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Enough top-performing CAPS members have turned bullish on Steel Dynamics (NASDAQ:STLD) recently to upgrade it from its long held four-star rank to a more formidable five stars. A total of 979 members have given their opinion on Steel Dynamics, with many of them offering analysis and commentary explaining the recent optimism.

The recent quarter's financial results from steel producers Steel Dynamics, Nucor (NYSE:NUE), and U.S. Steel (NYSE:X), and aluminum maker Alcoa (NYSE:AA) all show significant dings as output stalls in the face of low demand. The industry is running at far less than full capacity, with companies like ArcelorMittal (NYSE:MT) and AK Steel (NYSE:AKS) recently announcing potential further cuts in production and staff, and Steel Dynamics warning that debt covenant waivers may be needed in the near future.

But with shares of Steel Dynamics reaching a multi-year low level late last year and with a price significantly off its 52-week high, many CAPS members are betting that an eventual economic turnaround could lead to huge profits on the stock. An extended slump from General Motors (NYSE:GM) and the rest of the auto industry isn’t expected to hurt Steel Dynamics or Nucor as much as others more reliant on auto-related products. Steel Dynamics is also well positioned to benefit more from an increase in heavy construction and infrastructure building in the U.S., aided by federal stimulus programs. Steel prices and materials costs have also shown signs of stabilizing, giving the company confidence that improvements will materialize in the second half of this year.

To see what the very best CAPS analysts are saying now about Steel Dynamics -- as well as other winning stocks they are picking -- head on over to CAPS and have a look. The community research and resources in CAPS are totally free, unlike analyst opinions reserved for paying clients.

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Fool contributor Dave Mock recently upgraded his driving attire with a pair of Speed Racer gloves. He owns no shares of companies mentioned here. The Fool's disclosure policy missed the word rutabaga at the recent spelling bee.