Constellium SE vs Ryerson Holding: Which aluminium stock has the stronger edge?

Stock image for referential purposes only

Constellium SE and Ryerson Holding Corporation are drawing investor attention as aluminium prices remain elevated amid global economic uncertainty and trade tensions.

Strong demand for lightweight electric vehicles, recycled aluminium, rechargeable batteries and aerospace applications continues to support aluminium consumption globally. Healthy air travel activity and rising aircraft production are also boosting demand for aluminium alloys used in fuselages and wings.

Constellium strengthened by packaging and aerospace growth

Constellium has continued to benefit from strong momentum across its Packaging & Automotive Rolled Products business. Demand for packaging rolled products in North America and Europe, along with automotive rolled product orders in North America, supported strong quarterly growth.

During the fourth quarter of 2025, shipments from the segment rose 11 per cent year on year to 265,000 tonnes, while revenues increased 34 per cent to USD 1.35 billion due to stronger shipments and higher metal prices.

The company’s Aerospace & Transportation segment also posted solid gains amid healthy orders for transportation, industrial and defense rolled products. Segment shipments increased 21 per cent year on year to 53,000 tonnes, while revenues climbed 23 per cent to USD 527 million.

To know the long-term bauxite and alumina market forecast, book our report: “Global Bauxite & Alumina Market Forecast to 2036: Supply–Demand, Trade Flows & Price Outlook”

Supported by growth across both businesses and elevated aluminium prices, Constellium’s total quarterly revenues rose 28 per cent year on year to USD 2.2 billion.

The company also maintained a strong focus on shareholder returns and financial discipline. Constellium generated free cash flow of USD 110 million during the fourth quarter and returned around USD 40 million through share repurchases. Its leverage ratio improved to 2.5x by the end of 2025.

Analysts currently expect the company’s 2026 sales to grow 15.6 per cent year on year, while earnings per share are projected to rise 6.8 per cent. Earnings estimates have also moved higher over the past 60 days.

Ryerson benefits from aluminium business, but debt weighs on outlook

Ryerson continues to benefit from its diversified metals portfolio and exposure to infrastructure spending, reshoring trends and manufacturing supply-chain restructuring.

Its aluminium product line remains the strongest contributor to performance. Aluminium shipments in 2025 remained stable year on year at 185,000 tonnes, while revenues from the segment increased 10.4 per cent to USD 1.15 billion due to higher aluminium prices.

The company also reported shipment growth in its carbon steel and stainless steel segments. However, revenues from those businesses declined 5 per cent and 1.4 per cent respectively because of lower average selling prices.

Also read: Maan Aluminium reports weaker quarterly profit, while long-term stock performance stays strong

Soft manufacturing demand is expected to continue affecting Ryerson’s near-term performance. Investors also remain cautious regarding the company’s debt profile. Ryerson ended 2025 with long-term debt of USD 461.2 million, while current liabilities stood at USD 668.1 million compared with cash and equivalents of about USD 26.9 million.

Interest expenses remained elevated at USD 38.9 million during 2025 and are projected at roughly USD 12 million for the first quarter of 2026.

Analysts expect Ryerson’s 2026 sales to rise 11.7 per cent year on year, while earnings per share are projected to jump 180.1 per cent. However, earnings estimates for the company have remained largely unchanged in recent months.

To look for buying or selling leads of aluminium ingot a7, visit our B2B marketplace.

Stock performance favours Constellium

Investor sentiment has remained significantly stronger toward Constellium. Over the past six months, Constellium shares have surged 60.8 per cent, while Ryerson stock has declined 6.6 per cent.

Constellium currently trades at a forward 12-month price-to-earnings ratio of 11.59x, above its three-year median of 9.78x. Ryerson trades at 13.12x, also above its historical median of 12.07x.

With stronger exposure to aerospace and packaging demand, rising analyst confidence and improving financial performance, Constellium currently appears better positioned than Ryerson in the aluminium sector.