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Steel Dynamics

STLD is a vertically integrated, EAF-based steelmaker in the US with more than 12 mn tons of annual production capacity following the acquisition of Severstal's Columbus plant and the Heartland mill. STLD is also a big steel recycler and is net long in steel scrap. STLD shipped 9.7 mn tons of steel, 5.0 mn gross tons of ferrous metals, and 1.0 bn pounds of nonferrous metals in 2017. Operations are divided into three operating segments: Steel; Metals Recycling; and Steel Fabrication. Steel generated 73% of total sales in 2017 and is the most profitable operating segment. Metals Recycling includes the metals recycling business and the ferrous and nonferrous scrap processing operations. Steel Fabrication manufactures steel joists, trusses, girders, and decking used in non-residential construction. (29 Nov 2018)

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Transcript: 2018 IG & Crossover Conf-Basics Panel

Transcript: 11 Dec 2018, 5:51 AM ET - We present a transcript of the Basic Industries Panel discussion given at the CreditSights Investment Grade & Crossover conference on December 4, 2018.
Focused

STLD: Capex To Materially Rise With New Mill

Worth Watching: 28 Nov 2018, 11:18 AM ET - STLD (Ba1/BB+) announced the Board authorized the ~$1.8 bn construction of a new electric-arc-furnace flat roll steel mill in the southwestern region of the country. The facility is anticipated to have an annual production capacity of ~3 mn tons a ..
Focused

STLD: 3Q18 Results, Record Results

Worth Watching: 18 Oct 2018, 11:34 PM ET - STLD (Ba1/BB+) reported a 32% YoY increase in 3Q18 sales to $3.2 bn, while adjusted EBITDA increased to a record $626 mn, representing an 81% increase YoY. On a sequential basis, consolidated sales were up 4% and EBITDA was up 6%. Sequentially, op ..

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

Arconic: LBO Rumors Continue

Worth Watching: 09 Oct 2018, 3:37 PM ET - Arconic (Ba2/BBB-/BB+): LBO rumors continue to swirl. According to Reuters, Blackstone, Carlyle, Onex, and Canada Pension have made a joint bid to acquire ARNC. The report also noted that the PE consortium is competing with Apollo in the bidding p ..

FCX: Landmark Grasberg Deal Signing

Worth Watching: 30 Sep 2018, 10:35 PM ET - FCX (Ba2/BB) and Rio Tinto signed a binding agreement to sell their stakes in the Grasberg mine to PT Indonesia Asahan Aluminum (Inalum). The terms are roughly in-line with what was reported in July when the parties signed a nonbinding agreement ( ..
Focused

Steel Dynamics: Solid 3Q18 Guidance

Worth Watching: 18 Sep 2018, 2:27 PM ET - Steel Dynamics (Ba1/BB+) guided to 3Q18 EPS in a range of $1.60 to $1.64, slightly above consensus of $1.57 and a notable improvement over 3Q17 ($0.64/share) and 2Q18 ($1.53/share) results. Similar to NUE, STLD continues to benefit from strong dom ..
Focused

STLD: $750 MN Share Buyback Program

Worth Watching: 04 Sep 2018, 3:58 PM ET - STLD (Ba1/BB+): The BoD has authorized $750 mn of share buybacks following the completion of the previous $450 mn program. The company's credit profile remains strong, although net leverage does move up half a turn to 1.5x pro forma the latest sha ..
Focused

STLD: 2Q18 Results, Ramping Up Investments

Worth Watching: 25 Jul 2018, 10:26 PM ET - STLD (Ba1/BB+) reported a 29% YoY increase in 2Q18 sales to $3.1 bn, while adjusted EBITDA increased to a record $590 mn, representing a 74% increase YoY. On a sequential basis, consolidated sales were up 19% and EBITDA was up 48%. Sequentially ..

Coal Producers: Exposure to Potential Retirements

Sector Analysis: 28 Jun 2018, 5:16 AM ET - As part of our continued coverage of coal producer exposure to plant retirements, we have analyzed coal plant data to determine which basins and coal producers have the greatest exposure to unplanned, but at risk, coal plant retirements.  
Focused

STLD: Solid 2Q18 Guidance

Worth Watching: 17 Jun 2018, 8:42 PM ET - STLD (Ba1/BB+) guided to 2Q18 EPS in a range of $1.46 to $1.50, slightly above consensus and a notable improvement over 2Q17 ($0.63/share) and 1Q18 ($0.96/share) results. Similar to NUE (see: NUE: Strong 2Q18 Guidance Beats Estimates 06-14-18), ST ..
Focused

STLD: Acquisition of CSN's Heartland

Worth Watching: 15 May 2018, 9:38 PM ET - STLD (Ba1/BB+) announced the acquisition of CSN's Heartland mill for $400 million in cash inclusive of $60 million of normalized working capital. STLD plans to fund the $400 mn acquisition with cash from the balance sheet with anticipated closing ..
Focused

STLD: 1Q18 Results, Firing On All Cyclinders

Worth Watching: 19 Apr 2018, 2:01 PM ET - STLD (Ba1/BB+) reported a 10% YoY increase in 1Q18 sales to $2.6 bn, while adjusted EBITDA decreased 2% YoY to $400 mn. 1Q18 EBITDA of $400 mn was roughly in-line with consensus estimates of $394 mn. On a sequential basis, sales were up 11% and EB ..
Focused

CSN: Rumored Asset Sale to STLD for $250 mn

Worth Watching: 17 Apr 2018, 3:13 PM ET - CSN (B3/CCC+/B-): According to the Brazilian newspaper Estadao, CSN is in advanced negotiations to sell its U.S. steel plant in Terre Haute, Indiana with 350 ktpa capacity. The newspaper reports that STLD is carrying out an audit of the operations ..
Focused

STLD: Healthy US Steel Outlook

Worth Watching: 16 Mar 2018, 1:45 PM ET - STLD (Ba1/BB+) expects to generate $0.88-$0.92 of EPS in 1Q18, versus a consensus of $0.94. STLD expects the company's steel operations to improve meaningfully on a sequential basis, based on higher shipments and metal spread expansion. Strong dom ..

US Strategy: Tariffs as Repricing Event?

Strategy Analysis: 01 Mar 2018, 9:40 PM ET - The market has been building in very low odds of a trade war event, a NAFTA withdrawal, or a significant escalation of tit-for-tat trade retaliations on a broader scale.  The odds-makers just got a fresh load of input.

Tronox: EU Pauses Review of Cristal Merger

HY Note: 28 Feb 2018, 4:52 AM ET - The EU Commission paused its review of the Tronox/Cristal merger until it receives additional information from the two companies.  Although some may be alarmed, it is a fairly regular component of the EU Phase 2 process.

Section 232: The NAFTA Conundrum

Sector Analysis: 26 Feb 2018, 3:42 AM ET - Using Section 232 on Steel/Aluminum could damage supplier chains and cost structures and drive broader inflation.  A tariff gambit in such key industries could undermine the NAFTA negotiations and have immediate effects on risk pricing. 

Metals: U.S. Protectionism Comes to a Head

Sector Analysis: 19 Feb 2018, 11:06 PM ET - Our thoughts on the Commerce Department's proposed Section 232 tariffs/quotas on steel and aluminum imports and the implications on various industries. 

CREDITSIGHTS WEBCAST: EVs, Autos and Metals

Worth Watching: 29 Jan 2018, 6:04 PM ET - CREDITSIGHTS WEBCAST: The mega trend around vehicle electrification is set to meaningfully impact a number of sectors, changing the landscape in a disruptive fashion that will make for significant divergence between the winners and losers. Who wil ..

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