Tue, Oct. 27, 8:33 AM
Mon, Oct. 26, 5:30 PM
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Tue, Jul. 28, 8:31 AM
Mon, Jul. 27, 5:30 PM
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Tue, Jul. 21, 11:53 AM
- Steel stocks are higher after Steel Dynamics (STLD +6.8%) issues solid Q2 earnings and says it expects improved financial results in H2 driven by reduced steel import volumes and sustained lower scrap costs.
- STLD says it generated $309M in cash flow from operations during Q2, a 32% Q/Q increase.
- Still, Citigroup’s Brian Yu thinks STLD's results hint at tough times for AK Steel (AKS +3%) and U.S. Steel (X +2.1%); with utilization rates at 87% in Q2 vs. the 72% industry average, STLD may have been more aggressive taking share in the quarter, which along with lower engineered bar shipments, could help explain the drop in realized mills pricing and margins.
- Longbow’s David MacGregor argues that "trade cases are the [steel] market’s only hope now."
Tue, Apr. 28, 10:48 AM
- AK Steel (AKS +7.2%) surges higher despite posting a wider than expected Q1 loss, as revenues rose 27% Y/Y to $1.75B.
- Shipments surged 39% Y/Y to 1.75M tons, helped by a boost from an acquisition and strong demand from the automotive sector, but fell 13% from Q4 shipments of ~2M tons; average selling prices fell 8.9% Y/Y.
- AKS took a $256M writedown related to its investment in iron ore pellet joint venture Magnetation LLC, citing near-term liquidity issues caused primarily by a recent significant decline in global iron ore pellet pricing.
- AKS had warned last month that it would post a Q1 loss, with a 14% Q/Q decline in shipments to ~1.73M tons, due to high levels of steel imports.
Tue, Apr. 28, 8:33 AM
Mon, Apr. 27, 5:30 PM
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Thu, Apr. 23, 3:49 PM
- Steel companies are higher after Nucor (NUE +3.5%) reported Q1 earnings that exceeded analyst estimates and came in above the company's own earlier guidance of $0.10-$0.15.
- NUE says overall Q1 operating performance at its steel mills segment fell significantly Q/Q, as expected, primarily due to lower selling prices and margins resulting from the high level of steel imports flooding the domestic market, which the company says accounted for 33% of the finished steel market in the quarter.
- NUE reports shipments to outside customers declined 9% and average selling prices dropped 5% during the quarter.
- NUE says its automotive markets remained strong in Q1, and continues to see improving demand in non-residential construction markets; it expects Q2 earnings will improve Q/Q with steel mill margins likely to increase but remaining under pressure because selling prices have not fully stabilized and imports remain high.
- Related tickers: X +4.5%, AKS +6.7%, MT +4.9%, RS +9.5%, STLD +3.5%, WOR +2%, CMC +2.7%.
Tue, Jan. 27, 9:46 AM
- AK Steel (AKS +5.1%) opens higher after reporting a strong Q4 earnings beat and a 36% increase in revenues to $2B on sharply higher shipments, due to strong automotive sector demand and a boost from a recent acquisition.
- Average selling prices fell 4% Y/Y to $987/ton from $1,031/ton reported in the year-ago quarter, mostly on the higher proportion of hot-rolled coil shipments in the overall sales mix stemming from its September acquisition of Dearborn Works; shipments jumped 42% due to strong demand in the automotive sector and the Dearborn Works acquisition.
Tue, Jan. 27, 8:32 AM
Mon, Jan. 26, 5:30 PM
Nov. 4, 2014, 1:19 PM
- AK Steel (AKS -14.2%) is sharply lower despite reporting Q3 results that beat expectations, as investors appear to focus on a planned outage at one of its blast furnaces that is being pulled up into Q4 after originally being planned for 2015.
- While not providing specific Q4 guidance, AKS said Q4 results will be affected by the outage at its Ashland Works blast furnace which began in late October and should last ~28 days; the outage was advanced to Q4 from 2015 to fully address operational issues that began earlier this year.
- On its earnings conference call, AKS said Q3 was the company's best overall quarterly performance in five years; the higher EPS was helped by increased shipments as well as lower raw material and energy costs, and the automotive business enjoyed its best quarter since Q1 2006 (Briefing.com).
Nov. 4, 2014, 8:35 AM
Nov. 3, 2014, 5:30 PM
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Jul. 29, 2014, 3:38 PM
- AK Steel (AKS +3.1%) moves out to two-and-a-half year highs after reporting a surprise Q2 operating profit and reversing from a $0.30 loss a year ago.
- AKS posted Q2 sales of $1.53B on shipments of nearly 1.4M tons, up 6% Y/Y despite extreme winter weather conditions that slowed shipments of iron ore pellets; sales in the year-ago quarter totaled $1.4B on shipments of ~1.3M tons.
- The increase in shipments was primarily a result of the recovery from the planned and unplanned outages at the Ashland Works blast furnace in Q1.
- The average selling price during Q2 rose 3% Y/Y to $1,095/ton as a result of higher spot market prices for carbon steel products.
- After overcoming Q2's challenges, CEO James Wainscott says AKS is "well positioned for a much better third quarter and second half of 2014."
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