mar 2023-9.2%

Jun 2023-2.5%

Sep 2023-3.3%

Dec 20232.8%

Mar 202414%

Jun 202412%

Sep 20249.2%

Dec 20249.1%

Mar 20252.7%

Jun 20252.3%

Sep 202516%

Dec 20255.0%

Mar 202619%

Jun 2026—

Sep 2026—

Reliance, Inc. · RS

Dec 2021—

Mar 2022—

Jun 202237%

Sep 202210%

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 20250.5%

Sep 20256.8%

Dec 202512%

Mar 202616%

Jun 2026—

Sep 2026—

Steel Dynamics, Inc. · STLD

Dec 2021—

Mar 2022—

Jun 202239%

Sep 202211%

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 202511%

Dec 202514%

Mar 202619%

Jun 2026—

Sep 2026—

Ternium S.A. · TX

Dec 2021—

Mar 2022—

Jun 202213%

Sep 2022-10%

Dec 2022-18%

Mar 2023-16%

Jun 2023-13%

Sep 202326%

Dec 202339%

Mar 202432%

Jun 202417%

Sep 2024-14%

Dec 2024-21%

Mar 2025-18%

Jun 2025-13%

Sep 2025-12%

Dec 2025-2.6%

Mar 20260.0%

Jun 2026—

Sep 2026—

Worthington Steel, Inc. · WS

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023-16%

Dec 2023-6.9%

Mar 20243.2%

Jun 20243.1%

Sep 2024-8.0%

Dec 2024-8.5%

Mar 2025-15%

Jun 2025-8.6%

Sep 20254.7%

Dec 202518%

Mar 202612%

Jun 202612%

Sep 2026—

06 · compare level, then change

Operating Economics & Margin Trend

Mesabi Trust has the highest OPM among the 13 Steel companies compared here, at 48.4%. Nucor Corporation is next at 11.7%. Nucor Corporation has the highest Margin change at +7.9 percentage points, so level and change sit with different companies. 12 of 13 companies report a comparable reading, the latest through Jun 2026.

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

LeaderMesabi Trust · 48.4%

Gap313.7% versus #2 · Nucor Corporation

Persistence3/8 recent comparable periods

Coverage12/13 companies · 212 observations

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.

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

OPMhighest

1Mesabi Trust MSB48%

2Nucor Corporation NUE12%

3Steel Dynamics, Inc. STLD10%

4NWPX Infrastructure, Inc. NWPX9.2%

5Reliance, Inc. RS9.1%

Margin changefastest expanders

1Nucor Corporation NUE+7.9 pp

2Cleveland-Cliffs Inc. CLF+7.4 pp

3NWPX Infrastructure, Inc. NWPX+4.4 pp

4Steel Dynamics, Inc. STLD+4.0 pp

5Ternium S.A. TX · older report+4.0 pp

Operating margin · company comparison

12/13 level · 12/13 change

All-company data · latest reported quarter

Company	OPM	Margin change	Reported
Mesabi Trust MSB	48%	−28.3 pp	Jun 2026
Nucor Corporation NUE	12%	+7.9 pp	Sep 2026
Steel Dynamics, Inc. STLD	10%	+4.0 pp	Jun 2026
NWPX Infrastructure, Inc. NWPX	9.2%	+4.4 pp	Jun 2026
Reliance, Inc. RS	9.1%	+1.2 pp	Jun 2026
Ternium S.A. TX	7.4%	+4.0 pp	Mar 2026
Friedman Industries, Incorporated FRD	6.2%	+1.7 pp	Mar 2026
ArcelorMittal S.A. MT	4.9%	−0.7 pp	Jun 2026
Metallus Inc. MTUS	2.5%	+2.0 pp	Mar 2026
Cleveland-Cliffs Inc. CLF	-4.3%	+7.4 pp	Jun 2026
Worthington Steel, Inc. WS	-6.2%	−14.2 pp	Jun 2026
Algoma Steel Group Inc. ASTL	-52%	−24.6 pp	Jun 2026

