Gerdau Ameristeel and Gerdau SA reported Q2 2009 financial results yesterday. Read Gerdau Ameristeel’s press release here and the English version of Gerdau SA’s release here. Both companies showed positive EBITDA per ton in Q2, with Gerdau Ameristeel showing a slight increase from $41 to $48. Gerdau SA, which includes the results of the former MACSTEEL, showed steady EBITDA per ton $84 in Q2 and $85 in Q1. Both companies did well relative to their peers, as can bee seen in the Nerds of Steel earnings spreadsheet.
Ternium posted Q2 2009 results today and will host a conference call tomorrow. See the earnings press release here. EBITDA per ton was $26, down from $57 in Q1. As can be seen in the Nerds of Steel earnings spreadsheet, Ternium was one of only two companies to report a decline in EBITDA per ton in Q2 relative to Q1. The other was US Steel.
US Steel announced second quarter 2009 earnings today. See the company’s press release here. X continues to struggle as a result of weak market conditions and pricing. Q2 EBITDA per ton was negative $104, which is $5 worse than Q1 EBITDA of negative $99 per ton. As you can see on the Nerds of Steel earnings spreadsheet, US Steel has been among the weakest performers so far in 2009 as measured by margin per ton.
Nucor and Steel Dynamics just reported Q2 2009 earnings. The Nucor announcement can be found here and Steel Dynamics’ announcement is here. Both companies improved relative to Q1, which looks like it may have been the bottom for steel industry profitability. Steel Dynamics posted positive EBITDA per ton of $46 in Q2, much improved from negative $46 in Q1. Nucor continues to be plagued by high cost pig iron inventory being consumed at its sheet mills. Nucor’s EBITDA per ton rose to negative $7 in Q2, an improvement over the negative $30 posted in Q1. Track steel industry results on the Nerds of Steel earnings spreadsheet.
AK Steel is first out of the blocks reporting earnings for the second quarter of 2009. See the results here. EBITDA per ton was ($24), still negative but better than Q1 when EBITDA was ($58) per ton. The improvement in EBITDA was driven by lower cash operating costs. AK’s average price per ton fell by $112 from Q1 to Q2, but its average cash cost of goods sold fell more, by $150 per ton. Check out the Nerds of Steel earnings spreadsheet where we track steel company results as they are reported.
