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Comparing Steel Companies’ 4Q17 Performance

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Part 5
Comparing Steel Companies’ 4Q17 Performance PART 5 OF 7

ArcelorMittal’s 4Q17 Earnings versus U.S. Steel

4Q17 earnings

Previously in this series, we’ve compared steel companies’ 4Q17 shipments and average selling prices (or ASPs). In this part, we’ll look at their 4Q17 EBITDA (earnings before interest, tax, depreciation, and amortization).

ArcelorMittal’s 4Q17 Earnings versus U.S. Steel

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Comparative analysis

  • Steel Dynamics (STLD) reported adjusted EBITDA of $285 million in 4Q17, which was 17.8% lower than 3Q17. Nucor’s (NUE) 4Q17 adjusted EBITDA also fell 11.4% sequentially to $536 million.
  • AK Steel (AKS) generated adjusted EBITDA of $65 million in 4Q17. In comparison, the company posted adjusted EBITDA of $69 million in 3Q17 and $151 million in 4Q16.
  • U.S. Steel Corporation (X) generated adjusted EBITDA of $309 million in 4Q17 versus adjusted EBITDA of $342 million in 3Q17 and $211 million in 4Q16. The company’s Flat Rolled segment reported a sequential decline in its 4Q17 EBITDA, while the Europe and Tubular segments posted sequentially higher EBITDA in 4Q17.
  • ArcelorMittal (MT) posted adjusted EBITDA of $2.14 billion in 4Q17. The company generated adjusted EBITDA of $1.92 billion in 3Q17 and $1.66 billion in 4Q16. Its NAFTA (North American Free Trade Agreement) and Mining segments posted sequentially lower EBITDA in 4Q17. However, the Europe, Brazil, and ACIS (Africa and Commonwealth of Independent States) segment posted sequentially higher EBITDA in 4Q17. Notably, while the fourth quarter is typically slow for US steel demand (XME), Europe’s steel demand tends to pick up in the fourth quarter compared to the third quarter.

In the next part of this series, we’ll look at steel companies’ 1Q18 earnings guidance.

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