Steel

5401 Nippon Steel

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2017–2026 ¥162.4B¥73.6B¥13.6B¥33.8B¥112.3B¥285.0B¥321.1B¥647.2B¥593.4B¥143.0B

Retained capital Retained ¥1.41T of earnings over 2017–2026; annual owner earnings grew ¥378.0B, ¥0.27 per ¥1 retained.

Balance sheet Heavy net debt, ¥3.71T · dividend paid 9 of 10 yrs, cut at least once

5406 Kobe Steel

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2017–2026 ¥45.4B¥88.8B(¥35.5B)(¥78.3B)¥93.9B¥63.7B¥20.7B¥110.4B¥35.0B¥77.2B

Retained capital Retained ¥338.2B of earnings over 2017–2026; annual owner earnings grew ¥41.3B, ¥0.12 per ¥1 retained.

Balance sheet Heavy net debt, ¥580.9B · dividend paid 10 of 10 yrs, cut at least once

5411 JFE Holdings

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, ¥1.36T

ASTL Algoma Steel Group Inc.

Algoma is a producer of hot and cold rolled steel products, including coiled sheet and plate, located on the Great Lakes in Sault Ste.

Owner earnings 2020–2025 (C$118M)(C$64M)C$1.1B(C$194M)(C$195M)(C$395M)

Retained capital Paid out C$58M more than it earned over 2020–2025; annual owner earnings fell C$566M.

Balance sheet Net cash, debt-free, +C$78M · dividend paid 4 of 6 yrs, cut at least once

ATI ATI Inc

ATI produces specialty materials, highly differentiated by our materials science expertise and advanced process technologies.

Owner earnings 2016–2025 ($246M)($100M)$254M$62M$30M($137M)($137M)($60M)$256M$446M

Retained capital Paid out $1.3B more than it earned over 2016–2025; annual owner earnings grew $245M.

Balance sheet Meaningful net debt, $1.3B · buybacks at an average near $59.50 · dividend paid 1 of 10 yrs, cut at least once

CLF Cleveland-Cliffs

We are a leading North America-based steel producer with focus on value-added sheet products, particularly for the automotive industry.

Owner earnings 2016–2025 $296M$250M$390M$483M($566M)$2.1B$1.5B$1.6B($590M)($1.0B)

Retained capital Retained $2.8B of earnings over 2016–2025; annual owner earnings fell $309M, $-0.11 per $1 retained.

Balance sheet Net debt against an operating loss, $7.2B · buybacks at an average near $10.10 · dividend paid 2 of 10 yrs, cut at least once

CMC Commercial Metals

We offer products and technologies to meet the critical reinforcement needs of the global construction sector.

Owner earnings 2016–2025 $460M($648M)($566M)($102M)$604M$44M$525M$1.1B$575M$429M

Retained capital Retained $2.5B of earnings over 2016–2025; annual owner earnings grew $961M, $0.39 per $1 retained.

Balance sheet Meaningful net debt, $321M · buybacks at an average near $40.90 · dividend paid 10 of 10 yrs, never cut

CRS Carpenter Technology

We are a recognized leader in high-performance specialty alloy-based materials and process solutions for critical applications in the aerospace, defense, medical, transportation, energy, industrial and consumer markets.

Owner earnings 2016–2025 $162M$32M$74M$111M$108M$150M($85M)($68M)$178M$286M

Retained capital Retained $151M of earnings over 2016–2025; annual owner earnings grew $43M, $0.28 per $1 retained.

Balance sheet Modest net debt, $349M · buybacks at an average near $52.06 · dividend paid 10 of 10 yrs, never cut

GGB Gerdau S.A.

A metals and mining business, a price-taker on a global commodity.

Owner earnings 2016–2025 R$2.2BR$1.2BR$805M(R$104M)R$4.8BR$9.5BR$8.3BR$8.1BR$8.3BR$4.3B

Retained capital Retained R$20.8B of earnings over 2016–2025; annual owner earnings grew R$5.5B, R$0.26 per R$1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 10 of 10 yrs, cut at least once

IIIN Insteel Industries Inc.

Insteel Industries Inc. is the nation's largest manufacturer of steel wire reinforcing products for concrete construction applications.

Owner earnings 2016–2025 $43M$9M$41M($4M)$49M$52M($10M)$129M$39M$19M

Retained capital Retained $138M of earnings over 2016–2025; annual owner earnings grew $31M, $0.23 per $1 retained.