Full 20-quarter history · every available company

OPM · reported quarter history

Algoma Steel Group Inc. · ASTL

Dec 202142%

Mar 202233%

Jun 202235%

Sep 20220.9%

Dec 2022-12%

Mar 20233.2%

Jun 202320%

Sep 20235.0%

Dec 2023-6.0%

Mar 20240.5%

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—

Sep 2026—

ArcelorMittal S.A. · MT

Dec 202122%

Mar 202220%

Jun 202220%

Sep 20228.7%

Dec 2022-1.8%

Mar 20236.4%

Jun 202310%

Sep 20237.2%

Dec 2023-14%

Mar 20246.6%

Jun 20246.4%

Sep 20244.4%

Dec 20243.6%

Mar 20255.6%

Jun 202512%

Sep 20253.5%

Dec 20252.2%

Mar 20264.9%

Jun 2026—

Sep 2026—

Cleveland-Cliffs Inc. · CLF

Dec 202121%

Mar 202218%

Jun 202213%

Sep 20223.3%

Dec 2022-3.6%

Mar 2023-0.6%

Jun 20238.1%

Sep 20235.8%

Dec 2023-2.3%

Mar 2024-0.7%

Jun 20240.1%

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—

Sep 2026—

Friedman Industries, Incorporated · FRD

Dec 2021-11%

Mar 2022-5.7%

Jun 20227.6%

Sep 20220.0%

Dec 20221.3%

Mar 20235.8%

Jun 20237.5%

Sep 20230.8%

Dec 20235.3%

Mar 20245.2%

Jun 2024-1.2%

Sep 2024-0.2%

Dec 2024-1.3%

Mar 20254.5%

Jun 20255.2%

Sep 20251.9%

Dec 20252.3%

Mar 20266.2%

Jun 2026—

Sep 2026—

Mesabi Trust · MSB

Dec 202198%

Mar 2022100%

Jun 202296%

Sep 2022111%

Dec 2022-489%

Mar 2023100%

Jun 202355%

Sep 202393%

Dec 202384%

Mar 2024100%

Jun 202456%

Sep 202483%

Dec 202499%

Mar 2025100%

Jun 202577%

Sep 202585%

Dec 202577%

Mar 2026100%

Jun 202648%

Sep 2026—

Metallus Inc. · MTUS

Dec 202118%

Mar 202216%

Jun 202225%

Sep 2022-4.0%

Dec 2022-2.2%

Mar 20238.7%

Jun 202311%

Sep 20239.3%

Dec 20230.5%

Mar 20248.5%

Jun 20241.3%

Sep 2024-4.2%

Dec 2024-7.1%

Mar 20250.5%

Jun 20253.6%

Sep 20253.1%

Dec 2025-7.9%

Mar 20262.5%

Jun 2026—

Sep 2026—

Nucor Corporation · NUE

Dec 202128%

Mar 2022—

Jun 202228%

Sep 202230%

Dec 202222%

Mar 2023—

Jun 202319%

Sep 202322%

Dec 202314%

Mar 202415%

Jun 202411%

Sep 20245.3%

Dec 20245.5%

Mar 2025—

Jun 20253.8%

Sep 202511%

Dec 202510%

Mar 2026—

Jun 202612%

Sep 2026—

NWPX Infrastructure, Inc. · NWPX

Dec 20213.0%

Mar 20225.0%

Jun 202212%

Sep 202212%

Dec 202210%

Mar 20234.8%

Jun 20239.9%

Sep 20237.6%

Dec 20237.8%

Mar 20247.7%

Jun 202411%

Sep 202412%

Dec 20248.8%

Mar 20254.8%

Jun 20259.9%

Sep 202513%

Dec 202510%

Mar 20269.2%

Jun 2026—

Sep 2026—

Reliance, Inc. · RS

Dec 202114%

Mar 202216%

Jun 202217%

Sep 202213%

Dec 202213%

Mar 202313%

Jun 202313%

Sep 202311%

Dec 20239.7%

Mar 202411%

Jun 20249.7%

Sep 20248.0%

Dec 20244.5%

Mar 20257.9%

Jun 20258.5%

Sep 20257.1%

Dec 20254.8%

Mar 20269.1%

Jun 2026—

Sep 2026—

Steel Dynamics, Inc. · STLD

Dec 202127%

Mar 202227%

Jun 202226%

Sep 202222%

Dec 202216%

Mar 202317%

Jun 202321%

Sep 202316%

Dec 202312%

Mar 202416%

Jun 202412%

Sep 20249.1%

Dec 20246.1%

Mar 20256.3%

Jun 20258.4%

Sep 202511%

Dec 20257.0%

Mar 202610%

Jun 2026—

Sep 2026—

Ternium S.A. · TX

Dec 202131%

Mar 202225%

Jun 202224%

Sep 202213%

Dec 20221.2%

Mar 20239.9%

Jun 202319%

Sep 202310%

Dec 202312%

Mar 202414%

Jun 20248.2%

Sep 20243.9%

Dec 20241.1%

Mar 20253.4%

Jun 20255.0%

Sep 20255.4%

Dec 20254.2%

Mar 20267.4%

Jun 2026—

Sep 2026—

Worthington Steel, Inc. · WS

Dec 2021—

Mar 2022—

Jun 2022—

Sep 20223.8%

Dec 2022-2.3%

Mar 20231.2%

Jun 202310%

Sep 20237.7%

Dec 2023-1.1%

Mar 20248.2%

Jun 20247.4%

Sep 20245.2%

Dec 20242.6%

Mar 20252.7%

Jun 20258.0%

Sep 20255.5%

Dec 20252.5%

Mar 20260.4%

Jun 2026-6.2%

Sep 2026—

Margin change · reported quarter history

Algoma Steel Group Inc. · ASTL

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—

Sep 2026—

ArcelorMittal S.A. · MT

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—

Sep 2026—

Cleveland-Cliffs Inc. · CLF

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—

Sep 2026—

Friedman Industries, Incorporated · FRD

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—

Sep 2026—

Mesabi Trust · MSB

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+14.8 pp

Dec 2022−586.3 pp

Mar 20230.0 pp

Jun 2023−40.5 pp

Sep 2023−18.3 pp

Dec 2023+572.0 pp

Mar 20240.0 pp

Jun 2024+0.4 pp

Sep 2024−9.7 pp

Dec 2024+15.6 pp

Mar 20250.0 pp

Jun 2025+21.0 pp

Sep 2025+1.4 pp

Dec 2025−22.0 pp

Mar 20260.0 pp

Jun 2026−28.3 pp

Sep 2026—

Metallus Inc. · MTUS

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—

Sep 2026—

Nucor Corporation · NUE

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

Sep 2026—

NWPX Infrastructure, Inc. · NWPX

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—

Sep 2026—

Reliance, Inc. · RS

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—

Sep 2026—

Steel Dynamics, Inc. · STLD

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—

Sep 2026—

Ternium S.A. · TX

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—

Sep 2026—

Worthington Steel, Inc. · WS

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

Sep 2026—

07 · compare level, then change

Profit Scale & Acceleration

Ternium S.A. has the highest Net profit among the 13 Steel companies compared here, at $532 million. Friedman Industries, Incorporated is next at $19 million. Friedman Industries, Incorporated has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Ternium S.A. leads with $532 million of TTM profit, 28× the profit of Friedman Industries, Incorporated. 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.

LeaderTernium S.A. · $532 million

Gap28× versus #2 · Friedman Industries, Incorporated

Persistence3/8 recent comparable periods

Coverage5/13 companies · 220 observations

Investor read: Ternium 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.

