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News Breaks
November 6, 2012
10:11 EDTSCHN, AKS, STLD, XSteel makers rise after AK Steel announces price hike
A number of steel companies are advancing after AK Steel (AKS) announced last night that it would increase the price of all carbon steel products by $50 per ton. The increase will be implemented immediately on all new orders, the company said. In early trading, AK Steel climbed 3.38% to $5.50, United States Steel (X) rose 3.60% to $21.89, Schnitzer Steel (SCHN) added 1.67% to $29.80 and Steel Dynamics (STLD) gained 2.78% to $13.68.
News For AKS;X;STLD;SCHN From The Last 14 Days
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April 20, 2015
18:04 EDTSTLDSteel Dynamics sees Q2 being 'transitional'
Mark Millett, CEO of Steel Dynamics stated, "As the expected reduction in steel import volume and sustained lower scrap costs occur, we anticipate improved results in Q2, and throughout the remainder of the year. We believe Q2 will be transitional, and the timing of recovery may be later in the quarter than originally anticipated, as imports have not declined as quickly as originally anticipated, but we are seeing positive signs. While we continue to strengthen our financial position through strong cash flow generation, and execute our long-term strategy, we are well-positioned to grow. Customer focus, coupled with our market diversification and low-cost operating platforms, support our ability to maintain our best-in-class performance. We believe we are poised to capitalize on meaningful growth opportunities, both near-term and in the future, that will benefit our customers, shareholders, employees and communities."
18:02 EDTSTLDSteel Dynamics reports Q1 adjusted EPS 17c, consensus 15c
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15:37 EDTSTLDNotable companies reporting after market close
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April 15, 2015
15:25 EDTXU.S. Steel makes management changes at European and North American operations
U.S. Steel announced two management changes at its European and North American operating facilities. Scott Buckiso has been named vice president – European Solutions and president – U. S. Steel Kosice, succeeding George Babcoke, who has elected to retire following 39 years of service with the company. Amy Smith-Yoder will succeed Buckiso as general manager – Mon Valley Works. The changes are effective May 31. In his new role, Buckiso will assume executive responsibility for the company's operations in the Slovak Republic.
11:33 EDTAKSAK Steel announces the retirement of Chief Legal and Administrative Officer
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10:46 EDTX, STLD, SCHN, AKSBofA/Merrill metals/mining/steel analysts hold analyst/industry conference call
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10:36 EDTXBofA/Merrill U.S. credit analysts hold an analyst/industry conference call
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09:17 EDTXU.S. Steel makes management changes at European and North American operations
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April 7, 2015
11:03 EDTSCHNSchnitzer Steel advances after earnings, levels to watch
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10:49 EDTSCHNSchnitzer Steel sees strategic actions delivering $60M by year-end FY16
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08:38 EDTSCHNSchnitzer Steel sees restructuring charges of approximately $10M
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08:37 EDTSCHNSchnitzer Steel commence scost reduction, capacity reduction
The company has commenced two strategic initiatives: (i) A cost reduction, capacity reduction and productivity improvement initiative which, in the aggregate, is intended to improve financial performance by $60M annually by the end of 2016; and (ii) The integration of the Auto Parts and Metals Recycling Businesses into a single division by the end of fiscal 2015 which is intended to further optimize the efficiencies in our operating platform, enable additional synergies to be captured throughout our supply chain and global sales channel, and more effectively leverage our shared services platform. "In the face of steep declines in commodity prices, we are taking deliberate and substantial steps to continue to lower our operating costs and generate positive cash flow,” said Tamara Lundgren, President and CEO. “The strategic cost reduction actions currently underway are expected to deliver additional annual benefits of approximately $60M. This comes in addition to approximately $65M in cost savings and productivity benefits we have delivered since fiscal 2013. The new strategic actions form part of a longer term plan which we expect will lead to improved financial performance and will position us to emerge from this trough in the cycle with greater operating leverage,” Lundgren said.The company says, "About half of the approximately $60M in targeted savings is expected to come from our Metals Recycling Business, through a combination of equipment idling, including reduced depreciation, and SG&A reductions. Another approximately 40% is expected to come from our Auto Parts Business through the closing of stores, SG&A reductions and productivity improvement initiatives, including $14 million announced earlier this fiscal year. The balance is expected to come from our Corporate Shared Services Division through the reduction of organizational layers and leveraging support functions across the Company’s operating platform. The Company expects approximately a quarter of the savings to be achieved in the fourth quarter of fiscal 2015, with the remainder to be delivered by the end of fiscal 2016. In connection with our strategic cost reduction initiatives, we expect to incur restructuring charges of approximately $10M."
08:35 EDTSCHNSchnitzer Steel reports Q2 adjusted EPS (33c), consensus (6c)
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