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    Mike Harris • Goldman Sachs

    Mike Harris's questions to Steel Dynamics Inc (STLD) leadership

    Mike Harris's questions to Steel Dynamics Inc (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 Commercial Metals Co (CMC) leadership

    Mike Harris's questions to Commercial Metals Co (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 inquired about the expected cadence of buybacks going forward.

    Answer

    President & CEO Peter Matt explained that the company is balancing its strong financial position with its strategic growth initiatives, emphasizing the importance of maintaining financial strength during this period. CFO Paul Lawrence reiterated that the capital allocation strategy prioritizes growth first, followed by shareholder returns, and confirmed the company is proceeding with its previously announced two-to-three-year share repurchase plan as intended.

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