Southern Copper, Freeport-McMoRan top U.S. peers as steelmakers retreat  

Global miners Southern Copper (NYSE: SCCO), Freeport-McMoRan (NYSE: FCX) and Newmont (NYSE: NEM) once again topped their U.S. peers for market capitalization and earnings while several steelmakers had a down year. 

Led by new CEO Kathleen Quirk, who took over from longtime boss Richard Adkerson in mid-2024, FreeportMcMoRan outperformed rivals by posting full-year net income of $4.4 billion (C$6.03 billion). It topped its copper sales guidance and delivered higher operating cash flow as revenue hit $25.5 billion amid rising commodity prices. 

Underground mining and mill operations at the company’s Grasberg mine in Indonesia set new records and the company’s new local venture – a precious metals refinery – began producing gold in December. Production at the facility is expected to hit full capacity this year. Following a fire in October, repairs at a smelter in Indonesia are ongoing and a full ramp-up is expected to be achieved by year-end. 

Southern Copper kept its crown as the most valuable U.S. miner with a market capitalization of more than $85 billion at press time. 

Latin America 

The company advanced several key Latin American projects as it boosted output. Development at the long-delayed Tía María copper project in Peru resumed in mid-2024 with early construction activities . Elsewhere in Peru, permitting and studies advanced at Los Chancas and Michiquillay. 

Newmont, the second most valuable U.S. miner, started delivering on its post-Newcrest Mining acquisition strategy by stabilizing production, trimming its portfolio and strengthening its balance sheet. It produced 6.8 million oz. of gold and 153,000 tonnes of copper last year while generating a record $2.9 billion in free cash flow. The trend continued in 2025’s first quarter, when free cash flow hit a record $1.2 billion. 

Denver-based Newmont also advanced major expansion projects, including Tanami in Australia and Ahafo North in Ghana, while finalizing the sale of all six non-core operations announced in February 2024. Gross proceeds from the divestitures could reach up to $3.8 billion. 

AngloGold Ashanti (NYSE: AU) rode the gold price surge to post a fiscal 2024 profit of $1 billion, rebounding from a year-earlier loss. Free cash flow rose nearly tenfold to $942 million. 

Egypt acquisition

A highlight was the $2.5 billion acquisition of Centamin in November, which added the Sukari gold mine in Egypt and exploration assets in Côte d’Ivoire. AngloGold subsequently sold its Doropo and ABC projects in Côte d’Ivoire in May to Resolute Mining (ASX: RSG) for up to $185 million. 

Royal Gold (Nasdaq: RGLD) delivered record net income of $332 millionin 2024, a 39% increase, as revenue and operating cash flow also set new highs. 

The company later announced two acquisitions: Sandstorm Gold, for about $3.5 billion in stock, and Horizon Copper, for $196 million in cash. Both deals, which are set to close in the fourth quarter, should significantly expand the company’s streaming and royalty portfolio. 

North Carolina-based Nucor (NYSE: NUE) is one of several steelmakers that suffered the effects of weaker demand. Net income before non-controlling interests plunged 53% to $2.32 billion last year while revenue dropped 11% amid weaker tons shipped and average realized prices.  

Nucor had a relatively busy year on the acquisitions front. It bought Southwest Data Products for $115 million and Rytec for $565 million, adding commercial door capacity. 

Declining shipments 

Steel producer and metal recycler Steel Dynamics (Nasdaq: STLD) also felt the downdraft as 2024 net income plunged 40% to $1.5 billion due to declining shipments and lower realized product pricing. Net sales dipped to $17.5 billion while losses at the unprofitable Sinton Texas flat roll steel division narrowed to $182 million. 

It was a similar story at metals processor Reliance (NYSE: RS), which saw profit sink about 35% as sales fell 6.6%. Reliance still completed four acquisitions in 2024, adding about $400 million in annualized revenue and broadening its geographic footprint and processing capabilities. 

Alloys maker Carpenter Technology (NYSE: CRS), whose fiscal year ends in June, bucked the trend. After generating a record $137.8 million of operating income in the fiscal third quarter, the company raised its full-year guidance in April to as much as $527 million – 50% more than fiscal 2024’s adjusted operating income.  

Production records 

Alcoa (NYSE: AA) swung to a $60 million profit in 2024, rebounding from a year-earlier loss as revenue rose 13% and five smelters set new production records.  

Highlights included the August 2024 acquisition of Australia-based Alumina in a $2.8-billion deal that gave the company full ownership of the Alcoa World Alumina & Chemicals joint venture – which owns bauxite mines and alumina refineries in Australia, Brazil, Guinea and Saudi Arabia. Alcoa subsequently sold its 25% stake in a JV with Saudi Arabian Mining for about $1.35 billion. 

Commercial Metals (NYSE: CMC) saw fiscal 2024 net income drop 44% to $485.5 million on net sales of $7.9 billion. Management rolled out a cost-cutting program that aims to generate $100 million in additional pretax earnings through initiatives such as reduced alloy consumption. 

Century Aluminum (NasdaqGS: CENX) rebounded from a year-earlier loss to post a $302.8-million profit thanks to a gain on the acquisition of Jamaica’s Jamalco. Sales rose 1.5% to $2.2 billion, mostly due to higher prices.