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Stelco Holdings Reports Fourth Quarter and Annual 2019 Results

Steel News - Published on Thu, 20 Feb 2020

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Stelco Holdings Inc announced financial results of the Company for the three months and full year ended December 31, 2019. Stelco Holdings CEO David Cheney said "Despite challenging market conditions, including an unprecedented drop in prices during the quarter that has since improved, we are pleased that we were able to deliver positive results in the fourth quarter, and through the entire second half of 2019. During the second half of 2019 we made sustainable and positive changes to our Company's product mix, evidenced by an increase in shipments of cold-rolled and coated sheet products by 66% over the first half of the year. This growth further proves the value created by our investment in state-of-the-art batch annealing and tempering capabilities. We have achieved an annual run rate of cold-rolled and other downstream product sales of approximately 600,000 net tons compared to approximately 400,000 net tons just about two years ago. Growth in these product lines of almost 50% demonstrates further penetration into higher value-added product markets, including automotive sales - something I and our entire Company are very proud of. Furthermore, we delivered on our shipping volume expectations for both the quarter and the second half of the year. Looking forward, we intend to continue to make strategic investments in our business to maximize the value of our assets and to further diversify our product mix. These principals are at the core of our tactical flexibility model and will guide our growth strategy in the coming years."

(in millions except volume, per share and nt figures)Q4'19Q4'20YoYQ3'19QoQ20192018YoY
Revenue ($)435648-33%464-6%1,8412,460-25%
Operating income (loss) ($)-6118-105%9-167%50476-89%
Net income (loss) ($)-24110-122% - NM20253-92%
Adjusted net income (loss) ($)-13123-111%-11NM42512-92%
Average selling price per nt ($)659917-28%688-4%729889-18%
Shipping volume (in thousands of nt)633673-6%654-3%2,4442,620-7%
Adjusted EBITDA ($)10167-94%23-57%141614-77%
Adjusted EBITDA per nt ($)16248-94%35-54%58234-75%

Summary of Net Tons Shipped by Product:
(in thousands of nt)
Tons Shipped by ProductQ4'19Q4'20YoYQ3'19QoQ20192018YoY

Other a10531239%116-9%330125164%

Shipments by Product (%)Q4'19Q4'20Q3'1920192018
Other a17%5%18%13%5%

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Posted By : Rabi Wangkhem on Thu, 20 Feb 2020
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