Fabricated Metal Products Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

MATERIALS › MATERIALS › FABRICATED METAL PRODUCTS

Backlog Quality Separates the Movers While Buyers Stay on the Sidelines

This update covers what moved, what companies announced, and where the transaction record stands for September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Fabricated Metal Products Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   MATERIALS › MATERIALS › FABRICATED METAL PRODUCTS

   Cover slide introducing the Fabricated Metal Products bi-weekly industry events and M&A update for September 14–28, 2026.

   We open with the two-week scorecard for Fabricated Metal Products, covering what moved, what companies announced, and where the transaction record stands. Backlog quality is what separated this period's movers, while buyers largely stayed on the sidelines — so that's the lens we'll use throughout.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE MATERIALS › MATERIALS › FABRICATED METAL PRODUCTS Backlog Quality Separates the Movers While Buyers Stay on the Sidelines This update covers what moved, what companies announced, and where the transaction record stands for September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Fabricated Metal Products Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Order Books Carried the Period; The Transaction Record Stood Still

   This slide summarizes the two-week period: sector price moves, the leading catalyst, and the state of the transaction record.

   Across the nine names we cover, five rose and the median move was +0.6%, trailing the S&P 500's +1.6% gain. The strongest single move came from Ampco-Pittsburgh Corp. (AP), up +10.6%, with in-window coverage tying the move to firmer steel demand and a stronger backlog. No new transactions were added to the record this period, so the trailing set of 40 deals at a median of 8.4x remains the anchor. That combination — public names moving on order-book news while the deal record holds still — is the story we want you to take from this page.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Order Books Carried the Period; The Transaction Record Stood Still The two-week period in one page · 9 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Fabricated Metal Products Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 5 of 9 Covered Names Rose; The Median Move Was +0.6% The S&P 500 returned +1.6% over the same window. The sector moved with the market rather than ahead of it, with the action concentrated in two small-cap names. 2 The Order-Book Story Led the Gainers Ampco-Pittsburgh Corp. (AP) rose +10.6%, its strongest day +4.8% on Sep 17. In-window coverage pointed to firmer steel demand, rising backlog and restructuring gains, with one piece noting the shares are up 217% over a year. 3 No Transactions Were Added to the Record The trailing precedent set stands at 40 transactions with a median EV/EBITDA of 8.4x. The sector study's CY2027E median is 6.7x, so the record still prices conversion earnings above where the public set trades. 4 The Tier Spread Stayed Wide NeuraCap's standing view puts the Premium tier at a 21.5x median against 4.3x for the Discount tier. This period's moves came from both ends of that map, which is consistent with the thesis rather than a challenge to it. +12.1% Best mover — Worthington Steel, Inc. (WS) worst: CRS -5.6% · 5 up / 4 down of 9 covered +0.6% Sector median two-week return vs S&P 500 +1.6%

3. 03
   PUBLIC MARKET MOVERS

   Small-Cap Order Books Get Rewarded While a Premium Name Gives Ground

   This slide ranks the two-week share price moves across covered names, split between small-cap gainers and a premium-tier decliner.

   Worthington Steel, Inc. (WS) and Ampco-Pittsburgh Corp. (AP) led the gainers, up +12.1% and +10.6% respectively, while Carpenter Technology Corporation (CRS), a Premium-tier name in our standing view, fell -5.6%. The sector's median move of +0.6% sat below the S&P 500's +1.6%, so the action was concentrated rather than market-wide. Our materiality bar for this window is 7.7% on a sector-relative basis, and both AP and WS cleared it. That divergence between small caps and a premium name is worth watching into the next reporting window.

   Everything on this page

   PUBLIC MARKET MOVERS Small-Cap Order Books Get Rewarded While a Premium Name Gives Ground Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median +0.6% · S&P 500 +1.6% · materiality bar ±7.7% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Fabricated Metal Products Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median +0.6% Ampco-Pittsburgh Corp. (AP) +10.6% The move appears to reflect in-window coverage of firmer steel demand, rising backlog and restructuring gains (Zacks, Sep 17), alongside a Sep 16 announcement that the CEO and CFO would present at a small-cap investor conference. Backlog and book-to-bill, not spot spread, were what the market paid up for in this window. COMPANY-SPECIFIC Carpenter Technology Corporation (CRS) -5.6% No notable in-window news was identified that clearly explains the move. The -5.6% return trailed the +0.6% median for covered names. Premium-tier names carry the sector's highest multiples, so shifts in sentiment show up fast in their prices. UNEXPLAINED Worthington Steel, Inc. (WS) +12.1% No notable in-window news was identified that clearly explains the move. The +12.1% gain, with a +4.7% best day on Sep 22, sits well above the +0.6% median for covered names. Discount-tier processors can re-rate quickly when the market revisits conversion economics. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Companies Used the Window to Return Cash and Set the Next Reporting Marker

   This slide lists the two-week period's highest-impact company events, each linked to its underlying filing or article.