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 profitlargest

1Ternium S.A. TX · older report$532M

2Friedman Industries, Incorporated FRD · older report$19M

3Mesabi Trust MSB$12M

4Worthington Steel, Inc. WS$4M

5Metallus Inc. MTUS · older report$3M

Profit growthfastest growers

1Friedman Industries, Incorporated FRD · older report100%

2Mesabi Trust MSB-87%

3Worthington Steel, Inc. WS-97%

Net profit · company comparison

5/13 level · 3/13 change

All-company data · latest reported quarter

Company	Net profit	Profit growth	Reported
Nucor Corporation NUE	$870M	285%	Sep 2026
ArcelorMittal S.A. MT	$581M	-29%	Jun 2026
Steel Dynamics, Inc. STLD	$400M	83%	Jun 2026
Ternium S.A. TX	$372M	162%	Mar 2026
Reliance, Inc. RS	$266M	32%	Jun 2026
NWPX Infrastructure, Inc. NWPX	$11M	175%	Jun 2026
Friedman Industries, Incorporated FRD	$9M	80%	Mar 2026
Metallus Inc. MTUS	$5M	400%	Mar 2026
Mesabi Trust MSB	$1M	-75%	Jun 2026
Luda Technology Group Limited LUD	$1M	-100%	Dec 2025
Worthington Steel, Inc. WS	$-68M	-215%	Jun 2026
Algoma Steel Group Inc. ASTL	$-159M	-1,950%	Jun 2026
Cleveland-Cliffs Inc. CLF	$-226M	-5,322%	Jun 2026

Full 20-quarter history · every available company

Net profit · reported quarter history

Showing the 12 largest of 13 companies with a series here. The remaining 1 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Algoma Steel Group Inc. · ASTL

