Higher Metal Prices Are Showing Up in Third-Quarter Results at Mines, Mills and Alloy Makers

NEW YORK, Nov. 2, 2026 /CNW/ -- US Metal News News Commentary - Quarterly reports released over the past two weeks trace higher metal prices through the supply chain, from copper mines and steel mills to makers of specialty aluminum products and of nickel and titanium alloys. The results arrive seven months after Washington moved its Section 232 tariffs on aluminum, steel and copper to a full-value basis. Active Companies from around the markets with current developments this week include: Freeport-McMoRan Inc. (NYSE: FCX), Nucor Corporation (NYSE: NUE), Kaiser Aluminum Corporation (NASDAQ: KALU), ATI Inc. (NYSE: ATI), Americas Gold and Silver Corporation (TSX: USA) (NYSE American: USAS).

Trade policy is the backdrop for much of the sector. Proclamation 11021, signed April 2, 2026, made Section 232 duties on aluminum, steel and copper articles and their derivatives apply to the full customs value of imported products from April 6, regardless of metal content. It set the duty at 50 percent for aluminum and steel articles, most copper articles and certain aluminum and steel derivatives, and generally at 25 percent for certain other copper articles and aluminum and steel derivatives, with lower rates available in specified cases. The proclamation stated that domestic capacity utilization had risen to approximately 50.4 percent for aluminum production and approximately 77.2 percent for steel production, closer to the Commerce Secretary's recommended objective of a sustained 80 percent. A further proclamation on June 1, effective June 8, added agricultural equipment and certain HVAC systems and components that are predominantly for residential use to the category of derivative products subject to a temporarily reduced 15 percent duty, and lowered from 95 percent to 85 percent the threshold for imported products to qualify as made entirely from American aluminum, steel or copper.

Recent production data point to higher domestic output than a year ago. The American Iron and Steel Institute estimated raw steel production at 1,774,000 net tons in the week ending October 24, 2026, at a capability utilization rate of 76.8 percent, up 3.0 percent from the same week a year earlier though down 5.1 percent from the prior week, and put adjusted year-to-date production at 77,405,000 net tons, up 5.3 percent. The U.S. Geological Survey's monthly aluminum survey, covering July 2026, showed U.S. primary aluminum production of 60 thousand metric tons, compared with 56 thousand metric tons in July 2025, while imports for consumption were 345 thousand metric tons, compared with 255 thousand metric tons in July 2025. Primary production for January through July totaled 399 thousand metric tons, compared with 389 thousand metric tons in the same period of 2025.

Metals stocks can react to a tariff notice, a move in metal prices or a quarterly report, and those signals do not always point the same way. Readers who want a structured way to compare the news with what the charts are showing can start with the free Knowledge is Power guide from Stock Preachers at usmetalnews.com/.

In other industry developments and happenings in the market this week include:

Freeport-McMoRan Inc. (NYSE: FCX)

Freeport reported on October 27 third-quarter net income attributable to common stock of $1.2 billion, or $0.81 per share, on consolidated production of 832 million pounds of copper, 234 thousand ounces of gold and 22 million pounds of molybdenum. The average realized copper price was $6.54 per pound, compared with $4.68 in the third quarter of 2025, and unit net cash costs averaged $2.07 per pound of copper, with the year expected to average $1.90. In Indonesia, PT Freeport Indonesia's mill throughput averaged 141 thousand metric tons of ore per day, or 67% of capacity, and the unit still expects to reach 80% of capacity in mid-2027. In Arizona, Freeport expects to reach an investment decision in the fourth quarter of 2026 on expanding its Bagdad operation, where studies point to new concentrating facilities that could raise copper production by 200 to 250 million pounds per year.

"Favorable pricing for our products, particularly for copper and molybdenum, drove strong margins with substantial conversion to bottom-line results, highlighting the strength of our diversified portfolio," said Kathleen Quirk, President and Chief Executive Officer of Freeport.

