Steel Stocks
Top 10 of 39 SLX holdings, updated
As of 12 October 2026, steel stocks are losing ground: still ahead of the S&P 500 over the longer run, but behind over the past month. SLX trails the S&P 500 by 7.2 points over one month and ranks #84 of 115 groups Zensei tracks. 11 of the 15 steel stocks Zensei prices in SLX beat the fund this month.
Where steel stocks stand now
As of 12 October 2026, Steel (SLX) ranks #84 of the 115 groups Zensei tracks by one-month return against the S&P 500. It is losing its lead. It built a 7.7-point advantage over the S&P 500 across the longer, time-shifted window, but over the past month it has slipped 7.2 points behind the market — the Cooling quadrant of the rotation map.
On the shorter tape, SLX's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. SLX's relative-strength line has broken below its long-term average — the long-term outperformance trend is no longer intact. Both signals point the same direction here: the market is not rewarding this group on either horizon.
The exposure comes via VanEck Steel ETF, whose 39 tracked holdings are led by BHP Group Ltd, Rio Tinto PLC and Vale SA. Weighted by portfolio, the fund's holdings trade at roughly 19.0× earnings. The thing to watch from here is whether this is a pause or a handoff: cooling groups sometimes reset and reclaim leadership, but a deepening one-month deficit usually means rotation has moved on.
As of , these are the largest steel stocks in SLX by fund weight, and the strongest over the past month. Size and recent return are measurements, not recommendations.
Top steel stocks by fund weight
Ranked by largest share of SLX
- 1BHP Group LtdBHP7.2%
- 2Rio Tinto PLCRIO7.1%
- 3Vale SAVALE6.7%
- 4Nucor CorpNUE6.5%
- 5Arcelormittal SA Depository ReceiptMT5.4%
Best steel stocks this month
Ranked by one-month return, among the holdings Zensei prices
- 1Worthington Steel IncWS+12.6%
- 2Cleveland-Cliffs IncCLF+6.9%
- 3Reliance IncRS+1.7%
- 4Tenaris SATS+1.1%
- 5Companhia Siderurgica NacionalSID+0.4%
Steel Stocks vs the S&P 500
Over the week to 12 October 2026, SLX fell 1.7% while the S&P 500 rose 0.4%. The table compares SLX and SPY (the S&P 500) over every window Zensei tracks. The spread is the difference: positive means SLX won that window.
Prices as of · computed from daily adjusted closes · how we measure
Steel on the rotation map, against the 11 broad S&P 500 sectors. Vertical: 1-month spread vs the S&P 500. Horizontal: the longer, time-shifted window.
Are steel stocks expensive?
The price-to-earnings ratio of SLX as a whole: the total price of its holdings over their total earnings, weighted by share of the fund. Holdings that lose money are left out. Compare with every sector and theme: P/E ratio by sector.
SLX holdings: the steel stocks inside
This list covers all 39 steel stocks in SLX, heaviest first; the 10 largest show their returns where Zensei has a price. As of 12 October 2026, 11 of the 15 steel stocks Zensei prices in SLX beat the fund over the past month. 2 of them beat the S&P 500. The strongest is Worthington Steel Inc (WS); the weakest is Arcelormittal SA Depository Receipt (MT). Inside the fund, most holdings move the same way.
