First quarter 2026 profitability from the company's steel operations is expected to be meaningfully higher compared to sequential fourth quarter results, driven by increased shipments and metal margin expansion across the platform, as average realized selling values increased more than scrap raw material costs. Demand remains strong across several key end markets, with the non-residential construction, energy, automotive, and industrial sectors continuing to lead.
First quarter 2026 earnings from the company's metals recycling operations are expected to be higher than sequential fourth quarter results, based on significantly expanded metal margin driven by higher ferrous and nonferrous average selling values. Shipments are expected to be somewhat lower in the quarter, as scrap flows were negatively impacted by winter weather conditions in portions of January and February, but have since normalized.
First quarter 2026 earnings from the company's steel fabrication operations are expected to be steady with sequential fourth quarter results, as higher shipments offset metal margin compression related to increased steel raw material input costs. Customer order activity has significantly increased since the end of 2025, with the customer order backlog over 35 percent higher than a year ago and extending well into the third quarter 2026. Current demand has been supported by commercial construction, data center and warehouse buildouts, manufacturing, and healthcare. The company expects further volume improvement in 2026, with the support from ...