Dec 2021$123M

Mar 2022$244M

Jun 2022$301M

Sep 2022$87M

Dec 2022$-70M

Mar 2023$-20M

Jun 2023$131M

Sep 2023$31M

Dec 2023$-85M

Mar 2024$28M

Jun 2024$6M

Sep 2024$-107M

Dec 2024$-67M

Mar 2025$-25M

Jun 2025$-111M

Sep 2025$-485M

Dec 2025$-365M

Mar 2026$-159M

Jun 2026—

Sep 2026—

ArcelorMittal S.A. · MT

Dec 2021$4.1B

Mar 2022$4.2B

Jun 2022$4.0B

Sep 2022$1.1B

Dec 2022$227M

Mar 2023$1.1B

Jun 2023$1.9B

Sep 2023$961M

Dec 2023$-3.0B

Mar 2024$974M

Jun 2024$512M

Sep 2024$299M

Dec 2024$-405M

Mar 2025$822M

Jun 2025$1.8B

Sep 2025$399M

Dec 2025$193M

Mar 2026$581M

Jun 2026—

Sep 2026—

Cleveland-Cliffs Inc. · CLF

Dec 2021$898M

Mar 2022$813M

Jun 2022$600M

Sep 2022$165M

Dec 2022$-205M

Mar 2023$-43M

Jun 2023$356M

Sep 2023$274M

Dec 2023$-138M

Mar 2024$-53M

Jun 2024$9M

Sep 2024$-232M

Dec 2024$-434M

Mar 2025$-486M

Jun 2025$-470M

Sep 2025$-231M

Dec 2025$-235M

Mar 2026$-226M

Jun 2026—

Sep 2026—

Friedman Industries, Incorporated · FRD

Dec 2021$-3M

Mar 2022$-7M

Jun 2022$11M

Sep 2022$2M

Dec 2022$1M

Mar 2023$6M

Jun 2023$8M

Sep 2023$4M

Dec 2023$1M

Mar 2024$5M

Jun 2024$3M

Sep 2024$-1M

Dec 2024$-1M

Mar 2025$5M

Jun 2025$5M

Sep 2025$2M

Dec 2025$3M

Mar 2026$9M

Jun 2026—

Sep 2026—

Mesabi Trust · MSB

Dec 2021$16M

Mar 2022$17M

Jun 2022$14M

Sep 2022$-5M

Dec 2022$0M

Mar 2023$-3M

Jun 2023$1M

Sep 2023$9M

Dec 2023$4M

Mar 2024$5M

Jun 2024$3M

Sep 2024$5M

Dec 2024$78M

Mar 2025$6M

Jun 2025$4M

Sep 2025$5M

Dec 2025$3M

Mar 2026$3M

Jun 2026$1M

Sep 2026—

Metallus Inc. · MTUS

Dec 2021$57M

Mar 2022$37M

Jun 2022$75M

Sep 2022$-13M

Dec 2022$-33M

Mar 2023$14M

Jun 2023$29M

Sep 2023$25M

Dec 2023$1M

Mar 2024$24M

Jun 2024$5M

Sep 2024$-6M

Dec 2024$-21M

Mar 2025$1M

Jun 2025$4M

Sep 2025$8M

Dec 2025$-14M

Mar 2026$5M

Jun 2026—

Sep 2026—

Nucor Corporation · NUE

Dec 2021$2.2B

Mar 2022—

Jun 2022$2.2B

Sep 2022$2.7B

Dec 2022$1.8B

Mar 2023—

Jun 2023$1.2B

Sep 2023$1.6B

Dec 2023$873M

Mar 2024$959M

Jun 2024$712M

Sep 2024$303M

Dec 2024$345M

Mar 2025—

Jun 2025$226M

Sep 2025$706M

Dec 2025$683M

Mar 2026—

Jun 2026$870M

Sep 2026—

NWPX Infrastructure, Inc. · NWPX

Dec 2021$2M

Mar 2022$4M

Jun 2022$10M

Sep 2022$10M

Dec 2022$8M

Mar 2023$2M

Jun 2023$7M

Sep 2023$6M

Dec 2023$5M

Mar 2024$5M

Jun 2024$9M

Sep 2024$10M

Dec 2024$10M

Mar 2025$4M

Jun 2025$9M

Sep 2025$14M

Dec 2025$9M

Mar 2026$11M

Jun 2026—

Sep 2026—

Reliance, Inc. · RS

Dec 2021$422M

Mar 2022$525M

Jun 2022$574M

Sep 2022$394M

Dec 2022$351M

Mar 2023$384M

Jun 2023$386M

Sep 2023$296M

Dec 2023$273M

Mar 2024$304M

Jun 2024$268M

Sep 2024$200M

Dec 2024$106M

Mar 2025$201M

Jun 2025$234M

Sep 2025$190M

Dec 2025$117M

Mar 2026$266M

Jun 2026—

Sep 2026—

Steel Dynamics, Inc. · STLD

Dec 2021$1.1B

Mar 2022$1.1B

Jun 2022$1.2B

Sep 2022$918M

Dec 2022$639M

Mar 2023$644M

Jun 2023$816M

Sep 2023$580M

Dec 2023$427M

Mar 2024$588M

Jun 2024$432M

Sep 2024$321M

Dec 2024$210M

Mar 2025$218M

Jun 2025$301M

Sep 2025$404M

Dec 2025$265M

Mar 2026$400M

Jun 2026—

Sep 2026—

Ternium S.A. · TX

Dec 2021$1.1B

Mar 2022$878M

Jun 2022$936M

Sep 2022$220M

Dec 2022$59M

Mar 2023$480M

Jun 2023$736M

Sep 2023$-783M

Dec 2023$554M

Mar 2024$491M

Jun 2024$-743M

Sep 2024$93M

Dec 2024$333M

Mar 2025$142M

Jun 2025$259M

Sep 2025$-270M

Dec 2025$171M

Mar 2026$372M

Jun 2026—

Sep 2026—

Worthington Steel, Inc. · WS

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022$31M

Dec 2022$-13M

Mar 2023$9M

Jun 2023$72M

Sep 2023$62M

Dec 2023$-2M

Mar 2024$52M

Jun 2024$58M

Sep 2024$32M

Dec 2024$16M

Mar 2025$12M

Jun 2025$59M

Sep 2025$39M

Dec 2025$22M

Mar 2026$11M

Jun 2026$-68M

Sep 2026—

Profit growth · reported quarter history

Showing the 12 largest of 13 companies with a series here. The remaining 1 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Algoma Steel Group Inc. · ASTL

Dec 2021—

Mar 2022—

Jun 202248%

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—

Sep 2026—

ArcelorMittal S.A. · MT

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 2025257%

Sep 202533%

Dec 2025—

Mar 2026-29%

Jun 2026—

Sep 2026—

Cleveland-Cliffs Inc. · CLF

Dec 2021—

Mar 2022—

Jun 2022-24%

Sep 2022-87%

Dec 2022-123%

Mar 2023-105%

Jun 2023-41%

Sep 202366%

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—

Sep 2026—

Friedman Industries, Incorporated · FRD

Dec 2021—

Mar 2022—

Jun 20220.0%

Sep 2022-85%

Dec 2022—

Mar 2023—

Jun 2023-27%

Sep 2023100%

Dec 20230.0%

Mar 2024-17%

Jun 2024-63%

Sep 2024-125%

Dec 2024-200%

Mar 20250.0%

Jun 202567%

Sep 2025—

Dec 2025—

Mar 202680%

Jun 2026—

Sep 2026—

Mesabi Trust · MSB

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 2024200%

Sep 2024-44%

Dec 20241,850%

Mar 202520%

Jun 202533%

Sep 20250.0%

Dec 2025-96%

Mar 2026-50%

Jun 2026-75%

Sep 2026—

Metallus Inc. · MTUS

Dec 2021—

Mar 2022—

Jun 202239%

Sep 2022-126%

Dec 2022-158%

Mar 2023-62%

Jun 2023-61%

Sep 2023—

Dec 2023—

Mar 202471%

Jun 2024-83%

Sep 2024-124%

Dec 2024-2,200%

Mar 2025-96%

Jun 2025-20%

Sep 2025—

Dec 2025—

Mar 2026400%

Jun 2026—

Sep 2026—

Nucor Corporation · NUE

Dec 2021—

Mar 2022—

Jun 2022—

Sep 202274%

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 2025133%

Dec 202598%

Mar 2026—

Jun 2026285%

Sep 2026—

NWPX Infrastructure, Inc. · NWPX

Dec 2021—

Mar 2022—

Jun 2022400%

Sep 2022100%

Dec 2022300%

Mar 2023-50%

Jun 2023-30%

Sep 2023-40%

Dec 2023-38%

Mar 2024150%

Jun 202429%

Sep 202467%

Dec 2024100%

Mar 2025-20%

Jun 20250.0%

Sep 202540%

Dec 2025-10%

Mar 2026175%

Jun 2026—

Sep 2026—

Reliance, Inc. · RS

Dec 2021—

Mar 2022—

Jun 202274%

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 202510%

Mar 202632%

Jun 2026—

Sep 2026—

Steel Dynamics, Inc. · STLD

Dec 2021—

Mar 2022—

Jun 202271%

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 202526%

Dec 202526%

Mar 202683%

Jun 2026—

Sep 2026—

Ternium S.A. · TX

Dec 2021—

Mar 2022—

Jun 2022-19%

Sep 2022-84%

Dec 2022-95%

Mar 2023-45%

Jun 2023-21%

Sep 2023-456%

Dec 2023839%

Mar 20242.3%

Jun 2024-201%

Sep 2024—

Dec 2024-40%

Mar 2025-71%

Jun 2025—

Sep 2025-390%

Dec 2025-49%

Mar 2026162%

Jun 2026—

Sep 2026—

Worthington Steel, Inc. · WS

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023100%

Dec 2023—

Mar 2024478%

Jun 2024-19%

Sep 2024-48%

Dec 2024—

Mar 2025-77%

Jun 20251.7%

Sep 202522%

Dec 202538%

Mar 2026-8.3%

Jun 2026-215%

Sep 2026—

08 · compare level, then change

Return On Capital Employed

ArcelorMittal S.A. has the highest ROCE among the 13 Steel companies compared here, at 21%. Mesabi Trust is next at 5.7%. Cleveland-Cliffs Inc. has the highest ROCE change at +3 percentage points, so level and change sit with different companies. 13 of 13 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: ArcelorMittal S.A. leads ROCE at 21%, 15.3 percentage points above Mesabi Trust. 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.

