Firm Steel Prices, Softer Aluminum and New Copper Spending Mark a Busy Stretch for Metals

NEW YORK, Nov. 11, 2026 /CNW/ -- U.S. Metal News News Commentary - Third-quarter reports and other announcements from metals companies over the past two weeks describe steel and aluminum prices heading in different directions. A Chicago-based metals distributor said carbon prices continued to rally at multi-year highs, supported in part by trade policy, while aluminum prices trended lower. Producers have also announced new capital commitments and shareholder returns, from an underground copper project in Arizona to a new share repurchase authorization at a U.S. steelmaker. Active Companies from around the markets with current developments this week include: ArcelorMittal (NYSE: MT), Steel Dynamics, Inc. (NASDAQ: STLD), Ryerson Holding Corporation (NYSE: RYZ), Constellium SE (NYSE: CSTM), and Rio Tinto plc (NYSE: RIO).

On steel, that distributor said third-quarter demand was stronger than anticipated and that the rally in carbon prices was supported by trade policy, tight domestic supply, extended lead times and multi-year lows in service center inventories. In Europe, a global steelmaker said enhanced EU trade measures are beginning to rebalance European steel market fundamentals, and that following the implementation of a new tariff rate quota it has brought all of its European blast furnaces back into operation.

On aluminum, the same distributor said prices remained volatile and trended lower as future supply expectations began to normalize later in the quarter, and an aluminum rolled products maker said its third-quarter metal price lag was negative, reflecting prices for primary aluminum decreasing during the period. In copper and lithium, the news has centered on investment, including new spending on a U.S. copper deposit and the opening of lithium operations in Argentina.

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ArcelorMittal (NYSE: MT)

ArcelorMittal reported third-quarter results on Nov. 5, with EBITDA of $2.0 billion, up 34% year on year, and EBITDA per tonne of $155, up $44 per tonne from a year earlier. The reported net loss of $0.4 billion included impairment and exceptional items related to the idling of ArcelorMittal Kryvyi Rih in Ukraine, while adjusted net income increased to $0.9 billion from $0.7 billion in the second quarter.

The company said flat steel shipments in Europe increased sequentially, counter to normal seasonal patterns, reflecting the early impacts of the enhanced EU trade measures. It expects flat shipment growth to accelerate in the fourth quarter, to a double-digit year-on-year increase, and said the $2.5 billion invested in working capital over the first nine months of 2026 is expected to largely unwind in the fourth quarter.

Aditya Mittal, ArcelorMittal Chief Executive Officer, said: "Our third quarter performance provides further evidence of the structural improvement in ArcelorMittal's earnings capacity."

Steel Dynamics, Inc. (NASDAQ: STLD)

Steel Dynamics announced on Nov. 9 that its board of directors authorized an additional share repurchase program of $3.0 billion of the company's common stock. The authorization is effective immediately and is additive to the previous $1.5 billion program, which had $216 million remaining at Sept. 30, 2026. The board also declared a quarterly cash dividend of $0.53 per common share, payable on or about Jan. 8, 2027, to shareholders of record at the close of business on Dec. 31, 2026.

Steel Dynamics describes itself as one of the largest domestic steel producers and metal recyclers in North America, and it has also recently added aluminum operations that supply aluminum flat rolled products to the beverage can industry, in addition to the automotive and industrial sectors.

Mark D. Millett, Chairman and Chief Executive Officer, stated: "We are committed to delivering shareholder value creation through profitable growth and proven capital allocation strategies."

Ryerson Holding Corporation (NYSE: RYZ)

Ryerson reported third-quarter results on Oct. 28, with total company revenue of $2.18 billion, exceeding its previously provided guidance range, as total tons shipped rose 1.2% and average selling prices rose 7.2% sequentially. Net income was $32.0 million, or $0.61 per diluted share, and Adjusted EBITDA, excluding LIFO, was $115.0 million, exceeding guidance of $88 to $92 million. The company said it realized approximately $13 million in third-quarter synergy benefits, representing $52 million on an annualized, run-rate basis and substantially exceeding its $40 million first-year target.

For the fourth quarter, Ryerson expects shipments to decline sequentially by 6% to 8%, reflecting three fewer business days and holiday-related seasonal softness. It expects average selling prices to be flat to up by 2% quarter over quarter, as higher carbon pricing is expected to slightly offset relative softening in stainless and aluminum pricing.

Eddie Lehner, Ryerson's Chief Executive Officer & Director, said: "The strength we saw in daily shipment volumes and invoice counts defied normal industry seasonality, with AI infrastructure and power generation investment elevating overall demand through the quarter."

Constellium SE (NYSE: CSTM)

Constellium reported third-quarter results on Oct. 28 and raised its full-year 2026 guidance. Revenue was $2.6 billion, up 22% from the third quarter of 2025, on shipments of 368 thousand metric tons, down 1%, and net income was $119 million, compared with $88 million a year earlier. Adjusted EBITDA was $276 million, including a negative non-cash metal price lag impact of $4 million.

The company now expects 2026 Adjusted EBITDA in the range of $1.03 billion to $1.06 billion, excluding the non-cash impact of metal price lag, and Free Cash Flow in excess of $300 million.

Ingrid Joerg, Constellium's Chief Executive Officer, said: "During the quarter, we benefited from strong operational focus, cost control and improved market dynamics, including an improved aerospace and transportation, industry and defense (TID) environment, supply shortages of automotive rolled products in North America, and strong recycling performance in both North America and Europe."

Rio Tinto plc (NYSE: RIO)

Rio Tinto said on Nov. 5 that it has approved a $144 million investment by Resolution Copper, with Rio Tinto's share at $79 million, to advance the next phase of development at the project in Arizona, which it describes as one of the world's largest untapped copper deposits. The investment is additional to approximately $500 million of preliminary spending announced when the land exchange was completed in March 2026.

On Oct. 29, the company marked the official opening of its Fénix 1B expansion and Sal de Vida operation in Catamarca, Argentina, following a combined investment of around $1.4 billion. Rio Tinto said both projects achieved first production in the second quarter ahead of plan and will add 25,000 tonnes of annual lithium carbonate equivalent capacity once fully ramped up.

Rio Tinto Copper Chief Executive Katie Jackson said: "Resolution Copper has the potential to supply up to 25% of America's copper demand for decades, strengthen domestic supply chains and deliver significant economic benefits for Arizona."

Steel, aluminum, copper and lithium companies have each reported developments over the past two weeks, from results and guidance to new capital commitments. To learn the chart basics behind moves in metals stocks, get the free Knowledge is Power guide from Stock Preachers at usmetalnews.com/sp.

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SOURCE U.S. Metal News