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.
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This morning ArcelorMittal reported Q2 2009 financial results. See the press release here. EBITDA per ton improved to $65 in Q2, up from $50 in Q1. This is the best number reported thus far among companies tracked in the Nerds of Steel earnings spreadsheet.
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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.
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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.
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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.
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Based on reported import licenses, US flat products imports declined 23% from 350,000 short tons in May to 270,000 tons in June. This compares to flat products imports of 816,000 tons in September 2008 when we started collecting flat products license data.
Hot dip galvanized imports showed the largest decline at 28% falling to 63,000 tons. Cut plate imports fell by 23% to 21,000 tons, hot roll imports dropped by 22% to 136,000 tons, and cold roll imports declined 20% to 49,000 tons.
Licenses reported up to 14 July indicate that full month July results will be even lower than June’s.
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