LeaderArcelorMittal S.A. · 21%

Gap268.4% versus #2 · Mesabi Trust

Persistence3/8 recent comparable periods

Coverage13/13 companies · 233 observations

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 roce change signal.

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.

ROCEhighest

1ArcelorMittal S.A. MT21%

2Mesabi Trust MSB5.7%

3Friedman Industries, Incorporated FRD · older report5.3%

4Nucor Corporation NUE5.3%

5Steel Dynamics, Inc. STLD4.9%

ROCE changefastest improvers

1Cleveland-Cliffs Inc. CLF+3.0 pp

2Nucor Corporation NUE+2.2 pp

3Friedman Industries, Incorporated FRD · older report+2.1 pp

4Steel Dynamics, Inc. STLD+2.0 pp

5Luda Technology Group Limited LUD · older report+1.7 pp

Return on capital · company comparison

13/13 level · 13/13 change

All-company data · latest reported quarter

Company	ROCE	ROCE change	Reported
ArcelorMittal S.A. MT	21%	−1.2 pp	Jun 2026
Mesabi Trust MSB	5.7%	−12.3 pp	Jun 2026
Nucor Corporation NUE	5.3%	+2.2 pp	Sep 2026
Friedman Industries, Incorporated FRD	5.3%	+2.1 pp	Mar 2026
Steel Dynamics, Inc. STLD	4.9%	+2.0 pp	Jun 2026
Reliance, Inc. RS	4.6%	+1.3 pp	Jun 2026
NWPX Infrastructure, Inc. NWPX	4.0%	+1.5 pp	Jun 2026
Ternium S.A. TX	1.4%	+0.8 pp	Mar 2026
Metallus Inc. MTUS	0.9%	+0.7 pp	Mar 2026
Cleveland-Cliffs Inc. CLF	-0.3%	+3.0 pp	Jun 2026
Luda Technology Group Limited LUD	-0.3%	+1.7 pp	Dec 2025
Worthington Steel, Inc. WS	-5.3%	−10.5 pp	Jun 2026
Algoma Steel Group Inc. ASTL	-6.5%	−3.2 pp	Jun 2026

Full 20-quarter history · every available company

ROCE · reported quarter history

Showing the 12 largest of 13 companies with a series here. The remaining 1 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Algoma Steel Group Inc. · ASTL

