eastunder
14年前
Notice of Gerdau Ameristeel 2010 second quarter conference call
Tuesday , July 27, 2010 08:30ET
2010 second quarter results to be released before markets open on Thursday, August 5, 2010
TAMPA, FL, July 27 /PRNewswire-FirstCall/ - Gerdau Ameristeel Corporation (NYSE: GNA) (TSX: GNA) will host a conference call to discuss its 2010 second quarter financial results for the three-month period ending June 30, 2010. The Company invites all interested parties to participate.
DATE: Thursday, August 5, 2010
TIME: 2:30 p.m., Eastern Time. Please call in 15 minutes
prior to start time to secure a line.
DIAL-IN NUMBER: 1-647-427-7450 or 1-888-231-8191
LIVE WEBCAST: www.gerdauameristeel.com. Please connect to this
website at least 15 minutes prior to the conference
call to ensure adequate time for any software
download that may be needed to hear the webcast.
TAPED REPLAY: Available until Thursday, August 12, 2010 at
midnight.
REFERENCE NUMBER: 90661223
Mario Longhi, President and CEO of Gerdau Ameristeel, and Barbara Smith, Vice President and CFO, will co-chair the call. A question-and-answer session will follow, at which time the operator will direct participants as to the correct procedure for submitting questions.
About Gerdau Ameristeel
Gerdau Ameristeel is the second largest mini-mill steel producer in North America, with annual manufacturing capacity of approximately 10 million metric tons of mill finished steel products. Through its vertically integrated network of mini-mills, scrap recycling facilities and downstream operations, Gerdau Ameristeel serves customers throughout the United States and Canada. The Company's products are generally sold to steel service centers, steel fabricators, or directly to original equipment manufacturers for use in a variety of industries, including non-residential, infrastructure, commercial, industrial and residential construction, metal building, manufacturing, automotive, mining, cellular and electrical transmission and equipment manufacturing. Gerdau Ameristeel's majority shareholder is the Gerdau Group, a 100+ year old steel company, the leading company in the production of long steel in the Americas and one of the major specialty long steel suppliers in the world. Gerdau Ameristeel's common shares are traded on the New York Stock Exchange and the Toronto Stock Exchange under the ticker symbol GNA.
SOURCE Gerdau Ameristeel Corporation
eastunder
14年前
Gerdau S.A. Proposes to Acquire the Minority Shares in Gerdau Ameristeel Corporation
Wednesday, June 02, 2010 08:30ET
(Note: all dollar amounts in this press release are expressed in United States dollars)
TAMPA, FL, June 2 /PRNewswire-FirstCall/ - Gerdau Ameristeel Corporation (NYSE: GNA, TSX: GNA) and Gerdau S.A. (Bovespa: GGBR, NYSE: GGB, Latibex: XGGB) announced today that Gerdau S.A. has delivered to the Board of Directors of Gerdau Ameristeel a proposal to acquire all of the shares of Gerdau Ameristeel Corporation that Gerdau S.A. does not already own for US$11.00 cash per share.
This proposal values Gerdau Ameristeel's minority held shares at approximately US$1.6 billion. Gerdau S.A. already owns 66.3% of the outstanding shares of Gerdau Ameristeel and intends to fund the acquisition and related expenses through its existing cash resources and committed financing.
The Gerdau Ameristeel Board of Directors has established a Special Committee of independent directors to, among other things, supervise the preparation of a formal valuation and oversee the finalization of a definitive agreement in connection with the proposal.
The Special Committee has retained RBC Capital Markets ("RBC") as its independent valuator for the purpose of providing a valuation in accordance with applicable regulatory requirements. RBC has delivered its valuation to the Special Committee, which concludes that the value of the common shares of Gerdau Ameristeel is in the range of US$11.00 to US$13.00 per share. RBC has also delivered its opinion that the consideration under the proposal of US$11.00 per share is fair from a financial point of view to the shareholders of Gerdau Ameristeel, other than Gerdau S.A. and its related parties. The price of US$11.00 per share represents a premium of 53.4% to the closing share price of Gerdau Ameristeel on the NYSE on June 1, 2010 and a premium of 45.9% to the 30-day volume weighted average price of the shares on the NYSE.
The Board of Directors of Gerdau Ameristeel - having considered, among other things, the unanimous recommendation of the Special Committee - has unanimously determined (the representatives of Gerdau S.A. on the Board of Directors of Gerdau Ameristeel having abstained from voting) that it would support a transaction at the price contemplated by the proposal, subject to finalization of definitive documentation for the transaction.
Once Gerdau Ameristeel is wholly-owned by Gerdau S.A., the combined business would be expected to benefit from additional business development opportunities in the context of Gerdau S.A.'s global strategy. As a wholly-owned subsidiary of Gerdau S.A., Gerdau Ameristeel would be expected to realize global synergies and enjoy a lower cost of funding as a result of Gerdau S.A.'s stronger credit ratings.
Chairman of the Board of Directors of Gerdau S.A., Jorge Gerdau Johannpeter, commented: "We believe this transaction represents an excellent opportunity for Gerdau Ameristeel's public shareholders to monetize their holdings at a price that represents full and fair value and is in the best interests of Gerdau S.A. and Gerdau Ameristeel, its public shareholders and other stakeholders."
It is contemplated that the transaction would be implemented pursuant to a plan of arrangement and that, subject to completion of definitive documentation for the transaction, a management information circular would be prepared and mailed for a special meeting of Gerdau Ameristeel shareholders that would be held early in the third quarter of 2010. The Board of Directors of Gerdau Ameristeel has established June 18, 2010 as the record date for determining shareholders entitled to vote at the special meeting.
The information circular to be sent to shareholders would include full details of the terms of the transaction, the recommendation to shareholders by the Board of Directors of Gerdau Ameristeel and the Special Committee, as well as a formal valuation report on the shares of Gerdau Ameristeel and fairness opinion prepared by RBC Capital Markets, the independent valuator retained by the Special Committee.
The transaction will be subject to usual conditions for a plan of arrangement including the approval of a majority of Gerdau Ameristeel shareholders represented in person or by proxy at the special meeting of shareholders, other than Gerdau S.A. and its related parties.
