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Best Steel Stocks to Buy Now (2024)
Top steel stocks in 2024 ranked by overall Zen Score. See the best steel stocks to buy now, according to analyst forecasts for the steel industry.

Industry: Steel
Ticker
Company
Forecast Score
Market Cap
Price
Price Target
Upside/Downside
Top Analysts Upside/Downside
Consensus
Top Analysts Consensus
Analysts
Top Analysts
Fore. Revenue Growth
Fore. Earnings Growth
Forecast ROE
Forecast ROA
STLD
STEEL DYNAMICS INC
$18.96B$120.69$133.4010.53%Hold5-0.74%-8.65%25.88%15.62%
CMC
COMMERCIAL METALS CO
$5.83B$50.38$62.5024.06%Buy2-2.51%-2.45%16.39%10.39%
GGB
GERDAU SA
$6.60B$3.13$5.0059.74%Strong Buy2-3.38%-7.65%13.40%8.78%
RS
RELIANCE INC
$15.91B$277.09$362.3330.76%Buy3-0.26%-7.85%13.09%9.69%
NUE
NUCOR CORP
$37.09B$154.69$204.0031.88%Buy5-0.97%-8.47%18.00%10.98%
HUDI
HUADI INTERNATIONAL GROUP CO LTD
$34.36M$2.41N/AN/AN/AN/AN/AN/AN/AN/A
MT
ARCELORMITTAL
$19.06B$23.26$31.0033.28%Hold1-0.82%112.80%8.74%5.02%
FRD
FRIEDMAN INDUSTRIES INC
$117.51M$16.86N/AN/AN/AN/AN/AN/AN/AN/A
ZEUS
OLYMPIC STEEL INC
$512.88M$46.07N/AN/AN/AN/A-1.78%N/AN/AN/A
PKX
POSCO HOLDINGS INC
$20.64B$68.01N/AN/AN/AN/AN/A30.52%1.60%0.85%
CLF
CLEVELAND-CLIFFS INC
$7.09B$14.91$18.6625.16%Hold7-0.74%45.88%11.29%4.72%
SIM
GRUPO SIMEC SAB DE CV
$4.62B$30.00N/AN/AN/AN/AN/AN/AN/AN/A
MSB
MESABI TRUST
$228.81M$17.44N/AN/AN/AN/AN/AN/AN/AN/A
ASTL
ALGOMA STEEL GROUP INC
$744.91M$7.19N/AN/AN/AN/A1.14%71.89%11.27%6.13%
X
UNITED STATES STEEL CORP
$8.20B$36.46$45.2524.11%Buy4-0.02%-1.87%4.82%2.64%
MTUS
METALLUS INC
$911.45M$20.78N/AN/AN/AN/A-1.97%-3.33%12.64%8.01%
RDUS
RADIUS RECYCLING
$434.00M$15.51$17.009.61%Sell1-4.63%N/A1.16%0.56%
USAP
UNIVERSAL STAINLESS & ALLOY PRODUCTS INC
$283.05M$30.80$36.0016.88%Strong Buy1N/AN/A5.97%3.87%
SID
NATIONAL STEEL CO
$2.98B$2.25$2.9531.11%Sell2-2.01%N/A10.24%1.96%
ACNT
ASCENT INDUSTRIES CO
$101.90M$10.06N/AN/AN/AN/A17.97%N/A8.25%5.22%
ZKIN
ZK INTERNATIONAL GROUP CO LTD
$17.02M$0.56N/AN/AN/AN/AN/AN/AN/AN/A
INHD
INNO HOLDINGS INC
$14.73M$0.71N/AN/AN/AN/AN/AN/AN/AN/A
HLP
HONGLI GROUP INC
$22.64M$1.85N/AN/AN/AN/AN/AN/AN/AN/A
WS
WORTHINGTON STEEL INC
$1.50B$29.70$40.0034.68%Strong Buy1N/AN/AN/AN/A

Steel Stocks FAQ

What are the best steel stocks to buy right now in Jun 2024?

According to Zen Score, the 3 best steel stocks to buy right now are:

1. Steel Dynamics (NASDAQ:STLD)


Steel Dynamics (NASDAQ:STLD) is the top steel stock with a Zen Score of 60, which is 27 points higher than the steel industry average of 33. It passed 22 out of 38 due diligence checks and has strong fundamentals. Steel Dynamics has seen its stock return 15.28% over the past year, overperforming other steel stocks by 11 percentage points.

Steel Dynamics has an average 1 year price target of $133.40, an upside of 10.53% from Steel Dynamics's current stock price of $120.69.

Steel Dynamics stock has a consensus Hold recommendation according to Wall Street analysts. Of the 5 analysts covering Steel Dynamics, 20% have issued a Strong Buy rating, 0% have issued a Buy, 60% have issued a hold, while 0% have issued a Sell rating, and 20% have issued a Strong Sell.

2. Commercial Metals Co (NYSE:CMC)


Commercial Metals Co (NYSE:CMC) is the second best steel stock with a Zen Score of 50, which is 17 points higher than the steel industry average of 33. It passed 18 out of 38 due diligence checks and has strong fundamentals. Commercial Metals Co has seen its stock return 5.68% over the past year, overperforming other steel stocks by 1 percentage points.

