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GNA: Short Interest UP 1.4% to 1.4M in Mid Jun 2009
Wednesday, June 24, 2009 15:03ET
According to new short interest data from NYSE, short interest for Gerdau Ameristeel Corp (NYSE: GNA) INCREASED 1.4% to 1,408,672 shares as reported in mid-June, 2009.
SYMBOL END MAY MID JUNE CHANGE %CHANGE DAYS/COVER
-------- ------------- ------------- ------------- ------------ ----------
GNA 1,389,330 1,408,672 +19,342 +1.39% 1
Gerdau Ameristeel Announces Amendment of Term Loan
Monday , June 22, 2009 09:26ET
TAMPA, FL, Jun 22, 2009 (Canada NewsWire via COMTEX) -- Gerdau Ameristeel Corporation (NYSE: GNA; TSX: GNA) today announced that it has entered into an agreement with the lenders of the Company's Term Loan Facility which provides temporary flexibility with respect to the facility's covenants. The Term Loan Facility currently has US$ 2.6 billion of borrowings outstanding and Gerdau S.A. and certain of its Brazilian affiliates have guaranteed the Term Loan Facility since its inception in 2007.
The Term Loan Facility originally required the Company's majority shareholder, Gerdau S.A., (on a consolidated basis, including the Company) to maintain a ratio of consolidated EBITDA to total interest expense of more than 3.0 and a ratio of consolidated total debt to EBITDA of less than 4.0. The amendment revises the financial covenants so that they require Gerdau S.A. (on a consolidated basis, including the Company) to maintain a ratio of consolidated EBITDA to net interest expense of more than 2.5 and a ratio of consolidated net debt to EBITDA of less than 5.0.
The amendment is effective immediately and the revised covenant levels will remain in effect until September 30, 2010 unless cancelled by the Company prior to that time. The revised covenant levels can be cancelled by the Company at any time without penalty.
The amendment also revises the interest charged on the outstanding borrowings if and when the financial covenants originally contained in the facility are not met. Under such circumstances, the interest rate charged would increase based on certain conditions. After September 30, 2010 or upon the Company's cancellation of the revised covenants if sooner, the interest rate increase would terminate.
The total cost of the amendment is expected to be between US$ 12.8 million and US$ 41.5 million, depending on the timing of any interest rate increase. The amendment does not affect the outstanding amount of borrowings under or the original amortization schedule of the Term Loan Facility.
steel prices on the rise, go figure. maybe these will continue to strengthen on hopes for better Qs.
Also, look at NCS. They are a direct competitor for us, they are also starting to look like a heck of a buyout candidate. Someone like Nucor would love to bottle that up.
staying within that channel
But we can get the mid bollie again - right? LOL
against all thoughts of mine, she looks like she's headed back to 10..... wtf????
oh me, i'm crawling under my rock.... i don't know...
MOTHER COME AND GET ME, I AM THROUGH[/B] LOL
dunno but wish i waited to sell my 3.00 shares! lol
Looking at the chart I thought we might have a drop to the 20 day. Seems it likes to test that area. Any thoughts?
It'll be my pleasure :)
Very interesting, Real ~ Thank you.
Keep us updated, will you please? :)
Announced to us as of last week. It's truely a gentlemens agreement. Everyone went up the same almost at the same time. When you ask any steel producer about it... silence reigns along with "when would you like to book your order".
I think they are testing the waters to see how far they can push it up without killing their customers. It's very interesting to note that in 2004 they did the exact same thing and it led to a huge explosion in price and demand as everyone raced to build and beat the expense. However, the credit markets are trashed, so that can't possibly happen again. Can it?
When did this price hike happen, real?
Real...We have four board marks here. So that's news for us 4? ;)
Well, i have some interesting news for us 3. LOL, it seems the steel mills have enacted an across the board price hike on steel. No demand, inventories still moderately well stocked, lots of import available... funny funny business right now.
We are seeing some types of steel that appear to be tightening up, some are being bought up creating tension.
It could be a ploy by money men to get the prices up and help take some pressure off the mills. I personally think that would be a good thing for the country and the industy. Demand has stabilized although it's still very depressed as compared to months and years past. Also, quite a few blast furnaces are either idled or in process of idleing as we hear things.
How about the sevens?
i can't believe this is running into the 6s. ah well. I work in steel, it's likely best i not play in it.
thanks for the update realest. i have no position here, just sidelined on almost everything. waiting for this sustained financial run to turn and bring the market down some more again...