J.P. Morgan is acting as exclusive financial advisor to Gerdau S.A. in the context of this transaction.
About Gerdau S.A.
-----------------
Gerdau S.A. is the leading producer of long steel in the Americas and one of the world's largest suppliers of special long steel. It has plants in 14 countries spanning the Americas, Europe and Asia, with total installed capacity of more than 25 million metric tons of steel. It is the largest recycler in Latin America, transforming millions of metric tons of scrap into steel every year. With over 140,000 shareholders, Gerdau S.A.'s publicly-held companies are listed in the stock exchanges of Sao Paulo (Bovespa: GGBR4, GGBR3, GOAU4, GOAU3 and AVIL3), New York (NYSE: GNA, GGB), Toronto (GNA: TO), Madrid (Latibex: XGGB) and Lima (BVL: SIDERC1).
About Gerdau Ameristeel
-----------------------
Gerdau Ameristeel is the second largest mini-mill steel producer in North America, with annual manufacturing capacity of approximately 10 million metric tons of mill finished steel products. Through its vertically integrated network of mini-mills, scrap recycling facilities and downstream operations, Gerdau Ameristeel serves customers throughout the United States and Canada. The Company's products are generally sold to steel service centers, steel fabricators, or directly to original equipment manufacturers for use in a variety of industries, including non-residential, infrastructure, commercial, industrial and residential construction, metal building, manufacturing, automotive, mining, cellular and electrical transmission and equipment manufacturing. Gerdau Ameristeel's majority shareholder is Gerdau S.A.
Forward Looking Statements
--------------------------
This release contains forward-looking statements relating to the proposed acquisition by Gerdau S.A. of the shares of Gerdau Ameristeel that Gerdau S.A. does not already own, including statements regarding the completion of the proposed transaction and other statements that are not historical facts. Such forward-looking statements are subject to important risks and uncertainties including, without limitation, negotiation and finalization of definitive documentation for the transaction, approval of applicable governmental authorities, required Gerdau Ameristeel shareholder approval and necessary court approvals if the transaction is implemented by way of a plan of arrangement. As a result of these risks and uncertainties, the proposed transaction could be modified, restructured or not be completed, and the results or events predicted in these forward-looking statements may differ materially from actual results or events. These forward-looking statements are not guarantees of future performance, given that they involve risks and uncertainties. Gerdau S.A. and Gerdau Ameristeel do not assume and expressly renounce any obligation to update any of these forward-looking statements, which are only applicable on the date on which they were made. Additionally, Gerdau S.A. and Gerdau Ameristeel undertake no obligation to comment on expectations of, or statements made by third parties in respect of the proposed transaction.
SOURCE Gerdau Ameristeel Corporation
eastunder
15年前
Gerdau Ameristeel Reports Profit For First Quarter of 2010
Press Release Source: Gerdau Ameristeel Corporation On Thursday May 6, 2010, 8:30 am EDT
TAMPA, FL, May 6 /PRNewswire-FirstCall/ - Gerdau Ameristeel Corporation (NYSE: GNA; TSX: GNA) today reported net income of $25.2 million ($0.06 per share diluted) for the three months ended March 31, 2010, in comparison to a net loss of $31.5 million ($0.07 per share) for the three months ended March 31, 2009 and a net loss of $32.8 million ($0.08 per share) for the three months ended December 31, 2009. The Company has adopted International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board, as of January 1, 2010 and, as such, the comparative periods for fiscal year 2009 have been restated under IFRS.
Net sales for the three months ended March 31, 2010 increased 10% to $1.1 billion from $1.0 billion reported for each of the three months ended March 31, 2009 and December 31, 2009. For the three months ended March 31, 2010 weighted average mill selling price decreased 12% or $86 per ton in comparison to the three months ended March 31, 2009, but increased 6% or $37 per ton in comparison to the three months ended December 31, 2009. Finished steel shipments were 1.5 million tons for the three months ended March 31, 2010, an increase of 25% in comparison to the three months ended March 31, 2009 and an increase of 15% from the three months ended December 31, 2009.
EBITDA, as adjusted (see EBITDA section herein for an explanation of the EBITDA calculation), was $116.7 million for the three months ended March 31, 2010, compared to EBITDA of $41.8 million for the three months ended March 31, 2009 and $60.5 million for the three months ended December 31, 2009. The improvement in EBITDA from each comparative period was primarily due to the cost reduction initiatives undertaken by the Company in 2009. Increased shipment volumes were also a factor in the improvement of EBITDA. Scrap raw material cost used in production during the three months ended March 31, 2010 was $266 per ton compared to $200 per ton for the three months ended March 31, 2009 and $217 per ton for the three months ended December 31, 2009.
At March 31, 2010, the Company had $594.7 million of cash and short-term investments, a decrease of $61.6 million from December 31, 2009 as the Company's investment in working capital increased as a result of rising scrap costs and the increase in production and shipment levels. In addition to its cash and short-term investments, the Company had approximately $497.9 million available under secured credit facilities which resulted in a total liquidity position of approximately $1.1 billion at March 31, 2010.
As of March 31, 2010, the Company had 433,492,864 common shares outstanding.
CEO Comments
Mario Longhi, President and CEO of Gerdau Ameristeel, commented:
"I'm pleased to say that we reported a profitable first quarter. After a challenging 2009, where we intensely addressed everything under our control, we were able to benefit from a generally better than expected demand for our products during the quarter. We believe our customers are beginning to feel more confident in the U.S. economic recovery and this is translating into better activity in our end-markets.
First quarter performance certainly improved as a result of the numerous actions we undertook during the last 18 months to increase cost efficiency and lower our breakeven point. Those actions, along with increased production, led to the lowest manufacturing cost per ton we have experienced since 2007. Our improved operational effectiveness is a confirmation of our flexible business model.
Looking ahead, we believe that demand will continue to slowly improve during the second quarter as confidence in the recovery gradually grows and we continue to feel the effects of normal seasonality."
