Nerds of Steel

Financial results for Q3 2008 have been reported by ArcelorMittal, Gerdau, Gerdau Ameristeel, and Ternium. Operating income per ton and EBITDA per ton can be found on the Nerds of Steel earnings spreadsheet.

Press releases announcing quarterly results for each company can be found by following the appropriate link below.

ArcelorMittal’s Q3 results.

Gerdau’s Q3 results.

Gerdau Ameristeel’s Q3 results.

Ternium’s Q3 results.

Yesterday US Steel announced Q3 2008 earnings.  According to the press release this was the most profitable quarter in the company’s history.  EBITDA was $229/ton and operating income was $206/ton.  You can see US Steel’s 2007 and 2008 quarterly EBITDA and operating income per ton and compare the company’s performance to some of its peers by checking out the Nerds of Steel earnings spreadsheet.

AK Steel reported Q3 results today. You can see the results here. EBITDA for Q3 was $246/ton while operating income was $210/ton. AK projects Q4 shipments will be down 5% and operating income will fall to around $100 per ton. AK’s results are tracked against its peers on the Nerds of Steel earnings spreadsheet.

Nucor and Steel Dynamics announced Q3 results last week. Nucor’s results can be found here and Steel Dynamic’s here. Nucor’s EBITDA was very strong at $206/ton and included for the first time a full quarter’s impact of the David J. Joseph acquisition. Steel Dynamics result’s were also strong, with EBITDA of $161/ton. Check out these results on the Nerds of Steel earnings spreadsheet.

Here is an excellent profile of pipe and tube maker John Maneely (JMC) in PDF format produced by NLMK at the time of their acqusition of JMC on August 12, 2008. It provides some very interesting detail on the size and shape of some of JMC’s major tube markets in the US. Click on the link below to open or right click to download.

nlmk-briefing-on-john-maneely-acqusition