Automotive Segment Surges Ahead Into 2012
The automotive segment is approximately 20% of the North American flat rolled steel industry. The auto industry has been one of the significant drivers of demand within the flat rolled community so it is important to see how some of the key players are doing. Today, General Motors announced earnings:
General Motors Co. announced total 2011 net income as $7.6 billion, up from $4.7 billion the previous year while revenue jumped 11% to $150.3 billion. For fourth quarter 2011 results, revenue increased 3% to $38.0 billion compared to 4Q10 while net income was the same as in 2010 at $0.5 billion.
“In our first full year as a public company, we grew the top and bottom lines, advanced our global market share and made strategic investments in our brands around the world,” said Dan Akerson, chairman and CEO. “We will build on these results as we bring more new cars, crossovers and trucks to market, and make GM a far more efficient global team. This includes reducing our break-even level in Europe and South America and driving higher revenues around the world.”
GM North America reported EBIT-adjusted of $1.5 billion in 4Q11, up from $0.8 billion in 2010 while total 2011 EBIT-adjusted was up from $5.7 billion to $7.2 billion in 2011.
GM’s 2012 outlook is an expected increase in revenue with capital spending in 2012 in the “range of $8 billion as the company continues to aggressively invest in new products and technologies,” according to the company.
Source: General Motors Co.