Third-quarter earnings reports from major metal producers reveal the impact of higher metal prices across the supply chain, from mining to manufacturing. Freeport-McMoRan Inc. (NYSE: FCX) reported a net income of $1.2 billion, driven by an average realized copper price of $6.54 per pound, up from $4.68 a year earlier. Nucor Corporation (NYSE: NUE) saw net earnings rise to $1.32 billion, with steel mills segment prices increasing to $1,233 per ton. Kaiser Aluminum Corporation (NASDAQ: KALU) reported net sales of $1.21 billion, reflecting a 57% increase in its Hedged Cost of Alloyed Metal. ATI Inc. (NYSE: ATI) reported sales of $1.42 billion and raised its full-year adjusted EBITDA guidance by $35 million.
The recent tariff changes under Section 232 have played a significant role in the sector's performance. Proclamation 11021, signed in April 2026, set duties at 50% for aluminum and steel articles and 25% for certain copper articles. A subsequent proclamation in June expanded the category of derivative products subject to a reduced 15% duty. Production data shows higher domestic output compared to last year, with steel production up 5.3% year-to-date and aluminum production increasing from July 2025 to July 2026.
Company executives highlighted the positive impact of favorable pricing and strong demand. Freeport-McMoRan's Kathleen Quirk noted the strength of their diversified portfolio, while Nucor's Leon Topalian emphasized robust demand across key end markets. Kaiser Aluminum's Keith A. Harvey pointed to improved conversion revenue and favorable pricing. ATI's Kimberly A. Fields reported a 26% year-over-year sales growth and a 46% increase in adjusted EBITDA.
Americas Gold and Silver Corporation (TSX: USA) (NYSE American: USAS) announced record silver production of 800,458 ounces and record silver sales of 860,850 ounces for the third quarter of 2026. The company also reported antimony production and sales, with realized prices of $60.54 per ounce of silver and $8.79 per pound of antimony.