An analytical and questioning mind led her to study journalism and then into a career as a commodities analyst. And it’s here she’s risen to become one of the country’s top metals and mining equity research analysts.
Timna Tanners’ passion for this often overlooked, but incredibly vital sector shines through her work as she takes large amounts of information and complex data and compiles them in a way that’s easy to understand. Her various theses – “sheet storm,” “scrap surge,” and “rebarmaggedon”, among others – are popular in the industry.
In a sector too often perceived as “old & dirty,” a frequent question is how to attract more young people into metals. My recent conversation with Tanners, who is among the most popular speakers at SMU’s events and Community Chats, reminded me that many of us in this industry often end up here by accident but end up staying. SMU took some time to catch up with Timna, who recently joined Wells Fargo as managing director of equity research.
Q: A metals industry analyst isn’t something a young person might immediately think of when considering a career. Tell us about your path. What led you to the industry; what’s kept you here; and what excites you about the future?
So, while it’s true I didn’t dream as a little girl of being an equity research analyst covering metals and mining, I did always have a questioning, analytical mind.
While in school, I always worked on the newspaper. After earning a journalism degree, I spent almost five years in Mexico City as a foreign correspondent for Reuters, covering oil markets. That really kicked off my fascination with commodities and helped me appreciate how global and politically influenced they can be.
When I pivoted into finance, I landed again in commodities, and have found the steel markets particularly compelling, with fluctuations in supply and demand plus global events and policy marrying into a complex tale of the economy and policy. Other aspects of our economy may be considered snazzier, but metals are tangible and critical, and they aren’t a fad!
I’ve really enjoyed getting to know most of the industry participants, in particular the service centers that work to navigate mill actions with their customers’ needs. I also enjoy explaining the industry to investors, even though it can be challenging to determine the next move in the cycle and whether the stocks look compelling at a given moment. I also enjoy being an example to younger people and women entering the industry, which has been a necessary transition from past decades.
In terms of the future, I think the new capacity additions will lead the market to a new chapter, not only one with more restrictions on foreign supply, but also with a reduced need for it as the domestic market becomes more self-sufficient.
Q: What is the role of an analyst in the steel industry, and why is it important?
Equity research analysts must have an opinion on companies as investment vehicles, but this generally also requires a view on the future steel price and the direction of demand. This requires analysis of US supply and demand, perhaps global supply and demand, input costs, mill behavior, M&A opportunities, etc. Our forecasts don’t necessarily jibe with what the companies state to be their future view, but we have a responsibility to investors to call it like we see it.
More voices in the industry provide more debate and discussion, which keeps markets interesting. Increasingly, the futures market and its participants also add to this debate.
Q: Considering the world we’re living in today, what advice would you share with SMU readers and Summit attendees, especially those just starting out in the industry?
It’s been a challenging year, with tariff talk dominating the markets and press, but we must continue to look beyond the current uncertainty to more steel supply and demand in the longer term. Steel is such an integral part of our society; it’s been good to see it appreciated more in recent years.
I appreciate how SMU brings consumers and mills together in a unique way to foster a dialogue that I think makes the industry healthier in the long run. I’m very excited to see everyone in Atlanta and reconnect.
Join us at the 2025 Steel Summit to hear Tanners’ latest take on steel markets and forecast for flat-rolled steel prices for the coming year.