Nucor just enacted a price hike of 20 per ton for the same products these guys make. The question is will it stick. The end users are laughing at this for several reasons, one is that they just made import steel more attractive.
Will GNA follow suit? Virtually no current demand for their products in comparison to past years, and things are going to get uglier for these steel makers yet. Many are closing up, shuttering furnaces etc.
Good luck on this one, i think the downside potential is huge on this next run of financials.
We had a GNA distributor here that recently vacated and closed up shop.
Gerdau Ameristeel Announces 2009 First Quarter Results
Thursday , May 07, 2009 08:15ET
TAMPA, FL, May 7, 2009 (Canada NewsWire via COMTEX) -- Gerdau Ameristeel Corporation (NYSE: GNA; TSX: GNA) today reported a net loss of $32.7 million ($0.08 per share fully diluted) for the three months ended March 31, 2009, in comparison to net income of $163.0 million ($0.38 per share fully diluted) for the three months ended March 31, 2008.
During the first quarter of 2009, as a consequence of the global liquidity crisis and the resulting downturn in global economic activity, the Company's shipment volume for its products remained low. Net sales for the three months ended March 31, 2009 decreased 50% to $1.0 billion from $2.0 billion for the three months ended March 31, 2008. For the three months ended March 31, 2009, finished steel shipments were 1.2 million tons, a decrease of 50% from the three months ended March 31, 2008. In comparison to the fourth quarter of 2008, shipment volume decreased 12%. Despite the sharp decrease in volume in comparison to the three months ended March 31, 2008, average mill finished steel selling prices for the three months ended March 31, 2009 were essentially flat with the level in the same period in 2008. However selling prices decreased $173 per ton in comparison to the three months ended December 31, 2008.
For the three months ended March 31, 2009, metal spread, the difference between mill selling prices and scrap raw material costs, was $528 per ton, an increase of $70 per ton from the same period in 2008. In comparison to the three months ended December 31, 2008, metal spreads decreased by $108 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 March 31, 2009 decreased $77 per ton, or 28%, compared to the three months ended March 31, 2008.
EBITDA was $48.6 million for the three months ended March 31, 2009, compared to EBITDA of $387.4 million for the three months ended March 31, 2008. In comparison to the three months ended December 31, 2008, EBITDA increased by 151% from the $19.4 million earned in the prior period, primarily as a result of the cost reduction initiatives undertaken by the Company.
Included in cost of sales (exclusive of depreciation and amortization) for the three months ended March 31, 2009 is a pre-tax charge of $18.4 million to write down the value of certain of the Company's inventory to its current market value. The impact of market forces can have a significant effect on the selling prices of certain of the Company's products. 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 experienced since the fourth quarter. Generally, raw material costs fluctuate with the market selling prices of finished product. However, as production rates have been curtailed since the fourth quarter, the consumption of the higher-priced raw material inventory did not keep pace with the reduction in selling prices for the Company's finished products, resulting in the need for a lower of cost or market writedown.
At March 31, 2009, the Company had $865.2 million of cash and short-term investments an increase of $176.9 million from the levels at December 31, 2008. In addition, the Company had approximately $671.4 million of availability under secured credit facilities which resulted in a total liquidity position of approximately $1.5 billion at March 31, 2009.
Because of continued weakness in the economy and the Company's desire to be prudent given current economic circumstances, the Board of Directors decided not to declare the usual $0.02 per share dividend this quarter. Consistent with its dividend policy, the Board intends to reevaluate the payment of dividends in subsequent quarters.
CEO Comments
Mario Longhi, President and CEO of Gerdau Ameristeel, commented:
"The improvement in EBITDA in the quarter is the result of the aggressive actions that we initiated during the fourth quarter to curtail production, reduce inventory levels and improve our cost structure. Our early recognition of the severe impact of the global economic slowdown on our business allowed us to operate our facilities during the first quarter of 2009 at increased production rates in comparison to the fourth quarter of 2008, to realize the benefit of cost reduction efforts through reduced manufacturing costs and to continue to generate strong cash flows.
The outlook of the economy for the balance of 2009 remains uncertain so we remain focused on what we can control. We continue to reduce our investment in working capital while ensuring that we have the right inventory available for our customers and we continue to seek further opportunities to reduce our costs. We further enhanced our liquidity during the quarter and we continue to focus on maintaining our strong balance sheet. As we primarily serve the non-residential construction industry, we believe we are well-positioned to benefit from the recently announced economic stimulus package and infrastructure development programs."
