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Stelco Holdings Reports Second Quarter 2020 Results

Steel News - Published on Thu, 13 Aug 2020

Image Source: Stelco Holdings COVID19
Canadian steel maker Stelco Holdings Inc, 100% owner of operating company Stelco Inc has announced financial results of the Company for the three months ended June 30, 2020. Executive Chairman and Chief Executive Officer Alan Kestenbaum said "Despite market headwinds during the second quarter, our business was able to once again succeed and generate Adjusted EBITDA of CAD 34 million, an increase of 70% over the previous quarter. I am proud of our team's ability to adapt our business to changing market conditions and the uncertainty created in recent months resulting from the global pandemic. As a result of the hard work we have done to date, Stelco remains one of the lowest-cost integrated producers in North America and we will improve on that position as we complete our blast furnace upgrade project this quarter, making Stelco exceptionally well positioned to participate in the economic recovery during the latter part of this year."

Selected Financial Information:
In million CADQ2'20Q2'19YoYQ1'20QoQH1'20H1'19YoY
Revenue411427-4%445-8%856942-9%
Operating income163433%7129%2347-51%
Net income (loss)-1-100%-24100%-2444-155%
Average selling price per nt700754-7%705-1%703791-11%
Shipping volume (in thousands of nt)5765456%621-7%1,1971,1573%
 


Summary of Net Tons Shipped by Product (in thousands of nt)
Tons ShippedQ2'20Q2'19YoYQ1'20QoQH1'20H1'19YoY
Hot-rolled42337513%447-5%870892-2%
Coated1096763%112-3%22113366%
Cold-rolled1519-21%35-57%5023117%
Other2984-65%277%56109-49%
Total5765456%621-7%1,1971,1573%

Hot-rolled73%69%72%73%77%
Coated19%12%18%18%12%
Cold-rolled3%4%6%4%2%
Other5%15%4%5%9%
Total100%100%100%100%100%
 

Source :

Posted By : Yogender Pancholi on Thu, 13 Aug 2020
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