IFRS Conversion
As previously mentioned, the Company's Consolidated Financial Statements have been prepared under IFRS. The Company previously prepared its Consolidated Financial Statements under generally accepted accounting principles in the United States ("US GAAP"). In accordance with IFRS 1, First-Time Adoption of International Financial Reporting Standards, the Company's IFRS transition date was January 1, 2009 and the Company prepared its opening IFRS balance sheet as of that date. The Company has restated its comparative periods under IFRS and the Company's quarterly and annual filings will contain reconciliations between IFRS and previously reported amounts under US GAAP for 2009.
Financials contiued at:
http://finance.yahoo.com/news/Gerdau-Ameristeel-Reports-prnews-3328986114.html?x=0&.v=11
eastunder
15年前
GNA 1Q earnings 5-06-10 BMO
Notice of Gerdau Ameristeel 2010 first quarter conference call
Monday , April 19, 2010 16:15ET
- 2010 first quarter results to be released before markets open on Thursday, May 6, 2010 -
TAMPA, FL, April 19 /PRNewswire-FirstCall/ - Gerdau Ameristeel Corporation (NYSE: GNA) (TMX: GNA) will host a conference call to discuss its 2010 first quarter financial results for the three-month period ending March 31, 2010. The Company invites all interested parties to participate.
DATE: Thursday, May 6, 2010
TIME: 2:30 p.m., Eastern Time. Please call in 15 minutes
prior to start time to secure a line.
DIAL-IN NUMBER: 1-647-427-7450 or 1-888-231-8191
LIVE WEBCAST: www.gerdauameristeel.com. Please connect to this
website at least 15 minutes prior to the conference
call to ensure adequate time for any software download
that may be needed to hear the webcast.
TAPED REPLAY: 1-416-849-0833 or 1-800-642-1687
Available until Thursday, May 13, 2010 at midnight.
REFERENCE NUMBER: 69111319
Mario Longhi, President and CEO of Gerdau Ameristeel, and Barbara Smith, Vice President and CFO, will co-chair the call. A question-and-answer session will follow, at which time the operator will direct participants as to the correct procedure for submitting questions.
About Gerdau Ameristeel
Gerdau Ameristeel is the second largest mini-mill steel producer in North America, with annual manufacturing capacity of approximately 12 million tons of mill finished steel products. Through its vertically integrated network of mini-mills, scrap recycling facilities and downstream operations, Gerdau Ameristeel serves customers throughout the United States and Canada. The Company's products are generally sold to steel service centers, steel fabricators, or directly to original equipment manufacturers for use in a variety of industries, including non-residential, infrastructure, commercial, industrial and residential construction, metal building, manufacturing, automotive, mining, cellular and electrical transmission and equipment manufacturing. Gerdau Ameristeel's majority shareholder is the Gerdau Group, a 100+ year old steel company, the leading company in the production of long steel in the Americas and one of the major specialty long steel suppliers in the world. Gerdau Ameristeel's common shares are traded on the New York Stock Exchange and the Toronto Stock Exchange under the ticker symbol GNA.
eastunder
15年前
Gerdau Ameristeel Announces 2009 Fourth Quarter and Year End Results
Thursday , February 25, 2010 08:15ET
TAMPA, FL, Feb. 25 /PRNewswire-FirstCall/ - Gerdau Ameristeel Corporation (NYSE: GNA; TSX: GNA) today reported a net loss of $46.1 million ($0.11 per share) for the three months ended December 31, 2009, in comparison to a net loss of $25.4 million ($0.06 per share) for the three months ended September 30, 2009 and $1.3 billion ($3.08 per share) for the three months ended December 31, 2008. Included in the results for the three months ended December 31, 2009 is a pre-tax charge of $12.2 million related to the write-off of deferred financing costs and a pre-tax gain on sale of investments of $3.2 million. Excluding these adjustments, Non-GAAP Adjusted Net Loss was $40.3 million ($0.09 per share) for the three months ended December 31, 2009.
For the year ended December 31, 2009, the Company incurred a net loss of $161.7 million ($0.37 per share) compared to a net loss of $587.4 million ($1.36 per share) for the year ended December 31, 2008. Included in the current year results is a $115.0 million pre-tax charge related to actions announced earlier this year to stop production at certain of the Company's steel mills, a pre-tax charge of $12.2 million related to the writedown of deferred financing costs, a pre-tax charge of $11.9 million related to the early extinguishment of certain debt obligations and a pre-tax gain on the sale of investments of $3.2 million. Excluding these adjustments, the Non-GAAP Adjusted Net Loss was $73.3 million ($0.17 per share) for the year ended December 31, 2009. This compares to Non-GAAP Adjusted Net Income of $718.0 million ($1.67 per share fully diluted) for the year ended December 31, 2008.
Net sales for the three months ended December 31, 2009 decreased 9% to $1.0 billion from $1.1 billion for the three months ended September 30, 2009, and decreased 29% from $1.4 billion for the three months ended December 31, 2008. Weighted average mill selling price decreased 2% or $13 per ton in comparison to the three months ended September 30, 2009 and decreased 33% or $296 per ton in comparison to the three months ended December 31, 2008. Finished steel shipments were 1.3 million tons, a decrease of 14% or 210,000 tons from the three months ended September 30, 2009 and a decrease of 4% or 55,000 tons from the three months ended December 31, 2008.
Net sales for the year ended December 31, 2009 were $4.2 billion compared to net sales of $8.5 billion for the year ended December 31, 2008. Weighted average mill selling price for the year ended December 31, 2009 decreased 28% or $247 per ton compared to the same period in 2008 while finished steel shipments decreased 36% to 5.3 million tons for the year ended December 31, 2009 compared to 8.3 million tons for the same period in 2008.
EBITDA was $43.8 million for the three months ended December 31, 2009, compared to EBITDA of $163.0 million for the three months ended September 30, 2009 and $19.4 million for the three months ended December 31, 2008. For the year ended December 31, 2009, EBITDA was $320.3 million compared to EBITDA of $1.5 billion for the year ended December 31, 2008.
During the three months and year ended December 31, 2009, the Company incurred a foreign exchange loss of $7.4 million and $37.9 million, respectively, as the Canadian dollar strengthened approximately 4% and 16% in comparison to the US dollar. This charge arose from the revaluation of US dollar investments held by the Company's Canadian entities.
