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Stelco (STLC) investor relations material
Stelco Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2024 revenue was $716 million, down 4% sequentially and 15% year-over-year, driven by lower average selling prices and shipping volumes.
Adjusted EBITDA reached $147 million with a 21% margin, down 4% from Q1 2024 and 32% from Q2 2023, maintaining industry-leading profitability.
Net income for Q2 2024 was $67 million, up 6% from Q1 2024 but down 43% year-over-year.
Announced a 50% increase in quarterly dividend to $0.75 per share and repurchased 518,238 shares in Q2.
Cash at quarter-end was $657 million, with total liquidity of $884 million.
Financial highlights
Average selling price per net ton was $1,085, down 4% sequentially and 11% year-over-year.
Shipping volume was 634,000 net tons, nearly flat sequentially and down 3% year-over-year.
Adjusted EBITDA margin held steady at 21%, leading industry peers.
Adjusted Net Income for Q2 2024 was $71 million, up 1% sequentially but down 42% year-over-year; Adjusted EPS was $1.29.
Six-month revenue was $1,462 million, down 4% from the prior year period.
Outlook and guidance
Management reaffirmed commitment to value creation, tactical flexibility, and positive shareholder returns, as reflected in the dividend increase.
Forward-looking statements highlight expectations for continued strong cash generation and returns to stakeholders.
Ongoing transaction with Cleveland-Cliffs announced July 15, 2024, is a key focus.
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