Nucor Corporation (NYSE: NUE)

Nucor reported on October 26 third-quarter net earnings attributable to Nucor stockholders of $1.32 billion, or $5.80 per diluted share, compared with $607 million, or $2.63 per diluted share, in the third quarter of 2025. Net sales were $11.25 billion. In the steel mills segment, the external average sales price rose to $1,233 per ton from $1,038 a year earlier, total shipments increased 12%, and utilization was 89%, compared with 85% in the prior-year quarter. Looking ahead, the company expects fourth-quarter earnings to be generally in line with or modestly higher than the third quarter, and stable earnings in the steel mills segment as higher realized pricing is offset by seasonally lower volumes and higher costs.

"Supported by robust demand across key end markets, Nucor has generated approximately $2.7 billion of free cash flow and returned nearly $1.4 billion to shareholders through the first nine months of the year," said Leon Topalian, Nucor's Chair and Chief Executive Officer.

Kaiser Aluminum Corporation (NASDAQ: KALU)

Kaiser Aluminum reported on October 21 third-quarter net sales of $1.21 billion, compared with $844 million a year earlier, and net income of $31 million, or $1.84 per diluted share, compared with $40 million, or $2.38 per diluted share. The company said the higher average selling price reflects a 57% increase in its Hedged Cost of Alloyed Metal, which includes the cost of aluminum at the Midwest Transaction Price and is generally passed through to customers, while shipments improved 11% and Conversion Revenue rose 25% to $439 million. For 2026, Kaiser still sees Conversion Revenue growth at the high end of its 10% to 15% outlook and Adjusted EBITDA growth toward the lower end of its 45% to 55% range. The company also said Fred Stephan would succeed Keith A. Harvey as President and Chief Executive Officer effective November 1, 2026, with Mr. Harvey becoming Executive Chairman.

"Our results reflected continued strength in customer demand, improved Conversion Revenue, and favorable pricing and product mix," said Keith A. Harvey, Chairman, President and Chief Executive Officer, in the October 21 release.

ATI Inc. (NYSE: ATI)

ATI reported on October 29 third-quarter sales of $1.42 billion and net income attributable to ATI of $190 million, or $1.37 per share, compared with $0.78 per share a year earlier. Adjusted EBITDA was $328 million, and the company raised its full-year 2026 adjusted EBITDA guidance by $35 million, to a range of $1,190 million to $1,200 million. Sales in its High Performance Materials & Components segment rose 20% from the third quarter of 2025, led by a 34% gain in commercial jet engine product sales that ATI attributed to strong demand and pricing. By product, nickel-based alloys and specialty alloys made up 52% of ATI's sales in the quarter, titanium and titanium-based alloys 16%, and zirconium and related alloys 10%, a breakdown that excludes Hot-Rolling and Processing Facility conversion service sales.

"Sales in the quarter grew 26% year-over-year, while adjusted EBITDA increased by 46% year-over-year," said Kimberly A. Fields, Board Chair, President and CEO of ATI.

Americas Gold and Silver Corporation (TSX: USA) (NYSE American: USAS)

Americas Gold and Silver announced on October 19 record consolidated silver production of 800,458 ounces for the third quarter of 2026 and record silver sales of 860,850 ounces. Consolidated antimony production was 101,011 pounds, with sales of 121,691 pounds, and realized prices for the quarter were US$60.54 per ounce of silver and US$8.79 per pound of antimony. The company describes its Galena Complex in Idaho as including the nation's largest antimony mine, and it is developing a domestic antimony supply chain, from mine to finished product, through a 51/49 joint venture. Americas said its growth trajectory remains on track to deliver full-year 2026 silver guidance of 3.2 to 3.6 million ounces.

"At Cosalá, we delivered another exceptional quarter with silver production of 415,879 ounces, a 23% quarter-over-quarter increase," said Paul Andre Huet, Chairman and CEO of Americas Gold and Silver.

Tariff rules, metal prices and quarterly results all feed into how metals stocks are valued, and the charts can shift quickly when any one of them changes. Learn to read those setups with the free Knowledge is Power guide from Stock Preachers at usmetalnews.com/.

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SOURCE U.S. Metal News