During December 2009, the Company entered into a new $650 million senior secured asset-based revolving credit facility. The facility replaced the Company's $950 million asset-based credit facility that would have matured in October 2010. The new facility is scheduled to mature in December 2012. In addition, the Company entered into a $610 million loan agreement with Gerdau Holdings Inc., a subsidiary of Gerdau S.A. The loan bears interest at 7.95%, is payable semi-annually, has no scheduled principal payment prior to maturity, and will mature in January 2020. The net proceeds of the Gerdau Holdings, Inc. loan plus an additional $300 million of cash were used to prepay $910 million of the Term Loan Facility.
At December 31, 2009, the Company had $656.3 million of cash and short-term investments, a decrease of $32.1 million from the levels at December 31, 2008. Excluding both the cash paid by the Company to redeem its $405 million 10 3/8% Senior Notes in August 2009 and the above mentioned $300 million debt prepayment, the Company generated $680.2 million in cash and short-term investments in 2009. In addition to its cash and short-term investments, the Company had approximately $420.2 million available under secured credit facilities which resulted in a total liquidity position of approximately $1.1 billion at December 31, 2009.
CEO Comments
Mario Longhi, President and CEO of Gerdau Ameristeel, commented:
"While 2009 was certainly a challenging year for the steel industry, we took a number of actions to better position us for the future. In regard to our operations, we reduced our cost structure and implemented processes to better maximize productivity across our network of facilities and we worked very closely with our customer base during these difficult times to enhance our long-term relationships. From a financial standpoint, using our significant cash generation, we improved the strength of our balance sheet by reducing our debt by $709 million and extending maturities.
Some of the benefits of these actions were evidenced in the fourth quarter 2009 results. By focusing on what we control, when comparing the fourth quarter of 2009 to the same period of 2008, we improved EBITDA by $24 million despite facing a decline in selling prices and shipment volumes of 33% and 4%, respectively. I am proud to say that these successes were achieved as a result of the dedication of our teams delivering exceptional performance during these difficult times.
While minimal stimulus dollars were spent during 2009, we believe that more infrastructure projects will be undertaken during 2010. In addition, there are certain segments such as the nuclear power industry which we believe will begin committing significant investments to modernize the aging infrastructure in North America. We believe that these factors, along with low customer inventory levels and increases in shipments and selling prices that have occurred since the end of 2009, give us reason to enter 2010 with optimism for a better year."
IFRS Conversion
In 2008, the Canadian Accounting Standards Board confirmed that Canadian publicly accountable enterprises will be required to adopt International Financial Reporting Standards ("IFRS") for interim and annual financial statements related to fiscal years beginning on or after January 1, 2011. In accordance with the approval granted by the Canadian securities regulatory authorities, the Company expects to adopt IFRS in 2010.
Forward Looking Statements
In this press release, "Gerdau Ameristeel" and "Company" refer to Gerdau Ameristeel Corporation and its subsidiaries and 50%-owned joint ventures. Certain statements in this press release, including, without limitation, the section entitled "CEO Comments" constitute forward-looking statements. Such statements describe the Company's assumptions, beliefs and expectations with respect to its operations, future financial results, business strategies and growth and expansion plans can often be identified by the words "anticipates," "believes," "estimates," "expects," "intends," "plans," and other words and terms of similar meaning. The Company cautions readers that forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those currently projected by the Company. In addition to those noted in the statements themselves, any number of factors could affect actual results, including, without limitation:
Excess global steel industry capacity and the availability of competitive substitute materials; the cyclical nature of the steel industry and the industries served by the Company and economic conditions in North America and worldwide; increases in the cost of steel scrap, energy and other raw materials; steel imports and trade regulations; a change in China's steelmaking capacity or slowdown in China's steel consumption; the Company's participation in the consolidation of the steel industry; the substantial capital investment and similar expenditures required in the Company's business; unexpected equipment failures and plant interruptions or outages; the Company's level of indebtedness; the cost of compliance with environmental and occupational health and safety laws; the enactment of laws intended to reduce greenhouse gases and other air emissions; the Company's ability to fund its pension plans; the ability to renegotiate collective bargaining agreements and avoid labor disruptions; currency exchange rate fluctuations; actions or potential actions taken by the Company's principal stockholder, Gerdau S.A., the liquidity of the Company's long-term investments, including investments in auction rate securities, and the Company's reliance on its 50%-owned joint ventures that it does not control.
Any forward-looking statements in this press release are based on current information as of the date of this press release and the Company does not undertake any obligation to update any forward-looking statements to reflect new information, future developments or events, except as required by law.
Notice of Conference Call
Gerdau Ameristeel invites you to listen to a live broadcast of its fourth quarter conference call on Thursday, February 25, 2010, at 2:30 pm EST. The call will be hosted by Mario Longhi, President and CEO, and Barbara Smith, VP and CFO, and can be accessed via our Web site at www.gerdauameristeel.com. Web cast attendees are welcome to listen to the conference in real-time or on-demand at your convenience.
About Gerdau Ameristeel
Gerdau Ameristeel is the second largest mini-mill steel producer in North America, with annual manufacturing capacity of approximately 12 million tons of mill finished steel products. Through its vertically integrated network of mini-mills, scrap recycling facilities and downstream operations, Gerdau Ameristeel serves customers throughout the United States and Canada. The Company's products are generally sold to steel service centers, steel fabricators, or directly to original equipment manufacturers ("OEMs") for use in a variety of industries, including non-residential, infrastructure, commercial, industrial and residential construction, metal building, manufacturing, automotive, mining, cellular and electrical transmission and equipment manufacturing. Gerdau Ameristeel's majority shareholder is the Gerdau Group, a 100+ year old steel company, the leading company in the production of long steel in the Americas and one of the major specialty long steel suppliers in the world. Gerdau Ameristeel's common shares are traded on the New York Stock Exchange and the Toronto Stock Exchange under the ticker symbol GNA.
GERDAU AMERISTEEL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS continued here:
http://www.knobias.com/story.htm?eid=3.1.2a8adcfa65edc87c787901bad62220ba06be8606a195b066aa530835d54d4743
eastunder
15年前
Commercial Metals Up on Takeout Rumor
Scott Eden
02/22/10 - 04:30 PM EST
(Updated to include commentary from Commercial Metals' CFO and for closing stock prices.)
