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News Breaks
January 23, 2014
05:30 EDTCSTMConstellium, UACJ plan to creat JV to produce Body-in-White aluminium sheet
Constellium and UACJ Corporation announced that they are joining forces with a view to supply and market aluminum Body-in-White sheet to the North American automotive industry. To achieve this goal, Constellium and UACJ, through Tri-Arrows Aluminum, UACJ's subsidiary with Sumitomo Corporation and Itochu Group, intend to create a joint venture company in the United States, as an equal partnership, to serve the North American market. The JV is expected to include a continuous heat treatment and conversion line with an initial target capacity of 100,000 metric tons supplied by cold rolled coils from both partners' rolling mills. The planned facility is designed to allow for expansion beyond 100,000 tons. The total joint investment by both parties is expected to amount to approximately $150M. Constellium and UACJ are working toward signing a definitive agreement in the first half of 2014.
News For CSTM From The Last 14 Days
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November 20, 2014
09:22 EDTCSTMMorgan Stanley remains bullish on US aluminum
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06:13 EDTCSTMConstellium downgraded to Neutral from Buy at Citigroup
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November 19, 2014
12:28 EDTCSTMConstellium risk/reward attractive, says Morgan Stanley
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10:21 EDTCSTMHigh option volume stocks
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05:35 EDTCSTMConstellium sees FY15 A&T adjusted EBITDA below current year performance
In October, Constellium renewed an operational and supplier contract arrangement at less favorable rates which will have an estimated adverse impact on the A&T Adjusted EBITDA of between 10-15 million annually starting in 2015. Additionally, Constellium is facing challenges from customer program delays, which may impact future sales of higher value-add products in the A&T segment. During late October, the company's Ravenswood facility experienced a five-day hot mill outage following a scheduled maintenance which we expect will impact Q4 A&T 2014 results by EUR 5M. The company anticipates that capacity constraints in A&T will require additional maintenance in Q4 and throughout 2015. The company plans to accelerate its investments to debottleneck it overall capacity, including the installation of a new pusher furnace at the company's Ravenswood facility at a total cost of EUR 40M. As these improvements are implemented, the company expects A&T's 2015 Adjusted EBITDA to be below the company's current year performance.
05:31 EDTCSTMConstellium reports Q3 EPS ex-items EUR 0.31 vs. EUR 0.22 last year
05:29 EDTCSTMConstellium reports Q3 EPS EUR 0.11 vs. EUR 0.43 last year
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November 18, 2014
15:21 EDTCSTMNotable companies reporting before tomorrow's open
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06:33 EDTCSTMConstellium initiated with a Market Perform at BMO Capital
Target $24.
November 17, 2014
06:29 EDTCSTMConstellium upgraded to Outperform from Market Perform at Bernstein
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