Investors focused on the Basic Materials space have likely heard of Steel Dynamics (STLD Quick QuoteSTLD - Free Report) , but is the stock performing well in comparison to the rest of its sector peers? Let's take a closer look at the stock's year-to-date performance to find out.

Steel Dynamics is one of 251 individual stocks in the Basic Materials sector. Collectively, these companies sit at #6 in the Zacks Sector Rank. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.

The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. STLD is currently sporting a Zacks Rank of #1 (Strong Buy).

Over the past 90 days, the Zacks Consensus Estimate for STLD's full-year earnings has moved 64.52% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.

Based on the most recent data, STLD has returned 60.24% so far this year. Meanwhile, the Basic Materials sector has returned an average of 16.44% on a year-to-date basis. This shows that Steel Dynamics is outperforming its peers so far this year.

Looking more specifically, STLD belongs to the Steel - Producers industry, which includes 24 individual stocks and currently sits at #8 in the Zacks Industry Rank. Stocks in this group have gained about 45.85% so far this year, so STLD is performing better this group in terms of year-to-date returns.

Investors with an interest in Basic Materials stocks should continue to track STLD. The stock will be looking to continue its solid performance.