The 2Q17 earnings season is nearly over. Most US steel companies have reported their earnings for the quarter. Steel Dynamics was the first major steel company to report its earnings on July 19, 2017. It was followed by Nucor’s (NUE) 2Q17 release the next day. U.S. Steel (X) and AK Steel (AKS) released their 2Q17 earnings on July 25, 2017. ArcelorMittal (MT) released its 2Q17 earnings on July 27, 2017. You can read ArcelorMittal’s 2Q17 Earnings: What You Need to Know for an overview of ArcelorMittal’s 2Q17 earnings.
It’s been a mixed earnings season for steel investors (XME). While Nucor and Steel Dynamics missed consensus earnings estimates, AK Steel and U.S. Steel posted better-than-expected earnings. U.S. Steel managed to beat consensus estimates on most financial metrics. The markets also rewarded U.S. Steel for its solid 2Q17 performance, and the stock rose handsomely on July 26 despite most other steel companies closing in the red that day. You can read U.S. Steel’s Segments and How They Performed in 2Q17 for a detailed analysis of U.S. Steel’s 2Q17 earnings.
In this series, we’ll explore the key highlights of major steel companies’ 2Q17 earnings. We’ll compare steel companies’ 2Q17 performance on key financial metrics and see which companies performed better in the quarter. We’ll also see how these companies are playing the recent recovery in the steel industry. This could help us understand which steel companies could offer value in the second half of 2017.
Let’s begin by looking at steel companies’ 2Q17 shipments profile.