Dec 202133%

Mar 202219%

Jun 202217%

Sep 20220.3%

Dec 2022-3.6%

Mar 20231.0%

Jun 20237.8%

Sep 20231.6%

Dec 2023-1.7%

Mar 20240.1%

Jun 2024-0.5%

Sep 2024-3.4%

Dec 2024-5.1%

Mar 2025-5.7%

Jun 2025-3.3%

Sep 2025-29%

Dec 2025-21%

Mar 2026-7.2%

Jun 2026-6.5%

Sep 2026—

ArcelorMittal S.A. · MT

Dec 20217.0%

Mar 20226.8%

Jun 20226.7%

Sep 20222.5%

Dec 2022-0.4%

Mar 20231.7%

Jun 20232.6%

Sep 20231.7%

Dec 2023-2.7%

Mar 20241.5%

Jun 20241.4%

Sep 20240.9%

Dec 20240.8%

Mar 20251.2%

Jun 202522%

Sep 20250.7%

Dec 20250.5%

Mar 202620%

Jun 202621%

Sep 2026—

Cleveland-Cliffs Inc. · CLF

Dec 20217.6%

Mar 20227.2%

Jun 20225.5%

Sep 20221.2%

Dec 2022-1.2%

Mar 2023-0.2%

Jun 20233.1%

Sep 20232.1%

Dec 2023-0.8%

Mar 2024-0.3%

Jun 20240.0%

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%

Sep 2026—

Friedman Industries, Incorporated · FRD

Dec 2021-6.3%

Mar 2022-5.2%

Jun 20228.7%

Sep 20220.1%

Dec 20221.1%

Mar 20235.7%

Jun 20235.5%

Sep 20230.6%

Dec 20233.7%

Mar 20244.2%

Jun 2024-0.8%

Sep 2024-0.1%

Dec 2024-0.7%

Mar 20253.2%

Jun 20253.9%

Sep 20251.4%

Dec 20251.9%

Mar 20265.3%

Jun 2026—

Sep 2026—

Mesabi Trust · MSB

Dec 202166%

Mar 202276%

Jun 202262%

Sep 2022-18%

Dec 2022-1.6%

Mar 2023-10%

Jun 20234.7%

Sep 202350%

Dec 202323%

Mar 202438%

Jun 202421%

Sep 202425%

Dec 2024135%

Mar 202531%

Jun 202518%

Sep 202521%

Dec 20254.8%

Mar 202616%

Jun 20265.7%

Sep 2026—

Metallus Inc. · MTUS

Dec 20217.2%

Mar 20226.4%

Jun 202212%

Sep 2022-1.4%

Dec 2022-0.6%

Mar 20233.0%

Jun 20234.1%

Sep 20233.5%

Dec 20230.2%

Mar 20243.0%

Jun 20240.4%

Sep 2024-1.0%

Dec 2024-1.9%

Mar 20250.2%

Jun 20251.2%

Sep 20251.1%

Dec 2025-2.6%

Mar 20260.9%

Jun 2026—

Sep 2026—

Nucor Corporation · NUE

Dec 202115%

Mar 2022—

Jun 202214%

Sep 202216%

Dec 20229.9%

Mar 2023—

Jun 20236.2%

Sep 20237.4%

Dec 20233.5%

Mar 20244.0%

Jun 20243.0%

Sep 20241.3%

Dec 20241.3%

Mar 2025—

Jun 20251.0%

Sep 20253.1%

Dec 20253.0%

Mar 2026—

Jun 20263.6%

Sep 20265.3%

NWPX Infrastructure, Inc. · NWPX

Dec 20210.8%

Mar 20221.3%

Jun 20223.4%

Sep 20223.5%

Dec 20222.2%

Mar 20231.0%

Jun 20232.3%

Sep 20231.8%

Dec 20231.7%

Mar 20241.7%

Jun 20242.6%

Sep 20243.0%

Dec 20242.1%

Mar 20251.1%

Jun 20252.5%

Sep 20253.6%

Dec 20252.5%

Mar 20262.4%

Jun 20264.0%

Sep 2026—

Reliance, Inc. · RS

Dec 20217.0%

Mar 20228.6%

Jun 20229.4%

Sep 20226.5%

Dec 20225.2%

Mar 20235.7%

Jun 20235.6%

Sep 20234.2%

Dec 20233.5%

Mar 20244.1%

Jun 20243.7%

Sep 20242.9%

Dec 20241.5%

Mar 20252.9%

Jun 20253.3%

Sep 20252.8%

Dec 20251.8%

Mar 20263.9%

Jun 20264.6%

Sep 2026—

Steel Dynamics, Inc. · STLD

Dec 202116%

Mar 202215%

Jun 202216%

Sep 202211%

Dec 20226.8%

Mar 20237.2%

Jun 20238.8%

Sep 20235.9%

Dec 20234.2%

Mar 20246.0%

Jun 20244.4%

Sep 20243.0%

Dec 20241.9%

Mar 20252.1%

Jun 20252.9%

Sep 20253.8%

Dec 20252.3%

Mar 20263.8%

Jun 20264.9%

Sep 2026—

Ternium S.A. · TX

Dec 202111%

Mar 20228.0%

Jun 20227.9%

Sep 20223.7%

Dec 20220.3%

Mar 20232.3%

Jun 20234.7%

Sep 20233.0%

Dec 20233.3%

Mar 20243.7%

Jun 20242.1%

Sep 20240.9%

Dec 20240.2%

Mar 20250.6%

Jun 20251.0%

Sep 20251.1%

Dec 20250.8%

Mar 20261.4%

Jun 2026—

Sep 2026—

Worthington Steel, Inc. · WS

Dec 2021—

Mar 20220.0%

Jun 20220.0%

Sep 2022—

Dec 2022—

Mar 20230.7%

Jun 20236.6%

Sep 2023—

Dec 2023-1.4%

Mar 20245.3%

Jun 20245.3%

Sep 20246.8%

Dec 20241.5%

Mar 20251.5%

Jun 20255.2%

Sep 20253.4%

Dec 20251.5%

Mar 20260.2%

Jun 2026-5.3%

Sep 2026—

ROCE change · reported quarter history

Showing the 12 largest of 13 companies with a series here. The remaining 1 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Algoma Steel Group Inc. · ASTL

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022−36.7 pp

Mar 2023−17.5 pp

Jun 2023−9.5 pp

Sep 2023+1.3 pp

Dec 2023+1.9 pp

Mar 2024−0.9 pp

Jun 2024−8.3 pp

Sep 2024−5.0 pp

Dec 2024−3.4 pp

Mar 2025−5.8 pp

Jun 2025−2.8 pp

Sep 2025−25.3 pp

Dec 2025−15.7 pp

Mar 2026−1.5 pp

Jun 2026−3.2 pp

Sep 2026—

ArcelorMittal S.A. · MT

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022−7.4 pp

Mar 2023−5.1 pp

Jun 2023−4.1 pp

Sep 2023−0.8 pp

Dec 2023−2.3 pp

Mar 2024−0.2 pp

Jun 2024−1.2 pp

Sep 2024−0.8 pp

Dec 2024+3.5 pp

Mar 2025−0.3 pp

Jun 2025+20.8 pp

Sep 2025−0.2 pp

Dec 2025−0.3 pp

Mar 2026+19.0 pp

Jun 2026−1.2 pp

Sep 2026—

Cleveland-Cliffs Inc. · CLF

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

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

Sep 2026—

Friedman Industries, Incorporated · FRD

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

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—

Sep 2026—

Mesabi Trust · MSB

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

Sep 2026—

Metallus Inc. · MTUS

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

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 20240.0 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—

Sep 2026—

Nucor Corporation · NUE

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

Sep 2026+2.2 pp

NWPX Infrastructure, Inc. · NWPX

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

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+1.5 pp

Sep 2026—

Reliance, Inc. · RS

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

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

Sep 2026—

Steel Dynamics, Inc. · STLD

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

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

Sep 2026—

Ternium S.A. · TX

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

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—

Sep 2026—

Worthington Steel, Inc. · WS

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 20250.0 pp

Mar 2026−1.3 pp

Jun 2026−10.5 pp

Sep 2026—

09 · compare level, then change

Valuation Against Growth & Quality

Friedman Industries, Incorporated has the lowest PEG among the 13 Steel companies compared here, at 0.32×. Metallus Inc. is next at 0.45×. The same company also holds the lowest P/E, at 6.42×. 3 of 13 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Friedman Industries, Incorporated has the lowest comparable PEG at 0.32×, 28.9% below Metallus Inc.. Only 3 of 13 companies have earnings and growth steady enough for the ratio to mean anything, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

LeaderFriedman Industries, Incorporated · 0.32×

Gap28.9% versus #2 · Metallus Inc.