   The period's highest-impact events centered on cash return and the next reporting checkpoints, with each item linked to its source filing or article. Friedman Industries, Incorporated (FRD) and Insteel Industries, Inc. (IIIN) both set calendar markers that put their next hard numbers in October. We read these as visibility events rather than surprises, and we flag where no driver is recorded rather than guessing. That distinction matters for how much weight to put on any single move.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Companies Used the Window to Return Cash and Set the Next Reporting Marker The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Fabricated Metal Products Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 16 · NEWS · Business Wire Ampco-Pittsburgh put its CEO and CFO in front of small-cap investors on September 23 Sending the top two officers to present mid-turnaround signals management is comfortable talking about the order book and the segment mix behind it. Small-cap fabricators with improving backlogs are competing for investor attention as well as for tons. Sep 24 · NEWS · Benzinga Howmet Aerospace Inc. (HWM) was named as a final trade pick on CNBC's Halftime Report Aerospace-qualified content is the part of this sector generalist investors reach for first, and Howmet sits in the study's Premium tier. Specification-locked, first-article-qualified content continues to command the market's attention. Sep 22 · NEWS · GlobeNewsWire Friedman Industries' board declared a cash dividend on its metals processing and pipe business Continuing the payout signals the board sees enough visibility in processing volumes and in its metal position to fund distributions through the cycle. Steady distributions from processors read as capital discipline rather than a volume growth call. Sep 22 · NEWS · Business Wire Insteel Industries set October 22 for its fiscal fourth-quarter results and call The date puts a near-term marker on tons shipped and conversion spread in the construction supply chain, which is the cleanest read available on end-market demand. Fiscal year-end prints from the smaller fabricators are the next hard data point for the sector.

5. 05
   M&A & STRATEGIC ACTIVITY

   Buyers Stayed Quiet, so the Existing Precedent Set Still Sets the Bar

   This slide reviews the precedent transaction record, which added no new deals in the two-week window.

   No new transactions entered the record this period, so the trailing precedent set of 40 deals at a median of 8.4x EV/LTM EBITDA still sets the bar. That multiple sits above the sector study's CY2027E median of 6.7x, meaning the deal record continues to price forward earnings richer than the public market does. With buyers quiet, the existing precedent set carries more weight than usual for anyone benchmarking a potential transaction. We'll flag the moment that changes as soon as a new deal is recorded.

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   M&A & STRATEGIC ACTIVITY Buyers Stayed Quiet, so the Existing Precedent Set Still Sets the Bar September 14–28, 2026 · precedent transactions: 40 recorded deals · median 8.4x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Fabricated Metal Products Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The trailing set of 40 precedent transactions carries a median EV/EBITDA of 8.4x, which remains the reference point in pricing conversations. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 40 Recorded precedent transactions the reference set buyers and sellers price against 8.4x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What the Period Changes for Operators, Buyers and Advisors

   This slide translates the two-week period's evidence into observations for operators, acquirers and advisors.

   For owners and operators, the market rewarded order-book visibility, with five of nine covered names up on a median move of +0.6%. For acquirers, the reference set moved even though the precedent set didn't, leaving the trailing 40 deals at 8.4x as the anchor. For advisors, the period's biggest gain traced to backlog and demand commentary, so leading with backlog quality and the next calendar markers from Friedman Industries, Incorporated (FRD) and Insteel Industries, Inc. (IIIN) is the more persuasive story right now. These are observations drawn from the recorded evidence, not recommendations.

   Everything on this page

   WHAT IT MEANS What the Period Changes for Operators, Buyers and Advisors The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Fabricated Metal Products Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 6.7x 11 companies in the study 3 valuation tiers Standing thesis: Fabricated Metal Products Splits Between Processing, Contract Fabrication and Adjacent Models FOR OWNERS & OPERATORS The Market Paid for Order-Book Visibility Companies in the space traded higher on balance, with 5 of 9 covered names up and a median move of +0.6%. The coverage that travelled furthest was about backlog, book-to-bill and firmer demand rather than spot spread. FOR ACQUIRERS The Reference Set Moved, the Precedent Set Did Not Nothing was added to the transaction record this period, so the trailing 40 transactions at a median of 8.4x remain the anchor. What did change is the public comparison set: Ampco-Pittsburgh Corp. (AP) at +10.6% and Worthington Steel, Inc. FOR ADVISORS Lead with Backlog Quality and Qualified Content The period's evidence is an earnings-visibility story: order-book commentary drove the biggest gainer, and the two calendar items from Friedman Industries, Incorporated (FRD) and Insteel Industries, Inc. (IIIN) put the next hard numbers in October.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This slide explains the sources and methodology behind the update and states the important notice.

   Every figure in this update links back to the record it was taken from, and the sources we drew on for the period are listed on this page. We rely on a fixed reliability order — SEC filings, press releases, then established outlets — and we never use video or social platforms as a source. That discipline is what lets you trust the attribution language elsewhere in the deck.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Fabricated Metal Products Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. 2 names below the floor were excluded from movers and statistics for this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260928T100641Z_339_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: businesswire.com · benzinga.com · globenewswire.com

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