Nerds of Steel

Today US Steel reported first quarter 2008 financial results. EBITDA per ton was $62, which is up from Q4 2007 but down from the 2007 average of $78. There were some special charges (inventory adjustments and a litigation reserve) which reduced reported operating income and EBITDA. Excluding these charges, EBITDA was $71 per ton, which is still below US Steel’s peers. To see how US Steel’s results compare to its peers, check out the Nerds of Steel Earnings spreadsheet.
A transcript of US Steel’s first quarter earnings conference call can be found here.

As the earnings season continues, the more eagle-eyed of you will also notice that US Steel’s Q4 & annual EBITDA and operating income results have been added to the NOS earnings spreadsheet which you can access here or see in the Steel Dynamics post below. You can see the full US Steel Q4 earnings release here.

Before we get too “hoity-toity” about the effects of Chinese industrial expansion on the Chinese and global environment, it’s worth being reminded of events in the not so distant past that affected industrial cities in the West and how we talked about them. Read the rest of this entry »

Here’s a link to the presentation re: the acquisition on US Steel’s website http://www.uss.com/corp/investors/presentations/Roadshow%20Presentation%20Final.ppt