Today, both AK Steel and US Steel announced earnings for the first quarter of 2011. Links to the respective press releases appear below.
Both companies reported improved results in Q1. AK’s EBITDA per ton shipped jumped to $50, up dramatically from the $77 of negative EBITDA reported in Q4 2010. US Steel reported a much less significant increase in EBITDA per ton shipped. Q1 2011 EBITDA was $14, compare to $10 in Q4 2010. Other companies will be reporting soon and we’ll keep track of the results in the Nerds of Steel Earnings Spreadsheet.
This week Steel Dynamics and Nucor announced first quarter 2011 financial results. Links to each companies’ earnings press release appear below.
Both companies reported improved financial results compared to Q4 2010 and described their quarters as “strong”. Steel Dynamics achieved EBITDA per ton of $111 in the first quarter, up from $49 in Q4 2010. Nucor’s EBITDA per ton was $71 in Q1 2011, up from $33 in Q4 2010. While volumes and margins suggest Q2 could be as good or better than Q1, the lack of activity in non-residential construction markets is a hindrance that was mentioned by both companies. Keep track of results for other steel companies by checking the Nerds of Steel earnings spreadsheet.
Based on reported import licenses, US long product imports rose 29% from 196,000 short tons in February to 254,000 tons in March. In comparison, March 2010 imports were 232,000 tons, March 2009 168,000 tons, and March 2008 314,000 tons.
Imports of all long product categories rose except rebar, which dropped by 14,000 tons. The biggest rise was from parallel flange sections, which increased by 26,000 tons due mainly to higher imports from Luxembourg and So. Africa. In addition, wire rod imports rose by 21,000 tons and all other structural sections imports by 13,000 tons.
I will update the spreadsheet below to add April licenses to date as soon as the next license report is published.
Based on reported import licenses, US flat products imports increased 34% from 440,000 short tons in February to 589,000 tons in March. This can be compared to 640,000 tons in March 2010 and 488,000 tons in March 2009.
Imports of all flat product categories increased. Hot roll imports rose the most by about 67,000 tons, due mainly to imports from Canada, but with increases also from Korea and the Netherlands. Cold roll imports increased by 43,000 tons, here due largely to a strong rise from Brazil. And finally, hot dip galvanized imports rose by 34,000 tons and cut plate by 5,000 tons.
I will update the spreadsheet below as soon at the next licenses are reported in order to show mid-April license data.
worldsteel published the February 2011 crude steel production data a couple of weeks ago. World production was down 8% over January but up 8% compared to February 2010. About half of the February decline was due to lower Chinese production. As usual, all the data for February 2011 (and for a number of prior years) is in the Nerds spreadsheet below:
Based on reported import licenses, US long products imports declined 10% from 221,000 short tons in January to 198,000 tons in February. In comparison, February 2010 long products imports were 206,000 tons, February 2009 imports were 115,000 tons, and February 2008 imports were 331,000 tons.
The decline was driven by lower imports of all products except rebar and beams, which rose by 31,000 tons and 2,000 tons respectively. The highest drop in imports came from wire rod which was down by 35,000 tons due to lower imports from a number of countries including Venezuela, the UK, and So. Africa (counteracting a rise from countries such as Turkey and Italy).
Long products imports for March reported March 15th were 99,000 tons, which should mean that full-month March imports will be lower than February’s (but since my prediction of a rise in February was wrong, I’ll leave the forecasting to our readers).
