Business Unit PerformanceMetals Recycling business unit, representing 10% of operations, is experiencing negative performance due to ongoing trade issues.
Commodity PricingLack of clarity around steel pricing, combined with expectations for weaker WTI prices and narrow differentials, leads to caution regarding 2025 guidance.
Market DowngradeDowngrade to Market Perform reflects some slowing growth in SES' financial results into 2026, combined with the company's valuation now within the targeted range.