Steel Mills
Record EBITDA for Severstal Columbus
Written by Sandy Williams
April 30, 2014
Severstal NA reported revenue of $1,016 million in first quarter 2014, an increase of 1.4 percent from fourth quarter due to stronger steel selling prices. Revenue increase 9.2 percent year over year.
Earnings before interest, taxes, depreciation and amortization (EBITDA) fell 18.5 percent sequentially to $75 million but was 50 percent higher than Q1 2013. Dearborn production was affected by weather and high natural gas costs. Despite increased scrap prices and utilities, Severstal Columbus posted a record EBITDA in Q1 of $113/ton.
In first, quarter Severstal exercised its call option to buy out the 10.25 percent Severstal Columbus high yield bond for $525 million.
Separate from the public press releases, Steel Market Update has learned from our sources that both Dearborn and Columbus are running at capacity at this time.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Steel Summit 2024: Stelco CEO reflects on strategy, growth, and sale to Cleveland-Cliffs
In a candid fireside chat with SMU Senior Analyst/Editor David Schollert, Stelco’s CEO Alan Kestenbaum opened up about Stelco’s pending sale to Cliffs, his business strategy, outlook for the industry, and plans for the future. The chat took place on Tuesday, Aug. 24, at the 2024 SMU Steel Summit in Atlanta.
AISI: US steel shipments unchanged in July vs. June, down on-year
Domestic steel shipments remained nearly flat in July month over month but fell from a year earlier.
Media reports: Biden could block USS sale on national security concerns
President Joe Biden could block the $15-billion sale of U.S. Steel to Japan's Nippon Steel by citing national security concerns That’s according to reporting in the Washington Post and the Financial Times that was later picked up by the New York Times as well as in wire services.
USS threatens to cut ‘thousands’ of jobs, move HQ if Nippon sale blocked
U.S. Steel could slash thousands of jobs, shift away from integrated steelmaking, and move its headquarters out of Pittsburgh if its acquisition by Nippon Steel isn’t completed, the company’s top executive said. “We want elected leaders and other key decision makers to recognize the benefits of the deal was well as the unavoidable consequences if the deal fails,” company President and CEO David Burritt said in a statement on Wednesday.
CRU: SSAB to expand Mobile plate mill
SSAB plans to spend $12 million to boost production capacity at its electric-arc furnace (EAF) plate mill in Mobile, Ala. The Sweden-based steelmaker will do that by expanding the existing furnace there. Shot blast equipment will also be upgraded. The expanded capacity is expected to come online late next year. The mill currently has an […]