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Mike Harris

Vice President and equity analyst at Goldman Sachs

Mike Harris is a Vice President and equity analyst at Goldman Sachs specializing in U.S. steel and metals companies, with coverage including Cleveland-Cliffs (CLF), Commercial Metals Company (CMC), and Nucor Corporation (NUE). Harris has issued at least seven published stock ratings, delivering a track record that includes a 50% success rate and an average return of approximately 10.6% on recommendations, though other platforms report a recent period of underperformance. His career includes earlier roles at State Street and RBC Capital Markets prior to joining Goldman Sachs in August 2017. A CFA charterholder, he is also registered with FINRA and holds industry-specific securities licenses.

Mike Harris's questions to STEEL DYNAMICS (STLD) leadership

Mike Harris's questions to STEEL DYNAMICS (STLD) leadership • Q2 2025

Question

Mike Harris of Goldman Sachs asked about the structure of the sales organization for steel and aluminum products and the potential SG&A impact from the aluminum ramp-up.

Answer

COO Barry Schneider explained that the company uses independent sales teams for steel and aluminum, though they collaborate in overlapping markets like automotive. CFO Theresa Wagler clarified that SG&A expense is expected to decline, as costs previously recorded in SG&A during the construction phase will now be properly allocated to cost of goods sold during the operational start-up phase.

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Mike Harris's questions to STEEL DYNAMICS (STLD) leadership • Q2 2025

Question

Mike Harris of Goldman Sachs inquired about the sales organization for steel and aluminum, asking if the teams are shared or separate and what the potential SG&A impact would be from the aluminum ramp-up.

Answer

President & COO Barry Schneider explained that the company has independent sales teams for steel and aluminum, though they will collaborate in overlapping markets. EVP & CFO Theresa Wagler clarified that SG&A expense is expected to decline, as costs previously expensed during construction will now be capitalized or moved to cost of goods sold during the operational startup phase.

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Mike Harris's questions to STEEL DYNAMICS (STLD) leadership • Q2 2025

Question

Mike Harris of Goldman Sachs asked whether the sales organizations for steel and aluminum are integrated and what the SG&A impact would be from the aluminum ramp-up.

Answer

President & COO Barry Schneider explained that the sales teams are independent but collaborate in overlapping markets. EVP & CFO Theresa Wagler clarified that SG&A expenses are expected to decline, as costs previously expensed during the construction phase will now be properly capitalized or moved to cost of goods sold during startup.

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Mike Harris's questions to STEEL DYNAMICS (STLD) leadership • Q2 2025

Question

Mike Harris of Goldman Sachs asked whether the sales organization for steel and aluminum products is shared or separate, and what the potential SG&A impact would be as the aluminum business ramps up.

Answer

President & COO Barry Schneider clarified that they have independent sales teams for steel and aluminum, though they will collaborate in certain markets like automotive. EVP & CFO Theresa Wagler explained that SG&A will actually decline, as costs previously recorded under SG&A during construction will now be appropriately moved to cost of goods sold during the operational start-up phase.

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Mike Harris's questions to STEEL DYNAMICS (STLD) leadership • Q2 2025

Question

Mike Harris of Goldman Sachs asked about the internal sales organization, questioning if the same team sells both steel and aluminum products and what the resulting impact on SG&A expenses would be as the aluminum business ramps up.

Answer

President & COO Barry Schneider clarified that they have independent sales teams for steel and aluminum, though they will collaborate in overlapping markets. EVP & CFO Theresa Wagler explained that SG&A will actually decline, as pre-startup costs previously in SG&A will now be correctly allocated to Cost of Goods Sold.

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Mike Harris's questions to CLEVELAND-CLIFFS (CLF) leadership

Mike Harris's questions to CLEVELAND-CLIFFS (CLF) leadership • Q2 2025

Question

Mike Harris from Goldman Sachs asked about the outlook for free cash flow generation in the second half of the year, its sustainability, and how a potential pickup in demand might affect the anticipated working capital unwind.

Answer

EVP & CFO Celso Goncalves stated that after a Q2 cash outflow of $67 million, the company expects to release even more working capital in H2. He highlighted a historical average of over $1 billion in annual free cash flow and reiterated that excess cash will be used for debt reduction. CEO Lourenco Goncalves added that facility shutdowns and resurgent automotive volumes, driven by trade policies, will bolster cash flow generation independent of pricing.

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Mike Harris's questions to COMMERCIAL METALS (CMC) leadership

Mike Harris's questions to COMMERCIAL METALS (CMC) leadership • Q3 2025

Question

Mike Harris of Goldman Sachs asked why the company did not repurchase more shares in Q3 given its strong financial position and how investors should think about the future cadence of buybacks.

Answer

President & CEO Peter Matt linked the pace of buybacks to the company's focus on strategic growth initiatives, emphasizing the need to maintain a strong balance sheet. CFO Paul Lawrence reiterated that growth is the top priority, followed by a balanced capital return. He confirmed the company remains on track with its previously announced two-to-three-year share repurchase plan and sees no change in that commitment.

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Mike Harris's questions to COMMERCIAL METALS (CMC) leadership • Q3 2025

Question

Mike Harris of Goldman Sachs questioned why the company didn't repurchase more shares in Q3 given its strong financial position and asked about the expected cadence of buybacks going forward.

Answer

President & CEO Peter Matt explained the company is balancing its strong financial position with strategic growth initiatives. CFO Paul Lawrence reiterated that capital allocation prioritizes growth first, followed by a balanced approach to shareholder returns. He confirmed the company remains on its previously stated course to execute the current buyback authorization over a two-to-three-year period.

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Mike Harris's questions to COMMERCIAL METALS (CMC) leadership • Q3 2025

Question

Mike Harris of Goldman Sachs questioned why the company did not repurchase more shares during the third quarter given its strong financial position and asked about the expected future cadence of buybacks.

Answer

President & CEO Peter Matt explained the need to maintain a strong balance sheet while pursuing strategic growth initiatives. CFO Paul Lawrence reiterated that growth is the top capital allocation priority, followed by a balanced return to shareholders. He confirmed the company remains on its previously stated course to execute the current buyback authorization over a two-to-three-year period.

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