Steel Dynamics among top steel picks as Wells Fargo launches mostly constructive sector view
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Wells Fargo has launched a largely constructive view on the steel sector, naming Steel Dynamics (NASDAQ:STLD), AZZ (NYSE:AZZ), and Commercial Metals (NYSE:CMC) as top picks. The bank anticipates near-term support for U.S. steel prices despite weak demand, with benefits from tariffs and improved domestic supply expected by 2026. Analyst Timna Tanners forecasts hot-rolled coil prices at $880/st in Q4 and $900/st in Q1 2026. Caution is advised for Ternium (TX) and Cleveland-Cliffs (CLF) due to market conditions and debt leverage concerns, respectively.
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