What Mueller Industries, Inc. told the SEC could break it.

Mueller's core product lines are copper- and brass-based (copper tube, copper fittings, brass rod), so its revenue and margins move directly with metal prices — net selling prices added $336.9M to 2025 sales primarily from these lines — and an inability to obtain raw materials/energy would impair manufacturing.

“The increase in net sales in 2025 was primarily due to (i) higher net selling prices of $336.9 million in our core product lines, primarily copper tube, copper fittings, and brass rod, (ii) incremental sales of $208.1 million recorded by Nehring, acquired in fiscal June 2024”

US tariffs on imports from China, Mexico and Canada — and retaliatory tariffs — can indirectly cut Mueller's sales via its customers; after the Feb 20, 2026 Supreme Court ruling striking IEEPA tariffs, the administration announced new tariffs on imports from all countries under other authorities, adding further trade-policy uncertainty.

“Further, on February 20, 2026, the United States Supreme Court issued a ruling striking down certain tariffs previously imposed under the International Emergency Economic Powers Act (IEEPA). Following the Supreme Court's decision, the U.S. presidential administration announced its intention to invoke other laws to collect tariffs and announced new tariffs on imports from all countries, in addition to any existing non-IEEPA tariffs.”

With operations in Canada, Mexico, Great Britain, South Korea, the Middle East and China, Mueller faces currency-translation and competitiveness risk; significant moves in the British pound, Mexican peso, Canadian dollar and South Korean won could adversely affect results, and a stronger US dollar could expose its US businesses to lower-cost foreign producers like China.

“Accordingly, significant changes in exchange rates, particularly the British pound sterling, Mexican peso, Canadian dollar, and the South Korean won, could have an adverse impact on our results of operations or financial position.”