Gerdau SA and Gerdau Ameristeel reported Q2 results today. Gerdau SA’s results can be found here and Gerdau Ameristeel’s results can be found here. EBITDA per ton was strong for both companies - $260 for Gerdau SA and $197 for Gerdau Ameristeel. You can compare these results to other companies on the Nerds of Steel earnings spreadsheet.
Ternium announced Q2 results yesterday. This is the first time we’ve seen the company’s financial results excluding SIDOR, the Venezuelan steel company that was renationalized earlier this year. This first look at Ternium ex SIDOR is encouraging - Q2 EBITDA per ton was $314, well above other North American steel companies tracked in the Nerds of Steel earnings spreadsheet. Of course, as the company pointed out, Q2 margins were buoyed by selling prices rising faster than raw material costs, especially slabs. The company expects “a slightly lower operating margin” in Q3.
The release contains no specifics on the compensation the company might receive from the Venezuelan government for ceding control of its previous 60% ownership in SIDOR.
ArcelorMittal posted impressive Q2 results today. EBITDA per ton was $245, up from $157 in Q1. As can be seen in the Nerds of Steel earnings spreadsheet, the $245 per ton of EBITDA is well ahead of its North American peers. Of course, ArcelorMittal benefits more than any other steel producer from the breadth of its global presence and its integration along the steel industry value chain.
US Steel announced its results for Q2 2008 today. EBITDA per ton was $158, up dramatically from $62 in Q1 2008. After consistently trailing its NA peers in 2007 and Q1 2008, US Steel is now in line with the rest of the industry as can be seen in the Nerds of Steel earnings spreadsheet.
AK Steel and Steel Dynamics reported Q2 results today. You can see AK’s results here and SDI’s results here.
Both companies reported EBITDA per ton of $168 for Q2. You can see the results and compare them to other companies by viewing the Nerds of Steel earnings spreadsheet.
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