Persistence0/8 recent comparable periods

Coverage3/13 companies · 17 observations

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.

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 feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

PEGlowest PEG

1Friedman Industries, Incorporated FRD · older report0.3

2Metallus Inc. MTUS · older report0.5

3Worthington Steel, Inc. WS1.5

P/Elowest P/E

1Friedman Industries, Incorporated FRD · older report6.4

2Ternium S.A. TX · older report13.8

3Algoma Steel Group Inc. ASTL16.4

4Nucor Corporation NUE17.6

5Steel Dynamics, Inc. STLD20.8

Valuation · company comparison

3/13 level · 13/13 change

All-company data · latest reported quarter

Company	PEG	P/E	Reported
Reliance, Inc. RS	2.0	21.7	Jun 2026
Worthington Steel, Inc. WS	1.5	248.2	Jun 2026
Steel Dynamics, Inc. STLD	0.8	20.8	Jun 2026
NWPX Infrastructure, Inc. NWPX	0.6	30.1	Jun 2026
Metallus Inc. MTUS	0.5	233.4	Mar 2026
Friedman Industries, Incorporated FRD	0.3	6.4	Mar 2026
Nucor Corporation NUE	—	17.6	Sep 2026
ArcelorMittal S.A. MT	—	25.5	Jun 2026
Ternium S.A. TX	—	13.8	Mar 2026
Cleveland-Cliffs Inc. CLF	—	219.9	Jun 2026
Algoma Steel Group Inc. ASTL	—	16.4	Jun 2026
Mesabi Trust MSB	—	32.2	Jun 2026
Luda Technology Group Limited LUD	—	214.0	Dec 2025

Full 20-quarter history · every available company

PEG · reported quarter history

Friedman Industries, Incorporated · FRD

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 20230.1

Jun 20230.2

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 20250.3

Dec 2025—

Mar 2026—

Jun 2026—

Sep 2026—

Metallus Inc. · MTUS

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 20230.5

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025—

Dec 2025—

Mar 2026—

Jun 2026—

Sep 2026—

NWPX Infrastructure, Inc. · NWPX

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 20230.3

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 20240.6

Dec 2024—

Mar 20250.3

Jun 20250.4

Sep 20250.6

Dec 20253.1

Mar 20260.6

Jun 2026—

Sep 2026—

Reliance, Inc. · RS

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 20231.4

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025—

Dec 2025—

Mar 20262.0

Jun 2026—

Sep 2026—

Steel Dynamics, Inc. · STLD

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 20260.8

Jun 2026—

Sep 2026—

Worthington Steel, Inc. · WS

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 20242.6

Dec 20241.3

Mar 2025—

Jun 2025—

Sep 2025—

Dec 2025—

Mar 20261.5

Jun 2026—

Sep 2026—

P/E · reported quarter history

Showing the 12 largest of 13 companies with a series here. The remaining 1 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Algoma Steel Group Inc. · ASTL

