Wells Fargo raises US steelmakers' PT on sustained higher prices

Nucor

02/03/2026 14:45

** Wells Fargo raises price target on U.S. steelmakers as brokerage expects elevated price levels through at least Trump's administration

** Brokerage raises PT on U.S. steelmakers Steel Dynamics STLD.O, Nucor NUE.N and Commercial Metals CMC.N; reiterates "overweight" ratings

** Brokerage says increasingly self‑sufficient U.S. steel industry, now shielded from imports by 50% tariffs, is positioned to maintain elevated domestic prices for several years

** Adds, uncertainty over demand and policy has skewed buyers to prefer domestic mill supply

** Raises 2026/27 hot-rolled coil, a type of steel used widely in construction, automotive and industrial applications, forecast to $950 per short ton vs $875 and $900 per short ton vs $800, respectively

** NYSE American Steel Index .STEEL up 19% YTD

Companies
New PT
Old PT
Steel Dynamics
$210
$190
Nucor
$194
$184
Commercial Metals
$80
$79

(Reporting by Megavarshini G. Somasundaram in Bengaluru)

((Megavarshini.SomasundaramGnanasundari@thomsonreuters.com))