Commercial Metals Co has an average 1 year price target of $62.50, an upside of 24.06% from Commercial Metals Co's current stock price of $50.38.

Commercial Metals Co stock has a consensus Buy recommendation according to Wall Street analysts. Of the 2 analysts covering Commercial Metals Co, 50% have issued a Strong Buy rating, 0% have issued a Buy, 50% have issued a hold, while 0% have issued a Sell rating, and 0% have issued a Strong Sell.

3. Gerdau Sa (NYSE:GGB)


Gerdau Sa (NYSE:GGB) is the third best steel stock with a Zen Score of 49, which is 16 points higher than the steel industry average of 33. It passed 17 out of 38 due diligence checks and has strong fundamentals. Gerdau Sa has seen its stock lose -29.79% over the past year, underperforming other steel stocks by -35 percentage points.

Gerdau Sa has an average 1 year price target of $5.00, an upside of 59.74% from Gerdau Sa's current stock price of $3.13.

Gerdau Sa stock has a consensus Strong Buy recommendation according to Wall Street analysts. Of the 2 analysts covering Gerdau Sa, 100% have issued a Strong Buy rating, 0% have issued a Buy, 0% have issued a hold, while 0% have issued a Sell rating, and 0% have issued a Strong Sell.

What are the steel stocks with highest dividends?

Out of 13 steel stocks that have issued dividends in the past year, the 3 steel stocks with the highest dividend yields are:

1. National Steel Co (NYSE:SID)


National Steel Co (NYSE:SID) has an annual dividend yield of 12.98%, which is 10 percentage points higher than the steel industry average of 3.06%. National Steel Co's dividend payout is not stable, having dropped more than 10% six times in the last 10 years. National Steel Co's dividend has shown consistent growth over the last 10 years.

National Steel Co's dividend payout ratio of -860.2% indicates that its high dividend yield might not be sustainable for the long-term.

2. Gerdau Sa (NYSE:GGB)


Gerdau Sa (NYSE:GGB) has an annual dividend yield of 7.19%, which is 4 percentage points higher than the steel industry average of 3.06%. Gerdau Sa's dividend payout is not stable, having dropped more than 10% fifteen times in the last 10 years. Gerdau Sa's dividend has shown consistent growth over the last 10 years.

Gerdau Sa's dividend payout ratio of 35.7% indicates that its high dividend yield is sustainable for the long-term.

3. Mesabi Trust (NYSE:MSB)


Mesabi Trust (NYSE:MSB) has an annual dividend yield of 5.79%, which is 3 percentage points higher than the steel industry average of 3.06%. Mesabi Trust's dividend payout is not stable, having dropped more than 10% sixteen times in the last 10 years. Mesabi Trust's dividend has not shown consistent growth over the last 10 years.

Mesabi Trust's dividend payout ratio of 61.8% indicates that its high dividend yield is sustainable for the long-term.

Why are steel stocks down?

Steel stocks were down -0.68% in the last day, and down -3.69% over the last week. Arcelormittal was the among the top losers in the steel industry, dropping -3.04% yesterday.

Shares of steel stocks are trading lower after Nucor issued soft Q2 guidance.

What are the most undervalued steel stocks?

Based on WallStreetZen's Valuation Score, the 3 most undervalued steel stocks right now are:

1. Algoma Steel Group (NASDAQ:ASTL)


Algoma Steel Group (NASDAQ:ASTL) is the most undervalued steel stock based on WallStreetZen's Valuation Score. Algoma Steel Group has a valuation score of 71, which is 40 points higher than the steel industry average of 31. It passed 5 out of 7 valuation due diligence checks.

Algoma Steel Group's stock has dropped -7.23% in the past year. It has underperformed other stocks in the steel industry by -12 percentage points.

2. Steel Dynamics (NASDAQ:STLD)


Steel Dynamics (NASDAQ:STLD) is the second most undervalued steel stock based on WallStreetZen's Valuation Score. Steel Dynamics has a valuation score of 57, which is 26 points higher than the steel industry average of 31. It passed 4 out of 7 valuation due diligence checks.

Steel Dynamics's stock has gained 15.28% in the past year. It has overperformed other stocks in the steel industry by 11 percentage points.

3. Friedman Industries (NYSEMKT:FRD)


Friedman Industries (NYSEMKT:FRD) is the third most undervalued steel stock based on WallStreetZen's Valuation Score. Friedman Industries has a valuation score of 57, which is 26 points higher than the steel industry average of 31. It passed 4 out of 7 valuation due diligence checks.

Friedman Industries's stock has gained 63.69% in the past year. It has overperformed other stocks in the steel industry by 59 percentage points.

Are steel stocks a good buy now?

33.33% of steel stocks rated by analysts are a buy right now. On average, analysts expect steel stocks to rise by 26.25% over the next year.

What is the average p/e ratio of the steel industry?

The average P/E ratio of the steel industry is 11.39x.
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Information is provided 'as-is' and solely for informational purposes and is not advice. WallStreetZen does not bear any responsibility for any losses or damage that may occur as a result of reliance on this data.