Direct Answer
10 SEC filers are classified under the Standard Industrial Classification codes that describe the steel industry, and their latest annual reports show $71.2 billion of combined revenue and a median operating margin of 8.1%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics.
Industry Overview
Steel producers make flat, long and specialty steel from iron ore and scrap in blast furnaces and electric arc furnaces, and sell to construction, auto and machinery buyers. Spreads between steel prices and raw material cost and tariff policy drive profit. The first numbers to compare across companies here are shipments, average selling price and metal spread over raw materials.
Key Industry Metrics
- Shipments: Tons of steel delivered. Volume follows construction, auto and machinery demand, and imports and inventories affect domestic mills.
- Average selling price: Average price per ton realized. Contract and spot mix determine how fast prices follow market moves, and product type changes the average.
- Metal spread over raw materials: Gap between steel price and the cost of ore, scrap and energy. It is the core margin driver and varies widely over the cycle.
- Capacity utilization: Share of steelmaking capacity running. High utilization supports prices and spreads fixed cost, while low utilization shows weak demand or imports.
- Cost per ton: Cost to make each ton including raw materials, energy and labor. Lower costs protect margin when price spreads narrow.
Primary Macro Drivers
- Construction and auto demand: Buildings and vehicles use most steel, so their output moves shipments and average selling price.
- Scrap and iron ore prices: Raw materials set cost per ton, so changes alter the metal spread over raw materials.
- Import competition and tariffs: Imports set a ceiling on domestic prices, so duties and quotas change selling price and shipments.
- Energy costs: Furnaces and rolling mills use gas and power, so energy prices move cost per ton and margin.
Major Risks
- Price cycles: Steel prices rise and fall with demand and imports, so profit swings; watch average selling price against cost per ton.
- Imports and overcapacity: Global surplus, especially from large exporting countries, depresses prices; watch import volumes and trade actions.
- Raw material cost swings: Sudden moves in scrap, ore or coking coal compress the metal spread when prices lag; watch spread over raw materials.
- Capital intensity and plant outages: Large plants must run at high rates to cover fixed costs, so outages and weak demand hurt returns; watch capacity utilization.
Industry Characteristics
| Characteristic | Profile |
|---|---|
| Cyclicality | Cyclical |
| Capital Intensity | High |
| Regulatory Intensity | Medium |
| Industry Maturity | Mature |
| Geographic Importance | Global |
Steel Filers in the SEC Record
10 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification codes 3310, 3312, 3317. Their latest fiscal years end in 2025, and together they reported $71.2 billion of revenue. Median revenue growth over the prior year was 3.9%. Median operating margin was 8.1% and median net margin 5.9%. Median total liabilities were 46% of total assets, and 8 of 10 reported a profit in their latest year.
| Company | Revenue | Growth | Operating margin | Net margin | Year |
|---|---|---|---|---|---|
| Nucor Corp | $32.5 billion | 5.7% | n/a | 5.4% | FY 2025 |
| Steel Dynamics Inc | $18.2 billion | 3.6% | 8.1% | 6.5% | FY 2025 |
| Commercial Metals Co | $7.8 billion | -1.6% | n/a | 1.1% | FY 2025 |
| Ati Inc | $4.6 billion | 5.2% | 14.0% | 8.8% | FY 2025 |
| Carpenter Technology Corp | $2.9 billion | 4.3% | 18.1% | 13.1% | FY 2025 |
| Suncoke Energy, Inc. | $1.8 billion | -5.1% | -2.4% | -2.4% | FY 2025 |
| Titan International Inc | $1.8 billion | -0.9% | 1.1% | -3.3% | FY 2025 |
| Insteel Industries Inc | $648 million | 22.4% | n/a | 6.3% | FY 2025 |
The 8 largest of 10 by revenue. Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code.
Where to Go Next
The Steel guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company.
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Frequently Asked Questions
What are the main KPIs for the Steel industry?
Key performance indicators for the Steel industry include: Shipments, Average selling price, Metal spread over raw materials, Capacity utilization, Cost per ton. Which matter most depends on the company's model, so compare them across several companies rather than relying on one.
How cyclical is the Steel industry?
The Steel industry is cyclical, meaning its revenues and earnings tend to expand during economic expansions and contract during downturns. Investors should monitor leading economic indicators and interest rate trends when evaluating timing.
What are the biggest risks in the Steel industry?
The primary risks for Steel companies include: Price cycles, Imports and overcapacity, Raw material cost swings, Capital intensity and plant outages. Investors should assess each company's exposure to these factors and its track record of navigating them.