Dec 20211.5

Mar 20221.8

Jun 20221.5

Sep 20222.1

Dec 20223.2

Mar 20236.4

Jun 202324.8

Sep 202335.5

Dec 2023110.9

Mar 202416.4

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025—

Dec 2025—

Mar 2026—

Jun 2026—

Sep 2026—

ArcelorMittal S.A. · MT

Dec 20212.4

Mar 20222.0

Jun 20221.4

Sep 20221.5

Dec 20222.6

Mar 20234.4

Jun 20235.6

Sep 20235.1

Dec 202326.1

Mar 202431.0

Jun 2024—

Sep 2024—

Dec 202413.7

Mar 202518.9

Jun 20259.8

Sep 202510.8

Dec 202511.1

Mar 202613.6

Jun 202625.5

Sep 2026—

Cleveland-Cliffs Inc. · CLF

Dec 20214.1

Mar 20224.7

Jun 20222.3

Sep 20222.9

Dec 20226.3

Mar 202320.4

Jun 202338.1

Sep 202323.3

Dec 202327.2

Mar 202430.7

Jun 2024219.9

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025—

Dec 2025—

Mar 2026—

Jun 2026—

Sep 2026—

Friedman Industries, Incorporated · FRD

Dec 20212.0

Mar 20224.3

Jun 20224.3

Sep 202221.6

Dec 202210.1

Mar 20233.9

Jun 20235.2

Sep 20235.2

Dec 20236.1

Mar 20247.8

Jun 20248.8

Sep 202414.1

Dec 202418.9

Mar 202517.1

Jun 202513.8

Sep 202513.5

Dec 20259.2

Mar 20266.4

Jun 2026—

Sep 2026—

Mesabi Trust · MSB

Dec 20214.7

Mar 20225.3

Jun 20224.2

Sep 20228.5

Dec 202211.4

Mar 202356.9

Jun 2023—

Sep 202338.0

Dec 202323.8

Mar 202413.5

Jun 20249.8

Sep 202413.1

Dec 20243.4

Mar 20253.3

Jun 20253.9

Sep 20254.1

Dec 202526.0

Mar 202631.1

Jun 202632.2

Sep 2026—

Metallus Inc. · MTUS

Dec 20215.2

Mar 20225.9

Jun 20224.5

Sep 20225.2

Dec 202214.0

Mar 202327.0

Jun 2023—

Sep 202331.9

Dec 202316.0

Mar 202413.2

Jun 202417.5

Sep 202428.5

Dec 2024471.0

Mar 2025—

Jun 2025—

Sep 2025—

Dec 2025—

Mar 2026233.4

Jun 2026—

Sep 2026—

Nucor Corporation · NUE

Dec 20215.8

Mar 2022—

Jun 20225.3

Sep 20223.2

Dec 20223.4

Mar 2023—

Jun 20236.1

Sep 20237.6

Dec 20239.7

Mar 202411.6

Jun 202411.4

Sep 202414.5

Dec 202413.8

Mar 2025—

Jun 202518.4

Sep 202524.9

Dec 202519.4

Mar 2026—

Jun 202617.1

Sep 202617.6

NWPX Infrastructure, Inc. · NWPX

Dec 202127.4

Mar 202219.6

Jun 202214.5

Sep 202211.0

Dec 202210.8

Mar 202310.5

Jun 202311.0

Sep 202312.9

Dec 202314.5

Mar 202414.6

Jun 202413.6

Sep 202415.4

Dec 202414.2

Mar 202512.6

Jun 202512.4

Sep 202514.4

Dec 202517.6

Mar 202618.2

Jun 202630.1

Sep 2026—

Reliance, Inc. · RS

Dec 20217.4

Mar 20227.0

Jun 20225.6

Sep 20225.7

Dec 20226.8

Mar 20239.2

Jun 202310.8

Sep 202311.0

Dec 202312.4

Mar 202415.6

Jun 202414.6

Sep 202415.9

Dec 202417.3

Mar 202520.7

Jun 202522.9

Sep 202520.5

Dec 202520.7

Mar 202619.8

Jun 202621.7

Sep 2026—

Steel Dynamics, Inc. · STLD

Dec 20214.0

Mar 20224.3

Jun 20222.9

Sep 20223.1

Dec 20224.7

Mar 20236.0

Jun 20236.4

Sep 20236.9

Dec 20238.1

Mar 202410.2

Jun 202410.4

Sep 202411.4

Dec 202411.6

Mar 202516.5

Jun 202518.7

Sep 202518.5

Dec 202521.2

Mar 202619.3

Jun 202620.8

Sep 2026—

Ternium S.A. · TX

Dec 20212.2

Mar 20222.2

Jun 20221.9

Sep 20222.0

Dec 20223.4

Mar 20235.9

Jun 20236.5

Sep 202326.6

Dec 202312.5

Mar 202412.6

Jun 2024—

Sep 202490.0

Dec 2024—

Mar 2025—

Jun 20259.9

Sep 202511.9

Dec 202517.4

Mar 202613.8

Jun 2026—

Sep 2026—

Worthington Steel, Inc. · WS

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 202310.8

Mar 20249.3

Jun 202410.6

Sep 202414.3

Dec 202415.7

Mar 202512.5

Jun 202511.4

Sep 202514.2

Dec 202513.7

Mar 202617.3

Jun 2026248.2

Sep 2026—

10 · before the conclusion, check the blind spots

What can make this comparison misleading?

This Steel comparison names 5 specific ways its own evidence can mislead, all listed below. 4 of the 13 companies report on an older date than the sector's freshest reporters, so their ranks are marked stale. A high growth rate can still be a low-base artefact.

Keep these limits visible

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.
4 companies have older fundamental reporting dates than the sector’s freshest reporters; their ranks carry a stale marker.

11 · evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 13 Steel companies, normalized to a common $ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Sep 2026 and market data through 2026-08-04. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.

FundamentalsThrough Sep 2026 · up to 20 quarters per company

Market dataThrough 2026-08-04 · weekly price and relative-strength history

Derived metricsGrowth, changes and PEG are calculated only when their inputs are comparable.

Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.

12 · questions investors ask, short speakable answers

Steel company comparison FAQs

These 22 answers restate the Steel comparison above in question form. Every one is computed from the same 13 companies and the same reported filings as the rankings and charts, current through Sep 2026. Price and relative-strength answers run through 2026-08-04. Nothing here is estimated, and none of it is a recommendation.

Is the Steel sector outperforming S&P 500?

Steel has outperformed S&P 500 by 30.6% over 52 weeks and 1.5% 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?

Ternium S.A. leads with revenue of $15,611 million, based on 5 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 5 of 13 comparable companies.

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

Friedman Industries, Incorporated ranks first at 68.2/100 with 59.9% evidence confidence. The score prioritizes research; it is not a buy recommendation.

Which Steel company has the lowest comparable PEG?

Friedman Industries, Incorporated has the lowest comparable PEG at 0.32, among 3 of 13 companies whose earnings and growth are steady enough for the ratio to mean anything.

How much history does this Steel comparison include?

The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Sep 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.

Which Steel company is the biggest?

Ternium S.A. is the largest, with trailing-twelve-month revenue of $15,611 million, ahead of Worthington Steel, Inc. at $3,444 million. That covers 5 of 13 companies with comparable reporting through Mar 2026.

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?

Ternium S.A. earns the most, at $532 million of trailing-twelve-month net profit, from 5 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?

ArcelorMittal S.A. leads on return on capital employed at 21%, 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 PEG — where a LOWER number is cheaper — Friedman Industries, Incorporated screens cheapest at 0.32×. Only 3 of 13 companies have earnings and growth steady enough for the ratio to mean anything, 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.

Is the Steel sector beating the market?

Steel has outperformed S&P 500 by 30.6% over the last 52 weeks and 1.5% 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 68.2 out of 100 with 59.9% evidence confidence, from 23.3 points on growth and earnings, 11.9 on capital efficiency, 16.5 on valuation and 16.5 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, ending Sep 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 $199,597 million of combined market value. Nucor Corporation is the largest at $62,410 million, about 31% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-04.

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

The median price-to-earnings ratio across the 13 Steel companies on this page is 25.5×, measured on the 13 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 2026-08-04.

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 30.6% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-04.

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 Sep 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.