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Analyst
Andrew Jones
Period: Reporting periods mapped to calendar 2025 Q1 – 2026 Q1 (5 quarters).
- Questions
- 12on tracked calls
- Challenge rate
- 17%2 of 12 questions
- Companies
- 3questioned at least once
- Reporting periods
- 5with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 12 of 12 questions from 3 companies
STLDSteel Dynamics6 questions · 3 reporting periods · 0 of 6 challenging
Calendar 2025 Q3
Just firstly, on Sindhin, just get an idea as to how much that's having to the to the EBITDA
Show response
Theresa declined specific Sinton EBITDA but confirmed positive, not yet at through-cycle level of $475-525M. Provided key framework: $5B invested across Sinton, coating lines, and aluminum with $1.4B through-cycle EBITDA capability. Expects 60-65% of that incremental earnings accessible on a through-cycle basis in 2026.
it's about the deferred tax movement on the cash flow, which boosted free cash this quarter
Show response
Theresa explained $147M benefit from tax bill changes including additional R&D benefits and accelerated depreciation on aluminum assets being placed into service. Most of the benefit captured in Q3, won't repeat at that magnitude in Q4. Guided 2025 cash tax rate at 8-9%, 2026 at 15-16% cash and ~23% effective rate.
Calendar 2025 Q2
do you expect to pass on those higher substrate prices like into 4Q later in the year? Or have we sort of met buyer resistance
Show response
Theresa confirmed substrate costs flow through the 8-10 week inventory cycle but emphasized volume leverage as the main margin driver. Declined to discuss specific pricing dynamics.
what would that look like if we put everything on spot today? I mean do you have any sort of ballpark for how profitable
Show response
Theresa declined to share spot-based profitability estimate, sticking to through-cycle $650-700M EBITDA framework used for all investment decisions.
Calendar 2025 Q1
the build that we saw in the quarter in working capital, is that purely a function of pricing
Show response
Theresa clarified $100M build excluding annual profit-sharing payment was driven by steel pricing increases. Emphasized net positive positioning from tariffs with upside expected from customer pricing.
can you give us an actual number for how much pig iron was consumed maybe in 2024 or your kind of expectations for 2025
Show response
Barry gave a range of 8-25% pig iron content depending on economics rather than a specific tonnage. Highlighted Iron Dynamics on-site facility at Butler and scrap separation technologies as competitive advantages. Only flat roll mills import pig iron; long products are 100% scrap.
NUENucor5 questions · 2 reporting periods · 2 of 5 challenging
Calendar 2025 Q4
what stops those volumes starting to tick up in the coming months? And do you see that as a material risk?
Show response
Leon argued the U.S. premium is justified by strong demand fundamentals, not just tariffs, citing reshoring, nuclear energy, and broad economic strength. Noted HRC was at $800 just 5-6 months ago.
the guide for '26 was lower than what the Street had in. And if there isn't substantial overspill into '27, it looks like the cost of some of those projects have come down
Show response
Steve explained 2025 spending was $3.4B vs guided ~$3B as teams pulled work forward, making the 2026 figure look lower. Total two-year spend is in line, it's a timing difference, not a cost reduction.
do you have scope or interest in expanding in the upstream side? Or is it mainly just focused on some of those downstream areas you've alluded to?
Show response
Leon confirmed Nucor evaluates both upstream and downstream M&A. Emphasized Nucor is a steel company at its heart and will continue to grow through adjacencies, but core opportunities are also being evaluated.
Calendar 2025 Q3
the MBQ aborted hike from some of your peers. It sounds from the commentary like you didn't support it
Show response
Randy declined to comment on specific pricing actions but noted meaningful price increases realized in merchant bar throughout 2025, with multiyear high backlogs. Brad confirmed plate backlog 58% higher YoY.
Is that a market you're focused on, given, I guess, with these higher-quality grades it's more of a global market
Show response
Steve confirmed global defense spending as an opportunity given Brandenburg's unique capability set among very few producers worldwide.
SWSmurfit WestRock1 question · 1 reporting period · 0 of 1 challenging
Calendar 2026 Q1
What's the overall number you're kind of seeing at sort of spot rates for this year? And then I think you said some labor cost relief
Show response
Ken detailed full-year cost outlook: labor headwind reduced from ~$100M to ~$50M (from CLA negotiations, quick-win projects, rationalizations). Freight ~$50M headwind (indirect energy impact). Fiber tailwind of ~$50M still on track. Chemicals/starches not meaningful as a bundle. Energy sensitivity too complex for simple rule of thumb given system size, production locations, and hedging. Deferred detailed energy math to IR team.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| STLD Steel Dynamics | 6 | 0%none of 6 questions |
| NUE Nucor | 5 | 40%2 of 5 questions |
| SW Smurfit WestRock | 1 | —Rate withheld: fewer than 3 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2025 Q1 | 2 | 0%none of 2 questions | 1 |
| 2025 Q2 | 2 | 0%none of 2 questions | 1 |
| 2025 Q3 | 4 | 25%1 of 4 questions | 2 |
| 2025 Q4 | 3 | 33%1 of 3 questions | 1 |
| 2026 Q1 | 1 | 0%none of 1 question | 1 |
- 2025 Q12 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q22 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q34 questions · challenge rate 25% (1 of 4 questions) · 2 companies
- 2025 Q43 questions · challenge rate 33% (1 of 3 questions) · 1 company
- 2026 Q11 question · challenge rate 0% (none of 1 question) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Pricing3
- Competitive Dynamics3
- Cost Pressure2
- Capex Investment2
- Demand2
- Margin2
- Capital Allocation2
- Trade Tariffs1
- M&A1
- Geographic Expansion1
Show all 12 topics
- Product Launch1
- Supply Chain1