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Analyst

Mike Harris

Goldman Sachs · covers Basic Materials

Period: Reporting periods mapped to calendar 2025 Q1 – 2025 Q3 (3 quarters).

Limited coverage. Only 7 questions of coverage. Treat these numbers as directional — sample too small for reliable averages.
Questions
7on tracked calls
Challenge rate
0%none of 7 questionsLimited sample
Companies
2questioned at least once
Reporting periods
3with 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 7 of 7 questions from 2 companies

STLDSteel Dynamics4 questions · 3 reporting periods · 0 of 4 challenging
STLD company page →

Calendar 2025 Q3

How should we think about what that could potentially do to your cost structure

Innovation & R&DMarginTranscript · FY2025 Q3 →
Show response

Theresa said biocarbon is a joint venture with Aymium transacting at market prices, no material external cost impact. Opens door for lower-carbon product premiums and OEM market share gains, especially in flat-rolled. Continuous operations expected starting November.

Of the record shipments you saw in the third quarter, were there any material onetime sales included in that

Show response

Theresa confirmed no one-time sales in record shipments. Driven by Sinton ramp, record shipments at multiple flat-roll facilities, and strong structural demand.

Calendar 2025 Q2

Is that the same? Or is it a separate sales force? And if the latter, how should we think about the potential SG&A impact

MarginProduct LaunchTranscript · FY2025 Q2 →
Show response

Barry confirmed independent sales teams with some overlap in construction and automotive. Theresa noted SG&A will actually decline as pre-production costs shift from SG&A to COGS now that aluminum is in startup phase.

Calendar 2025 Q1

can you provide a bit more color on what's behind the $19 million in unrealized gain losses

Show response

Theresa explained it relates to the commodities risk management team hedging scrap, copper, and aluminum. Unrealized hedging loss from sharp non-ferrous price moves that generally reverses in subsequent quarters.

NUENucor3 questions · 2 reporting periods · 0 of 3 challenging
NUE company page →

Calendar 2025 Q2

what would you guys call out as potential gaps in that portfolio?

M&ACompetitive DynamicsTranscript · FY2025 Q2 →
Show response

Leon highlighted steel products went from 15% to ~45% of net earnings over 6-8 years. Steve noted EBITDA margins improved from 9-10% pre-COVID to 16-17%, emphasizing continued expansion in margin-accretive businesses.

Calendar 2025 Q1

what happened or didn't happen between March 20 and quarter end that resulted in what appears to be roughly, I don't know, $40 million to $60 million after-tax windfall?

Revenue GrowthDemandTranscript · FY2025 Q1 →
Show response

Steve attributed the beat to volume outperformance in bar and sheet within the steel mills segment, with adjustments related to facility closures and repurposing.

what else contributed to the squeeze in? Maybe speak to any structural cost increases versus what may be transient

MarginCost PressureTranscript · FY2025 Q1 →
Show response

Steve identified 2-3% YoY conversion cost increase from energy and consumables, plus 3% QoQ scrap cost increase creating margin squeeze due to pricing lag.

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.

CompanyQuestionsChallenge rate
STLD Steel Dynamics40%none of 4 questions
NUE Nucor30%none of 3 questions
  • STLD
    Steel Dynamics · 4 questions
    0%none of 4 questions
  • NUE
    Nucor · 3 questions
    0%none of 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”.

Questions by calendar reporting period
Calendar periodQuestionsChallenge rateCompanies
2025 Q130%none of 3 questions2
2025 Q220%none of 2 questions2
2025 Q320%none of 2 questions1
  1. 2025 Q13 questions · challenge rate 0% (none of 3 questions) · 2 companies
  2. 2025 Q22 questions · challenge rate 0% (none of 2 questions) · 2 companies
  3. 2025 Q32 questions · challenge rate 0% (none of 2 questions) · 1 company

Topics

Topics tagged on this analyst’s questions.

  • Margin4
  • Demand2
  • Innovation & R&D1
  • M&A1
  • Competitive Dynamics1
  • Product Launch1
  • Revenue Growth1
  • Cost Pressure1