Balance sheet Net cash, +$25M · buybacks at an average near $29.78 · dividend paid 10 of 10 yrs, cut at least once

MT Arcelor Mittal NY Registry Shares NEW

ArcelorMittal is an established metals & mining industry leader, with a unique offering of global scale, product diversity and supply chain integration, backed by continuous innovation and a strong balance sheet.

Owner earnings 2016–2025 $264M$1.7B$891M$2.4B$1.6B$6.9B$6.7B$3.0B$447M$471M

Retained capital Retained $34.2B of earnings over 2016–2025; annual owner earnings grew $350M, $0.01 per $1 retained.

Balance sheet Modest net debt, $6.4B · dividend paid 10 of 10 yrs, cut at least once

MTUS Metallus Inc.

We manufacture alloy steel, as well as carbon and micro-alloy steel, using electric arc furnace technology.

Owner earnings 2016–2025 $32M($25M)($22M)$32M$157M$185M$107M$74M($24M)($93M)

Retained capital Paid out $148M more than it earned over 2016–2025; annual owner earnings fell $10M.

Balance sheet Net cash, +$117M · no dividend paid

NUE Nucor Corporation

Nucor makes steel and steel products — sheet, bar, and a range of other forms — and sells them to the businesses that build and manufacture things. It melts scrap metal in electric-arc furnaces rather than smelting iron ore, the mini-mill way of making steel. Most of its sheet goes out under contract; the rest is sold at whatever the market will pay that day.

Owner earnings 2016–2025 $1.1B$607M$1.8B$2.2B$2.0B$5.5B$9.2B$6.2B$2.9B$2.0B

Retained capital Retained $12.4B of earnings over 2016–2025; annual owner earnings grew $2.5B, $0.20 per $1 retained.

Balance sheet Modest net debt, $4.2B · dividend paid 10 of 10 yrs, never cut

NWPX NWPX Infrastructure Inc.

NWPX Infrastructure, Inc. is a leading manufacturer of water-related infrastructure products, and operates in two segments, Water Transmission Systems, operating as the Northwest Pipe Company brand, and Precast Infrastructure and Engineered Systems, which includes the brands NWPX Geneva and NWPX Park.

Owner earnings 2016–2025 ($773K)($10M)($22M)$34M$42M($19M)$437K$35M$34M$47M

Retained capital Retained $158M of earnings over 2016–2025; annual owner earnings grew $50M, $0.32 per $1 retained.

Balance sheet Modest net debt, $9M

PKX POSCO HOLDINGS INC.

POSCO Holdings is a South Korean holding company whose principal business is steelmaking, carried on through its operating subsidiary. It takes iron ore and coal and turns them into steel, which it sells by the ton to industrial buyers at home and for export. Its earnings come from the spread between what those raw materials cost and what the finished steel fetches.

Owner earnings 2015–2024 ₩5.04T₩2.95T₩3.32T₩3.73T₩3.49T₩5.53T₩3.19T₩2.50T₩2.34T₩2.68T

Retained capital Retained ₩13.11T of earnings over 2015–2024; annual owner earnings fell ₩1.26T, ₩-0.10 per ₩1 retained.

Balance sheet Meaningful net debt, ₩4.57T · dividend paid 10 of 10 yrs, cut at least once

RS Reliance Inc.

We distribute a full line of over 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium and other specialty steel products.

Owner earnings 2016–2025 $472M$237M$425M$1.1B$1.0B$563M$1.9B$1.4B$1.2B$503M

Retained capital Retained $4.8B of earnings over 2016–2025; annual owner earnings grew $652M, $0.14 per $1 retained.

Balance sheet Modest net debt, $1.2B · buybacks at an average near $166

RYZ Ryerson Holding Corporation

Ryerson Holding Corporation is the parent company of Joseph T.

Owner earnings 2016–2025 $2M($28M)$19M$147M$252M($24M)$442M$303M$127M$36M

Retained capital Retained $608M of earnings over 2016–2025; annual owner earnings grew $157M, $0.26 per $1 retained.

Balance sheet Net debt against an operating loss, $586M · dividend paid 5 of 10 yrs, never cut

SID Companhia Siderurgica Nacional S.A.

Our subsidiary SWT is a long steel producer in Germany with annual production capacity of approximately 1.1 million tons of steel profiles, strengthening our steel products mix and geographical diversification.

