NUE - Steel Dynamics Looks Undervalued As A Lagging Trade On The Short-Cycle Recovery

I turned more positive on Steel Dynamics (STLD) after the last quarter, largely on a "it's really not that bad" call, and the shares have done alright since then, with the 19% total return beating the S&P by a bit, as well as beating other steel names like Nucor (NUE) (though not Commercial Metals (CMC)). That decent performance has come despite a pretty weak underlying steel market that has seen steel largely get left behind compared to many basic metals over the last few months.

I think management's guidance may

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