NEW YORK (TheStreet) -- Shares of Commercial Metals(CMC Quote) shot higher by as much as 14% Monday on speculation of a possible takeout.
The rumor, cited by Briefing.com and later on CNBC, tagged two names as potential acquirers: the once-acquisitive mini-mill giant Nucor(NUE Quote) and Gerdau Ameristeel(GNA Quote), a mini-mill steel producer controlled by Brazil's Gerdau SA.
Bill Larson, Commercial Metal's chief financial officer, told TheStreet that Monday's deal chatter may have been sparked after he canceled a trip to an industry investor conference, hosted by Morgan Stanley(MS Quote) in New York, where he was scheduled to speak this Friday.
But, he said, the cancellation was due to an unforeseen personal conflict, about which he wouldn't be more specific. "People have asked why I'm not going to be there," he said. "I'm honored that I'll be missed."
When asked if he could put the rumors to bed by denying them outright, he cited the standard corporate policy of not commenting on market speculation.
One analyst who covers the metals industry said the odds were long that any truth lay in the rumors, though he wouldn't rule anything out.
He based his skepticism on Commercial Metals' core business: producing steel products (rebar, load-bearing beams) used in commercial construction -- just about the most downtrodden steel end-market there is. (The analyst wished to remain anonymous because he hadn't been authorized to speak with the press.)
This isn't the first time that Commercial Metals, based in Irving, Texas, has been the subject of takeover rumors. Last year, market scuttlebutt singled out ArcerlorMittal(MT Quote) as a potential buyer.
Commercial Metals shares ended a frenetic trading session Monday at $16.43, up $1.34, or 8.9%. Volume reached 11.2 million shares, more than six times the stock's daily average turnover over the last three months.
Last year, like many steel names, the company's shares rallied hard off their March lows. The stock touched a 52-week high of $21.29 in late September after falling as far as $8.83 during the worst of the bear market.
eastunder
15年前
Will Steel Demand Come Back?
Elizabeth Collins, CFA, On Monday February 22, 2010, 7:00 am EST
World steel prices have recovered some ground since their nadir last spring, but they're still a far cry from the levels that prevailed during the heady days of summer 2008. With demand ultimately resting on activity in construction, automotive, and machinery markets, a full recovery will likely be drawn out and fraught with uncertainty. Exacerbating this still-weak global demand outlook is surging steel production in China--which places the burden of discipline on other steelmakers' shoulders--and increasing costs for key raw materials.
Background: Steel Production and Uses
China is by far the top steel-producing country, followed by Japan, Russia, the United States, and India. ArcelorMittal (NYSE:MT - News) is the world's largest steelmaker, with 2008 output more than double its closest peer, Nippon Steel. Major end markets for steel include construction, machinery, and autos.
Demand Still Weak
While demand for steel in China has remained quite strong and developed nations' demand has begun to improve, a full recovery in global demand for steel will likely be drawn out and uncertain. Indeed, ArcelorMittal expects that the developed world's demand for steel in 2010 will still fall 23% short of the 2008 level. The company's tempered outlook is informed by lingering unemployment and growing government budget deficits.
Production Discipline Necessary
Given the outlook for still-weak global demand, production discipline is necessary to ensure favorable pricing and the health of the overall industry. With China producing steel flat-out--output was up 13% in 2009 according to the World Steel Association--the burden of discipline is falling on the rest of the world (where output was down 21% in 2009). Since steel producers have a high degree of operating leverage, this production discipline has come at a steep cost. Witness ArcelorMittal's profitability versus utilization rates during 2009: The company swung to a profit only after capacity utilization rates rose above 60% in the third quarter.
Raw Material Costs Increasing
Exacerbating the still-weak demand from developed nations is the outlook for cost inflation, as the prices for many key inputs (iron ore, metallurgical coal, scrap, and natural gas) are either already on the rise or contracts are expected to reset at higher levels. In particular, seaborne iron ore benchmark prices seem ripe for an increase. Amid last year's massive economic uncertainty for the global economy, the Japanese steel producers (the Chinese failed to reach an accord) and the Big Three iron ore exporters ( Vale (NYSE:VALE - News), BHP Billiton (NYSE:BHP - News), and Rio Tinto (NYSE:RTP - News)) struck an accord for a 33% reduction from 2008 prices. This year, with nightmares of economic Armageddon having largely abated, base metal spot prices up across the board, and Chinese steel output at record levels, iron ore producers are back in the driver's seat. Indeed, China's continued appetite for seaborne ore will be the biggest demand-side driver of benchmark price negotiations.
eastunder
15年前
L.B. Foster Awarded $3.7 Million Ports of Indiana Contract
9:51 am ET 02/12/2010- PR Newswire
PITTSBURGH, Feb. 12 /PRNewswire-FirstCall/ -- L.B. Foster Company (Nasdaq: FSTR), headquartered in Pittsburgh, PA, is providing steel sheet piling for improvements to the Ports of Indiana-Burns Harbor. The Port has awarded a $3.7 million contract to L.B. Foster for PZC 26, PZC 18, PZ 40 and PS 31 sheet piling for use in new dock wall construction in the West Harbor area. The Harbor is located 30 miles east of Chicago, enabling shippers to transport products by truck, rail, barge, ship or container to and from manufacturing and agricultural markets of Indiana, Illinois, Michigan and Ohio.
Innovative PZC?cent; sheet piling is manufactured by Gerdau AmeriSteel to be wider, lighter and stronger than traditional Z piling. "PZC sections incorporate less overall sheets and less driving time than PZ sections, providing significant benefits to the Port and contractor," said Matt O'Kray, L.B. Foster's Construction Products Sales Representative. The unique design of this material maximizes production, minimizes the amount of required steel and increases strength per pound.
The Ports of Indiana-Burns Harbor handles more ocean-going cargo than any other U.S. port on the Great Lakes. L.B. Foster will begin shipping the domestically-produced piling for this high priority project in February 2010 with the final shipment expected by early April 2010.
