Steel prices climbs while aluminium cools as metals companies report Q3 results

Steel and aluminium markets moved in different directions during the third quarter of 2026, with carbon steel prices reaching multi-year highs while aluminium prices softened as expectations for future supply began to normalise. Recent financial results from metals companies, including Constellium SE and Ryerson Holding Corporation, reflect the changing pricing environment and its impact on business performance and market outlooks.

Carbon steel prices continued to rally during the quarter, supported by trade policy, tight domestic supply, extended lead times and service centre inventories at multi-year lows, according to metals distributor Ryerson. Demand during the period was also stronger than anticipated.

Aluminium prices, however, remained volatile and moved lower as expectations surrounding future supply began to normalise later in the quarter. Constellium, an aluminium rolled products manufacturer, reported a negative metal price lag during the period, reflecting a decline in primary aluminium prices.

Constellium raises 2026 guidance despite softer aluminium prices

Constellium reported third-quarter revenue of USD 2.6 billion, an increase of 22 per cent compared with the corresponding period in 2025. Shipments totalled 368,000 tonnes, down 1 per cent year on year, while net income increased to USD 119 million from USD 88 million.

The company's adjusted EBITDA stood at USD 276 million, including a negative non-cash metal price lag impact of USD 4 million.

Despite the pricing pressure, Constellium raised its full-year 2026 adjusted EBITDA guidance to between USD 1.03 billion and USD 1.06 billion, excluding the non-cash impact of metal price lag. It also expects free cash flow to exceed USD 300 million.

Chief executive officer Ingrid Joerg attributed the quarterly performance to operational focus, cost control and improving market conditions. She also pointed to supply shortages of automotive rolled products in North America and strong recycling performance across North America and Europe.

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Ryerson expects cooler aluminium pricing in Q4

Ryerson's third-quarter performance also reflected stronger demand and higher selling prices across its business. The company reported revenue of USD 2.18 billion for the quarter ended September 2026, exceeding its previously issued guidance.

Total tonnes shipped increased 1.2 per cent sequentially, while average selling prices rose 7.2 per cent. Net income reached USD 32 million, or USD 0.61 per diluted share, and adjusted EBITDA excluding LIFO stood at USD 115 million, above the company's guidance range of USD 88 million to USD 92 million.

However, Ryerson expects shipments to decline by 6-8 per cent sequentially in the fourth quarter, reflecting three fewer business days and seasonal weakness around the holidays. Average selling prices are expected to remain flat or increase by up to 2 per cent compared with the previous quarter.

The company expects higher carbon steel pricing to provide some support to average selling prices, partially offsetting relative weakness in stainless steel and aluminium.

Chief executive officer Eddie Lehner said daily shipment volumes and invoice counts remained strong despite typical seasonal patterns, supported by investment in artificial intelligence infrastructure and power generation.

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Steel Dynamics expands their aluminium exposure

Steel Dynamics has also strengthened its position in the aluminium sector through recently added operations supplying aluminium flat-rolled products to the beverage can industry, as well as automotive and industrial markets.

On November 9, the company's board authorised an additional USD 3 billion share repurchase programme, supplementing an earlier USD 1.5 billion authorisation. The previous programme had USD 216 million remaining as of September 30, 2026.

The company also declared a quarterly cash dividend of USD 0.53 per common share, payable on or around January 8, 2027.

The latest developments highlight differing conditions across the metals industry. While carbon steel prices have benefited from tighter supply and supportive trade measures, softer aluminium pricing has influenced metal price adjustments for rolled products manufacturers. Constellium's improved full-year outlook and Ryerson's fourth-quarter expectations offer further indications of how companies are navigating the changing market environment.

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