Owner earnings 2015–2024 R$3.9B(R$1.0B)(R$488M)R$891MR$3.4BR$7.9BR$12.6B(R$1.3B)R$3.9BR$4.9B

Retained capital Retained R$2.6B of earnings over 2015–2024; annual owner earnings grew R$1.7B, R$0.65 per R$1 retained.

Balance sheet Heavy net debt, R$32.7B · dividend paid 9 of 10 yrs, cut at least once

SIM Grupo Simec S.A.B. de C.V.

A metals and mining business, a price-taker on a global commodity.

Owner earnings 2016–2024 MX$4.3BMX$1.7BMX$2.1B(MX$229M)MX$2.7BMX$7.3BMX$7.8BMX$3.2BMX$4.5B

Retained capital Retained MX$33.9B of earnings over 2016–2024; annual owner earnings grew MX$2.5B, MX$0.07 per MX$1 retained.

Balance sheet Net cash, +MX$26.2B · dividend paid 1 of 9 yrs, never cut

STLD Steel Dynamics Inc.

Steel Dynamics, Inc. is a leading industrial metals solutions company, with facilities located throughout the United States and Mexico.

Owner earnings 2016–2025 $655M$574M$1.2B$1.1B$661M$1.9B$4.1B$3.1B$1.4B$898M

Retained capital Retained $6.1B of earnings over 2016–2025; annual owner earnings grew $980M, $0.16 per $1 retained.

Balance sheet Meaningful net debt, $3.4B · buybacks at an average near $72.25 · dividend paid 10 of 10 yrs, never cut

SXC SunCoke Energy Inc.

SunCoke Energy Inc. is the largest independent producer of high-quality coke in the Americas, as measured by tons of coke produced each year, and has more than 65 years of coke production experience.

Owner earnings 2016–2025 $155M$73M$86M$72M$84M$135M$133M$140M$96M$42M

Retained capital Retained $46M of earnings over 2016–2025; annual owner earnings fell $12M, $-0.26 per $1 retained.

Balance sheet Net debt against an operating loss, $597M · dividend paid 7 of 10 yrs, never cut

TS Tenaris S.A.

Revenue is Tubes (95%) and Other (5%).

Owner earnings 2016–2025 $77M($580M)$261M$1.2B$1.3B($120M)$789M$3.8B$2.2B$2.0B

Retained capital Retained $4.9B of earnings over 2016–2025; annual owner earnings grew $2.7B, $0.55 per $1 retained.

Balance sheet Net cash, +$2.9B · dividend paid 10 of 10 yrs, cut at least once

TWI Titan International Inc. (DE)

Titan, is a global wheel, tire, and undercarriage industrial manufacturer and supplier that services customers across the globe.

Owner earnings 2016–2025 $2M($34M)($75M)$9M$36M($28M)$114M$137M$76M($25M)

Retained capital Paid out $18M more than it earned over 2016–2025; annual owner earnings grew $99M.

Balance sheet Heavy net debt, $437M · buybacks at an average near $8.61 · dividend paid 5 of 10 yrs, cut at least once

TX Ternium S.A. Ternium S.A.

We cannot predict whether the central bank or the Brazilian government will continue to let the real float freely or will intervene in the exchange rate market through the return of a currency band system or otherwise.

Owner earnings 2016–2025 $664M($26M)$1.2B$987M$1.2B$2.2B$2.2B$1.8B$1.2B$1.5B

Retained capital Retained $7.3B of earnings over 2016–2025; annual owner earnings grew $891M, $0.12 per $1 retained.

Balance sheet Net cash, +$712M · dividend paid 9 of 10 yrs, cut at least once

WS Worthington Steel Inc.

Worthington Steel, Inc. is one of North America's premier value-added metals processors with the ability to provide a diversified range of products and services that span a variety of end markets.

Owner earnings 2022–2025 $3M$270M$96M$100M

Retained capital Retained $493M of earnings over 2022–2025; annual owner earnings grew $32M, $0.07 per $1 retained.

Balance sheet Modest net debt, $114M · dividend paid 2 of 4 yrs, never cut

X United States Steel

A metals and mining business, a price-taker on a global commodity.

Owner earnings 2015–2024 ($140M)$448M$321M$417M$66M($587M)$3.2B$2.7B$1.2B$6M

Retained capital Retained $4.1B of earnings over 2015–2024; annual owner earnings grew $1.1B, $0.27 per $1 retained.

Balance sheet Heavy net debt, $2.8B · buybacks at an average near $22.53 · dividend paid 6 of 10 yrs, cut at least once