PZC?cent; is a trademark of Gerdau Ameristeel.
About L.B. Foster Company
L.B. Foster Company is a leading manufacturer, fabricator and distributor of products and services for the rail, construction, energy, utility and recreation markets with approximately 30 locations throughout the United States. The Construction Products group of L.B. Foster Company markets steel sheet piling, pipe pile, H beams, piling accessories, fabricated bridge products and structural steel nationwide. Please visit our Website: www.lbfoster.com
Sales and Media Contacts:Matt O'Kray, Construction Products Sales Representative, L.B. Foster Company630.954.1450 mokray@lbfosterco.comJake Fuellhart, Marketing Communications Manager, L.B. Foster Company412.928.5645 jfuellhart@lbfosterco.com
SOURCE L.B. Foster Company
eastunder
15年前
Gerdau Ameristeel Announces Deferral of Early Adoption of International Financial Reporting Standards
Friday , January 08, 2010 16:10ET
TAMPA, FL, Jan. 8 /PRNewswire-FirstCall/ - Gerdau Ameristeel Corporation (NYSE: GNA; TSX: GNA) (the "Company") today announced that it will defer the early adoption of International Financial Reporting Standards ("IFRS") until periods beginning on or after January 1, 2010. As previously disclosed in prior filings, the Company was contemplating either adopting IFRS for 2009 or deferring adoption until 2010. The Company has been granted approval by the Ontario Securities Commission to adopt IFRS for periods beginning on or after January 1, 2009.
About Gerdau Ameristeel
Gerdau Ameristeel is the second largest mini-mill steel producer in North America, with annual manufacturing capacity of approximately 12 million tons of mill finished steel products. Through its vertically integrated network of mini-mills, scrap recycling facilities, and downstream operations, Gerdau Ameristeel serves customers throughout the United States and Canada. The Company's products are generally sold to steel service centers, steel fabricators, or directly to original equipment manufacturers ("OEMs") for use in a variety of industries, including non-residential, infrastructure, commercial, industrial and residential construction, metal building, manufacturing, automotive, mining, cellular and electrical transmission and equipment manufacturing. Gerdau Ameristeel's majority shareholder is the Gerdau Group, a 100+ year old steel company, the leading company in the production of long steel in the Americas and one of the major specialty long steel suppliers in the world. Gerdau Ameristeel's common shares are traded on the New York Stock Exchange and the Toronto Stock Exchange under the ticker symbol GNA.
SOURCE Gerdau Ameristeel Corporation
eastunder
15年前
Gerdau Ameristeel Announces 2009 Third Quarter Results
Thursday , November 05, 2009 07:15ET
TAMPA, FL, Nov. 5 /PRNewswire-FirstCall/ - Gerdau Ameristeel Corporation (NYSE: GNA; TSX: GNA) today reported a net loss of $25.4 million ($0.06 per share fully diluted) for the three months ended September 30, 2009, in comparison to net income of $316.9 million ($0.73 per share fully diluted) for the three months ended September 30, 2008. Included in these results is a $78.5 million pre-tax charge related to actions announced earlier this year to stop production at certain of the Company's steel mills and a pre-tax charge of $11.9 million related to the early extinguishment of certain debt obligations. Excluding these charges, the Non-GAAP Adjusted Net Income was $33.5 million ($0.08 per share fully diluted).
For the nine months ended September 30, 2009, the Company incurred a net loss of $115.6 million ($0.27 per share fully diluted) compared to net income of $742.0 million ($1.71 per share fully diluted) for the nine months ended September 30, 2008. The Non-GAAP Adjusted Net Loss for the nine months ended September 30, 2009, excluding the charges described above, was $30.0 million ($0.07 per share fully diluted).
During the third quarter of 2009, net sales were $1.1 billion, an increase of $110.2 million in comparison to the three months ended June 30, 2009, but a decrease of 56% from the $2.5 billion for the three months ended September 30, 2008. Weighted average mill selling price remained flat in comparison to the three months ended June 30, 2009 but represented a decrease of 41% or $437 per ton in comparison to the third quarter of 2008. Finished steel shipments were 1.5 million tons for the three months ended September 30, 2009, an increase of 12% in comparison to the second quarter of 2009 but a decrease of 29% from the three months ended September 30, 2008.
Net sales for the nine months ended September 30, 2009 were $3.2 billion compared to net sales of $7.1 billion for the same period in 2008. Weighted average mill selling prices for the nine months ended September 30, 2009 decreased 26% or $233 per ton compared to the same period in 2008 while finished steel shipments decreased 43% to 4.0 million tons for the nine months ended September 30, 2009 compared to 7.0 million tons for the same period in 2008.
For the three months ended September 30, 2009, metal spread, the difference between mill selling prices and scrap raw material costs, was $405 per ton, a decrease of $257 per ton from the same period in 2008. In comparison to the three months ended June 30, 2009, metal spreads decreased by $35 per ton due primarily to an increase in scrap raw material costs. Scrap raw material cost used in production for the three months ended September 30, 2009 was $213 per ton, a decrease of $180 per ton compared to the three months ended September 30, 2008. For the nine months ended September 30, 2009, metal spread was $452 per ton and decreased $78 per ton in comparison to the same period in the prior year.
EBITDA was $163.0 million for the three months ended September 30, 2009, compared to EBITDA of $581.4 million for the three months ended September 30, 2008. Despite the reduction in metal spread outlined above, EBITDA improved 152% from the $64.8 million for the three months ended June 30, 2009. For the nine months ended September 30, 2009, EBITDA was $276.4 million compared to EBITDA of $1.5 billion for the nine months ended September 30, 2008.
During the three and nine months ended September 30, 2009, the Company incurred a foreign exchange loss of $18.8 million and $30.5 million, respectively, as the Canadian dollar strengthened approximately 7% and 12% in comparison to the US dollar. This charge arose from the revaluation of US dollar investments held by the Company's Canadian entities.
During the second quarter of 2009, as a result of the significant downturn in the economy and declining demand for its products, the Company announced its plans to stop production at certain facilities. The Company stopped production at its Perth Amboy, New Jersey and Sand Springs, Oklahoma facilities during the third quarter of 2009. The Company recorded a $78.5 million and $115.0 million pre-tax charge for the three and nine months ended September 30, 2009, respectively, related to these actions.
