Nucor and Steel Dynamics reported Q3 financial results this week. Links to each company’s press release appear below:
Both companies reported lower EBITDA per ton than was reported in Q2. Steel Dynamics’ EBITDA per ton (based on all shipments, including steel and scrap) was $70 per ton, down from $110 in Q2. Just looking at SDI’s steel division, EBITDA per ton was $95, down from $151 in Q2. The company also announced recently that Keith Busse, one of SDI’s co-founders, will relinquish the role of CEO on January 1, 2012, but will remain on as Chairman of the Board. Mark Millet, another of SDI’s co-founders, will take over as CEO.
Nucor’s EBITDA per ton fell from $119 in Q2 to $84 in Q3.
We’ll post results and calculate EBITDA and operating income per ton on the Nerds of Steel earnings spreadsheet as they become available. We also intend to add a few companies to the list we have been covering. Any suggestions, feel free to drop us an e-mail.
worldsteel published September 2011’s world crude steel production today. Average daily production increased by 2.8% though monthly production was down 0.5% due to the short month. Countries where production declined the most in September included China with a 2.05 million metric tonne drop, the Ukraine (down 0.3 million tonnes), and the US (down 0.25 million tonnes). In comparison, a number of countries in Western Europe increased production, including Italy, France and Spain, probably due to higher production requirements after August holiday shutdowns.
As usual, all the data for 2011 (and for a number of prior years) is generously shared in the Nerds spreadsheet below.
Based on reported import licenses, US long products imports fell 26% from 190,000 short tons in August to 142,000 tons in September. This can be compared to 195,000 tons in September 2010, 136,000 tons in September 2009, 233,000 tons in September 2008 and 312,000 tons in September 2007.
Rebar imports dropped by 29,000 tons due to lower imports from Mexico and the Dominican Republic while wire rod imports fell by 11,000 tons mainly due to a heavy drop from Turkey. The reduction in imports for these two products accounted for 80% of the total drop between August and September.
October import licenses reported October 18th were 94,000 tons which is likely to mean that full-month October imports will be about the same as September’s.
Based on reported import licenses, US flat products imports declined 11% from 637,000 short tons in August (preliminary census data), to 564,000 tons in September. Flat products imports in September 2010 were only 1,000 tons different from 2011 at 563,000 tons while September 2009 imports were 434,000 tons and September 2008 imports were 816,000 tons.
Driving the overall decline were a 38,000-ton drop in hot rolled imports and a 22,000-ton drop in cut plate imports. Hot rolled imports were significantly lower from Korea, India, Canada and Mexico. Cut plate imports were lower from countries including Russia, Brazil, the Ukraine, but this was partially counteracted by higher cut plate imports from Turkey and Korea.
I will update the spreadsheet below when the next licenses are reported in order to show mid-October license data.
worldsteel published August 2011’s world crude steel production on Tuesday. Monthly production and average daily production both declined by 2.3% between July and August. Countries where production fell most included Italy, down 1,215K metric tonnes, China, down 550K tonnes, and France, down 440K tonnes. However, production increased in Spain, Russia, and the United States each by about 160K tonnes.
As usual, all the data for 2011 (and for a number of prior years) is in the Nerds spreadsheet below.
Based on reported import licenses, US long products imports rose 6% from 180,000 short tons in July to 190,000 tons in August. This can be compared to 249,000 tons of imports in August 2010, 125,000 tons in August 2009, and 207,000 tons in August 2008.
Imports of rebar, merchant bar, light shapes, and structural angles and channels rose, while imports of wire rod, beams and all other structural shapes declined. Rebar imports drove the overall rise by increasing 23,000 tons due to higher volumes from Mexico and the Dominican Republic.
I will update the spreadsheet below when the next licenses are reported in order to show mid-September license data.
