Iron Ore, Copper, Equities, Mint Finance

Umang Agrawal

Iron Ore, Copper, Equities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Equity Bottom-Up

<ul>
<li>Nucor’s management expects a 16% QoQ increase in EPS, with higher pricing and stronger volumes supporting earnings growth across both key segments.</li>
<li>Iowa’s planned steel capacity could reshape the longer-term supply balance, though the market has several years to absorb the additional tons before production ramps.</li>
<li>Elevated startup costs, raw material pressures, and Q4 seasonality emerge as key headwinds to monitor through the remainder of 2026.</li>
</ul>


Nucor’s management expects a 16% QoQ increase in EPS, with higher pricing and stronger volumes supporting earnings growth across both key segments.
Iowa’s planned steel capacity could reshape the longer-term supply balance, though the market has several years to absorb the additional tons before production ramps.
Elevated startup costs, raw material pressures, and Q4 seasonality emerge as key headwinds to monitor through the remainder of 2026.


Nucor’s Operating Momentum Meets a New Wave of U.S. Steel Capacity

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Nucor Corporation had been one of 2026’s standout industrial winners, rising 63% through September 17 as U.S. steel prices surged and investors embraced a powerful mix of infrastructure spending, data-center construction, manufacturing reshoring and tighter domestic supply.</li><li>Then the rally abruptly ran into resistance.</li><li>Shares fell nearly 6% after Nucor issued third-quarter earnings guidance below Wall Street expectations, making it the S&P 500’s worst-performing stock for the session.</li></ul>

Nucor Corporation had been one of 2026’s standout industrial winners, rising 63% through September 17 as U.S. steel prices surged and investors embraced a powerful mix of infrastructure spending, data-center construction, manufacturing reshoring and tighter domestic supply.Then the rally abruptly ran into resistance.Shares fell nearly 6% after Nucor issued third-quarter earnings guidance below Wall Street expectations, making it the S&P 500’s worst-performing stock for the session.

Nucor’s 63% Rally Hits A Wall—What Changed?

CEO / Founder, Crea8

Kim-Hwa Lim

CEO / Founder

Make an Impact

Crea8

Crea8 blends AI-driven precision, big data scalability, and rigorous quantitative frameworks with seasoned human insight. By extracting actionable intelligence from vast global datasets, we eliminate emotional bias and deliver optimal risk-adjusted returns. Our hybrid approach uncovers hidden market efficiencies and ensures your capital is dynamically positioned across markets.

Cross Asset Strategy

<ul>
<li>The strategy seeks to invest in a subset of stocks owned by globally renowned fund managers, but limited to those that are Shariah compliant.</li>
<li>
<p>By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.</p>
</li>
<li>
<p>Previous portfolio returned -3.5% vs. MSCI World (-1.3%) – underperformed the benchmark by</p>
</li>
</ul>


The strategy seeks to invest in a subset of stocks owned by globally renowned fund managers, but limited to those that are Shariah compliant.

By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.


Previous portfolio returned -3.5% vs. MSCI World (-1.3%) – underperformed the benchmark by



Global Top Fund Managers (Shariah) Portfolio (14-Sep-2026)

<ul><li>Dividends are a key component of overall returns. The strategy seeks to invest in high dividend and Shariah compliant stocks globally.</li><li>By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.</li><li>Previous portfolio returned -2% vs. MSCI World (-1.3%) – underperformed the benchmark by -0.7%.</li></ul>

Dividends are a key component of overall returns. The strategy seeks to invest in high dividend and Shariah compliant stocks globally.By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.Previous portfolio returned -2% vs. MSCI World (-1.3%) – underperformed the benchmark by -0.7%.

Global Income (Shariah) Portfolio (14-Sep-2026)

<ul><li>Nucor Corporation reported solid financial and operational results for the second quarter of 2026, demonstrating growth across its business segments amid supportive market dynamics and strategic capital investments.</li><li>The company delivered approximately $2 billion in EBITDA and earnings per share of $5.04, which included a noncash benefit of $0.20 related to an investment valuation adjustment, resulting in adjusted EPS of $4.84.</li><li>The quarter’s results exceeded guidance, underpinned by record shipment volumes and increased pricing, particularly in the Steel Mills and Steel Products segments.</li></ul>

Nucor Corporation reported solid financial and operational results for the second quarter of 2026, demonstrating growth across its business segments amid supportive market dynamics and strategic capital investments.The company delivered approximately $2 billion in EBITDA and earnings per share of $5.04, which included a noncash benefit of $0.20 related to an investment valuation adjustment, resulting in adjusted EPS of $4.84.The quarter’s results exceeded guidance, underpinned by record shipment volumes and increased pricing, particularly in the Steel Mills and Steel Products segments.

Nucor Corporation’s $2 Billion Quarter: Can Record Shipments Outrun Start-Up Costs?

United States

Nucor Corporation manufactures steel products.  The Company's products include carbon and alloy steel, steel joists, steel deck, cold finished steel, steel grinding balls, steel bearing products, and metal buildingsystems. Nucor also brokers ferrous and nonferrous metals, pig iron and HBI/DRI; supplies ferro-alloys; and processes ferrous and nonferrous scrap.

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Nucor Corp (NUE US)

Nucor’s Operating Momentum Meets a New Wave of U.S. Steel Capacity

Pricing, volumes and domestic demand remain supportive, but new U.S. capacity could become the next major test for Nucor.

Mint Finance

Nucor’s 63% Rally Hits A Wall—What Changed?

Nucor Corporation had been one of 2026’s standout industrial winners, rising 63% through September 17 as U.S. steel prices surged and investors...

Baptista Research

Global Top Fund Managers (Shariah) Portfolio (14-Sep-2026)

The strategy seeks to invest in a subset of stocks owned by globally renowned fund managers, but limited to those that are Shariah compliant. By...

Crea8

Global Income (Shariah) Portfolio (14-Sep-2026)

Dividends are a key component of overall returns. The strategy seeks to invest in high dividend and Shariah compliant stocks globally. By adopting...

Crea8

Nucor Corporation’s $2 Billion Quarter: Can Record Shipments Outrun Start-Up Costs?

Nucor Corporation reported solid financial and operational results for the second quarter of 2026, demonstrating growth across its business...

Baptista Research

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