On August 31, 2009, the Company completed the previously announced redemption of its $405 million 10 3/8% Senior Notes due in 2011 (the "Notes") at a redemption price in the amount of $412.3 million representing 101.792% of the outstanding principal amount (the "Redemption Price"). The Redemption Price was paid entirely with cash and the Notes were paid in full and are no longer outstanding. For the three and nine months ended September 30, 2009, the Company recorded a charge of $11.9 million related to this redemption.
At September 30, 2009, the Company had $821.1 million of cash and short-term investments, an increase of $132.7 million from the levels at December 31, 2008. Excluding the above noted redemption of Notes, the Company has generated $545.0 million in cash and short-term investments in 2009. In addition, the Company had approximately $570.3 million of availability under secured credit facilities which resulted in a total liquidity position of approximately $1.4 billion at September 30, 2009.
CEO Comments
Mario Longhi, President and CEO of Gerdau Ameristeel, commented:
"We have continued to make progress in a number of areas during the past quarter which has resulted in the third successive quarterly growth in EBITDA. This is a testament of our ability to quickly respond to market conditions and has resulted in the generation of $276.4 million of EBITDA for the nine months ended September 30, 2009. Destocking of inventory by our customers seems to have been completed and resulted in a 12% quarter over quarter increase in our shipment levels. To keep pace, the capacity utilization levels of our mills improved as production increased approximately 24% in comparison to the second quarter and manufacturing costs continued their downward trend as our employees continue to seek more efficient ways of producing steel.
We have substantially completed the activities related to the previously announced actions at our Sand Springs and Perth Amboy locations. As a result of leveraging our extensive network of steel producing facilities, we have been able to meet all of our customers' needs during this process. Our ability to continue providing superior service to our customers has been critical in the growth of our order rate. This focus on developing long-term service relationships is also being applied to our export customers as we expect this market will continue to provide opportunities for us in the future.
We expect normal seasonal market softness during the fourth quarter of 2009 and production will be adjusted to meet demand. However, we are confident that the actions we have taken are sustainable and will provide for attractive returns for our shareholders as conditions improve."
IFRS Conversion
In 2008, the Canadian Accounting Standards Board confirmed that Canadian publicly accountable enterprises will be required to adopt International Financial Reporting Standards ("IFRS") for interim and annual financial statements related to fiscal years beginning on or after January 1, 2011. The Canadian securities regulatory authorities have granted approval for the Company to early adopt IFRS for its financial statements for periods beginning on or after January 1, 2009. The Company had previously announced that it would report under IFRS for the first time during 2009, however, the Company is currently contemplating deferring the first time adoption of IFRS until 2010. The Company has substantially completed the process to transition from US GAAP to IFRS and has met the objectives of its comprehensive IFRS conversion plan.
Forward Looking Statements
In this press release, "Gerdau Ameristeel" and "Company" refer to Gerdau Ameristeel Corporation and its subsidiaries and 50%-owned joint ventures. Certain statements in this press release, including, without limitation, the section entitled "CEO Comments" constitute forward-looking statements. Such statements describe the Company's assumptions, beliefs and expectations with respect to its operations, future financial results, business strategies and growth and expansion plans can often be identified by the words "anticipates," "believes," "estimates," "expects," "intends," "plans," and other words and terms of similar meaning. The Company cautions readers that forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those currently projected by the Company. In addition to those noted in the statements themselves, any number of factors could affect actual results, including, without limitation:
Excess global steel industry capacity and the availability of competitive substitute materials; the cyclical nature of the steel industry and the industries served by the Company and economic conditions in North America and worldwide; increases in the cost of steel scrap, energy and other raw materials; steel imports and trade regulations; a change in China's steelmaking capacity or slowdown in China's steel consumption; the Company's participation in the consolidation of the steel industry; the substantial capital investment and similar expenditures required in the Company's business; unexpected equipment failures and plant interruptions or outages; the Company's level of indebtedness; the cost of compliance with environmental and occupational health and safety laws; the enactment of laws intended to reduce greenhouse gases and other air emissions; the Company's ability to fund its pension plans; the ability to renegotiate collective bargaining agreements and avoid labor disruptions; currency exchange rate fluctuations; actions or potential actions taken by the Company's principal stockholder, Gerdau S.A., the liquidity of the Company's long-term investments, including investments in auction rate securities, and the Company's reliance on its 50%-owned joint ventures that it does not control.
Any forward-looking statements in this press release are based on current information as of the date of this press release and the Company does not undertake any obligation to update any forward-looking statements to reflect new information, future developments or events, except as required by law.
Notice of Conference Call
Gerdau Ameristeel invites you to listen to a live broadcast of its second quarter conference call on Thursday, November 5, 2009, at 1:30 pm EST. The call will be hosted by Mario Longhi, President and CEO, and Barbara Smith, VP and CFO, and can be accessed via the Company's Web site at www.gerdauameristeel.com. Web cast attendees are welcome to listen to the conference in real-time or on-demand at your convenience.
About Gerdau Ameristeel
Gerdau Ameristeel is the second largest mini-mill steel producer in North America with annual manufacturing capacity of approximately 12 million tons of mill finished steel products. Through its vertically integrated network of mini-mills, scrap recycling facilities and downstream operations, Gerdau Ameristeel serves customers throughout the United States and Canada. The Company's products are generally sold to steel service centers, steel fabricators, or directly to original equipment manufacturers ("OEMs") for use in a variety of industries, including non-residential, infrastructure, commercial, industrial and residential construction, metal building, manufacturing, automotive, mining, cellular and electrical transmission and equipment manufacturing. Gerdau Ameristeel's majority shareholder is the Gerdau Group, a 100+ year old steel company, the leading company in the production of long steel in the Americas and one of the major specialty long steel suppliers in the world. Gerdau Ameristeel's common shares are traded on the New York Stock Exchange and the Toronto Stock Exchange under the ticker symbol GNA.
GERDAU AMERISTEEL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS ....