IFRS Conversion
In order to align the Company's financial reporting requirements with its majority shareholder Gerdau S.A., the Company is anticipating the early adoption of International Financial Reporting Standards ("IFRS") to replace its current US GAAP reporting requirements. While US GAAP is in many respects similar to IFRS, the conversion is expected to result in differences in recognition, measurement and disclosures in the Company's financial statements which the Company is continuing to assess.
financials continued at :
http://www.knobias.com/story.htm?eid=3.1.3d09726509d5b4ff71fdaa690dc087de3b012474ca068eca5f3e49ed45710794
GNA: Q1 EPS (8c) vs 38c Misses (6c) Est
Thursday , May 07, 2009 09:24ET
QUARTER RESULTS
Gerdau Ameristeel Corp (GNA) reported Q1 results ended March 2009. Q1 Revenues were $1,037.70M; -48.92% vs yr-ago; MISSING revenue consensus by -12.34%. Q1 EPS was (8c); -121.05% vs yr-ago; MISSING earnings consensus by -33.33%.
Q1 RESULTS Reported Year-Ago Y/Y Chg Estimate SURPRISE
---------- ------------ ------------ ---------- ------------ ----------
Revenues: $1,037.70M $2,031.66M -48.92% $1,183.76M -12.34%
---------- ------------ ------------ ---------- ------------ ----------
EPS: (8c) 38c -121.05% (6c) -33.33%
---------- ------------ ------------ ---------- ------------ ----------
We buy GNA material, i'm here to tell you that these guys are suffering hard because of high inventories in service centers. The levels are bleeding off though, 3rdQ and 4th should be alot better. After this next Q perhaps the worst numbers will be over.
Steel Construction is down 60%. These guys are a big suppplier of those goods.
GNA: CONSENSUS ESTIMATES:To Release Q1 Results May 07 [BMO]
Wednesday, May 06, 2009 13:00ET
Gerdau Ameristeel Corp (NYSE: GNA) is scheduled to release its Q1 financial results on May 07, 2009, before the market opens (BMO).
CONSENSUS ESTIMATES:
Q1 Revenue: $1183.76 million
Q1 EPS: $-0.05 per share
PREVIOUS PERIOD:
Prev Q1 Revenue: $2031.66 million
Prev Q1 EPS: $0.41 per share
ADDITIONAL INFORMATION
Original Confirmation
The Company will also hold a related conference call to discuss these results.
GNA: Calyon Starts @ Buy; Sets Tgt @ $8
Wednesday, May 06, 2009 08:26ET
Issuer: Gerdau Ameristeel Corp (NYSE: GNA)
Analyst Firm: Calyon Securities
Ratings Action: INITIATE
Current Rating: Buy
Target Price Action: INITIATE
Target Price: $8.00
This rating information was reported by TheFlyOnTheWall.
yep, i can't believe this is up this high. well, stocks and companies have little in common i suppose. LOL.
Things should be settling though. I think after this Qtr, the future for profit will start to return. Lots of cuts and restructuring going on in all companies. Mill price is around 20.50/cwt. 28 should be about a norm based on last few years. So maybe price will creep up if demand so much as shows any interest.
wow over 6 knew i should have held a bit longer:)
GNA: Goldman Sachs Ups to Conviction Buy from Buy; Sets Tgt @ $8
Monday , May 04, 2009 08:37ET
Issuer: Gerdau Ameristeel Corp (NYSE: GNA)
Analyst Firm: Goldman Sachs & Co.
Ratings Action: UPGRADE
Current Rating: Conviction Buy (from Buy)
Target Price: $8.00
This rating information was reported by TheFlyOnTheWall.
GNA: Davenport Starts @ Neutral; Sets Tgt @ $5
Tuesday , April 28, 2009 09:06ET
Issuer: Gerdau Ameristeel Corp (NYSE: GNA)
Analyst Firm: Davenport & Co.
Ratings Action: INITIATE
Current Rating: Neutral
Target Price Action: INITIATE
Target Price: $5.00
This rating information was reported by TheFlyOnTheWall.
Earnings: 5/07/2009 BMO
Notice of Gerdau Ameristeel 2009 first quarter conference call
Tuesday , April 28, 2009 08:15ET
TAMPA, FL, Apr 28, 2009 (Canada NewsWire via COMTEX) --
2009 first quarter results to be released before markets open on Thursday, May 7, 2009
Gerdau Ameristeel Corporation (NYSE: GNA) (TMX: GNA) will host a conference call to discuss its 2009 first quarter financial results for the three-month period ending March 31, 2009. The Company invites all interested parties to participate.
