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."
Jul. 29, 2014, 8:31 AM
Jul. 28, 2014, 5:30 PM
- ACI, AET, AGCO, AIXG, AKS, ALLY, AMAG, AMG, ARW, AUDC, AVX, AXE, BP, CARB, CAS, CNX, CPLA, CRS, CVLT, CYNO, DIN, DSX, ECL, ENTG, ETN, ETR, FDP, FIS, FSS, GLT, GLW, GNC, GTI, HCA, HMC, HRS, HW, ICON, IP, IPGP, ITW, KLIC, LVLT, MDC, MDSO, MDXG, MHFI, MLM, MMC, MRK, MSO, NCI, NEE, NLSN, NMM, NOV, NYT, OSK, PCAR, PFE, POR, RAI, RYN, SAVE, SIRI, SNCR, ST, TLM, TRW, UAM, UBS, UBSI, UDR, UPS, UTHR, VSH, WDR, WM, WYNN, XYL, YNDX
Apr. 22, 2014, 9:44 AM
- AK Steel (AKS -3.4%) reports a wider Q1 loss on higher production costs due to an unplanned outage of the Ashland Works blast furnace and high energy costs caused by extremely cold winter weather.
- Shipments fell 2.1% Y/Y to 1.26M tons, reflecting lower shipments of electrical steel and of carbon steel to the spot market, partially offset by higher automotive shipments; however, average selling prices rose 3% to $1,096/ton, primarily due to a richer shipment mix of value-added products.
Apr. 22, 2014, 8:31 AM| Comment!
Apr. 22, 2014, 12:05 AM
Apr. 21, 2014, 5:30 PM
Jan. 28, 2014, 3:11 PM
- AK Steel (AKS +19%), which reported a Q4 profit that beat expectations, and US Steel (X -1.2%), which lost money (unadjusted) for the seventh time in nine quarters, are moving in different directions today: AKS has jumped nearly 20%, while US Steel has dropped more than 1%.
- AKS beat forecasts primarily due to higher shipments, partially offset by a lower average selling price per ton; the average selling price per ton fell 4% Q/Q due to a lower proportion of value-added product shipments to the spot market.
- X’s results were disappointing in terms of guidance, and management failed to provide measurable cost savings targets or other Project Carnegie-related initiatives.
- Shares of Steel Dynamics (STLD +0.6%), which met earnings forecasts, and Nucor (NUE +0.6%), which beat, are up slightly.
Jan. 28, 2014, 8:34 AM| Comment!
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