| # | Holding | Weight | 1M | 3M | vs fund 1M | Momentum | RS health |
|---|---|---|---|---|---|---|---|
| 1 | BHPBHP Group Ltd | 7.2% | −0.5% | +8.9% | +4.6 pts | Cruising | Broken |
| 2 | RIORio Tinto PLC | 7.1% | −5.6% | +7.3% | −0.5 pts | Weak | Broken |
| 3 | VALEVale SA | 6.7% | −11.2% | −1.9% | −6.1 pts | Weak | Broken |
| 4 | NUENucor Corp | 6.5% | −2.7% | +8.4% | |||
| 5 | MTArcelormittal SA Depository Receipt | 5.4% | −15.5% | −4.3% | |||
| 6 | STLDSteel Dynamics Inc | 5.2% | −0.0% | +2.4% | |||
| 7 | RSReliance Inc | 4.9% | +1.7% | +4.4% | |||
| 8 | Rio Tinto Ltd | 4.8% | — | — | No price data | ||
| 9 | Nippon Steel Corp | 4.5% | — | — | No price data | ||
| 10 | PKXPosco Holdings Inc | 4.5% | −11.7% | +9.2% | |||
All 39 SLX holdings by weight: BHP Group Ltd (BHP) 7.2%, Rio Tinto PLC (RIO) 7.1%, Vale SA (VALE) 6.7%, Nucor Corp (NUE) 6.5%, Arcelormittal SA Depository Receipt (MT) 5.4%, Steel Dynamics Inc (STLD) 5.2%, Reliance Inc (RS) 4.9%, Rio Tinto Ltd 4.8%, Nippon Steel Corp 4.5%, Posco Holdings Inc (PKX) 4.5%, Fortescue Ltd 4.3%, Tenaris SA (TS) 3.8%, China Steel Corp 3.0%, JFE Holdings Inc 2.5%, Ssab AB (Publ) 2.5%, Bluescope Steel Ltd 2.4%, Gerdau SA (GGB) 2.3%, Voestalpine AG 2.3%, Commercial Metals Co (CMC) 2.0%, Cleveland-Cliffs Inc (CLF) 1.9%, Mineral Resources Ltd 1.6%, Acerinox SA 1.5%, Russel Metals Inc 1.4%, TA Chen Stainless Pipe Co Ltd 1.4%, Ternium SA (TX) 1.2%, Eregli Demir VE Celik Fabrikalari TAS 1.1%, Yamato Kogyo Co Ltd 1.0%, Sims Ltd 0.9%, Maruichi Steel Tube Ltd 0.9%, Outokumpu OYJ 0.9%, Aperam SA 0.8%, Hyundai Steel Co 0.8%, Hanwa Co Ltd 0.6%, Feng Hsin Steel Co Ltd 0.4%, Worthington Steel Inc (WS) 0.4%, Labrador Iron ORE Royalty Corp 0.4%, Vesuvius PLC 0.4%, Companhia Siderurgica Nacional (SID) 0.4%, Kumba Iron ORE Ltd 0.3%.
Steel Stocks: common questions
Steel stocks list: which stocks are in SLX?
As of 12 October 2026, SLX holds 39 steel stocks, and this page lists all 39. The three largest by fund weight are BHP Group Ltd (BHP, 7.2%), Rio Tinto PLC (RIO, 7.1%) and Vale SA (VALE, 6.7%). Each one shows its fund weight; the 10 largest also show their one-month and three-month returns where Zensei has a price.
What are the best steel stocks this month?
As of 12 October 2026, ranked by one-month return, the three strongest steel stocks in SLX are Worthington Steel Inc (WS, +12.6%), Cleveland-Cliffs Inc (CLF, +6.9%) and Reliance Inc (RS, +1.7%). This ranks past return only; it does not forecast the next month.
What are the top 3 steel stocks?
As of 12 October 2026, the three largest steel stocks in SLX by fund weight are BHP Group Ltd (BHP, 7.2%), Rio Tinto PLC (RIO, 7.1%) and Vale SA (VALE, 6.7%). Fund weight shows size inside the fund, not a recommendation.
Which steel stocks are beating the sector?
As of 12 October 2026, 11 of the 15 steel stocks Zensei prices in SLX beat the fund over the past month. The strongest over the past month is Worthington Steel Inc (WS). The table above shows the largest holdings with their weights and returns.
Which ETF holds steel stocks?
Several ETFs hold steel stocks. Zensei tracks the group through SLX, the VanEck Steel ETF. As of 12 October 2026, its published holdings list 39 steel stocks, and the 10 largest make up 56.8% of the fund.
Are steel stocks outperforming the S&P 500?
No. As of 12 October 2026, SLX trails the S&P 500 by 7.2 points over the past month.
What is SLX?
SLX is VanEck Steel ETF. Zensei uses it to measure steel stocks against the S&P 500 (SPY).
What stocks does SLX own?
As of 12 October 2026, the largest of the 39 positions Zensei tracks in SLX are BHP Group Ltd, Rio Tinto PLC, Vale SA, Nucor Corp, Arcelormittal SA Depository Receipt. Each position measured against the fund, with momentum and relative strength, is part of Zensei Premium.
What quadrant is steel in right now?
As of 12 October 2026, steel is in the Cooling quadrant — still ahead over the longer window, but behind the market over the past month. The Zensei methodology page explains the quadrants.
Recent changes
- ·First tracked: losing ground
Related sectors
Track steel against the whole market
Zensei Edge maps 100+ sectors and themes against the S&P 500 — with the stocks inside each one, rotation history and alerts when leadership changes hands.
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