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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
Performance Score
Market Cap
Revenue
EBITDA
Earnings
EPS
Revenue Growth Y/Y
Revenue Growth 5Y
Earnings Growth Y/Y
Earnings Growth 5Y
Earnings Date
STLD
STEEL DYNAMICS INC
$21.43B$18.80B$3.72B$2.45B$14.72-15.57%9.72%-30.10%22.30%2024-05-09
GGB
GERDAU SA
$8.01B$13.70B$2.73B$1.49B$0.71-9.16%3.53%-28.67%21.61%
RS
RELIANCE INC
$16.64B$14.49B$1.91B$1.26B$21.66-12.23%4.30%-23.71%18.27%2024-05-15
CMC
COMMERCIAL METALS CO
$6.47B$8.41B$1.18B$680.26M$5.83-8.32%10.11%-33.52%40.10%2024-06-20
FRD
FRIEDMAN INDUSTRIES INC
$134.36M$508.21M$30.49M$18.70M$2.531.96%21.89%153.00%13.90%2024-06-27
NUE
NUCOR CORP
$41.87B$34.71B$7.02B$4.52B$18.05-16.38%6.73%-37.50%19.39%2024-05-09
HUDI
HUADI INTERNATIONAL GROUP CO LTD
$37.93M$84.33M$4.49M$3.26M$0.2310.43%6.91%53.33%-15.05%
ZEUS
OLYMPIC STEEL INC
$640.68M$2.11B$104.11M$43.35M$3.75-13.34%3.41%-31.69%8.80%
MT
ARCELORMITTAL
$21.48B$68.28B$4.69B$919.00M$1.09-14.49%-2.13%-89.32%-26.47%
MSB
MESABI TRUST
$218.58M$22.86M$18.98M$18.98M$1.45195.30%-13.53%257.28%-16.06%2024-06-11
CLF
CLEVELAND-CLIFFS INC
$8.37B$21.90B$1.78B$389.00M$0.76-1.92%56.82%-17.39%-28.23%2024-05-16
SIM
GRUPO SIMEC SAB DE CV
$4.77B$3.01B$684.92M$436.57M$2.832.47%13.76%-12.35%34.90%
ASTL
ALGOMA STEEL GROUP INC
$809.14M$2.13B$169.78M$42.39M$0.40-3.43%N/A-85.06%N/A2024-06-22
MTUS
METALLUS INC
$926.07M$1.36B$146.20M$69.40M$1.582.44%-3.29%11.27%N/A2024-05-10
X
UNITED STATES STEEL CORP
$8.20B$17.74B$1.64B$867.00M$3.87-12.60%4.08%-49.28%-9.88%
PKX
POSCO HOLDINGS INC
$22.67B$55.73B$7.62B$1.23B$4.05-11.73%0.32%-47.66%-1.91%
SID
NATIONAL STEEL CO
$3.75B$8.74B$1.83B-$61.19M-$0.0511.26%9.53%N/AN/A2024-05-08
USAP
UNIVERSAL STAINLESS & ALLOY PRODUCTS INC
$266.32M$297.72M$38.88M$9.56M$1.0435.07%3.35%N/A-1.99%2024-05-08
ACNT
ASCENT INDUSTRIES CO
$102.26M$193.18M-$21.41M-$26.63M-$2.63-26.27%-7.21%N/AN/A2024-06-12
ZKIN
ZK INTERNATIONAL GROUP CO LTD
$20.15M$109.16MN/A-$6.13M-$0.219.02%16.46%N/AN/A
RDUS
RADIUS RECYCLING
$499.76M$2.82B$45.19M-$64.30M-$2.27-13.43%3.64%N/AN/A2024-06-25
HLP
HONGLI GROUP INC
$20.81M$16.00M$2.62M$864.72k$0.07-21.13%N/A-75.86%N/A
INHD
INNO HOLDINGS INC
$13.78MN/AN/AN/AN/AN/AN/AN/AN/A

Steel Stocks FAQ

What are the best steel stocks to buy right now in May 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 52, which is 19 points higher than the steel industry average of 33. It passed 19 out of 38 due diligence checks and has strong fundamentals. Steel Dynamics has seen its stock return 32.74% over the past year, overperforming other steel stocks by 14 percentage points.

Steel Dynamics has an average 1 year price target of $129.25, a downside of -4.59% from Steel Dynamics's current stock price of $135.47.

Steel Dynamics stock has a consensus Hold recommendation according to Wall Street analysts. Of the 4 analysts covering Steel Dynamics, 25% have issued a Strong Buy rating, 0% have issued a Buy, 50% have issued a hold, while 0% have issued a Sell rating, and 25% have issued a Strong Sell.

2. Gerdau Sa (NYSE:GGB)


Gerdau Sa (NYSE:GGB) is the second best steel stock with a Zen Score of 51, which is 18 points higher than the steel industry average of 33. It passed 18 out of 38 due diligence checks and has strong fundamentals. Gerdau Sa has seen its stock lose -6.93% over the past year, underperforming other steel stocks by -25 percentage points.

Gerdau Sa has an average 1 year price target of $4.63, an upside of 21.71% from Gerdau Sa's current stock price of $3.80.

Gerdau Sa stock has a consensus Buy recommendation according to Wall Street analysts. Of the 2 analysts covering Gerdau Sa, 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. Friedman Industries (NYSEMKT:FRD)


Friedman Industries (NYSEMKT:FRD) is the third best steel stock with a Zen Score of 46, which is 13 points higher than the steel industry average of 33. It passed 17 out of 38 due diligence checks and has strong fundamentals. Friedman Industries has seen its stock return 87.54% over the past year, overperforming other steel stocks by 69 percentage points.

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 14.02%, which is 11 percentage points higher than the steel industry average of 2.97%. 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 6.69%, which is 4 percentage points higher than the steel industry average of 2.97%. Gerdau Sa's dividend payout is not stable, having dropped more than 10% sixteen times in the last 10 years. Gerdau Sa's dividend has not 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 6.06%, which is 3 percentage points higher than the steel industry average of 2.97%. 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 49.8% indicates that its high dividend yield is sustainable for the long-term.

Why are steel stocks up?

Steel stocks were up 0.35% in the last day, and down -0.34% over the last week. Gerdau Sa was the among the top gainers in the steel industry, gaining 5.26% yesterday.

Gerdau shares are trading higher following Q1 earnings.

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 86, which is 52 points higher than the steel industry average of 34. It passed 6 out of 7 valuation due diligence checks.

Algoma Steel Group's stock has gained 11.1% in the past year. It has underperformed other stocks in the steel industry by -7 percentage points.

2. Gerdau Sa (NYSE:GGB)


Gerdau Sa (NYSE:GGB) is the second most undervalued steel stock based on WallStreetZen's Valuation Score. Gerdau Sa has a valuation score of 71, which is 37 points higher than the steel industry average of 34. It passed 5 out of 7 valuation due diligence checks.

Gerdau Sa's stock has dropped -6.93% in the past year. It has underperformed other stocks in the steel industry by -25 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 23 points higher than the steel industry average of 34. It passed 4 out of 7 valuation due diligence checks.

Friedman Industries's stock has gained 87.54% in the past year. It has overperformed other stocks in the steel industry by 69 percentage points.

Are steel stocks a good buy now?

45.45% of steel stocks rated by analysts are a buy right now. On average, analysts expect steel stocks to rise by 16.37% 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 11.96x.
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