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When the market wants to like a story, it's not going to let a little detail like a negative quarterly guidance revision get in the way. With hot-rolled coil steel prices showing some backbone and expectations for non-residential construction improving, investors are already giving Steel Dynamics (STLD) some benefit of the doubt. Improved demand (particularly in construction) and lower losses at Mesabi Nugget could offer some upside to EBITDA estimates, but in a market that still has many materials and resources stocks trading at interesting discounts, Steel Dynamics isn't among them.

Looking For Construction To Stick, And Autos To Hold Serve

Non-residential construction is a significant market for both of the major U.S. electric arc operators (...

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