Steel Dynamics reported second-quarter earnings that fell short of market expectations, posting revenue of $4.57 billion versus analysts’ $4.76 billion estimate and net income of $301 million, or $2.01 a share, compared with the $2.10 consensus. Management said lower shipments of steel and fabricated products reflected customer hesitancy created by uncertainty over U.S. trade policy, compounded by an inventory overhang in coated flat-rolled steel. “The uncertainty regarding trade policy continues to cause hesitancy in customer order patterns,” Chief Executive Officer Mark Millett told investors, adding that demand should recover once policy direction becomes clearer. The company also pointed to higher coated-steel inventories as an additional drag on quarterly performance. The mixed quarter at Steel Dynamics contrasts with Cleveland-Cliffs, which earlier in the day reported a narrower-than-expected loss of $0.50 per share on revenue of $4.93 billion and trimmed its 2025 capital-spending plan to about $600 million. Cleveland-Cliffs said strong domestic steel prices and recent tariffs were beginning to support its order book, particularly from automotive customers. Automaker Stellantis painted a different picture, swinging to a €2.3 billion first-half net loss after absorbing about €300 million in tariff expenses and suffering a 6 % drop in second-quarter vehicle shipments. Strategists at Baird and PIMCO warned that the broader manufacturing sector is likely to face further earnings volatility so long as tariff policy remains in flux.