Earnings season is again upon us. Five companies that we track in the Nerds of Steel earnings spreadsheet have released Q3 earnings. Links to the press releases can be found below.
All five companies reported slightly higher EBITDA per ton in Q3 over Q2, with an average increase of $12. And the range of outcomes fell in a fairly narrow band, from $50 to $75 per ton.
Chinese crude steel production was 65.4 million metric tonnes in September, 13% higher than in September 2012. Year-to-September production was 586 million tonnes, 10% higher than year-to-September production in 2012.
Comparing consecutive months, September production was 1% lower than August production, but due to the shorter September month, average daily production in September was 2% higher.
In addition, Chinese net finished steel exports were 3.7 million tonnes which is 7% lower than in September 2012 and 25% lower than in August 2013.
Worldsteel published September’s global crude steel production on October 21st. World crude steel production was 132.5 million metric tonnes, 7% higher than in September 2012 and 1% higher than in August 2013.
Chinese production rose by 13% between September 2012 and 2013 to reach 65.4 million tonnes though production fell by 1% from August 2013 to September 2013. Other significant production changes between September 2012 and September 2013 include a 6% decline in Russia, a 9% fall in South Korea, a 5% rise in Japan and a 6% increase in the US.
All the data for September 2013 and a number of prior years can be viewed in the Nerds spreadsheet below.
In its latest Short Range Outlook, published October 7th, Worldsteel revised its world apparent steel use for 2013 and 2014 upward. The revision increased estimated world steel consumption growth between 2012 and 2013 from 2.9% in its April Short Range Outlook to 3.1% in the recent published figures. In addition, its 2014 forecast for growth in apparent steel use increased from 3.2% in April to 3.3% in the latest bulletin. World apparent steel use is expected to be 1,475 million metric tonnes in 2013 and grow to 1,523 million tonnes in 2014.
Worldsteel currently estimates that China’s apparent steel use will grow by 6.1% in 2013, instead of by 3.6%, and by 3.0% in 2014 instead of 2.5%. However, the consumption growth rate in the rest of the word was revised downward to 0.6% in 2013 (from 2.5% in the April forecast) and to 3.6% in 2014 (from 3.8%). Of note: the European Union and NAFTA countries are expected to consume less steel than earlier forecasts in 2013, with the EU27 countries consumption down by 3.6% and NAFTA consumption flat.
See the spreadsheet below for all the Worldsteel Short Range Outlook figures published over the last few years.
China crude steel production was 66.3 million metric tonnes in August, 13% higher than in August 2012. Year-to-August production was 520.8 million tonnes, 9% higher than year-to-August production in 2012. And comparing consecutive months, China’s August 2013 production was 1% higher than July’s.
In addition, China’s net finished steel exports were 4.9 million tonnes, 62% higher than in August 2012 and 24% higher than in July 2013.
Worldsteel published August’s global crude steel production on September 20th. World crude steel production was 130.4 million metric tonnes, 5.4% higher than in August 2012 and 1.1% lower than in July 2013.
Chinese production increased by 13% between August 2012 and August 2013 to reach 66.3 million tonnes – more than 50% of world production. July to August Chinese production rose 1% or by 807,000 tonnes. Other Asian countries showed significantly lower production month-on-month such as the 661,000 tonne drop in S. Korea and the 142,000 tonne drop in Japan. Production in the EU-27 countries showed no change between August 2012 and 2013 – but Turkish production was 15% lower. US production also fell 3% over the same period.
As usual, all the data for August 2013 (and plenty of prior years) are ready to be analyzed in the Nerds spreadsheet below.
