Steel Mills
Record EBITDA for Severstal Columbus
Written by Sandy Williams
April 30, 2014
Severstal NA reported revenue of $1,016 million in first quarter 2014, an increase of 1.4 percent from fourth quarter due to stronger steel selling prices. Revenue increase 9.2 percent year over year.
Earnings before interest, taxes, depreciation and amortization (EBITDA) fell 18.5 percent sequentially to $75 million but was 50 percent higher than Q1 2013. Dearborn production was affected by weather and high natural gas costs. Despite increased scrap prices and utilities, Severstal Columbus posted a record EBITDA in Q1 of $113/ton.
In first, quarter Severstal exercised its call option to buy out the 10.25 percent Severstal Columbus high yield bond for $525 million.
Separate from the public press releases, Steel Market Update has learned from our sources that both Dearborn and Columbus are running at capacity at this time.
Sandy Williams
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