- Revenue: $3.51B, -15% YoY
- Net loss: $89M (vs. $80M loss in Q4 2023)
- EPS: -$0.39 GAAP (vs. -$0.36 in Q4 2023), -$0.13 adjusted (vs. $0.67 in Q4 2023)
- Adjusted EBITDA: $190M (vs. $330M in Q4 2023)
CEO David B. Burritt: "Our Q4 results reflect a weaker price and demand environment, but strong cost performance in Flat-Rolled and Mini Mill improvements helped mitigate the impact. With the ramp-up of Big River 2, we expect improved free cash flow in 2025."
🌱Revenue & Growth
- Full-year revenue: $15.64B, -13% YoY
- Total steel shipments: 3.3M tons, -13% YoY
- Mini Mill shipments: 575K tons, down from 617K tons in Q4 2023
💰Profits & Financials
- Full-year net income: $384M vs. $895M in 2023
- Full-year adjusted EBITDA: $1.37B vs. $2.14B in 2023
- Cash & cash equivalents: $1.37B (down from $2.95B in 2023)
- Capital expenditures: $2.29B, primarily for Big River 2
📌Business Highlights
- Big River 2 (BR2) commenced shipments in Dec 2024
- Flat-Rolled performed better than expected despite weak pricing
- Mini Mill saw initial shipments from BR2 but was impacted by planned maintenance
- Tubular segment improved QoQ due to higher shipments
🔮Future Outlook
- Q1 FY2025 adjusted EBITDA forecast: $100M–$150M
- Flat-Rolled expected to decline due to seasonal mining logistics issues
- Mini Mill expected to improve as BR2 shipments ramp up
- European steel operations remain pressured by pricing & demand challenges