DATE: Thursday, May 7, 2009
TIME: 3:00 p.m., Eastern Time. Please call in 15 minutes
prior to start time to secure a line.
DIAL-IN NUMBER: 416-644-3433 or 1-800-814-4861
REFERENCE NUMBER: 21304888 followed by the number sign
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: 416-640-1917 or 1-877-289-8525 Available until Thursday, May 14, 2009 at midnight.
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.
That would be nice! :)
I really do like the chart!
nice job Mod....(marked)
Maybe it can run up behind your GSI...up over 15% at this time, congrats all around!
Well, i can see where "nowhere to go but up from here" comes from. Steel is tricky right now. Massive infrastructure rebuilding will definately spur this back active quickly i think. Construction is throttled. Military spending?? Cutting back for sure i'd guess.
GNA: CIBC Ups to Sector Outperform from Sector Perform
Tuesday , April 21, 2009 08:58ET
Issuer: Gerdau Ameristeel Corp (NYSE: GNA)
Analyst Firm: CIBC World Markets
Ratings Action: UPGRADE
Current Rating: Sector Outperform (from Sector Perform)
This rating information was reported by TheFlyOnTheWall.
GNA: Short Interest DN 16.9% to 770.9K in Mid Apr 2009
Monday , April 27, 2009 06:00ET
According to new short interest data from NYSE, short interest for Gerdau Ameristeel Corp (NYSE: GNA) DECREASED 16.9% to 770,905 shares as reported in mid-April, 2009.
SYMBOL END MARCH MID APRIL CHANGE %CHANGE DAYS/COVER
-------- ------------- ------------- ------------- ------------ ----------
GNA 928,096 770,905 -157,191 -16.94% 1
If GSI is any indicator...steel may be perking up?
You're welcome. :) I actually don't own it but I am interested in it if it fills that little gap.
yep, lol, i'm to scared of steel for the moment. But, companies and stock markets have no real connections either.
sold my shares at 3.80.. good flip eastunder, thanks for the reminder!
here we go you guys.. anyone else jump in in the low 3's?
looking good! i picked up some first thing this am from 3.39 to 3.45. this should see over 4.00 short term..
lol, i hear ya. Is a good day for this one though. Would have been nice to buy and make a quick 8% or so today.
I'm more of a longterm thinker but GSI is my steel company right now and it's been beaten up with forecasts of more bumps and bruises.
Hey guys, be careful here. Steel industry is getting pummelled, end users are in control of the price. We also have an influx of foreign steel hitting the shores. Steel prices have been gutted, and they are slowly and steadily sinking for the moment. I wouldn't expect any earnings surprises or rushes to prosperity.
GNA is going to suffer through some hard times for the moment. Look toward 3rd and 4th Q for a better earnings number. Next Q is gonna SUCK hard IMO.
Your welcome. I am also thinking about it.
hmmm is it time? chart does look good. been waiting on this one to get in again for a pop. thanks for the heads up!!
GNA: Short Interest DN 45.1% to 1.3M in Mid Mar 2009
Wednesday, March 25, 2009 06:00ET
According to new short interest data from NYSE, short interest for Gerdau Ameristeel Corp (NYSE: GNA) DECREASED 45.1% to 1,268,066 shares as reported in mid-March, 2009.
SYMBOL END FEBRUARY MID MARCH CHANGE %CHANGE DAYS/COVER
-------- ------------- ------------- ------------- ------------ ----------
GNA 2,309,684 1,268,066 -1,041,618 -45.10% 2
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Gerdau AmeriSteel Corp.
4221 W Boy Scout Boulevard
Suite 600
Tampa, FL 33607
United States - Map
Phone: 813-286-8383
Web Site: http://www.gerdauameristeel.com
Details
Sector: Basic Materials
Industry: Steel & Iron
Full Time Employees: 9,000
Business Summary
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 19 mini-mills (including one 50% owned joint venture mini-mill), 23 scrap recycling
facilities and 60 downstream operations, Gerdau Ameristeel serves customers throughout North America.
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 construction, cellular and electrical transmission, transportation and automotive, mining and equipment manufacturing. It is found
in bridges, highways, stadiums, and commercial and apartment buildings.
Gerdau Ameristeel is 66.5% owned by Gerdau S.A. , the world’s 14th largest steel company, based in Brazil. In addition to the strong financial
base that Gerdau S.A. provides, the mutually beneficial exchange of operating, engineering, financial and marketing skills and cultures strengthens
both the Gerdau Ameristeel and Gerdau S.A. teams
.
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