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eastunder
15年前
Gerdau Ameristeel Announces 2009 Second Quarter Results
Thursday , August 06, 2009 08:35ET
TAMPA, FL, Aug. 6 /PRNewswire-FirstCall/ - Gerdau Ameristeel Corporation (NYSE: GNA; TSX: GNA) today reported a net loss of $57.6 million ($0.13 per share fully diluted) for the three months ended June 30, 2009, in comparison to net income of $262.1 million ($0.60 per share fully diluted) for the three months ended June 30, 2008. Included in these results is a $36.5 million pre-tax non-cash charge related to actions announced in early June to close or suspend production at certain of the Company's steel mills. Excluding these charges, the Non-GAAP Adjusted Net Loss was $30.7 million ($0.07 per share fully diluted).
For the six months ended June 30, 2009, the Company incurred a net loss of $90.3 million ($0.21 per share fully diluted) compared to net income of $425.1 million ($0.98 per share fully diluted) for the six months ended June 30, 2008. The Non-GAAP Adjusted Net Loss for the six months ended June 30, 2009, excluding the non-cash charges described above, was $63.4 million ($0.15 per share fully diluted).
During the second quarter of 2009, net sales were $1.0 billion and remained flat in comparison to the three months ended March 31, 2009, but decreased 60% from the $2.5 billion for the three months ended June 30, 2008. Weighted average mill selling price decreased 16% or $116 per ton in comparison to the three months ended March 31, 2009 and decreased 31% or $270 per ton in comparison to the second quarter of 2008. Finished steel shipments were 1.3 million tons for the three months ended June 30, 2009, an increase of 13% in comparison to the first quarter of 2009 but a decrease of 46% from the three months ended June 30, 2008.
Net sales for the six months ended June 30, 2009 were $2.1 billion compared to net sales of $4.6 billion from the same period in 2008. Weighted average mill selling price for the six months ended June 30, 2009 decreased 18% or $143 per ton compared to the same period in 2008 while finished steel shipments decreased 48% to 2.5 million tons for the six months ended June 30, 2009 compared to 4.9 million tons for the same period in 2008.
For the three months ended June 30, 2009, metal spread, the difference between mill selling prices and scrap raw material costs, was $440 per ton, a decrease of $59 per ton from the same period in 2008. In comparison to the three months ended March 31, 2009, metal spreads decreased by $88 per ton as the decrease in selling prices was much greater than the decrease in scrap raw material costs. Scrap raw material cost used in production for the three months ended June 30, 2009 was $172 per ton, a decrease of $211 per ton compared to the three months ended June 30, 2008 and a decrease of $28 per ton compared to the three months ended March 31, 2009. For the six months ended June 30, 2009, metal spread was $481 per ton and remained flat in comparison to the same period in the prior year.
EBITDA was $64.8 million for the three months ended June 30, 2009, compared to EBITDA of $521.1 million for the three months ended June 30, 2008. Despite the reduction in metal spread outlined above, EBITDA improved 33% from the $48.7 million for the three months ended March 31, 2009. For the six months ended June 30, 2009, EBITDA was $113.5 million compared to EBITDA of $908.5 million for the six months ended June 30, 2008.
Included in cost of sales (exclusive of depreciation and amortization) for the three and six months ended June 30, 2009 is a pre-tax charge of $14.6 million and $33.0 million to write down the value of certain of the Company's inventory to its current market value. The writedown of the Company's inventory was primarily related to the impact of certain high-priced raw materials purchased by the Company prior to the decline in market selling prices for the Company's finished products.
During the three months ended June 30, 2009, the Company incurred a $14.5 million foreign exchange loss as the Canadian dollar strengthened approximately 8% in comparison to the US dollar. This charge arose from the revaluation of US dollar investments held by our Canadian entities.
At June 30, 2009, the Company had $1.1 billion of cash and short-term investments an increase of $443.9 million from the levels at December 31, 2008. In addition, the Company had approximately $538.7 million of availability under secured credit facilities which resulted in a total liquidity position of approximately $1.7 billion at June 30, 2009. On July 17, 2009, the Company announced its intention to utilize some of its cash to fully redeem its $405 million 10 3/8% senior notes due in 2011 on August 31, 2009.
The Company announced in early June that it would suspend production at the Sayreville, New Jersey steel mill, close the rolling mill in Perth Amboy, New Jersey and also enter into discussions with the United Steel Workers regarding the potential closure of the Company's steel mill located in Sand Springs, Oklahoma. The Company has entered into a closing agreement with the USW with respect to the Perth Amboy facility and discussions regarding the potential closure of Sand Springs facility are continuing. However, after further evaluation of our markets and production capabilities, the Company has decided not to suspend production at the Sayreville mill. As noted above, the Company recorded a $36.5 million charge during the three months ended June 30, 2009. Depending on the outcome of the Sand Springs discussions, further charges of up to $50 million, on an after tax basis, could be incurred.
CEO Comments
Mario Longhi, President and CEO of Gerdau Ameristeel, commented:
"While market conditions continue to present a difficult operating environment, we did see promising signs that conditions may have reached a bottom. During the quarter, we saw a stabilization of volumes as destocking by our customers appears to be slowing, as well as a firming of steel prices across all steel products.
We have made tremendous progress on further reducing costs and implementing productivity initiatives which have resulted in improved EBITDA despite the pressure experienced with respect to selling prices. In addition, we continue to focus on further strengthening our balance sheet which has resulted in continued liquidity growth. We believe this focus will ensure that Gerdau Ameristeel can continue to perform in an otherwise difficult operating environment and position us well for when conditions improve."
IFRS Conversion
The Company has applied with the Ontario Securities Commission (the "OSC") for approval to adopt International Financial Reporting Standards ("IFRS") with an adoption date of January 1, 2009 and a transition date of January 1, 2008. The Company believes that the adoption of IFRS is in the best interests of the Company and the users of its financial information because the adoption of IFRS-IASB will align the bases of accounting under which the Company and its majority owner, Gerdau S.A., prepare their financial statements and increase the comparability of the Company's financial statements to those of a number of global issuers, including competitors within the steel industry, who already prepare, or will soon be required to prepare, financial statements in accordance with IFRS.
financials continued at :
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acrazjo
15年前
