Gerdau and Ternium posted Q3 2012 financial results recently. Links to the respective press releases can be found below.
- Gerdau results can be found here
- Ternium results are here
Ternium again turned in a strong performance relative to the companies tracked in the
Nerds of Steel earnings spreadsheet, although the company’s EBITDA per ton in the third quarter, $136, was lower than the $146 reported in Q2. Despite the drop Ternium still reported the highest EBITDA per ton among the companies we track. Gerdau also reported lower EBITDA in the third quarter, $97 per ton, which was down from $120 in Q2.
Based on reported import licenses and as compared to September preliminary census data, US flat products imports rose 7% from 669,000 short tons to 718,000 tons in October. October flat products imports in 2011 were 703,000 tons, in 2010 509,000 tons, in 2009 482,000 tons, and in 2008 778,000 tons.
Hot roll imports rose by over 30,000 tons and hot dip galvanized imports rose by almost 25,000 tons. Only cut plate imports declined due to lower imports from a number of countries including Korea, France, Austria and Taiwan.
I will update the spreadsheet below as soon as final September census data are reported and at mid-November to provide a mid-month license update.
ArcelorMittal announced third quarter results today. The press release can be found here. The company’s EBITDA per ton fell to $61 from $102 in the second quarter. Guidance included in the press release suggests that fourth quarter performance will be weak as well, similar to this quarter. Given weak economic conditions and the company’s focus on deleveraging, ArcelorMittal also announced a dividend cut for 2013, to $0.20 per share from $0.75 per share this year. Results for ArcelorMittal and a dozen other companies are tracked in the Nerds of Steel earnings spreadsheet.
Four more companies announced third quarter 2012 results this week. Links to the press releases can be found below.
Commercial Metals posted the strongest results among these four companies with EBITDA per ton of $69 in the quarter. AHMSA was second at $53 followed by US Steel at $42 per ton. SSAB saw a significant deterioration in performance as EBITDA per ton dropped to $1 in the third quarter from $165 in Q2. You can compare these results to other companies we track by checking out the
Nerds of Steel earnings spreadsheet.
China crude steel production was 57.95 million tonnes in September, 2.2% higher than in the same month last year. Year-to-date Chinese crude production was 534.57 million tonnes, 1.3% higher than year-to-September 2011 output.
Comparing consecutive months, September production was 0.75 million tonnes lower than August, but due to the short September month, the average daily production rate was 2.0% higher. In addition, China’s net exports in September were 3.95 million tonnes, 0.91 million tonnes higher then net exports in August.
Worldsteel published September’s global crude steel production on October 22nd. World crude steel production was 123.6 million tonnes, 0.7% higher than in September 2011 for the 62 countries reporting. Average daily production increased by 3.3% compared to August 2012 but only due to the shorter September month as total production did not change.
China’s production increased by 2% compared to September 2011, and average daily production rose by 2% between August and September 2012. EU27 production dropped by almost 4% compared to September 2011, and US production fell by 3%. Compared to August 2012, US production showed a 0.6 million-tonne decline which is close to a 5% reduction in average daily production.
As usual, all the data for September 2012 (and for a number of prior years) is generously shared in the Nerds spreadsheet below.
